Goldman Sachs Mid Cap Value Fund (GCMAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2016

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	August 31, 2016
	Financial Square FundsSM
	Federal Instruments*
	Government
	Money Market
	Prime Obligations
	Tax-Exempt Money Market**
	Treasury Instruments
	Treasury Obligations
	Treasury Solutions

*    The Goldman Sachs Financial Square Federal Instruments Fund commenced operations on October 30, 2015.

**  The Goldman Sachs Financial Square Tax-Exempt Money Market Fund commenced operations on March 31, 2016.

Goldman Sachs Financial Square Funds

n FEDERAL INSTRUMENTS FUND

n GOVERNMENT FUND

n MONEY MARKET FUND

n PRIME OBLIGATIONS FUND

n TAX-EXEMPT MONEY MARKET FUND

n TREASURY INSTRUMENTS FUND

n TREASURY OBLIGATIONS FUND

n TREASURY SOLUTIONS FUND

TABLE OF CONTENTS
Portfolio Results	1
Fund Basics	6
Yield Summary	8
Sector Allocations	9
Schedules of Investments	11
Financial Statements	40
Financial Highlights	48
Notes to Financial Statements	64
Report of Independent Registered Public Accounting Firm	82
Other Information	83

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Financial Square Funds

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Financial

Square Funds’ (the “Funds”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).*

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

A When the Reporting Period began in September 2015, the Federal Reserve (the “Fed”) remained on hold, keeping the targeted federal funds (“fed funds”) rate near zero and sending a dovish message to the financial markets. (Dovish messaging tends to suggest lower interest rates.) As a result, participant projections for the fed funds rate and the timing of Fed action shifted down and extended out, respectively. Inflation projections for the next few years also came down as did the expected unemployment rate. However, we believe Fed messaging increasingly indicated a desire to raise rates in 2015. As for economic data, U.S. non-farm payrolls were disappointing, with 142,000 new jobs added in August 2015, below market expectations of approximately 200,000. The unemployment rate remained at 5.1%. The U.S. Institute for Supply Management (“ISM”) Manufacturing Purchasing Managers’ Index (“PMI”) declined to 50.2 in September 2015 from 51.1 in August 2015. Core inflation was flat at 1.8% year over year in September 2015. The end of September 2015 also saw the biggest use of the Fed’s reverse repurchase agreement program (“RRP”) facility since it was instituted, with $475 billion in total bids across the two term auctions and the overnight facility and $450 billion in total take-up or purchases.¹ (Through the RRP, the Fed lends U.S. Treasury securities to counterparties, such as dealers, money market funds and government-sponsored entities, in exchange for cash. The RRP is intended to help set a floor under short-term interest rates after years of near-zero Fed policy rates and quantitative easing.) The total bids across all three auctions slightly exceeded year-end 2014. Sharp bill pay-downs as a result of debt ceiling constraints, quarter-end balance sheet pressures and a contingent of front-end investors caught off-guard by the Fed remaining on hold all contributed to the increase. Short-term Treasury bills were offered at negative rates into 2016, and liquidity was challenged across the board as the U.S. Treasury cut bill supply.

In the fourth quarter of 2015, the Fed delivered its first interest rate hike since 2006. More specifically, the Fed raised the targeted fed funds rate by 25 basis points in December 2015 and projected four rate hikes for the 2016 calendar year. (A basis point is 1/100th of a percentage point.) The U.S. economy continued to display a positive growth trend. U.S. non-farm payrolls indicated 292,000 new jobs in December 2015, above market expectations of approximately 200,000, and the data for October and November 2015 were also revised upward by 50,000 new jobs. The December 2015 unemployment rate fell to 5.0% despite a 0.1% increase in the labor participation rate. In contrast, economic growth in other developed countries softened, and emerging markets economies broadly weakened, due largely to falling commodity prices and concerns around a slowdown in China’s economy. Outside the U.S., the global monetary policy environment remained highly accommodative. Despite accommodative monetary policies, inflation remained subdued in the world’s major economies during the fourth calendar quarter.

In the first quarter of 2016, all eyes were on the Fed, with the release of its policy statement, updated economic projections and a press conference following a two-day meeting in March 2016 of particular attention. The statement leaned dovish, as it twice mentioned global economic conditions as a key concern. The projections were also dovish, as the path of interest rates came down, with the median projection then calling for two hikes in 2016, down from four in December 2015. Near-term core inflation was unchanged. The press conference was fairly balanced, focusing on global concerns and inflation expectations, which remained lower than the Fed would like, among other topics. However, the Fed was also careful to note that it does not view an overshoot of its inflation target as an acceptable outcome. Markets reacted accordingly, with rates rallying, the U.S. dollar weakening, equities rising and the derivative market reflecting the reduced probability of a June 2016 interest rate hike. The Fed signaled more sensitivity to the global economic environment than expected by many market participants. On the economic

* For the Goldman Sachs Financial Square Federal Instruments Fund, the Reporting Period is from its inception on October 30, 2015 through August 31, 2016. For the Goldman Sachs Financial Square Tax-Exempt Money Market Fund, the Reporting Period is from its inception on March 31, 2016 through August 31, 2016.

¹  Source: Federal Reserve.

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PORTFOLIO RESULTS

front, the labor market performed well, and developments at the end of the first quarter of 2016 maintained the dichotomy between further improvement in the labor market and concerns about global conditions on the part of the Fed leadership. Non-farm payrolls were above consensus expectations. The unemployment rate remained at 5.0%, however, this was largely due to an uptick in the participation rate, also by 0.1%, to 63.0%. Average hourly earnings rose more than the consensus expected, increasing at a 2.3% year over year pace.

During the second quarter of 2016, commodities prices seemed to stabilize and perceived risks surrounding slowing Chinese economic growth and the potential of a U.S. recession declined. In June 2016, however, the U.K.’s surprise “leave” vote in its referendum about membership in the European Union, popularly known as “Brexit,” produced a renewed sense of uncertainty in the markets. The upcoming U.S. elections also appeared, in our view, to increase market uncertainty and volatility. U.S. economic news was positive, with U.S. non-farm payrolls indicating 287,000 new jobs in June 2016, significantly above market expectations of approximately 180,000. The unemployment rate ticked down to 4.9%. Still, it remained unclear what the jobs report would mean for the Fed given limited wage/inflation pressure. The Fed remained focused on downside risk and lack of inflation pressure.

The Fed met in June 2016. Although its subsequent statement was marginally dovish, and the economic data estimates for Gross Domestic Product (“GDP”), inflation and unemployment were largely unchanged, the fed funds rate forecasts shifted in a materially dovish way. Median projections for 2017-2018 as well as the long-term fed funds rate estimate all came down. In addition, the tone of the press conference leaned dovish, with worries about slowing labor market momentum as the key takeaway. Given the small changes to the economic forecasts followed by the larger changes to the fed funds rate projections, we believed this dichotomy could be explained by one of two — or possibly both — ways. One is a dovish shift in the Fed reaction function (how it interprets and reacts to economic data and market developments). The other is a belief that the U.S. economy’s long-term potential is diminished and therefore may require a lower rate of interest going forward, a theory the Fed had previously been reluctant to embrace.

During July 2016, growth in many economies outside the U.S. was faltering, political and geopolitical event risk was elevated and central bank monetary policy was, in our view, increasingly disruptive. In this environment, steady job gains in the U.S. and positive global economic data surprises provided critical fundamental support for the financial markets and for market expectations of a Fed rate hike by year-end 2016. The Global Manufacturing PMI rose to 51.0 in July 2016 from 50.3 in June 2016, signaling improvements in global manufacturing activity — an eight-month high, according to J.P. Morgan — reversing weakness seen during the first half of 2016. In the U.S., non-farm payrolls indicated 255,000 new jobs were created in July 2016, higher than the market expectations of approximately 180,000 new jobs. The U.S. unemployment rate remained stable at 4.9%. The U.S. ISM Manufacturing PMI edged down to 52.6 in July 2016 from 53.2 in June 2016. Core inflation for June 2016, which was reported in July 2016, rose modestly to 2.3% year over year from 2.2% in May 2016.

In August 2016, global central banks maintained their accommodative monetary policies in the face of political uncertainties as well as anemic economic growth and inflation outlooks. The Bank of England (“BoE”) also unveiled monetary easing measures to cushion the potential impact of Brexit. BoE Governor Carney described the package as “timely, coherent and comprehensive” and assured financial markets that all of its four measures had “scope for further action.” Elsewhere, the Bank of Japan (“BoJ”) fell short of market expectations with the announcement of an equity purchase program and the lack of key monetary measures, such as an interest rate cut and increased government bond purchases. In the U.S., hawkish comments from the Fed boosted market expectations of a rate hike during 2016. (Hawkish comments tend to suggest higher interest rates.) Economic data surprises on both the positive and negative sides suggested monetary policy action was most likely in December 2016. U.S. non-farm payrolls showed approximately 151,000 new jobs were created in August 2016, adding to the strong and above consensus readings of prior summer months. While the gains were moderate and below market expectations of 180,000, they were above the breakeven rate, which is the pace of job gains the Fed considers sufficient to hold unemployment steady over time. The U.S. unemployment rate remained at 4.9%. The U.S. ISM Manufacturing PMI edged down to 52.0 in August 2016. Core inflation for July 2016, which was reported in August 2016, fell marginally to 2.2% year over year from 2.3% in June 2016.

2

PORTFOLIO RESULTS

Q What key factors were responsible for the performance of the Funds during the Reporting Period?

A The taxable and tax-exempt Funds’ yields edged up, but stayed low, during the Reporting Period due primarily to the economic and market factors discussed above. Both the taxable and tax-exempt money market yield curves, or spectrum of maturities, flattened as yields on the shorter end of the curve rose more than yields on the longer end of the curve.

The interest rate and market environment did not provide bountiful opportunities to pick up additional yield. However, in keeping with our investment approach, we sought to position the Funds to take advantage of changes in the interest rate environment, and throughout the Reporting Period, we found pockets of opportunity to add extra yield. That said, it should be noted that regardless of interest rate conditions, we seek to manage the Funds consistently. Our investment approach has always been tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to seek to provide the best possible return within the framework of the Funds’ guidelines and objectives.

Q How did you manage the taxable Funds during the Reporting Period?

A Collectively, the taxable Funds had investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, repurchase agreements (“repos”), government guaranteed paper, variable rate demand notes, and certificates of deposit during the Reporting Period.

From the start of the Reporting Period through the end of 2015, we maintained positions at the longer end of our targeted weighted average maturity range within the taxable government repo strategies (i.e., the Goldman Sachs Financial Square Government Fund, the Goldman Sachs Financial Square Treasury Obligations Fund and the Goldman Sachs Financial Square Treasury Solutions Fund) and the taxable government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund² and the Goldman Sachs Financial Square Treasury Instruments Fund). This positioning was in anticipation of the Fed’s December 2015 policy meeting and because we continued to find pockets of value in the longer-term segment of the money market yield curve. In addition, we sought to take advantage of the money market’s expectations for aggressive Fed rate hikes, as well as a favorable technical (supply and demand) environment, to purchase what we considered to be attractive securities at relatively cheap levels. Within our taxable commercial paper strategies (i.e., the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Financial Square Prime Obligations Fund), we focused on maintaining high levels of liquidity in addition to holding positions at the shorter end of our targeted weighted average maturity range ahead of what we expected to be a rotation of cash from commercial paper strategies to government strategies before the implementation of money market fund reform, which will become effective in October 2016. Toward the end of 2015, we opportunistically extended the weighted average maturity of our taxable commercial paper strategies as we found what we believed to be attractive values. Overall, during the first four months of the Reporting Period, we targeted a weighted average maturity of between 30 days and 50 days in our taxable commercial paper strategies, between 40 days and 60 days in our taxable government repo strategies and between 50 days and 60 days in our taxable government non-repo strategies. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by each respective strategy taking into consideration any available maturity shortening features.

During the first quarter of 2016, we maintained positions at the longer end of our targeted weighted average maturity range within the taxable government repo strategies and the taxable government non-repo strategies, extending on an opportunistic basis as we found value in the longer-term segment of the money market yield curve. In general, the taxable money markets continued to price in more aggressive Fed rate hikes than we anticipated, creating what we viewed as attractive investment opportunities. Within our taxable commercial paper strategies, we focused on maintaining high levels of liquidity and continued to hold positions at the shorter end of our weighted average maturity range because we expected cash to rotate out of commercial paper strategies and into government strategies in advance of the implementation of money market fund reform. Overall, during the first quarter of 2016, we targeted a weighted average maturity of between 35 days and 55 days in our taxable commercial paper strategies and between 40 days and

²  The Goldman Sachs Financial Square Federal Instruments Fund commenced operations on October 30, 2015.

3

PORTFOLIO RESULTS

60 days in both our taxable government repo strategies and our taxable government non-repo strategies.

In the second quarter of 2016, we shortened the targeted weighted average maturity of our taxable government repo strategies and our taxable government non-repo strategies, as we felt yield levels did not offer enough compensation for the potential of a summer 2016 rate hike by the Fed. After the Fed’s dovish statement in June 2016, we opportunistically extended the weighted average maturity of our taxable government repo strategies and taxable government non-repo strategies. Within our taxable commercial paper strategies, we continued to focus on maintaining liquidity and holding positions on the shorter end of our targeted weighted average maturity range because we expected cash to rotate out of commercial paper strategies and into government strategies ahead of the implementation of money market fund reform. Overall, we targeted a weighted average maturity of between 30 days and 50 days in our taxable commercial paper strategies, between 25 days and 45 days in our taxable government repo strategies and between 30 days and 50 days in our taxable government non-repo strategies.

During the final two months of the Reporting Period, we further shortened the targeted weighted average maturity of our taxable commercial paper strategies and continued to focus on maintaining liquidity ahead of the implementation of money market fund reform. We placed a high premium on liquidity because we did not know how the money markets overall would react when money market fund reform was implemented. Within our taxable government repo strategies and taxable government non-repo strategies, we extended our targeted weighted average maturity as we believed the Fed rate hike cycle would be gradual. Overall, during the final two months of Reporting Period, we targeted a weighted average maturity of between one day and 15 days in our taxable commercial paper strategies, between 25 days and 50 days in our taxable government repo strategies and between 35 days and 55 days in our taxable government non-repo strategies.

Q How did you manage the tax-exempt Fund during the Reporting Period?

A During the Reporting Period, the tax-exempt Fund (i.e., the Goldman Sachs Financial Square Tax-Exempt Money Market Fund³) had investments in variable rate demand notes (“VRDNs”), tax-exempt commercial paper and municipal put bonds.

In particular, the tax-exempt Fund benefited from its significant position in VRDNs, which bolstered its yields during the Reporting Period. During 2016, the Securities Industry and Financial Markets Association (“SIFMA”) 7-day VRDN Index rose from its 2015 lows as outflows from tax-exempt money market funds increased, especially around tax time. Between January 2016 and the end of the Reporting Period, tax-exempt money market funds experienced approximately $100 billion of outflows — the highest in several years — as short-maturity tax-exempt bonds remained relatively expensive compared to a number of other assets.⁴ There was also a dramatic increase in VRDN investments by taxable money market funds, as the SIFMA 7-day VRDN Index traded near levels that taxable money market funds would have to pay in interest for overnight time deposits. At the end of 2015, taxable commercial paper strategies held $16 billion in VRDNs, but by the end of June 2016, that number had increased to $26 billion. The SIFMA 7-day VRDN Index finished the Reporting Period at approximately 0.60%.

During the Reporting Period, the tax-exempt Fund held positions at the shorter end of our targeted weighted average maturity range in response to upcoming money market fund reform (which becomes effective in October 2016), the likelihood of rising rates in 2016 and our focus on maintaining high liquidity. The tax-exempt Fund’s weighted average maturity was generally in a range of between five days and 15 days for the Reporting Period overall.

Q How did you manage the Funds’ weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of all the taxable and tax-exempt Funds below 120 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

³  The Goldman Sachs Financial Square Tax-Exempt Money Market Fund commenced operations on March 31, 2016.

⁴  Source: iMoney Net

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PORTFOLIO RESULTS

Q What are the Funds’ tactical views and strategies for the months ahead?

A At the end of the Reporting Period, weaker than consensus expected U.S. manufacturing and service sector data, combined with moderate non-farm payroll employment gains, reduced the market-implied probability of a Fed rate hike in September 2016. Given that the employment gains were above the Fed’s breakeven rate, however, we continued to expect an interest rate hike by year-end 2016.

In our taxable commercial paper strategies, we plan to focus on maintaining high levels of liquidity and positions at the shorter end of our targeted weighted average maturity range. In our taxable government repo strategies and taxable government non-repo strategies, we plan to maintain positions at the longer end of our targeted weighted average maturity range, looking to opportunistically extend as we find pockets of value at the longer end of the money market yield curve. In our tax-exempt Fund, we plan on maintaining positions at the shorter end of our targeted weighted average maturity range because of upcoming money market fund reform and the potential, in our view, of a Fed rate hike by the end of the calendar year. We will also plan to focus on maintaining high levels of liquidity.

Overall, we expect to keep all the Funds conservatively positioned as we continue to focus on preservation of capital and daily liquidity. We do not believe there is value in sacrificing liquidity in exchange for opportunities that only modestly increase yield potential. We will continue to use our actively managed approach to seek the best possible return within the framework of our Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to navigate the interest rate environment.

The U.S. Securities and Exchange Commission (“SEC”) adopted changes to the rules that govern money market funds. These changes will: (1) permit money market funds to impose a “liquidity fee” (up to 2%) or “redemption gate” that temporarily restricts redemptions from the funds, if weekly liquidity levels fall below the required regulatory threshold, and (2) require “institutional” money market funds to operate with a floating net asset value (“NAV”) rounded to the fourth decimal place. For additional information, refer to the Funds’ current prospectuses at www.gsamfunds.com.

5

FUND BASICS

Financial Square Funds

as of August 31, 2016

PERFORMANCE REVIEW1
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)2 Institutional Shares			iMoneynet Institutional Average3
Government		0.20	%		0.08	%4
Money Market		0.32			0.19	5
Prime Obligations		0.29			0.19	5
Treasury Instruments		0.13			0.05	6
Treasury Obligations		0.15			0.06	7
Treasury Solutions		0.14			0.08	4
October 30, 2015–August 31, 2016
Federal Instruments		0.16	%		0.08	%4
March 31, 2016–August 31, 2016
Tax-Exempt Money Market		0.09	%		0.08	%8

The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  As of August 31, 2016, each of the Treasury Obligations, Money Market, Treasury Instruments and Treasury Solutions Funds offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), the Tax-Exempt Money Market Fund offers seven separate share classes (Institutional, Select, Preferred, Capital, Administration, Service and Resource), the Federal Instruments Fund offers eight separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management and Premier), the Prime Obligations Fund offers ten separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, and Class C), and the Government Fund offers twelve separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class R6, Class A and Class C), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Institutional and Class R6 Shares do not have distribution (12b-1), administration or shareholder service fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution (12b-1), administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution (12b-1), administration and/or shareholder service fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Class A Shares pay 0.25% and Class C Shares pay 1.00%.

If these fees were reflected in the above performance, performance would have been reduced.

²  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. A Fund’s performance reflects the reinvestment of dividends and other distributions. A Fund’s performance does not reflect the deduction of any applicable sales charges.

³  Source: iMoneyNet, Inc. August 2016.

6

FUND BASICS

⁴  Government & Agencies Institutional — Category includes the most broadly based of the government institutional funds. These funds may invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.

⁵  First Tier Institutional — Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

⁶  Treasury Institutional — Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.

⁷  Treasury & Repo Institutional — Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

⁸  Tax-Free National — Category includes all retail and institutional national tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds — 6 months & less, put bonds — over 6 months, AMT paper, and other tax-free holdings.

STANDARDIZED TOTAL RETURNS1,9
For the period ended 6/30/16	SEC 7-Day Current Yield10			One Year			Five Years			Ten Years			Since Inception			Inception Date
Federal Instruments		0.19	%		N/A			N/A			N/A			0.11	%	10/30/15
Government		0.29			0.15	%		0.04	%		1.08	%		2.76		4/6/93
Money Market		0.43			0.28			0.14			1.18			2.82		5/18/94
Prime Obligations		0.41			0.25			0.10			1.14			3.16		3/8/90
Tax-Exempt Money Market		0.24			N/A			N/A			N/A			0.04		3/31/16
Treasury Instruments		0.19			0.10			0.02			0.86			2.10		3/3/97
Treasury Obligations		0.23			0.11			0.03			0.92			2.96		4/25/90
Treasury Solutions		0.16			0.10			0.03			1.04			2.31		2/28/97

⁹  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) of Institutional Shares as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV.

Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The yields returns represent past performance. Past performance does not guarantee future results. The Funds’ investment yield and return will fluctuate as market conditions change. 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.

¹⁰  The SEC 7-Day Current Yield figures are as of 6/30/16 and are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Standardized Total Return figures.

7

YIELD SUMMARY

SUMMARY OF THE INSTITUTIONAL SHARES1 AS OF 8/31/16
Funds	7-Day Dist. Yield11			SEC 7-Day Effective Yield12			30-Day Average Yield13			Weighted Avg. Maturity (days)14		Weighted Avg. Life (days)15
Federal Instruments		0.29	%		0.26	%		0.30	%		47		110
Government		0.27			0.27			0.28			29		106
Money Market		0.30			0.30			0.32			3		3
Prime Obligations		0.31			0.31			0.31			3		3
Tax-Exempt Money Market		0.35			0.35			0.28			5		5
Treasury Instruments		0.19			0.18			0.19			50		108
Treasury Obligations		0.21			0.18			0.22			46		101
Treasury Solutions		0.21			0.15			0.20			47		108

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

¹¹  The 7-Day Distribution yield is the average total return over the previous seven days. It is a Fund’s total income net of expenses, divided by the total number of outstanding shares. This yield can include capital gain/loss distribution, if any. This is not a SEC Yield.

¹²  The SEC 7-Day Effective Yield of a Fund is calculated in accordance with securities industry regulations and do not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹³  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution.

¹⁴  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹⁵  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

8

SECTOR ALLOCATIONS

TAXABLE FUNDS16
As of August 31, 2016
Security Type (Percentage of Net Assets)	Federal Instruments17			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit - Yankeedollar		—			—			7.4	%		7.5	%		—			—			—
Commercial Paper & Corporate Obligations		—			—			0.5			1.0			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			0.9			1.0			—			—			—
Repurchase Agreements		—			56.6	%		26.4			22.3			—			64.6	%		51.3	%
Time Deposits		—			—			40.3			35.2			—			—			—
U.S. Government Agency Obligations		68.4	%		43.0			0.7			4.2			—			—			—
U.S. Treasury Obligations		31.5			2.7			—			—			101.2	%		32.3			49.2
Variable Rate Municipal Debt Obligations		—			—			23.9			28.9			—			—			—
As of August 31, 2015
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit - Eurodollar		—			—			1.7	%		—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			16.9			—			—			—			—
Commercial Paper & Corporate Obligations		—			—			14.5			31.6	%		—			—			—
Fixed Rate Municipal Debt Obligations		—			—			0.5			2.1			—			—			—
Repurchase Agreements		—			54.4	%		21.3			43.9			—			58.1	%		37.8	%
Time Deposits		—			—			16.7			—			—			—			—
U.S. Government Agency Obligations		—			43.6			2.0			7.7			—			—			37.1
U.S. Treasury Obligations		—			—			—			2.0			99.2	%		57.4			58.8
Variable Rate Municipal Debt Obligations		—			—			0.6			2.5			—			—			—
Variable Rate Obligations		—			—			26.4			11.0			—			—			—

¹⁶  Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

¹⁷  Commenced operations on October 30, 2015.

9

SECTOR ALLOCATIONS

TAX-EXEMPT MONEY MARKET FUND18
As of August 31, 2016
Security Type	Percentage of Net Assets
Commercial Paper		6.9	%
Variable Rate Obligations		91.0

¹⁸ The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

10

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – 68.4%
	Federal Farm Credit Bank
$	1,000,000		0.588	%(a)		09/14/16	$	1,000,000
	3,000,000		0.530	(a)		09/19/16		3,000,165
	15,000,000		0.490	(a)		09/20/16		15,000,310
	7,000,000		0.469			09/28/16		6,997,585
	3,500,000		0.554	(a)		09/29/16		3,499,994
	100,000		5.875			10/03/16		100,466
	17,000,000		0.490			10/06/16		16,992,067
	7,000,000		0.481	(a)		12/02/16		6,999,934
	380,000		0.499	(a)		12/19/16		379,938
	3,500,000		0.584	(a)		12/29/16		3,499,887
	200,000		0.511	(a)		12/30/16		200,041
	25,000,000		0.460	(a)		01/17/17		24,997,230
	2,500,000		0.597	(a)		01/20/17		2,500,000
	1,000,000		0.458	(a)		02/15/17		999,149
	1,100,000		0.578	(a)		04/07/17		1,099,973
	1,000,000		0.624	(a)		04/25/17		1,000,000
	200,000		0.626	(a)		06/13/17		200,190
	650,000		0.513	(a)		06/15/17		650,000
	3,500,000		0.549	(a)		06/30/17		3,499,883
	25,000,000		0.538	(a)		07/13/17		25,000,168
	1,250,000		0.757	(a)		08/01/17		1,249,438
	700,000		0.548	(a)		09/15/17		699,963
	Federal Home Loan Bank
	2,000,000		0.597	(a)		09/22/16		2,000,000
	82,000,000		0.281			09/23/16		81,986,169
	7,450,000		0.500			09/23/16		7,449,905
	2,500,000		0.587	(a)		10/12/16		2,499,955
	625,000		0.463			10/21/16		624,606
	2,500,000		0.677	(a)		11/01/16		2,500,000
	30,000,000		0.554	(a)		11/03/16		30,000,000
	15,000,000		0.679	(a)		11/03/16		15,000,000
	35,000,000		0.708	(a)		11/08/16		34,999,998
	400,000		0.457			11/14/16		399,631
	3,000,000		0.508	(a)		12/15/16		3,000,000
	3,250,000		0.482	(a)		12/23/16		3,250,000
	1,270,000		0.554	(a)		12/23/16		1,269,678
	2,500,000		0.589	(a)		01/17/17		2,499,121
	1,000,000		0.565	(a)		01/25/17		1,000,000
	1,500,000		0.728	(a)		02/07/17		1,499,923
	15,000,000		0.744	(a)		02/17/17		15,000,000
	6,500,000		0.556	(a)		03/03/17		6,500,000
	4,000,000		0.596	(a)		03/13/17		4,000,000
	4,000,000		0.595	(a)		03/16/17		4,000,000
	6,600,000		0.569	(a)		03/21/17		6,600,000
	20,000,000		0.512	(a)		03/23/17		20,000,799
	7,500,000		0.517	(a)		03/29/17		7,500,000
	6,350,000		0.539	(a)		04/05/17		6,350,000
	4,450,000		0.569	(a)		04/13/17		4,450,000
	3,500,000		0.579	(a)		04/18/17		3,500,000
	17,500,000		0.527	(a)		04/21/17		17,500,000
	25,000,000		0.535	(a)		04/25/17		25,000,000
	4,000,000		0.799	(a)		08/28/17		3,999,601
	1,500,000		0.653	(a)		09/01/17		1,500,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	435,445,767
	U.S. Treasury Obligations – 31.5%
	United States Treasury Bills
$	40,700,000		0.265	%		09/01/16	$	40,700,000
	3,500,000		0.193			09/08/16		3,499,871
	2,100,000		0.244			09/08/16		2,099,902
	1,500,000		0.265			09/08/16		1,499,924
	4,000,000		0.275			09/08/16		3,999,790
	30,000,000		0.280			09/15/16		29,996,792
	17,500,000		0.255			09/22/16		17,497,448
	15,000,000		0.280			09/22/16		14,997,594
	6,150,000		0.347			12/29/16		6,143,088
	1,100,000		0.403			02/02/17		1,098,141
	500,000		0.428			02/09/17		499,061
	10,000,000		0.449			02/09/17		9,980,322
	300,000		0.439			02/16/17		299,398
	900,000		0.459			02/16/17		898,110
	2,750,000		0.454			02/23/17		2,744,051
	600,000		0.459			02/23/17		598,688
	United States Treasury Floating Rate Note
	10,000,000		0.388	(a)		10/31/16		10,000,216
	United States Treasury Notes
	400,000		0.875			09/15/16		400,090
	11,450,000		1.000			10/31/16		11,462,847
	800,000		3.125			10/31/16		803,666
	800,000		4.625			11/15/16		806,348
	100,000		0.625			12/31/16		100,069
	750,000		3.125			01/31/17		758,309
	7,000,000		4.625			02/15/17		7,132,852
	1,650,000		0.875			02/28/17		1,653,292
	200,000		3.000			02/28/17		202,519
	7,750,000		3.250			03/31/17		7,874,056
	1,000,000		4.500			05/15/17		1,027,247
	4,500,000		2.750			05/31/17		4,573,492
	800,000		0.625			06/30/17		800,252
	2,500,000		2.500			06/30/17		2,539,451
	7,900,000		0.875			07/15/17		7,919,317
	800,000		0.875			08/15/17		801,697
	3,600,000		4.750			08/15/17		3,740,755
	1,500,000		0.625			08/31/17		1,499,476
	TOTAL U.S. TREASURY OBLIGATIONS						$	200,648,131
	TOTAL INVESTMENTS – 99.9%						$	636,093,898
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							334,921
	NET ASSETS – 100.0%						$	636,428,819

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – 43.0%
	Federal Farm Credit Bank
$	29,590,000		0.528	%(a)		09/14/16	$	29,589,329
	98,000,000		0.588	(a)		09/14/16		98,000,000
	34,457,000		0.530	(a)		09/19/16		34,458,544
	200,000,000		0.743	(a)		09/23/16		200,002,875
	200,000,000		0.668	(a)		11/04/16		200,011,396
	15,000,000		0.481	(a)		12/02/16		14,999,859
	95,000,000		0.584	(a)		12/29/16		94,996,928
	14,700,000		0.511	(a)		12/30/16		14,703,006
	195,000,000		0.597	(a)		01/20/17		195,000,000
	99,000,000		0.458	(a)		02/15/17		98,915,725
	12,510,000		0.579	(a)		02/27/17		12,505,263
	73,400,000		0.578	(a)		04/07/17		73,398,228
	131,300,000		0.624	(a)		04/25/17		131,300,000
	150,000,000		0.730	(a)		04/27/17		149,998,769
	200,000,000		0.722	(a)		05/15/17		199,997,447
	490,000,000		0.581	(a)		05/23/17		490,000,000
	13,450,000		0.626	(a)		06/13/17		13,462,799
	49,000,000		0.512	(a)		06/15/17		49,000,000
	275,000,000		0.744	(a)		06/26/17		274,996,752
	294,500,000		0.549	(a)		06/30/17		294,490,148
	75,000,000		0.538	(a)		07/13/17		75,000,504
	65,000,000		0.657	(a)		07/21/17		64,999,911
	6,500,000		0.757	(a)		08/01/17		6,497,076
	64,000,000		0.548	(a)		09/15/17		63,996,649
	Federal Home Loan Bank
	40,000,000		0.436	(a)		09/02/16		40,000,149
	507,850,000		0.519			09/21/16		507,706,391
	938,550,000		0.500			09/23/16		938,538,061
	157,840,000		0.500			09/28/16		157,837,584
	184,750,000		0.454			10/03/16		184,676,921
	250,000,000		0.490			10/05/16		249,996,931
	34,500,000		0.449			10/07/16		34,484,820
	245,000,000		0.587	(a)		10/12/16		244,995,591
	27,900,000		0.454			10/13/16		27,885,515
	368,125,000		0.463			10/21/16		367,892,877
	248,000,000		0.474			10/26/16		247,823,817
	250,000,000		0.460			10/27/16		249,985,437
	170,000,000		0.677	(a)		11/01/16		170,000,000
	554,000,000		0.554	(a)		11/03/16		554,000,000
	232,500,000		0.679	(a)		11/03/16		232,500,000
	191,280,000		0.464			11/04/16		191,125,276
	246,000,000		0.459			11/07/16		245,793,975
	459,500,000		0.708	(a)		11/08/16		459,499,972
	134,400,000		0.457			11/14/16		134,276,232
	177,500,000		0.590			11/25/16		177,257,762
	99,400,000		0.515			12/07/16		99,264,747
	204,400,000		0.521			12/07/16		204,119,120
	206,600,000		0.510			12/09/16		206,315,925
	245,500,000		0.508	(a)		12/15/16		245,500,000
	245,000,000		0.482	(a)		12/23/16		245,000,000
	32,000,000		0.518			12/23/16		31,948,974
	465,000,000		0.473	(a)		01/13/17		464,994,780
	495,500,000		0.565	(a)		01/25/17		495,500,000
	250,000,000		0.622	(a)		01/30/17		249,984,334
	50,000,000		0.624	(a)		02/03/17		49,996,654
	895,000,000		0.618	(a)		02/06/17		895,000,000
	U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
$	125,000,000		0.653	%(a)		02/07/17	$	124,991,375
	43,000,000		0.728	(a)		02/07/17		42,997,803
	50,000,000		0.682	(a)		02/13/17		49,995,060
	40,000,000		0.682	(a)		02/14/17		39,997,106
	480,000,000		0.744	(a)		02/17/17		480,000,000
	49,700,000		0.490			02/24/17		49,583,371
	467,500,000		0.491			02/24/17		466,400,648
	1,460,500,000		0.556	(a)		03/03/17		1,460,500,000
	748,000,000		0.611	(a)		03/03/17		748,000,000
	725,000,000		0.616	(a)		03/03/17		725,000,000
	244,500,000		0.596	(a)		03/13/17		244,500,000
	244,500,000		0.595	(a)		03/16/17		244,500,000
	247,500,000		0.569	(a)		03/21/17		247,500,000
	739,000,000		0.517	(a)		03/29/17		739,000,000
	490,500,000		0.539	(a)		04/05/17		490,500,000
	250,000,000		0.580	(a)		04/11/17		250,000,000
	238,100,000		0.569	(a)		04/13/17		238,100,000
	195,000,000		0.579	(a)		04/18/17		195,000,000
	475,000,000		0.527	(a)		04/21/17		475,000,000
	396,200,000		0.535	(a)		04/25/17		396,200,000
	250,000,000		0.679	(a)		05/02/17		249,983,341
	1,468,000,000		0.547	(a)		06/09/17		1,468,000,000
	198,500,000		0.518	(a)		06/15/17		198,500,000
	152,500,000		0.799	(a)		08/28/17		152,484,801
	581,900,000		0.000	(a)(b)		09/01/17		581,900,000
	348,000,000		0.000	(a)(b)		09/06/17		348,000,000
	994,500,000		0.000	(a)(b)		10/02/17		994,500,000
	148,500,000		0.613	(a)		11/08/17		148,500,000
	248,000,000		0.673	(a)		02/05/18		248,000,000
	133,000,000		0.667	(a)		02/15/18		133,000,000
	497,000,000		0.661	(a)		02/22/18		497,000,000
	Federal Home Loan Mortgage Corporation
	15,000,000		0.497	(a)		09/16/16		15,000,316
	200,000,000		0.707	(a)		11/14/16		199,993,735
	300,000,000		0.517	(a)		04/20/17		299,970,951
	755,000,000		0.709	(a)		04/26/17		754,950,923
	102,000,000		1.250			05/12/17		102,403,704
	27,300,000		1.000			06/29/17		27,392,558
	500,000,000		0.642	(a)		07/21/17		499,954,482
	1,992,500,000		0.567	(a)		12/20/17		1,992,500,000
	997,000,000		0.631	(a)		01/08/18		997,000,000
	249,000,000		0.637	(a)		01/12/18		249,000,000
	Federal National Mortgage Association
	837,500,000		0.587	(a)		10/21/16		837,492,263
	19,100,000		1.375			11/15/16		19,136,333
	26,400,000		0.750			04/20/17		26,416,198
	151,000,000		5.000			05/11/17		155,407,097
	14,900,000		0.609			06/01/17		14,832,580
	87,550,000		5.375			06/12/17		90,752,577
	143,175,000		0.532	(a)		07/20/17		143,098,648
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	30,637,158,923

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 2.7%
	United States Treasury Bills
$	744,100,000		0.449	%		02/09/17	$	742,635,779
	29,000,000		0.439			02/16/17		28,941,807
	93,200,000		0.459			02/16/17		93,004,280
	72,700,000		0.459			02/23/17		72,540,969
	United States Treasury Notes
	29,750,000		3.000			09/30/16		29,807,004
	5,000,000		4.625			11/15/16		5,039,672
	2,500,000		7.500			11/15/16		2,534,932
	175,000,000		2.750			05/31/17		177,818,622
	229,232,000		0.625			06/30/17		229,297,906
	46,000,000		2.500			06/30/17		46,721,966
	91,850,000		0.875			08/15/17		92,044,779
	386,961,000		4.750			08/15/17		402,090,689
	38,800,000		0.625			08/31/17		38,786,434
	TOTAL U.S. TREASURY OBLIGATIONS						$	1,961,264,839
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	32,598,423,762
	Repurchase Agreements(c) – 56.6%
	Bank of Montreal
$	325,000,000		0.310	%		09/01/16	$	325,000,000
	Maturity Value: $325,002,799
	Collateralized by Federal Farm Credit Bank, 2.870% to 2.980%, due 11/18/24 to 11/10/25, Federal Home Loan Bank, 1.430% to 5.000%, due 10/24/19 to 06/16/23, Federal Home Loan Mortgage Corp., 1.060% to 3.750%, due 02/28/18 to 03/27/19 and Federal National Mortgage Association, 1.135% to 4.000%, due 10/03/18 to 11/01/45. The aggregate market value of the collateral, including accrued interest, was $331,561,325.
	200,000,000		0.330	(a)(d)		09/07/16		200,000,000
	Maturity Value: $200,056,834
	Settlement Date: 08/19/16
	Collateralized by Federal Farm Credit Bank, 0.520% to 2.360%, due 03/23/18 to 06/16/25 and Federal Home Loan Mortgage Corp., 1.060% to 3.750%, due 06/22/18 to 03/27/19. The aggregate market value of the collateral, including accrued interest, was $204,000,745.
	Bank of Nova Scotia (The)
	1,300,000,000		0.340			09/01/16		1,300,000,000
	Maturity Value: $1,300,012,278
	Collateralized by Cash and Federal Home Loan Mortgage Corp., 3.500%, due 09/01/42, Federal National Mortgage Association, 3.000% to 6.000%, due 11/01/32 to 07/01/46, Government National Mortgage Association, 3.500% to 4.000%, due 08/20/44 to 06/20/46, U.S. Treasury Bills, 0.000%, due 11/03/16 to 01/19/17, U.S. Treasury Bond, 4.500%, due 02/15/36, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/17 to 07/15/24, U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/27 and U.S. Treasury Notes, 0.750% to 3.375%, due 07/15/17 to 05/31/21. The aggregate market value of the collateral, including accrued interest and cash, was $1,334,596,899.
	Repurchase Agreements(c) – (continued)
	Bank of Nova Scotia (The) – (continued)
$	250,000,000		0.400	%(a)(d)		09/07/16	$	250,000,000
	Maturity Value: $250,758,333
	Settlement Date: 02/11/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.000%, due 05/01/41 to 05/01/46 and Federal National Mortgage Association, 2.500% to 6.000%, due 10/01/26 to 07/01/46. The aggregate market value of the collateral, including accrued interest, was $258,080,805.
	250,000,000		0.470	(a)(d)		09/07/16		250,000,000
	Maturity Value: $251,214,171
	Settlement Date: 10/07/15
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 08/01/44 to 03/01/46, Federal National Mortgage Association, 2.500% to 4.000%, due 07/01/31 to 07/01/46 and Government National Mortgage Association, 3.500%, due 04/20/46. The aggregate market value of the collateral, including accrued interest, was $258,609,395.
	500,000,000		0.570	(a)(d)		09/07/16		500,000,000
	Maturity Value: $502,169,162
	Settlement Date: 04/07/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 11/01/25 to 05/01/46, Federal National Mortgage Association, 2.500% to 6.000%, due 02/01/23 to 07/01/46 and Government National Mortgage Association, 4.000%, due 03/20/46. The aggregate market value of the collateral, including accrued interest, was $516,198,663.
	BNP Paribas
	900,000,000		0.310			09/01/16		900,000,000
	Maturity Value: $900,007,750
	Collateralized by U.S. Treasury Bond, 8.500%, due 02/15/20, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/45, U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/17 to 02/15/43 and U.S. Treasury Notes, 1.625%, due 07/31/20 to 04/30/23. The aggregate market value of the collateral, including accrued interest, was $918,000,000.
	500,000,000		0.350	(a)(d)		09/01/16		500,000,000
	Maturity Value: $501,020,831
	Settlement Date: 02/23/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 02/01/27 to 02/01/45, Federal National Mortgage Association, 2.500% to 7.000%, due 11/01/18 to 06/01/46, Government National Mortgage Association, 3.500% to 8.000%, due 07/15/33 to 10/20/45, U.S. Treasury Inflation- Indexed Bond, 0.750%, due 02/15/45, U.S. Treasury Inflation- Indexed Note, 1.625%, due 01/15/18 and U.S. Treasury Notes, 0.500% to 2.125%, due 03/31/17 to 05/15/23. The aggregate market value of the collateral, including accrued interest, was $513,886,249.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
$	550,000,000		0.350	%(a)(d)		09/01/16	$	550,000,000
	Maturity Value: $551,085,484
	Settlement Date: 02/23/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 02/01/27 to 09/01/45, Federal National Mortgage Association, 2.500% to 7.000%, due 06/01/19 to 07/01/46, Government National Mortgage Association, 3.000% to 8.000%, due 01/20/27 to 06/20/46, U.S. Treasury Inflation- Indexed Notes, 0.125% to 0.375%, due 04/15/19 to 07/15/25 and U.S. Treasury Notes, 0.500% to 3.625%, due 01/15/17 to 04/30/22. The aggregate market value of the collateral, including accrued interest, was $565,228,457.
	750,000,000		0.340	(a)(d)		09/07/16		750,000,000
	Maturity Value: $750,637,497
	Settlement Date: 07/07/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 02/01/27 to 01/01/45, Federal National Mortgage Association, 2.500% to 7.000%, due 06/01/19 to 08/01/46, Government National Mortgage Association, 3.000% to 7.000%, due 01/20/27 to 07/20/46, U.S. Treasury Bill, 0.000%, due 01/12/17 and U.S. Treasury Notes, 0.750% to 2.375%, due 10/31/17 to 04/30/19. The aggregate market value of the collateral, including accrued interest, was $772,084,214.
	1,000,000,000		0.340	(a)(d)		09/07/16		1,000,000,000
	Maturity Value: $1,000,594,997
	Settlement Date: 07/18/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 03/01/18 to 08/01/46, Federal National Mortgage Association, 2.500% to 7.750%, due 05/01/18 to 08/01/46, Government National Mortgage Association, 3.000% to 10.000%, due 07/15/17 to 08/20/46, U.S. Treasury Bills, 0.000%, due 11/25/16 to 04/27/17, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.125%, due 01/15/21 to 04/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/17 to 02/15/43 and U.S. Treasury Notes, 0.500% to 3.125%, due 10/15/16 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $1,026,827,265.
	1,000,000,000		0.350	(a)(d)		09/07/16		1,000,000,000
	Maturity Value: $1,000,894,442
	Settlement Date: 07/05/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 04/01/26 to 09/01/46, Federal National Mortgage Association, 2.500% to 8.500%, due 04/01/18 to 09/01/46, Government National Mortgage Association, 3.000% to 8.000%, due 02/15/23 to 05/20/46 and U.S. Treasury Bill, 0.000%, due 07/20/17. The aggregate market value of the collateral, including accrued interest, was $1,029,721,938.
	Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
$	1,000,000,000		0.360	%(a)(d)		09/07/16	$	1,000,000,000
	Maturity Value: $1,000,900,000
	Settlement Date: 08/05/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 9.000%, due 11/01/25 to 12/01/47, Federal National Mortgage Association, 0.875% to 8.000%, due 05/21/18 to 09/01/46, Government National Mortgage Association, 3.000% to 8.000%, due 01/20/27 to 05/20/46, U.S. Treasury Bill, 0.000%, due 10/13/16, U.S. Treasury Bond, 8.875%, due 08/15/17, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.375%, due 01/15/20 to 07/15/25, U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/17 and U.S. Treasury Notes, 0.750% to 3.125%, due 01/31/17 to 04/30/21. The aggregate market value of the collateral, including accrued interest, was $1,029,642,466.
	BNP Paribas Securities Corp.
	195,900,000		0.330			09/01/16		195,900,000
	Maturity Value: $195,901,796
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/18 to 10/01/45, Federal National Mortgage Association, 2.500% to 7.000%, due 01/01/17 to 09/01/46, U.S. Treasury Bills, 0.000%, due 09/15/16 to 03/02/17, U.S. Treasury Bonds, 3.750% to 4.750%, due 02/15/37 to 11/15/43, U.S. Treasury Floating Rate Notes, 0.503% to 0.509%, due 10/31/17 to 07/31/18, U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/44 and U.S. Treasury Notes, 0.875% to 2.000%, due 02/28/17 to 01/31/23. The aggregate market value of the collateral, including accrued interest, was $199,818,002.
	Citibank N.A.
	400,000,000		0.340			09/07/16		400,000,000
	Maturity Value: $400,026,444
	Collateralized by Federal Farm Credit Bank, 2.470%, due 11/17/21, Federal Home Loan Mortgage Corp., 0.750% to 3.500%, due 09/29/17 to 03/01/46, Federal National Mortgage Association, 1.375% to 7.000%, due 11/15/16 to 09/01/45, Government National Mortgage Association, 2.000% to 6.000%, due 10/20/28 to 06/20/46, Tennessee Valley Authority, 5.980%, due 04/01/36, U.S. Treasury Bonds, 5.250% to 7.500%, due 11/15/16 to 11/15/28, U.S. Treasury Inflation- Indexed Note, 1.625%, due 01/15/18 and U.S. Treasury Notes, 1.125% to 2.250%, due 08/31/20 to 11/15/25. The aggregate market value of the collateral, including accrued interest, was $408,000,015.
	Citigroup Global Markets, Inc.
	63,100,000		0.340			09/01/16		63,100,000
	Maturity Value: $63,100,596
	Collateralized by U.S. Treasury Notes, 0.875%, due 09/15/16 to 06/15/17. The aggregate market value of the collateral, including accrued interest, was $64,362,050.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Credit Agricole Corporate and Investment Bank
$	500,000,000		0.330	%		09/06/16	$	500,000,000
	Maturity Value: $500,032,083
	Settlement Date: 08/30/16
	Collateralized by Federal Farm Credit Bank, 1.680% to 2.670%, due 08/16/21 to 05/12/27, Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 12/01/28 to 09/01/46, Federal National Mortgage Association, 1.250% to 6.210%, due 03/25/19 to 09/01/46, Government National Mortgage Association, 3.500% to 6.000%, due 04/15/36 to 08/20/46, U.S. Treasury Bills, 0.000%, due 11/25/16 to 01/12/17, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.375%, due 01/15/20 to 04/15/20 and U.S. Treasury Notes, 0.500% to 4.500%, due 12/31/16 to 11/15/21. The aggregate market value of the collateral, including accrued interest, was $513,182,845.
	500,000,000		0.320			09/07/16		500,000,000
	Maturity Value: $500,031,111
	Collateralized by U.S. Treasury Bond, 3.000%, due 05/15/42, U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/23 and U.S. Treasury Notes, 0.625% to 2.500%, due 11/30/17 to 08/15/23. The aggregate market value of the collateral, including accrued interest, was $510,000,041.
	Credit Suisse Securities (USA) LLC
	750,000,000		0.370			09/07/16		750,000,000
	Maturity Value: $750,485,625
	Settlement Date: 07/06/16
	Collateralized by Federal National Mortgage Association, 2.000% to 11.000%, due 03/01/17 to 09/01/46. The aggregate market value of the collateral, including accrued interest, was $765,000,347.
	500,000,000		0.380			09/07/16		500,000,000
	Maturity Value: $500,327,222
	Settlement Date: 07/07/16
	Collateralized by Federal National Mortgage Association, 2.000% to 11.000%, due 04/01/18 to 08/01/46. The aggregate market value of the collateral, including accrued interest, was $510,003,677.
	Deutsche Bank Securities, Inc.
	775,000,000		0.340			09/01/16		775,000,000
	Maturity Value: $775,007,319
	Collateralized by U.S. Treasury Bill, 0.000%, due 07/20/17 and U.S. Treasury Notes, 0.375% to 3.500%, due 09/30/16 to 08/15/23. The aggregate market value of the collateral, including accrued interest, was $790,500,024.
	300,000,000		0.350			09/01/16		300,000,000
	Maturity Value: $300,002,917
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 05/01/27 to 10/01/45 and Federal National Mortgage Association, 2.500% to 4.500%, due 11/01/27 to 06/01/46. The aggregate market value of the collateral, including accrued interest, was $308,999,998.
	Repurchase Agreements(c) – (continued)
	Federal Reserve Bank of New York
$	6,400,000,000		0.250	%		09/01/16	$	6,400,000,000
	Maturity Value: $6,400,044,444
	Collateralized by U.S. Treasury Bonds, 3.125% to 6.125%, due 08/15/29 to 08/15/43 and U.S. Treasury Notes, 1.750% to 3.375%, due 11/15/19 to 02/15/23. The aggregate market value of the collateral, including accrued interest, was $6,400,044,504.
	HSBC Securities (USA), Inc.
	500,000,000		0.300			09/01/16		500,000,000
	Maturity Value: $500,004,167
	Collateralized by Federal National Mortgage Association, 3.500% to 6.000%, due 10/01/22 to 04/01/46 and U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/42. The aggregate market value of the collateral, including accrued interest, was $510,000,212.
	ING Financial Markets LLC
	300,000,000		0.320			09/01/16		300,000,000
	Maturity Value: $300,002,667
	Collateralized by Federal National Mortgage Association, 3.000% to 6.500%, due 05/01/26 to 01/01/45. The aggregate market value of the collateral, including accrued interest, was $306,001,660.
	500,000,000		0.484	(a)(e)		10/07/16		500,000,000
	Maturity Value: $503,456,008
	Settlement Date: 05/26/15
	Collateralized by Federal Home Loan Mortgage Corp., 7.000%, due 03/17/31 and Federal National Mortgage Association, 3.000% to 6.500%, due 03/01/24 to 04/01/46. The aggregate market value of the collateral, including accrued interest, was $510,002,606.
	500,000,000		0.501	(a)(e)		10/18/16		500,000,000
	Maturity Value: $500,577,609
	Settlement Date: 07/27/16
	Collateralized by Federal National Mortgage Association, 2.500% to 6.000%, due 11/01/25 to 01/01/46. The aggregate market value of the collateral, including accrued interest, was $510,003,314.
	100,000,000		0.481	(a)(e)		10/21/16		100,000,000
	Maturity Value: $100,506,450
	Settlement Date: 10/08/15
	Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 07/01/31 to 01/01/43. The aggregate market value of the collateral, including accrued interest, was $102,001,774.
	100,000,000		0.494	(a)(e)		10/28/16		100,000,000
	Maturity Value: $100,655,069
	Settlement Date: 07/09/15
	Collateralized by Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/21 to 11/01/42. The aggregate market value of the collateral, including accrued interest, was $102,002,899.
	Joint Repurchase Agreement Account I
	1,892,800,000		0.316			09/01/16		1,892,800,000
	Maturity Value: $1,892,816,591

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Joint Repurchase Agreement Account III
$	8,351,700,000		0.335	%		09/01/16	$	8,351,700,000
	Maturity Value: $8,351,777,775
	JP Morgan Securities LLC
	500,000,000		0.370			10/11/16		500,000,000
	Maturity Value: $500,472,778
	Settlement Date: 07/11/16
	Collateralized by Federal National Mortgage Association, 2.500% to 9.000%, due 07/01/20 to 09/01/46. The aggregate market value of the collateral, including accrued interest, was $510,002,101.
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	127,800,000		0.340			09/01/16		127,800,000
	Maturity Value: $127,801,207
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 04/01/26 to 09/01/46 and Federal National Mortgage Association, 3.500%, due 11/01/26. The aggregate market value of the collateral, including accrued interest, was $131,634,000.
	315,900,000		0.340			09/01/16		315,900,000
	Maturity Value: $315,902,984
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 06/01/42 to 07/01/43, Federal National Mortgage Association, 3.000% to 4.000%, due 09/01/27 to 06/01/46 and Government National Mortgage Association, 4.000%, due 05/15/45. The aggregate market value of the collateral, including accrued interest, was $325,377,001.
	MUFG Securities Americas, Inc.
	100,000,000		0.320			09/01/16		100,000,000
	Maturity Value: $100,000,889
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 09/01/24 to 08/01/46, Federal National Mortgage Association, 2.500% to 5.000%, due 09/01/25 to 05/01/46, Government National Mortgage Association, 3.000% to 4.500%, due 07/15/40 to 08/20/46 and U.S. Treasury Bond, 3.750%, due 08/15/41. The aggregate market value of the collateral, including accrued interest, was $102,999,995.
	Repurchase Agreements(c) – (continued)
	Nomura Securities International, Inc.
$	2,875,000,000		0.380	%		09/01/16	$	2,875,000,000
	Maturity Value: $2,875,030,347
	Collateralized by Federal Home Loan Bank, 4.875%, due 09/08/17, Federal Home Loan Mortgage Corp., 2.500% to 9.500%, due 08/01/20 to 09/01/46, Federal National Mortgage Association, 1.125% to 7.000%, due 11/01/16 to 08/01/48, Government National Mortgage Association, 3.000% to 9.000%, due 09/15/16 to 08/20/46, Tennessee Valley Authority, 5.880%, due 04/01/36, U.S. Treasury Bills, 0.000%, due 11/01/16 to 07/20/17, U.S. Treasury Bonds, 2.500% to 8.875%, due 11/15/16 to 02/15/45, U.S. Treasury Floating Rate Notes, 0.525% to 0.607%, due 01/31/18 to 04/30/18, U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/23, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/23 to 05/15/38, U.S. Treasury Notes, 0.375% to 4.625%, due 10/31/16 to 08/15/26 and U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/25. The aggregate market value of the collateral, including accrued interest, was $2,951,935,596.
	RBC Capital Markets LLC
	300,000,000		0.300			09/01/16		300,000,000
	Maturity Value: $300,002,500
	Collateralized by U.S. Treasury Bonds, 2.500% to 4.250%, due 11/15/40 to 02/15/45, U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 1.250% to 1.625%, due 01/15/18 to 07/15/20, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/27 to 11/15/35, U.S. Treasury Notes, 1.375% to 3.375%, due 09/30/16 to 08/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/39 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $306,000,004.
	50,000,000		0.340	(a)(d)		09/07/16		50,000,000
	Maturity Value: $50,141,194
	Settlement Date: 01/15/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 05/01/43 to 05/01/46, Federal National Mortgage Association, 2.500% to 5.000%, due 07/01/26 to 07/01/46 and Government National Mortgage Association, 3.000% to 5.000%, due 03/20/41 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $50,999,998.
	200,000,000		0.340	(a)(d)		09/07/16		200,000,000
	Maturity Value: $201,120,106
	Settlement Date: 03/27/15
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 09/01/31 to 09/01/46, Federal National Mortgage Association, 2.500% to 4.000%, due 07/01/26 to 09/01/46 and Government National Mortgage Association, 3.500% to 5.000%, due 09/20/39 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $204,000,000.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	RBC Capital Markets LLC – (continued)
$	350,000,000		0.340	%(a)(d)		09/07/16	$	350,000,000
	Maturity Value: $350,300,804
	Settlement Date: 08/08/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 01/01/26 to 09/01/46, Federal National Mortgage Association, 2.500% to 5.000%, due 01/01/26 to 08/01/46 and Government National Mortgage Association, 3.000% to 5.000%, due 01/20/27 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $357,000,005.
	250,000,000		0.350	(a)(d)		09/07/16		250,000,000
	Maturity Value: $250,301,388
	Settlement Date: 07/13/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 05/01/18 to 05/01/46, Federal National Mortgage Association, 3.000% to 5.500%, due 08/01/26 to 08/01/46 and Government National Mortgage Association, 3.000% to 5.500%, due 09/15/39 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $255,000,001.
	250,000,000		0.350	(a)(d)		09/07/16		250,000,000
	Maturity Value: $250,294,097
	Settlement Date: 07/18/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 02/01/43 to 12/01/44, Federal National Mortgage Association, 3.500% to 4.000%, due 12/01/29 to 08/01/46 and Government National Mortgage Association, 3.000% to 4.000%, due 05/20/45 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $255,000,000.
	250,000,000		0.350	(a)(d)		09/07/16		250,000,000
	Maturity Value: $250,291,666
	Settlement Date: 07/20/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 11/01/30 to 07/01/46, Federal National Mortgage Association, 2.500% to 5.000%, due 08/01/26 to 08/01/46 and Government National Mortgage Association, 3.000% to 4.500%, due 10/15/40 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $254,999,998.
	1,000,000,000		0.350	(a)(d)		09/07/16		1,000,000,000
	Maturity Value: $1,000,884,720
	Settlement Date: 08/22/16
	Collateralized by Federal Home Loan Bank, 1.020%, due 11/29/19, Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 05/01/18 to 07/01/46, Federal National Mortgage Association, 2.500% to 8.500%, due 10/01/17 to 09/01/46, Government National Mortgage Association, 2.500% to 7.500%, due 01/15/18 to 08/20/46, U.S. Treasury Bill, 0.000%, due 08/17/17, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.250%, due 07/15/22 to 01/15/25, U.S. Treasury Interest- Only Stripped Security, 0.000%, due 08/15/25, U.S. Treasury Notes, 0.875% to 2.625%, due 01/15/18 to 05/31/23 and U.S. Treasury Principal-Only Stripped Security, 0.000%, due 06/15/19. The aggregate market value of the collateral, including accrued interest, was $1,020,000,050.
	Repurchase Agreements(c) – (continued)
	RBC Capital Markets LLC – (continued)
$	250,000,000		0.360	%(a)(d)		09/07/16	$	250,000,000
	Maturity Value: $250,227,500
	Settlement Date: 06/28/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 10/01/40 to 07/01/44, Federal National Mortgage Association, 3.000% to 5.000%, due 08/01/26 to 06/01/46 and Government National Mortgage Association, 3.500% to 5.000%, due 08/20/39 to 07/20/46. The aggregate market value of the collateral, including accrued interest, was $254,999,999.
	250,000,000		0.340	(d)		10/04/16		250,000,000
	Maturity Value: $250,212,500
	Settlement Date: 07/06/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 10/01/40 to 07/01/46, Federal National Mortgage Association, 2.500% to 5.00%, due 04/01/27 to 07/01/46 and Government National Mortgage Association, 3.000% to 4.500%, due 04/20/45 to 08/20/46. The aggregate market value of the collateral, including accrued interest, was $255,000,003.
	Societe Generale
	38,400,000		0.340			09/01/16		38,400,000
	Maturity Value: $38,400,363
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 06/01/26 to 10/01/45, Federal National Mortgage Association, 3.000% to 4.000%, due 12/01/26 to 09/01/46, Government National Mortgage Association, 3.500%, due 01/20/46 and U.S. Treasury Notes, 1.125% to 1.625%, due 07/31/19 to 08/31/21. The aggregate market value of the collateral, including accrued interest, was $39,345,413.
	250,000,000		0.320			09/06/16		250,000,000
	Maturity Value: $250,015,556
	Settlement Date: 08/30/16
	Collateralized by Federal Home Loan Mortgage Corp., 1.200% to 3.500%, due 10/29/18 to 10/01/45, Federal National Mortgage Association, 1.000% to 4.500%, due 04/30/18 to 08/01/44, Government National Mortgage Association, 3.500%, due 03/20/46, U.S. Treasury Bonds, 3.000% to 3.875%, due 08/15/40 to 11/15/45, U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20, and U.S. Treasury Notes, 1.250% to 2.750%, due 01/31/18 to 02/15/24. The aggregate market value of the collateral, including accrued interest, was $255,443,581.
	TD Securities (USA) LLC
	100,000,000		0.340			09/07/16		100,000,000
	Maturity Value: $100,006,611
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 01/01/45, U.S. Treasury Bill, 0.000%, due 09/22/16, U.S. Treasury Bond, 3.000%, due 11/15/44 and U.S. Treasury Notes, 1.625% to 2.000%, due 11/15/21 to 04/30/23. The aggregate market value of the collateral, including accrued interest, was $102,212,085.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Wells Fargo Bank N.A.
$	200,000,000		0.340	%		09/01/16	$	200,000,000
	Maturity Value: $200,001,889
	Collateralized by Federal Home Loan Mortgage Corp., 3.000%, to 3.500%, due 04/01/43 to 07/01/45 and Federal National Mortgage Association, 3.000% to 4.500%, due 04/01/26 to 05/01/40. The aggregate market value of the collateral, including accrued interest, was $206,000,000.
	500,000,000		0.340			09/01/16		500,000,000
	Maturity Value: $500,004,722
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 09/01/45 to 10/01/45. The aggregate market value of the collateral, including accrued interest, was $515,000,000.
	37,500,000		0.600	(e)		02/27/17		37,500,000
	Maturity Value: $37,613,750
	Settlement Date: 08/29/16
	Collateralized by U.S. Treasury Bond, 6.250%, due 05/15/30 and U.S. Treasury Note, 1.375%, due 03/31/20. The aggregate market value of the collateral, including accrued interest, was $38,250,041.
	25,000,000		0.580	(e)		03/02/17		25,000,000
	Maturity Value: $25,073,708
	Collateralized by U.S. Treasury Note, 1.375%, due 03/31/20. The market value of the collateral, including accrued interest, was $25,500,062.
	121,500,000		0.580	(e)		03/03/17		121,500,000
	Maturity Value: $121,860,180
	Collateralized by U.S. Treasury Bond, 2.500%, due 02/15/46. The market value of the collateral, including accrued interest, was $123,930,042.
	Wells Fargo Securities LLC
	500,000,000		0.340			09/01/16		500,000,000
	Maturity Value: $500,004,722
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 07/01/31 to 06/01/46 and Federal National Mortgage Association, 2.500% to 3.500%, due 04/01/31 to 07/01/46. The aggregate market value of the collateral, including accrued interest, was $515,000,003.
	325,000,000		0.420	(e)		10/12/16		325,000,000
	Maturity Value: $325,348,833
	Settlement Date: 07/12/16
	Collateralized by Federal National Mortgage Association, 3.000%, due 07/01/46. The market value of the collateral, including accrued interest, was $334,750,001.
	TOTAL REPURCHASE AGREEMENTS						$	40,319,600,000
	TOTAL INVESTMENTS – 102.3%						$	72,918,023,762
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.3)%							(1,649,300,814	)
	NET ASSETS – 100.0%						$	71,268,722,948

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2016. Additional information on Joint Repurchase Agreement Accounts I and III appear on pages 37-39.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At August 31, 2016, these securities amounted to $1,709,000,000 or approximately 2.4% of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 0.5%
	Gotham Funding Corp.
$	30,000,000		0.408	%		09/01/16	$	30,000,000
	LMA Americas LLC
	25,000,000		0.408			09/01/16		25,000,000
	Nieuw Amsterdam Receivables Corp.
	30,000,000		0.407			09/01/16		30,000,000
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	85,000,000
	Certificates of Deposit-Yankeedollar – 7.4%
	Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)
$	600,000,000		0.420	%		09/07/16	$	600,000,000
	Sumitomo Mitsui Trust Bank Ltd.
	650,000,000		0.420			09/06/16		650,000,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	1,250,000,000
	Fixed Rate Municipal Debt Obligations – 0.9%
	City & County of San Francisco, California Public Utilities Commission, Series 2016-A2T
$	25,042,000		0.550	%		09/06/16	$	25,042,000
	District of Columbia Water & Sewer Authority CP Series C (Landesbank Hessen- Thueringen Girozentrale, LOC)
	29,200,000		0.630			09/09/16		29,200,000
	San Antonio, Texas Electric & Gas Systems CP Series 2016 B (State Street Bank & Trust Co., and Wells Fargo Bank N.A., LIQ)
	50,000,000		0.570			09/06/16		50,000,000
	San Antonio, Texas Electric & Gas Systems CP Series 2016 C (Bank of Tokyo Mitsubishi UFJ Ltd., LIQ)
	55,000,000		0.610			09/09/16		55,000,000
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	159,242,000
	Time Deposits – 40.3%
	Australia & New Zealand Banking Group Ltd.
$	600,000,000		0.430	%		09/01/16	$	600,000,000
	Credit Agricole Corporate and Investment Bank
	750,000,000		0.310			09/01/16		750,000,000
	Credit Industriel et Commercial
	600,000,000		0.340			09/01/16		600,000,000
	DBS Bank Ltd.
	250,000,000		0.430			09/02/16		250,000,000
	150,000,000		0.430			09/06/16		150,000,000
	DNB Bank ASA
	700,000,000		0.300			09/01/16		700,000,000
	National Bank of Kuwait
	700,000,000		0.350			09/01/16		700,000,000
	Natixis SA
	700,000,000		0.310			09/01/16		700,000,000
	Royal Bank of Canada
	500,000,000		0.320			09/01/16		500,000,000
	Time Deposits – (continued)
	Skandinaviska Enskilda Banken AB
$	277,000,000		0.300	%		09/01/16	$	277,000,000
	Standard Chartered Bank
	200,000,000		0.420			09/06/16		200,000,000
	Svenska Handelsbanken AB
	700,000,000		0.300			09/01/16		700,000,000
	Swedbank AB
	700,000,000		0.300			09/01/16		700,000,000
	TOTAL TIME DEPOSITS						$	6,827,000,000
	U.S. Government Agency Obligations – 0.7%
	Overseas Private Investment Corp. (USA)
$	5,963,238		0.550	%(a)		09/07/16	$	5,963,238
	25,000,000		0.560	(a)		09/07/16		25,000,000
	86,000,000		0.580	(a)		09/07/16		86,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	116,963,238
	Variable Rate Municipal Debt Obligations(a) – 23.9%
	ABAG Finance Authority for Non-Profit Corporations VRDN RB for Lakeside Village Apartments Series 2011 A (FHLMC, LIQ)
$	36,660,000		0.600	%		09/07/16	$	36,660,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2007 D-2 RMKT (Bank of America N.A., LOC)
	42,800,000		0.600			09/07/16		42,800,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(b)
	19,375,000		0.590			09/01/16		19,375,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(b)
	13,950,000		0.590			09/01/16		13,950,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	29,110,000		0.590			09/01/16		29,110,000
	Board of Regents of the University of Texas System VRDN RB Refunding for Permanent University Fund Series 2008 A
	100,000,000		0.550			09/07/16		100,000,000
	California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C
	117,000,000		0.600			09/07/16		117,000,000
	California Health Facilities Financing Authority VRDN RB for Scripps Health Series 2012 B
	56,250,000		0.600			09/07/16		56,250,000
	California Municipal Finance Authority VRDN PCRB Refunding for Chevron USA, Inc. Series 2005 (GTY AGMT - Chevron Corp.)
	19,600,000		0.530			09/01/16		19,599,805
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 A (GTY AGMT - Chevron Corp.)
	50,000,000		0.530			09/01/16		49,999,501
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 M
	67,000,000		0.610			09/07/16		67,000,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	California Statewide Communities Development Authority VRDN RB Refunding for Kaiser Permanente Series 2003 B (GTY AGMT - Kaiser Permanente)
$	39,100,000		0.610	%		09/07/16	$	39,100,000
	City & County of San Francisco, California Airport Commission VRDN RB for San Francisco International Airport Series 2010 A-3 RMKT (Bank of America N.A., LOC)
	57,370,000		0.620			09/07/16		57,370,000
	City of Charlotte, North Carolina Water & Sewer System VRDN RB Series 2006 B (Wells Fargo Bank N.A., SPA)
	60,000,000		0.550			09/07/16		60,000,000
	City of Colorado Springs, Colorado Utilities System VRDN RB for Subordinate Lien Improvement Series 2005 A RMKT (Mizuho Bank, SPA)
	48,915,000		0.610			09/07/16		48,915,000
	City of Colorado Springs, Colorado Utilities System VRDN RB for Subordinate Lien Series 2000 A RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)
	40,000,000		0.610			09/07/16		40,000,000
	City of Gainesville, Florida Utilities System VRDN RB Refunding Series 2007 A (State Street Bank & Trust Co., SPA)
	66,640,000		0.650			09/07/16		66,640,000
	City of New York GO VRDN Series 2004 Subseries H-6 (Bank of America N.A., LOC)
	23,000,000		0.620			09/07/16		23,000,000
	City of New York GO VRDN Series 2008 Subseries L-5 RMKT (Bank of America N.A., SPA)
	57,650,000		0.580			09/01/16		57,649,425
	City of New York GO VRDN Series 2017 Subseries A-4 (Citibank N.A., LOC)
	71,000,000		0.610			09/07/16		71,000,000
	City of Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 B
	24,830,000		0.630			09/07/16		24,830,000
	City of Phoenix, Arizona IDA Health Care Facilities VRDN RB for Mayo Clinic Series 2014 A (Bank of America N.A., SPA) (GTY AGMT - Mayo Clinic)
	15,350,000		0.580			09/01/16		15,349,847
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	58,500,000		0.620			09/07/16		58,500,000
	City of Valdez, Alaska Marine Terminal VRDN RB Refunding for ExxonMobil Project Series 2001 (GTY AGMT - Exxon Mobil Corp.)
	33,830,000		0.570			09/01/16		33,829,798
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	16,080,000		0.600			09/07/16		16,080,000
	County of Guilford, North Carolina GO VRDN Series 2005 B (Wells Fargo Bank N.A., SPA)
	62,660,000		0.570			09/07/16		62,660,000
	County of Lincoln, Wyoming VRDN PCRB Refunding for Exxon Mobil Project Series 2014 (GTY AGMT - Exxon Mobil Corp.)
	15,000,000		0.570			09/01/16		14,999,910
	45,450,000		0.590			09/01/16		45,449,728
	County of Sublette, Wyoming VRDN PCRB Refunding for ExxonMobil Project Series 2014
	40,300,000		0.570			09/01/16		40,299,759
	County of Wake, North Carolina GO VRDN Series 2007 A (Mizuho Bank Ltd., SPA)
	47,000,000		0.600			09/07/16		46,999,532
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Delaware State Health Facilities Authority VRDN RB Refunding for Christiana Care Health Services, Inc. Series 2008 B RMKT
$	8,300,000		0.580	%		09/07/16	$	8,300,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A
	140,400,000		0.570			09/01/16		140,399,916
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 B
	74,865,000		0.570			09/01/16		74,864,470
	Eastern Municipal Water District VRDN RB Refunding for Water and Wastewater Series 2014 A (Wells Fargo Bank N.A., SPA)
	44,995,000		0.620			09/07/16		44,995,000
	Gulf Coast Waste Disposal Authority VRDN RB Refunding for ExxonMobil Project Series 1995
	30,900,000		0.570			09/01/16		30,899,817
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-1 (JPMorgan Chase Bank N.A., SPA)
	34,055,000		0.590			09/07/16		34,055,000
	JEA Electric System Revenue
	26,350,000		0.590			09/07/16		26,350,000
	Los Angeles Department of Water & Power Waterworks VRDN RB Refunding Series 2001 Subseries B-4 RMKT (Citibank N.A., SPA)
	18,650,000		0.610			09/07/16		18,650,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 C
	29,100,000		0.620			09/07/16		29,100,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Refunding Series 2008 A-1 (JPMorgan Chase Bank N.A., SPA)
	60,550,000		0.620			09/07/16		60,550,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Refunding Series 2008 A-2 (JPMorgan Chase Bank N.A., SPA)
	64,920,000		0.640			09/07/16		64,920,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y
	31,100,000		0.560			09/07/16		31,100,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-1 RMKT (Wells Fargo Bank N.A., SPA)
	74,000,000		0.590			09/01/16		73,999,799
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-1 (U.S. Bank N.A., SPA)
	41,900,000		0.570			09/01/16		41,899,749
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-3 RMKT (Wells Fargo Bank N.A. SPA)
	62,000,000		0.610			09/07/16		62,000,000
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-2 (Bank of Tokyo-Mitsubishi UFJ, LOC)
	54,700,000		0.610			09/07/16		54,700,000
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-3 (Citibank N.A., LOC)
	80,000,000		0.610			09/07/16		80,000,000
	Metropolitan Water District of Southern California VRDN RB Floater Certificates Refunding Series 2016 E-68 (Royal Bank of Canada, LOC)(b)
	25,000,000		0.600			09/07/16		25,000,000
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-3
	4,900,000		0.610			09/07/16		4,900,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 A (GTY AGMT - Chevron Corp.)
$	168,710,000		0.580	%		09/01/16	$	168,709,384
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 D (GTY AGMT - Chevron Corp.)
	10,200,000		0.580			09/01/16		10,199,939
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 G (GTY AGMT - Chevron Corp.)
	68,300,000		0.600			09/01/16		68,300,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 J (GTY AGMT - Chevron Corp.)
	15,700,000		0.580			09/01/16		15,699,906
	Montgomery County, Tennessee IDB VRDN RB for Hankook Tire Manufacturing LP Project Series 2015 A (Kookmin Bank, LOC)
	40,000,000		0.670			09/07/16		40,000,000
	Municipal Electric Authority of Georgia VRDN RB for Project One Subordinated Series 2008 Subseries B (Bank of Tokyo-Mitsubishi UFJ, LOC)
	15,315,000		0.570			09/07/16		15,314,694
	Nassau County Interim Finance Authority, New York VRDN RB Series 2008 C RMKT (BMO Harris Bank N.A., SPA)
	60,000,000		0.610			09/07/16		60,000,000
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2003 RMKT (U.S. Bank N.A., SPA)
	18,965,000		0.600			09/07/16		18,965,000
	New York City GO VRDN Series 2003 Subseries A-2 (Bank of America N.A. LOC)
	29,000,000		0.620			09/07/16		29,000,000
	New York City GO VRDN Series 2008 Subseries L-3 (Bank of America N.A., SPA)
	17,900,000		0.580			09/01/16		17,899,821
	New York City GO VRDN Series 2013 Subseries F-3 (Bank of America N.A., LIQ)
	79,500,000		0.580			09/01/16		79,500,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for Bruckner by the Bridge Series 2008 A RMKT (FHLMC, LIQ)
	14,900,000		0.640			09/07/16		14,900,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-2 (Royal Bank of Canada, SPA)
	34,000,000		0.600			09/07/16		34,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Refunding Series 2014 Subseries AA-6 (Mizuho Bank, Ltd., SPA)
	35,435,000		0.600			09/01/16		35,435,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2014 Subseries BB-3 (Sumitomo Mitsui Banking Corp., SPA)
	42,350,000		0.610			09/07/16		42,350,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2000 C (Sumitomo Mitsui Banking Corp. SPA)
	60,000,000		0.620			09/07/16		60,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2001 F-2 (JPMorgan Chase Bank N.A., SPA)
	41,350,000		0.650			09/07/16		41,350,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries B-1A RMKT (Sumitomo Mitsui Banking Corp., SPA)
	18,300,000		0.600			09/07/16		18,300,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries-B-1B (Royal Bank of Canada, SPA)
	33,000,000		0.600			09/07/16		33,000,000
	Variable Rate Municipal Debt Obligations(a) – (continued)
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2000 A (JPMorgan Chase Bank N.A., SPA)
$	30,000,000		0.650	%		09/07/16	$	30,000,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2010 Subseries F-5 (Sumitomo Mitsui Banking Corp., LOC)
	50,000,000		0.620			09/07/16		50,000,000
	New York State Housing Finance Agency VRDN RB for West 37th Street Housing Series 2009 A RMKT (FHLMC, LIQ)
	18,400,000		0.630			09/07/16		18,400,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2008 B-3V (JPMorgan Chase Bank N.A., SPA)
	30,000,000		0.650			09/07/16		30,000,000
	Ohio State University VRDN RB Series 2001
	12,480,000		0.600			09/07/16		12,479,876
	Ohio Water Development Authority Water Pollution Control VRDN RB for Loan Fund Series 2016 A (BMO Harris Bank, N.A., LIQ)
	60,000,000		0.650			09/07/16		60,000,000
	Port of Port Arthur, Texas Navigation District VRDN RB Refunding for Texaco, Inc. Project Series 1994
	28,500,000		0.580			09/01/16		28,500,000
	Providence Health & Services Obligated Group VRDN RB Series 12-E (U.S. Bank N.A., SBPA)
	51,000,000		0.600			09/07/16		51,000,000
	Sacramento Municipal Utility District VRDN RB Refunding Series 2008 J (Bank of America N.A., LOC)
	42,100,000		0.600			09/07/16		42,099,580
	Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 B-RMKT (Sumitomo Mitsui Banking Corp., SPA)
	37,625,000		0.600			09/07/16		37,624,625
	State of California GO VRDN Refunding for Kindergarten-University Public Education Facilities Series 2004 A-4 RMKT (Citibank N.A., LOC)
	28,200,000		0.490			09/01/16		28,199,719
	State of California GO VRDN Refunding for Kindergarten-University Public Education Facilities Series 2005 A Subseries A-2-1 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	70,150,000		0.620			09/07/16		70,150,000
	State of California GO VRDN Refunding Series 2005 A Subseries A-1-2 RMKT (Royal Bank of Canada, LOC)
	13,750,000		0.600			09/07/16		13,750,000
	State of Ohio GO VRDN for Common Schools Series 2003 D RMKT
	36,100,000		0.620			09/07/16		36,100,000
	State of Texas GO VRDN for Veterans Bonds Series 2016 (Landesbank Hessen- Thueringen Girozentrale, SPA)
	81,000,000		0.640			09/07/16		81,000,000
	State of Texas GO VRDN Refunding for Veterans Bonds Series 2011 C (Landesbank Hessen-Thueringen Girozentrale, SPA)
	37,000,000		0.620			09/07/16		37,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources System Series 2008 B
	48,000,000		0.640			09/07/16		48,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources System Series 2012 B
	16,050,000		0.630			09/07/16		16,050,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C
	20,635,000		0.650			09/07/16		20,635,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	The Regents of the University of California Medical Center Pooled VRDN RB Series 2013 K
$	31,300,000		0.520	%		09/07/16	$	31,300,000
	The Regents of the University of Michigan VRDN RB Refunding General Series 2008 B RMKT (U.S. Bank N.A., SPA)
	40,000,000		0.600			09/07/16		39,999,601
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 Subseries B-2 RMKT (Wells Fargo Bank N.A., LOC)
	30,000,000		0.580			09/01/16		30,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 Subseries B-3 RMKT (Bank of Tokyo-Mitsubishi UFJ, LOC)
	42,900,000		0.640			09/07/16		42,900,000
	University of Massachusetts Building Authority VRDN RB Senior Series 2011-1 (Wells Fargo Bank N.A., SPA)
	18,900,000		0.570			09/07/16		18,899,623
	University of North Carolina Hospital at Chapel Hill VRDN RB Series 2001 B RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)
	32,650,000		0.590			09/01/16		32,650,000
	University of Purdue VRDN RB for Student Facilities System Series 2004 A
	15,650,000		0.630			09/07/16		15,650,000
	Washington State Housing Finance Commission VRDN RB for Discovery Heights Apartments Series 2010 (FHLMC, LIQ)
	20,075,000		0.620			09/07/16		20,075,000
	Washington Suburban Sanitary District GO VRDN for Montgomery and Prince George’s Counties, Maryland Series 2015 B-3 (State Street Bank & Trust Co., SPA)
	15,000,000		0.620			09/07/16		15,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	4,041,487,824
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	12,479,693,062
	Repurchase Agreements(c) – 26.4%
	BNP Paribas
$	384,300,000		0.540	%		09/01/16	$	384,300,000
	Maturity Value: $384,305,765
	Collateralized by various corporate security issuers, 3.880% to 12.000%, due 12/01/16 to perpetual maturity, various mortgage-backed obligations, 1.974% to 6.224%, due 07/25/23 to 01/25/29 and various sovereign debt security issuers, 4.875% to 10.125%, due 01/15/19 to 01/20/37. The aggregate market value of the collateral, including accrued interest, was $426,593,539.
	Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
$	190,000,000		0.720	%(a)		09/07/16	$	190,000,000
	Maturity Value: $190,524,400
	Settlement Date: 04/28/16
	Collateralized by various asset-backed obligations, 0.714% to 1.574%, due 06/25/35 to 10/25/47, various corporate security issuers, 3.545% to 9.625%, due 05/13/19 to 08/08/56, various mortgage-backed obligations, 3.124% to 7.474%, due 05/25/24 to 01/25/29, a municipal debt obligation, 1.180%, due 09/15/27 and various sovereign debt security issuers, 5.500% to 10.125%, due 07/12/20 to 05/15/27. The aggregate market value of the collateral, including accrued interest, was $217,668,318.
	Citibank, N.A.
	500,000,000		0.340			09/07/16		500,000,000
	Maturity Value: $500,033,056
	Collateralized by Federal Home Loan Mortgage Corp., 0.000% to 46.820%, due 04/15/19 to 10/25/48, Federal National Mortgage Association, 0.924% to 11.500%, due 12/25/16 to 01/25/44, Government National Mortgage Association, 1.027% to 7.750%, due 06/17/20 to 09/16/44, U.S. Treasury Bills, 0.000%, due 09/15/16 to 11/17/16, U.S. Treasury Bonds, 6.250% to 8.750%, due 05/15/20 to 02/15/27, U.S. Treasury Floating Rate Note, 0.412%, due 07/31/17, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.375%, due 04/15/32 to 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 04/15/20 to 01/15/23 and U.S. Treasury Notes, 0.875% to 2.750%, due 05/31/17 to 11/15/24. The aggregate market value of the collateral, including accrued interest, was $510,514,388.
	Federal Reserve Bank of New York
	1,000,000,000		0.250			09/01/16		1,000,000,000
	Maturity Value: $1,000,006,944
	Collateralized by U.S. Treasury Note, 3.125%, due 05/15/21. The market value of the collateral, including accrued interest, was $1,000,006,973.
	HSBC Bank PLC
	625,000,000		0.450			09/01/16		625,000,000
	Maturity Value: $625,007,813
	Collateralized by various equity securities, various Exchange- Traded Funds and U.S. Treasury Notes, 0.125% to 1.750%, due 04/15/18 to 07/15/24. The aggregate market value of the collateral, including accrued interest, was $659,297,454.
	ING Financial Markets LLC
	225,000,000		0.400			09/01/16		225,000,000
	Maturity Value: $225,002,500
	Collateralized by various corporate security issuers, 1.250% to 6.800%, due 09/14/16 to 05/15/64. The aggregate market value of the collateral, including accrued interest, was $236,250,977.

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Joint Repurchase Agreement Account III
$	400,000,000		0.335	%		09/01/16	$	400,000,000
	Maturity Value: $400,003,725
	Societe Generale
	295,000,000		0.460			09/01/16		295,000,000
	Maturity Value: $295,003,769
	Collateralized by various corporate security issuers, 1.442% to 11.000%, due 01/23/17 to perpetual maturity and various sovereign debt security issuers, 3.625% to 7.000%, due 01/17/17 to 09/21/25. The aggregate market value of the collateral, including accrued interest, was $320,340,171.
	550,000,000		0.560			09/01/16		550,000,000
	Maturity Value: $550,008,556
	Collateralized by various corporate security issuers, 1.307% to 11.000%, due 11/29/16 to perpetual maturity and various sovereign debt security issuers, 3.700% to 12.250%, due 01/17/17 to 03/01/41. The aggregate market value of the collateral, including accrued interest, was $601,886,589.
	Wells Fargo Securities LLC
	300,000,000		0.550			09/07/16		300,000,000
	Maturity Value: $300,032,083
	Collateralized by various corporate security issuers, 3.875% to 10.750%, due 09/15/16 to 02/15/26. The aggregate market value of the collateral, including accrued interest, was $330,000,321.
	TOTAL REPURCHASE AGREEMENTS						$	4,469,300,000
	TOTAL INVESTMENTS – 100.1%						$	16,948,993,062
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%							(20,514,237	)
	NET ASSETS – 100.0%						$	16,928,478,825

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.
(b)	Security not registered under the Securities Act of 1933, as amended. Such securities may be deemed liquid by the Investment Adviser. At August 31, 2016, these securities amounted to $58,325,000 or approximately 0.3% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2016. Additional information on Joint Repurchase Agreement Account III appears on pages 38-39.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
CP	—Commercial Paper
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IDB	—Industrial Development Board
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
LP	—Limited Partnership
PCRB	—Pollution Control Revenue Bond
RB	—Revenue Bond
RMKT	—Remarketed
SBPA	—Standby Bond Purchase Agreement
SPA	—Stand-by Purchase Agreement
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 1.0%
	Gotham Funding Corp.
$	22,921,000		0.408	%		09/01/16	$	22,921,000
	Matchpoint Finance PLC
	43,000,000		0.459			09/01/16		43,000,000
	SSM Health Care Corp.
	25,000,000		0.612			09/09/16		24,996,667
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	90,917,667
	Certificates of Deposit-Yankeedollar – 7.5%
	Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)
$	350,000,000		0.420	%		09/07/16	$	350,000,000
	Sumitomo Mitsui Trust Bank Ltd.
	350,000,000		0.420			09/06/16		350,000,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	700,000,000
	Fixed Rate Municipal Debt Obligations – 1.0%
	City & County of San Francisco, California Public Utilities Commission, Series 2016-A2T
$	15,000,000		0.550	%		09/06/16	$	15,000,000
	San Antonio, Texas Electric & Gas Systems CP Series 2016 B (State Street Bank & Trust Co., and Wells Fargo Bank N.A., LIQ)
	24,000,000		0.570			09/01/16		24,000,000
	25,000,000		0.570			09/06/16		25,000,000
	San Antonio, Texas Electric & Gas Systems CP Series 2016 C (Bank of Tokyo Mitsubishi UFJ Ltd., LIQ)
	25,000,000		0.610			09/09/16		25,000,000
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	89,000,000
	Time Deposits – 35.2%
	Australia and New Zealand Banking Group Ltd.
$	300,000,000		0.430	%		09/01/16	$	300,000,000
	Credit Agricole Corporate and Investment Bank
	400,000,000		0.310			09/01/16		400,000,000
	DBS Bank Ltd.
	150,000,000		0.430			09/02/16		150,000,000
	100,000,000		0.430			09/06/16		100,000,000
	DNB Bank ASA
	300,000,000		0.300			09/01/16		300,000,000
	National Bank of Kuwait
	400,000,000		0.350			09/01/16		400,000,000
	Natixis
	400,000,000		0.310			09/01/16		400,000,000
	Skandinaviska Enskilda Banken AB
	433,400,000		0.300			09/01/16		433,400,000
	Svenska Handelsbanken AB
	400,000,000		0.300			09/01/16		400,000,000
	Time Deposits – (continued)
	Swedbank AB
$	400,000,000		0.300	%		09/01/16	$	400,000,000
	TOTAL TIME DEPOSITS						$	3,283,400,000
	U.S. Government Agency Obligations – 4.2%
	Overseas Private Investment Corp. (USA)
$	9,108,523		0.550	%(a)		09/07/16	$	9,108,523
	257,992,378		0.560	(a)		09/07/16		257,992,378
	122,000,000		0.580	(a)		09/07/16		122,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	389,100,901
	Variable Rate Municipal Debt Obligations(a) – 28.9%
	Alaska Housing Finance Corp. VRDN RB for Governmental Purpose Series 2001 B RMKT
$	31,000,000		0.600	%		09/07/16	$	31,000,000
	Alaska Housing Finance Corp. VRDN RB Refunding for Governmental Purpose Series 2001 A RMKT
	48,675,000		0.560			09/07/16		48,674,029
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2007 B-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	41,775,000		0.550			09/07/16		41,775,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Refunding Series 2007 D-2 RMKT (Bank of America N.A., LOC)
	47,795,000		0.600			09/07/16		47,794,772
	BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)(b)
	35,500,000		0.590			09/01/16		35,500,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	30,000,000		0.590			09/01/16		30,000,000
	Board of Regents of the University of Texas System VRDN RB Refunding for Permanent University Fund Series 2008 A
	66,620,000		0.550			09/07/16		66,620,000
	California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C
	147,800,000		0.600			09/07/16		147,800,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 A (GTY AGMT - Chevron Corp.)
	24,385,000		0.530			09/01/16		24,384,757
	California Statewide Communities Development Authority VRDN PCRB Refunding for Chevron USA, Inc. Project Series 2002 (GTY AGMT - Chevron Corp.)
	13,215,000		0.530			09/01/16		13,214,869
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 M
	33,000,000		0.610			09/07/16		33,000,000
	City & County of San Francisco, California, Airport Commission VRDN RB for San Francisco International Airport Refunding Second Series 2010 A-2 RMKT (Bank of America N.A., LOC)
	25,000,000		0.620			09/07/16		25,000,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 A RMKT (JPMorgan Chase Bank N.A., LOC)
$	35,075,000		0.610	%		09/07/16	$	35,075,000
	City of Charlotte, North Carolina VRDN RB for Uptown Revitalization Project Series 2004 (Wells Fargo Bank N.A., SPA)
	435,000		0.600			09/07/16		435,000
	City of Charlotte, North Carolina Water & Sewer System VRDN RB Series 2006 B (Wells Fargo Bank N.A., SPA)
	35,140,000		0.550			09/07/16		35,140,000
	City of Colorado Springs, Colorado Utilities System VRDN RB for Subordinate Lien Series 2000 A RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)
	20,000,000		0.610			09/07/16		20,000,000
	City of Columbia, South Carolina Waterworks & Sewer System VRDN RB Series 2009 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	20,000,000		0.590			09/07/16		20,000,000
	City of Gainesville, Florida Utilities System VRDN RB Refunding Series 2007 A (State Street Bank & Trust Co., SPA)
	33,000,000		0.650			09/07/16		33,000,000
	City of Gainesville, Florida Utilities System VRDN RB Refunding Series 2012 B RMKT (Sumitomo Mitsui Banking Corp., LOC)
	22,970,000		0.650			09/07/16		22,970,000
	City of Omaha, Nebraska Parking Facilities Corp. VRDN RB Putters Series 2013-SGT06 (Societe Generale, LIQ)(b)
	18,805,000		0.590			09/01/16		18,805,000
	City of Portland, Maine GO VRDN for Taxable Pension Boards Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	19,700,000		0.620			09/07/16		19,700,000
	City of Raleigh, North Carolina Combined Enterprise System VRDN RB Series 2008 B RMKT (Bank of America N.A., SPA)
	15,240,000		0.630			09/07/16		15,240,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 D (Wells Fargo Bank N.A., LIQ)
	8,300,000		0.590			09/07/16		8,300,000
	Commonwealth of Massachusetts (The) GO VRDN for Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000 Series 2000 B RMKT (Bank of America N.A, SPA)
	44,590,000		0.580			09/01/16		44,589,555
	County of Lincoln, Wyoming VRDN PCRB Refunding for Exxon Mobil Project Series 2014 (GTY AGMT - Exxon Mobil Corp.)
	45,700,000		0.570			09/01/16		45,699,659
	County of Union, North Carolina Enterprise System VRDN RB Series 2009 (U.S. Bank N.A., LOC)
	16,400,000		0.570			09/07/16		16,400,000
	County of Wake, North Carolina GO VRDN Series 2007 B (Mizuho Bank, Ltd., SPA)
	41,500,000		0.600			09/07/16		41,499,587
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)
	13,500,000		0.580			09/07/16		13,500,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A
	102,700,000		0.570			09/01/16		102,699,685
	Harris County, Texas Industrial Development Corp. VRDN PCRB for Exxon Project Series 1984
	19,100,000		0.570			09/01/16		19,099,886
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Illinois Finance Authority VRDN RB Refunding for Northwestern Memorial Hospital Series 2007 A-3 RMKT (JPMorgan Chase Bank N.A., SPA)
$	1,200,000		0.590	%		09/07/16	$	1,200,000
	Indiana Finance Authority Health System VRDN RB for Sisters of Saint Francis Health Services, Inc. Obligated Group Series 2008 H (JPMorgan Chase Bank N.A., LOC)
	25,000,000		0.650			09/07/16		25,000,000
	Indiana Finance Authority Health System VRDN RB For Sisters of St. Francis Health Services, Inc., Series 2008 B (JPMorgan Chase Bank N.A., LOC)
	23,495,000		0.570			09/07/16		23,494,531
	Los Angeles Department of Water & Power VRDN RB Refunding Series 2001 Subseries B-7 (Bank of Montreal, SPA)
	52,900,000		0.570			09/07/16		52,900,000
	Los Angeles Department of Water & Power Waterworks VRDN RB Refunding Series 2001 Subseries B-4 RMKT (Citibank N.A., SPA)
	17,000,000		0.610			09/07/16		17,000,000
	Lower Neches Valley Authority, Texas Industrial Development Corp., VRDN RB for Mobile Oil Refining Corp. Project Series 1999
	15,500,000		0.590			09/01/16		15,499,907
	Maryland Economic Development Corp. VRDN RB for Howard Hughes Medical Institute Project Series 2008 A
	18,645,000		0.600			09/07/16		18,645,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Refunding Series 2008 A-1 (JPMorgan Chase Bank, SPA)
	29,985,000		0.620			09/07/16		29,985,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Refunding Series 2008 A-2 (JPMorgan Chase Bank, SPA)
	41,825,000		0.640			09/07/16		41,825,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y
	34,680,000		0.560			09/07/16		34,680,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-1 (U.S. Bank N.A., SPA)
	25,050,000		0.570			09/01/16		25,049,750
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-3 RMKT (Wells Fargo Bank N.A. SPA)
	32,700,000		0.610			09/07/16		32,700,000
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-3 (Citibank N.A., LOC)
	45,500,000		0.610			09/07/16		45,500,000
	Metropolitan Water District of Southern California VRDN RB Floater Certificates Refunding Series 2016 E-68 (Royal Bank of Canada, LOC)(b)
	10,000,000		0.600			09/07/16		10,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 A (GTY AGMT - Chevron Corp.)
	45,000,000		0.580			09/01/16		45,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 G (GTY AGMT - Chevron Corp.)
	45,000,000		0.600			09/01/16		45,000,000
	Montgomery County, Tennessee IDB VRDN RB for Hankook Tire Manufacturing LP Project Series 2016 A (Kookmin Bank, LOC)(b)
	26,650,000		0.670			09/07/16		26,650,000
	Murray City, Utah Hospital VRDN RB for IHC Health Services Series 2005 D (Wells Fargo Bank N.A., SPA)
	20,300,000		0.580			09/01/16		20,300,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Nassau County Interim Finance Authority, New York VRDN RB Series 2008 C RMKT (BMO Harris Bank N.A., SPA)
$	56,700,000		0.610	%		09/07/16	$	56,700,000
	New York City GO VRDN Series 2003 Subseries A-2 (Bank of America N.A. LOC)
	20,000,000		0.620			09/07/16		20,000,000
	New York City GO VRDN Series 2005 Subseries E-2 (Bank of America N.A., LOC)
	20,615,000		0.580			09/01/16		20,614,794
	New York City GO VRDN Series 2006 Subseries I-7 (Bank of America N.A., LOC)
	25,000,000		0.620			09/07/16		25,000,000
	New York City GO VRDN Series 2008 Subseries L-3 (Bank of America N.A., SPA)
	21,600,000		0.580			09/01/16		21,599,871
	New York City GO VRDN Series 2013 Subseries F-3 (Bank of America N.A., LIQ)
	45,000,000		0.580			09/01/16		45,000,000
	New York City GO VRDN Series 2017 Subseries A-5 (Landesbank Hessen- Thueringen Girozentrale, SPA)
	37,000,000		0.590			09/01/16		37,000,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for 245 East 124th Street Series 2008 (FHLMC, LIQ) (FNMA, LOC)
	16,100,000		0.640			09/07/16		16,100,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for Elliot Chelsea Development Series 2010 A (FHLMC, LIQ)
	23,825,000		0.610			09/07/16		23,825,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-2 (Royal Bank of Canada, SPA)
	14,800,000		0.600			09/07/16		14,800,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Refunding Series 2015 Subseries AA-1 (Bank of America N.A., SPA)
	10,500,000		0.580			09/01/16		10,499,895
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2000 C (Sumitomo Mitsui Banking Corp. SPA)
	30,000,000		0.620			09/07/16		30,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 BB-2 (Bank of America N.A., SPA)
	12,540,000		0.580			09/01/16		12,539,925
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries-B-1B (Royal Bank of Canada. SPA)
	17,000,000		0.600			09/07/16		17,000,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2000 A (JPMorgan Chase Bank N.A., SPA)
	14,400,000		0.650			09/07/16		14,400,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2010 Subseries F-5 (Sumitomo Mitsui Banking Corp., LOC)
	24,850,000		0.620			09/07/16		24,850,000
	New York City Transitional Finance Authority VRDN RB Refunding for Future Tax Series 2002 Subseries C-4 (Landesbank Hessen, SPA)
	31,400,000		0.580			09/01/16		31,399,812
	New York City Transitional Finance Authority VRDN RB Refunding Recovery Series 2002-3 Subseries 3G (Bank of NY Mellon, SPA)
	32,815,000		0.630			09/07/16		32,815,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2005 A2 Convertible (JPMorgan Chase Bank N.A., SPA)
	14,500,000		0.590			09/07/16		14,500,000
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2010 A RMKT (FHLMC, LIQ) (FHLMC, LOC)
	23,310,000		0.570			09/07/16		23,309,535
	Variable Rate Municipal Debt Obligations(a) – (continued)
	New York State Housing Finance Agency VRDN RB for 600 West 42nd Street Series 2009 A RMKT (FNMA,LIQ) (FNMA, LOC)
$	35,775,000		0.630	%		09/07/16	$	35,775,000
	New York State Housing Finance Agency VRDN RB for West 37th Street Housing Series 2009 B RMKT (FHLMC, LIQ)
	21,900,000		0.630			09/07/16		21,900,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2008 B-3V (JPMorgan Chase Bank N.A., SPA)
	19,345,000		0.650			09/07/16		19,345,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2008 B-7V (JPMorgan Chase Bank N.A., SPA)
	17,000,000		0.650			09/07/16		17,000,000
	North Carolina Capital Facilities Finance Agency VRDN RB Refunding for Wake Forest University Series 2004 A
	19,020,000		0.630			09/07/16		19,020,000
	Nuveen Enhanced Municipal Credit Opportunities Fund VRDP Series 2010-2 (JPMorgan Chase Bank N.A., LIQ)(b)
	17,400,000		0.690			09/07/16		17,400,000
	Ohio State University VRDN RB Refunding Series 2010 E
	31,415,000		0.620			09/07/16		31,414,687
	Ohio Water Development Authority Water Pollution Control VRDN RB for Loan Fund Series 2016 A (BMO Harris Bank, N.A., LIQ)
	30,000,000		0.650			09/07/16		30,000,000
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 C-4 RMKT
	38,225,000		0.610			09/07/16		38,225,000
	Providence Health & Services Obligated Group VRDN RB Series 12-E (U.S. Bank N.A., SBPA)
	46,100,000		0.600			09/07/16		46,100,000
	State of California GO VRDN Floating Series 2003 B-3-RMKT (Bank of America N.A., LOC)
	23,700,000		0.630			09/07/16		23,700,000
	State of California GO VRDN Refunding for Kindergarten-University Public Education Facilities Series 2004 A-4 RMKT (Citibank N.A., LOC)
	45,000,000		0.490			09/01/16		44,999,551
	State of California GO VRDN Refunding for Kindergarten-University Public Education Facilities Series 2005 A Subseries A-2-1 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	43,000,000		0.620			09/07/16		43,000,000
	State of Texas GO VRDN for Veterans Bonds Series 2016 (Landesbank Hessen- Thueringen Girozentrale, SPA)
	34,000,000		0.640			09/07/16		34,000,000
	Sublette County, Wyoming Pollution Control Revenue VRDN RB Refunding for Exxon Mobile Project Series 2014
	22,500,000		0.590			09/01/16		22,499,865
	Tarrant County, Texas Cultural Education Facilities Finance Corp., VRDN RB Refunding for Methodists Hospital of Dallas Project Series 2008 B RMKT (JP Morgan Chase Bank N.A., LOC)
	34,635,000		0.620			09/07/16		34,635,000
	The Regents of the University of California VRDN RB Refunding General Series 2013 AL-2
	17,500,000		0.560			09/07/16		17,500,000
	The Regents of the University of Michigan VRDN RB Refunding Series 2008 B RMKT (U.S. Bank N.A., SPA)
	20,000,000		0.600			09/07/16		19,999,801

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2001 B RMKT (State Street Bank & Trust Co., LOC)
$	30,000,000		0.600	%		09/07/16	$	30,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2002 F RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)
	39,035,000		0.620			09/01/16		39,035,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 Subseries B-2 RMKT (Wells Fargo Bank N.A., LOC)
	23,685,000		0.580			09/01/16		23,685,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Refunding Series 2001 A RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)
	22,760,000		0.590			09/01/16		22,760,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	2,691,293,723
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	7,243,712,291
	Repurchase Agreements(c) – 22.3%
	Citibank, N.A.
$	100,000,000		0.340	%		09/07/16	$	100,000,000
	Maturity Value: $100,006,611
	Collateralized by Federal Home Loan Mortgage Corp., 1.750% to 5.874%, due 05/25/22 to 10/15/41, Federal National Mortgage Association, 6.000% to 10.000%, due 06/17/27 to 07/25/37, Government National Mortgage Association, 0.912%, due 09/20/42, U.S. Treasury Bonds, 6.250% to 6.625%, due 08/15/23 to 02/15/27, U.S. Treasury Inflation-Indexed Note, 0.250%, due 01/15/25 and U.S. Treasury Notes, 1.125% to 2.250%, due 11/30/19 to 11/15/24. The aggregate market value of the collateral, including accrued interest, was $102,063,556.
	HSBC Bank PLC
	375,000,000		0.450			09/01/16		375,000,000
	Maturity Value: $375,004,688
	Collateralized by various equity securities, an Exchange-Traded Fund and U.S. Treasury Notes, 0.125% to 2.250%, due 04/15/17 to 11/15/25. The aggregate market value of the collateral, including accrued interest, was $393,081,390.
	Joint Repurchase Agreement Account I
	100,000,000		0.316			09/01/16		100,000,000
	Maturity Value: $100,000,877
	Joint Repurchase Agreement Account III
	200,000,000		0.335			09/01/16		200,000,000
	Maturity Value: $200,001,863
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	230,000,000		0.850	(a)		09/06/16		230,000,000
	Maturity Value: $234,279,276
	Settlement Date: 07/11/14
	Collateralized by various Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $248,400,023.
	Repurchase Agreements(c) – (continued)
	MUFG Securities Americas, Inc.
$	200,000,000		0.320	%		09/01/16	$	200,000,000
	Maturity Value: $200,001,778
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.00%, due 08/21/26 to 08/01/46, Federal National Mortgage Association, 3.500% to 4.500%, due 02/01/32 to 05/01/45, Government National Mortgage Association, 3.000% to 4.500%, due 06/20/31 to 08/20/46, U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Note 1.750%, due 09/30/22. The aggregate market value of the collateral, including accrued interest, was $205,999,941.
	Societe Generale
	155,000,000		0.460			09/01/16		155,000,000
	Maturity Value: $155,001,981
	Collateralized by various corporate security issuers, 1.307% to 11.000%, due 02/15/17 to perpetual maturity and a sovereign debt security issuer, 6.375%, due 10/23/34. The aggregate market value of the collateral, including accrued interest, was $167,066,912.
	300,000,000		0.560			09/01/16		300,000,000
	Maturity Value: $300,004,667
	Collateralized by various corporate security issuers, 3.750% to 9.750%, due 10/15/17 to perpetual maturity and various sovereign debt security issuers, 3.700% to 10.125%, due 01/17/17 to 03/01/41. The aggregate market value of the collateral, including accrued interest, was $328,012,345.
	TD Securities (USA) LLC
	100,000,000		0.340			09/07/16		100,000,000
	Maturity Value: $100,006,611
	Collateralized by Federal National Mortgage Association, 4.000%, due 05/01/44, Government National Mortgage Association, 4.000%, due 05/20/45, U.S. Treasury Bill, 0.000%, due 09/22/16 and U.S. Treasury Notes, 0.875% to 2.125%, due 12/31/16 to 09/30/21. The aggregate market value of the collateral, including accrued interest, was $102,566,552.
	Wells Fargo Bank, N.A.
	200,000,000		0.340			09/01/16		200,000,000
	Maturity Value: $200,001,889
	Collateralized by Federal National Mortgage Association, 3.000%, due 05/01/42 to 11/01/42. The aggregate market value of the collateral, including accrued interest, was $206,000,001.
	Wells Fargo Securities LLC
	125,000,000		0.550			09/07/16		125,000,000
	Maturity Value: $125,013,368
	Collateralized by various corporate security issuers, 3.500% to 12.000%, due 05/15/17 to 11/01/26. The aggregate market value of the collateral, including accrued interest, was $137,500,483.
	TOTAL REPURCHASE AGREEMENTS						$	2,085,000,000
	TOTAL INVESTMENTS – 100.1%						$	9,328,712,291
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%							(5,526,525	)
	NET ASSETS – 100.0%						$	9,323,185,766

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2016

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.
(b)	Security not registered under the Securities Act of 1933, as amended. Such securities may be deemed liquid by the Investment Adviser. At August 31, 2016, these securities amounted to $108,355,000 or approximately 1.2% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2016. Additional information on Joint Repurchase Agreement Accounts I and III appear on pages 37-39.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
CP	—Commercial Paper
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	— Insured by Federal National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDB	—Industrial Development Board
IHC	—Intermountain Health Care
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
LP	—Limited Partnership
PCRB	—Pollution Control Revenue Bond
RB	—Revenue Bond
RMKT	—Remarketed
SBPA	—Standby Bond Purchase Agreement
SPA	—Stand-by Purchase Agreement
VRDN	—Variable Rate Demand Notes
VRDP	—Variable Rate Demand Preferred Shares

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 97.9%
	Arizona – 3.2%
	Arizona State University VRDN RB Refunding Series 2008 A RMKT
$	400,000		0.560	%		09/07/16	$	400,000
	California – 16.1%
	ABAG Finance Authority for Non-Profit Corporations VRDN RB for Lakeside Village Apartments Series 2011 A (FHLMC, LIQ)
	140,000		0.600			09/07/16		140,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1997 L-5
	100,000		0.620			09/07/16		100,000
	California Health Facilities Financing Authority VRDN RB for City of Hope Series 2012 C
	140,000		0.560			09/07/16		140,000
	California Statewide Communities Development Authority VRDN RB Refunding for Kaiser Permanente Series 2003 D (Kaiser Permanente, LIQ)
	140,000		0.600			09/07/16		140,000
	East Bay Municipal Utility District VRDN RB Water System Refunding Series 2008 Subseries A-1 RMKT (Wells Fargo Bank N.A., SPA)
	400,000		0.560			09/07/16		400,000
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows II Project Series 1998 C (FNMA) (FNMA, LIQ)
	200,000		0.600			09/07/16		200,000
	San Diego County Regional Transportation Commission VRDN RB Refunding for Limited Tax Series 2008 C (Mizuho Corp. Bank, SPA)
	300,000		0.570			09/07/16		300,000
	State of California GO VRDN Refunding for Kindergarten- University Public Education Facilities Series 2004 B-2 RMKT (Citibank N.A., LOC)
	300,000		0.550			09/01/16		300,000
	State of California GO VRDN Refunding for Kindergarten- University Public Education Facilities Series 2005 A Subseries A-2-1 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	300,000		0.620			09/07/16		300,000
								2,020,000
	Colorado – 1.9%
	City of Colorado Springs Utilities System VRDN RB Series 2010 C (JPMorgan Chase Bank N.A., SPA)
	245,000		0.550			09/07/16		245,000
	Connecticut – 2.4%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	300,000		0.600			09/07/16		300,000
	Delaware – 1.1%
	University of Delaware VRDN RB Refunding Series 2005 (TD Bank N.A., SPA)
	140,000		0.640			09/01/16		140,000
	Municipal Debt Obligations – (continued)
	Florida – 4.0%
	City of Gainesville Utilities System VRDN RB Refunding Series 2007 A (State Street Bank & Trust Co., SPA)
$	360,000		0.650	%		09/07/16	$	360,000
	Jacksonville Electric Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-1 RMKT (State Street Bank & Trust Co., SPA)
	140,000		0.610			09/07/16		140,000
								500,000
	Georgia – 1.1%
	Private Colleges & Universities Authority CP for Emory University Series 2016
	140,000		0.500			10/03/16		140,000
	Illinois – 0.8%
	Illinois Finance Authority VRDN RB Refunding for Northwestern Memorial Hospital Series 2007 A-3 RMKT (JPMorgan Chase Bank N.A., SPA)
	100,000		0.590			09/07/16		100,000
	Louisiana – 1.6%
	East Baton Rouge Parish VRDN PCRB Refunding for ExxonMobil Project Series 1993
	200,000		0.570			09/01/16		200,000
	Massachusetts – 13.1%
	Commonwealth of Massachusetts (The) GO VRDN Consolidated Loan Refunding Series 2006 A RMKT (Wells Fargo Bank N.A., SPA)
	200,000		0.580			09/01/16		200,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-2 RMKT (Bank of America N.A., SPA)
	400,000		0.600			09/01/16		400,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 2003 D-6
	205,000		0.580			09/01/16		205,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-1 (U.S. Bank N.A., SPA)
	400,000		0.570			09/01/16		400,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)
	140,000		0.590			09/07/16		140,000
	University of Massachusetts Building Authority Project VRDN RB Senior Series 2008-1 RMKT (Barclays Bank PLC, SPA)
	300,000		0.650			09/07/16		300,000
								1,645,000
	Michigan – 3.2%
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-3
	400,000		0.610			09/07/16		400,000

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Mississippi – 4.0%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 K (GTY AGMT - Chevron Corp.)
$	300,000		0.620	%		09/01/16	$	300,000
	Mississippi Development Bank Special Obligation VRDN RB for Jackson County Industrial Water System Series 2009 (GTY AGMT - Chevron Corp.)
	200,000		0.600			09/01/16		200,000
								500,000
	Missouri – 1.6%
	Missouri Development Finance Board Cultural Facilities VRDN RB Refunding for Nelson Gallery Foundation Series 2008 A RMKT (Northern Trust Co., SPA)
	200,000		0.580			09/01/16		200,000
	New York – 12.8%
	County of Nassau IDA Civic Facility Refunding & Improvement VRDN RB Refunding for Cold Spring Harbor Laboratory Project Series 1999 RMKT (TD Bank N.A., SPA)
	400,000		0.580			09/01/16		400,000
	New York City GO VRDN Series 2006 Subseries H-2 RMKT (JPMorgan Chase Bank N.A., SPA)
	200,000		0.590			09/01/16		200,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Subordinate Series 2015 Subseries A-4 (Mizuho Bank, Ltd., SPA)
	140,000		0.600			09/01/16		140,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ) (FNMA, LOC)
	100,000		0.650			09/07/16		100,000
	New York State Housing Finance Agency VRDN RB Refunding for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ) (FNMA, LOC)
	325,000		0.650			09/07/16		325,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2003 4V RMKT (Bank of America N.A., SPA)
	140,000		0.660			09/07/16		140,000
	New York State Power Authority CP Series 2016-2 (JPMorgan Chase Bank N.A., TD Bank N.A., State Street Bank & Trust Co., and Wells Fargo Bank N.A., LOC)
	300,000		0.470			09/08/16		300,000
								1,605,000
	North Carolina – 6.5%
	City of Raleigh VRDN COPS for Downtown Improvement Project Series 2004 A (Wells Fargo Bank N.A. SPA)
	140,000		0.570			09/07/16		140,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1991 B
	140,000		0.530			09/07/16		140,000
	University of North Carolina at Chapel Hill VRDN RB Refunding Series 2001 B
	140,000		0.600			09/07/16		140,000
	Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	University of North Carolina Hospital at Chapel Hill VRDN RB Series 2001 B RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)
$	400,000		0.590	%		09/01/16	$	400,000
								820,000
	Ohio – 6.7%
	City of Columbus GO VRDN for Sanitation Sewer System Series 2006-1
	245,000		0.540			09/07/16		245,000
	Ohio State University (The) VRDN RB Series 2014 B-1
	300,000		0.600			09/07/16		300,000
	State of Ohio GO VRDN Refunding for Infrastructure Improvement Series 2003 D
	300,000		0.620			09/07/16		300,000
								845,000
	Oregon – 2.7%
	State of Oregon GO VRDN for Veterans’ Welfare Series 2006 86 RMKT (U.S. Bank N.A., SPA)
	200,000		0.580			09/01/16		200,000
	State of Oregon GO VRDN for Veterans’ Welfare Series 2007 87C RMKT (U.S. Bank N.A., SPA)
	140,000		0.580			09/01/16		140,000
								340,000
	Pennsylvania – 2.4%
	Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB Refunding for Children’s Hospital of Philadelphia Project Series 2002 B RMKT (Wells Fargo Bank N.A., SPA)
	300,000		0.590			09/01/16		300,000
	Texas – 7.7%
	Harris County Cultural Education Facilities Finance Corp. RB CP Refunding for Methodist Hospital System Series 2016 2009C-2
	125,000		0.550			09/13/16		125,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-1 RMKT
	200,000		0.600			09/01/16		200,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 A-1
	200,000		0.600			09/01/16		200,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB for ExxonMobil Project Series 2010 (GTY AGMT - Exxon Mobil Corp.)
	140,000		0.580			09/01/16		140,000
	San Antonio Electric & Gas Systems CP Series 2016 A (JPMorgan Chase Bank N.A., LOC)
	300,000		0.470			09/02/16		300,000
								965,000
	Utah – 3.2%
	City of Murray Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D
	400,000		0.580			09/01/16		400,000

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Washington – 1.8%
	County of King Multi-Modal Limited Tax GO VRDN Series 2010 B (State Street Bank & Trust Co., SPA)
$	230,000		0.600	%		09/07/16	$	230,000
	TOTAL INVESTMENTS – 97.9%						$	12,295,000
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.1%							260,304
	NET ASSETS – 100.0%						$	12,555,304

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
COPS	—Certificates of Participation
CP	—Commercial Paper
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IHC	—Intermountain Health Care
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MF Hsg	—Multi-Family Housing
PCRB	—Pollution Control Revenue Bond
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 101.2%
	United States Treasury Bills
$	38,396,000		0.234	%		09/01/16	$	38,396,000
	579,700,000		0.244			09/01/16		579,700,000
	150,000,000		0.183			09/08/16		149,994,750
	453,700,000		0.193			09/08/16		453,683,239
	158,500,000		0.198			09/08/16		158,493,991
	63,500,000		0.204			09/08/16		63,497,531
	380,000,000		0.214			09/08/16		379,984,483
	127,500,000		0.219			09/08/16		127,494,670
	500,000,000		0.234			09/08/16		499,977,639
	244,000,000		0.239			09/08/16		243,988,850
	180,300,000		0.244			09/08/16		180,291,586
	40,000,000		0.249			09/08/16		39,998,094
	1,064,100,000		0.255			09/08/16		1,064,048,273
	125,000,000		0.260			09/08/16		124,993,802
	127,600,000		0.265			09/08/16		127,593,549
	459,300,000		0.270			09/08/16		459,276,333
	269,600,000		0.275			09/08/16		269,585,846
	28,250,000		0.280			09/08/16		28,248,489
	189,900,000		0.219			09/15/16		189,884,122
	18,300,000		0.244			09/15/16		18,298,292
	10,000,000		0.270			09/15/16		9,998,969
	8,805,400,000		0.280			09/15/16		8,804,458,311
	38,000,000		0.255			09/22/16		37,994,458
	5,002,200,000		0.280			09/22/16		5,001,397,564
	750,000,000		0.260	(a)		09/29/16		749,851,250
	584,850,000		0.347			12/29/16		584,192,694
	32,350,000		0.403			02/02/17		32,295,337
	25,000,000		0.428			02/02/17		24,955,083
	1,583,400,000		0.449			02/09/17		1,580,284,227
	23,000,000		0.439			02/16/17		22,953,847
	76,100,000		0.459			02/16/17		75,940,190
	196,350,000		0.454			02/23/17		195,925,257
	57,500,000		0.459			02/23/17		57,374,219
	United States Treasury Floating Rate Notes
	6,338,500,000		0.388	(b)		10/31/16		6,338,489,097
	6,462,477,000		0.419	(b)		01/31/17		6,463,256,434
	3,376,150,000		0.409	(b)		04/30/17		3,376,625,064
	2,357,405,000		0.412	(b)		07/31/17		2,357,433,897
	190,000,000		0.503	(b)		10/31/17		189,990,819
	127,500,000		0.525	(b)		04/30/18		127,504,231
	United States Treasury Notes
	1,016,350,000		0.875			09/15/16		1,016,493,302
	553,750,000		0.500			09/30/16		553,760,931
	179,150,000		1.000			09/30/16		179,214,903
	1,402,600,000		3.000			09/30/16		1,405,431,286
	34,700,000		0.375			10/31/16		34,696,681
	756,000,000		1.000			10/31/16		756,656,962
	853,800,000		3.125			10/31/16		857,574,371
	330,000,000		4.625			11/15/16		332,722,607
	589,000,000		7.500			11/15/16		597,235,028
	103,700,000		0.875			11/30/16		103,803,557
	380,900,000		2.750			11/30/16		383,082,412
	389,100,000		0.625			12/15/16		389,350,767
	11,200,000		0.625			12/31/16		11,207,737
	152,500,000		3.125			01/31/17		154,138,557
	461,000,000		4.625			02/15/17		469,749,285
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	697,050,000		0.875	%		02/28/17	$	698,382,531
	50,650,000		3.000			02/28/17		51,286,233
	235,450,000		0.750			03/15/17		235,675,847
	603,500,000		3.250			03/31/17		613,072,804
	60,000,000		3.125			04/30/17		60,942,288
	287,000,000		0.875			05/15/17		287,560,361
	208,500,000		4.500			05/15/17		214,185,080
	414,000,000		8.750			05/15/17		437,757,877
	183,900,000		0.625			05/31/17		183,929,532
	708,000,000		2.750			05/31/17		719,518,190
	63,000,000		0.875			06/15/17		63,154,468
	326,400,000		0.625			06/30/17		326,493,943
	165,200,000		0.750			06/30/17		165,435,891
	645,900,000		2.500			06/30/17		656,137,056
	181,100,000		0.875			07/15/17		181,538,073
	255,700,000		2.375			07/31/17		259,811,212
	107,550,000		0.875			08/15/17		107,785,885
	306,630,000		4.750			08/15/17		318,618,848
	30,500,000		0.625			08/31/17		30,489,336
	TOTAL INVESTMENTS – 101.2%						$	54,085,244,328
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.2)%							(662,789,296	)
	NET ASSETS – 100.0%						$	53,422,455,032

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 32.3%
	United States Treasury Bills
$	238,350,000		0.347	%		12/29/16	$	238,082,121
	20,250,000		0.403			02/02/17		20,215,783
	563,500,000		0.449			02/09/17		562,391,159
	8,500,000		0.439			02/16/17		8,482,943
	27,500,000		0.459			02/16/17		27,442,250
	22,100,000		0.454			02/23/17		22,051,656
	73,150,000		0.459			02/23/17		72,991,762
	United States Treasury Floating Rate Notes
	155,000,000		0.419	(a)		01/31/17		155,005,353
	52,100,000		0.409	(a)(b)		04/30/17		52,117,158
	533,300,000		0.412	(a)(b)		07/31/17		533,290,185
	190,000,000		0.503	(a)		10/31/17		189,864,104
	840,000,000		0.607	(a)		01/31/18		840,773,880
	865,000,000		0.525	(a)		04/30/18		865,028,718
	United States Treasury Notes
	41,500,000		0.500			09/30/16		41,506,512
	11,300,000		1.000			09/30/16		11,304,000
	187,500,000		3.000			09/30/16		187,890,469
	75,700,000		1.000			10/31/16		75,784,914
	149,300,000		3.125			10/31/16		149,967,437
	154,500,000		4.625			11/15/16		155,754,680
	65,500,000		7.500			11/15/16		66,415,211
	30,300,000		0.875			11/30/16		30,329,333
	129,300,000		2.750			11/30/16		130,040,803
	141,200,000		0.625			12/15/16		141,291,478
	4,500,000		0.625			12/31/16		4,503,109
	50,500,000		3.125			01/31/17		51,043,047
	166,000,000		4.625			02/15/17		169,150,502
	178,200,000		0.875			02/28/17		178,538,221
	16,650,000		3.000			02/28/17		16,859,145
	75,200,000		0.750			03/15/17		75,273,547
	213,000,000		3.250			03/31/17		216,381,588
	19,000,000		3.125			04/30/17		19,298,391
	204,500,000		0.875			05/15/17		204,890,844
	113,850,000		4.500			05/15/17		116,941,451
	163,400,000		8.750			05/15/17		172,776,901
	64,100,000		0.625			05/31/17		64,110,828
	437,000,000		2.750	(b)		05/31/17		444,045,910
	20,000,000		0.875			06/15/17		20,049,037
	114,800,000		0.625			06/30/17		114,832,980
	57,200,000		0.750			06/30/17		57,281,676
	347,400,000		2.500			06/30/17		352,897,758
	337,700,000		0.875			07/15/17		338,526,138
	96,800,000		2.375			07/31/17		98,356,231
	89,100,000		0.875			08/15/17		89,301,861
	112,800,000		4.750			08/15/17		117,210,338
	25,000,000		0.625			08/31/17		24,991,259
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	7,525,282,671
	Repurchase Agreements(c) – 64.6%
	Bank of Nova Scotia (The)
$	500,000,000		0.320	%		09/01/16	$	500,000,000
	Maturity Value: $500,004,444
	Collateralized by U.S. Treasury Bonds, 3.000% to 8.500%, due 11/15/16 to 05/15/45, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/27 to 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/17 to 07/15/25 and U.S. Treasury Notes, 0.750% to 2.625%, due 01/31/17 to 08/15/23. The aggregate market value of the collateral, including accrued interest, was $510,004,619.
	500,000,000		0.477	(a)(d)		09/07/16		500,000,000
	Maturity Value: $501,790,397
	Settlement Date: 12/14/15
	Collateralized by U.S. Treasury Bill, 0.000%, due 01/19/17, U.S. Treasury Bonds, 2.500% to 8.500%, due 02/15/20 to 05/15/45, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.500%, due 01/15/28 to 02/15/46, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/17 to 07/15/25 and U.S. Treasury Notes, 0.875% to 2.250%, due 03/31/18 to 02/15/26. The aggregate market value of the collateral, including accrued interest, was $510,114,999.
	BNP Paribas
	700,000,000		0.330	(a)(d)		09/01/16		700,000,000
	Maturity Value: $701,347,505
	Settlement Date: 02/23/16
	Collateralized by U.S. Treasury Bond, 8.750%, 05/15/17, U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 04/15/18 to 04/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/17 to 02/15/32, U.S. Treasury Notes, 1.000% to 3.625%, due 12/15/17 to 11/15/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/21 to 02/15/45. The aggregate market value of the collateral, including accrued interest, was $714,000,001.
	500,000,000		0.330	(a)(d)		09/07/16		500,000,000
	Maturity Value: $500,417,085
	Settlement Date: 07/06/16
	Collateralized by U.S. Treasury Bills, 0.000%, due 10/13/16 to 01/12/17, U.S. Treasury Bonds, 3.375% to 8.875%, due 05/15/17 to 05/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/18 to 07/15/20, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/27 to 02/15/32 and U.S. Treasury Notes, 0.500% to 3.750%, due 09/15/16 to 08/31/23. The aggregate market value of the collateral, including accrued interest, was $510,000,000.
	500,000,000		0.330	(a)(d)		09/07/16		500,000,000
	Maturity Value: $500,412,502
	Settlement Date: 07/07/16
	Collateralized by U.S. Treasury Bill, 0.000%, due 10/20/16, U.S. Treasury Bonds, 2.500% to 8.875%, due 08/15/17 to 02/15/46, U.S. Treasury Inflation-Indexed Note, 1.375%, due 01/15/20, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/17 to 11/15/22 and U.S. Treasury Notes, 0.875% to 4.750%, due 01/31/17 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $510,000,000.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Citigroup Global Markets, Inc.
$	51,000,000		0.320	%		09/01/16	$	51,000,000
	Maturity Value: $51,000,453
	Collateralized by U.S. Treasury Note, 2.000%, due 07/31/20. The market value of the collateral, including accrued interest, was $52,020,001.
	Credit Agricole Corporate and Investment Bank
	200,000,000		0.310			09/01/16		200,000,000
	Maturity Value: $200,001,722
	Collateralized by U.S. Treasury Bond, 2.875%, due 08/15/45, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 04/15/17 to 04/15/21 and U.S. Treasury Notes, 1.625% to 3.750%, due 11/15/18 to 02/28/22. The aggregate market value of the collateral, including accrued interest, was $204,000,046.
	1,000,000,000		0.310			09/02/16		1,000,000,000
	Maturity Value: $1,000,034,444
	Settlement Date: 08/29/16
	Collateralized by U.S. Treasury Notes, 0.625% to 3.625%, due 12/31/16 to 05/15/22. The aggregate market value of the collateral, including accrued interest, was $1,020,000,056.
	250,000,000		0.310			09/06/16		250,000,000
	Maturity Value: $250,015,069
	Settlement Date: 08/30/16
	Collateralized by U.S. Treasury Bond, 3.000%, due 11/15/44, U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Note, 2.625%, due 07/15/17 and U.S. Treasury Notes, 0.500% to 2.375%, due 04/30/17 to 05/15/25. The aggregate market value of the collateral, including accrued interest, was $255,000,103.
	Deutsche Bank Securities, Inc.
	310,000,000		0.340			09/01/16		310,000,000
	Maturity Value: $310,002,928
	Collateralized by U.S. Treasury Notes, 1.625% to 3.500%, due 05/15/20 to 07/31/20. The aggregate market value of the collateral, including accrued interest, was $316,200,015.
	Federal Reserve Bank of New York
	2,350,000,000		0.250			09/01/16		2,350,000,000
	Maturity Value: $2,350,016,319
	Collateralized by U.S. Treasury Bonds, 3.125% to 4.750%, due 02/15/37 to 02/15/43 and U.S. Treasury Notes, 2.000% to 3.500%, due 11/15/19 to 02/15/24. The aggregate market value of the collateral, including accrued interest, was $2,350,016,384.
	J.P. Morgan Securities LLC
	29,400,000		0.320			09/01/16		29,400,000
	Maturity Value: $29,400,261
	Collateralized by U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27. The market value of the collateral, including accrued interest, was $29,995,210.
	Repurchase Agreements(c) – (continued)
	J.P. Morgan Securities LLC – (continued)
$	500,000,000		0.280	%(a)(d)		09/07/16	$	500,000,000
	Maturity Value: $502,181,673
	Settlement Date: 03/02/15
	Collateralized by U.S. Treasury Notes, 1.375% to 3.500%, due 03/31/20 to 04/30/22 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/22 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $510,004,275.
	Joint Repurchase Agreement Account I
	5,200,000,000		0.316			09/01/16		5,200,000,000
	Maturity Value: $5,200,045,579
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	70,300,000		0.320			09/01/16		70,300,000
	Maturity Value: $70,300,625
	Collateralized by U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/17. The market value of the collateral, including accrued interest, was $71,706,104.
	Nomura Securities International, Inc.
	1,000,000,000		0.350			09/01/16		1,000,000,000
	Maturity Value: $1,000,009,722
	Collateralized by U.S. Treasury Bills, 0.000%, due 09/08/16 to 04/27/17, U.S. Treasury Bonds, 2.500% to 8.750%, due 05/15/17 to 02/15/46, U.S. Treasury Floating Rate Notes, 0.525% to 0.607%, due 01/31/18 to 04/30/18, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 1.375%, due 02/15/44 to 02/15/46, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.625%, due 07/15/17 to 07/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/16 to 05/15/46, U.S. Treasury Notes, 0.375% to 4.750%, due 09/30/16 to 02/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/17 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $1,020,000,021.
	Societe Generale
	489,600,000		0.320			09/01/16		489,600,000
	Maturity Value: $489,604,352
	Collateralized by U.S. Treasury Bonds, 2.500% to 6.375%, due 08/15/27 to 05/15/46, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/22 to 05/15/23, U.S. Treasury Notes, 1.125% to 2.750%, due 01/15/19 to 11/15/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/41 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $499,392,000.
	250,000,000		0.320			09/06/16		250,000,000
	Maturity Value: $250,015,556
	Settlement Date: 08/30/16
	Collateralized by U.S. Treasury Bond, 7.875%, due 02/15/21, U.S. Treasury Floating Rate Note, 0.607%, due 01/31/18, U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20, U.S. Treasury Notes, 1.125% to 4.500%, due 05/15/17 to 08/15/22 and U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $255,000,093.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Societe Generale – (continued)
$	250,000,000		0.330	%		09/07/16	$	250,000,000
	Maturity Value: $250,016,042
	Collateralized by U.S. Treasury Bill, 0.000%, due 01/05/17, U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/36, U.S. Treasury Notes, 0.625% to 3.125%, due 04/15/17 to 05/15/25 and U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/41. The aggregate market value of the collateral, including accrued interest, was $255,000,044.
	Wells Fargo Bank N.A.
	12,500,000		0.600	(e)		02/27/17		12,500,000
	Maturity Value: $12,537,917
	Settlement Date: 08/29/16
	Collateralized by U.S. Treasury Note, 1.375%, due 03/31/20. The market value of the collateral, including accrued interest, was $12,750,082.
	8,000,000		0.580	(e)		03/02/17		8,000,000
	Maturity Value: $8,023,587
	Collateralized by U.S. Treasury Note, 1.375%, due 03/31/20. The market value of the collateral, including accrued interest, was $8,160,085.
	38,500,000		0.580	(e)		03/03/17		38,500,000
	Maturity Value: $38,614,131
	Collateralized by U.S. Treasury Bond, 2.750%, due 11/15/42. The market value of the collateral, including accrued interest, was $39,270,011.
	Wells Fargo Securities LLC
	325,000,000		0.400	(e)		10/12/16		325,000,000
	Maturity Value: $325,332,222
	Settlement Date: 07/12/16
	Collateralized by U.S. Treasury Notes, 0.875% to 1.000%, due 04/15/17 to 09/30/19. The aggregate market value of the collateral, including accrued interest, was $331,500,053.
	TOTAL REPURCHASE AGREEMENTS						$	15,034,300,000
	TOTAL INVESTMENTS – 96.9%						$	22,559,582,671
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.1%							714,256,959
	NET ASSETS – 100.0%						$	23,273,839,630

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2016. Additional information on Joint Repurchase Agreement Account I appears on page 37.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At August 31, 2016, these securities amounted to $384,000,000 or approximately 1.6% of net assets.

Interest rates represent either the stated coupon rate,

annualized yield on date of purchase for discounted

securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 49.2%
	United States Treasury Bills
$	11,500,000		0.204	%		09/01/16	$	11,500,000
	373,500,000		0.280			09/22/16		373,440,084
	106,050,000		0.347			12/29/16		105,930,812
	10,950,000		0.403			02/02/17		10,931,497
	310,900,000		0.449			02/09/17		310,288,219
	4,500,000		0.439			02/16/17		4,490,970
	14,700,000		0.459			02/16/17		14,669,130
	38,300,000		0.454			02/23/17		38,217,150
	11,600,000		0.459			02/23/17		11,574,625
	United States Treasury Bond
	91,300,000		8.750			05/15/17		96,539,358
	United States Treasury Floating Rate Notes
	410,200,000		0.388	(a)		10/31/16		410,213,873
	234,750,000		0.419	(a)		01/31/17		234,770,451
	186,600,000		0.409	(a)		04/30/17		186,660,051
	948,100,000		0.412	(a)		07/31/17		947,833,417
	148,500,000		0.503	(a)		10/31/17		148,407,800
	131,000,000		0.607	(a)		01/31/18		131,162,928
	157,500,000		0.525	(a)		04/30/18		157,505,229
	United States Treasury Notes
	20,750,000		0.500			09/30/16		20,753,254
	31,650,000		1.000			09/30/16		31,662,189
	240,250,000		3.000			09/30/16		240,736,172
	7,100,000		0.375			10/31/16		7,099,321
	56,900,000		1.000			10/31/16		56,963,830
	89,400,000		3.125			10/31/16		89,800,247
	105,500,000		4.625			11/15/16		106,351,955
	58,000,000		7.500			11/15/16		58,810,415
	17,400,000		0.875			11/30/16		17,416,842
	69,500,000		2.750			11/30/16		69,898,231
	49,000,000		0.625			12/15/16		49,034,039
	2,500,000		0.625			12/31/16		2,501,727
	29,250,000		3.125			01/31/17		29,564,291
	90,000,000		4.625			02/15/17		91,708,103
	65,950,000		0.875			02/28/17		66,072,656
	10,900,000		3.000			02/28/17		11,036,908
	43,500,000		0.750			03/15/17		43,541,953
	117,000,000		3.250			03/31/17		118,856,342
	11,000,000		3.125			04/30/17		11,172,753
	110,000,000		0.875			05/15/17		110,209,177
	65,500,000		4.500			05/15/17		67,277,480
	34,700,000		0.625			05/31/17		34,705,047
	248,000,000		2.750	(b)		05/31/17		251,988,510
	10,000,000		0.875			06/15/17		10,024,519
	62,600,000		0.625			06/30/17		62,617,967
	31,200,000		0.750			06/30/17		31,244,551
	141,100,000		2.500			06/30/17		143,334,948
	56,900,000		0.875			07/15/17		57,038,331
	51,500,000		2.375			07/31/17		52,327,996
	20,000,000		0.875			08/15/17		20,043,574
	59,900,000		4.750			08/15/17		62,242,015
	12,500,000		0.625			08/31/17		12,495,629
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	5,232,666,566
	Repurchase Agreements(c) – 51.3%
	Federal Reserve Bank of New York
$	5,450,000,000		0.250	%		09/01/16	$	5,450,000,000
	Maturity Value: $5,450,037,847
	Collateralized by U.S. Treasury Bonds, 3.125% to 4.375%, due 11/15/39 to 08/15/43 and U.S. Treasury Notes, 1.500% to 3.625%, due 08/15/19 to 11/15/23. The aggregate market value of the collateral, including accrued interest, was $5,450,037,950.
	TOTAL INVESTMENTS – 100.5%						$	10,682,666,566
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%							(49,601,736	)
	NET ASSETS – 100.0%						$	10,633,064,830

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2016.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments

August 31, 2016

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At August 31, 2016, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of September 1, 2016, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,892,800,000	$	1,892,816,591	$	1,930,656,419
Prime Obligations		100,000,000		100,000,877		102,000,022
Treasury Obligations		5,200,000,000		5,200,045,579		5,304,001,151

REPURCHASE AGREEMENTS — At August 31, 2016, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Prime Obligations		Treasury Obligations
Bank of Nova Scotia (The)		0.320	%	$	25,657,324	$	1,355,522	$	70,487,154
BNP Paribas		0.310			499,988,878		26,415,304		1,373,595,818
Citigroup Global Markets, Inc.		0.320			157,628,072		8,327,772		433,044,155
Credit Agricole Corporate and Investment Bank		0.310			342,097,653		18,073,629		939,828,718
Credit Suisse Securities (USA) LLC		0.320			263,152,041		13,902,792		722,945,167
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.320			64,814,348		3,424,258		178,061,395
Wells Fargo Securities LLC		0.320			539,461,684		28,500,723		1,482,037,593
TOTAL				$	1,892,800,000	$	100,000,000	$	5,200,000,000

At August 31, 2016, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		11/03/16 to 04/27/17
U.S. Treasury Bonds		2.500 to 9.125			11/15/16 to 11/15/45
U.S. Treasury Floating Rate Notes		0.409 to 0.503			04/30/17 to 10/31/17
U.S. Treasury Inflation-Indexed Bonds		0.750 to 3.875			01/15/25 to 02/15/46
U.S. Treasury Inflation-Indexed Notes		0.125 to 2.375			01/15/17 to 07/15/26
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/17 to 02/15/43
U.S. Treasury Notes		0.375 to 4.625			09/15/16 to 05/15/26
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/21 to 08/15/45

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

August 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT III — At August 31, 2016, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of September 1, 2016, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	8,351,700,000	$	8,351,777,775	$	8,590,478,561
Money Market		400,000,000		400,003,725		411,436,166
Prime Obligations		200,000,000		200,001,863		205,718,083

REPURCHASE AGREEMENTS — At August 31, 2016, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Government		Money Market		Prime Obligations
ABN Amro Bank N.V.		0.350	%	$	319,156,986	$	15,285,845	$	7,642,923
Bank of America, N.A.		0.340			455,938,551		21,836,922		10,918,461
BNP Paribas		0.330			3,738,696,117		179,062,760		89,531,380
Citigroup Global Markets, Inc.		0.340			281,587,649		13,486,483		6,743,241
Credit Agricole Corporate and Investment Bank		0.340			1,459,003,363		69,878,150		34,939,075
TD Securities (USA) LLC		0.330			547,126,261		26,204,306		13,102,153
Wells Fargo Securities LLC		0.340			1,550,191,073		74,245,534		37,122,767
TOTAL				$	8,351,700,000	$	400,000,000	$	200,000,000

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

At August 31, 2016, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.750 to 3.390	%		02/16/18 to 01/27/31
Federal Home Loan Bank		4.375 to 4.750			06/08/18 to 07/01/19
Federal Home Loan Mortgage Corp.		0.875 to 7.500			04/18/17 to 07/01/48
Federal National Mortgage Association		0.875 to 9.000			09/21/16 to 11/01/49
Government National Mortgage Association		3.000 to 8.000			05/15/24 to 08/20/46
U.S. Treasury Bills		0.000			09/01/16 to 06/22/17
U.S. Treasury Bonds		3.000 to 9.000			08/15/17 to 11/15/44
U.S. Treasury Inflation-Indexed Bonds		0.625 to 2.125			01/15/28 to 02/15/46
U.S. Treasury Inflation-Indexed Notes		0.125 to 2.625			07/15/17 to 01/15/26
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/17 to 02/15/43
U.S. Treasury Notes		0.500 to 4.000			11/30/16 to 08/15/26
U.S. Treasury Principal-Only Stripped Security		0.000			11/15/42

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

August 31, 2016

	Federal Instruments Fund
Assets:
Investments based on amortized cost	$	636,093,898
Repurchase agreements based on amortized cost		—
Cash		167,818
Deferred offering costs		6,654
Receivables:
Interest		459,842
Reimbursement from investment advisor		96,262
Fund shares sold		—
Other assets		1,150
Total assets		636,825,624
Liabilities:
Payables:
Investment securities purchased		—
Fund shares redeemed		—
Management fees		97,677
Dividend distribution		4,090
Distribution and Service fees and Transfer Agency fees		5,439
Offering costs		7,662
Organization costs		—
Accrued expenses		281,937
Total liabilities		396,805
Net Assets:
Paid-in capital		636,351,436
Undistributed (distributions in excess of) net investment income (loss)		37,930
Accumulated net realized gain (loss) from investments		39,453
NET ASSETS	$	636,428,819
Net asset value, offering and redemption price per share		$1.00
Net Assets:
Institutional Shares	$	577,395,141
Select Shares		50,070
Preferred Shares		50,044
Capital Shares		50,027
Administration Shares		43,834,775
Premier Shares		50,007
Service Shares		14,948,749
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,006
Class R6 Shares		—
Total Net Assets	$	636,428,819
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		577,361,938
Select Shares		50,067
Preferred Shares		50,042
Capital Shares		50,024
Administration Shares		43,832,253
Premier Shares		50,004
Service Shares		14,947,889
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,003
Class R6 Shares		—

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Government Fund			Money Market Fund			Prime Obligations Fund			Tax-Exempt Money Market Fund		Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
$	32,598,423,762		$	12,479,693,062		$	7,243,712,291		$	12,295,000	$	54,085,244,328		$	7,525,282,671		$	5,232,666,566
	40,319,600,000			4,469,300,000			2,085,000,000			—		—			15,034,300,000			5,450,000,000
	250,014,039			82,749			28,824			192,981		83,242			483,634,655			94,010
	—			—			—			119,782		—			—			—
	38,195,420			1,951,468			1,663,346			5,503		98,151,908			27,186,626			16,927,305
	—			—			—			30,886		—			—			—
	18,029,345			245,902			2,255,058			—		1,817,148			321,867,088			12,582
	113,448			86,972			34,470			22		104,275			34,398			19,335
	73,224,376,014			16,951,360,153			9,332,693,989			12,644,174		54,185,400,901			23,392,305,438			10,699,719,798
	1,924,400,000			—			—			—		749,851,250			113,082,236			63,937,719
	13,016,938			17,419,946			5,808,971			—		749,993			394			196,998
	8,933,633			2,749,966			1,492,192			1,181		8,176,739			3,075,143			1,625,780
	7,059,672			2,160,322			1,400,282			1,240		2,867,618			1,491,189			545,374
	560,580			174,896			107,409			75		454,234			170,827			103,785
	—			—			—			34,267		—			—			—
	—			—			—			12,000		—			—			—
	1,682,243			376,198			699,369			40,107		846,035			646,019			245,312
	1,955,653,066			22,881,328			9,508,223			88,870		762,945,869			118,465,808			66,654,968
	71,267,934,283			16,928,486,940			9,323,285,366			12,555,161		53,421,612,605			23,273,251,550			10,632,799,860
	(76,265	)		(3,578	)		(97,955	)		143		(232,873	)		(190,250	)		(130,737	)
	864,930			(4,537	)		(1,645	)		—		1,075,300			778,330			395,707
$	71,268,722,948		$	16,928,478,825		$	9,323,185,766		$	12,555,304	$	53,422,455,032		$	23,273,839,630		$	10,633,064,830
	$1.00			$1.00			$1.00			$1.00		$1.00			$1.00			$1.00
	$63,804,040,859		$	15,336,773,958		$	7,299,656,263		$	12,495,284	$	50,595,412,000		$	19,950,969,079		$	9,876,558,113
	2,471,274,664			1,080,074,595			9,453,771			10,007		21,009,522			505,161,961			10,968,565
	536,817,848			59,052,606			279,445,307			10,004		12,735,446			81,541,844			75,755,969
	1,390,270,808			108,670,565			140,137,716			10,003		495,852,756			404,532,863			264,091,708
	2,673,688,573			316,162,512			1,250,848,596			10,002		2,186,425,673			1,543,862,479			189,870,246
	1,000			1,001			1,000			—		19,141,536			1,000			1,004
	368,299,399			17,000,100			253,230,609			10,002		91,597,796			787,768,404			142,606,918
	1,562,814			—			—			—		—			—			—
	413,360			—			18,607,827			—		—			—			—
	17,634,312			1,001			71,803,677			10,002		1,000			1,000			1,000
	14,378			10,742,487			1,000			—		279,303			1,000			73,211,307
	4,704,933			—			—			—		—			—			—
	$71,268,722,948		$	16,928,478,825		$	9,323,185,766		$	12,555,304	$	53,422,455,032		$	23,273,839,630		$	10,633,064,830
	63,803,329,905			15,336,773,424			7,299,889,467			12,495,284		50,594,616,553			19,950,466,144			9,876,311,995
	2,471,247,129			1,080,074,557			9,454,071			10,007		21,009,192			505,149,018			10,968,292
	536,811,865			59,052,603			279,454,213			10,004		12,735,245			81,539,755			75,754,081
	1,390,255,316			108,670,562			140,142,183			10,003		495,844,960			404,522,498			264,085,127
	2,673,658,778			316,162,501			1,250,888,466			10,002		2,186,391,293			1,543,822,919			189,865,514
	1,000			1,001			1,000			—		19,141,235			1,000			1,004
	368,295,294			17,000,099			253,238,681			10,002		91,596,356			787,748,218			142,603,364
	1,562,802			—			—			—		—			—			—
	413,356			—			18,608,420			—		—			—			—
	17,634,115			1,001			71,805,965			10,002		1,000			1,000			1,000
	14,378			10,742,487			1,000			—		279,298			1,000			73,209,483
	4,704,881			—			—			—		—			—			—

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Fiscal Year or Period Ended August 31, 2016

	Federal Instruments Fund*
Investment income:
Interest income	$	1,823,416
Total investment income		1,823,416
Expenses:
Fund-Level Expenses:
Management fees		940,418
Transfer Agency fees		45,874
Custody, accounting and administrative services		83,076
Registration fees		145,697
Professional fees		106,127
Trustee fees		18,000
Printing and mailing fees		135,921
Amortization of offering costs		229,006
Organization costs		12,000
Other		89,916
Subtotal		1,806,035
Class Specific Expenses:
Administration Share fees		70,998
Capital Share fees		62
Service Share fees		87,738
Preferred Share fees		43
Select Share fees		13
Resource Share fees		—
Class C Share fees(a)		—
Cash Management Share fees		209
Premier Share fees		147
Distribution fees — Resource Shares		—
Distribution fees — Class A Shares(a)		—
Distribution and Service fees — Class C Shares(a)		—
Distribution fees — Cash Management Shares		126
Total expenses		1,965,371
Less — expense reductions		(944,066	)
Net expenses		1,021,305
NET INVESTMENT INCOME	$	802,111
Net realized gain from investment transactions		125,180
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	927,291

* Commenced operations on October 30, 2015.

** Commenced operations on March 31, 2016.

(a) Class A Shares and Class C Shares of the Government Fund commenced operations on February 29, 2016.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Government Fund			Money Market Fund			Prime Obligations Fund			Tax-Exempt Money Market Fund**			Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
$	169,694,391		$	190,270,393		$	68,588,868		$	7,152		$	146,746,812		$	53,256,537		$	31,017,017
	169,694,391			190,270,393			68,588,868			7,152			146,746,812			53,256,537			31,017,017
	91,187,834			78,939,412			29,037,189			3,581			93,661,235			33,115,269			21,915,139
	4,448,187			3,850,703			1,416,448			175			4,568,841			1,615,379			1,069,031
	1,558,391			1,409,607			555,484			18,492			1,536,268			526,157			413,159
	792,994			312,477			322,031			—			339,728			317,391			233,906
	318,861			151,500			128,490			43,561			132,456			135,626			135,296
	149,291			147,042			100,185			10,479			127,559			78,214			76,431
	96,974			137,245			150,238			8,747			635,005			51,810			119,288
	—			—			—			86,686			—			—			—
	—			—			—			12,000			—			—			—
	426,142			387,252			212,963			4,245			411,009			188,945			154,568
	98,978,674			85,335,238			31,923,028			187,966			101,412,101			36,028,791			24,116,818
	6,076,796			929,855			4,559,553			11			5,423,230			3,724,247			601,995
	2,012,887			454,046			215,529			6			608,289			712,486			261,437
	1,892,778			136,760			2,723,895			21			723,829			4,390,988			1,153,575
	349,950			98,212			317,627			5		��	36,224			123,118			49,320
	198,681			716,680			35,837			1			6,908			53,175			2,918
	72,638			5			341,188			21			5			5			5
	42			—			51,836			—			—			—			—
	38			52,331			5			—			28			5			694,241
	3			3			4			—			1,869			4			4
	21,791			2			102,357			6			1			2			1
	296			—			—			—			—			—			—
	124			—			155,508			—			—			—			—
	23			31,398			3			—			17			3			416,544
	109,604,721			87,754,530			40,426,370			188,037			108,212,501			45,032,824			27,296,858
	(23,418,782	)		(17,564,637	)		(9,100,906	)		(184,790	)		(20,233,884	)		(10,787,550	)		(6,712,539	)
	86,185,939			70,189,893			31,325,464			3,247			87,978,617			34,245,274			20,584,319
$	83,508,452		$	120,080,500		$	37,263,404		$	3,905		$	58,768,195		$	19,011,263		$	10,432,698
	6,514,881			2,004,070			744,822			—			6,465,778			3,041,197			2,958,048
$	90,023,333		$	122,084,570		$	38,008,226		$	3,905		$	65,233,973		$	22,052,460		$	13,390,746

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Instruments Fund
	For the Period Ended August 31, 2016*
From operations:
Net investment income (loss)	$	802,111
Net realized gain from investment transactions		125,180
Net increase in net assets resulting from operations		927,291
Distributions to shareholders:
From net investment income:
Institutional Shares		(804,850	)
Select Shares		(61	)
Preferred Shares		(34	)
Capital Shares		(18	)
Administration Shares		—
Premier Shares		(1	)
Service Shares		—
Class A Shares(a)		—
Class B Shares(b)		—
Class C Shares(a)		—
Resource Shares		—
Cash Management Shares		(1	)
Class R6 Shares(c)		—
From net realized gains:
Institutional Shares		(80,949	)
Select Shares		(7	)
Preferred Shares		(7	)
Capital Shares		(7	)
Administration Shares		(3,671	)
Premier Shares		(7	)
Service Shares		(1,072	)
Class A Shares(a)		—
Class B Shares(b)		—
Class C Shares(a)		—
Resource Shares		—
Cash Management Shares		(7	)
Class R6 Shares(c)		—
Total distributions to shareholders		(890,692	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		1,546,236,485
Reinvestment of distributions		876,007
Cost of shares redeemed		(910,720,272	)
Net increase (decrease) in net assets resulting from share transactions		636,392,220
NET INCREASE (DECREASE)		636,428,819
Net assets:
Beginning of year or period		—
End of year or period	$	636,428,819
Undistributed (distributions in excess of) net investment income	$	37,930

* Commenced operations on October 30, 2015.

** Commenced operations on March 31, 2016.

(a) Class A Shares and Class C Shares of the Government Fund commenced operations on February 29, 2016.

(b) Class B Shares were converted to Service Shares at the close of business on November 14, 2014.

(c) Class R6 Shares of the Government Fund commenced operations on December 29, 2015.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Government Fund						Money Market Fund						Prime Obligations Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	83,508,452		$	1,853,229		$	120,080,500		$	26,556,245		$	37,263,404		$	3,209,594
	6,514,881			213,860			2,004,070			220,120			744,822			480,029
	90,023,333			2,067,089			122,084,570			26,776,365			38,008,226			3,689,623
	(80,632,652	)		(1,681,325	)		(111,988,540	)		(25,863,072	)		(34,448,321	)		(3,005,896	)
	(1,393,511	)		(8,935	)		(7,001,821	)		(672,879	)		(344,600	)		(10,291	)
	(449,597	)		(13,575	)		(200,460	)		(6,130	)		(616,359	)		(18,929	)
	(925,822	)		(65,269	)		(540,439	)		(3,247	)		(233,478	)		(5,821	)
	(127,879	)		(110,899	)		(349,375	)		(10,127	)		(1,597,312	)		(106,970	)
	(4	)		(4	)		(4	)		(4	)		(4	)		(4	)
	—			(22,618	)		—			(662	)		(18,231	)		(55,460	)
	(23	)		—			—			—			—			—
	—			—			—			—			—			(57	)
	(2	)		—			—			—			(1,178	)		(1,269	)
	—			(4	)		(4	)		(4	)		(3,917	)		(4,894	)
	(5	)		(4	)		(15	)		(120	)		(4	)		(3	)
	(351	)		—			—			—			—			—
	(5,105,247	)		(198,474	)		(1,869,604	)		(178,573	)		(594,706	)		(359,963	)
	(103,525	)		(1,078	)		(124,986	)		(7,341	)		(5,820	)		(4,013	)
	(50,081	)		(1,703	)		(5,192	)		(670	)		(16,250	)		(13,198	)
	(155,746	)		(7,833	)		(15,719	)		(761	)		(8,539	)		(3,383	)
	(274,192	)		(13,609	)		(19,379	)		(1,968	)		(107,705	)		(57,318	)
	—			—			—			—			—			—
	(21,760	)		(2,925	)		(1,296	)		(118	)		(40,925	)		(30,756	)
	(17	)		—			—			—			—			—
	—			—			—			—			—			(6	)
	(2	)		—			—			—			(1,175	)		(697	)
	(840	)		—			—			—			(3,877	)		(2,617	)
	—			—			(500	)		(30	)		—			—
	(14	)		—			—			—			—			—
	(89,241,270	)		(2,128,255	)		(122,117,334	)		(26,745,706	)		(38,042,401	)		(3,681,545	)
	367,506,460,914			222,389,573,754			374,647,465,196			420,663,619,405			130,502,049,346			94,447,494,094
	49,935,946			1,134,005			68,394,597			13,420,300			12,770,800			1,206,891
	(330,056,654,786	)		(214,488,774,251	)		(393,229,703,574	)		(412,692,587,409	)		(133,691,524,490	)		(95,868,232,603	)
	37,499,742,074			7,901,933,508			(18,513,843,781	)		7,984,452,296			(3,176,704,344	)		(1,419,531,618	)
	37,500,524,137			7,901,872,342			(18,513,876,545	)		7,984,482,955			(3,176,738,519	)		(1,419,523,540	)
	33,768,198,811			25,866,326,469			35,442,355,370			27,457,872,415			12,499,924,285			13,919,447,825
$	71,268,722,948		$	33,768,198,811		$	16,928,478,825		$	35,442,355,370		$	9,323,185,766		$	12,499,924,285
$	(76,265	)	$	(54,871	)	$	(3,578	)	$	53,905		$	(97,955	)	$	(50,056	)

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Tax-Exempt Money Market Fund
	For the Period Ended August 31, 2016**
From operations:
Net investment income (loss)	$	3,905
Net realized gain from investment transactions		—
Net increase in net assets resulting from operations		3,905
Distributions to shareholders:
From net investment income:
Institutional Shares		(3,886	)
Select Shares		(7	)
Preferred Shares		(4	)
Capital Shares		(3	)
Administration Shares		(2	)
Premier Shares		—
Service Shares		(1	)
Resource Shares		(2	)
Cash Management Shares		—
From net realized gains:
Institutional Shares		—
Select Shares		—
Preferred Shares		—
Capital Shares		—
Administration Shares		—
Premier Shares		—
Service Shares		—
Resource Shares		—
Cash Management Shares		—
Total distributions to shareholders		(3,905	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		15,055,338
Reinvestment of distributions		2,664
Cost of shares redeemed		(2,502,698	)
Net increase (decrease) in net assets resulting from share transactions		12,555,304
NET INCREASE (DECREASE)		12,555,304
Net assets:
Beginning of year or period		—
End of year or period	$	12,555,304
Undistributed (distributions in excess of) net investment income	$	143

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Treasury Instruments Fund						Treasury Obligations Fund						Treasury Solutions Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	58,768,195		$	(125,222	)	$	19,011,263		$	682,847		$	10,432,698		$	332,091
	6,465,778			354,413			3,041,197			267,582			2,958,048			906,292
	65,233,973			229,191			22,052,460			950,429			13,390,746			1,238,383
	(58,873,948	)		—			(18,732,046	)		(597,842	)		(10,526,178	)		(302,041	)
	(17,091	)		—			(203,396	)		(8,254	)		(8,401	)		(1,216	)
	(16,992	)		—			(70,392	)		(6,077	)		(17,244	)		(1,438	)
	(68,383	)		—			(158,841	)		(13,361	)		(13,055	)		(1,551	)
	—			—			—			(60,952	)		—			(11,934	)
	—			—			(4	)		(13	)		(4	)		(453	)
	—			—			—			(35,362	)		—			(12,096	)
	(4	)		—			(3	)		(4	)		(4	)		(4	)
	(3	)		—			(4	)		(4	)		—			(1,358	)
	(5,203,649	)		(377,134	)		(1,937,931	)		(328,383	)		(2,991,632	)		(326,157	)
	(2,197	)		(1,201	)		(23,348	)		(4,408	)		(2,987	)		(873	)
	(3,344	)		(516	)		(14,040	)		(3,649	)		(15,473	)		(1,496	)
	(43,662	)		(2,767	)		(65,202	)		(6,761	)		(63,142	)		(2,850	)
	(23,841	)		(16,492	)		(95,744	)		(33,459	)		(14,889	)		(12,074	)
	(14	)		(16	)		—			(3	)		—			(20	)
	(1,592	)		(1,685	)		(55,685	)		(18,908	)		(14,056	)		(11,591	)
	—			(4	)		—			—			—			—
	(1	)		(4	)		—			—			(8,462	)		(2,512	)
	(64,254,721	)		(399,819	)		(21,356,636	)		(1,117,440	)		(13,675,527	)		(689,664	)
	184,356,949,726			118,520,288,413			111,588,712,687			96,318,556,683			32,805,057,997			22,661,884,182
	39,025,013			274,114			10,844,001			549,258			9,307,231			502,101
	(167,833,814,688	)		(114,605,231,015	)		(104,478,394,348	)		(96,892,376,337	)		(33,283,705,380	)		(21,807,387,853	)
	16,562,160,051			3,915,331,512			7,121,162,340			(573,270,396	)		(469,340,152	)		854,998,430
	16,563,139,303			3,915,160,884			7,121,858,164			(573,437,407	)		(469,624,933	)		855,547,149
	36,859,315,729			32,944,154,845			16,151,981,466			16,725,418,873			11,102,689,763			10,247,142,614
$	53,422,455,032		$	36,859,315,729		$	23,273,839,630		$	16,151,981,466		$	10,633,064,830		$	11,102,689,763
$	(232,873	)	$	(24,647	)	$	(190,250	)	$	(36,827	)	$	(130,737	)	$	1,451

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE PERIOD ENDED AUGUST 31,*
2016 - Institutional Shares	$	1.00	$	0.002		$	(0.002	)
2016 - Select Shares		1.00		0.001			(0.001	)
2016 - Preferred Shares		1.00		0.001			(0.001	)
2016 - Capital Shares		1.00		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)

 * Commenced operations on October 30, 2015.

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) Amount is less than $0.0005 per share.

(e) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Net asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.16	%	$	577,395		0.20	%(c)		0.39	%(c)		0.19	%(c)
	1.00		0.13			50		0.23	(c)		0.42	(c)		0.14	(c)
	1.00		0.08			50		0.29	(c)		0.49	(c)		0.08	(c)
	1.00		0.05			50		0.33	(c)		0.54	(c)		0.04	(c)
	1.00		0.01			43,835		0.39	(c)		0.64	(c)		(0.01	)(c)
	1.00		0.01			50		0.38	(c)		0.74	(c)		—	(c)(e)
	1.00		0.01			14,949		0.39	(c)		0.89	(c)		(0.01	)(c)
	1.00		0.01			50		0.38	(c)		1.19	(c)		—	(c)(e)

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - Institutional Shares	$	1.00	$	0.002		$	(0.002	)
2016 - Select Shares		1.00		0.002			(0.002	)
2016 - Preferred Shares		1.00		0.001			(0.001	)
2016 - Capital Shares		1.00		0.001			(0.001	)
2016 - Administration Shares		1.00		—	(c)		—	(c)
2016 - Premier Shares		1.00		—	(c)		—	(c)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		—	(c)		—	(c)
2016 - Cash Management Shares		1.00		—	(c)		—	(c)
2016 - Class R6 Shares (Commenced operations on December 29, 2015)		1.00		0.002			(0.002	)
2016 - Class A Shares (Commenced operations on February 29, 2016)		1.00		—	(c)		—	(c)
2016 - Class C Shares (Commenced operations on February 29, 2016)		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		—	(c)		—	(c)
2015 - Select Shares		1.00		—	(c)		—	(c)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		—	(c)		—	(c)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		—	(c)		—	(c)
2013 - Select Shares		1.00		—	(c)		—	(c)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2013 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		—	(c)		—	(c)
2012 - Select Shares		1.00		—	(c)		—	(c)
2012 - Preferred Shares		1.00		—	(c)		—	(c)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(c) Amount is less than $0.0005 per share.

(d) Annualized.

(e) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE GOVERNMENT FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.20	%	$	63,804,041		0.18	%		0.23	%		0.21	%
	1.00		0.17			2,471,275		0.21			0.26			0.21
	1.00		0.12			536,818		0.27			0.33			0.13
	1.00		0.08			1,390,271		0.30			0.38			0.07
	1.00		0.02			2,673,689		0.36			0.48			0.01
	1.00		0.02			1		0.20			0.58			0.40
	1.00		0.01			368,299		0.36			0.73			(0.01	)
	1.00		0.01			17,634		0.43			0.88			(0.01	)
	1.00		0.02			14		0.35			1.03			0.06
	1.00		0.18			4,705		0.18	(d)		0.23	(d)		0.26	(d)
	1.00		0.01			1,563		0.43	(d)		0.48	(d)		0.02	(d)
	1.00		0.01			413		0.44	(d)		1.23	(d)		0.01	(d)
	1.00		0.01			29,753,210		0.14			0.23			0.01
	1.00		0.01			203,098		0.14			0.26			0.01
	1.00		0.01			249,542		0.14			0.33			0.01
	1.00		0.01			1,174,099		0.14			0.38			0.01
	1.00		0.01			1,920,203		0.14			0.48			0.01
	1.00		0.01			1		0.14			0.58			0.40
	1.00		0.01			468,041		0.14			0.73			0.01
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			4		0.14			1.03			0.22
	1.00		0.01			22,069,515		0.12			0.23			—	(e)
	1.00		0.01			101,446		0.12			0.26			—	(e)
	1.00		0.01			266,881		0.12			0.33			—	(e)
	1.00		0.01			1,113,078		0.12			0.38			—	(e)
	1.00		0.01			1,939,309		0.12			0.48			—	(e)
	1.00		0.01			1		0.12			0.58			—	(e)
	1.00		0.01			376,094		0.12			0.73			—	(e)
	1.00		0.01			1		0.12			0.88			0.40
	1.00		0.01			1		0.12			1.03			0.40
	1.00		0.03			21,751,069		0.18			0.23			0.03
	1.00		0.01			145,992		0.20			0.26			0.02
	1.00		0.01			305,546		0.21			0.33			—	(e)
	1.00		0.01			411,426		0.20			0.38			—	(e)
	1.00		0.01			1,983,578		0.20			0.48			—	(e)
	1.00		0.01			5,416		0.20			0.58			—	(e)
	1.00		0.01			260,856		0.20			0.73			—	(e)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.03			28,326,048		0.18			0.23			0.03
	1.00		0.01			628,155		0.20			0.26			0.01
	1.00		0.01			546,452		0.20			0.33			0.01
	1.00		0.01			493,427		0.20			0.38			0.01
	1.00		0.01			2,382,900		0.20			0.48			0.01
	1.00		0.01			5,594		0.21			0.58			0.01
	1.00		0.01			374,051		0.20			0.73			0.01
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - Institutional Shares	$	1.00	$	0.003		$	(0.003	)
2016 - Select Shares		1.00		0.003			(0.003	)
2016 - Preferred Shares		1.00		0.002			(0.002	)
2016 - Capital Shares		1.00		0.002			(0.002	)
2016 - Administration Shares		1.00		0.001			(0.001	)
2016 - Premier Shares		1.00		0.001			(0.001	)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		0.001			(0.001	)
2016 - Cash Management Shares		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		0.001			(0.001	)
2015 - Select Shares		1.00		0.001			(0.001	)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		0.001			(0.001	)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		0.001			(0.001	)
2013 - Select Shares		1.00		0.001			(0.001	)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2013 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		0.002			(0.002	)
2012 - Select Shares		1.00		0.001			(0.001	)
2012 - Preferred Shares		1.00		0.001			(0.001	)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(c) Amount is less than $0.0005 per share.

(d) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE MONEY MARKET FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.32	%	$	15,336,774		0.18	%		0.23	%		0.32	%
	1.00		0.29			1,080,075		0.21			0.26			0.29
	1.00		0.22			59,053		0.28			0.33			0.20
	1.00		0.18			108,671		0.33			0.38			0.18
	1.00		0.10			316,162		0.40			0.48			0.09
	1.00		0.10			1		0.19			0.58			0.37
	1.00		0.01			17,000		0.49			0.73			—	(d)
	1.00		0.10			1		0.19			0.88			0.37
	1.00		0.01			10,742		0.51			1.03			—	(d)
	1.00		0.09			32,746,797		0.18			0.23			0.08
	1.00		0.06			1,917,216		0.21			0.26			0.06
	1.00		0.01			116,846		0.26			0.33			0.01
	1.00		0.01			201,440		0.27			0.38			—	(d)
	1.00		0.01			430,947		0.26			0.48			—	(d)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			21,066		0.26			0.73			—	(d)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			8,041		0.28			1.03			—	(d)
	1.00		0.06			26,529,130		0.18			0.23			0.06
	1.00		0.03			527,470		0.21			0.26			0.03
	1.00		0.01			66,193		0.24			0.33			0.01
	1.00		0.01			36,709		0.24			0.38			0.01
	1.00		0.01			277,404		0.24			0.48			0.01
	1.00		0.01			1		0.24			0.58			0.01
	1.00		0.01			20,963		0.24			0.73			0.01
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.11			25,047,026		0.18			0.23			0.11
	1.00		0.08			178,080		0.21			0.26			0.08
	1.00		0.02			44,177		0.27			0.33			0.02
	1.00		0.01			44,542		0.28			0.38			—	(d)
	1.00		0.01			338,423		0.29			0.48			—	(d)
	1.00		0.01			30,335		0.28			0.58			—	(d)
	1.00		0.01			40,544		0.28			0.73			—	(d)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.17			20,278,527		0.18			0.23			0.17
	1.00		0.14			151,931		0.21			0.26			0.14
	1.00		0.07			34,142		0.28			0.33			0.07
	1.00		0.03			31,393		0.33			0.38			0.02
	1.00		0.01			400,478		0.35			0.48			0.01
	1.00		0.01			28,554		0.35			0.58			0.01
	1.00		0.01			24,931		0.34			0.73			0.01
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - Institutional Shares	$	1.00	$	0.003		$	(0.003	)
2016 - Select Shares		1.00		0.003			(0.003	)
2016 - Preferred Shares		1.00		0.002			(0.002	)
2016 - Capital Shares		1.00		0.002			(0.002	)
2016 - Administration Shares		1.00		0.001			(0.001	)
2016 - Premier Shares		1.00		0.001			(0.001	)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		—	(c)		—	(c)
2016 - Cash Management Shares		1.00		0.001			(0.001	)
2016 - Class C Shares		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		—	(c)		—	(c)
2015 - Select Shares		1.00		—	(c)		—	(c)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2015 - Class C Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		—	(c)		—	(c)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Class C Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		0.001			(0.001	)
2013 - Select Shares		1.00		—	(c)		—	(c)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2013 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Class C Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		0.001			(0.001	)
2012 - Select Shares		1.00		0.001			(0.001	)
2012 - Preferred Shares		1.00		—	(c)		—	(c)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Class C Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(c) Amount is less than $0.0005 per share.

(d) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.29	%	$	7,299,656		0.18	%		0.23	%		0.31	%
	1.00		0.26			9,454		0.21			0.26			0.29
	1.00		0.20			279,445		0.28			0.33			0.19
	1.00		0.16			140,138		0.31			0.38			0.16
	1.00		0.09			1,250,848		0.38			0.48			0.09
	1.00		0.09			1		0.18			0.58			0.36
	1.00		0.01			253,231		0.42			0.73			—	(d)
	1.00		0.01			71,804		0.46			0.88			0.01
	1.00		0.09			1		0.18			1.03			0.37
	1.00		0.01			18,608		0.47			1.23			0.01
	1.00		0.03			9,211,383		0.18			0.23			0.03
	1.00		0.01			88,996		0.20			0.26			0.01
	1.00		0.01			332,798		0.21			0.33			0.01
	1.00		0.01			103,978		0.21			0.38			0.01
	1.00		0.01			1,893,461		0.20			0.48			0.01
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			777,357		0.20			0.73			0.01
	1.00		0.01			72,031		0.20			0.88			0.01
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			19,918		0.20			1.23			0.01
	1.00		0.02			10,934,044		0.18			0.23			0.02
	1.00		0.01			118,994		0.19			0.26			0.01
	1.00		0.01			108,264		0.19			0.33			0.01
	1.00		0.01			72,327		0.19			0.38			0.01
	1.00		0.01			1,644,425		0.19			0.48			0.01
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			938,791		0.19			0.73			0.01
	1.00		0.01			78,532		0.19			0.88			0.01
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			20,870		0.19			1.23			0.01
	1.00		0.07			13,339,031		0.18			0.23			0.07
	1.00		0.05			212,468		0.21			0.26			0.04
	1.00		0.01			227,037		0.24			0.33			—	(d)
	1.00		0.01			102,509		0.26			0.38			—	(d)
	1.00		0.01			2,579,850		0.24			0.48			—	(d)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			767,593		0.24			0.73			—	(d)
	1.00		0.01			91,805		0.25			0.88			—	(d)
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			23,106		0.25			1.23			—	(d)
	1.00		0.12			14,614,135		0.18			0.23			0.11
	1.00		0.09			325,596		0.21			0.26			0.09
	1.00		0.02			206,707		0.27			0.33			0.02
	1.00		0.01			187,844		0.29			0.38			—	(d)
	1.00		0.01			1,888,821		0.29			0.48			—	(d)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			764,803		0.29			0.73			—	(d)
	1.00		0.01			139,778		0.29			0.88			—	(d)
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			26,300		0.29			1.23			—	(d)

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE PERIOD ENDED AUGUST 31,*
2016 - Institutional Shares	$	1.00	$	0.001		$	(0.001	)
2016 - Select Shares		1.00		0.001			(0.001	)
2016 - Preferred Shares		1.00		—	(d)		—	(d)
2016 - Capital Shares		1.00		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)
2016 - Resource Shares		1.00		—	(d)		—	(d)

 * Commenced operations on March 31, 2016.

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) Amount is less than $0.0005 per share.

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Net asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.09	%	$	12,495		0.18	%(c)		9.48	%(c)		0.23	%(c)
	1.00		0.07			10		0.22	(c)		9.51	(c)		0.17	(c)
	1.00		0.04			10		0.29	(c)		9.58	(c)		0.10	(c)
	1.00		0.03			10		0.32	(c)		9.63	(c)		0.07	(c)
	1.00		0.02			10		0.34	(c)		9.73	(c)		0.04	(c)
	1.00		0.02			10		0.35	(c)		9.98	(c)		0.04	(c)
	1.00		0.02			10		0.35	(c)		10.13	(c)		0.04	(c)

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31 ,
2016 - Institutional Shares	$	1.00	$	0.001		$	(0.001	)
2016 - Select Shares		1.00		0.001			(0.001	)
2016 - Preferred Shares		1.00		0.001			(0.001	)
2016 - Capital Shares		1.00		—	(c)		—	(c)
2016 - Administration Shares		1.00		—	(c)		—	(c)
2016 - Premier Shares		1.00		—	(c)		—	(c)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		—	(c)		—	(c)
2016 - Cash Management Shares		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		—	(c)		—	(c)
2015 - Select Shares		1.00		—	(c)		—	(c)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		—	(c)		—	(c)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		—	(c)		—	(c)
2013 - Select Shares		1.00		—	(c)		—	(c)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2013 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		—	(c)		—	(c)
2012 - Select Shares		1.00		—	(c)		—	(c)
2012 - Preferred Shares		1.00		—	(c)		—	(c)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(c) Amount is less than $0.0005 per share.

(d) Amount is less than 0.005%.

(e) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.13	%	$	50,595,412		0.19	%		0.23	%		0.14	%
	1.00		0.11			21,009		0.21			0.26			0.07
	1.00		0.06			12,735		0.26			0.33			0.05
	1.00		0.03			495,853		0.30			0.38			0.02
	1.00		—	(d)		2,186,426		0.32			0.48			(0.01	)
	1.00		—	(d)		19,142		0.38			0.58			(0.02	)
	1.00		—	(d)		91,598		0.29			0.73			(0.01	)
	1.00		—	(d)		1		0.19			0.88			0.37
	1.00		—	(d)		279		0.35			1.03			0.05
	1.00		—	(d)		34,094,054		0.06			0.23			—	(e)
	1.00		—	(d)		80,008		0.06			0.26			—	(e)
	1.00		—	(d)		33,032		0.06			0.33			—	(e)
	1.00		—	(d)		353,326		0.06			0.38			—	(e)
	1.00		—	(d)		2,101,757		0.06			0.48			—	(e)
	1.00		—	(d)		54		0.06			0.58			—	(e)
	1.00		—	(d)		197,083		0.06			0.73			—	(e)
	1.00		—	(d)		1		0.06			0.88			0.40
	1.00		—	(d)		1		0.06			1.03			0.40
	1.00		—	(d)		31,170,061		0.07			0.23			—	(e)
	1.00		—	(d)		192,930		0.07			0.26			—	(e)
	1.00		—	(d)		43,335		0.07			0.33			—	(e)
	1.00		—	(d)		163,450		0.07			0.38			—	(e)
	1.00		—	(d)		1,231,641		0.07			0.48			—	(e)
	1.00		—	(d)		2,720		0.07			0.58			—	(e)
	1.00		—	(d)		140,016		0.07			0.73			—	(e)
	1.00		—	(d)		1		0.07			0.88			0.40
	1.00		—	(d)		1		0.07			1.03			0.40
	1.00		—	(d)		25,382,266		0.10			0.23			—	(e)
	1.00		—	(d)		224,452		0.10			0.26			—	(e)
	1.00		—	(d)		110,400		0.10			0.33			—	(e)
	1.00		—	(d)		165,250		0.10			0.38			—	(e)
	1.00		—	(d)		1,352,128		0.10			0.48			—	(e)
	1.00		—	(d)		360,992		0.10			0.58			—	(e)
	1.00		—	(d)		185,658		0.10			0.73			—	(e)
	1.00		—	(d)		1		0.10			0.88			—	(e)
	1.00		—	(d)		1		0.10			1.03			—	(e)
	1.00		—	(d)		23,364,396		0.07			0.23			—	(e)
	1.00		—	(d)		110,090		0.07			0.26			—	(e)
	1.00		—	(d)		156,016		0.07			0.33			—	(e)
	1.00		—	(d)		157,629		0.07			0.38			—	(e)
	1.00		—	(d)		1,319,295		0.07			0.48			—	(e)
	1.00		—	(d)		401,333		0.07			0.58			—	(e)
	1.00		—	(d)		298,413		0.07			0.73			—	(e)
	1.00		—	(d)		1		0.07			0.88			0.40
	1.00		—	(d)		1		0.07			1.03			0.40

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31 ,
2016 - Institutional Shares	$	1.00	$	0.002		$	(0.002	)
2016 - Select Shares		1.00		0.001			(0.001	)
2016 - Preferred Shares		1.00		0.001			(0.001	)
2016 - Capital Shares		1.00		—	(c)		—	(c)
2016 - Administration Shares		1.00		—	(c)		—	(c)
2016 - Premier Shares		1.00		—	(c)		—	(c)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		—	(c)		—	(c)
2016 - Cash Management Shares		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		—	(c)		—	(c)
2015 - Select Shares		1.00		—	(c)		—	(c)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		—	(c)		—	(c)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		—	(c)		—	(c)
2013 - Select Shares		1.00		—	(c)		—	(c)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2013 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		—	(c)		—	(c)
2012 - Select Shares		1.00		—	(c)		—	(c)
2012 - Preferred Shares		1.00		—	(c)		—	(c)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(c) Amount is less than $0.0005 per share.

(d) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.15	%	$	19,950,969		0.19	%		0.23	%		0.14	%
	1.00		0.13			505,162		0.21			0.26			0.12
	1.00		0.08			81,542		0.25			0.33			0.05
	1.00		0.05			404,533		0.30			0.38			0.03
	1.00		0.01			1,543,863		0.33			0.48			(0.01	)
	1.00		0.01			1		0.19			0.58			0.36
	1.00		0.01			787,768		0.33			0.73			(0.01	)
	1.00		0.01			1		0.19			0.88			0.36
	1.00		0.01			1		0.19			1.03			0.36
	1.00		0.01			12,758,713		0.10			0.23			—	(d)
	1.00		0.01			169,026		0.10			0.26			—	(d)
	1.00		0.01			220,426		0.10			0.33			—	(d)
	1.00		0.01			442,625		0.10			0.38			0.01
	1.00		0.01			1,620,517		0.10			0.48			—	(d)
	1.00		0.01			1		0.10			0.58			(0.02	)
	1.00		0.01			940,671		0.10			0.73			—	(d)
	1.00		0.01			1		0.10			0.88			0.40
	1.00		0.01			1		0.10			1.03			0.40
	1.00		0.01			12,822,354		0.08			0.23			0.01
	1.00		0.01			279,848		0.08			0.26			—	(d)
	1.00		0.01			205,386		0.08			0.33			—	(d)
	1.00		0.01			356,753		0.08			0.38			—	(d)
	1.00		0.01			2,144,601		0.08			0.48			—	(d)
	1.00		0.01			948		0.08			0.58			(0.01	)
	1.00		0.01			915,527		0.08			0.73			—	(d)
	1.00		0.01			1		0.08			0.88			0.40
	1.00		0.01			1		0.08			1.03			0.40
	1.00		0.01			6,998,695		0.14			0.23			0.01
	1.00		0.01			189,482		0.14			0.26			0.01
	1.00		0.01			146,636		0.14			0.33			0.01
	1.00		0.01			317,742		0.14			0.38			0.01
	1.00		0.01			1,577,830		0.14			0.48			0.01
	1.00		0.01			97,655		0.14			0.58			—	(d)
	1.00		0.01			1,061,790		0.14			0.73			0.01
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			1		0.14			1.03			0.40
	1.00		0.01			8,084,641		0.12			0.23			0.01
	1.00		0.01			152,228		0.12			0.26			—	(d)
	1.00		0.01			95,065		0.12			0.33			—	(d)
	1.00		0.01			216,015		0.12			0.38			0.01
	1.00		0.01			1,525,805		0.12			0.48			0.01
	1.00		0.01			124,439		0.12			0.58			0.01
	1.00		0.01			1,025,286		0.12			0.73			—	(d)
	1.00		0.01			1		0.12			0.88			0.40
	1.00		0.01			1		0.12			1.03			0.40

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31 ,
2016 - Institutional Shares	$	1.00	$	0.001		$	(0.001	)
2016 - Select Shares		1.00		0.001			(0.001	)
2016 - Preferred Shares		1.00		0.001			(0.001	)
2016 - Capital Shares		1.00		—	(c)		—	(c)
2016 - Administration Shares		1.00		—	(c)		—	(c)
2016 - Premier Shares		1.00		—	(c)		—	(c)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		—	(c)		—	(c)
2016 - Cash Management Shares		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		—	(c)		—	(c)
2015 - Select Shares		1.00		—	(c)		—	(c)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		—	(c)		—	(c)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		—	(c)		—	(c)
2013 - Select Shares		1.00		—	(c)		—	(c)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2013 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		—	(c)		—	(c)
2012 - Select Shares		1.00		—	(c)		—	(c)
2012 - Preferred Shares		1.00		—	(c)		—	(c)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

(c) Amount is less than $0.0005 per share.

(d) Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.14	%	$	9,876,558		0.19	%		0.23	%		0.11	%
	1.00		0.12			10,969		0.21			0.26			0.09
	1.00		0.07			75,756		0.26			0.33			0.03
	1.00		0.03			264,092		0.32			0.38			0.01
	1.00		0.01			189,870		0.30			0.48			(0.02	)
	1.00		0.01			1		0.19			0.58			0.36
	1.00		0.01			142,607		0.29			0.73			(0.02	)
	1.00		0.01			1		0.19			0.88			0.37
	1.00		0.01			73,211		0.31			1.03			(0.02	)
	1.00		0.01			10,053,367		0.10			0.23			—	(d)
	1.00		0.01			12,266		0.10			0.26			—	(d)
	1.00		0.01			40,923		0.10			0.33			—	(d)
	1.00		0.01			103,108		0.10			0.38			—	(d)
	1.00		0.01			390,266		0.10			0.48			—	(d)
	1.00		0.01			1		0.10			0.58			0.01
	1.00		0.01			355,272		0.10			0.73			—	(d)
	1.00		0.01			1		0.10			0.88			0.40
	1.00		0.01			147,486		0.10			1.03			—	(d)
	1.00		0.01			9,153,246		0.09			0.23			0.01
	1.00		0.01			38,054		0.09			0.26			0.01
	1.00		0.01			52,417		0.09			0.33			0.01
	1.00		0.01			55,729		0.09			0.38			0.01
	1.00		0.01			403,438		0.09			0.48			0.01
	1.00		0.01			17,834		0.09			0.58			0.01
	1.00		0.01			435,856		0.09			0.73			0.01
	1.00		0.01			1		0.09			0.88			0.40
	1.00		0.01			90,568		0.09			1.03			0.01
	1.00		0.01			8,211,951		0.14			0.23			—	(d)
	1.00		0.01			127,241		0.14			0.26			—	(d)
	1.00		0.01			53,020		0.14			0.33			—	(d)
	1.00		0.01			62,058		0.14			0.38			—	(d)
	1.00		0.01			418,901		0.14			0.48			—	(d)
	1.00		0.01			1,137,540		0.14			0.58			—	(d)
	1.00		0.01			508,699		0.14			0.73			—	(d)
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			47,993		0.14			1.03			—	(d)
	1.00		0.01			9,044,336		0.12			0.23			—	(d)
	1.00		0.01			89,636		0.12			0.26			0.01
	1.00		0.01			60,660		0.12			0.33			—	(d)
	1.00		0.01			71,459		0.12			0.38			—	(d)
	1.00		0.01			480,896		0.12			0.48			—	(d)
	1.00		0.01			1,313,277		0.12			0.58			—	(d)
	1.00		0.01			603,587		0.12			0.73			—	(d)
	1.00		0.01			1		0.12			0.88			0.40
	1.00		0.01			175,249		0.12			1.03			—	(d)

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

August 31, 2016

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
Federal Instruments*	Institutional, Select, Preferred, Capital, Administration, Premier, Service, and Cash Management	Diversified
Government**	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Class R6, Class A, Class C, Resource and Cash Management	Diversified
Money Market, Treasury Instruments,         Treasury Obligations, and Treasury Solutions (formerly, the Federal Fund)	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management	Diversified
Prime Obligations	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Class C, Resource and Cash Management	Diversified
Tax-Exempt Money Market***	Institutional, Select, Preferred, Capital, Administration, Service, and Resource	Diversified

* Commenced operations on October 30, 2015.

** Class R6 Shares commenced operations on December 29, 2015. Class A and Class C Shares commenced operations on February 29, 2016.

*** Commenced operations on March 31, 2016.

Class C Shares are generally not available for purchase. Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares are subject to a contingent deferred sales charge (“CDSC”) of 1% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired. Previously, the ‘Institutional Shares’ were known as the ‘FST Shares’. The Funds no longer include “FST” at the beginning of their share class names.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act, which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates the difference between the Funds’ net asset value per share (“NAV”) based upon the amortized cost of the Funds’ securities and the NAV based upon available market quotations (or permitted substitutes) on a daily

64

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

basis. Effective on October 11, 2016, the following Funds, which have been designated by the Board of Trustees as “institutional” money market funds under Rule 2a-7, will be required to have a “floating” NAV per share: Financial Square (“FSQ”) Prime Obligations Fund, FSQ Money Market Fund, and FSQ Tax-Exempt Money Market Fund. The investment valuation policy of those Funds will be to value securities based upon available market quotations (or permitted substitutes) of the Fund’s portfolio securities as provided by a third party pricing vendor or broker. All other Funds will continue to use the amortized-cost method of valuation.

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. 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. 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 respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E.  Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F.  Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Tax-Exempt Money Market 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 the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Tax-Exempt Money Market Fund were expensed on the first day of operations.

G.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying

65

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of August 31, 2016, all investments are classified as Level 2. Please refer to the Schedules of Investments for further detail.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreements, 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.

B.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares (“CMS”) to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

C.  Distribution and/or Service Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan. Under the Distribution and Service Plan, Goldman Sachs, as Distributor, is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds.

The Trust, on behalf of the Class C Shares, Resource Shares and CMS of each applicable Fund, has adopted Distribution Plans. Under the Distribution Plans, Goldman Sachs 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, Resource Shares and CMS.

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan 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 of such shares.

D.  Distribution Agreement — Goldman Sachs as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended August 31, 2016, Goldman Sachs has advised that it retained $0 and $2,567 in CDSCs with respect to Class C Shares of the Government and the Prime Obligations Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F.  Other Agreements — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least December 29, 2016, except that the “Other Expense” limitation for Tax-Exempt Money Market Fund will remain in place through at least March 17, 2017 and the “Other Expense” limitation for Class A and Class C Shares of the Government Fund will remain in place through at least February 28, 2017. Prior to such dates, GSAM may not terminate these 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.

67

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Total Fund Expenses

Fund Contractual Fees

The contractual annualized rates for each of the Funds are as follows:

	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			CMS			Class R6 Shares(a)			Class A Shares(a)			Class C Shares(b)
Management Fee		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%
Administration, Service and/or Shareholder Administration Fees		N/A			0.03			0.10			0.15			0.25			0.35			0.25			0.50			0.50			N/A			N/A			0.25
Distribution and/or Service (12b-1) Fees		N/A			N/A			N/A			N/A			N/A			N/A			0.25	(c)		0.15	(d)		0.30	(d)		N/A			0.25			0.75	(d)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

N/A — Fees not applicable to respective share class

(a) Government Fund only.

(b) Government Fund and Prime Obligations Fund.

(c) Service (12b-1) fee only.

(d) Distribution (12b-1) fee only.

Fund Effective Net Expenses (After Waivers and Reimbursements)

During the fiscal year ended August 31, 2016, GSAM and Goldman Sachs (as applicable) voluntarily agreed to waive all or a portion of the management fees, respective class-specific fees (consisting of Distribution and/or Service, Administration, Service and/or Shareholder Administration Plan fees) and transfer agency fees attributable to the Funds. These waivers may be modified or terminated at any time at the option of GSAM or Goldman Sachs (as applicable), with the exception of GSAM’s agreement not to impose a portion of the management fee equal annually to 0.025% of the Federal Instruments, Treasury Obligations, Treasury Instruments and Treasury Solutions Funds’ average daily net assets and 0.045% of the Prime Obligations, Money Market, Government and Tax-Exempt Money Market Funds’ average daily net assets. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

68

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2016, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Transfer Agent Fee Waivers			Distribution, Administration, Service and/or Shareholder, Administration Plans Fee Waivers			Other Expense Reimbursements		Total Expense Reductions
Federal Instruments(a)	$	117	$	—	*	$	72		$	755	$	944
Government		20,017		—	*		3,402			—		23,419
Money Market		17,328		—	*		237			—		17,565
Prime Obligations		6,374		—	*		2,727			—		9,101
Tax-Exempt Money  Market(b)		1		—			—	*		184		185
Treasury Instruments		15,997		829			3,408			—		20,234
Treasury Obligations		5,351		381			5,056			—		10,788
Treasury Solutions		4,185		285			2,243			—		6,713

(a) Commenced operations on October 30, 2015.

(b) Commenced operations on March 31, 2016.

* Amount less than one thousand.

H.  Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

As of August 31, 2016, the Goldman Sachs Group (“GSG”), Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following funds:

Fund	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			CMS
Federal Instruments		—	%		100	%		100	%		100	%		—	%		100	%		—	%		—	%		100	%
Government		—			—			—			—			—			100			—			—			7
Money Market		—			—			—			—			—			100			—			100			—
Prime Obligations		—			—			—			—			—			100			—			—			100
Tax-Exempt Money Market		24			100			100			100			100			—			100			100			—
Treasury Instruments		—			—			—			—			—			—			—			100			—
Treasury Obligations		—			—			—			—			—			100			—			100			100
Treasury Solutions		—			—			—			—			—			100			—			100			—

69

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2016, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Federal Instruments(a)	$	244,654,323	$	—	$	—
Government		2,848,635,608		—		—
Money Market		877,669,971		255,163,653		1,146
Prime Obligations		846,626,396		580,716,271		777
Tax-Exempt Money  Market(b)		1,225,342		1,940,367		—
Treasury Instruments		5,256,723,907		11,529,217,367		(49,039	)
Treasury Obligations		270,495,397		1,555,756,907		179,627
Treasury Solutions		8,520,167,813		2,480,249,994		32,853

(a) Commenced operations on October 30, 2015.

(b) Commenced operations on March 31, 2016.

I.  Line of Credit Facility — As of August 31, 2016, the Funds participated in a $1,100,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2016, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2016 was as follows:

	Federal Instruments(a)		Government		Money Market		Prime Obligations		Tax-Exempt Money Market(b)		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	890,692	$	89,223,799	$	121,956,919	$	38,042,401	$	—	$	64,254,721	$	21,202,635	$	13,675,527
Net long-term capital gains		—		17,471		160,415		—		—		—		154,001		—
Tax-Exempt income		—		—		—		—		3,905		—		—		—
Total distributions	$	890,692	$	89,241,270	$	122,117,334	$	38,042,401	$	3,905	$	64,254,721	$	21,356,636	$	13,675,527

(a) Commenced operations on October 30, 2015.

(b) Commenced operations on March 31, 2016.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

5. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2015 was as follows:

	Government		Money Market		Prime Obligations		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	2,123,404	$	26,642,906	$	3,499,179	$	398,482	$	1,095,768	$	683,024
Net long-term capital gains		4,851		102,800		182,366		1,337		21,672		6,640
Tax-Exempt income		—		—		—		—		—		—
Total distributions	$	2,128,255	$	26,745,706	$	3,681,545	$	399,819	$	1,117,440	$	689,664

As of August 31, 2016, the components of accumulated earnings (losses) on a tax basis were follows:

	Federal Instruments(a)			Government			Money Market			Prime Obligations			Tax-Exempt Money Market(b)			Treasury Instruments			Treasury Obligations			Treasury Solutions
Undistributed ordinary income — net	$	81,518		$	7,849,693		$	2,152,207		$	1,300,682		$	—		$	3,743,403		$	2,079,804		$	813,053
Undistributed Tax-Exempt income — net		—			—			—			—			1,383			—			—			—
Total undistributed earnings	$	81,518		$	7,849,693		$	2,152,207		$	1,300,682		$	1,383		$	3,743,403		$	2,079,804		$	813,053
Timing differences (Qualified Late Year Loss Deferral and Dividend Payable)		(4,091	)		(7,059,672	)		(2,160,322	)		(1,400,282	)		(1,240	)		(2,879,234	)		(1,491,189	)		(545,374	)
Unrealized gains (losses) — Net		(44	)		(1,356	)		—			—			—			(21,742	)		(535	)		(2,709	)
Total accumulated earnings (losses) — net	$	77,383		$	788,665		$	(8,115	)	$	(99,600	)	$	143		$	842,427		$	588,080		$	264,970

(a) Commenced operations on October 30, 2015.

(b) Commenced operations on March 31, 2016.

The amortized cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

In order to present certain components of the Funds’ capital accounts on a tax basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds and result primarily from dividend redesignations, non-deductible expenses and net operating losses.

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Notes to Financial Statements (continued)

August 31, 2016

5. TAX INFORMATION (continued)

Fund	Accumulated Net Realized Gain (Loss)		Accumulated Undistributed Net Investment Income (Loss)			Paid in Capital
Federal Instruments	$	—	$	40,784		$	(40,784	)
Money Market		57,325		(57,325	)		—
Prime Obligations		47,899		(47,899	)		—
Tax-Exempt Money Market		—		143			(143	)

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax 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.

6. OTHER RISKS

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the 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 a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price (or, for Funds that have a floating NAV per share, minimize the volatility of the Fund’s NAV per share). The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and a Fund’s investments.

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

Geographic Risk — The Tax-Exempt Money Market Fund has the ability to invest a significant portion of its assets in certain issuers within the same state, geographic region or sector subjecting it to possible risks associated with an adverse economic, business or political development affecting that state, region or sector.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

7. 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.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. SUBSEQUENT EVENTS

Effective October 11, 2016, the Goldman Sachs Financial Square Prime Obligations Fund (the “Fund”) was designated as an “institutional” money market fund under Rule 2a-7 under the Investment Company Act of 1940, as amended. In connection with that designation, the Fund’s Class C Shares were liquidated and the “retail” component of the Fund’s Service Shares was redeemed on October 11, 2016, pursuant to a Plan of Liquidation and Redemption approved by the Board of Trustees.

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

73

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Federal Instruments Fund
	For the Period Ended August 31, 2016*
Institutional Shares
Shares sold		1,385,664,141
Reinvestment of distributions		875,865
Shares redeemed		(809,178,068	)
		577,361,938
Select Shares
Shares sold		50,000
Reinvestment of distributions		67
Shares redeemed		—
		50,067
Preferred Shares
Shares sold		50,000
Reinvestment of distributions		42
Shares redeemed		—
		50,042
Capital Shares
Shares sold		50,000
Reinvestment of distributions		24
Shares redeemed		—
		50,024
Administration Shares
Shares sold		103,145,254
Reinvestment of distributions		1
Shares redeemed		(59,313,002	)
		43,832,253
Premier Shares
Shares sold		50,000
Reinvestment of distributions		4
Shares redeemed		—
		50,004
Service Shares
Shares sold		57,177,090
Reinvestment of distributions		1
Shares redeemed		(42,229,202	)
		14,947,889
Cash Management Shares
Shares sold		50,000
Reinvestment of distributions		3
Shares redeemed		—
		50,003
NET INCREASE IN SHARES		636,392,220

* Commenced operations on October 30, 2015.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Government Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		341,664,419,857			205,637,903,177
Reinvestment of distributions		47,502,955			1,044,634
Shares redeemed		(307,661,792,266	)		(197,955,201,301	)
		34,050,130,546			7,683,746,510
Select Shares
Shares sold		4,724,518,327			1,681,253,719
Reinvestment of distributions		1,486,634			9,981
Shares redeemed		(2,457,856,271	)		(1,579,610,687	)
		2,268,148,690			101,653,013
Preferred Shares
Shares sold		4,436,751,899			1,220,612,938
Reinvestment of distributions		22,074			7,693
Shares redeemed		(4,149,503,757	)		(1,237,959,206	)
		287,270,216			(17,338,575	)
Capital Shares
Shares sold		6,278,638,378			3,548,052,037
Reinvestment of distributions		872,480			59,413
Shares redeemed		(6,063,354,389	)		(3,487,087,899	)
		216,156,469			61,023,551
Administration Shares
Shares sold		9,147,766,081			8,574,864,084
Reinvestment of distributions		46,616			7,416
Shares redeemed		(8,394,355,777	)		(8,593,973,378	)
		753,456,920			(19,101,878	)
Premier Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
Service Shares
Shares sold		1,207,971,623			1,726,884,742
Reinvestment of distributions		3,944			4,868
Shares redeemed		(1,307,720,818	)		(1,634,941,770	)
		(99,745,251	)		91,947,840
Class A Shares(a)
Shares sold		2,627,049			—
Reinvestment of distributions		32			—
Shares redeemed		(1,064,279	)		—
		1,562,802			—
Class C Shares(a)
Shares sold		446,476			—
Reinvestment of distributions		3			—
Shares redeemed		(33,123	)		—
		413,356			—
Resource Shares
Shares sold		37,856,196			—
Reinvestment of distributions		883			—
Shares redeemed		(20,223,965	)		—
		17,633,114			—
Cash Management Shares
Shares sold		243,548			3,057
Reinvestment of distributions		—			—
Shares redeemed		(233,217	)		(10	)
		10,331			3,047
Class R6 Shares(b)
Shares sold		5,221,480			—
Reinvestment of distributions		325			—
Shares redeemed		(516,924	)		—
		4,704,881			—
NET INCREASE IN SHARES		37,499,742,074			7,901,933,508

(a) Commenced operations on February 29, 2016.

(b) Commenced operations on December 29, 2015.

75

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Money Market Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		359,975,501,741			411,191,154,559
Reinvestment of distributions		60,513,386			12,708,992
Shares redeemed		(377,446,008,048	)		(404,986,225,057	)
		(17,409,992,921	)		6,217,638,494
Select Shares
Shares sold		8,194,089,563			6,392,022,858
Reinvestment of distributions		6,865,222			682,769
Shares redeemed		(9,038,094,344	)		(5,002,961,577	)
		(837,139,559	)		1,389,744,050
Preferred Shares
Shares sold		2,790,204,684			889,830,559
Reinvestment of distributions		129,915			4,637
Shares redeemed		(2,848,127,716	)		(839,182,179	)
		(57,793,117	)		50,653,017
Capital Shares
Shares sold		1,757,607,292			717,653,705
Reinvestment of distributions		561,194			6,126
Shares redeemed		(1,850,937,346	)		(552,929,140	)
		(92,768,860	)		164,730,691
Administration Shares
Shares sold		1,697,152,174			1,283,121,797
Reinvestment of distributions		323,068			16,469
Shares redeemed		(1,812,259,753	)		(1,129,595,021	)
		(114,784,511	)		153,543,245
Premier Shares
Shares sold		—			—
Reinvestment of distributions		1			—
Shares redeemed		—			—
		1			—
Service Shares
Shares sold		218,281,802			176,633,158
Reinvestment of distributions		1,164			1,080
Shares redeemed		(222,349,097	)		(176,531,609	)
		(4,066,131	)		102,629
Resource Shares
Shares sold		—			—
Reinvestment of distributions		1			—
Shares redeemed		—			—
		1			—
Cash Management Shares
Shares sold		14,627,940			13,202,769
Reinvestment of distributions		646			227
Shares redeemed		(11,927,270	)		(5,162,826	)
		2,701,316			8,040,170
NET INCREASE (DECREASE) IN SHARES		(18,513,843,781	)		7,984,452,296

76

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		103,785,116,510			69,161,619,441
Reinvestment of distributions		11,417,004			1,073,818
Shares redeemed		(105,708,221,276	)		(70,885,373,477	)
		(1,911,687,762	)		(1,722,680,218	)
Select Shares
Shares sold		2,117,945,818			442,506,580
Reinvestment of distributions		270,446			8,869
Shares redeemed		(2,197,760,584	)		(472,513,053	)
		(79,544,320	)		(29,997,604	)
Preferred Shares
Shares sold		5,446,341,434			3,694,122,718
Reinvestment of distributions		510,400			26,507
Shares redeemed		(5,500,202,709	)		(3,469,610,401	)
		(53,350,875	)		224,538,824
Capital Shares
Shares sold		602,761,250			409,646,264
Reinvestment of distributions		161,889			4,613
Shares redeemed		(566,760,887	)		(377,999,128	)
		36,162,252			31,651,749
Administration Shares
Shares sold		13,601,562,982			10,673,725,644
Reinvestment of distributions		374,085			22,830
Shares redeemed		(14,244,549,509	)		(10,424,704,689	)
		(642,612,442	)		249,043,785
Premier Shares
Shares sold		—			1
Reinvestment of distributions		—			—
Shares redeemed		(5	)		—
		(5	)		1
Service Shares
Shares sold		4,837,531,314			9,927,354,265
Shares converted from Class B Shares(a)		—			2,125,755
Reinvestment of distributions		28,135			60,764
Shares redeemed		(5,361,694,359	)		(10,090,976,848	)
		(524,134,910	)		(161,436,064	)
Class B Shares(a)
Shares sold		—			140,281
Shares converted to Service Shares		—			(2,125,755	)
Reinvestment of distributions		—			27
Shares redeemed		—			(1,213,401	)
		—			(3,198,848	)
Class C Shares
Shares sold		9,508,979			9,406,529
Reinvestment of distributions		2,021			1,915
Shares redeemed		(10,820,524	)		(10,360,943	)
		(1,309,524	)		(952,499	)
Resource Shares
Shares sold		101,281,054			128,972,371
Reinvestment of distributions		6,820			7,548
Shares redeemed		(101,514,632	)		(135,480,663	)
		(226,758	)		(6,500,744	)
Cash Management Shares
Shares sold		5			—
Reinvestment of distributions		—			—
Shares redeemed		(5	)		—
		—			—
NET DECREASE IN SHARES		(3,176,704,344	)		(1,419,531,618	)

(a) Class B Shares were converted to Service Shares at the close of business on November 14, 2014.

77

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Tax-Exempt Money Market Fund
	For the Period Ended August 31, 2016*
Institutional Shares
Shares sold		14,995,333
Reinvestment of distributions		2,644
Shares redeemed		(2,502,693	)
		12,495,284
Select Shares
Shares sold		10,000
Reinvestment of distributions		7
Shares redeemed		—
		10,007
Preferred Shares
Shares sold		10,000
Reinvestment of distributions		4
Shares redeemed		—
		10,004
Capital Shares
Shares sold		10,000
Reinvestment of distributions		3
Shares redeemed		—
		10,003
Administration Shares
Shares sold		10,000
Reinvestment of distributions		2
Shares redeemed		—
		10,002
Service Shares
Shares sold		10,000
Reinvestment of distributions		2
Shares redeemed		—
		10,002
Resource Shares
Shares sold		10,005
Reinvestment of distributions		2
Shares redeemed		(5	)
		10,002
NET INCREASE IN SHARES		12,555,304

* Commenced operations on March 31, 2016.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Treasury Instruments Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		172,852,122,298			110,075,364,816
Reinvestment of distributions		38,873,240			260,516
Shares redeemed		(156,390,561,598	)		(107,151,473,696	)
		16,500,433,940			2,924,151,636
Select Shares
Shares sold		49,612,983			341,563,593
Reinvestment of distributions		19,119			1,190
Shares redeemed		(108,631,567	)		(454,486,171	)
		(58,999,465	)		(112,921,388	)
Preferred Shares
Shares sold		455,706,727			417,407,771
Reinvestment of distributions		7,441			282
Shares redeemed		(476,011,362	)		(427,710,336	)
		(20,297,194	)		(10,302,283	)
Capital Shares
Shares sold		2,575,909,714			1,592,772,320
Reinvestment of distributions		111,256			2,724
Shares redeemed		(2,433,503,089	)		(1,402,897,479	)
		142,517,881			189,877,565
Administration Shares
Shares sold		8,080,799,975			5,528,070,349
Reinvestment of distributions		13,405			8,853
Shares redeemed		(7,996,187,327	)		(4,657,953,847	)
		84,626,053			870,125,355
Premier Shares
Shares sold		20,005,149			1,225,126
Reinvestment of distributions		—			13
Shares redeemed		(917,314	)		(3,892,090	)
		19,087,835			(2,666,951	)
Service Shares
Shares sold		322,514,582			563,884,438
Reinvestment of distributions		552			536
Shares redeemed		(428,002,431	)		(506,817,396	)
		(105,487,297	)		57,067,578
Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
Cash Management Shares
Shares sold		278,298			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		278,298			—
NET INCREASE IN SHARES		16,562,160,051			3,915,331,512

79

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		97,363,853,064			83,027,774,903
Reinvestment of distributions		10,384,855			470,494
Shares redeemed		(90,182,570,590	)		(83,091,755,213	)
		7,191,667,329			(63,509,816	)
Select Shares
Shares sold		873,046,093			485,570,090
Reinvestment of distributions		179,323			11,267
Shares redeemed		(537,103,323	)		(596,401,590	)
		336,122,093			(110,820,233	)
Preferred Shares
Shares sold		1,141,034,269			1,143,988,026
Reinvestment of distributions		55,229			8,104
Shares redeemed		(1,279,977,158	)		(1,128,953,751	)
		(138,887,660	)		15,042,379
Capital Shares
Shares sold		2,978,985,083			1,048,118,763
Reinvestment of distributions		186,951			15,924
Shares redeemed		(3,017,277,611	)		(962,257,750	)
		(38,105,577	)		85,876,937
Administration Shares
Shares sold		6,933,045,331			7,111,895,286
Reinvestment of distributions		28,279			27,807
Shares redeemed		(7,009,778,183	)		(7,635,989,238	)
		(76,704,573	)		(524,066,145	)
Premier Shares
Shares sold		—			—
Reinvestment of distributions		—			12
Shares redeemed		—			(947,116	)
		—			(947,104	)
Service Shares
Shares sold		2,298,748,847			3,501,209,615
Reinvestment of distributions		9,364			15,650
Shares redeemed		(2,451,687,483	)		(3,476,071,679	)
		(152,929,272	)		25,153,586
Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		7,121,162,340			(573,270,396	)

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Treasury Solutions Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		28,752,349,005			18,861,857,769
Reinvestment of distributions		9,208,383			475,267
Shares redeemed		(28,938,114,201	)		(17,962,709,303	)
		(176,556,813	)		899,623,733
Select Shares
Shares sold		6,200,006			76,131,751
Reinvestment of distributions		11,386			2,087
Shares redeemed		(7,508,363	)		(101,922,099	)
		(1,296,971	)		(25,788,261	)
Preferred Shares
Shares sold		697,520,894			157,068,380
Reinvestment of distributions		24,437			2,432
Shares redeemed		(662,712,556	)		(168,566,686	)
		34,832,775			(11,495,874	)
Capital Shares
Shares sold		1,336,137,651			221,262,990
Reinvestment of distributions		49,784			17
Shares redeemed		(1,175,205,221	)		(173,889,259	)
		160,982,214			47,373,748
Administration Shares
Shares sold		439,259,245			666,400,848
Reinvestment of distributions		8,175			10,964
Shares redeemed		(639,648,519	)		(679,603,013	)
		(200,381,099	)		(13,191,201	)
Premier Shares
Shares sold		9			—
Reinvestment of distributions		—			471
Shares redeemed		(5	)		(17,833,415	)
		4			(17,832,944	)
Service Shares
Shares sold		1,323,551,907			2,344,631,092
Reinvestment of distributions		5,066			10,863
Shares redeemed		(1,536,207,787	)		(2,425,243,543	)
		(212,650,814	)		(80,601,588	)
Resource Shares
Shares sold		5			—
Reinvestment of distributions		—			—
Shares redeemed		(5	)		—
		—			—
Cash Management Shares
Shares sold		250,039,275			334,531,352
Reinvestment of distributions		—			—
Shares redeemed		(324,308,723	)		(277,620,535	)
		(74,269,448	)		56,910,817
NET INCREASE (DECREASE) IN SHARES		(469,340,152	)		854,998,430

81

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs Trust and Shareholders of the Goldman Sachs Financial Square Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Tax-Exempt Money Market Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (collectively the “Funds”), funds of the Goldman Sachs Trust, at August 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

82

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited)

As a shareholder of Institutional Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, Cash Management Shares or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service and/or shareholder administration fees (with respect to all share classes except Institutional Shares and Class R6 Shares) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, Cash Management Shares or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 31, 2016 through August 31, 2016, which represents a period of 154 days of a 366 day year for the Tax-Exempt Money Market Fund; and from March 1, 2016 through August 31, 2016, which represents a period of 184 days of a 366 day year for the remaining Funds.

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 column heading entitled “Expenses Paid” to estimate the expenses you paid on your account for 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.

	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Institutional Shares
Actual	$	1,000.00	$	1,001.16		$	1.01	$	1,000.00	$	1,001.39		$	0.91	$	1,000.00	$	1,002.06		$	0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.13	+		1.02		1,000.00		1,024.23	+		0.92		1,000.00		1,024.23	+		0.92
Select Shares
Actual		1,000.00		1,001.01			1.16		1,000.00		1,001.24			1.06		1,000.00		1,001.90			1.06
Hypothetical (5% return before expenses)		1,000.00		1,023.98	+		1.17		1,000.00		1,024.08	+		1.07		1,000.00		1,024.08	+		1.07
Preferred Shares
Actual		1,000.00		1,000.65			1.56		1,000.00		1,000.89			1.41		1,000.00		1,001.55			1.41
Hypothetical (5% return before expenses)		1,000.00		1,023.58	+		1.58		1,000.00		1,023.73	+		1.42		1,000.00		1,023.73	+		1.42
Capital Shares
Actual		1,000.00		1,000.40			1.76		1,000.00		1,000.64			1.66		1,000.00		1,001.30			1.66
Hypothetical (5% return before expenses)		1,000.00		1,023.38	+		1.78		1,000.00		1,023.48	+		1.68		1,000.00		1,023.48	+		1.68
Administration Shares
Actual		1,000.00		1,000.08			2.11		1,000.00		1,000.14			2.16		1,000.00		1,000.80			2.16
Hypothetical (5% return before expenses)		1,000.00		1,023.03	+		2.14		1,000.00		1,022.97	+		2.19		1,000.00		1,022.97	+		2.19
Premier Shares
Actual		1,000.00		1,000.05			2.16		1,000.00		1,000.14			0.90		1,000.00		1,000.80			0.91
Hypothetical (5% return before expenses)		1,000.00		1,022.97	+		2.19		1,000.00		1,024.23	+		0.92		1,000.00		1,024.23	+		0.92
Service Shares
Actual		1,000.00		1,000.03			2.11		1,000.00		1,000.03			2.26		1,000.00		1,000.03			2.92
Hypothetical (5% return before expenses)		1,000.00		1,023.03	+		2.14		1,000.00		1,022.87	+		2.29		1,000.00		1,022.22	+		2.95
Class A Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.14			2.16		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,022.97	+		2.19		N/A		N/A			N/A
Class C Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.14			2.21		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,022.92	+		2.24		N/A		N/A			N/A
Resource Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.03			2.26		1,000.00		1,000.80			0.91
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,022.87	+		2.29		1,000.00		1,024.23	+		0.92
Cash Management Shares
Actual		1,000.00		1,000.04			2.16		1,000.00		1,000.14			2.01		1,000.00		1,000.03			2.92
Hypothetical (5% return before expenses)		1,000.00		1,022.97	+		2.19		1,000.00		1,023.13	+		2.03		1,000.00		1,022.22	+		2.95
Class R6 Shares
Actual		N/A		N/A			N/A		1,000.00		1,001.39			0.91		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,024.23	+		0.92		N/A		N/A			N/A

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Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited) (continued)

	Prime Obligations							Tax-Exempt Money Market(a)							Treasury Instruments Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/31/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Institutional Shares
Actual	$	1,000.00	$	1,001.97		$	0.91	$	1,000.00	$	1,000.86		$	0.76	$	1,000.00	$	1,000.99		$	1.01
Hypothetical (5% return before expenses)		1,000.00		1,024.23	+		0.92		1,000.00		1,024.23	+		0.92		1,000.00		1,024.13	+		1.02
Select Shares
Actual		1,000.00		1,001.82			1.06		1,000.00		1,000.73			0.93		1,000.00		1,000.84			1.16
Hypothetical (5% return before expenses)		1,000.00		1,024.08	+		1.07		1,000.00		1,024.03	+		1.12		1,000.00		1,023.98	+		1.17
Preferred Shares
Actual		1,000.00		1,001.47			1.41		1,000.00		1,000.45			1.22		1,000.00		1,000.49			1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.73	+		1.42		1,000.00		1,023.68	+		1.48		1,000.00		1,023.63	+		1.53
Capital Shares
Actual		1,000.00		1,001.22			1.66		1,000.00		1,000.27			1.35		1,000.00		1,000.24			1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.48	+		1.68		1,000.00		1,023.53	+		1.63		1,000.00		1,023.38	+		1.78
Administration Shares
Actual		1,000.00		1,000.71			2.16		1,000.00		1,000.19			1.43		1,000.00		1,000.01			1.96
Hypothetical (5% return before expenses)		1,000.00		1,022.97	+		2.19		1,000.00		1,023.43	+		1.73		1,000.00		1,023.18	+		1.98
Premier Shares
Actual		1,000.00		1,000.71			0.91		N/A		N/A			N/A		1,000.00		1,000.01			2.01
Hypothetical (5% return before expenses)		1,000.00		1,024.23	+		0.92		N/A		N/A			N/A		1,000.00		1,023.13	+		2.03
Service Shares
Actual		1,000.00		1,000.05			2.87		1,000.00		1,000.20			1.47		1,000.00		1,000.01			1.96
Hypothetical (5% return before expenses)		1,000.00		1,022.27	+		2.90		1,000.00		1,023.38	+		1.78		1,000.00		1,023.18	+		1.98
Class C Shares
Actual		1,000.00		1,000.05			2.82		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,022.32	+		2.85		N/A		N/A			N/A		N/A		N/A			N/A
Resource Shares
Actual		1,000.00		1,000.05			2.82		1,000.00		1,000.19			1.47		1,000.00		1,000.01			1.86
Hypothetical (5% return before expenses)		1,000.00		1,022.32	+		2.85		1,000.00		1,023.38	+		1.78		1,000.00		1,023.28	+		1.88
Cash Management Shares
Actual		1,000.00		1,000.71			0.91		N/A		N/A			N/A		1,000.00		1,000.01			2.01
Hypothetical (5% return before expenses)		1,000.00		1,024.23	+		0.92		N/A		N/A			N/A		1,000.00		1,023.13	+		2.03

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Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited) (continued)

	Treasury Obligations Fund							Treasury Solutions Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Institutional Shares
Actual	$	1,000.00	$	1,001.13		$	1.01	$	1,000.00	$	1,001.02		$	1.01
Hypothetical (5% return before expenses)		1,000.00		1,024.13	+		1.02		1,000.00		1,024.13	+		1.02
Select Shares
Actual		1,000.00		1,000.97			1.16		1,000.00		1,000.87			1.16
Hypothetical (5% return before expenses)		1,000.00		1,023.98	+		1.17		1,000.00		1,023.98	+		1.17
Preferred Shares
Actual		1,000.00		1,000.62			1.51		1,000.00		1,000.52			1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.63	+		1.53		1,000.00		1,023.63	+		1.53
Capital Shares
Actual		1,000.00		1,000.37			1.76		1,000.00		1,000.27			1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.38	+		1.78		1,000.00		1,023.38	+		1.78
Administration Shares
Actual		1,000.00		1,000.03			2.11		1,000.00		1,000.03			2.01
Hypothetical (5% return before expenses)		1,000.00		1,023.03	+		2.14		1,000.00		1,023.13	+		2.03
Premier Shares
Actual		1,000.00		1,000.03			1.86		1,000.00		1,000.03			1.81
Hypothetical (5% return before expenses)		1,000.00		1,023.28	+		1.88		1,000.00		1,023.33	+		1.83
Service Shares
Actual		1,000.00		1,000.03			2.11		1,000.00		1,000.03			2.01
Hypothetical (5% return before expenses)		1,000.00		1,023.03	+		2.14		1,000.00		1,023.13	+		2.03
Resource Shares
Actual		1,000.00		1,000.03			1.86		1,000.00		1,000.03			1.86
Hypothetical (5% return before expenses)		1,000.00		1,023.28	+		1.88		1,000.00		1,023.28	+		1.88
Cash Management Shares
Actual		1,000.00		1,000.03			1.86		1,000.00		1,000.03			2.01
Hypothetical (5% return before expenses)		1,000.00		1,023.28	+		1.88		1,000.00		1,023.13	+		2.03

85

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Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited) (continued)

* 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 August 31, 2016. 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	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares			Class R6 Shares
Federal Instruments		0.20	%		0.23	%		0.31	%		0.35	%		0.42	%		0.43	%		0.42	%		N/A			N/A			N/A			0.43	%		N/A
Government		0.18	%		0.21	%		0.28	%		0.33	%		0.43	%		0.18	%		0.45	%		0.43	%		0.44	%		0.45	%		0.40	%		0.18	%
Money Market		0.18	%		0.21	%		0.28	%		0.33	%		0.43	%		0.18	%		0.58	%		N/A			N/A			0.18	%		0.58	%		N/A
Prime Obligations		0.18	%		0.21	%		0.28	%		0.33	%		0.43	%		0.18	%		0.57	%		N/A			0.56	%		0.56	%		0.18	%		N/A
Tax-Exempt Money Market(a)		0.18	%		0.22	%		0.29	%		0.32	%		0.34	%		N/A			0.35	%		N/A			N/A			0.35	%		N/A			N/A
Treasury Instruments		0.20	%		0.23	%		0.30	%		0.35	%		0.39	%		0.40	%		0.39	%		N/A			N/A			0.37	%		0.40	%		N/A
Treasury Obligations		0.20	%		0.23	%		0.30	%		0.35	%		0.42	%		0.37	%		0.42	%		N/A			N/A			0.37	%		0.37	%		N/A
Treasury Solutions		0.20	%		0.23	%		0.30	%		0.35	%		0.40	%		0.36	%		0.40	%		N/A			N/A			0.37	%		0.40	%		N/A

+ 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.

^(a)  Commenced operations on March 31, 2016.

86

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Money Market Fund, Goldman Sachs Financial Square Prime Obligations Fund, Goldman Sachs Financial Square Tax-Exempt Money Market Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2017 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2016 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time (except for the Financial Square Federal Instruments Fund, which commenced operations on October 30, 2015, and the Financial Square Tax-Exempt Money Market Fund, which commenced operations on March 31, 2016); and

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

87

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

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

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (with the exception of the Financial Square Tax-Exempt Money Market Fund, which commenced operations in 2016) and the Trust as a whole to the Investment Adviser and its affiliates;

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund (except for the Financial Square Federal Instruments Fund, which commenced operations on October 30, 2015, and the Financial Square Tax-Exempt Money Market Fund, which commenced operations on March 31, 2016) to its peers using rankings compiled by the Outside Data Provider as of December 31, 2015. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods.

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

The Trustees considered the performance of the Funds in light of their respective investment objectives and the credit parameters. They also considered the challenging yield environment in which the Funds had operated since 2009, and noted that the Investment Adviser had been able to maintain a stable net asset value and positive yield to meet the demand of the Funds’ investors, in many instances as the result of voluntary fee waivers and expense reimbursements. The Trustees considered that the Investment Adviser has continued to expend substantial resources to respond to amendments to the regulatory regime for money market funds. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors. The Trustees noted changes to the Financial Square Prime Obligations Fund’s investment strategy in December 2015 to permit the Fund to invest in U.S. dollar-denominated obligations of foreign issuers.

The Trustees noted that Financial Square Federal Instruments Fund had launched on October 30, 2015 and the Financial Square Tax-Exempt Money Market Fund had launched on March 31, 2016, and did not yet have meaningful performance histories.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman, Sachs & Co. (“Goldman Sachs”) had taken a number of steps, including waiving management, distribution, service, administration and/or transfer agency fees (as applicable) and reimbursing expenses for the Funds in order to maintain positive yields. They also observed that the Investment Adviser was expending substantial resources to respond to recent amendments to the regulatory regime for money market funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds (except for the Financial Square Tax-Exempt Money Market Fund, which commenced operations on March 31, 2016). In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund (with the exception of the Financial Square Tax-Exempt Money Market Fund) were provided for 2015 and 2014 (2015 only for the Financial Square Federal Instruments Fund), and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability.

The Trustees noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels; and the willingness of the Investment Adviser and Goldman Sachs to waive certain fees on a temporary basis in order to maintain positive Fund yields. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser. They also observed that the Investment Adviser’s (and its affiliates’) level of profitability had been reduced as a result of fee waivers and expense limitations.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2017.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II, Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Diana M. Daniels Age: 67	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Herbert J. Markley Age: 66	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

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Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 56	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	Verizon Communications Inc.

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Trustees and Officers (Unaudited) (continued)

Interested Trustees*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	139	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2016.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President and Principal Financial Officer.	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015), Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II, Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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

¹  Information is provided as of August 31, 2016.

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

95

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Goldman Sachs Funds — Financial Square Funds — Tax Information (Unaudited)

During the year ended August 31, 2016, 100% of the distributions from net investment income paid by the Financial Square Tax-Exempt Money Market Fund were exempt-interest dividends and as such, are not subject to U.S. federal income tax.

Pursuant to Section 852 of the Internal Revenue Code, the Financial Square Government, Financial Square Money Market, and Financial Square Treasury Obligations Funds designate $17,471, $160,415, and $154,001 or, if different, the maximum amount allowable, as capital gain dividends paid during the taxable year ended August 31, 2016.

During the year ended August 31, 2016, 100% of the net investment company taxable income distributions paid by the Financial Square Federal, Financial Square Government, Financial Square Tax-Exempt Money Market, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

96

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Treasury Solutions Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

n Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

n Investor Money Market Fund

n Investor Tax-Exempt Money Market Fund²

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short-Term Conservative Income Fund³

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Bond Fund

n Core Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Focused Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund⁴

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n N-11 Equity Fund

Select Satellite

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Global Real Estate Securities Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Absolute Return Multi-Asset Fund

n Global Infrastructure Fund

Total Portfolio Solutions

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Overlay Fund⁵

n Balanced Strategy Portfolio

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

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax-Advantaged Global Equity Portfolio

n Strategic Factor Allocation Fund

n Target Date 2020 Portfolio

n Target Date 2025 Portfolio

n Target Date 2030 Portfolio

n Target Date 2035 Portfolio

n Target Date 2040 Portfolio

n Target Date 2045 Portfolio

n Target Date 2050 Portfolio

n Target Date 2055 Portfolio

¹  You could lose money by investing in a money market fund. Because the share price of certain money market funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Certain money market funds may impose a fee upon the 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 a money market fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market funds’ 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  Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

³  Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁴  Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁵  Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund.

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

* 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 Ashok N. Bakhru, Chairman Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Qs may be obtained upon request and without charge by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares of a Fund) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

Goldman, Sachs & Co. (‘‘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.

Fund holdings and allocations shown are as of August 31, 2016 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.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

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 Institution or from Goldman, Sachs & Co. by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2016 Goldman Sachs. All rights reserved. 66767-TMPL-10/2016 FSQAR-16/77.5K

Goldman Sachs Funds

Annual Report	August 31, 2016
	Investor FundsSM
	Money Market*
	Tax-Exempt Money Market**

* The Goldman Sachs Investor Market Fund commenced operations on January 29, 2016.

** Effective March 31, 2016, the name of the Goldman Sachs Financial Square Tax-Free Money Market Fund was changed to the Goldman Sachs Investor Tax-Exempt Money Market Fund. In addition, as of October 11, 2016, the Fund only accepts investments from accounts beneficially owned by natural persons.

Goldman Sachs Investor Funds

n MONEY MARKET FUND

n TAX-EXEMPT MONEY MARKET FUND

TABLE OF CONTENTS
Market Review	1
Portfolio Results	4
Fund Basics	8
Yield Summary	9
Sector Allocations	10
Schedules of Investments	11
Financial Statements	19
Financial Highlights	22
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	36
Other Information	37

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Investor Funds

Market Review

In September 2015, the Federal Reserve (the “Fed”) remained on hold, keeping the targeted federal funds (“fed funds”) rate near zero and sending a dovish message to the financial markets. (Dovish messaging tends to suggest lower interest rates.) As a result, participant projections for the fed funds rate and the timing of Fed action shifted down and extended out, respectively. Inflation projections for the next few years also came down as did the expected unemployment rate. However, we believe Fed messaging increasingly indicated a desire to raise rates in 2015. As for economic data, U.S. non-farm payrolls were disappointing, with 142,000 new jobs added in August 2015, below market expectations of approximately 200,000. The unemployment rate remained at 5.1%. The U.S. Institute for Supply Management (“ISM”) Manufacturing Purchasing Managers’ Index (“PMI”) declined to 50.2 in September 2015 from 51.1 in August 2015. Core inflation was flat at 1.8% year over year in September 2015. The end of September 2015 also saw the biggest use of the Fed’s reverse repurchase agreement program (“RRP”) facility since it was instituted, with $475 billion in total bids across the two term auctions and the overnight facility and $450 billion in total take-up or purchases. (Through the RRP, the Fed lends U.S. Treasury securities to counterparties, such as dealers, money market funds and government-sponsored entities, in exchange for cash. The RRP is intended to help set a floor under short-term interest rates after years of near-zero Fed policy rates and quantitative easing.) The total bids across all three auctions slightly exceeded year-end 2014. Sharp bill pay-downs as a result of debt ceiling constraints, quarter-end balance sheet pressures and a contingent of front-end investors caught off-guard by the Fed remaining on hold all contributed to the increase. Short-term Treasury bills were offered at negative rates into 2016, and liquidity was challenged across the board as the U.S. Treasury cut bill supply.

In the fourth quarter of 2015, the Fed delivered its first interest rate hike since 2006. More specifically, the Fed raised the targeted fed funds rate by 25 basis points in December 2015 and projected four rate hikes for the 2016 calendar year. (A basis point is 1/100th of a percentage point.) The U.S. economy continued to display a positive growth trend. U.S. non-farm payrolls indicated 292,000 new jobs in December 2015, above market expectations of approximately 200,000, and the data for October and November 2015 were also revised upward by 50,000 new jobs. The December 2015 unemployment rate fell to 5.0% despite a 0.1% increase in the labor participation rate. In contrast, economic growth in other developed countries softened, and emerging markets economies broadly weakened, due largely to falling commodity prices and concerns around a slowdown in China’s economy. Outside the U.S., the global monetary policy environment remained highly accommodative. Despite accommodative monetary policies, inflation remained subdued in the world’s major economies during the fourth calendar quarter.

In the first quarter of 2016, all eyes were on the Fed, with the release of its policy statement, updated economic projections and a press conference following a two-day meeting in March 2016 of particular attention. The statement leaned dovish, as it twice mentioned global economic conditions as a key concern. The projections were also dovish, as the path of interest rates came down, with the median projection then calling for two hikes in 2016, down from four in December 2015. Near-term core inflation was unchanged. The press conference was fairly balanced, focusing on global concerns and inflation expectations, which remained lower than the Fed would like, among other topics. However, the Fed was also careful to note that it does not view an overshoot of its inflation target as an acceptable outcome. Markets reacted accordingly, with rates rallying, the U.S. dollar weakening, equities rising and the derivative

1

MARKET REVIEW

market reflecting the reduced probability of a June 2016 interest rate hike. The Fed signaled more sensitivity to the global economic environment than expected by many market participants. On the economic front, the labor market performed well, and developments at the end of the first quarter of 2016 maintained the dichotomy between further improvement in the labor market and concerns about global conditions on the part of the Fed leadership. Non-farm payrolls were above consensus expectations. The unemployment rate remained at 5.0%, however, this was largely due to an uptick in the participation rate, also by 0.1%, to 63.0%. Average hourly earnings rose more than the consensus expected, increasing at a 2.3% year over year pace.

During the second quarter of 2016, commodities prices seemed to stabilize and perceived risks surrounding slowing Chinese economic growth and the potential of a U.S. recession declined. In June 2016, however, the U.K.’s surprise “leave” vote in its referendum about membership in the European Union, popularly known as “Brexit,” produced a renewed sense of uncertainty in the markets. The upcoming U.S. elections also appeared, in our view, to increase market uncertainty and volatility. U.S. economic news was positive, with U.S. non-farm payrolls indicating 287,000 new jobs in June 2016, significantly above market expectations of approximately 180,000. The unemployment rate ticked down to 4.9%. Still, it remained unclear what the jobs report would mean for the Fed given limited wage/inflation pressure. The Fed remained focused on downside risk and lack of inflation pressure.

The Fed met in June 2016. Although its subsequent statement was marginally dovish, and the economic data estimates for Gross Domestic Product (“GDP”), inflation and unemployment were largely unchanged, the fed funds rate forecast shifted in a materially dovish way. Median projections for 2017-2018 as well as the long-term fed funds rate estimate all came down. In addition, the tone of the press conference leaned dovish, with worries about slowing labor market momentum as the key takeaway. Given the small changes to the economic forecasts followed by the larger changes to the fed funds rate projections, we believed this dichotomy could be explained by one of two — or possibly both — ways. One is a dovish shift in the Fed reaction function (how it interprets and reacts to economic data and market developments). The other is a belief that the U.S. economy’s long-term potential is diminished and therefore may require a lower rate of interest going forward, a theory the Fed had previously been reluctant to embrace.

During July 2016, growth in many economies outside the U.S. was faltering, political and geopolitical event risk was elevated and central bank monetary policy was, in our view, increasingly disruptive. In this environment, steady job gains in the U.S. and positive global economic data surprises provided critical fundamental support for the financial markets and for market expectations of a Fed rate hike by year-end 2016. The Global Manufacturing PMI rose to 51.0 in July 2016 from 50.3 in June 2016, signaling improvements in global manufacturing activity — an eight-month high, according to J.P. Morgan — reversing weakness seen during the first half of 2016. In the U.S., non-farm payrolls indicated 255,000 new jobs were created in July 2016, higher than the market expectations of approximately 180,000 new jobs. The U.S. unemployment rate remained stable at 4.9%. The U.S. ISM Manufacturing PMI edged down to 52.6 in July 2016 from 53.2 in June 2016. Core inflation for June 2016, which was reported in July 2016, rose modestly to 2.3% year over year from 2.2% in May 2016.

In August 2016, global central banks maintained their accommodative monetary policies in the face of political uncertainties as well as anemic economic growth and inflation outlooks. The Bank of England (“BoE”) also unveiled monetary easing measures to cushion the

2

MARKET REVIEW

potential impact of Brexit. BoE Governor Carney described the package as “timely, coherent and comprehensive” and assured financial markets that all of its four measures had “scope for further action.” Elsewhere, the Bank of Japan (“BoJ”) fell short of market expectations with the announcement of an equity purchase program and the lack of key monetary measures, such as an interest rate cut and increased government bond purchases. In the U.S., hawkish comments from the Fed boosted market expectations of a rate hike during 2016. (Hawkish comments tend to suggest higher interest rates.) Economic data surprises on both the positive and negative sides suggested monetary policy action was most likely in December 2016. U.S. non-farm payrolls showed approximately 151,000 new jobs were created in August 2016, adding to the strong and above consensus readings of prior summer months. While the gains were moderate and below market expectations of 180,000, they were above the breakeven rate, which is the pace of job gains the Fed considers sufficient to hold unemployment steady over time. The U.S. unemployment rate remained at 4.9%. The U.S. ISM Manufacturing PMI edged down to 52.0 in August 2016. Core inflation for July 2016, which was reported in August 2016, fell marginally to 2.2% year over year from 2.3% in June 2016.

Looking Ahead

At the end of August 2016, weaker than consensus expected U.S. manufacturing and service sector data, combined with moderate non-farm payroll employment gains, reduced the market-implied probability of a Fed rate hike in September 2016. Given that the employment gains were above the Fed’s breakeven rate, however, we continued to expect an interest rate hike by year-end 2016.

Overall, we expect to keep the Funds conservatively positioned as we continue to focus on preservation of capital and daily liquidity. We do not believe there is value in sacrificing liquidity in exchange for opportunities that only modestly increase yield potential. We will continue to use our actively managed approach to seek the best possible return within the framework of our Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to navigate the interest rate environment.

3

PORTFOLIO RESULTS

Goldman Sachs Investor Money Market Fund

Investment Objective

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Money Market Fund’s (the “Fund”) performance and positioning for the period from its inception on January 29, 2016 through August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A The Fund’s standardized 7-day current yield was 0.58% and its standardized 7-day effective yield was 0.58% as of August 31, 2016. The Fund’s one-month simple average yield was 0.51% as of August 31, 2016. The Fund’s 7-day distribution yield as of August 31, 2016 was 0.58%.

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than total return quotations.

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

A The Fund’s yields edged up during the Reporting Period due primarily to the economic and market factors discussed above. With the targeted fed funds rate within a range of 0.25% and 0.50% throughout the Reporting Period, money market yields remained anchored near the same level with little difference between maturities. That said, the money market yield curve, or spectrum of maturities, flattened during the Reporting Period as yields on the shorter end of the curve rose more than yields on the longer end of the curve.

In keeping with our investment approach, we sought to position the Fund to take advantage of changes in the interest rate environment, and throughout the Reporting Period, we found pockets of opportunity to add extra yield, particularly further out on the curve. That said, it should be noted that regardless of interest rate conditions, we seek to manage the Fund consistently. Our investment approach is tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to seek to provide the best possible return within the framework of the Fund’s guidelines and investment objective.

Q How did you manage the Fund’s weighted average maturity during the Reporting Period?

A As the Fund commenced operations on January 29, 2016, we focused primarily on investing the portfolio during the first two months of the Reporting Period. At the beginning of the second quarter of 2016, the Fund’s weighted average maturity was in a range of between 35 days and 45 days. During the second calendar quarter, in advance of what we expected to be a rotation of cash from commercial paper strategies to government strategies before the implementation of money market fund reform (which becomes effective in October 2016), we shortened the Fund’s weighted average maturity to a range of between 25 days and 35 days. We maintained the Fund’s weighted average maturity at between 25 days and 35 days for the remainder of the Reporting Period. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Fund, taking into consideration any available maturity shortening features.

4

PORTFOLIO RESULTS

Q How did you manage the Fund’s weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of the Fund below 120 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Q How was the Fund invested during the Reporting Period?

A The Fund had investments in commercial paper, asset-backed commercial paper, U.S. Treasury securities, government agency securities, repurchase agreements (“repos”), government guaranteed paper, variable rate demand notes and certificates of deposit during the Reporting Period.

Q Did you make any changes to the Fund’s portfolio during the Reporting Period?

A During the Reporting Period, we made adjustments to the Fund’s weighted average maturity and its allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

The U.S. Securities and Exchange Commission (“SEC”) adopted changes to the rules that govern money market funds. These changes will: (1) permit money market funds to impose a “liquidity fee” (up to 2%) or “redemption gate” that temporarily restricts redemptions from the funds, if weekly liquidity levels fall below the required regulatory threshold, and (2) require “institutional” money market funds to operate with a floating net asset value (“NAV”) rounded to the fourth decimal place. For additional information, refer to the Funds’ current prospectuses at www.gsamfunds.com.

5

PORTFOLIO RESULTS

Goldman Sachs Investor Tax-Exempt Money Market Fund

Investment Objective

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Tax-Exempt Money Market Fund’s¹ (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A The Fund’s standardized 7-day current yield was 0.38% and its standardized 7-day effective yield was 0.38% as of August 31, 2016. The Fund’s one-month simple average yield was 0.30% as of August 31, 2016. The Fund’s 7-day distribution yield as of August 31, 2016 was 0.38%.

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than total return quotations.

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

A The Fund’s yields, which were low at the beginning of the Reporting Period, moved higher, due in part to the economic and market factors discussed in the Market Review. Tax-exempt money market yields rose modestly as investors priced in the potential, and then the reality, of the Fed’s interest rate hike in December 2015. The tax-exempt money market yield curve, or spectrum of maturities, flattened during the Reporting Period as yields on the shorter end of the curve rose more than yields on the longer end of the curve.

The Fund’s holdings of variable rate demand notes (“VRDNs”) also added to its yields during the Reporting Period overall. In the first four months of the Reporting Period, the Securities Industry and Financial Markets Association (“SIFMA”) 7-day VRDN Index remained near record lows, as high demand and strained supply put pressure on VRDN prices. Because of these supply and demand conditions, the SIFMA 7-day VRDN Index remained at an all-time low of 0.01% in spite of the Fed rate hike in December 2015. At the same time, most tax-exempt money market funds sought to maintain shorter maturity positions ahead of the implementation of money market fund reform, which becomes effective in October 2016. As a result of tight supply, many of these funds focused their purchases on securities with lower interest rates that were set to mature in early 2016, rather than on full one-year maturities. In early 2016, the SIFMA 7-day VRDN Index rose from its lows as outflows from tax-exempt money market funds increased, especially around tax time. Between January 2016 and the end of the Reporting Period, tax-exempt money market funds experienced approximately $100 billion of outflows — the highest in several years — as short-maturity tax-exempt bonds remained relatively expensive compared to a number of other assets. There was also a dramatic increase in VRDN investments by taxable money market funds, as the SIFMA 7-day VRDN Index traded near levels that taxable money market funds would have to pay in interest for overnight time deposits. At the end of 2015, taxable commercial paper strategies held $16 billion in VRDNs, but by the end of June 2016, that number had increased to $26 billion. The SIFMA 7-day VRDN Index finished the Reporting Period at approximately 0.60%

Q How did you manage the Fund’s weighted average maturity during the Reporting Period?

A During the Reporting Period overall, the Fund’s weighted average maturity was generally in a range of between five days and 15 days. We maintained positions at the shorter end of our targeted weighted average maturity range in response

¹  Effective March 31, 2016, the name of the Goldman Sachs Financial Square Tax-Free Money Market was changed to the Goldman Sachs Investor Tax-Exempt Money Market Fund.

6

PORTFOLIO RESULTS

to upcoming money market fund reform, the likelihood of rising rates in 2016 and our focus on maintaining high liquidity. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Fund, taking into consideration any available maturity shortening features.

Q How did you manage the Fund’s weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of the Fund below 120 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Q How was the Fund invested during the Reporting Period?

A The Fund had investments during the Reporting Period in VRDNs, tax-exempt commercial paper, tax anticipation notes, general obligation bonds, government agency debt, Treasury repurchase agreements, revenue bonds and municipal put bonds.

Q Did you make any changes to the Fund’s portfolio during the Reporting Period?

A During the Reporting Period, we made adjustments to the Fund’s weighted average maturity and its allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

7

FUND BASICS

Investor Funds

as of August 31, 2016

PERFORMANCE REVIEW1
January 29, 2016–August 31, 2016	Fund Total Return (based on NAV)2 Class I Shares or Institutional Shares			iMoneynet Institutional Average3
Money Market		0.24	%		0.15	%4
September 1, 2015–August 31, 2016
Tax-Exempt Money Market		0.11	%		0.07	%5

The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  The Money Market Fund offers seven separate classes of shares (Class I, Class A, Class C, Administration, Cash Management, Resource and Service Shares) and the Tax-Exempt Money Market Fund offers eleven separate classes of shares (Institutional, Class A, Class C, Administration, Capital, Cash Management, Preferred, Premier, Resource, Select, and Service Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I and Institutional Shares do not have distribution (12b-1), administration or shareholder service fees. The Class A, Class C, Administration, Capital, Cash Management, Preferred, Premier, Resource, Select, and Service Shares offer financial institutions the opportunity to receive fees for providing certain distribution (12b-1), administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution (12b-1), administration and/or shareholder service fees (as applicable) at the following contractual rates: Class A Shares pay 0.25%, Class C Shares pay 0.75%, Administration Shares pay 0.25%, Capital Shares pay 0.15%, Cash Management Shares pay 0.80%, Preferred Shares pay 0.10%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Select Shares pay 0.03%, and Service Shares pay 0.50%.

If these fees were reflected in the above performance, performance would have been reduced.

²  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. A 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.

³  Source: iMoneyNet, Inc. August 2016

⁴  First Tier Institutional — Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

⁵  Tax-Exempt National — Category includes all retail and institutional national tax-exempt and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds — 6 months & less, put bonds — over 6 months, AMT paper, and other tax-free holdings.

8

YIELD SUMMARY

STANDARDIZED TOTAL RETURNS1,6
For the period ended 6/30/16	SEC 7-Day Current Yield7			One Year			Five Years			Ten Years			Since Inception			Inception Date
Money Market		0.42	%		N/A			N/A			N/A			0.16	%		1/29/16
Tax-Exempt Money Market		0.25			0.06	%		0.03	%		0.79	%		1.83			7/19/94

⁶  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) of Class I or Institutional Shares as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV.

Because Class I and Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The yields returns represent past performance. Past performance does not guarantee future results. The Funds’ investment yields and returns will fluctuate as market conditions change. 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  The SEC 7-Day Current Yield figures are as of 6/30/16 and are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Standardized Total Return figures.

SUMMARY OF THE CLASS I AND INSTITUTIONAL SHARES1 AS OF 8/31/16
Fund	7-Day Dist. Yield8			SEC 7-Day Effective Yield9			30-Day Average Yield10			Weighted Avg. Maturity (days)11		Weighted Avg. Life (days)12
Money Market		0.58	%		0.58	%		0.51	%		29		61
Tax-Exempt Money Market		0.38			0.38			0.30			6		6

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

⁸  The 7-Day Distribution yield is the average total return over the previous seven days. It is a Fund’s total income net of expenses, divided by the total number of outstanding shares. This yield can include capital gain/loss distribution, if any. This is not a SEC Yield.

⁹  The SEC 7-Day Effective Yield of a Fund is calculated in accordance with securities industry regulations and do not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹⁰  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution.

¹¹  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹²  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

9

SECTOR ALLOCATIONS

INVESTOR MONEY MARKET FUND13
As of August 31, 2016
Security Type	Percentage of Net Assets
Certificates of Deposit - Yankeedollar		11.4	%
Commercial Paper & Corporate Obligations		25.0
Fixed Rate Municipal Debt Obligations		2.1
Repurchase Agreements		19.1
Variable Rate Municipal Debt Obligations		25.4
Variable Rate Obligations		15.9

¹³  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

INVESTOR TAX-EXEMPT MONEY MARKET FUND14
As of August 31, 2016
Security Type	Percentage of Net Assets
Commercial Paper		8.7	%
Put Bonds		0.5
Tax and Revenue Anticipation Notes		1.3
Variable Rate Obligations		89.5

As of August 31, 2015
Security Type	Percentage of Net Assets
Bond Anticipation Notes		1.7	%
Commercial Paper		11.8
General Obligation Bonds		6.9
Pre-Refunded Bonds		0.5
Put Bonds		0.9
Repurchase Agreements		0.6
Revenue Anticipation Notes		0.3
Revenue Bonds		1.9
Tax and Revenue Anticipation Notes		1.4
Tax Anticipation Notes		0.2
U.S. Government Agency Obligations		0.9
Variable Rate Obligations		73.5

¹⁴  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

10

INVESTOR MONEY MARKET FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 25.0%
	Albion Capital LLC
$	250,000		0.653	%		09/20/16	$	249,916
	Atlantic Asset Securitization LLC
	250,000		1.003			11/14/16		249,496
	Barton Capital LLC
	250,000		0.797			10/07/16		249,805
	BNP Paribas
	250,000		0.869			11/01/16		249,640
	Charta LLC
	250,000		0.963			01/06/17		249,171
	Cooperative Rabobank UA
	250,000		0.789			11/15/16		249,598
	Liberty Street Funding LLC
	250,000		0.828			11/09/16		249,612
	LMA Americas LLC
	250,000		1.023			11/07/16		249,535
	Matchpoint Finance PLC
	250,000		0.766			09/29/16		249,854
	SSM Health Care Corp.
	250,000		0.714			09/14/16		249,936
	Thunder Bay Funding, Inc.
	250,000		0.766			11/21/16		249,578
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	2,746,141
	Certificates of Deposit-Yankeedollar – 11.4%
	Bank of Montreal
$	250,000		1.316	%(a)		08/11/17	$	250,000
	DZ Bank AG
	250,000		0.900			11/18/16		250,000
	Mizuho Bank Ltd.
	250,000		0.750			10/17/16		250,000
	National Bank of Kuwait
	250,000		0.900			09/09/16		250,000
	Westpac Banking Corp.
	250,000		1.125			03/17/17		249,993
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	1,249,993
	Fixed Rate Municipal Debt Obligation – 2.1%
	Providence Health & Services Obligated Group
$	225,000		5.800	%		10/01/16	$	225,593
	Variable Rate Municipal Debt Obligations(a) – 25.4%
	Alaska Housing Finance Corp. VRDN RB for Governmental Purpose Series 2001 B RMKT
$	180,000		0.600	%		09/07/16	$	180,000
	City of Charlotte, North Carolina VRDN RB for Uptown Revitalization Project Series 2004 (Wells Fargo Bank N.A., SPA)
	400,000		0.600			09/07/16		400,000
	Variable Rate Municipal Debt Obligations(a) – (continued)
	City of Gainesville, Florida Utilities System VRDN RB Refunding Series 2007 A (State Street Bank & Trust Co., SPA)
$	375,000		0.650	%		09/07/16	$	375,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A
	300,000		0.570			09/01/16		300,000
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows II Project Series 1998 C (FNMA) (FNMA, LIQ)
	220,000		0.600			09/07/16		220,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 A (GTY AGMT – Chevron Corp.)
	300,000		0.580			09/01/16		300,000
	Missouri Development Finance Board Cultural Facilities VRDN RB Refunding for Nelson Gallery Foundation Series 2008 A RMKT (Northern Trust Co., SPA)
	220,000		0.580			09/01/16		220,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2010 Subseries F-5 (Sumitomo Mitsui Banking Corp., LOC)
	250,000		0.620			09/07/16		250,000
	State of Texas GO VRDN for Veterans Bonds Series 2016 (Landesbank Hessen- Thueringen Girozentrale, SPA)
	305,000		0.640			09/07/16		305,000
	The Regents of the University of Michigan VRDN RB Refunding Series General 2008 B RMKT (U.S. Bank N.A., SPA)
	240,000		0.600			09/07/16		239,998
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	2,789,998
	Variable Rate Obligations(a) – 15.9%
	Bank of Nova Scotia (The)
$	250,000		1.007	%(b)		02/17/17	$	250,000
	Collateralized Commercial Paper Co. LLC
	250,000		1.157	(b)		07/06/17		250,000
	Norinchukin Bank (The)
	250,000		1.212			02/22/17		250,000
	Standard Chartered Bank
	250,000		1.204			02/03/17		250,000
	Sumitomo Mitsui Banking Corp.
	250,000		1.018			01/06/17		250,000
	Sumitomo Mitsui Trust Bank Ltd.
	250,000		0.998			01/06/17		250,000
	UBS AG
	250,000		1.058			01/13/17		250,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	1,750,000
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	8,761,725

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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – 19.1%
	Joint Repurchase Agreement Account III
$	2,100,000		0.335	%		09/01/16	$	2,100,000
	Maturity Value: $2,100,020
	TOTAL INVESTMENTS – 98.9%						$	10,861,725
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%							116,978
	NET ASSETS – 100.0%						$	10,978,703

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2016.
(b)	Security not registered under the Securities Act of 1933, as amended. Such securities may be deemed liquid by the Investment Adviser. At August 31, 2016, these securities amounted to $500,000 or approximately 4.6% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2016. Additional information on Joint Repurchase Agreement Account III appears on page 18.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
FNMA	—Insured by Federal National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDB	—Industrial Development Board
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MF Hsg	—Multi-Family Housing
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
VRDN	—Variable Rate Demand Notes

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 100.0%
	Alabama – 4.7%
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 2014 C
$	25,000,000		0.630	%		09/01/16	$	25,000,000
	East Alabama Health Care Authority VRDN RB Refunding Series 2012 B
	15,000,000		0.640			09/07/16		15,000,000
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2007 C RMKT
	11,500,000		0.630			09/07/16		11,500,000
	West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998 RMKT
	17,290,000		0.630			09/07/16		17,290,000
								68,790,000
	Arizona – 3.3%
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 G (Wells Fargo Bank N.A., LOC)
	9,000,000		0.640			09/07/16		9,000,000
	City of Phoenix IDA Health Care Facilities VRDN RB for Mayo Clinic Series 2014 A (Bank of America N.A., SPA) (GTY AGMT - Mayo Clinic)
	30,000,000		0.580			09/01/16		30,000,000
	County of Maricopa IDA Senior Living Facilities VRDN RB Refunding for Christian Care Apartments, Inc. Project Series 2005 A (FNMA, LIQ) (FNMA, LOC)
	9,875,000		0.620			09/07/16		9,875,000
								48,875,000
	California – 7.2%
	ABAG Finance Authority for Non-Profit Corporations VRDN RB for Lakeside Village Apartments Series 2011 A (FHLMC, LIQ)
	16,100,000		0.600			09/07/16		16,100,000
	Los Angeles Department of Water & Power VRDN RB Refunding for Power System Series 2001 Subseries B-6 RMKT (Bank of Montreal, SPA)
	21,500,000		0.540			09/01/16		21,500,000
	Los Angeles Department of Water & Power VRDN RB Refunding for Power System Series 2002 Subseries A-2 RMKT (Citibank N.A., SPA)
	23,500,000		0.530			09/01/16		23,500,000
	Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments Series 1996 C RMKT (FNMA) (FNMA, LIQ)
	7,290,000		0.630			09/07/16		7,290,000
	State of California GO VRDN Refunding for Kindergarten-University Public Education Facilities Series 2004 A-5 RMKT (Citibank N.A., LOC)
	30,370,000		0.520			09/01/16		30,370,000
	State of California GO VRDN Refunding for Kindergarten-University Public Education Facilities Series 2005 A Subseries A-2-1 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	2,100,000		0.620			09/07/16		2,100,000
	The Regents of the University of California VRDN RB Refunding General Series 2013 AL-2
	400,000		0.560			09/07/16		400,000
	The Regents of the University of California VRDN RB Refunding General Series 2013 AL-3
	4,000,000		0.580			09/07/16		4,000,000
								105,260,000
	Municipal Debt Obligations – (continued)
	Colorado – 2.6%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Refunding Series 2004 A RMKT (Bank of America N.A., SPA)
$	14,075,000		0.590	%		09/07/16	$	14,075,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 D (Wells Fargo Bank N.A., LIQ)
	16,700,000		0.590			09/07/16		16,700,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Adjustable Series 2001 AA-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)
	7,250,000		0.650			09/07/16		7,250,000
								38,025,000
	Connecticut – 1.3%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2011 Subseries E-3 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	13,850,000		0.600			09/07/16		13,850,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2014 Subseries C-2 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	5,500,000		0.590			09/07/16		5,500,000
								19,350,000
	Delaware – 3.5%
	Delaware State Health Facilities Authority VRDN RB Refunding for Christiana Care Health Services, Inc. Series 2008 B RMKT
	8,175,000		0.580			09/07/16		8,175,000
	University of Delaware VRDN RB Refunding Series 2013 C RMKT (TD Bank N.A., SPA)
	28,740,000		0.580			09/01/16		28,740,000
	University of Delaware VRDN RB Series 2004 B (Bank of America N.A., SPA)
	14,365,000		0.640			09/01/16		14,365,000
								51,280,000
	Florida – 2.0%
	Jacksonville Electric Authority Electric System VRDN RB Series Three 2008 A RMKT (Royal Bank of Canada, SPA)
	5,170,000		0.610			09/07/16		5,170,000
	Jacksonville Electric Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-1 RMKT (State Street Bank & Trust Co., SPA)
	11,045,000		0.610			09/07/16		11,045,000
	Pinellas County Health Facilities Authority VRDN RB for BayCare Health System Series 2009 A2 (Northern Trust Co., LOC)
	13,750,000		0.580			09/07/16		13,750,000
								29,965,000
	Georgia – 0.8%
	Private Colleges & Universities Authority CP for Emory University Series 2016
	1,277,000		0.500			10/03/16		1,277,000
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-1
	10,200,000		0.570			09/07/16		10,200,000
								11,477,000
	Idaho – 0.3%
	State of Idaho GO TANS Series 2016
	5,000,000		2.000			06/30/17		5,052,560

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Illinois – 3.9%
	Illinois Finance Authority VRDN RB for Northwestern University Series 2004 Subseries C RMKT
$	25,300,000		0.620	%		09/07/16	$	25,300,000
	Illinois Health Facilities Authority VRDN RB Refunding for Evanston Hospital Corp. Series 1996 RMKT (JPMorgan Chase Bank N.A., SPA)
	19,300,000		0.590			09/07/16		19,300,000
	Joliet Regional Port District Marine Term Revenue VRDN RB Refunding for ExxonMobil Project Series 1989
	12,500,000		0.570			09/01/16		12,499,877
								57,099,877
	Indiana – 3.1%
	Indiana Finance Authority Hospital VRDN RB Refunding for Indiana University Health Series 2016 C (BMO Harris Bank N.A., LOC)
	9,000,000		0.620			09/07/16		9,000,000
	Indiana Health Facility Financing Authority VRDN RB for Ascension Health Subordinate Credit Group Series 2005 A-2 RMKT
	13,585,000		0.620			09/07/16		13,585,000
	University of Purdue VRDN RB for Student Facilities System Series 2007 C
	22,520,000		0.620			09/07/16		22,520,000
								45,105,000
	Massachusetts – 3.7%
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-2 RMKT (Bank of America N.A., SPA)
	1,865,000		0.600			09/01/16		1,865,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-1 (U.S. Bank N.A., SPA)
	7,400,000		0.570			09/01/16		7,400,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-2 RMKT (Wells Fargo Bank N.A., SPA)
	13,100,000		0.570			09/01/16		13,100,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-3 RMKT (Wells Fargo Bank N.A. SPA)
	15,000,000		0.610			09/07/16		15,000,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)
	8,600,000		0.590			09/07/16		8,600,000
	University of Massachusetts Building Authority Project VRDN RB Senior Series 2008-1 RMKT (Barclays Bank PLC, SPA)
	8,000,000		0.650			09/07/16		8,000,000
								53,965,000
	Michigan – 4.2%
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016 E-2
	10,000,000		0.620			09/07/16		10,000,000
	Regents of the University of Michigan VRDN RB Refunding General Series 2012 B (Northern Trust Co., SPA)
	31,970,000		0.560			09/01/16		31,970,000
	Regents of the University of Michigan VRDN RB Refunding General Series 2012 D-1
	19,445,000		0.570			09/01/16		19,445,000
								61,415,000
	Municipal Debt Obligations – (continued)
	Minnesota – 0.3%
	Minnesota Higher Education Facilities Authority VRDN RB Refunding for Carleton College Series 2005 Six D RMKT (JPMorgan Chase Bank N.A., SPA)
$	4,360,000		0.660	%		09/07/16	$	4,360,000
	Mississippi – 3.6%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 B RMKT (GTY AGMT - Chevron Corp.)
	11,160,000		0.620			09/01/16		11,160,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 D RMKT (GTY AGMT - Chevron Corp.)
	29,900,000		0.580			09/01/16		29,900,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 E RMKT (GTY AGMT - Chevron Corp.)
	11,700,000		0.620			09/01/16		11,700,000
								52,760,000
	Missouri – 1.9%
	Missouri Development Finance Board Cultural Facilities VRDN RB Refunding for Nelson Gallery Foundation Series 2008 A RMKT (Northern Trust Co., SPA)
	8,780,000		0.580			09/01/16		8,780,000
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for BJC Health System Series 2005 B RMKT
	18,400,000		0.580			09/07/16		18,400,000
								27,180,000
	Multi-State – 3.6%
	Federal Home Loan Mortgage Corporation VRDN RB for Multi-Family Variable Rate Certificates Series 2013-M027 Class A (FHLMC, LIQ)
	15,690,000		0.590			09/07/16		15,690,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi-Family Variable Rate Certificates Series 2014-M031 Class A (FHLMC, LIQ)
	22,820,000		0.590			09/07/16		22,820,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi-Family Variable Rate Certificates Series 2015-M033 Class A (FHLMC, LIQ)
	10,485,000		0.590			09/07/16		10,485,000
	Nuveen AMT-Free Municipal Income Fund VRDP Series 2013-2-1309 (Citibank N.A., LIQ)(a)
	4,500,000		0.640			09/07/16		4,500,000
								53,495,000
	New Hampshire – 2.7%
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 B RMKT (The Bank of New York Mellon, SPA)
	40,200,000		0.590			09/01/16		40,200,000
	New Jersey – 0.5%
	New Jersey Housing & Mortgage Finance Agency Multi-Family Conduit VRDN RB for Lincoln Towers Project Series 2015 E RMKT
	7,000,000		0.480			09/01/16		7,000,000
	New York – 20.1%
	County of Nassau IDA Civic Facility Refunding & Improvement VRDN RB Refunding for Cold Spring Harbor Laboratory Project Series 1999 RMKT (TD Bank N.A., SPA)
	37,870,000		0.580			09/01/16		37,870,000
	New York City GO VRDN Refunding Series 2008 Subseries J-6 (Landesbank Hessen-Thueringen Girozentrale, LOC)
	15,580,000		0.590			09/01/16		15,580,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City GO VRDN Series 2005 Subseries F-3 (Sumitomo Mitsui Banking Corp., LOC)
$	9,600,000		0.570	%		09/07/16	$	9,600,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA, LIQ) (FNMA, LOC)
	16,500,000		0.650			09/07/16		16,500,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for Bruckner by the Bridge Series 2008 A RMKT (FHLMC, LIQ)
	8,000,000		0.640			09/07/16		8,000,000
	New York City Municipal Water Finance Authority CP Series 2016-1 (JPMorgan Chase Bank N.A., LOC)
	20,000,000		0.460			09/01/16		20,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Refunding Series 2014 Subseries BB-1 (Bank of America N.A., SPA)
	7,300,000		0.580			09/01/16		7,299,927
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Refunding Series 2015 Subseries AA-2 (PNC Bank N.A., SPA)
	2,000,000		0.600			09/01/16		2,000,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 Subseries A-1 (JPMorgan Chase Bank N.A., SPA)
	90,000		0.650			09/07/16		90,000
	New York City Transitional Finance Authority VRDN RB Refunding for Future Tax Secured Series 2002 Subseries C-5 (Bank of America N.A., SPA)
	9,100,000		0.580			09/01/16		9,100,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	11,900,000		0.570			09/07/16		11,900,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ) (FNMA, LOC)
	9,000,000		0.650			09/07/16		9,000,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ) (FNMA, LOC)
	5,000,000		0.650			09/07/16		5,000,000
	New York State Housing Finance Agency VRDN RB for West 37th Street Housing Series 2009 A RMKT (FHLMC, LIQ)
	6,800,000		0.630			09/07/16		6,800,000
	New York State Housing Finance Agency VRDN RB for West 37th Street Housing Series 2009 B RMKT (FHLMC, LIQ)
	9,000,000		0.630			09/07/16		9,000,000
	New York State Housing Finance Agency VRDN RB Refunding for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ) (FNMA, LOC)
	18,675,000		0.650			09/07/16		18,675,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2003 4V RMKT (Bank of America N.A., SPA)
	4,000,000		0.660			09/07/16		4,000,000
	New York State Power Authority CP Series 2016-1 (JPMorgan Chase Bank N.A., TD Bank N.A., State Street Bank & Trust Co. and Wells Fargo Bank N.A., LOC)
	20,000,000		0.480			09/07/16		20,000,000
	New York State Power Authority CP Series 2016-2 (JPMorgan Chase Bank N.A., TD Bank N.A., State Street Bank & Trust Co. and Wells Fargo Bank N.A., LOC)
	19,700,000		0.470			09/08/16		19,700,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2001 C RMKT (Bank of Tokyo-Mitsubishi UFJ, LOC)
$	11,700,000		0.640	%		09/07/16	$	11,700,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2002 F RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)
	39,000,000		0.620			09/01/16		39,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 Subseries B-2 RMKT (Wells Fargo Bank N.A., LOC)
	14,100,000		0.580			09/01/16		14,100,000
								294,914,927
	North Carolina – 1.2%
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)
	13,475,000		0.630			09/07/16		13,475,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Series 2001 B RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)
	4,100,000		0.590			09/01/16		4,100,000
								17,575,000
	Ohio – 3.8%
	Allen County Hospital Facilities VRDN RB for Catholic Health Partner Series 2012 B
	10,000,000		0.650			09/07/16		10,000,000
	Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 D RMKT (The Bank of New York Mellon, SPA)
	18,120,000		0.580			09/07/16		18,120,000
	Ohio State University VRDN RB Series 2014 B-2
	12,500,000		0.610			09/07/16		12,500,000
	State of Ohio GO VRDN Refunding for Infrastructure Improvement Series 2004 A
	14,800,000		0.620			09/07/16		14,800,000
								55,420,000
	Oregon – 3.3%
	State of Oregon GO VRDN for Veterans’ Welfare Series 2005-84 RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)
	25,400,000		0.640			09/07/16		25,400,000
	State of Oregon GO VRDN for Veterans’ Welfare Series 2007-88B RMKT (U.S. Bank N.A., SPA)
	12,500,000		0.580			09/01/16		12,500,000
	State of Oregon GO VRDN for Veterans’ Welfare Series 2008-90B RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)
	10,785,000		0.640			09/07/16		10,785,000
								48,685,000
	Pennsylvania – 2.5%
	Allegheny County Hospital Development Authority VRDN RB for University of Pittsburg Medical Center Putters Series 2013-4323 (GTY AGMT – JPMorgan Chase Bank N.A.) (JPMorgan Chase Bank N.A., LIQ)(a)
	30,000,000		0.640			09/01/16		30,000,000
	Butler County General Authority VRDN RB Refunding for North Allegheny School District Project Series 2014 (State Aid Withholding) (PNC Bank N.A., SPA)
	7,000,000		0.580			09/07/16		7,000,000
								37,000,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2016

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Texas – 8.3%
	Harris County Cultural Education Facilities Finance Corp. RB CP Refunding for Methodist Hospital System Series 2016 2009C-1
$	17,000,000		0.550	%		09/19/16	$	17,000,000
	Harris County Cultural Education Facilities Finance Corp. RB CP Refunding for Methodist Hospital System Series 2016 2009C-2
	4,875,000		0.550			09/13/16		4,875,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Memorial Hermann Health System Series 2016 E
	15,000,000		0.610			09/07/16		15,000,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-1 RMKT
	4,900,000		0.600			09/01/16		4,900,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-2
	10,350,000		0.600			09/01/16		10,350,000
	San Antonio Electric & Gas Systems CP Series 2016 A (JPMorgan Chase Bank N.A., LOC)
	11,700,000		0.470			09/02/16		11,700,000
	San Antonio Water System CP Series 2016 A (Bank of Tokyo-Mitsubishi UFJ, LOC)
	33,000,000		0.480			09/06/16		33,000,000
	State of Texas GO VRDN for Veterans Series 2014 D (State Street Bank & Trust Co., SPA)
	4,000,000		0.640			09/07/16		4,000,000
	State of Texas GO VRDN for Veterans Series 2015 B (Mizuho Bank, Ltd., SPA)
	12,845,000		0.650			09/07/16		12,845,000
	State of Texas GO VRDN for Veterans Series 2016 (Landesbank Hessen- Thueringen Girozentrale, SPA)
	1,500,000		0.640			09/07/16		1,500,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A
	6,250,000		0.630			09/07/16		6,250,000
								121,420,000
	Utah – 1.8%
	City of Murray Hospital VRDN RB for IHC Health Services, Inc. Series 2003 C
	11,100,000		0.580			09/01/16		11,100,000
	City of Murray Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D
	14,600,000		0.580			09/01/16		14,600,000
								25,700,000
	Virginia – 1.7%
	Fairfax County IDA VRDN RB for Fairfax Hospital Series 1988 A RMKT (Northern Trust Co., LOC)
	2,900,000		0.680			09/07/16		2,900,000
	Fairfax County IDA VRDN RB for Fairfax Hospital Series 1988 B RMKT (Northern Trust Co., LOC)
	2,800,000		0.680			09/07/16		2,800,000
	Fairfax County IDA VRDN RB for Inova Health System Series 2000 (Branch Banking & Trust, SPA)
	5,900,000		0.660			09/07/16		5,900,000
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2005 C-1 RMKT (Northern Trust Co., LOC)
	9,305,000		0.680			09/07/16		9,305,000
	Municipal Debt Obligations – (continued)
	Virginia – (continued)
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2005 C-2 (Northern Trust Co., LOC)
$	3,600,000		0.680	%		09/07/16	$	3,600,000
								24,505,000
	Washington – 3.1%
	County of King Sewer Revenue VRDN RB Junior Lien Series 2001 A RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)
	13,750,000		0.630			09/07/16		13,750,000
	County of King Sewer Revenue VRDN RB Junior Lien Series 2001 B RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)
	16,000,000		0.650			09/07/16		16,000,000
	Washington Health Care Facilities Authority VRDN RB Refunding for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)
	16,060,000		0.620			09/07/16		16,060,000
								45,810,000
	Wisconsin – 1.0%
	Kenosha Unified School District No. 1 TRANS Series 2015
	15,000,000		1.500			09/22/16		15,008,992
	TOTAL INVESTMENTS – 100.0%						$	1,466,693,356
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%							(421,859	)
	NET ASSETS – 100.0%						$	1,466,271,497

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security not registered under the Securities Act of 1933, as amended. Such securities may be deemed liquid by the Investment Adviser. At August 31, 2016, these securities amounted to $34,500,000 or approximately 2.4% of net assets.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Investment Abbreviations:
AMT	—Alternative Minimum Tax (subject to)
CP	—Commercial Paper
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IDB	—Industrial Development Board
IHC	—Intermountain Health Care
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MF Hsg	—Multi-Family Housing
PCRB	—Pollution Control Revenue Bond
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
TANS	—Tax Anticipation Notes
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes
VRDP	—Variable Rate Demand Preferred Shares

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Schedule of Investments

August 31, 2016

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At August 31, 2016, Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of September 1, 2016, as follows:

Principal Amount	Maturity Value	Collateral Value
$2,100,000	$2,100,020	$2,160,040

REPURCHASE AGREEMENTS — At August 31, 2016, the Principal Amounts of the Investor Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		0.350	%	$	80,251
Bank of America, N.A.		0.340			114,644
BNP Paribas		0.330			940,079
Citigroup Global Markets, Inc.		0.340			70,804
Credit Agricole Corporate and Investment Bank		0.340			366,860
TD Securities USA, LLC		0.330			137,573
Wells Fargo Securities, LLC		0.340			389,789
TOTAL				$	2,100,000

At August 31, 2016, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.750 to 3.390	%		02/16/18 to 01/27/31
Federal Home Loan Bank		4.375 to 4.750			06/08/18 to 07/01/19
Federal Home Loan Mortgage Corp.		0.875 to 7.500			04/18/17 to 07/01/48
Federal National Mortgage Association		0.875 to 9.000			09/21/16 to 11/01/49
Government National Mortgage Association		3.000 to 8.000			05/15/24 to 08/20/46
U.S. Treasury Bills		0.000			09/01/16 to 06/22/17
U.S. Treasury Bonds		3.000 to 9.000			08/15/17 to 11/15/44
U.S. Treasury Inflation-Indexed Bonds		0.625 to 2.125			01/15/28 to 02/15/46
U.S. Treasury Inflation-Indexed Notes		0.125 to 2.625			07/15/17 to 01/15/26
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/17 to 02/15/43
U.S. Treasury Notes		0.500 to 4.000			11/30/16 to 08/15/26
U.S. Treasury Principal-Only Stripped Security		0.000			11/15/42

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

August 31, 2016

		Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
	Investments based on amortized cost	$	8,761,725	$	1,466,693,356
	Repurchase agreements based on amortized cost		2,100,000		—
	Cash		19,032		—
	Deferred offering costs		107,782		—
	Receivables:
	Reimbursement from investment advisor		31,940		224,549
	Interest		10,490		830,035
	Fund shares sold		—		191,014
	Other assets		1,505		36,080
	Total assets		11,032,474		1,467,975,034
Liabilities:
	Due to custodian		—		785,783
Payables:
	Management fees		1,467		269,955
	Dividend distribution		278		349,792
	Distribution and Service fees and Transfer Agency fees		132		17,778
	Fund shares redeemed		—		63,492
	Accrued expenses and other liabilities		51,894		216,737
	Total liabilities		53,771		1,703,537
	Net Assets:
	Paid-in capital		10,978,042		1,465,697,206
	Undistributed (distributions in excess of) net investment income (loss)		647		(29	)
	Accumulated net realized gain from investments		14		574,320
	NET ASSETS	$	10,978,703	$	1,466,271,497
	Net asset value, offering and redemption price per share		$1.00		$1.00
	Net Assets:
	Class I Shares	$	10,678,499	$	—
	Institutional Shares		—		1,387,634,002
	Select Shares		—		307
	Preferred Shares		—		46,078
	Capital Shares		—		885,548
	Administration Shares		50,052		13,041,177
	Premier Shares		—		1,001
	Service Shares		50,024		58,173,299
	Class A Shares		50,052		10,005
	Class C Shares		50,029		10,005
	Resource Shares		50,023		6,469,074
	Cash Management Shares		50,024		1,001
	Total Net Assets	$	10,978,703	$	1,466,271,497
	Shares outstanding $0.001 par value (unlimited number of shares authorized):
	Class I Shares		10,678,486		—
	Institutional Shares		—		1,387,042,293
	Select Shares		—		307
	Preferred Shares		—		46,058
	Capital Shares		—		885,172
	Administration Shares		50,052		13,035,616
	Premier Shares		—		1,000
	Service Shares		50,024		58,148,489
	Class A Shares		50,052		10,001
	Class C Shares		50,029		10,001
	Resource Shares		50,023		6,466,315
	Cash Management Shares		50,023		1,000

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
	For the Period Ended August 31, 2016*			For the Fiscal Year Ended August 31, 2016
Investment income:
Interest income	$	36,068		$	7,839,481
Total investment income		36,068			7,839,481
Expenses:
Fund-Level Expenses:
Management fees		12,468			8,674,507
Custody, accounting and administrative services		28,303			476,573
Transfer Agency fees		608			423,147
Registration fees		—			261,465
Professional fees		45,172			213,494
Printing and mailing fees		50,233			112,799
Trustee fees		6,949			39,711
Amortization of offering costs		152,716			—
Organization costs		12,000			—
Other		5,106			75,902
Subtotal		313,555			10,277,598
Class Specific Expenses:
Service Share fees(a)		64			309,720
Administration Share fees		74			232,698
Capital Share fees		—			70,778
Resources Share fees(a)		64			38,356
Select Share fees		—			33,529
Preferred Share fees		—			3,643
Class C Share fees(b)		74			11
Cash Management Share fees(a)		64			5
Premier Share fees		—			4
Distribution fees — Resource Shares(a)		19			11,507
Distribution and Service fees — Class C Shares(b)		221			32
Distribution fees — Class A Shares(b)		74			11
Distribution fees — Cash Management Shares(a)		38			3
Total expenses		314,247			10,977,895
Less — expense reductions		(302,627	)		(5,964,147	)
Net expenses		11,620			5,013,748
NET INVESTMENT INCOME	$	24,448		$	2,825,733
Net realized gain from investment transactions		50			724,670
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,498		$	3,550,403

* Commenced operations on January 29, 2016.

(a) Service Shares, Resource Shares and Cash Management Shares of the Investor Money Market Fund commenced operations on May 31, 2016.

(b) Class A Shares and Class C Shares of the Investor Tax-Exempt Money Market Fund commenced operations on March 31, 2016.

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
	For the Period Ended August 31, 2016*			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income	$	24,448		$	2,825,733		$	354,873
Net realized gain from investment transactions		50			724,670			1,150,228
Net increase in net assets resulting from operations		24,498			3,550,403			1,505,101
Distributions to shareholders:
From net investment income:
Class I Shares		(24,348	)		—			—
Institutional Shares		—			(2,787,780	)		(326,566	)
Select Shares		—			(6,816	)		(15,418	)
Preferred Shares		(1	)		(968	)		(690	)
Capital Shares		—			(19,299	)		(707	)
Administration Shares		(47	)		(6,611	)		(7,007	)
Premier Shares		—			(4	)		(39	)
Service Shares(a)		(2	)		(3,778	)		(3,737	)
Class A Shares(b)		(47	)		(2	)		—
Class C Shares(b)		(2	)		(2	)		—
Resource Shares(a)		—			(469	)		(705	)
Cash Management Shares(a)		(1	)		(4	)		(4	)
From net realized gains:
Class I Shares		(36	)		—			—
Institutional Shares		—			(198,426	)		—
Select Shares		—			(7,632	)		—
Preferred Shares		—			(206	)		—
Capital Shares		—			(1,525	)		—
Administration Shares		—			(4,514	)		—
Service Shares(a)		—			(2,046	)		—
Resource Shares(a)		—			(320	)		—
Total distributions to shareholders		(24,484	)		(3,040,402	)		(354,873	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		11,553,041			14,225,281,433			16,926,979,995
Reinvestment of distributions		23,657			1,741,174			244,325
Cost of shares redeemed		(598,009	)		(18,128,302,933	)		(17,311,899,566	)
Net increase (decrease) in net assets resulting from share transactions		10,978,689			(3,901,280,326	)		(384,675,246	)
NET INCREASE (DECREASE)		10,978,703			(3,900,770,325	)		(383,525,018	)
Net assets:
Beginning of year or period		—			5,367,041,822			5,750,566,840
End of year or period	$	10,978,703		$	1,466,271,497		$	5,367,041,822
Undistributed (distributions in excess of) net investment income	$	647		$	(29	)	$	(29	)

* Commenced operations on January 29, 2016.

(a) Service Shares, Resource Shares and Cash Management Shares of the Investor Money Market Fund commenced operations on May 31, 2016.

(b) Class A Shares and Class C Shares of the Investor Tax-Exempt Money Market Fund commenced operations on March 31, 2016.

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

INVESTOR MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income
FOR THE PERIOD ENDED AUGUST 31,*
2016 - Class I Shares	$	1.00	$	0.002		$	(0.002	)
2016 - Administration Shares		1.00		0.001			(0.001	)
2016 - Service Shares (Commenced operations on May 31, 2016)		1.00		—	(c)		—	(c)
2016 - Resource Shares (Commenced operations on May 31, 2016)		1.00		—	(c)		—	(c)
2016 - Cash Management Shares (Commenced operations on May 31, 2016)		1.00		—	(c)		—	(c)
2016 - Class A Shares		1.00		0.001			(0.001	)
2016 - Class C Shares		1.00		—	(c)		—	(c)

 * Commenced operations on January 29, 2016.

(a) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(b) Annualized.

(c) Amount is less than $0.0005 per share.

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

INVESTOR MONEY MARKET FUND

Net asset value, end of period		Total return(a)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.24	%	$	10,679		0.18	%(b)		4.88	%(b)		0.41	%(b)
	1.00		0.09			50		0.43	(b)		5.13	(b)		0.16	(b)
	1.00		0.05			50		0.61	(b)		5.38	(b)		0.02	(b)
	1.00		0.05			50		0.62	(b)		5.53	(b)		0.01	(b)
	1.00		0.05			50		0.62	(b)		5.68	(b)		0.01	(b)
	1.00		0.09			50		0.43	(b)		5.13	(b)		0.16	(b)
	1.00		0.05			50		0.58	(b)		5.88	(b)		0.01	(b)

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

Year - Share Class	Net asset value, beginning of year		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - Institutional Shares	$	1.00	$	0.001		$	(0.001	)
2016 - Select Shares		1.00		0.001			(0.001	)
2016 - Preferred Shares		1.00		0.001			(0.001	)
2016 - Capital Shares		1.00		—	(c)		—	(c)
2016 - Administration Shares		1.00		—	(c)		—	(c)
2016 - Premier Shares		1.00		—	(c)		—	(c)
2016 - Service Shares		1.00		—	(c)		—	(c)
2016 - Resource Shares		1.00		—	(c)		—	(c)
2016 - Cash Management Shares		1.00		—	(c)		—	(c)
2016 - Class A Shares (Commenced operations on March 31, 2016)		1.00		—	(c)		—	(c)
2016 - Class C Shares (Commenced operations on March 31, 2016)		1.00		—	(c)		—	(c)
2015 - Institutional Shares		1.00		—	(c)		—	(c)
2015 - Select Shares		1.00		—	(c)		—	(c)
2015 - Preferred Shares		1.00		—	(c)		—	(c)
2015 - Capital Shares		1.00		—	(c)		—	(c)
2015 - Administration Shares		1.00		—	(c)		—	(c)
2015 - Premier Shares		1.00		—	(c)		—	(c)
2015 - Service Shares		1.00		—	(c)		—	(c)
2015 - Resource Shares		1.00		—	(c)		—	(c)
2015 - Cash Management Shares		1.00		—	(c)		—	(c)
2014 - Institutional Shares		1.00		—	(c)		—	(c)
2014 - Select Shares		1.00		—	(c)		—	(c)
2014 - Preferred Shares		1.00		—	(c)		—	(c)
2014 - Capital Shares		1.00		—	(c)		—	(c)
2014 - Administration Shares		1.00		—	(c)		—	(c)
2014 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2014 - Resource Shares		1.00		—	(c)		—	(c)
2014 - Cash Management Shares		1.00		—	(c)		—	(c)
2013 - Institutional Shares		1.00		—	(c)		—	(c)
2013 - Select Shares		1.00		—	(c)		—	(c)
2013 - Preferred Shares		1.00		—	(c)		—	(c)
2013 - Capital Shares		1.00		—	(c)		—	(c)
2013 - Administration Shares		1.00		—	(c)		—	(c)
2013 - Premier Shares		1.00		—	(c)		—	(c)
2014 - Service Shares		1.00		—	(c)		—	(c)
2013 - Resource Shares		1.00		—	(c)		—	(c)
2013 - Cash Management Shares		1.00		—	(c)		—	(c)
2012 - Institutional Shares		1.00		—	(c)		—	(c)
2012 - Select Shares		1.00		—	(c)		—	(c)
2012 - Preferred Shares		1.00		—	(c)		—	(c)
2012 - Capital Shares		1.00		—	(c)		—	(c)
2012 - Administration Shares		1.00		—	(c)		—	(c)
2012 - Premier Shares		1.00		—	(c)		—	(c)
2012 - Service Shares		1.00		—	(c)		—	(c)
2012 - Resource Shares		1.00		—	(c)		—	(c)
2012 - Cash Management Shares		1.00		—	(c)		—	(c)

(a) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(b) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(c) Amount is less than $0.0005 per share.

(d) Annualized.

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Net asset value, end of year		Total return(b)			Net assets end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.11	%	$	1,387,634		0.11	%		0.24	%		0.07	%
	1.00		0.09			—		0.11			0.27			0.01
	1.00		0.06			46		0.13			0.34			0.03
	1.00		0.04			886		0.19			0.39			0.04
	1.00		0.01			13,041		0.18			0.49			0.01
	1.00		0.01			1		0.12			0.59			0.37
	1.00		0.01			58,173		0.21			0.74			0.01
	1.00		0.01			6,469		0.20			0.89			0.01
	1.00		0.01			1		0.12			1.04			0.37
	1.00		0.01			10		0.30	(d)		0.49	(d)		0.04	(d)
	1.00		0.01			10		0.31	(d)		1.24	(d)		0.04	(d)
	1.00		0.01			4,955,885		0.08			0.23			0.01
	1.00		0.01			193,506		0.08			0.26			0.01
	1.00		0.01			6,914		0.08			0.33			0.01
	1.00		0.01			22,788		0.08			0.38			0.01
	1.00		0.01			107,676		0.08			0.48			0.01
	1.00		0.01			1		0.08			0.58			0.01
	1.00		0.01			72,003		0.08			0.73			0.01
	1.00		0.01			8,268		0.08			0.88			0.01
	1.00		0.01			1		0.08			1.03			0.40
	1.00		0.01			5,225,304		0.10			0.23			0.01
	1.00		0.01			267,104		0.10			0.26			0.01
	1.00		0.01			15,635		0.10			0.33			0.01
	1.00		0.01			5,728		0.10			0.38			0.01
	1.00		0.01			155,732		0.10			0.48			0.01
	1.00		0.01			1,858		0.10			0.58			0.01
	1.00		0.01			66,226		0.10			0.73			0.01
	1.00		0.01			12,979		0.10			0.88			0.01
	1.00		0.01			1		0.10			1.03			0.40
	1.00		0.02			4,762,419		0.15			0.23			0.02
	1.00		0.02			197,985		0.16			0.26			0.01
	1.00		0.01			19,349		0.16			0.33			0.01
	1.00		0.01			3,511		0.16			0.38			0.01
	1.00		0.01			134,037		0.16			0.48			0.01
	1.00		0.01			572,262		0.16			0.58			0.01
	1.00		0.01			16,214		0.16			0.73			0.01
	1.00		0.01			26,818		0.16			0.88			0.01
	1.00		0.01			1		0.15			1.03			0.40
	1.00		0.02			5,462,807		0.17			0.23			0.02
	1.00		0.02			102,994		0.18			0.26			0.01
	1.00		0.01			22,477		0.18			0.33			0.01
	1.00		0.01			11,793		0.18			0.38			0.01
	1.00		0.01			217,010		0.18			0.48			0.01
	1.00		0.01			565,678		0.18			0.58			0.01
	1.00		0.01			29,450		0.18			0.73			0.01
	1.00		0.01			27,615		0.18			0.88			0.01
	1.00		0.01			1		0.17			1.03			0.40

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

August 31, 2016

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
Investor Money Market*	Class I, Administration, Service, Class A, Class C, Resource and Cash Management	Diversified
Investor Tax-Exempt Money Market** (formerly, the Financial Square Tax-Free Money Market Fund)	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Class A, Class C, Resource and Cash Management	Diversified

  * Commenced operations on January 29, 2016. Service, Resource and Cash Management Shares commenced operations on May 31, 2016.

** Class A Shares and Class C Shares commenced operations on March 31, 2016.

Class C Shares are generally not available for purchase. Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares are subject to a contingent deferred sales charge (“CDSC”) of 1% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired. Previously, the ‘Institutional Shares’ were known as the ‘FST Shares’. The Investor Tax-Exempt Money Market Fund no longer includes “FST” at the beginning of its share class names.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act, which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates the difference between the Funds’ net asset value per share (“NAV”) based upon the amortized cost of the Funds’ securities and the NAV based upon available market quotations (or permitted substitutes) on a daily basis.

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. 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. 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 respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

26

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E.  Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F.  Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Goldman Sachs Investor Money Market 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 the Goldman Sachs Investor Money Market Fund were expensed on the first day of operations.

G.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

27

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of August 31, 2016, all investments are classified as Level 2. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreements, 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 the Fund’s average daily net assets.

B.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares (“CMS”) to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

C.  Distribution and/or Service Plans — The Trust, on behalf of the Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan. Under the Distribution and Service Plan, Goldman Sachs, as Distributor, is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds.

The Trust, on behalf of the Class C Shares, Resource Shares and CMS of each applicable Fund, has adopted Distribution Plans. Under the Distribution Plans, Goldman Sachs is entitled to a fee accrued daily and paid monthly for distribution services,

28

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, Resource Shares and CMS.

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan 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 of such shares.

D.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the fiscal year ended August 31, 2016, Goldman Sachs advised that it did not retain any CDSCs with respect 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 a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F.  Other Agreements — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least January 30, 2017 for the Class I, Administration, Class A and Class C Shares of the Investor Money Market Fund and through at least May 31, 2017 for the Service, Resource and CMS of the Investor Money Market Fund. For the Investor Tax-Exempt Money Market Fund, these Other Expense limitations will remain in place through at least December 29, 2016, except for Class A and Class C Shares whose expense limitations will remain in place through at least March 31, 2017. Prior to such dates, GSAM may not terminate these 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.

G. Total Fund Expenses

Fund Contractual Fees

The contractual annualized rates for each of the Funds are as follows:

	Class I Shares(a)			Institutional Shares(b)			Select Shares(b)			Preferred Shares(b)			Capital Shares(b)			Administration Shares			Premier Shares(b)			Service Shares			Resource Shares			CMS			Class A Shares			Class C Shares
Management Fee		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%
Administration, Service and/or Shareholder Administration Fees		N/A			N/A			0.03			0.10			0.15			0.25			0.35			0.25			0.50			0.50			N/A			0.25
Distribution and/or Service (12b-1) Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.25	(c)		0.15	(d)		0.30	(d)		0.25			0.75	(d)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

29

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

N/A—Fees not applicable to respective share class.

(a) Money Market Fund only.

(b) Tax-Exempt Money Market Fund only.

(c) Service (12b-1) fee only.

(d) Distribution (12b-1) fee only.

Fund Effective Net Expenses (After Waivers and Reimbursements)

During the fiscal year ended August 31, 2016, GSAM and Goldman Sachs (as applicable) voluntarily agreed to waive all or a portion of the management fees, respective class-specific fees (consisting of Distribution and/or Service, Administration, Service and/or Shareholder Administration Plan fees) and transfer agency fees attributable to the Funds. These waivers may be modified or terminated at any time at the option of GSAM or Goldman Sachs (as applicable), with the exception of GSAM’s agreement not to impose a portion of the management fee equal annually to 0.045% of the Funds’ average daily net assets. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the fiscal year ended August 31, 2016, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Transfer Agent Fee Waivers		Distribution, Administration, Service and/or Shareholder, Administration Plans Fee Waivers			Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	3	$	—	$	—	*	$	300	$	303
Investor Tax-Exempt Money Market		4,553		289		528			594		5,964

* Amount less than one thousand.

H.  Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees. As of August 31, 2016, the Goldman Sachs Group (“GSG”), Inc. was the beneficial owner of approximately 91%, 100%, 100%, 100%, 100%, 100% and 100% of Class I, Administration, Service, Class A, Class C, Resource and CMS, respectively, of the Investor Money Market Fund and 100%, 100%, 100% and 100% of Premier, Class A, Class C and CMS, respectively, of the Investor Tax-Exempt Money Market Fund. For the fiscal year ended August 31, 2016, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act.

Fund	Purchases		Sales		Net Realized Gain (Loss)
Investor Money Market	$	440,084	$	—	$	—
Investor Tax-Exempt Money Market		928,122,934		1,790,271,281		—

I.  Line of Credit Facility — As of August 31, 2016, the Funds participated in a $1,100,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2016, the Funds did not have any borrowings under the facility.

30

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2016 was as follows:

	Investor Money Market(a)		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	24,484	$	432,553
Net long-term capital gains		—		172,835
Tax-Exempt income		—		2,435,014
Total distributions	$	24,484	$	3,040,402

(a) Commenced operations on January 29, 2016.

The tax character of distribution paid during the fiscal year ended August 31, 2015 was as follows:

	Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	7,901
Tax-Exempt income		346,972
Total distributions	$	354,873

As of August 31, 2016, the components of accumulated earnings (losses) on a tax basis were follows:

	Investor Money Market(a)			Investor Tax-Exempt Money Market
Undistributed ordinary income — net	$	939		$	151,227
Undistributed Tax-Exempt income — net		—			349,763
Undistributed long-term capital gains		—			423,093
Total undistributed earnings	$	939		$	924,083
Timing differences (Dividend Payable)		(278	)		(349,792	)
Total accumulated earnings (losses) — net	$	661		$	574,291

(a) Commenced operations on January 29, 2016.

31

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2016

5. TAX INFORMATION (continued)

The amortized cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

In order to present certain components of the Funds’ capital accounts on a tax basis, certain reclassifications have been recorded to the Funds’ accounts. There reclassifications have no impact on the NAV of the Funds and result primarily from non-deductible expenses.

Fund	Accumulated Undistributed Net Investment Income (Loss)		Paid in Capital
Money Market	$	647	$	(647	)

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

6. OTHER RISKS

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

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

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price (or, for Funds that have a floating NAV per share, minimize the volatility of the Fund’s NAV per share). The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and a Fund’s investments.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.

Geographic Risk — The Investor Tax-Exempt Money Market Fund has the ability to invest a significant portion of its assets in certain issuers within the same state, geographic region or sector subjecting it to possible risks associated with an adverse economic, business or political development affecting that state, region or sector.

32

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

7. 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.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. SUBSEQUENT EVENTS

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

33

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:

	Investor Money Market Fund
	For the Period Ended August 31, 2016*
Class I Shares
Shares sold		11,253,024
Reinvestment of distributions		23,471
Shares redeemed		(598,009	)
		10,678,486
Administration Shares
Shares sold		50,005
Reinvestment of distributions		47
Shares redeemed		—
		50,052
Service Shares(a)
Shares sold		50,000
Reinvestment of distributions		24
Shares redeemed		—
		50,024
Class A Shares
Shares sold		50,007
Reinvestment of distributions		45
Shares redeemed		—
		50,052
Class C Shares
Shares sold		50,005
Reinvestment of distributions		24
Shares redeemed		—
		50,029
Resource Shares(a)
Shares sold		50,000
Reinvestment of distributions		23
Shares redeemed		—
		50,023
Cash Management Shares(a)
Shares sold		50,000
Reinvestment of distributions		23
Shares redeemed		—
		50,023
NET INCREASE IN SHARES		10,978,689

* Commenced operations on January 29, 2016.

(a) Commenced operations on May 31, 2016.

34

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Investor Tax-Exempt Money Market Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
Institutional Shares
Shares sold		13,183,639,707			15,916,643,332
Reinvestment of distributions		1,703,962			224,319
Shares redeemed		(16,754,080,268	)		(16,187,333,138	)
		(3,568,736,599	)		(270,465,487	)
Select Shares
Shares sold		86,955,362			225,825,811
Reinvestment of distributions		13,672			15,405
Shares redeemed		(280,470,486	)		(299,491,215	)
		(193,501,452	)		(73,649,999	)
Preferred Shares
Shares sold		10,822,209			34,907,030
Reinvestment of distributions		558			509
Shares redeemed		(17,690,231	)		(43,631,447	)
		(6,867,464	)		(8,723,908	)
Capital Shares
Shares sold		233,070,268			95,151,129
Reinvestment of distributions		17,029			298
Shares redeemed		(254,989,902	)		(78,092,794	)
		(21,902,605	)		17,058,633
Administration Shares
Shares sold		532,705,799			463,915,678
Reinvestment of distributions		4,725			2,239
Shares redeemed		(627,348,583	)		(512,003,840	)
		(94,638,059	)		(48,085,923	)
Premier Shares
Shares sold		1			—
Reinvestment of distributions		—			37
Shares redeemed		(1	)		(1,857,274	)
		—			(1,857,237	)
Service Shares
Shares sold		161,062,699			169,368,992
Reinvestment of distributions		508			872
Shares redeemed		(174,915,864	)		(163,607,199	)
		(13,852,657	)		5,762,665
Class A Shares(a)
Shares sold		10,000			—
Reinvestment of distributions		1			—
Shares redeemed		—			—
		10,001			—
Class C Shares(a)
Shares sold		10,000			—
Reinvestment of distributions		1			—
Shares redeemed		—			—
		10,001			—
Resource Shares
Shares sold		17,005,387			21,168,023
Reinvestment of distributions		718			646
Shares redeemed		(18,807,597	)		(25,882,659	)
		(1,801,492	)		(4,713,990	)
Cash Management Shares
Shares sold		1			—
Reinvestment of distributions		—			—
Shares redeemed		(1	)		—
		—			—
NET DECREASE IN SHARES		(3,901,280,326	)		(384,675,246	)

(a) Commenced operations on March 31, 2016.

35

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

the Goldman Sachs Investor Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (collectively the “Funds”), funds of the Goldman Sachs Trust, at August 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

36

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited)

As a shareholder of Class I Shares, Institutional Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, or Cash Management Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service and/or administration fees (with respect to all share classes except Class I Shares and Institutional Shares) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class I Shares, Institutional Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Class A Shares, Class C Shares, Resource Shares, or Cash Management Shares 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 from March 1, 2016 through August 31, 2016, which represents a period of 184 days of a 366 day year.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption 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.

	Investor Money Market Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Class I Shares
Actual	$	1,000.00	$	1,002.12		$	0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.23	+		0.92
Administration Shares
Actual		1,000.00		1,000.87			2.16
Hypothetical (5% return before expenses)		1,000.00		1,022.97	+		2.19
Service Shares(a)
Actual		1,000.00		1,000.47			1.55
Hypothetical (5% return before expenses)		1,000.00		1,022.07	+		3.10
Class A Shares
Actual		1,000.00		1,000.88			2.16
Hypothetical (5% return before expenses)		1,000.00		1,022.97	+		2.19
Class C Shares
Actual		1,000.00		1,000.47			3.02
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		3.05
Resource Shares(a)
Actual		1,000.00		1,000.47			1.58
Hypothetical (5% return before expenses)		1,000.00		1,022.02	+		3.15
Cash Management Shares(a)
Actual		1,000.00		1,000.47			1.58
Hypothetical (5% return before expenses)		1,000.00		1,022.02	+		3.15

37

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited)  (continued)

	Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Institutional Shares
Actual	$	1,000.00	$	1,000.99		$	0.86
Hypothetical (5% return before expenses)		1,000.00		1,024.28	+		0.87
Select Shares
Actual		1,000.00		1,000.85			0.86
Hypothetical (5% return before expenses)		1,000.00		1,024.28	+		0.87
Preferred Shares
Actual		1,000.00		1,000.55			1.26
Hypothetical (5% return before expenses)		1,000.00		1,023.88	+		1.27
Capital Shares
Actual		1,000.00		1,000.33			1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.63	+		1.53
Administration Shares
Actual		1,000.00		1,000.07			1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.38	+		1.78
Premier Shares
Actual		1,000.00		1,000.07			0.85
Hypothetical (5% return before expenses)		1,000.00		1,024.28	+		0.87
Service Shares
Actual		1,000.00		1,000.03			1.81
Hypothetical (5% return before expenses)		1,000.00		1,023.33	+		1.83
Class A Shares(b)
Actual		1,000.00		1,000.13			1.26
Hypothetical (5% return before expenses)		1,000.00		1,023.63	+		1.53
Class C Shares(b)
Actual		1,000.00		1,000.08			1.30
Hypothetical (5% return before expenses)		1,000.00		1,023.58	+		1.58
Resource Shares
Actual		1,000.00		1,000.03			1.86
Hypothetical (5% return before expenses)		1,000.00		1,023.28	+		1.88
Cash Management Shares
Actual		1,000.00		1,000.07			0.85
Hypothetical (5% return before expenses)		1,000.00		1,024.28	+		0.87

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the period ended August 31, 2016. 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 (or, since inception, if shorter); and then dividing that result by the number of days in the period. The annualized net expense ratios for the period were as follows:

Fund	Class I Shares			Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares(a)			Class A Shares(b)			Class C Shares(b)			Resource Shares(a)			Cash Management Shares(a)
Investor Money Market		0.18	%		N/A			N/A			N/A			N/A			0.43	%		N/A			0.61	%		0.43	%		0.60	%		0.62	%		0.62	%
Investor Tax-Exempt Money Market		N/A			0.17	%		0.17	%		0.25	%		0.30	%		0.35	%		0.17	%		0.36	%		0.30	%		0.31	%		0.37	%		0.17	%

(a) Service Shares, Resource Shares and Cash Management Shares of the Investor Money Market Fund commenced operations on May 31, 2016.

(b) Class A Shares and Class C Shares of the Investor Tax-Exempt Money Market Fund commenced operations on March 31, 2016.

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

38

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund (formerly, the Goldman Sachs Financial Square Tax-Free Money Market Fund) (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2017 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2016 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time (except for the Investor Money Market Fund, which commenced operations on January 29, 2016); and

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

39

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

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

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (with the exception of the Investor Money Market Fund, which commenced operations in 2016) and the Trust as a whole to the Investment Adviser and its affiliates;

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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

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

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

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

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

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

40

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Investor Tax-Exempt Money Market Fund. The Trustees noted that Investor Money Market Fund had launched on January 29, 2016 and did not yet have a meaningful performance history. In this regard, they compared the investment performance of the Investor Tax-Exempt Money Market Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2015. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.

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

The Trustees considered the performance of the Investor Tax-Exempt Money Market Fund in light of its respective investment objective and the credit parameters. They also considered the challenging yield environment in which the Fund had operated since 2009, and noted that the Investment Adviser had been able to maintain a stable net asset value and positive yield to meet the demand of the Fund’s investors, in many instances as the result of voluntary fee waivers and expense reimbursements. The Trustees considered that the Investment Adviser has continued to expend substantial resources to respond to amendments to the regulatory regime for money market funds. In light of these considerations, the Trustees believed that the Fund was providing investment performance within a competitive range for investors. The Trustees recalled that the Fund had been repositioned as a retail money market fund from the Financial Square Tax-Free Money Market Fund in March 2016.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman, Sachs & Co. (“Goldman Sachs”) had taken a number of steps, including waiving management, distribution, service, administration and/or transfer agency fees (as applicable) and reimbursing expenses for the Funds in order to maintain positive yields. They also observed that the Investment Adviser was expending substantial resources to respond to recent amendments to the regulatory regime for money market funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

41

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and the Investor Tax-Exempt Money Market Fund, but not for the Investor Money Market Fund, which commenced operations on January 29, 2016. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund (with the exception of the Investor Money Market Fund) were provided for 2015 and 2014, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability.

The Trustees noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels; and the willingness of the Investment Adviser and Goldman Sachs to waive certain fees on a temporary basis in order to maintain positive Fund yields. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser. They also observed that the Investment Adviser’s (and its affiliates’) level of profitability had been reduced as a result of fee waivers and expense limitations.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

42

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2017.

43

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II, Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Diana M. Daniels Age: 67	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Herbert J. Markley Age: 66	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

44

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with��the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 56	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	Verizon Communications Inc.

45

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustees*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	139	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2016.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

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

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

46

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President and Principal Financial Officer.	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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

¹  Information is provided as of August 31, 2016.

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

47

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Goldman Sachs Funds – Investor Money Market Funds – Tax Information (unaudited)

During the year ended August 31, 2016, 86.17% of the distributions from net investment income paid by the Investor Tax-Exempt Money Market Fund, were exempt-interest dividends and as such, are not subject to U.S. federal income tax.

Pursuant to Section 852 of the Internal Revenue Code, the Investor Tax-Exempt Money Market Fund designates $172,835 or, if different, the maximum amount allowable, as capital gain dividends paid during the taxable year ended August 31, 2016.

During the year ended August 31, 2016, 100% of the net investment company taxable income distributions paid by the Investor Money Market and Investor Tax-Exempt Money Market Funds were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

48

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Treasury Solutions Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

n Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

n Investor Money Market Fund

n Investor Tax-Exempt Money Market Fund²

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short-Term Conservative Income Fund³

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Bond Fund

n Core Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Focused Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund⁴

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n N-11 Equity Fund

Select Satellite

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Global Real Estate Securities Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Absolute Return Multi-Asset Fund

n Global Infrastructure Fund

Total Portfolio Solutions

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Overlay Fund⁵

n Balanced Strategy Portfolio

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

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax-Advantaged Global Equity Portfolio

n Strategic Factor Allocation Fund

n Target Date 2020 Portfolio

n Target Date 2025 Portfolio

n Target Date 2030 Portfolio

n Target Date 2035 Portfolio

n Target Date 2040 Portfolio

n Target Date 2045 Portfolio

n Target Date 2050 Portfolio

n Target Date 2055 Portfolio

¹  You could lose money by investing in a money market fund. Because the share price of certain money market funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Certain money market funds may impose a fee upon the 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 a money market fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market funds’ 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  Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

³  Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁴  Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁵  Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman, Sachs & Co.

* 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 Ashok N. Bakhru, Chairman Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Qs may be obtained upon request and without charge by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares of a Fund) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

Goldman, Sachs & Co. (‘‘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.

Fund holdings and allocations shown are as of August 31, 2016 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.

Goldman Sachs Investor Funds^SM is a service mark of Goldman, Sachs & Co.

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 Institution or from Goldman, Sachs & Co. by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2016 Goldman Sachs. All rights reserved. 66781-TMPL-10/2016 IMMITEMMAR-16/1.9k

Goldman Sachs Funds

Annual Report	August 31, 2016
	Fundamental Equity Growth Funds
	Capital Growth
	Concentrated Growth
	Dynamic U.S. Equity
	Flexible Cap Growth
	Focused Growth
	Growth Opportunities
	Small/Mid Cap Growth
	Strategic Growth
	Technology Opportunities

Goldman Sachs Fundamental Equity Growth Funds

n CAPITAL GROWTH

n CONCENTRATED GROWTH

n DYNAMIC U.S. EQUITY

n FLEXIBLE CAP GROWTH

n FOCUSED GROWTH

n GROWTH OPPORTUNITIES

n SMALL/MID CAP GROWTH

n STRATEGIC GROWTH

n TECHNOLOGY OPPORTUNITIES

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	4
Schedules of Investments	67
Financial Statements	84
Financial Highlights	94
Notes to Financial Statements	112
Report of Independent Registered Public Accounting Firm	132
Other Information	133

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

What Differentiates the Goldman Sachs Growth Team’s Investment Process?

For over 30 years, the Goldman Sachs Growth Team has consistently applied a three-step investment process based on our belief that wealth is created through the long-term ownership of growing businesses.

n Make decisions as long-term business owners rather than as stock traders

n Perform in-depth, fundamental research

n Focus on long-term structural and competitive advantages

Result

Performance driven by the compounding growth of businesses over time — not short-term market movements

Long-term participation in growing businesses — less reliance on macroeconomic predictions, market timing, sector rotation or momentum

Identify high quality growth businesses. Some required investment criteria include:

n Established brand names

n Dominant market shares

n Pricing power

n Recurring revenue streams

n Free cash flow

n Long product life cycles

n Favorable long-term growth prospects

n Excellent management

Result

Investments in businesses that we believe are strategically positioned for consistent, sustainable long-term growth

n Perform rigorous valuation analysis of every potential investment

n Use valuation tools and analytics to ensure that the high-quality business franchises we have identified also represent sound investments

Result

Good investment decisions based on solid understanding of what each business is worth

Attractive buying opportunities as the stock prices of quality growth businesses fluctuate over time

1

MARKET REVIEW

Goldman Sachs Fundamental Equity Growth Funds

Market Review

Overall, U.S. equities rallied during the 12 months ended August 31, 2016 (the “Reporting Period”), even amidst persistent volatility. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 12.55%. The Russell 3000^® Index generated a return of 11.44%.

Following a volatile summer, U.S. equities tumbled further in September 2015, alongside other global equity markets, before rebounding strongly in October 2015 and then finishing November 2015 roughly flat. In December 2015, the Federal Reserve (the “Fed”) finally delivered, as largely expected by markets, and voted unanimously for a 25 basis point hike in the targeted federal funds rate, its first rate hike since 2006. (A basis point is 1/100th of a percentage point.) The fairly dovish language in the Fed’s announcement, which reemphasized “gradual” adjustments to policy going forward, helped to somewhat assuage the markets (Dovish language or action tends to suggest lower interest rates (opposite of hawkish)).

Early in 2016, however, U.S. equities were embroiled in what was a global rout, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by a plunge in oil prices to less than $30 per barrel, the lowest level since 2003. The Fed’s statement in January 2016 acknowledged the risks from international markets and tightening financial conditions on the U.S. economy. U.S. equities stabilized somewhat in February 2016, as market sentiment appeared to improve on the more dovish tone set by global central banks. U.S. equities were also supported during the month by strong U.S. economic data, rallying as fourth quarter 2015 Gross Domestic Product (“GDP”) came in above market expectations. In March 2016, the Fed kept interest rates on hold and surprised on the dovish side, reducing its forecast to two interest rate increases in 2016, down from four. Along with receding global economic concerns, this helped drive a recovery in U.S. equities.

Following the rebound in March 2016, market sentiment remained sanguine in April 2016, as oil prices rose and Chinese economic growth concerns abated. U.S. equities fell near the end of the month, as investors were disappointed by a lack of additional stimulus from the Bank of Japan and by a weaker than consensus expected first quarter 2016 U.S. GDP growth of 0.5%. In May 2016, weaker payroll data drove expectations for a Fed hike in June 2016 temporarily lower, but subsequent hawkish Fed minutes revived market expectations (Hawkish language or action tends to suggest higher interest rates (opposite of dovish)). The Fed ultimately held interest rates steady in June 2016 and signaled a slower pace of hikes, acknowledging the slowdown in the labor market. Equity markets were otherwise dominated in June 2016 by the U.K. referendum on whether to leave the European Union, popularly known as Brexit. U.S. equities sold off in the global risk-off sentiment that dominated toward the end of June 2016 in the days following the surprise “leave” result. However, global equity markets rather quickly rebounded owing to a combination of improving risk sentiment as markets digested the outcome and on dovish remarks from the Bank of England’s Governor Carney.

U.S. equities were further buoyed by strong economic data and corporate earnings in July 2016, despite increased uncertainty post-Brexit. Growth in U.S. non-farm payrolls reached an eight-month high in June 2016, suggesting that the especially weak May 2016 reading had been an outlier in an otherwise strong job market. Such market sentiment was substantiated in August 2016, as payrolls data, released for July 2016, surprised to the upside for a second consecutive month. In her Jackson Hole speech toward the end of August, Fed Chair Janet Yellen acknowledged that the case for an interest rate hike had strengthened in recent months. Along with strong labor data and other recent hawkish comments from the Fed, this

2

MARKET REVIEW

significantly increased the market-implied probability of an interest rate hike by year-end 2016, causing U.S. equities to sell off and finish the month of August roughly flat.

For the Reporting Period overall, all market capitalizations posted solid positive returns, but large-cap companies performed best, followed by mid-cap companies and then small-cap companies. Value stocks significantly outpaced growth stocks across the capitalization spectrum of the U.S. equity market. (All as measured by Russell Investments indices.)

Looking Ahead

At the end of the Reporting Period, low economic growth, interest rates and visibility (or the extent to which a future situation is predictable) reinforced our expectations of lower than average U.S. equity returns. Brexit led to downward revisions to economic growth forecasts for the U.K. and Europe, and the risk of a U.K. recession increased, in our view. As a result, we expect central bank policy around the world to remain accommodative, keeping interest rates lower for longer.

That said, we believe U.S. equities can still post positive returns for calendar year 2016, driven by earnings growth. In our view, equities remain attractive in this environment, as other asset classes are likely to offer lower returns. Cash is likely to yield almost nothing for the foreseeable future, and government bond yields are likely to be at low or negative levels in major markets, in our view. The lack of yield in fixed income markets suggests to us that stocks with sustainable dividends and real estate investment trusts (“REITs”) may well continue to command a premium.

We believe economic and corporate fundamentals are still strongest in the U.S. Unemployment remains below 5%; job growth rebounded in the summer months; and home prices continued to rise. At the end of the Reporting Period, credit trends were benign (benign credit trends tend to suggest low risk of rising default rates), and oil prices seemingly stabilized. We believe stronger fundamentals and less uncertainty relative to other regions are likely to attract asset flows and buoy near-term U.S. equity performance. Still, we are on alert for anything that calls this view into question. In the intermediate term, a confluence of factors may be creating a more challenging environment for absolute returns. More specifically, at the end of the Reporting Period, the valuation of the S&P 500 Index remained high; the index level itself was near fresh highs; and some earnings headwinds persisted.

Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

3

PORTFOLIO RESULTS

Goldman Sachs Capital Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 5.79%, 4.98%, 6.19%, 5.66%, 6.05%, 5.51% and 6.19%, respectively. These returns compare to the 10.51% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting from the Fund’s relative results most was weak stock selection in the health care, consumer staples and information technology sectors. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were financials, materials and energy, wherein effective stock selection drove results.

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

A Among those stocks detracting most from the Fund’s results relative to the Russell Index were positions in global apparel company PVH, biotechnology firm Vertex Pharmaceuticals and global pharmaceutical company Allergan.

PVH was the top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds added pressure to what we believe is otherwise a high quality company. While we continue to monitor the situation closely, at the end of the Reporting Period, we believed PVH remains a leading franchise with dominant market share, strong pricing power and solid fundamentals. We remained optimistic on what we see as the company’s significant free cash flow generation ability, quality of management and return potential.

Vertex Pharmaceuticals was a top detractor from the Fund’s performance during the Reporting Period. Early in 2016, its shares came under pressure following a disappointing fiscal fourth quarter that fell short of consensus expectations. Additionally, lowered expectations surrounding the launch of Vertex Pharmaceuticals’ new cystic fibrosis treatment, orkambi, caused shares to decline. Despite this weakness, at the end of the Reporting Period, we believed Vertex Pharmaceuticals had strong underlying fundamentals, a promising product pipeline with significant short-term and long-term catalysts and an attractive valuation. We further believed the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share in its space and given

4

PORTFOLIO RESULTS

geographic expansionary efforts that have contributed to meaningful profitability.

Allergan was among the Fund’s biggest detractors during the Reporting Period. Volatility related to mergers and acquisitions the company has been involved in as well as market concerns around drug pricing pressures weighed on Allergan’s stock during the Reporting Period. Despite the near-term volatility and underperformance, we continued to believe at the end of the Reporting Period that Allergan was a high quality growth business, trading at an attractive valuation with meaningful financial flexibility going forward.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in specialty retailers Ulta Salon, Cosmetics & Fragrance, data center real estate investment trust (“REIT”) Equinix and water technology company Xylem.

After a challenging start to 2016 for Ulta Salon, Cosmetics & Fragrance, momentum started picking up for the company in the beginning of April 2016 after strong first quarter 2016 earnings and the company being added to the S&P 500 Index. Its strong results were driven by margins, revenues and e-commerce growth that were ahead of market expectations. In our view, the company is a strong brand that continues to gain recognition. We believe Ulta Salon, Cosmetics & Fragrance has an opportunity to grow market share through higher brand awareness, increasing loyalty to existing stores, expansion of new stores and e-commerce.

Equinix was a strong contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

During the Reporting Period, Xylem reported strong quarterly results, and toward the end of the Reporting Period, announced the purchase of Sensus, a smart water meter company, for approximately $1.7 billion in cash. The acquisition was viewed positively by investors, as it further bolsters Xylem’s product offering and technological advantage. At the end of the Reporting Period, we remained optimistic on Xylem’s margin expansion prospects and believed its management team has done well to position the company for sustainable long-term growth.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in fast-food retail giant McDonald’s. We believe improving sales and reductions in costs should lead to earnings upside and margin expansion. We further think that McDonald’s reduction in capital expenditures and further refranchising could lead to improving return on invested capital and free up additional capital to repurchase stock. In our view, McDonald’s is a high quality franchise with a proficient management team and what we consider to be attractive opportunities to drive top-line growth and earnings.

We established a Fund position in off-price retailer Ross Stores. Off-price retailers, such as Ross Stores, seek to take advantage of excess inventory from full-price retailers by purchasing goods at a significant discount to their original prices. We believe Ross Stores is well positioned within its industry and attractively valued for a high quality company. We are encouraged by Ross Stores’ consistent sales and earnings growth over time, strong free cash flows, and demonstrated track record of returning capital to shareholders.

Conversely, we sold the Fund’s position in consumer products company Colgate-Palmolive. While we believe Colgate-Palmolive to be a quality business, we think there are better opportunities with more encouraging catalysts elsewhere in the industry. Additionally, we believe it is possible that Colgate-Palmolive could see an earnings

5

PORTFOLIO RESULTS

decrease in the near term, as foreign currency pressures continue to impact the company. As a result, we decided to exit the position and pursue higher conviction ideas.

We sold the Fund’s position in Biogen, a biotechnology company. Like most companies within the health care sector, Biogen faced headwinds from increased U.S. regulation and felt increasing pressure after announcing a divestiture of its hemophilia business. At the beginning of June 2016, Biogen saw a notable decline in its share price after opicinumab, a drug for multiple sclerosis, missed an essential endpoint of its Phase II clinical trial. We sold the Fund’s position in Biogen, as we believe the stock is in deceleration mode.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples and information technology increased and its allocations to consumer discretionary and financials decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had an overweighted position relative to the Russell Index in the consumer discretionary sector. On the same date, the Fund had an underweighted position compared to the Russell Index in health care. The Fund was rather neutrally weighted to the Russell Index in consumer staples, energy, financials, industrials, information technology, real estate and materials and had no position at all in utilities or telecommunication services at the end of the Reporting Period.

6

FUND BASICS

Capital Growth Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		5.79	%		10.51	%
Class C		4.98			10.51
Institutional		6.19			10.51
Service		5.66			10.51
Class IR		6.05			10.51
Class R		5.51			10.51
Class R6		6.19			10.51

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 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^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-8.00	%		9.69	%		6.41	%		8.81	%	4/20/90
Class C		-4.33			10.11			6.21			4.97		8/15/97
Institutional		-2.23			11.38			7.44			6.17		8/15/97
Service		-2.69			10.83			6.91			5.65		8/15/97
Class IR		-2.40			11.22			N/A			6.35		11/30/07
Class R		-2.85			10.67			N/A			5.83		11/30/07
Class R6		N/A			N/A			N/A			-5.08		7/31/15

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

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

7

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.49	%
Class C		1.90			2.25
Institutional		0.75			1.09
Service		1.25			1.60
Class IR		0.90			1.24
Class R		1.40			1.74
Class R6		0.73			1.07

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.1	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		3.0		Software
Facebook, Inc. Class A		2.9		Internet Software & Services
Amazon.com, Inc.		2.8		Internet & Direct Marketing Retail
MasterCard, Inc. Class A		2.8		IT Services
Comcast Corp. Class A		2.3		Media
Alphabet, Inc. Class A		2.2		Internet Software & Services
Alphabet, Inc. Class C		2.2		Internet Software & Services
Honeywell International, Inc.		2.1		Industrial Conglomerates
The Walt Disney Co.		2.1		Media

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

8

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

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

9

GOLDMAN SACHS CAPITAL GROWTH FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $10,000 investment made on September 1, 2006 in Class A Shares (with the maximum sales charge of 5.5%). For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class C, Institutional, Service, Class IR, Class R and Class R6 Shares will vary from Class A Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Capital Growth Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced April 20, 1990)
Excluding sales charges	5.79%	13.55%	7.32%	9.14%
Including sales charges	0.00%	12.28%	6.72%	8.91%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	4.98%	12.71%	6.52%	5.13%
Including contingent deferred sales charges	3.93%	12.71%	6.52%	5.13%
Institutional Class (Commenced August 15, 1997)	6.19%	14.00%	7.75%	6.34%
Service Class (Commenced August 15, 1997)	5.66%	13.43%	7.21%	9.06%
Class IR (Commenced November 30, 2007)	6.05%	13.83%	N/A	6.70%
Class R (Commenced November 30, 2007)	5.51%	13.26%	N/A	6.17%
Class R6 (Commenced July 31, 2015)	6.19%	N/A	N/A	-1.19%

10

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund typically holds 30-40 high quality growth companies and tends to be more concentrated in individual holdings, industries and sectors than the typical broadly diversified large-cap growth fund. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated average annual total returns, without sales charges, of 5.10%, 4.27%, 5.47%, 5.31%, 4.81% and 5.56%, respectively. These returns compare to the 10.51% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund generated solid positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in the information technology, health care and consumer staples sectors detracted from the Fund’s relative results most during the Reporting Period. The only two sectors to contribute positively to the Fund’s relative performance during the Reporting Period were financials and industrials, wherein effective stock selection drove results.

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

A Among those stocks detracting most from the Fund’s results relative to its benchmark index were positions in global pharmaceutical company Allergan, global apparel company PVH and biotechnology firm Vertex Pharmaceuticals.

Allergan was the Fund’s biggest individual detractor during the Reporting Period. Volatility related to mergers and acquisitions the company has been involved in as well as market concerns around drug pricing pressures weighed on Allergan’s stock during the Reporting Period. Despite the near-term volatility and underperformance, we continued to believe at the end of the Reporting Period that Allergan was a high quality growth business, trading at an attractive valuation with meaningful financial flexibility going forward.

PVH was a top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds added pressure to what we believe is otherwise a high quality company. While we continue to like the company and believe PVH remains a leading franchise with dominant market share, strong pricing power and solid fundamentals, near-term uncertainty led us to consolidate the Fund’s exposure into other consumer positions where we find the risk/reward opportunity more compelling.

11

PORTFOLIO RESULTS

Vertex Pharmaceuticals was a top detractor from the Fund’s performance during the Reporting Period. Early in 2016, its shares came under pressure following a disappointing fiscal fourth quarter that fell short of consensus expectations. Additionally, lowered expectations surrounding the launch of Vertex Pharmaceuticals’ new cystic fibrosis treatment, orkambi, caused shares to decline. Despite this weakness, at the end of the Reporting Period, we believed Vertex Pharmaceuticals had strong underlying fundamentals, a promising product pipeline with significant short-term and long-term catalysts and an attractive valuation. We further believed the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share in its space and given geographic expansionary efforts that have contributed to meaningful profitability.

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

A The Fund benefited most relative to the Russell Index from positions in data center real estate investment trust (“REIT”) Equinix, online social media platform Facebook and e-commerce retailer Amazon.com.

Equinix was the strongest contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

Facebook was a top positive contributor to the Fund’s relative results during the Reporting Period. The company reported strong quarterly results during the Reporting Period, underpinned by advertisement revenue growth well above market expectations. Demand from advertisers was robust across most segments and geographies, and the company benefited from its three key levers — user growth, time spent and ad load. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase earnings. We think additional tailwinds in the form of lower and decreasing tax rates — and video-driven growth — may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry and robust contribution from Instagram warrant a constructive outlook on its long- term growth prospects.

Amazon.com reported strong third quarter 2015 results and solid first quarter 2016 results, with revenues and earnings well ahead of market expectations. Fundamentals were robust, and its management’s guidance implied continued strength. At the end of the Reporting Period, we believed the business remained strong in retail and Amazon Web Services (“AWS”) and that Amazon Prime’s membership growth could potentially position Amazon.com as a long-term outperformer in the retail industry. We continued to view Amazon.com’s business favorably and believed the company could well be the beneficiary of its scale and competitive advantages over the long term.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in Comcast, a broadband cable and media company. We believe Comcast is a best-in-class name that provides on-demand content, innovates well on channel mediums, and, despite cord cutting trends and satellite expansion, outperforms in cable. (Cord cutting refers to the practice of stopping a cable or satellite television service or getting rid of a landline phone in favor of less expensive options.) We like Comcast’s diversification across content and distribution as well as its diversification across content businesses. Given what we perceive to be the company’s positive near-term outlook and strong underlying fundamentals, we are optimistic on Comcast’s long-term return and thus established a position in the Fund.

We established a Fund position in Microsoft. Share price weakness on the back of challenging quarterly results had created an opportunity, in our view, to initiate a position, and we believe the company presents good risk/reward potential. We are optimistic on what we believe are some solid growth

12

PORTFOLIO RESULTS

and improved profitability focus areas, including Azure, Office 365 and Xbox. We believe Microsoft is attractively valued with a strong balance sheet, high free cash flow yield and a management that we believe is moving the company in the right direction.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in information storage company EMC. We believed that any complications with respect to its acquisition by Dell could add negative pressure to its stock, thus making the risk/reward profile less compelling, in our view. The stock had performed relatively well in the recent downturn, and so we took the opportunity to exit the Fund’s position to allocate the proceeds to other ideas with what we considered to have more compelling upside.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to industrials increased as did its position in cash, while its allocations to consumer discretionary, consumer staples, energy and financials decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the real estate and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary, industrials and materials. The Fund was rather neutrally weighted relative to the Russell Index in consumer staples, financials and health care and had no position at all in the utilities and telecommunication services sectors at the end of the Reporting Period.

13

FUND BASICS

Concentrated Growth Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		5.10	%		10.51	%
Class C		4.27			10.51
Institutional		5.47			10.51
Class IR		5.31			10.51
Class R		4.81			10.51
Class R6		5.56			10.51

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 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^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-8.61	%		8.52	%		6.01	%		6.48	%	9/03/02
Class C		-5.02			8.93			5.80			6.11		9/03/02
Institutional		-2.88			10.21			7.03			7.35		9/03/02
Class IR		-3.04			10.04			N/A			5.25		11/30/07
Class R		-3.55			9.48			N/A			4.74		11/30/07
Class R6		N/A			N/A			N/A			-5.24		7/31/15

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

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

14

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		1.60	%
Class C		1.97			2.35
Institutional		0.82			1.20
Class IR		0.97			1.35
Class R		1.47			1.87
Class R6		0.80			1.18

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.5	%	Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		4.8		Internet Software & Services
Amazon.com, Inc.		4.1		Internet & Direct Marketing Retail
Alphabet, Inc. Class A		4.1		Internet Software & Services
American Tower Corp.		4.0		Equity Real Estate Investment Trusts (REITs)
Costco Wholesale Corp.		3.8		Food & Staples Retailing
MasterCard, Inc. Class A		2.9		IT Services
Comcast Corp. Class A		2.9		Media
Honeywell International, Inc.		2.9		Industrial Conglomerates
Microsoft Corp.		2.7		Software

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

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

16

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR, Class R, and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Concentrated Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced September 3, 2002)
Excluding sales charges	5.10%	12.38%	6.86%	7.14%
Including sales charges	-0.63%	11.11%	6.25%	6.71%
Class C (Commenced September 3, 2002)
Excluding contingent deferred sales charges	4.27%	11.55%	6.06%	6.33%
Including contingent deferred sales charges	3.23%	11.55%	6.06%	6.33%
Institutional Class (Commenced September 3, 2002)	5.47%	12.83%	7.28%	7.57%
Class IR (Commenced November 30, 2007)	5.31%	12.66%	N/A	5.63%
Class R (Commenced November 30, 2007)	4.81%	12.11%	N/A	5.13%
Class R6 (Commenced July 31, 2015)	5.56%	N/A	N/A	-1.12%

17

PORTFOLIO RESULTS

Goldman Sachs Dynamic U.S. Equity Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team and the Goldman Sachs Fundamental Equity Value Investment Team have focused on several key investment criteria that they believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Teams strive to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team and the Goldman Sachs Value Equity Investment Team discuss the Goldman Sachs Dynamic U.S. Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated average annual total returns, without sales charges, of 4.39%, 3.66%, 4.84%, 4.67%, 4.18% and 4.86%, respectively. These returns compare to the 12.52% average annual total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500 Index”), during the same period.

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

A The Fund posted positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the S&P 500 Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in information technology, health care and consumer staples detracted from the Fund’s relative results most. Having an underweighted allocation to information technology, which outpaced the S&P 500 Index during the Reporting Period, also hurt. The only sector to contribute positively to the Fund’s relative performance during the Reporting Period was financials, wherein effective stock selection more than offset the detracting effect of having an overweight in the comparatively weakly performing sector.

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

A Detracting most from the Fund’s results relative to its benchmark index were positions in global apparel retailer Gap, global pharmaceutical company Allergan and online professional network provider LinkedIn.

Gap reported several quarters of disappointing earnings results driven by weaker than consensus expected sales and foreign exchange headwinds from a stronger U.S. dollar. Product design initiatives had been unable to turn around same-store sales trends, and a challenging macroeconomic environment for apparel retailers remained a headwind for the company. Additionally, news of Old Navy’s president leaving in 2015 was a slight negative for the company. As a result, we believe the risk/reward profile for Gap is less compelling over the near term, and so we exited the Fund’s position by the end of the Reporting Period.

Allergan was among the Fund’s biggest detractors during the Reporting Period. Volatility related to mergers and acquisitions the company has been involved in as well as market concerns around drug pricing pressures weighed on Allergan’s stock during the Reporting Period. Despite the near-term volatility and underperformance, we continued to believe at the end of the Reporting Period that Allergan was a high quality growth business, trading at an attractive valuation with meaningful financial flexibility going forward.

LinkedIn reported solid fourth quarter 2015 results, with revenues and earnings ahead of market estimates, and

18

PORTFOLIO RESULTS

healthy user engagement. Of note, however, was top and bottom line guidance below market expectations, which led to a stock price decline. Specifically, its management attributed the slowdown to macroeconomic pressures in the Europe, Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) regions, and it indicated its plans to shut down its acquired Bizo asset. We believe these factors have led investors to question the company’s growth outlook, which is additionally affected by foreign exchange headwinds. We were optimistic on the company’s competitive positioning and unique offering, but our concerns around its long-term business model — as well as its lower guidance — led us to exit the Fund’s position and invest in higher conviction ideas.

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

A The Fund benefited most relative to the S&P 500 Index from positions in e-commerce retailers Amazon.com and eBay and industrial conglomerate General Electric.

Amazon.com reported strong third quarter 2015 results and solid first quarter 2016 results, with revenues and earnings well ahead of market expectations. Fundamentals were robust, and its management’s guidance implied continued strength. At the end of the Reporting Period, we believed the business remained strong in retail and Amazon Web Services (“AWS”) and that Amazon Prime’s membership growth could potentially position Amazon.com as a long-term outperformer in the retail industry. We continued to view Amazon.com’s business favorably and believed the company could well be the beneficiary of its scale and competitive advantages over the long term.

Shares of eBay gained through July 2016 following strong second quarter 2016 earnings results that were well ahead of market expectations. The company raised its third quarter 2016 outlook for earnings and revenues. eBay also announced an additional $1 billion stock repurchase. At the end of the Reporting Period, we believed eBay’s management team was taking the right steps to ensure the company continues to grow and improve its offerings to customers. In our view, eBay has a strong balance sheet and good cash flow generation, which is a reason for us to have strong conviction in the company and its financial flexibility to invest in its business for future growth.

Throughout the Reporting Period, General Electric reported earnings results that exceeded consensus expectations, driven by strong organic revenue growth and operating margin improvement. Additionally, investors reacted positively to General Electric’s long-awaited announcement to spin off its majority stake in Synchrony Financial to existing shareholders. At the end of the Reporting Period, we remained optimistic on General Electric’s growth prospects, as a strong backlog of orders and what we believe to be accretive synergies from recent transactions could be supportive to its earnings in a potentially slow global economic growth environment.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in online social media platform Facebook during the Reporting Period. Over time, Facebook has established an important position as a consumer utility and has captured a significant portion of today’s mobile application mindshare. In our view, demand for Facebook’s business remains strong, and along with its Instagram franchise and online video features, the company is well positioned to capitalize on significant advertising growth.

We established a Fund position in MasterCard. MasterCard is a leading global payments and technology company that connects consumers, financial institutions, merchants, governments and businesses worldwide, enabling them to use electronic forms of payment instead of cash and checks. The company offers a wide range of payment solutions that enable the development and implementation of credit, debit, prepaid, commercial and related payment programs and solutions for consumers and merchants. In our view, the company performed well during the fourth quarter of 2015, exceeding its own estimates of gross revenues and billings, although an ongoing rebate and incentive program dragged a bit on net revenue growth. We are positive on the current macroeconomic trends, especially consumer spending, which we believe should benefit the company. We also believe MasterCard has a high quality management team, an investment grade balance sheet and strong free cash flow and operating margins.

Conversely, we sold the Fund’s position in financial services company American International Group (“AIG”). We believe any complications with respect to its newly announced strategic plan could add negative pressure to the stock, as major changes within such a complex organization take time

19

PORTFOLIO RESULTS

to harmonize, in our view. We took the opportunity to exit the Fund’s position in AIG to pursue higher conviction ideas.

We eliminated the Fund’s position in information storage company EMC. We believed that any complications with respect to its acquisition by Dell could add negative pressure to its stock, thus making the risk/reward profile less compelling, in our view. The stock had performed relatively well in the recent downturn, and so we took the opportunity to exit the Fund’s position to allocate the proceeds to other ideas with what we considered to have more compelling upside.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary, energy, health care, information technology and materials increased and its allocations to consumer staples, financials and industrials decreased compared to the S&P 500 Index. The Fund’s position in cash also declined during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the S&P 500 Index in consumer discretionary, materials, real estate and consumer staples. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in information technology, industrials, utilities and health care and was rather neutrally weighted to the S&P 500 Index in energy and financials.

The Fund had no position at all in telecommunication services at the end of the Reporting Period.

20

FUND BASICS

Dynamic U.S. Equity Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		4.39	%		12.52	%
Class C		3.66			12.52
Institutional		4.84			12.52
Class IR		4.67			12.52
Class R		4.18			12.52
Class R6		4.86			12.52

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Since Inception			Inception Date
Class A		-11.74	%		7.64	%		8.80	%	11/30/09
Class C		-8.20			8.07			8.91		11/30/09
Institutional		-6.24			9.31			10.18		11/30/09
Class IR		-6.46			9.13			10.00		11/30/09
Class R		-6.82			8.62			9.47		11/30/09
Class R6		N/A			N/A			-6.98		7/31/15

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

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

21

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		2.81	%
Class C		1.97			3.56
Institutional		0.82			2.42
Class IR		0.97			2.63
Class R		1.47			3.10
Class R6		0.80			2.40

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Bank of America Corp.		5.2	%	Banks
Amazon.com, Inc.		5.1		Internet & Direct Marketing Retail
Pfizer, Inc.		4.2		Pharmaceuticals
Apple, Inc.		3.9		Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		3.8		Internet Software & Services
MasterCard, Inc. Class A		3.5		IT Services
JPMorgan Chase & Co.		3.4		Banks
McKesson Corp.		3.2		Health Care Providers & Services
General Electric Co.		3.1		Industrial Conglomerates
Abbott Laboratories		3.1		Health Care Equipment & Supplies

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

22

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

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

23

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on November 30, 2009 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), is shown. Through April 30, 2015, the Fund had been known as the Goldman Sachs U.S. Equity Fund and certain of its strategies differed. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Dynamic U.S. Equity Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from November 30, 2009 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced November 30, 2009)
Excluding sales charges	4.39%	12.38%	10.27%
Including sales charges	-1.34%	11.12%	9.35%
Class C (Commenced November 30, 2009)
Excluding contingent deferred sales charges	3.66%	11.54%	9.43%
Including contingent deferred sales charges	2.62%	11.54%	9.43%
Institutional Class (Commenced November 30, 2009)	4.84%	12.82%	10.71%
Class IR (Commenced November 30, 2009)	4.67%	12.64%	10.53%
Class R (Commenced November 30, 2009)	4.18%	12.10%	9.99%
Class R6 (Commenced July 31, 2015)	4.86%	N/A	-2.12%

24

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments in small-, mid- and large-capitalization issuers. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Flexible Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated average annual total returns, without sales charges, of 4.93%, 4.12%, 5.29%, 5.20%, 4.61% and 5.29%, respectively. These returns compare to the 9.96% average annual total return of the Fund’s benchmark, the Russell 3000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund generated solid positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that detracted most from the Fund’s relative results during the Reporting Period were information technology, consumer staples and health care, wherein stock selection proved challenging. The sectors that contributed positively to the Fund’s relative performance during the Reporting Period were financials, energy and consumer discretionary, wherein effective stock selection drove results.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in luxury household furnishing company Restoration Hardware Holdings, online professional network provider LinkedIn and software giant Microsoft.

During the Reporting Period, Restoration Hardware Holdings experienced headwinds of an increasingly challenging retail industry, especially around the high-end consumer. Given the lower and volatile demand, we exited the Fund’s position to invest in what we considered to be more compelling ideas.

LinkedIn reported solid fourth quarter 2015 results, with revenues and earnings ahead of market estimates, and healthy user engagement. Of note, however, was top and bottom line guidance below market expectations, which led to a stock price decline. Specifically, its management attributed the slowdown to macroeconomic pressures in the Europe, Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) regions, and it indicated its plans to shut down its acquired Bizo asset. We believe these factors have led investors to question the company’s growth outlook, which is additionally affected by foreign exchange headwinds. We were optimistic on the company’s competitive positioning and unique offering, but our concerns around its long-term business model — as well as its lower guidance — led us to exit the Fund’s position and invest in higher conviction ideas.

25

PORTFOLIO RESULTS

Microsoft was a new purchase for the Fund during the Reporting Period. Share price weakness on the back of challenging quarterly results had created an opportunity, in our view, to initiate a position, and we believe the company presents good risk/reward potential. During the Reporting Period, Microsoft’s stock performed strongly in absolute returns, but an underweight in the Fund compared to the Russell Index led to it being a detractor from relative returns. Microsoft reported fiscal fourth quarter results that meaningfully exceeded market expectations, with solid revenue trends. Its management also guided down for the following quarter, although the downward revision was more muted than what we have seen in some other quarters. At the end of the Reporting Period, we were optimistic on what we believe are some solid growth and improved profitability focus areas, including Azure, Office 365 and Xbox. We also believed Microsoft was attractively valued with a strong balance sheet, high free cash flow yield and a management that we believe is moving the company in the right direction.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in data center real estate investment trust (“REIT”) Equinix, specialty retailer Ulta Salon, Cosmetics & Fragrance and water technology company Xylem.

Equinix was the strongest contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

After a challenging start to 2016 for Ulta Salon, Cosmetics & Fragrance, momentum started picking up for the company in the beginning of April 2016 after strong first quarter 2016 earnings and the company being added to the S&P 500 Index. Its strong results were driven by margins, revenues and e-commerce growth that were ahead of market expectations. In our view, the company is a strong brand that continues to gain recognition. We believe Ulta Salon, Cosmetics & Fragrance has an opportunity to grow market share through higher brand awareness, increasing loyalty to existing stores, expansion of new stores and e-commerce.

During the Reporting Period, Xylem reported strong quarterly results, and toward the end of the Reporting Period, announced the purchase of Sensus, a smart water meter company, for approximately $1.7 billion in cash. The acquisition was viewed positively by investors, as it further bolsters Xylem’s product offering and technological advantage. At the end of the Reporting Period, we remained optimistic on Xylem’s margin expansion prospects and believed its management team has done well to position the company for sustainable long-term growth.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A In addition to the purchases already mentioned, we established a Fund position in beverage company Coca-Cola. We view Coca-Cola as a high quality, large-cap consumer staples franchise, with iconic brands and a structurally advantaged global supply chain. However, the stock has been pressured in recent years by international macro headwinds and widespread health concerns about soft drinks. We see meaningful positive incremental change occurring at Coca- Cola, with core category pricing improving sustainably, more aggressive cost cutting, productivity driving higher marketing reinvestment, and structural improvements from bottler refranchising. We expect the turnaround at the company to be increasingly appreciated by the market over time. We also see room for multiple expansion relative to other high quality consumer staples peers. These factors, combined with a stabilizing global macro and currency backdrop, could lead to faster growth and higher returns, in our view.

Conversely, we exited the Fund’s position in coffee retailer Starbucks. During the Reporting Period, Starbucks reported disappointing comparable same-store sales growth, which dampened investor sentiment, as it could be an indicator that the rate of its growth is slowing more than widely expected.

26

PORTFOLIO RESULTS

Though we continue to like the company and the strength of its franchise, we believed there were other names with more compelling risk/reward profiles, and so we sold the position.

We eliminated the Fund’s position in quick-service restaurant owner and franchiser YUM! Brands. While we believe YUM! Brands is a fundamentally strong company with a promising outlook, upcoming initiatives and resilience during difficult environments, we decided to sell out of the name and fund other ideas presenting, in our view, better risk/reward opportunities.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples and industrials increased and its allocations to consumer discretionary, energy and financials decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the financials sector. On the same date, the Fund had underweighted positions compared to the Russell Index in health care, consumer discretionary and materials and was rather neutrally weighted to the Russell Index in consumer staples, energy, industrials, information technology, real estate and telecommunication services. The Fund had no position at all in the utilities sector at the end of the Reporting Period.

27

FUND BASICS

Flexible Cap Growth Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 3000® Growth  Index2
Class A		4.93	%		9.96	%
Class C		4.12			9.96
Institutional		5.29			9.96
Class IR		5.20			9.96
Class R		4.61			9.96
Class R6		5.29			9.96

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

²  The unmanaged Russell 3000^® Growth Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Year			Since Inception			Inception Date
Class A		-8.73	%		9.54	%		7.92	%		1/31/08
Class C		-5.15			9.95			7.86			1/31/08
Institutional		-3.07			11.23			9.10			1/31/08
Class IR		-3.11			11.07			8.94			1/31/08
Class R		-3.71			10.51			8.40			1/31/08
Class R6		N/A			N/A			-5.98			7/31/15

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

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

28

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		2.97	%
Class C		1.97			3.71
Institutional		0.82			2.57
Class IR		0.97			2.66
Class R		1.47			3.24
Class R6		0.80			4.34

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.8	%	Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		3.9		Internet Software & Services
Amazon.com, Inc.		3.6		Internet & Direct Marketing Retail
Alphabet, Inc. Class A		2.8		Internet Software & Services
Microsoft Corp.		2.7		Software
Alphabet, Inc. Class C		2.4		Internet Software & Services
Honeywell International, Inc.		2.2		Industrial Conglomerates
MasterCard, Inc. Class A		2.1		IT Services
Comcast Corp. Class A		1.9		Media
Costco Wholesale Corp.		1.9		Food & Staples Retailing

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

29

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

30

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on January 31, 2008 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 3000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Flexible Cap Growth Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from January 31, 2008 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced January 31, 2008)
Excluding sales charges	4.93%	13.70%	8.97%
Including sales charges	-0.81%	12.43%	8.26%
Class C (Commenced January 31, 2008)
Excluding contingent deferred sales charges	4.12%	12.86%	8.19%
Including contingent deferred sales charges	3.08%	12.86%	8.19%
Institutional Class (Commenced January 31, 2008)	5.29%	14.16%	9.42%
Class IR (Commenced January 31, 2008)	5.20%	14.00%	9.27%
Class R (Commenced January 31, 2008)	4.61%	13.44%	8.73%
Class R6 (Commenced July 31, 2015)	5.29%	N/A	-1.92%

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PORTFOLIO RESULTS

Goldman Sachs Focused Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Focused Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated average annual total returns, without sales charges, of 3.36%, 2.56%, 3.75%, 3.65%, 3.07% and 3.77%, respectively. These returns compare to the 10.51% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole contributed positively, albeit modestly, during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in health care, consumer discretionary and consumer staples detracted from the Fund’s relative results most. Effective stock selection in the financials sector and having an underweight to the energy sector, which was by far the weakest performer in the Russell Index during the Reporting Period, helped the Fund’s performance most relative to the Russell Index.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in global apparel company PVH, global pharmaceutical company Allergan and biotechnology firm Vertex Pharmaceuticals.

PVH was the top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds added pressure to what we believe is otherwise a high quality company. While we continue to like the company and believe PVH remains a leading franchise with dominant market share, strong pricing power and solid fundamentals, near- term uncertainty led us to consolidate the Fund’s exposure into other consumer positions where we find the risk/reward opportunity more compelling.

Allergan was among the Fund’s biggest detractors during the Reporting Period. Volatility related to mergers and acquisitions the company has been involved in as well as market concerns around drug pricing pressures weighed on Allergan’s stock during the Reporting Period. Despite the near-term volatility and underperformance, we continued to believe at the end of the Reporting Period that Allergan was a high quality growth business, trading at an attractive valuation with meaningful financial flexibility going forward.

32

PORTFOLIO RESULTS

Vertex Pharmaceuticals was a top detractor from the Fund’s performance during the Reporting Period. Early in 2016, its shares came under pressure following a disappointing fiscal fourth quarter that fell short of consensus expectations. Additionally, lowered expectations surrounding the launch of Vertex Pharmaceuticals’ new cystic fibrosis treatment, orkambi, caused shares to decline. Despite this weakness, at the end of the Reporting Period, we believed Vertex Pharmaceuticals had strong underlying fundamentals, a promising product pipeline with significant short-term and long-term catalysts and an attractive valuation. We further believed the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share in its space and given geographic expansionary efforts that have contributed to meaningful profitability.

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

A Among those stocks the Fund benefited from relative to the Russell Index were positions in data center real estate investment trust (“REIT”) Equinix, online social media platform Facebook and e-commerce retailer Amazon.com.

Equinix was the strongest contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

Facebook, a new purchase for the Fund during the Reporting Period, was a top positive contributor to the Fund’s relative results during the Reporting Period. Over time, Facebook has established an important position as a consumer utility and has captured a significant portion of today’s mobile application mindshare. In our view, demand for Facebook’s business remains strong, and along with its Instagram franchise and online video features, the company is well positioned to capitalize on significant advertising growth. During the Reporting Period, the company reported strong quarterly results, underpinned by advertisement revenue growth well above market expectations. Demand from advertisers was robust across most segments and geographies, and the company benefited from its three key levers — user growth, time spent and ad load. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase earnings. We think additional tailwinds in the form of lower and decreasing tax rates — and video-driven growth — may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry and robust contribution from Instagram warrant a constructive outlook on its long-term growth prospects.

Amazon.com reported strong third quarter 2015 results and solid first quarter 2016 results, with revenues and earnings well ahead of market expectations. Fundamentals were robust, and its management’s guidance implied continued strength. At the end of the Reporting Period, we believed the business remained strong in retail and Amazon Web Services (“AWS”) and that Amazon Prime’s membership growth could potentially position Amazon.com as a long-term outperformer in the retail industry. We continued to view Amazon.com’s business favorably and believed the company could well be the beneficiary of its scale and competitive advantages over the long term.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A In addition to the purchase of Facebook, already mentioned, we initiated a Fund position in Honeywell International. Honeywell International is a diversified technology and manufacturing company, which offers aerospace products,

33

PORTFOLIO RESULTS

power generation systems, specialty chemicals and electronic materials. We are encouraged by positive trends in aerospace, U.S. defense, China and process management, which we believe position the company well for long-term growth. We also see opportunities for improved free cash flow margins should capital expenditures decline in the next few years as we anticipate. Given our positive near-term outlook and what we see as the company’s prospects for organic acceleration, we are optimistic on Honeywell International’s long-term returns.

Conversely, in addition to the sales already mentioned, we exited the Fund’s position in online travel company Priceline Group. While we believe Priceline Group is a quality business, our confidence in the company was tested by persistent consensus concerns about continued lodging and an unfavorable outlook for the travel industry. As a result, we decided to sell the position and pursue higher conviction ideas.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to health care, industrials and materials increased and its allocations to consumer discretionary, financials and information technology decreased relative to the Russell Index. The Fund’s allocation to cash decreased during the Reporting Period as well.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the financials, real estate and consumer staples sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary, health care and information technology. The Fund was rather neutrally weighted to the Russell Index in industrials and materials and had no positions at all in the energy, utilities or telecommunication services sectors at the end of the Reporting Period.

34

FUND BASICS

Focused Growth Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		3.36	%		10.51	%
Class C		2.56			10.51
Institutional		3.75			10.51
Class IR		3.65			10.51
Class R		3.07			10.51
Class R6		3.77			10.51

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

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Since Inception			Inception Date
Class A		-7.46	%		10.62	%	1/31/12
Class C		-3.84			11.22		1/31/12
Institutional		-1.75			12.51		1/31/12
Class IR		-1.92			12.34		1/31/12
Class R		-2.42			11.77		1/31/12
Class R6		N/A			-4.63		7/31/15

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

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

35

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.20	%		2.22	%
Class C		1.95			3.00
Institutional		0.80			1.85
Class IR		0.97			2.02
Class R		1.45			2.50
Class R6		0.78			1.83

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Apple, Inc.		10.2	%	Technology Hardware, Storage & Peripherals
American Tower Corp.		6.1		Equity Real Estate Investment Trusts (REITs)
Costco Wholesale Corp.		6.1		Food & Staples Retailing
Facebook, Inc. Class A		5.8		Internet Software & Services
Alphabet, Inc. Class A		5.4		Internet Software & Services
MasterCard, Inc. Class A		5.4		IT Services
Amazon.com, Inc.		4.9		Internet & Direct Marketing Retail
Honeywell International, Inc.		4.9		Industrial Conglomerates
Abbott Laboratories		4.7		Health Care Equipment & Supplies
Intercontinental Exchange, Inc.		4.5		Capital Markets

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

36

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

37

GOLDMAN SACHS FOCUSED GROWTH FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on January 31, 2012 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Focused Growth Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from January 31, 2012 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Since Inception
Class A (Commenced January 31, 2012)
Excluding sales charges	3.36%	12.37%
Including sales charges	-2.34%	10.99%
Class C (Commenced January 31, 2012)
Excluding contingent deferred sales charges	2.56%	11.54%
Including contingent deferred sales charges	1.54%	11.54%
Institutional Class (Commenced January 31, 2012)	3.75%	12.83%
Class IR (Commenced January 31, 2012)	3.65%	12.66%
Class R (Commenced January 31, 2012)	3.07%	12.09%
Class R6 (Commenced July 31, 2015)	3.77%	-1.33%

38

PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

The Fund invests primarily in medium-sized growth companies with a market capitalization between $1 and $10 billion. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 3.39%, 2.66%, 3.76%, 3.27%, 3.64%, 3.12% and 3.81%, respectively. These returns compare to the 6.98% average annual total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund generated positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting most from the Fund’s relative results was challenging stock selection in the consumer discretionary, health care and information technology sectors. The only two sectors to contribute positively to the Fund’s relative performance during the Reporting Period were financials and industrials, wherein effective stock selection drove results.

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

A Detracting most from the Fund’s results relative to its benchmark index were positions in luxury household furnishing company Restoration Hardware Holdings, hospital and medical services provider holding company Adeptus Health and molecular diagnostics company Cepheid.

During the Reporting Period, Restoration Hardware Holdings experienced headwinds of an increasingly challenging retail industry, especially around the high-end consumer. Given the lower and volatile demand, we exited the Fund’s position to invest in what we considered to be more compelling ideas.

Toward the beginning of the Reporting Period, despite strong third quarter 2015 results, Adeptus Health’s shares traded lower, partly due to sympathies toward other health services companies that performed below market expectations. Additionally, the company’s results reflected some seasonal slowdown from the prior quarter, which may have impacted investor sentiment. At the end of the Reporting Period, we believed Adeptus Health remained one of the fastest growing players in the health care services industry with good visibility on new facility openings during the next few years. In our view, the company’s growth story has also been driven by its joint venture strategy that focuses on partnering with not-for-profit health care systems. Adeptus Health maintains a dominant position in a rapidly expanding industry, and we believe it presents significant upside

39

PORTFOLIO RESULTS

potential should it continue to expand both organically and through its joint venture strategy.

Much of Cepheid’s share price decline came following its fiscal third quarter 2015 earnings report. While the company was in line with the market’s revenue expectations, it reduced its revenue outlook in the fourth quarter of 2015. Despite the weakness, at the end of the Reporting Period, we maintained confidence in the actions its management is taking to accelerate the company’s growth profile. In our view, Cepheid remains the dominant molecular diagnostics platform.

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

A The Fund benefited most relative to the Russell Index from positions in specialty retailers Ulta Salon, Cosmetics & Fragrance, data center real estate investment trust (“REIT”) Equinix and water technology company Xylem.

After a challenging start to 2016 for Ulta Salon, Cosmetics & Fragrance, momentum started picking up for the company in the beginning of April 2016 after strong first quarter 2016 earnings and the company being added to the S&P 500 Index. Its strong results were driven by margins, revenues and e-commerce growth that were ahead of market expectations. In our view, the company is a strong brand that continues to gain recognition. We believe Ulta Salon, Cosmetics & Fragrance has an opportunity to grow market share through higher brand awareness, increasing loyalty to existing stores, expansion of new stores and e-commerce.

Equinix was a strong contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

During the Reporting Period, Xylem reported strong quarterly results, and toward the end of the Reporting Period, announced the purchase of Sensus, a smart water meter company, for approximately $1.7 billion in cash. The acquisition was viewed positively by investors, as it further bolsters Xylem’s product offering and technological advantage. Xylem was a new purchase for the Fund during the Reporting Period. In our view, Xylem is poised to benefit from secular growth and the cyclical recovery of water utility spending. The company’s exposure to oil is minimal, and we believe there are merger and acquisition opportunities to move up the water technology curve if needed. At the end of the Reporting Period, we remained optimistic on Xylem’s margin expansion prospects and believed its management team has done well to position the company for sustainable long-term growth.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A In addition to those purchases already mentioned, we initiated a Fund position in off-price retailer Ross Stores. Off-price retailers, such as Ross Stores, seek to take advantage of excess inventory from full-price retailers by purchasing goods at a significant discount to their original prices. We believe Ross Stores is well positioned within its industry and attractively valued for a high quality company. We are encouraged by Ross Stores’ consistent sales and earnings growth over time, strong free cash flows, and demonstrated track record of returning capital to shareholders.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in W.W. Grainger, a distributor of repair and operating supplies. Toward the end of July 2016, the company reported weak second quarter 2016 results, which missed market estimates, and its management cut its guidance. This weakness was driven primarily by pricing below market expectations, particularly in the U.S. and Canada. The company was also losing market share with mid-sized customers. Overall, we believe the business continues to face secular challenges, and so we sold out of the Fund position to invest in higher conviction ideas.

We sold the Fund’s position in LinkedIn, the online professional network provider. Late in the Reporting Period, its shares sharply gained following the announcement that

40

PORTFOLIO RESULTS

Microsoft had reached an agreement to acquire LinkedIn at a significant premium. After this development, we decided to exit the Fund’s position and allocate proceeds to other ideas.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples, industrials, materials and telecommunication services increased as did its position in cash and its allocations to consumer discretionary, health care and information technology decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the telecommunication services, consumer staples, financials and materials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology, consumer discretionary and real estate. The Fund was rather neutrally weighted to the Index in energy, health care and industrials and had no position at all in utilities at the end of the Reporting Period.

41

FUND BASICS

Growth Opportunities Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell Midcap® Growth Index2
Class A		3.39	%		6.98	%
Class C		2.66			6.98
Institutional		3.76			6.98
Service		3.27			6.98
Class IR		3.64			6.98
Class R		3.12			6.98
Class R6		3.81			6.98

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 Midcap^® Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-10.53	%		7.86	%		8.05	%		10.01	%	5/24/99
Class C		-7.01			8.26			7.85			9.55		5/24/99
Institutional		-4.99			9.51			9.10			10.81		5/24/99
Service		-5.47			8.97			8.56			10.25		5/24/99
Class IR		-5.10			9.36			N/A			7.57		11/30/07
Class R		-5.62			8.80			N/A			7.04		11/30/07
Class R6		N/A			N/A			N/A			-5.77		7/31/15

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

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

42

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.40	%
Class C		2.05			2.15
Institutional		0.95			1.00
Service		1.45			1.50
Class IR		1.05			1.15
Class R		1.55			1.65
Class R6		0.93			0.98

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Amphenol Corp. Class A		2.8	%	Electronic Equipment, Instruments & Components
Ross Stores, Inc.		2.6		Specialty Retail
Fidelity National Information Services, Inc.		2.6		IT Services
SBA Communications Corp. Class A		2.6		Diversified Telecommunication Services
Panera Bread Co. Class A		2.4		Hotels, Restaurants & Leisure
The Middleby Corp.		2.4		Machinery
Equinix, Inc.		2.3		Equity Real Estate Investment Trusts (REITs)
Ulta Salon, Cosmetics & Fragrance, Inc.		2.3		Specialty Retail
Intuit, Inc.		2.2		Software
Xylem, Inc.		2.2		Machinery

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

43

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

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

44

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark the Russell Midcap Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Growth Opportunities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 24, 1999)
Excluding sales charges	3.39%	12.26%	9.29%	10.46%
Including sales charges	-2.29%	11.00%	8.68%	10.10%
Class C (Commenced May 24, 1999)
Excluding contingent deferred sales charges	2.66%	11.42%	8.48%	9.65%
Including contingent deferred sales charges	1.64%	11.42%	8.48%	9.65%
Institutional Class (Commenced May 24, 1999)	3.76%	12.70%	9.72%	10.90%
Service Class (Commenced May 24, 1999)	3.27%	12.14%	9.18%	10.35%
Class IR (Commenced November 30, 2007)	3.64%	12.54%	N/A	7.81%
Class R (Commenced November 30, 2007)	3.12%	11.98%	N/A	7.28%
Class R6 (Commenced July 31, 2015)	3.81%	N/A	N/A	-2.45%

45

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

The Fund invests primarily in small and medium-sized growth companies with a market capitalization between $38 million and $32.6 billion. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of -0.56%, -1.34%, -0.21%, -0.67%, -0.31%, -0.83% and -0.21%, respectively. These returns compare to the 4.64% average annual total return of the Fund’s benchmark, the Russell 2500^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly, during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting from relative results most during the Reporting Period were information technology, health care and industrials, wherein stock selection was challenging. Effective stock selection in the consumer discretionary, financials and energy sectors helped the Fund’s performance most relative to the Russell Index.

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

A Among those stocks detracting most from the Fund’s results relative to its benchmark index were positions in luxury household furnishing company Restoration Hardware Holdings, hospital and medical services provider holding company Adeptus Health and molecular diagnostics company Cepheid.

During the Reporting Period, Restoration Hardware Holdings experienced headwinds of an increasingly challenging retail industry, especially around the high-end consumer. Given the lower and volatile demand, we exited the Fund’s position to invest in what we considered to be more compelling ideas.

Toward the beginning of the Reporting Period, despite strong third quarter 2015 results, Adeptus Health’s shares traded lower, partly due to sympathies toward other health services companies that performed below market expectations. Additionally, the company’s results reflected some seasonal slowdown from the prior quarter, which may have impacted investor sentiment. At the end of the Reporting Period, we believed Adeptus Health remained one of the fastest growing players in the health care services industry with good visibility on new facility openings during the next few years. In our view, the company’s growth story has also been driven by its joint venture strategy that focuses on partnering with not-for-profit health care systems. Adeptus Health maintains a dominant position in a rapidly expanding industry, and we believe it presents significant upside potential should it continue to expand both organically and through its joint venture strategy.

46

PORTFOLIO RESULTS

Much of Cepheid’s share price decline came following its fiscal third quarter 2015 earnings report. While the company was in line with the market’s revenue expectations, it reduced its revenue outlook in the fourth quarter of 2015. Despite the weakness, at the end of the Reporting Period, we maintained confidence in the actions its management is taking to accelerate the company’s growth profile. In our view, Cepheid remains the dominant molecular diagnostics platform.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in specialty retailers Ulta Salon, Cosmetics & Fragrance, data center real estate investment trust (“REIT”) Equinix and water technology company Xylem.

After a challenging start to 2016 for Ulta Salon, Cosmetics & Fragrance, momentum started picking up for the company in the beginning of April 2016 after strong first quarter 2016 earnings and the company being added to the S&P 500 Index. Its strong results were driven by margins, revenues and e-commerce growth that were ahead of market expectations. In our view, the company is a strong brand that continues to gain recognition. We believe Ulta Salon, Cosmetics & Fragrance has an opportunity to grow market share through higher brand awareness, increasing loyalty to existing stores, expansion of new stores and e-commerce.

Equinix was a strong contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure. That said, as Equinix increased in size, we decided to sell the position, taking profits, and invest in what we considered to be relatively higher growth and more appropriately-sized companies for the Fund’s portfolio.

During the Reporting Period, Xylem reported strong quarterly results, and toward the end of the Reporting Period, announced the purchase of Sensus, a smart water meter company, for approximately $1.7 billion in cash. The acquisition was viewed positively by investors, as it further bolsters Xylem’s product offering and technological advantage. Xylem was a new purchase for the Fund during the Reporting Period. In our view, Xylem is poised to benefit from secular growth and the cyclical recovery of water utility spending. The company’s exposure to oil is minimal, and we believe there are merger and acquisition opportunities to move up the water technology curve if needed. At the end of the Reporting Period, we remained optimistic on Xylem’s margin expansion prospects and believed its management team has done well to position the company for sustainable long-term growth.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A In addition to those purchases already mentioned, we initiated a Fund position in VCA, an animal health care company that operates in the U.S. and Canada. We believe there is positive momentum in the U.S. veterinary market, as VCA’s numbers have strengthened since last year and its same-store revenue growth has continued. Overall, we believe VCA is a company that makes strategic, high value acquisitions in an accelerating market. We also believe VCA was at an attractive valuation at the time of purchase, and we are optimistic on its long-term growth potential.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in automotive wholesaler LKQ. The stock had performed well since its lows in early 2016, and we decided to allocate the capital to other ideas where we saw a more compelling risk/reward profile.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the

47

PORTFOLIO RESULTS

Reporting Period, the Fund’s exposure to consumer staples, health care, materials and telecommunication services increased and its allocations to financials, industrials and information technology decreased relative to the Russell Index. The Fund’s position in cash also decreased during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the consumer staples, telecommunication services, health care and materials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, information technology and real estate. The Fund was rather neutrally weighted to the Index in consumer discretionary, financials and energy and had no position at all in utilities at the end of the Reporting Period.

48

FUND BASICS

Small/Mid Cap Growth Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 2500® Growth  Index2
Class A		-0.56	%		4.64	%
Class C		-1.34			4.64
Institutional		-0.21			4.64
Service		-0.67			4.64
Class IR		-0.31			4.64
Class R		-0.83			4.64
Class R6		-0.21			4.64

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 2500^® Growth Index is an unmanaged index that measures the performance of the small- to mid-cap growth segment of the US equity universe. The Russell 2500^® Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small- to mid-cap growth manager’s opportunity set. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-15.13	%		8.97	%		9.14	%		9.07	%	6/30/05
Class C		-11.75			9.38			8.93			8.77		6/30/05
Institutional		-9.82			10.65			10.18			10.03		6/30/05
Service		-10.28			10.09			9.63			9.48		6/30/05
Class IR		-9.96			10.48			N/A			8.51		11/30/07
Class R		-10.38			9.93			N/A			7.98		11/30/07
Class R6		N/A			N/A			N/A			-11.26		7/31/15

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

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

49

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.45	%
Class C		2.05			2.20
Institutional		0.93			1.05
Service		1.42			1.55
Class IR		1.05			1.20
Class R		1.55			1.70
Class R6		0.91			1.03

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
The Middleby Corp.		2.8	%	Machinery
Eagle Bancorp, Inc.		2.5		Banks
Xylem, Inc.		2.5		Machinery
Avery Dennison Corp.		2.4		Containers & Packaging
Panera Bread Co. Class A		2.3		Hotels, Restaurants & Leisure
RPM International, Inc.		2.3		Chemicals
VCA, Inc.		2.3		Health Care Providers & Services
Electronics for Imaging, Inc.		2.3		Technology Hardware, Storage & Peripherals
TreeHouse Foods, Inc.		2.1		Food Products
SBA Communications Corp. Class A		2.0		Diversified Telecommunication Services

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

50

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

51

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2500 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Small/Mid Cap Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced June 30, 2005)
Excluding sales charges	-0.56%	13.64%	10.50%	9.85%
Including sales charges	-6.04%	12.36%	9.87%	9.30%
Class C (Commenced June 30, 2005)
Excluding contingent deferred sales charges	-1.34%	12.77%	9.66%	8.99%
Including contingent deferred sales charges	-2.32%	12.77%	9.66%	8.99%
Institutional Class (Commenced June 30, 2005)	-0.21%	14.09%	10.93%	10.26%
Service Class (Commenced June 30, 2005)	-0.67%	13.52%	10.38%	9.70%
Class IR (Commenced November 30, 2007)	-0.31%	13.92%	N/A	8.83%
Class R (Commenced November 30, 2007)	-0.83%	13.36%	N/A	8.29%
Class R6 (Commenced July 31, 2015)	-0.21%	N/A	N/A	-7.16%

52

PORTFOLIO RESULTS

Goldman Sachs Strategic Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund is more selective and focused than many mutual funds and there are typically 50 to 70 holdings in the portfolio. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 6.48%, 5.70%, 6.89%, 6.40%, 6.69%, 6.18% and 6.83%, respectively. These returns compare to the 10.51% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in health care, consumer staples and information technology detracted from the Fund’s relative results most during the Reporting Period. The only two sectors to contribute positively to the Fund’s relative performance during the Reporting Period were financials and industrials, wherein effective stock selection drove results.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in online professional network provider LinkedIn, global pharmaceutical company Allergan and biotechnology firm Vertex Pharmaceuticals.

LinkedIn reported solid fourth quarter 2015 results, with revenues and earnings ahead of market estimates, and healthy user engagement. Of note, however, was top and bottom line guidance below market expectations, which led to a stock price decline. Specifically, its management attributed the slowdown to macroeconomic pressures in the Europe, Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) regions, and it indicated its plans to shut down its acquired Bizo asset. We believe these factors have led investors to question the company’s growth outlook, which is additionally affected by foreign exchange headwinds. We were optimistic on the company’s competitive positioning and unique offering, but our concerns around its long-term business model — as well as its lower guidance — led us to exit the Fund’s position and invest in higher conviction ideas.

Allergan was among the Fund’s biggest detractors during the Reporting Period. Volatility related to mergers and acquisitions the company has been involved in as well as market concerns around drug pricing pressures weighed on Allergan’s stock during the Reporting Period. Despite the near-term volatility and underperformance, we continued to believe at the end of the Reporting Period that Allergan was

53

PORTFOLIO RESULTS

a high quality growth business, trading at an attractive valuation with meaningful financial flexibility going forward.

Vertex Pharmaceuticals was a top detractor from the Fund’s performance during the Reporting Period. Early in 2016, its shares came under pressure following a disappointing fiscal fourth quarter that fell short of consensus expectations. Additionally, lowered expectations surrounding the launch of Vertex Pharmaceuticals’ new cystic fibrosis treatment, orkambi, caused shares to decline. Despite this weakness, at the end of the Reporting Period, we believed Vertex Pharmaceuticals had strong underlying fundamentals, a promising product pipeline with significant short-term and long-term catalysts and an attractive valuation. We further believed the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share in its space and given geographic expansionary efforts that have contributed to meaningful profitability.

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

A The Fund benefited most relative to the Russell Index from positions in data center real estate investment trust (“REIT”) Equinix, online social media platform Facebook and e-commerce retailer Amazon.com.

Equinix was the strongest contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

Facebook was a top positive contributor to the Fund’s relative results during the Reporting Period. The company reported strong quarterly results during the Reporting Period, underpinned by advertisement revenue growth well above market expectations. Demand from advertisers was robust across most segments and geographies, and the company benefited from its three key levers — user growth, time spent and ad load. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase earnings. We think additional tailwinds in the form of lower and decreasing tax rates — and video-driven growth — may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry and robust contribution from Instagram warrant a constructive outlook on its long- term growth prospects.

Amazon.com reported strong third quarter 2015 results and solid first quarter 2016 results, with revenues and earnings well ahead of market expectations. Fundamentals were robust, and its management’s guidance implied continued strength. At the end of the Reporting Period, we believed the business remained strong in retail and Amazon Web Services (“AWS”) and that Amazon Prime’s membership growth could potentially position Amazon.com as a long-term outperformer in the retail industry. We continued to view Amazon.com’s business favorably and believed the company could well be the beneficiary of its scale and competitive advantages over the long term.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in fast-food retail giant McDonald’s. We believe improving sales and reductions in costs should lead to earnings upside and margin expansion. We further think that McDonald’s reduction in capital expenditures and further refranchising could lead to improving return on invested capital and free up additional capital to repurchase stock. In our view, McDonald’s is a high quality franchise with a proficient management team and what we consider to be attractive opportunities to drive top-line growth and earnings.

We established a Fund position in Eli Lilly, a leading pharmaceutical company with a history of innovation and a strong drug pipeline. The company appears to be aiming to

54

PORTFOLIO RESULTS

improve its financial profile through a combination of cost savings and revenue growth by reducing its research and development and marketing costs over time. Shares of the company had been weak in early 2016, and we took the opportunity to initiate a position in what we believe to be a high quality company, with a leading franchise, strong growth prospects and a strong and improving financial profile.

Conversely, in addition to those sales already mentioned, we sold the Fund’s position in biotechnology company Biogen. Like most companies within the health care sector, Biogen faced headwinds from increased U.S. regulation and felt increasing pressure after announcing a divestiture of its hemophilia business. At the beginning of June 2016, Biogen saw a notable decline in its share price after opicinumab, a drug for multiple sclerosis, missed an essential endpoint of its Phase II clinical trial. We sold the Fund’s position in Biogen, as we believe the stock is in deceleration mode.

We eliminated the Fund’s position in information storage company EMC. We believed that any complications with respect to its acquisition by Dell could add negative pressure to its stock, thus making the risk/reward profile less compelling, in our view. The stock had performed relatively well in the recent downturn, and so we took the opportunity to exit the Fund’s position to allocate the proceeds to other ideas with what we considered to have more compelling upside.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to health care and industrials increased and its allocations to consumer discretionary, energy, financials and materials decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had an overweighted position relative to the Russell Index in the real estate sector. On the same date, the Fund had underweighted positions compared to the Russell Index in materials and consumer discretionary. The Fund was rather neutrally weighted to the Russell Index in financials, consumer staples, energy, health care, industrials and information technology and had no positions at all in utilities and telecommunication services at the end of the Reporting Period.

55

FUND BASICS

Strategic Growth Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		6.48	%		10.51	%
Class C		5.70			10.51
Institutional		6.89			10.51
Service		6.40			10.51
Class IR		6.69			10.51
Class R		6.18			10.51
Class R6		6.83			10.51

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 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^® Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-6.31	%		9.93	%		6.69	%		3.13	%		5/24/99
Class C		-2.59			10.37			6.49			2.71			5/24/99
Institutional		-0.50			11.62			7.72			3.89			5/24/99
Service		-1.00			11.09			7.23			3.46			5/24/99
Class IR		-0.61			11.44			N/A			14.02			1/06/09
Class R		-1.07			10.97			N/A			13.52			1/06/09
Class R6		N/A			N/A			N/A			-3.83			7/31/15

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

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

56

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.52	%
Class C		1.90			2.27
Institutional		0.75			1.12
Service		1.25			1.62
Class IR		0.90			1.27
Class R		1.40			1.76
Class R6		0.73			1.10

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.8	%	Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		3.8		Internet Software & Services
Amazon.com, Inc.		3.7		Internet & Direct Marketing Retail
Microsoft Corp.		3.2		Software
Alphabet, Inc. Class A		3.1		Internet Software & Services
Costco Wholesale Corp.		2.6		Food & Staples Retailing
American Tower Corp.		2.6		Equity Real Estate Investment Trusts (REITs)
Comcast Corp. Class A		2.4		Media
Alphabet, Inc. Class C		2.3		Internet Software & Services
3M Co.		2.3		Industrial Conglomerates

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

57

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

58

GOLDMAN SACHS STRATEGIC GROWTH FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Strategic Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 24, 1999)
Excluding sales charges	6.48%	13.74%	7.53%	3.69%
Including sales charges	0.64%	12.46%	6.92%	3.35%
Class C (Commenced May 24, 1999)
Excluding contingent deferred sales charges	5.70%	12.91%	6.72%	2.92%
Including contingent deferred sales charges	4.65%	12.91%	6.72%	2.92%
Institutional Class (Commenced May 24, 1999)	6.89%	14.20%	7.96%	4.10%
Service Class (Commenced May 24, 1999)	6.40%	13.65%	7.47%	3.67%
Class IR (Commenced January 6, 2009)	6.69%	14.02%	N/A	14.30%
Class R (Commenced January 6, 2009)	6.18%	13.51%	N/A	13.80%
Class R6 (Commenced July 31, 2015)	6.83%	N/A	N/A	0.20%

59

PORTFOLIO RESULTS

Goldman Sachs Technology Opportunities Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at time of purchase) in equity investments in technology companies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-40 companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated average annual total returns, without sales charges, of 13.71%, 12.87%, 14.22%, 13.61% and 14.00%, respectively. These returns compare to the 20.11% average annual total return of the Fund’s benchmark, the S&P North American Technology Sector Index (the “S&P Technology Index”), during the same period.

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

A While the Fund posted robust absolute gains, stock selection overall detracted from the Fund’s performance relative to the S&P Technology Index during the Reporting Period. Sector allocation as a whole did not have a material effect on Fund results during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A As both the Fund and the S&P Technology Index have the majority of their respective assets allocated to the information technology sector, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, detracting most from the Fund’s relative results was weak stock selection in information technology and having exposure to the telecommunication services sector, which is not a component of the S&P Technology Index but which lagged the S&P Technology Index during the Reporting Period. Having exposure to the financials sector, which is not a component of the S&P Technology Index but which outperformed the S&P Technology Index during the Reporting Period, buoyed the Fund’s relative results most. Effective stock selection in the consumer discretionary sector also added value.

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

A Detracting most from the Fund’s results relative to its benchmark index were positions in software giant Microsoft, cloud-based digital commerce solutions provider Demandware and data software provider Splunk.

Microsoft was a new purchase for the Fund during the Reporting Period. Share price weakness on the back of challenging quarterly results had created an opportunity, in our view, to initiate a position, and we believe the company presents good risk/reward potential. During the Reporting Period, Microsoft’s stock performed strongly in absolute returns, but an underweight in the Fund compared to the Russell Index led to it being a detractor from relative returns. Microsoft reported fiscal fourth quarter results that meaningfully exceeded market expectations, with solid revenue trends. Its management also guided down for the following quarter, although the downward revision was more muted that what we have seen in some other quarters. At the end of the Reporting Period, we were optimistic on what we believe are some solid growth and improved profitability focus areas, including Azure, Office 365 and Xbox. We also believed Microsoft was attractively valued with a strong balance sheet, high free cash flow yield and a management that we believe is moving the company in the right direction.

60

PORTFOLIO RESULTS

Demandware reported earnings results with higher revenues, margins and free cash flow, than the company has expected, but guidance for bookings widened to account for large deal risk, macroeconomic concerns and exposure to consumers through its vertical. (The term “vertical” in business refers to a vertical market. Basically, a vertical market is one where businesses and marketers cater to the needs of a specific group of people within an industry. This concept is in contrast to a horizontal market, where the focus is diverted to a large amount of people regardless of industry.) Going into 2016, we were optimistic on the company given what we considered to be its attractive valuation and top-line growth. However, the broader technology sector pullback during the Reporting Period led us to reassess our position in Demandware, and we believed its continued pace of investment may weigh on its near-term visibility. As a result, we exited the Fund’s position to invest in what we viewed as better risk/reward ideas.

Splunk was a top detractor from the Fund’s relative returns during the Reporting Period. Broader market and secular volatility, alongside competition concerns, which we think are near term, led to a stock price decline despite the company’s accelerating growth during the Reporting Period. In August 2016, the company reported solid fiscal second quarter 2016 results with top- and bottom-line metrics ahead of market expectations. Splunk also offered conservative but slightly higher guidance for fiscal year 2017. Despite beating market expectations, market concerns about slower license revenue growth, relative to historic levels, impacted Splunk’s stock price. Looking at historical data, we believe price volatility is common with Splunk following earnings announcements. Ultimately, we think market concerns are short-term, and, at the end of the Reporting Period, we remained optimistic on Splunk as one of the best secular platforms in technology. Our view is driven by what we see as the strength of Splunk’s partnerships with Amazon Web Services (“AWS”) and a growing global presence with service integrators like Accenture. Further, at the end of the Reporting Period, we believed Splunk was well positioned to benefit from growing demand in web analytics and cybersecurity.

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

A The Fund benefited most relative to the S&P Technology Index from positions in data center real estate investment trust (“REIT”) Equinix and semiconductor companies Applied Materials and Cavium.

Equinix was the strongest contributor to the Fund’s performance during the Reporting Period. The company reported solid quarterly results, positively beating market expectations for its organic revenue growth and earnings growth. The company also benefited from a move down in U.S. Treasury yields, which generally favors REITs given their attractive yield and growth potential relative to bonds. At the end of the Reporting Period, we thought that Equinix continued to have substantial pipeline opportunities, particularly with enterprise customers willing to pay a higher price. Continued integration with the company’s Telecity acquisition and a strategic partnership with Datang Telecom could further increase Equinix’s global presence and strengthen its competitive advantage, in our view. Further, we believe Equinix remains an asset with robust upside to its revenues and free cash flows, as it balances organic growth, low leverage and a sound capital structure.

Applied Materials reported strong fiscal third quarter 2015 results, with orders well above market estimates. The company continued to gain share in its respective markets, and its management issued a better than expected outlook, which was well received. In our view, Applied Materials is one of the largest and most dominant semiconductor companies in its space. At the end of the Reporting Period, we saw significant revenue opportunities in the form of its organic light-emitting diode (“OLED”) expansion, robust investments in NAND technology and demand from China. We were also positive on the company’s proficient management team, which has aggressively returned capital. We believed Applied Materials continued to trade at a reasonable valuation, and we remained optimistic on its longer-term growth potential.

Cavium is a designer, developer and marketer of semiconductor processors for secure networks in the U.S. and abroad. Cavium’s share price fell toward the end of the Reporting Period, as it announced acquisition plans for QLogic, a provider of computer data communication products. We took advantage of the price drop to initiate a position in what we believed was a high quality company. Cavium’s stock price subsequently recovered, as the market grew more comfortable with the deal. The company also reported solid second quarter 2016 results, with broad growth across new product categories. In our view, Cavium had an attractive valuation at the end of the Reporting Period and a solid core growth opportunity, benefitting from a product cycle ramp.

61

PORTFOLIO RESULTS

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A In addition to those purchases already mentioned, we initiated a Fund position in MasterCard. We believe current macroeconomic trends are supportive of financial services and that MasterCard could be a key beneficiary. In particular, the company has deep exposure to emerging markets, where consumer card spending has seen recovery and is supported by promotional government efforts. Given what we consider to be a favorable industry backdrop, a high quality business franchise and an attractive valuation of MasterCard, we sought to take advantage of what we view as a favorable risk/ reward opportunity.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in information storage company EMC. We believed that any complications with respect to its acquisition by Dell could add negative pressure to its stock, thus making the risk/reward profile less compelling, in our view. The stock had performed relatively well in the recent downturn, and so we took the opportunity to exit the Fund’s position to allocate the proceeds to other ideas with what we considered to have more compelling upside.

We eliminated the Fund’s position in Sabre, a technology solutions provider to the travel and tourism industry. While we continue to like the company, we believed the fundamentals of Sabre were weakening and less strong macroeconomic conditions made it more difficult for the company to perform well.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary increased and its exposure to information technology decreased relative to the S&P Technology Index. The Fund’s position in cash also increased during the Reporting Period, and its exposure to financials decreased.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund’s was underweighted relative to the S&P Technology Index in the information technology sector and was rather neutrally weighted to the S&P Technology Index in the consumer discretionary sector, the only other component of the S&P Technology Index. On the same date, the Fund had exposure to the financials, real estate and telecommunication services sectors.

62

FUND BASICS

Technology Opportunities Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			S&P North American Technology Sector Index2
Class A		13.71	%		20.11	%
Class C		12.87			20.11
Institutional		14.22			20.11
Service		13.61			20.11
Class IR		14.00			20.11

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

²  The S&P North American Technology Sector Index provides investors with a benchmark that represents U.S. securities classified under the Global Industry Classification Standard (“GICS”)^® technology sector and Internet retail sub-industry

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.56	%		8.29	%		9.55	%		4.22	%		10/1/99
Class C		1.29			8.71			9.35			3.78			10/1/99
Institutional		3.51			9.96			10.62			4.99			10/1/99
Service		2.96			9.42			10.08			4.49			10/1/99
Class IR		3.32			9.79			N/A			10.71			9/30/10

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

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

63

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.47	%		1.54	%
Class C		2.22			2.29
Institutional		1.07			1.14
Service		1.57			1.64
Class IR		1.22			1.29

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.4	%	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		5.7		Internet & Direct Marketing Retail
Facebook, Inc. Class A		5.7		Internet Software & Services
Alphabet, Inc. Class A		4.4		Internet Software & Services
NXP Semiconductors NV		4.1		Semiconductors & Semiconductor Equipment
Alphabet, Inc. Class C		4.0		Internet Software & Services
Oracle Corp.		4.0		Software
American Tower Corp.		3.4		Equity Real Estate Investment Trusts (REITs)
Amphenol Corp. Class A		3.4		Electronic Equipment, Instruments & Components
SBA Communications Corp. Class A		3.1		Diversified Telecommunication Services

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

64

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

65

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Performance Summary

August 31, 2016

The following graph shows the value as of August 31, 2016, of a $10,000 investment made on September 1, 2006 in Class A Shares (with the maximum sales charge of 5.5%). For comparative purposes, the performance of the Fund’s benchmark, the S&P North American Technology Sector Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class C, Institutional, Service and IR Shares will vary from Class A Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Technology Opportunities Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced October 1, 1999)
Excluding sales charges	13.71%	14.21%	10.77%	4.97%
Including sales charges	7.49%	12.93%	10.15%	4.62%
Class C (Commenced October 1, 1999)
Excluding contingent deferred sales charges	12.87%	13.36%	9.93%	4.18%
Including contingent deferred sales charges	11.77%	13.36%	9.93%	4.18%
Institutional Class (Commenced October 1, 1999)	14.22%	14.67%	11.20%	5.39%
Service Class (Commenced October 1, 1999)	13.61%	14.11%	10.67%	4.89%
Class IR (Commenced September 30, 2010)	14.00%	14.49%	N/A	11.74%

66

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.8%
	Aerospace & Defense – 2.5%
	24,327	Lockheed Martin Corp.	$	5,910,731
	15,388	Northrop Grumman Corp.		3,263,333
	92,627	The Boeing Co.		11,990,565
				21,164,629
	Air Freight & Logistics – 0.6%
	29,252	FedEx Corp.		4,824,532
	Auto Components – 0.3%
	87,768	BorgWarner, Inc.		3,018,341
	Banks – 0.3%
	32,256	First Republic Bank		2,482,422
	Beverages – 3.8%
	153,279	Brown-Forman Corp. Class B		7,441,695
	56,806	Molson Coors Brewing Co. Class B		5,812,390
	17,494	Monster Beverage Corp.*		2,692,152
	371,455	The Coca-Cola Co.		16,132,291
				32,078,528
	Biotechnology – 3.6%
	44,772	Alexion Pharmaceuticals, Inc.*		5,635,004
	30,216	Alkermes PLC*		1,322,554
	72,220	Celgene Corp.*		7,708,763
	42,676	Cepheid, Inc.*		1,464,640
	106,228	Gilead Sciences, Inc.		8,326,151
	66,460	Vertex Pharmaceuticals, Inc.*		6,281,135
				30,738,247
	Building Products – 1.0%
	128,593	Fortune Brands Home & Security, Inc.		8,173,371
	Capital Markets – 3.2%
	54,952	Affiliated Managers Group, Inc.*		7,805,932
	43,776	Intercontinental Exchange, Inc.		12,345,707
	39,444	Lazard Ltd. Class A		1,460,611
	48,661	S&P Global, Inc.		6,011,580
				27,623,830
	Chemicals – 3.3%
	64,879	Ashland, Inc.		7,596,033
	123,720	Axalta Coating Systems Ltd.*		3,540,866
	93,109	RPM International, Inc.		5,077,234
	41,352	The Sherwin-Williams Co.		11,731,976
				27,946,109
	Containers & Packaging – 0.5%
	56,624	Avery Dennison Corp.		4,384,963
	Distributors* – 0.3%
	71,232	LKQ Corp.		2,570,763
	Electrical Equipment* – 0.5%
	113,264	Sensata Technologies Holding NV		4,313,093
	Electronic Equipment, Instruments & Components – 0.7%
	91,235	Amphenol Corp. Class A		5,684,853
	Common Stocks – (continued)
	Energy Equipment & Services – 0.2%
	24,872	Schlumberger Ltd.	$	1,964,888
	Equity Real Estate Investment Trusts (REITs) – 2.1%
	89,581	American Tower Corp.		10,156,694
	19,929	Equinix, Inc.		7,346,826
				17,503,520
	Food & Staples Retailing – 2.6%
	81,771	Costco Wholesale Corp.		13,254,261
	93,152	Walgreens Boots Alliance, Inc.		7,518,298
	37,700	Whole Foods Market, Inc.		1,145,326
				21,917,885
	Food Products – 2.1%
	59,556	Blue Buffalo Pet Products, Inc.*		1,535,354
	79,004	McCormick & Co., Inc.		8,055,248
	40,924	Mead Johnson Nutrition Co.		3,481,405
	28,816	The Hain Celestial Group, Inc.*		1,058,988
	40,932	TreeHouse Foods, Inc.*		3,877,488
				18,008,483
	Health Care Equipment & Supplies – 4.4%
	149,632	Abbott Laboratories		6,287,537
	384,108	Boston Scientific Corp.*		9,149,453
	29,416	C.R. Bard, Inc.		6,496,229
	50,250	Danaher Corp.		4,090,852
	5,781	Intuitive Surgical, Inc.*		3,968,194
	66,812	Stryker Corp.		7,727,476
				37,719,741
	Health Care Providers & Services – 2.2%
	32,768	Aetna, Inc.		3,837,788
	40,313	Cardinal Health, Inc.		3,211,737
	18,249	Henry Schein, Inc.*		2,989,004
	32,336	McKesson Corp.		5,969,872
	21,340	UnitedHealth Group, Inc.		2,903,307
				18,911,708
	Health Care Technology* – 0.4%
	52,228	Cerner Corp.		3,370,795
	Hotels, Restaurants & Leisure – 3.5%
	10,824	Chipotle Mexican Grill, Inc.*		4,478,214
	66,597	Hilton Worldwide Holdings, Inc.		1,589,670
	140,481	McDonald’s Corp.		16,248,033
	13,579	Panera Bread Co. Class A*		2,948,680
	78,806	Starbucks Corp.		4,431,261
				29,695,858
	Household Durables – 0.7%
	116,564	Newell Brands, Inc.		6,187,217
	Industrial Conglomerates – 2.8%
	14,904	3M Co.		2,671,393
	154,419	Honeywell International, Inc.		18,022,242
	15,428	Roper Technologies, Inc.		2,739,241
				23,432,876

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 4.8%
	31,433	Amazon.com, Inc.*	$	24,177,006
	16,528	Expedia, Inc.		1,803,535
	66,652	Netflix, Inc.*		6,495,237
	5,865	The Priceline Group, Inc.*		8,309,122
				40,784,900
	Internet Software & Services* – 7.8%
	23,521	Alphabet, Inc. Class A		18,578,062
	24,062	Alphabet, Inc. Class C		18,456,757
	85,244	eBay, Inc.		2,741,447
	194,990	Facebook, Inc. Class A		24,592,139
	10,676	LinkedIn Corp. Class A		2,057,799
				66,426,204
	IT Services – 7.3%
	51,550	Accenture PLC Class A		5,928,250
	8,220	Alliance Data Systems Corp.*		1,681,647
	146,916	Black Knight Financial Services, Inc. Class A*		5,732,662
	23,920	Cognizant Technology Solutions Corp. Class A*		1,373,965
	39,028	Fidelity National Information Services, Inc.		3,096,091
	30,790	Fiserv, Inc.*		3,172,909
	19,644	FleetCor Technologies, Inc.*		3,225,545
	23,985	Global Payments, Inc.		1,821,661
	50,086	International Business Machines Corp.		7,957,664
	245,803	MasterCard, Inc. Class A		23,751,944
	98,705	PayPal Holdings, Inc.*		3,666,891
	25,784	Sabre Corp.		725,820
				62,135,049
	Life Sciences Tools & Services – 0.9%
	82,855	Agilent Technologies, Inc.		3,892,528
	20,268	Illumina, Inc.*		3,411,915
				7,304,443
	Machinery – 1.6%
	25,161	Fortive Corp.		1,325,230
	43,218	The Middleby Corp.*		5,538,387
	139,164	Xylem, Inc.		7,077,881
				13,941,498
	Media – 4.4%
	304,946	Comcast Corp. Class A		19,900,776
	184,524	The Walt Disney Co.		17,430,137
				37,330,913
	Oil, Gas & Consumable Fuels* – 0.2%
	15,252	Concho Resources, Inc.		1,970,558
	Pharmaceuticals – 3.9%
	33,960	Allergan PLC*		7,964,979
	72,584	Bristol-Myers Squibb Co.		4,165,596
	184,892	Eli Lilly & Co.		14,375,353
	127,024	Zoetis, Inc.		6,490,926
				32,996,854
	Common Stocks – (continued)
	Real Estate Management & Development – 0.1%
	26,876	HFF, Inc. Class A		720,546
	Road & Rail – 0.6%
	50,748	Kansas City Southern		4,908,347
	Semiconductors & Semiconductor Equipment – 1.7%
	99,762	Applied Materials, Inc.		2,976,898
	81,874	NXP Semiconductors NV*		7,206,549
	35,316	Qorvo, Inc.*		2,028,198
	33,420	Texas Instruments, Inc.		2,324,027
				14,535,672
	Software – 8.0%
	42,348	Electronic Arts, Inc.*		3,439,928
	49,131	Intuit, Inc.		5,475,650
	436,592	Microsoft Corp.		25,086,576
	61,080	Mobileye NV*		2,986,201
	324,629	Oracle Corp.		13,381,208
	59,200	salesforce.com, Inc.*		4,701,664
	73,580	ServiceNow, Inc.*		5,347,059
	89,680	Splunk, Inc.*		5,222,963
	41,476	Tableau Software, Inc. Class A*		2,406,852
				68,048,101
	Specialty Retail – 5.8%
	7,975	Advance Auto Parts, Inc.		1,255,105
	24,964	O’Reilly Automotive, Inc.*		6,988,672
	141,441	Ross Stores, Inc.		8,803,288
	123,492	The Home Depot, Inc.		16,562,747
	81,468	Tractor Supply Co.		6,839,239
	34,664	Ulta Salon, Cosmetics & Fragrance, Inc.*		8,569,287
				49,018,338
	Technology Hardware, Storage & Peripherals – 6.1%
	486,122	Apple, Inc.		51,577,544
	Textiles, Apparel & Luxury Goods – 1.9%
	269,296	Kate Spade & Co.*		5,025,063
	153,301	NIKE, Inc. Class B		8,836,270
	23,936	PVH Corp.		2,579,343
				16,440,676
	Tobacco – 2.1%
	66,316	Altria Group, Inc.		4,382,825
	45,740	Philip Morris International, Inc.		4,570,798
	172,355	Reynolds American, Inc.		8,543,637
				17,497,260
	TOTAL COMMON STOCKS
	(Cost $611,255,339)		$	839,353,555

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Shares	Distribution Rate			Value
Investment Company(a)(b) – 0.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,550,880		0.270	%	$	7,550,880
(Cost $7,550,880)
TOTAL INVESTMENTS – 99.7%
(Cost $618,806,219)				$	846,904,435
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%					2,906,497
NET ASSETS – 100.0%				$	849,810,932

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 fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.5%
	Biotechnology* – 3.0%
	19,549	Alexion Pharmaceuticals, Inc.	$	2,460,437
	19,421	Vertex Pharmaceuticals, Inc.		1,835,479
				4,295,916
	Capital Markets – 2.4%
	12,192	Intercontinental Exchange, Inc.		3,438,388
	Chemicals – 1.9%
	9,583	The Sherwin-Williams Co.		2,718,793	��
	Equity Real Estate Investment Trusts (REITs) – 6.7%
	50,554	American Tower Corp.		5,731,813
	10,554	Equinix, Inc.		3,890,732
				9,622,545
	Food & Staples Retailing – 5.9%
	33,564	Costco Wholesale Corp.		5,440,389
	37,220	Walgreens Boots Alliance, Inc.		3,004,026
				8,444,415
	Food Products – 1.9%
	26,923	McCormick & Co., Inc.		2,745,069
	Health Care Equipment & Supplies – 6.7%
	58,533	Abbott Laboratories		2,459,557
	97,128	Boston Scientific Corp.*		2,313,589
	30,418	Danaher Corp.		2,476,329
	21,270	Stryker Corp.		2,460,088
				9,709,563
	Health Care Providers & Services – 1.7%
	13,214	McKesson Corp.		2,439,569
	Health Care Technology* – 1.2%
	26,079	Cerner Corp.		1,683,139
	Hotels, Restaurants & Leisure – 3.8%
	4,408	Chipotle Mexican Grill, Inc.*		1,823,722
	31,824	McDonald’s Corp.		3,680,764
				5,504,486
	Industrial Conglomerates – 6.5%
	21,457	3M Co.		3,845,953
	35,959	Honeywell International, Inc.		4,196,775
	7,843	Roper Technologies, Inc.		1,392,524
				9,435,252
	Internet & Direct Marketing Retail* – 5.7%
	7,733	Amazon.com, Inc.		5,947,914
	1,561	The Priceline Group, Inc.		2,211,516
				8,159,430
	Internet Software & Services* – 10.7%
	7,417	Alphabet, Inc. Class A		5,858,317
	3,504	Alphabet, Inc. Class C		2,687,743
	54,671	Facebook, Inc. Class A		6,895,107
				15,441,167
	Common Stocks – (continued)
	IT Services – 4.6%
	30,588	Fidelity National Information Services, Inc.		2,426,546
	44,024	MasterCard, Inc. Class A		4,254,039
				6,680,585
	Machinery – 1.4%
	37,331	Fortive Corp.		1,966,224
	Media – 2.9%
	64,783	Comcast Corp. Class A		4,227,738
	Pharmaceuticals – 4.2%
	14,193	Allergan PLC*		3,328,826
	34,476	Eli Lilly & Co.		2,680,509
				6,009,335
	Road & Rail – 1.1%
	17,102	Kansas City Southern		1,654,105
	Semiconductors & Semiconductor Equipment* – 1.8%
	30,316	NXP Semiconductors NV		2,668,414
	Software – 9.5%
	29,471	Electronic Arts, Inc.*		2,393,929
	20,546	Intuit, Inc.		2,289,852
	68,351	Microsoft Corp.		3,927,448
	70,331	Oracle Corp.		2,899,044
	27,085	salesforce.com, Inc.*		2,151,091
				13,661,364
	Specialty Retail – 2.1%
	48,295	Ross Stores, Inc.		3,005,881
	Technology Hardware, Storage & Peripherals – 7.5%
	101,729	Apple, Inc.		10,793,447
	Textiles, Apparel & Luxury Goods – 3.3%
	61,284	Kate Spade & Co.*		1,143,559
	62,028	NIKE, Inc. Class B		3,575,294
				4,718,853
	Tobacco – 2.0%
	57,289	Reynolds American, Inc.		2,839,816
	TOTAL COMMON STOCKS
	(Cost $104,981,794)		$	141,863,494

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment(a) – 2.5%
Repurchase Agreements – 2.5%
Joint Repurchase Agreement Account II
$3,700,000	0.334%		09/01/16	$	3,700,000
(Cost $3,700,000)
TOTAL INVESTMENTS – 101.0%
(Cost $108,681,794)				$	145,563,494
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.0)%					(1,497,377	)
NET ASSETS – 100.0%				$	144,066,117

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on pages 84-85.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 99.9%
	Banks – 8.6%
	23,371	Bank of America Corp.	$	377,208
	3,667	JPMorgan Chase & Co.		247,522
				624,730
	Capital Markets – 4.0%
	679	Intercontinental Exchange, Inc.		191,492
	3,151	Morgan Stanley		101,021
				292,513
	Chemicals – 4.2%
	2,302	E.I. du Pont de Nemours & Co.		160,219
	512	The Sherwin-Williams Co.		145,260
				305,479
	Consumer Finance – 1.3%
	1,396	American Express Co.		91,550
	Electric Utilities – 1.6%
	3,496	FirstEnergy Corp.		114,424
	Energy Equipment & Services – 1.1%
	1,658	Baker Hughes, Inc.		81,458
	Equity Real Estate Investment Trusts (REITs) – 5.0%
	1,802	American Tower Corp.		204,311
	417	Equinix, Inc.		153,727
				358,038
	Food & Staples Retailing – 7.8%
	1,162	Costco Wholesale Corp.		188,348
	2,129	Walgreens Boots Alliance, Inc.		171,832
	6,716	Whole Foods Market, Inc.		204,032
				564,212
	Health Care Equipment & Supplies – 3.1%
	5,321	Abbott Laboratories		223,588
	Health Care Providers & Services – 3.2%
	1,265	McKesson Corp.		233,544
	Hotels, Restaurants & Leisure – 2.3%
	1,460	McDonald’s Corp.		168,864
	Household Products – 2.0%
	1,681	The Procter & Gamble Co.		146,768
	Industrial Conglomerates – 6.9%
	895	3M Co.		160,420
	7,168	General Electric Co.		223,928
	1,005	Honeywell International, Inc.		117,294
				501,642
	Internet & Direct Marketing Retail* – 7.2%
	478	Amazon.com, Inc.		367,658
	108	The Priceline Group, Inc.		153,007
				520,665
	Internet Software & Services* – 11.5%
	262	Alphabet, Inc. Class A		206,941
	185	Alphabet, Inc. Class C		141,904
	Common Stocks – (continued)
	Internet Software & Services* – (continued)
	6,399	eBay, Inc.	$	205,792
	2,207	Facebook, Inc. Class A		278,347
				832,984
	IT Services – 3.5%
	2,636	MasterCard, Inc. Class A		254,717
	Media – 2.3%
	4,108	Viacom, Inc. Class B		165,717
	Oil, Gas & Consumable Fuels – 6.7%
	1,859	Chevron Corp.		186,978
	1,817	Exxon Mobil Corp.		158,333
	10,036	Southwestern Energy Co.*		139,601
				484,912
	Pharmaceuticals – 6.8%
	796	Allergan PLC*		186,694
	8,842	Pfizer, Inc.		307,701
				494,395
	Road & Rail – 1.2%
	917	Union Pacific Corp.		87,601
	Specialty Retail – 1.6%
	2,232	Williams-Sonoma, Inc.		117,492
	Technology Hardware, Storage & Peripherals – 3.9%
	2,674	Apple, Inc.		283,711
	Textiles, Apparel & Luxury Goods – 2.6%
	3,287	NIKE, Inc. Class B		189,463
	Tobacco – 1.5%
	2,210	Reynolds American, Inc.		109,550
	TOTAL COMMON STOCKS
	(Cost $5,697,314)		$	7,248,017
	TOTAL INVESTMENTS – 99.9%
	(Cost $5,697,314)		$	7,248,017
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			10,439
	NET ASSETS – 100.0%		$	7,258,456

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

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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.1%
	Auto Components – 0.9%
	4,360	BorgWarner, Inc.	$	149,940
	Banks – 1.5%
	2,697	Eagle Bancorp, Inc.*		139,597
	1,444	First Republic Bank		111,130
				250,727
	Beverages – 1.8%
	7,003	The Coca-Cola Co.		304,140
	Biotechnology – 3.6%
	1,478	ACADIA Pharmaceuticals, Inc.*		47,488
	732	Alexion Pharmaceuticals, Inc.*		92,130
	1,469	Alkermes PLC*		64,298
	1,216	Celgene Corp.*		129,796
	1,888	Cepheid, Inc.*		64,796
	1,595	Gilead Sciences, Inc.		125,016
	982	Vertex Pharmaceuticals, Inc.*		92,809
				616,333
	Building Products – 0.5%
	1,478	Fortune Brands Home & Security, Inc.		93,942
	Capital Markets – 2.2%
	661	Affiliated Managers Group, Inc.*		93,895
	969	Intercontinental Exchange, Inc.		273,277
				367,172
	Chemicals – 2.6%
	1,486	Ashland, Inc.		173,981
	1,373	RPM International, Inc.		74,869
	687	The Sherwin-Williams Co.		194,909
				443,759
	Commercial Services & Supplies – 1.0%
	4,094	Healthcare Services Group, Inc.		165,275
	Diversified Telecommunication Services* – 1.9%
	2,520	Level 3 Communications, Inc.		125,068
	1,696	SBA Communications Corp. Class A		193,598
				318,666
	Electrical Equipment – 2.0%
	2,297	AMETEK, Inc.		111,979
	5,951	Sensata Technologies Holding NV*		226,614
				338,593
	Electronic Equipment, Instruments & Components – 1.2%
	3,351	Amphenol Corp. Class A		208,801
	Equity Real Estate Investment Trusts (REITs) – 3.3%
	2,536	American Tower Corp.		287,532
	744	Equinix, Inc.		274,275
				561,807
	Food & Staples Retailing – 4.4%
	1,986	Costco Wholesale Corp.		321,911
	3,241	Walgreens Boots Alliance, Inc.		261,581

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – (continued)
	5,567	Whole Foods Market, Inc.	$	169,125
				752,617
	Food Products – 3.2%
	3,330	Blue Buffalo Pet Products, Inc.*		85,847
	1,645	McCormick & Co., Inc.		167,724
	1,149	Mead Johnson Nutrition Co.		97,746
	2,119	TreeHouse Foods, Inc.*		200,733
				552,050
	Health Care Equipment & Supplies – 5.6%
	5,289	Abbott Laboratories		222,244
	5,387	Boston Scientific Corp.*		128,318
	989	C.R. Bard, Inc.		218,410
	1,846	Danaher Corp.		150,283
	1,183	Stryker Corp.		136,826
	521	Teleflex, Inc.		95,390
				951,471
	Health Care Providers & Services – 2.7%
	1,287	Acadia Healthcare Co., Inc.*		65,882
	557	Adeptus Health, Inc. Class A*		23,706
	838	Aetna, Inc.		98,147
	790	Henry Schein, Inc.*		129,394
	775	McKesson Corp.		143,080
				460,209
	Health Care Technology* – 0.5%
	1,362	Cerner Corp.		87,903
	Hotels, Restaurants & Leisure – 3.6%
	318	Chipotle Mexican Grill, Inc.*		131,566
	2,150	McDonald’s Corp.		248,669
	1,029	Panera Bread Co. Class A*		223,447
				603,682
	Household Durables – 0.6%
	1,907	Newell Brands, Inc.		101,224
	Industrial Conglomerates – 4.1%
	1,210	3M Co.		216,881
	3,216	Honeywell International, Inc.		375,339
	616	Roper Technologies, Inc.		109,371
				701,591
	Internet & Direct Marketing Retail* – 4.5%
	795	Amazon.com, Inc.		611,482
	109	The Priceline Group, Inc.		154,424
				765,906
	Internet Software & Services* – 9.1%
	605	Alphabet, Inc. Class A		477,859
	541	Alphabet, Inc. Class C		414,974
	5,191	Facebook, Inc. Class A		654,689
				1,547,522

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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 5.1%
	3,729	Black Knight Financial Services, Inc. Class A*	$	145,506
	1,944	Fidelity National Information Services, Inc.		154,217
	727	FleetCor Technologies, Inc.*		119,373
	1,026	Global Payments, Inc.		77,925
	3,768	MasterCard, Inc. Class A		364,102
				861,123
	Life Sciences Tools & Services – 1.3%
	2,598	Agilent Technologies, Inc.		122,054
	266	Mettler-Toledo International, Inc.*		107,217
				229,271
	Machinery – 2.8%
	1,345	Fortive Corp.		70,841
	688	Graco, Inc.		50,685
	1,270	The Middleby Corp.*		162,751
	3,650	Xylem, Inc.		185,639
				469,916
	Media – 1.9%
	5,026	Comcast Corp. Class A		327,997
	Oil, Gas & Consumable Fuels* – 0.2%
	235	Concho Resources, Inc.		30,362
	Pharmaceuticals – 2.2%
	1,009	Allergan PLC*		236,651
	2,688	Zoetis, Inc.		137,357
				374,008
	Road & Rail – 0.5%
	888	Kansas City Southern		85,887
	Semiconductors & Semiconductor Equipment* – 0.7%
	772	NXP Semiconductors NV		67,951
	841	Qorvo, Inc.		48,299
				116,250
	Software – 8.7%
	1,762	Electronic Arts, Inc.*		143,127
	1,423	Intuit, Inc.		158,593
	8,039	Microsoft Corp.		461,921
	1,793	Mobileye NV*		87,660
	7,757	Oracle Corp.		319,744
	1,189	Red Hat, Inc.*		86,773
	2,014	salesforce.com, Inc.*		159,952
	958	Splunk, Inc.*		55,794
				1,473,564
	Specialty Retail – 4.8%
	305	Advance Auto Parts, Inc.		48,001
	696	Burlington Stores, Inc.*		56,529
	3,427	Ross Stores, Inc.		213,297
	1,368	The Home Depot, Inc.		183,476
	1,753	Tractor Supply Co.		147,164
	643	Ulta Salon, Cosmetics & Fragrance, Inc.*		158,956
				807,423

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – 5.8%
	9,319	Apple, Inc.	$	988,746
	Textiles, Apparel & Luxury Goods – 2.2%
	4,086	Kate Spade & Co.*		76,245
	5,053	NIKE, Inc. Class B		291,255
				367,500
	Tobacco – 0.7%
	2,535	Reynolds American, Inc.		125,660
	Trading Companies & Distributors – 0.4%
	269	W.W. Grainger, Inc.		62,047
	TOTAL COMMON STOCKS
	(Cost $12,163,097)		$	16,663,084

Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment(a) – 1.8%
Repurchase Agreements – 1.8%
Joint Repurchase Agreement Account II
$300,000	0.334%		09/01/16	$	300,000
(Cost $300,000)
TOTAL INVESTMENTS – 99.9%
(Cost $12,463,097)				$	16,963,084
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%					12,804
NET ASSETS – 100.0%				$	16,975,888

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on pages 84-85.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS FOCUSED GROWTH FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 99.3%
	Biotechnology* – 2.2%
	4,345	Alexion Pharmaceuticals, Inc.	$	546,862
	Capital Markets – 4.5%
	3,945	Intercontinental Exchange, Inc.		1,112,569
	Chemicals – 3.9%
	3,373	The Sherwin-Williams Co.		956,954
	Equity Real Estate Investment Trusts (REITs) – 9.9%
	13,230	American Tower Corp.		1,500,017
	2,563	Equinix, Inc.		944,850
				2,444,867
	Food & Staples Retailing – 9.5%
	9,222	Costco Wholesale Corp.		1,494,794
	10,515	Walgreens Boots Alliance, Inc.		848,666
				2,343,460
	Health Care Equipment & Supplies – 7.8%
	27,347	Abbott Laboratories		1,149,121
	6,731	Stryker Corp.		778,507
				1,927,628
	Hotels, Restaurants & Leisure – 3.9%
	8,191	McDonald’s Corp.		947,371
	Industrial Conglomerates – 7.9%
	4,118	3M Co.		738,110
	10,354	Honeywell International, Inc.		1,208,416
				1,946,526
	Internet & Direct Marketing Retail* – 4.9%
	1,576	Amazon.com, Inc.		1,212,196
	Internet Software & Services* – 11.2%
	1,696	Alphabet, Inc. Class A		1,339,586
	11,241	Facebook, Inc. Class A		1,417,715
				2,757,301
	IT Services – 5.4%
	13,718	MasterCard, Inc. Class A		1,325,570
	Pharmaceuticals* – 3.5%
	3,667	Allergan PLC		860,058
	Road & Rail – 2.3%
	5,909	Kansas City Southern		571,518
	Software – 2.7%
	16,104	Oracle Corp.		663,807
	Specialty Retail – 2.9%
	11,216	Ross Stores, Inc.		698,084
	Technology Hardware, Storage & Peripherals – 10.2%
	23,633	Apple, Inc.		2,507,461
	Textiles, Apparel & Luxury Goods – 3.6%
	15,110	NIKE, Inc. Class B		870,940

Shares		Description	Value
	Common Stocks – (continued)
	Tobacco – 3.0%
	14,908	Reynolds American, Inc.	$	738,990
	TOTAL COMMON STOCKS
	(Cost $20,754,587)		$	24,432,162

Principal Amount	Interest Rate			Maturity Date		Value
Short-term Investment(a) – 0.8%
Repurchase Agreements – 0.8%
Joint Repurchase Agreement Account II
$200,000		0.334	%		09/01/16	$	200,000
(Cost $200,000)
TOTAL INVESTMENTS – 100.1%
(Cost $20,954,587)						$	24,632,162
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%							(19,941	)
NET ASSETS – 100.0%						$	24,612,221

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on pages 84-85.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.6%
	Banks – 2.3%
	748,691	Eagle Bancorp, Inc.*	$	38,752,246
	456,004	First Republic Bank		35,094,068
				73,846,314
	Beverages – 2.2%
	801,565	Brown-Forman Corp. Class B		38,915,981
	207,306	Monster Beverage Corp.*		31,902,320
				70,818,301
	Biotechnology* – 2.3%
	101,315	Alexion Pharmaceuticals, Inc.		12,751,506
	551,257	Alkermes PLC		24,128,519
	393,828	Cepheid, Inc.		13,516,177
	260,995	Vertex Pharmaceuticals, Inc.		24,666,637
				75,062,839
	Building Products – 1.2%
	612,046	Fortune Brands Home & Security, Inc.		38,901,644
	Capital Markets – 3.7%
	374,432	Affiliated Managers Group, Inc.*		53,188,066
	236,575	Intercontinental Exchange, Inc.		66,718,881
				119,906,947
	Chemicals – 5.8%
	470,725	Ashland, Inc.		55,112,483
	638,890	Axalta Coating Systems Ltd.*		18,285,032
	874,251	RPM International, Inc.		47,672,907
	230,513	The Sherwin-Williams Co.		65,398,843
				186,469,265
	Containers & Packaging – 1.3%
	523,200	Avery Dennison Corp.		40,516,608
	Diversified Telecommunication Services* – 4.0%
	931,576	Level 3 Communications, Inc.		46,234,117
	716,998	SBA Communications Corp. Class A		81,845,321
				128,079,438
	Electrical Equipment – 3.9%
	881,525	AMETEK, Inc.		42,974,344
	263,419	Hubbell, Inc.		28,530,912
	1,365,126	Sensata Technologies Holding NV*		51,983,998
				123,489,254
	Electronic Equipment, Instruments & Components – 2.8%
	1,428,972	Amphenol Corp. Class A		89,039,245
	Energy Equipment & Services* – 0.4%
	204,881	Dril-Quip, Inc.		11,385,237
	Equity Real Estate Investment Trusts (REITs) – 2.3%
	203,669	Equinix, Inc.		75,082,577
	Food & Staples Retailing – 1.2%
	1,237,599	Whole Foods Market, Inc.		37,598,258

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 6.8%
	1,741,673	Blue Buffalo Pet Products, Inc.*	$	44,900,330
	681,667	McCormick & Co., Inc.		69,502,767
	508,478	Mead Johnson Nutrition Co.		43,256,224
	625,555	TreeHouse Foods, Inc.*		59,258,825
				216,918,146
	Health Care Equipment & Supplies – 3.5%
	290,479	C.R. Bard, Inc.		64,149,382
	133,855	Edwards Lifesciences Corp.*		15,414,742
	181,673	Teleflex, Inc.		33,262,510
				112,826,634
	Health Care Providers & Services – 3.3%
	192,758	Adeptus Health, Inc. Class A*		8,203,781
	403,813	Cardinal Health, Inc.		32,171,782
	390,193	Henry Schein, Inc.*		63,909,711
				104,285,274
	Health Care Technology* – 1.5%
	740,205	Cerner Corp.		47,772,831
	Hotels, Restaurants & Leisure* – 4.2%
	135,433	Chipotle Mexican Grill, Inc.		56,032,695
	354,862	Panera Bread Co. Class A		77,058,283
				133,090,978
	Household Durables – 2.1%
	1,294,922	Newell Brands, Inc.		68,734,460
	Industrial Conglomerates – 2.1%
	381,707	Roper Technologies, Inc.		67,772,078
	Internet & Direct Marketing Retail – 1.6%
	485,273	Expedia, Inc.		52,952,990
	Internet Software & Services* – 0.4%
	719,419	Match Group, Inc.		11,647,394
	IT Services – 7.2%
	1,238,810	Black Knight Financial Services, Inc. Class A*		48,338,366
	1,046,226	Fidelity National Information Services, Inc.		82,997,109
	364,561	FleetCor Technologies, Inc.*		59,860,916
	506,054	Global Payments, Inc.		38,434,801
				229,631,192
	Life Sciences Tools & Services – 3.3%
	1,010,897	Agilent Technologies, Inc.		47,491,941
	142,635	Mettler-Toledo International, Inc.*		57,491,889
				104,983,830
	Machinery – 5.7%
	647,550	Fortive Corp.		34,106,458
	597,497	The Middleby Corp.*		76,569,241
	1,400,916	Xylem, Inc.		71,250,588
				181,926,287

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels* – 0.3%
	86,595	Concho Resources, Inc.	$	11,188,074
	Pharmaceuticals – 2.0%
	1,230,383	Zoetis, Inc.		62,872,571
	Road & Rail – 0.7%
	238,999	Kansas City Southern		23,115,983
	Semiconductors & Semiconductor Equipment* – 0.7%
	402,488	Qorvo, Inc.		23,114,886
	Software – 7.3%
	762,026	Electronic Arts, Inc.*		61,899,372
	641,314	Intuit, Inc.		71,474,445
	421,886	Mobileye NV*		20,626,006
	446,305	Red Hat, Inc.*		32,571,339
	328,018	ServiceNow, Inc.*		23,837,068
	381,707	Splunk, Inc.*		22,230,616
				232,638,846
	Specialty Retail – 9.9%
	292,688	Advance Auto Parts, Inc.		46,063,237
	497,568	Five Below, Inc.*		22,171,630
	111,014	O’Reilly Automotive, Inc.*		31,078,369
	1,359,522	Ross Stores, Inc.		84,616,649
	688,171	Tractor Supply Co.		57,771,956
	302,385	Ulta Salon, Cosmetics & Fragrance, Inc.*		74,752,596
				316,454,437
	Textiles, Apparel & Luxury Goods – 2.6%
	2,130,036	Kate Spade & Co.*		39,746,472
	174,400	PVH Corp.		18,793,344
	662,097	Under Armour, Inc. Class A*		26,238,904
				84,778,720
	TOTAL COMMON STOCKS
	(Cost $2,488,640,137)		$	3,156,901,538

Shares		Distribution Rate	Value
	Investment Companies(a)(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	651	0.270%	$	651
	(Cost $651)
	TOTAL INVESTMENTS – 98.6%
	(Cost $2,488,640,788)		$	3,156,902,189
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			44,984,825
	NET ASSETS – 100.0%		$	3,201,887,014

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 fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.7%
	Aerospace & Defense* – 0.9%
	1,002,236	Aerovironment, Inc.	$	24,795,319
	Banks – 3.7%
	1,278,161	Eagle Bancorp, Inc.*		66,157,613
	398,855	First Republic Bank		30,695,881
				96,853,494
	Beverages – 0.9%
	563,377	MGP Ingredients, Inc.		22,501,277
	Biotechnology* – 7.2%
	463,065	ACADIA Pharmaceuticals, Inc.		14,878,278
	348,610	Acceleron Pharma, Inc.		10,461,786
	721,368	Achillion Pharmaceuticals, Inc.		5,958,500
	523,663	Alder Biopharmaceuticals, Inc.		17,265,169
	636,408	Alkermes PLC		27,855,578
	238,018	Aptevo Therapeutics, Inc.		647,409
	443,972	Cepheid, Inc.		15,237,119
	328,545	Dynavax Technologies Corp.		5,145,015
	476,037	Emergent BioSolutions, Inc.		12,686,386
	949,498	Exelixis, Inc.		10,586,903
	288,660	Galapagos NV ADR		15,674,238
	138,436	Intellia Therapeutics, Inc.		2,692,580
	250,811	Ophthotech Corp.		13,245,329
	327,069	Otonomy, Inc.		5,380,285
	1,235,056	Rigel Pharmaceuticals, Inc.		4,162,139
	296,969	Ultragenyx Pharmaceutical, Inc.		19,576,197
	572,420	Voyager Therapeutics, Inc.		6,966,351
				188,419,262
	Building Products – 1.1%
	453,982	Fortune Brands Home & Security, Inc.		28,855,096
	Capital Markets – 2.2%
	315,929	Affiliated Managers Group, Inc.*		44,877,714
	371,561	Lazard Ltd. Class A		13,758,904
				58,636,618
	Chemicals – 5.3%
	409,356	Ashland, Inc.		47,927,401
	1,017,481	Axalta Coating Systems Ltd.*		29,120,306
	1,119,672	RPM International, Inc.		61,055,714
				138,103,421
	Commercial Services & Supplies – 1.9%
	1,221,158	Healthcare Services Group, Inc.		49,298,148
	Consumer Finance* – 0.5%
	1,867,782	SLM Corp.		13,849,603
	Containers & Packaging – 2.4%
	818,069	Avery Dennison Corp.		63,351,263
	Diversified Telecommunication Services* – 3.6%
	852,724	Level 3 Communications, Inc.		42,320,692
	455,175	SBA Communications Corp. Class A		51,958,226
				94,278,918

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 3.0%
	455,001	AMETEK, Inc.	$	22,181,299
	180,898	Hubbell, Inc.		19,593,062
	950,120	Sensata Technologies Holding NV*		36,180,570
				77,954,931
	Electronic Equipment, Instruments & Components – 1.4%
	567,885	Amphenol Corp. Class A		35,384,914
	Energy Equipment & Services* – 0.4%
	177,315	Dril-Quip, Inc.		9,853,395
	Food & Staples Retailing – 0.9%
	787,105	Whole Foods Market, Inc.		23,912,250
	Food Products – 5.6%
	1,262,830	Blue Buffalo Pet Products, Inc.*		32,555,758
	380,751	McCormick & Co., Inc.		38,821,372
	531,863	The Hain Celestial Group, Inc.*		19,545,965
	585,851	TreeHouse Foods, Inc.*		55,497,665
				146,420,760
	Health Care Equipment & Supplies – 3.6%
	174,170	ABIOMED, Inc.*		20,541,610
	185,327	C.R. Bard, Inc.		40,927,615
	179,005	Teleflex, Inc.		32,774,025
				94,243,250
	Health Care Providers & Services* – 5.3%
	477,813	Acadia Healthcare Co., Inc.		24,459,247
	424,560	Adeptus Health, Inc. Class A		18,069,274
	220,859	Henry Schein, Inc.		36,174,496
	853,100	VCA, Inc.		60,408,011
				139,111,028
	Health Care Technology* – 0.4%
	444,580	Evolent Health, Inc. Class A		11,056,705
	Hotels, Restaurants & Leisure – 6.5%
	73,905	Chipotle Mexican Grill, Inc.*		30,576,716
	392,367	Jack in the Box, Inc.		39,024,822
	281,229	Panera Bread Co. Class A*		61,068,877
	271,360	Shake Shack, Inc. Class A*		9,579,008
	638,667	Wingstop, Inc.		19,345,223
	387,077	Zoe’s Kitchen, Inc.*		10,540,107
				170,134,753
	Household Durables*(a) – 1.1%
	1,249,108	M/I Homes, Inc.		28,904,359
	Internet Software & Services* – 1.9%
	1,200,781	GoDaddy, Inc. Class A		38,881,289
	585,029	Match Group, Inc.		9,471,619
				48,352,908
	IT Services – 6.0%
	1,156,072	Black Knight Financial Services, Inc. Class A*		45,109,929
	195,349	FleetCor Technologies, Inc.*		32,076,306

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	419,321	Global Payments, Inc.	$	31,847,430
	1,275,325	InterXion Holding NV*		47,569,623
				156,603,288
	Life Sciences Tools & Services – 3.2%
	116,598	Mettler-Toledo International, Inc.*		46,997,156
	678,089	PerkinElmer, Inc.		36,108,239
				83,105,395
	Machinery – 6.8%
	339,848	John Bean Technologies Corp.		23,340,761
	1,358,559	Kornit Digital Ltd.*		15,324,545
	565,876	The Middleby Corp.*		72,517,009
	1,292,579	Xylem, Inc.		65,740,568
				176,922,883
	Media* – 1.2%
	564,247	AMC Networks, Inc. Class A		30,661,182
	Oil, Gas & Consumable Fuels* – 0.3%
	62,748	Concho Resources, Inc.		8,107,042
	Pharmaceuticals* – 1.2%
	754,385	Cempra, Inc.		16,551,207
	1,551,906	Corium International, Inc.(a)		9,218,322
	390,235	Revance Therapeutics, Inc.		5,482,802
				31,252,331
	Real Estate Management & Development – 1.5%
	1,434,786	HFF, Inc. Class A		38,466,613
	Road & Rail – 0.5%
	137,815	Kansas City Southern		13,329,467
	Semiconductors & Semiconductor Equipment* – 1.7%
	444,710	Cavium, Inc.		24,761,453
	326,482	Qorvo, Inc.		18,749,860
				43,511,313
	Software* – 5.3%
	356,324	Guidewire Software, Inc.		21,924,616
	391,379	Mobileye NV		19,134,519
	241,594	Red Hat, Inc.		17,631,530
	272,323	ServiceNow, Inc.		19,789,712
	215,299	Splunk, Inc.		12,539,014
	349,920	Tableau Software, Inc. Class A		20,305,858
	163,484	Tyler Technologies, Inc.		26,803,202
				138,128,451
	Specialty Retail – 6.4%
	86,924	Advance Auto Parts, Inc.		13,680,099
	584,076	Burlington Stores, Inc.*		47,438,653
	610,015	Five Below, Inc.*		27,182,268
	431,331	Tractor Supply Co.		36,210,237
	169,098	Ulta Salon, Cosmetics & Fragrance, Inc.*		41,802,717
				166,313,974
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals* – 2.3%
	1,254,972	Electronics for Imaging, Inc.		59,084,082
	Textiles, Apparel & Luxury Goods – 2.5%
	2,181,351	Kate Spade & Co.*		40,704,010
	126,390	PVH Corp.		13,619,786
	287,570	Under Armour, Inc. Class A*		11,396,399
				65,720,195
	TOTAL COMMON STOCKS
	(Cost $2,169,739,897)		$	2,575,477,888

Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment(b) – 1.2%
Repurchase Agreements – 1.2%
Joint Repurchase Agreement Account II
$30,400,000	0.334%		09/01/16	$	30,400,000
(Cost $30,400,000)
TOTAL INVESTMENTS – 99.9%
(Cost $2,200,139,897)				$	2,605,877,888
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%					2,953,334
NET ASSETS – 100.0%				$	2,608,831,222

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.
(b)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on pages 84-85.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 97.3%
	Aerospace & Defense – 1.0%
	8,062	Northrop Grumman Corp.	$	1,709,708
	13,500	The Boeing Co.		1,747,575
				3,457,283
	Banks – 0.5%
	25,054	First Republic Bank		1,928,156
	Beverages – 3.0%
	34,350	Molson Coors Brewing Co. Class B		3,514,692
	164,791	The Coca-Cola Co.		7,156,873
				10,671,565
	Biotechnology – 4.0%
	35,340	Alexion Pharmaceuticals, Inc.*		4,447,892
	33,253	Celgene Corp.*		3,549,425
	32,283	Gilead Sciences, Inc.		2,530,342
	36,484	Vertex Pharmaceuticals, Inc.*		3,448,103
				13,975,762
	Building Products – 0.9%
	52,242	Fortune Brands Home & Security, Inc.		3,320,502
	Capital Markets – 1.6%
	20,005	Intercontinental Exchange, Inc.		5,641,810
	Chemicals – 2.1%
	20,267	Ashland, Inc.		2,372,860
	17,381	The Sherwin-Williams Co.		4,931,164
				7,304,024
	Energy Equipment & Services – 1.0%
	80,052	Halliburton Co.		3,443,036
	Equity Real Estate Investment Trusts (REITs) – 4.7%
	79,620	American Tower Corp.		9,027,316
	20,707	Equinix, Inc.		7,633,635
				16,660,951
	Food & Staples Retailing – 4.3%
	57,562	Costco Wholesale Corp.		9,330,225
	55,467	Walgreens Boots Alliance, Inc.		4,476,742
	50,896	Whole Foods Market, Inc.		1,546,220
				15,353,187
	Food Products – 1.2%
	41,641	McCormick & Co., Inc.		4,245,716
	Health Care Equipment & Supplies – 5.0%
	137,029	Abbott Laboratories		5,757,959
	145,154	Boston Scientific Corp.*		3,457,568
	50,635	Danaher Corp.		4,122,195
	37,437	Stryker Corp.		4,329,964
				17,667,686
	Health Care Providers & Services – 2.1%
	21,928	Aetna, Inc.		2,568,208
	25,457	McKesson Corp.		4,699,871
				7,268,079
	Common Stocks – (continued)
	Health Care Technology* – 1.3%
	70,723	Cerner Corp.	$	4,564,462
	Hotels, Restaurants & Leisure – 4.4%
	7,259	Chipotle Mexican Grill, Inc.*		3,003,266
	67,572	McDonald’s Corp.		7,815,377
	83,511	Starbucks Corp.		4,695,824
				15,514,467
	Industrial Conglomerates – 5.1%
	44,383	3M Co.		7,955,209
	64,843	Honeywell International, Inc.		7,567,826
	14,361	Roper Technologies, Inc.		2,549,796
				18,072,831
	Internet & Direct Marketing Retail* – 5.9%
	17,087	Amazon.com, Inc.		13,142,637
	34,681	Netflix, Inc.		3,379,663
	3,113	The Priceline Group, Inc.		4,410,281
				20,932,581
	Internet Software & Services* – 9.2%
	13,802	Alphabet, Inc. Class A		10,901,510
	10,493	Alphabet, Inc. Class C		8,048,656
	107,512	Facebook, Inc. Class A		13,559,413
				32,509,579
	IT Services – 4.4%
	52,168	Fidelity National Information Services, Inc.		4,138,487
	22,168	FleetCor Technologies, Inc.*		3,639,986
	79,594	MasterCard, Inc. Class A		7,691,168
				15,469,641
	Life Sciences Tools & Services – 0.7%
	51,122	Agilent Technologies, Inc.		2,401,712
	Machinery – 1.9%
	41,868	Fortive Corp.		2,205,188
	85,712	Xylem, Inc.		4,359,312
				6,564,500
	Media – 2.4%
	131,725	Comcast Corp. Class A		8,596,373
	Pharmaceuticals – 4.5%
	27,876	Allergan PLC*		6,538,037
	80,938	Eli Lilly & Co.		6,292,930
	61,610	Zoetis, Inc.		3,148,271
				15,979,238
	Road & Rail – 1.0%
	35,944	Kansas City Southern		3,476,504
	Semiconductors & Semiconductor Equipment* – 1.1%
	46,246	NXP Semiconductors NV		4,070,573
	Software – 8.9%
	60,925	Electronic Arts, Inc.*		4,948,938
	44,623	Intuit, Inc.		4,973,233

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	199,180	Microsoft Corp.	$	11,444,883
	29,225	Mobileye NV*		1,428,810
	125,014	Oracle Corp.		5,153,077
	45,936	salesforce.com, Inc.*		3,648,237
				31,597,178
	Specialty Retail – 3.5%
	92,446	Ross Stores, Inc.		5,753,839
	41,910	The Home Depot, Inc.		5,620,969
	12,560	Tractor Supply Co.		1,054,412
				12,429,220
	Technology Hardware, Storage & Peripherals – 6.8%
	225,361	Apple, Inc.		23,910,802
	Textiles, Apparel & Luxury Goods – 2.9%
	111,863	Kate Spade & Co.*		2,087,364
	105,513	NIKE, Inc. Class B		6,081,769
	18,350	PVH Corp.		1,977,396
				10,146,529
	Tobacco – 1.9%
	20,113	Philip Morris International, Inc.		2,009,892
	92,851	Reynolds American, Inc.		4,602,624
				6,612,516
	TOTAL COMMON STOCKS
	(Cost $238,600,576)		$	343,786,463

Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment(a) – 2.1%
Repurchase Agreements – 2.1%
Joint Repurchase Agreement Account II
$7,400,000		0.334%		09/01/16	$	7,400,000
(Cost $7,400,000)
TOTAL INVESTMENTS – 99.4%
(Cost $246,000,576)					$	351,186,463
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%						2,153,645
NET ASSETS – 100.0%					$	353,340,108

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on pages 84-85.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 96.5%
	Capital Markets – 1.5%
	21,294	Intercontinental Exchange, Inc.	$	6,005,334
	Diversified Telecommunication Services* – 5.5%
	187,491	Level 3 Communications, Inc.		9,305,178
	103,974	SBA Communications Corp. Class A		11,868,632
				21,173,810
	Electronic Equipment, Instruments & Components – 3.4%
	212,348	Amphenol Corp. Class A		13,231,404
	Equity Real Estate Investment Trusts (REITs) – 5.9%
	117,924	American Tower Corp.		13,370,223
	26,181	Equinix, Inc.		9,651,626
				23,021,849
	Internet & Direct Marketing Retail – 9.2%
	28,918	Amazon.com, Inc.*		22,242,569
	52,233	Expedia, Inc.		5,699,665
	5,473	The Priceline Group, Inc.*		7,753,763
				35,695,997
	Internet Software & Services* – 16.0%
	21,476	Alphabet, Inc. Class A		16,962,819
	20,401	Alphabet, Inc. Class C		15,648,587
	175,477	Facebook, Inc. Class A		22,131,159
	30,938	LinkedIn Corp. Class A		5,963,299
	72,122	Match Group, Inc.		1,167,655
				61,873,519
	IT Services – 11.8%
	17,587	Alliance Data Systems Corp.*		3,597,948
	190,379	Black Knight Financial Services, Inc. Class A*		7,428,589
	97,677	Cognizant Technology Solutions Corp. Class A*		5,610,567
	134,047	Fidelity National Information Services, Inc.		10,633,948
	40,474	FleetCor Technologies, Inc.*		6,645,831
	121,581	MasterCard, Inc. Class A		11,748,372
				45,665,255
	Semiconductors & Semiconductor Equipment – 11.4%
	311,439	Applied Materials, Inc.		9,293,340
	92,671	Cavium, Inc.*		5,159,921
	180,865	NXP Semiconductors NV*		15,919,737
	101,262	Qorvo, Inc.*		5,815,477
	113,070	Texas Instruments, Inc.		7,862,888
				44,051,363
	Software – 22.4%
	20,095	Adobe Systems, Inc.*		2,055,919
	116,917	Electronic Arts, Inc.*		9,497,168
	86,458	Intuit, Inc.		9,635,744
	179,503	Microsoft Corp.		10,314,242
	375,489	Oracle Corp.		15,477,657
	63,199	Red Hat, Inc.*		4,612,263
	124,117	Salesforce.com, Inc.*		9,857,372
	Common Stocks – (continued)
	Software – (continued)
	148,070	ServiceNow, Inc.*		10,760,247
	165,646	Splunk, Inc.*		9,647,223
	60,621	Workday, Inc. Class A*		5,140,055
				86,997,890
	Technology Hardware, Storage & Peripherals – 9.4%
	270,955	Apple, Inc.		28,748,326
	159,989	Electronics for Imaging, Inc.*		7,532,282
				36,280,608
	TOTAL COMMON STOCKS
	(Cost $227,619,544)		$	373,997,029

Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment(a) – 3.7%
Repurchase Agreements – 3.7%
Joint Repurchase Agreement Account II
$14,500,000	0.334%		09/01/16	$	14,500,000
(Cost $14,500,000)
TOTAL INVESTMENTS – 100.2%
(Cost $242,119,544)				$	388,497,029
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%					(884,727	)
NET ASSETS – 100.0%				$	387,612,302

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on pages 84-85.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments

August 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At August 31, 2016, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of September 1, 2016, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Concentrated Growth	$	3,700,000	$	3,700,034	$	3,774,000
Flexible Cap Growth		300,000		300,003		306,000
Focused Growth		200,000		200,002		204,000
Small/Mid Cap Growth		30,400,000		30,400,282		31,008,004
Strategic Growth		7,400,000		7,400,069		7,548,001
Technology Opportunities		14,500,000		14,500,135		14,790,002

REPURCHASE AGREEMENTS — At August 31, 2016, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Concentrated Growth		Flexible Cap Growth		Focused Growth		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
BNP Paribas Securities Co.		0.330	%	$	8,612	$	698	$	466	$	70,760	$	17,225	$	33,751
Citigroup Global Markets, Inc.		0.340			509,355		41,299		27,533		4,184,970		1,018,710		1,996,121
Merrill Lynch & Co., Inc.		0.340			2,141,587		173,643		115,761		17,595,744		4,283,174		8,392,706
Merrill Lynch & Co., Inc.		0.320			1,040,446		84,360		56,240		8,548,526		2,080,891		4,077,422
TOTAL				$	3,700,000	$	300,000	$	200,000	$	30,400,000	$	7,400,000	$	14,500,000

At August 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.000% to 5.000	%		12/01/29 to 01/01/46
Federal National Mortgage Association		2.500 to 5.630			07/01/19 to 09/01/46
Government National Mortgage Association		3.000 to 5.500			02/15/39 to 04/20/44
United States Treasury Bills		0.000			09/08/16 to 03/02/17
United States Treasury Notes		0.750 to 1.750			01/15/18 to 05/15/23

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

August 31, 2016

	Capital Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $611,255,339, $108,681,794, $5,697,314, $12,463,097, $20,954,587, $2,488,640,137, $2,161,574,466, $246,000,576 and $242,119,544)	$	839,353,555
Investments of affiliated issuers, at value (cost $7,550,880, $0, $0, $0, $0, $651, $38,565,431, $0 and $0)		7,550,880
Cash		3,275,698
Receivables:
Investments sold		1,392,725
Dividends and interest		1,116,734
Reimbursement from investment adviser		62,749
Fund shares sold		49,277
Foreign tax reclaims		44,457
Prepaid Expenses		—
Other assets		9,402
Total assets		852,855,477
Liabilities:
Due to custodian		—
Payables:
Investments purchased		1,341,071
Fund shares redeemed		644,597
Management fees		516,589
Distribution and Service fees and Transfer Agency fees		316,235
Payable to investment advisor		—
Accrued expenses		226,053
Total liabilities		3,044,545
Net Assets:
Paid-in capital		612,524,260
Undistributed (distributions in excess of) net investment income		979,312
Accumulated net realized gain (loss)		8,209,144
Net unrealized gain		228,098,216
NET ASSETS	$	849,810,932
Net Assets:
Class A	$	630,090,754
Class C		68,959,604
Institutional		141,442,039
Service		1,561,313
Class IR		4,297,004
Class R		3,450,346
Class R6		9,872
Total Net Assets	$	849,810,932
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		26,093,835
Class C		3,691,584
Institutional		5,368,364
Service		66,725
Class IR		175,556
Class R		147,169
Class R6		375
Net asset value, offering and redemption price per share:(a)
Class A		$24.15
Class C		18.68
Institutional		26.35
Service		23.40
Class IR		24.48
Class R		23.44
Class R6		26.34	(b)

(a) Maximum public offering price per share for Class A Shares of the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Technology Opportunities Funds is $25.56, $15.94, $13.84, $12.42, $14.89, $22.96, $21.01, $12.60 and $19.82, 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.

(b) Net asset value per share is calculated using unrounded outstanding shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Concentrated Growth Fund			Dynamic U.S. Equity Fund			Flexible Cap Growth Fund			Focused Growth Fund			Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund
$	145,563,494		$	7,248,017		$	16,963,084		$	24,632,162		$	3,156,901,538		$	2,567,755,207		$	351,186,463		$	388,497,029
	—			—			—			—			651			38,122,681			—			—
	33,447			30,285			75,762			55,384			—			16,815			17,275			2,678
	—			—			—			—			82,375,704			11,258,409			22,463,145			—
	170,267			15,710			16,671			31,384			2,042,825			880,105			479,595			155,297
	32,700			—			26,645			—			15,986			—			56,148			29,205
	148,609			—			215			90,000			2,723,430			2,537,671			393,924			110,073
	2,361			233			—			—			—			—			31,343			—
	—			69,533			—			—			—			—			—			—
	791			3,218			3,505			2,919			7,321			5,996			876			869
	145,951,669			7,366,996			17,085,882			24,811,849			3,244,067,455			2,620,576,884			374,628,769			388,795,151
	—			—			—			—			225,486			—			—			—
	388,507			—			—			93,818			27,620,572			4,335,047			568,581			—
	1,282,283			4,148			5,878			8,803			10,935,530			4,555,375			20,328,851			541,852
	97,470			4,363			11,323			16,291			2,525,170			1,896,628			228,026			328,346
	9,469			1,218			4,175			1,126			807,936			908,809			39,919			144,818
	—			8,228			—			—			—			—			—			—
	107,823			90,583			88,618			79,590			65,747			49,803			123,284			167,833
	1,885,552			108,540			109,994			199,628			42,180,441			11,745,662			21,288,661			1,182,849
	109,100,950			6,071,860			12,567,116			22,379,420			2,504,201,198			2,162,413,824			246,772,242			226,798,265
	609,650			55,441			(5,278	)		162,001			(7,887,321	)		(10,953,820	)		2,008,192			(1,944,623	)
	(2,526,183	)		(419,548	)		(85,937	)		(1,606,775	)		37,311,736			51,633,227			(626,213	)		16,381,175
	36,881,700			1,550,703			4,499,987			3,677,575			668,261,401			405,737,991			105,185,887			146,377,485
$	144,066,117		$	7,258,456		$	16,975,888		$	24,612,221		$	3,201,887,014		$	2,608,831,222		$	353,340,108		$	387,612,302
$	6,572,708		$	2,124,227		$	5,927,472		$	243,058		$	631,053,234		$	736,220,654		$	46,092,957		$	233,096,763
	2,191,960			195,241			1,474,268			169,261			128,788,311			265,282,356			11,102,681			52,842,516
	134,817,537			4,754,382			9,329,741			24,115,560			2,160,713,725			1,235,282,198			294,952,120			83,745,917
	—			—			—			—			37,431,658			13,955,808			271,961			11,186,033
	451,584			155,801			197,454			57,600			135,929,951			313,812,480			829,037			6,741,073
	22,453			19,035			37,159			16,885			63,105,291			34,492,660			81,328			—
	9,875			9,770			9,794			9,857			44,864,844			9,785,066			10,024			—
$	144,066,117		$	7,258,456		$	16,975,888		$	24,612,221		$	3,201,887,014		$	2,608,831,222		$	353,340,108		$	387,612,302
	436,501			162,410			504,881			17,280			29,080,532			37,093,950			3,871,619			12,444,901
	170,700			15,385			137,664			12,437			7,797,797			14,949,628			1,110,673			3,287,935
	8,456,328			361,032			755,217			1,691,348			87,252,201			59,139,007			23,336,767			4,128,218
	—			—			—			—			1,789,098			717,226			22,952			606,717
	29,550			11,843			16,236			4,048			6,050,848			15,393,619			65,637			335,727
	1,533			1,454			3,254			1,209			3,005,779			1,783,865			6,919			—
	619			742			793			691			1,811,428			468,334			793			—
	$15.06			$13.08			$11.74			$14.07			$21.70			$19.85			$11.91			$18.73
	12.84			12.69			10.71			13.61			16.52			17.75			10.00			16.07
	15.94			13.17			12.35			14.26			24.76			20.89			12.64			20.29
	—			—			—			—			20.92			19.46			11.85			18.44
	15.28			13.16			12.16			14.23			22.46			20.39			12.63			20.08
	14.65			13.09			11.42			13.97			20.99			19.34			11.75			—
	15.95			13.17			12.35			14.26			24.77			20.89			12.63	(b)		—

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2016

	Capital Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $0, $0, $0, $0, $0, $9,043, $0 and $0)	$	11,000,185
Dividends — affiliated issuers		2,704
Interest		13,644
Total investment income		11,016,533
Expenses:
Management fees		8,743,651
Distribution and Service fees(a)		2,334,201
Transfer Agency fees(a)		1,431,105
Printing and mailing costs		204,553
Registration fees		124,266
Custody, accounting and administrative services		103,868
Professional fees		96,949
Trustee fees		25,671
Service Share fees — Service Plan		4,259
Service Share fees — Shareholder Administration Plan		4,259
Other		32,189
Total expenses		13,104,971
Less — expense reductions		(3,089,666	)
Net expenses		10,015,305
NET INVESTMENT INCOME (LOSS)		1,001,228
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $24,192, $10,166, $112, $462, $1,379, $249,082, $1,714, $13,681 and $8,964)		12,702,788
Investments — affiliated issuers		—
Net change in unrealized gain on:
Investments — unaffiliated issuers		32,983,438
Investments — affiliated issuers		—
Net realized and unrealized gain (loss)		45,686,226
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	46,687,454

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

	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6
Capital Growth	$	1,604,636	$	710,688	$	18,877	$	1,219,523	$	135,031	$	60,698	$	682	$	7,995	$	7,173	$	3
Concentrated Growth		17,420		27,695		148		13,239		5,262		58,140		—		649		57		3
Dynamic U.S. Equity		6,799		3,143		318		5,167		597		2,981		—		843		121		3
Flexible Cap Growth		16,860		17,127		190		12,814		3,254		3,463		—		300		72		3
Focused Growth		627		1,824		82		477		347		11,575		—		48		31		3
Growth Opportunities		1,839,002		1,420,837		345,943		1,397,641		269,959		1,028,486		16,595		286,533		131,458		3,615
Small/Mid Cap Growth		2,104,138		2,621,808		169,643		1,599,145		498,144		509,892		5,129		524,086		64,464		692
Strategic Growth		114,651		112,334		368		87,135		21,343		136,327		95		1,551		140		3
Technology Opportunities		594,121		520,635		—		451,532		98,921		34,051		4,367		11,749		—		—

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Concentrated Growth Fund			Dynamic U.S. Equity Fund			Flexible Cap Growth Fund			Focused Growth Fund			Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund
$	1,934,864		$	209,888		$	176,168		$	403,304		$	31,456,983		$	15,450,411		$	5,336,599		$	3,117,201
	—			—			—			—			74,156			—			—			—
	7,430			720			601			2,110			—			151,170			28,247			10,409
	1,942,294			210,608			176,769			405,414			31,531,139			15,601,581			5,364,846			3,127,610
	1,554,684			77,022			173,197			294,220			35,556,108			26,341,537			3,990,481			3,919,399
	45,263			10,260			34,177			2,533			3,605,782			4,895,589			227,353			1,114,756
	77,350			9,712			19,906			12,481			3,134,287			3,201,552			246,594			600,620
	44,034			35,032			34,634			29,697			436,564			373,366			66,888			160,563
	91,421			60,005			76,110			72,042			191,083			268,551			121,736			88,453
	42,017			36,037			52,186			43,889			223,213			203,052			71,947			66,067
	82,913			107,603			89,663			84,116			88,651			41,074			104,834			81,702
	22,797			23,080			23,081			23,165			34,475			30,992			24,253			24,267
	—			—			—			—			103,718			32,055			592			27,292
	—			—			—			—			103,718			32,055			592			27,292
	10,396			6,294			6,916			3,853			103,737			130,855			15,262			13,302
	1,970,875			365,045			509,870			565,996			43,581,336			35,550,678			4,870,532			6,123,713
	(629,389	)		(258,810	)		(320,002	)		(321,714	)		(2,954,658	)		(3,631,882	)		(1,546,198	)		(301,094	)
	1,341,486			106,235			189,868			244,282			40,626,678			31,918,796			3,324,334			5,822,619
	600,808			104,373			(13,099	)		161,132			(9,095,539	)		(16,317,215	)		2,040,512			(2,695,009	)
	(2,449,540	)		(63,632	)		193,770			(1,517,766	)		143,274,021			53,483,445			1,548,451			18,604,630
	—			—			—			—			—			(1,228,406	)		—			—
	9,687,706			332,852			596,395			2,432,571			(51,072,627	)		(67,135,629	)		21,597,125			31,771,257
	—			—			—			—			—			(4,499,189	)		—			—
	7,238,166			269,220			790,165			914,805			92,201,394			(19,379,779	)		23,145,576			50,375,887
$	7,838,974		$	373,593		$	777,066		$	1,075,937		$	83,105,855		$	(35,696,994	)	$	25,186,088		$	47,680,878

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets

	Capital Growth Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income (loss)	$	1,001,228		$	424,086
Net realized gain (loss)		12,702,788			106,908,367
Net change in unrealized gain (loss)		32,983,438			(73,811,938	)
Net increase (decrease) in net assets resulting from operations		46,687,454			33,520,515
Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		(262,248	)		—
Service Shares		—			—
Class IR Shares		(3,425	)		—
Class R Shares		—			—
Class R6 Shares(a)		(18	)		—
From net realized gains
Class A Shares		(53,960,173	)		(109,107,619	)
Class C Shares		(7,608,296	)		(14,781,808	)
Institutional Shares		(13,105,149	)		(22,936,412	)
Service Shares		(152,819	)		(181,082	)
Class IR Shares		(374,339	)		(451,620	)
Class R Shares		(304,242	)		(557,137	)
Class R6 Shares(a)		(712	)		—
Total distributions to shareholders		(75,771,421	)		(148,015,678	)
From share transactions:
Proceeds from sales of shares		34,992,956			82,471,266
Reinvestment of distributions		71,646,769			140,089,222
Cost of shares redeemed		(155,817,837	)		(134,901,119	)
Net increase (decrease) in net assets resulting from share transactions		(49,178,112	)		87,659,369
TOTAL INCREASE (DECREASE)		(78,262,079	)		(26,835,794	)
Net assets:
Beginning of year		928,073,011			954,908,805
End of year	$	849,810,932		$	928,073,011
Undistributed net investment income	$	979,312		$	285,471

(a) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Concentrated Growth Fund						Dynamic U.S. Equity Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	600,808		$	686,366		$	104,373		$	109,603
	(2,449,540	)		20,209,855			(63,632	)		1,495,944
	9,687,706			(14,930,145	)		332,852			(1,792,239	)
	7,838,974			5,966,076			373,593			(186,692	)
	—			—			(17,622	)		(22,274	)
	—			—			—			—
	(373,404	)		(366,604	)		(103,664	)		(71,169	)
	—			—			—			—
	(483	)		(283	)		(2,981	)		(1,481	)
	—			—			—			(255	)
	(26	)		—			(102	)		—
	(842,410	)		(1,407,056	)		(290,672	)		(745,006	)
	(395,561	)		(700,153	)		(33,918	)		(46,987	)
	(16,282,694	)		(28,939,818	)		(976,319	)		(1,330,442	)
	—			—			—			—
	(36,485	)		(67,917	)		(40,105	)		(33,295	)
	(3,308	)		(2,664	)		(5,478	)		(17,289	)
	(1,002	)		—			(901	)		—
	(17,935,373	)		(31,484,495	)		(1,471,762	)		(2,268,198	)
	6,131,931			10,807,640			1,218,198			4,955,313
	17,572,644			30,851,758			1,161,930			2,266,646
	(36,526,581	)		(30,269,597	)		(9,246,741	)		(3,643,418	)
	(12,822,006	)		11,389,801			(6,866,613	)		3,578,541
	(22,918,405	)		(14,128,618	)		(7,964,782	)		1,123,651
	166,984,522			181,113,140			15,223,238			14,099,587
$	144,066,117		$	166,984,522		$	7,258,456		$	15,223,238
$	609,650		$	379,267		$	55,441		$	75,674

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Flexible Cap Growth Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income (loss)	$	(13,099	)	$	(29,361	)
Net realized gain (loss)		193,770			1,341,552
Net change in unrealized gain (loss)		596,395			(561,111	)
Net increase (decrease) in net assets resulting from operations		777,066			751,080
Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares(a)		—			—
From net realized gains
Class A Shares		(458,035	)		(897,010	)
Class C Shares		(116,932	)		(182,809	)
Institutional Shares		(497,675	)		(1,118,730	)
Service Shares		—			—
Class IR Shares		(13,475	)		(32,793	)
Class R Shares		(2,254	)		(8,089	)
Class R6 Shares(a)		(544	)		—
Total distributions to shareholders		(1,088,915	)		(2,239,431	)
From share transactions:
Proceeds from sales of shares		3,195,796			5,135,583
Reinvestment of distributions		1,088,915			2,237,814
Cost of shares redeemed		(4,728,552	)		(3,380,014	)
Net increase (decrease) in net assets resulting from share transactions		(443,841	)		3,993,383
TOTAL INCREASE (DECREASE)		(755,690	)		2,505,032
Net assets:
Beginning of year		17,731,578			15,226,546
End of year	$	16,975,888		$	17,731,578
Undistributed (distributions in excess of) net investment income (loss)	$	(5,278	)	$	(16,820	)

(a) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Focused Growth Fund						Growth Opportunities Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	161,132		$	136,615		$	(9,095,539	)	$	(19,979,892	)
	(1,517,766	)		1,794,517			143,274,021			540,219,024
	2,432,571			(809,233	)		(51,072,627	)		(555,005,131	)
	1,075,937			1,121,899			83,105,855			(34,765,999	)
	(451	)		—			—			—
	(262	)		—			—			—
	(76,800	)		(76,654	)		—			—
	—			—			—			—
	(21	)		(18	)		—			—
	—			—			—			—
	(24	)		—			—			—
	(14,231	)		(3,858	)		(97,819,695	)		(213,956,510	)
	(14,215	)		(2,722	)		(23,532,032	)		(45,806,967	)
	(1,744,722	)		(1,977,313	)		(309,058,207	)		(674,995,963	)
	—			—			(5,746,888	)		(11,651,811	)
	(872	)		(1,099	)		(18,674,509	)		(30,389,606	)
	(868	)		(1,094	)		(9,066,946	)		(17,292,249	)
	(495	)		—			(1,081,229	)		—
	(1,852,961	)		(2,062,758	)		(464,979,506	)		(994,093,106	)
	2,465,625			12,758,032			664,433,721			1,354,546,446
	1,852,961			2,062,758			390,089,513			802,333,312
	(12,507,765	)		(4,759,978	)		(2,055,513,321	)		(1,884,231,470	)
	(8,189,179	)		10,060,812			(1,000,990,087	)		272,648,288
	(8,966,203	)		9,119,953			(1,382,863,738	)		(756,210,817	)
	33,578,424			24,458,471			4,584,750,752			5,340,961,569
$	24,612,221		$	33,578,424		$	3,201,887,014		$	4,584,750,752
$	162,001		$	77,136		$	(7,887,321	)	$	(16,360,233	)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Small/Mid Cap Growth Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income (loss)	$	(16,317,215	)	$	(18,094,472	)
Net realized gain (loss)		52,255,039			158,512,531
Net change in unrealized gain (loss)		(71,634,818	)		23,699,445
Net increase (decrease) in net assets resulting from operations		(35,696,994	)		164,117,504
Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares(a)		—			—
From net realized gains
Class A Shares		(33,875,139	)		(59,422,373	)
Class C Shares		(10,986,288	)		(19,729,913	)
Institutional Shares		(47,806,278	)		(89,205,827	)
Service Shares		(475,742	)		(662,911	)
Class IR Shares		(10,051,807	)		(13,778,175	)
Class R Shares		(1,254,158	)		(2,780,547	)
Class R6 Shares(a)		(313	)		—
Total distributions to shareholders		(104,449,725	)		(185,579,746	)
From share transactions:
Proceeds from sales of shares		1,008,705,061			1,088,106,213
Reinvestment of distributions		93,324,637			164,354,586
Cost of shares redeemed		(1,151,579,076	)		(691,041,765	)
Net increase (decrease) in net assets resulting from share transactions		(49,549,378	)		561,419,034
TOTAL INCREASE (DECREASE)		(189,696,097	)		539,956,792
Net assets:
Beginning of year		2,798,527,319			2,258,570,527
End of year	$	2,608,831,222		$	2,798,527,319
Undistributed (distributions in excess of) net investment income (loss)	$	(10,953,820	)	$	570,667

(a) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Strategic Growth Fund						Technology Opportunities Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	2,040,512		$	1,796,891		$	(2,695,009	)	$	(3,232,312	)
	1,548,451			29,207,245			18,604,630			45,968,161
	21,597,125			(15,744,519	)		31,771,257			(33,789,050	)
	25,186,088			15,259,617			47,680,878			8,946,799
	(72,760	)		—			—			—
	—			—			—			—
	(1,396,604	)		(991,937	)		—			—
	(299	)		—			—			—
	(2,572	)		(1,531	)		—			—
	(106	)		—			—			—
	(42	)		—			—			—
	(2,662,084	)		(7,853,382	)		(21,931,579	)		(19,398,872	)
	(747,201	)		(2,031,017	)		(5,298,231	)		(4,987,729	)
	(18,504,227	)		(47,665,788	)		(6,969,643	)		(7,490,876	)
	(12,976	)		(26,879	)		(975,553	)		(853,327	)
	(47,249	)		(147,162	)		(511,029	)		(226,844	)
	(4,036	)		(2,673	)		—			—
	(516	)		—			—			—
	(23,450,672	)		(58,720,369	)		(35,686,035	)		(32,957,648	)
	110,866,442			85,773,465			64,248,588			106,814,338
	22,818,629			56,900,752			32,420,710			29,561,009
	(166,077,206	)		(112,960,044	)		(133,609,474	)		(136,669,644	)
	(32,392,135	)		29,714,173			(36,940,176	)		(294,297	)
	(30,656,719	)		(13,746,579	)		(24,945,333	)		(24,305,146	)
	383,996,827			397,743,406			412,557,635			436,862,781
$	353,340,108		$	383,996,827		$	387,612,302		$	412,557,635
$	2,008,192		$	1,482,021		$	(1,944,623	)	$	(1,463,830	)

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	24.80	$	0.03		$	1.37		$	1.40		$	—		$	(2.05	)	$	(2.05	)
2016 - C		19.77		(0.12	)		1.08			0.96			—			(2.05	)		(2.05	)
2016 - Institutional		26.82		0.13			1.49			1.62			(0.04	)		(2.05	)		(2.09	)
2016 - Service		24.12		—	(d)		1.33			1.33			—			(2.05	)		(2.05	)
2016 - IR		25.07		0.08			1.40			1.48			(0.02	)		(2.05	)		(2.07	)
2016 - R		24.19		(0.03	)		1.33			1.30			—			(2.05	)		(2.05	)
2016 - R6		26.82		0.13			1.49			1.62			(0.05	)		(2.05	)		(2.10	)
2015 - A		28.16		0.01			1.00			1.01			—			(4.37	)		(4.37	)
2015 - C		23.45		(0.15	)		0.84			0.69			—			(4.37	)		(4.37	)
2015 - Institutional		30.01		0.12			1.06			1.18			—			(4.37	)		(4.37	)
2015 - Service		27.53		(0.02	)		0.98			0.96			—			(4.37	)		(4.37	)
2015 - IR		28.36		0.07			1.01			1.08			—			(4.37	)		(4.37	)
2015 - R		27.64		(0.06	)		0.98			0.92			—			(4.37	)		(4.37	)
2015 - R6 (Commenced July 31, 2015)		28.86		0.01			(2.05	)		(2.04	)		—			—			—
2014 - A		28.13		(0.01	)		6.41			6.40			(0.08	)		(6.29	)		(6.37	)
2014 - C		24.46		(0.18	)		5.46			5.28			—			(6.29	)		(6.29	)
2014 - Institutional		29.57		0.10			6.79			6.89			(0.16	)		(6.29	)		(6.45	)
2014 - Service		27.62		(0.04	)		6.29			6.25			(0.05	)		(6.29	)		(6.34	)
2014 - IR		28.28		0.06			6.44			6.50			(0.13	)		(6.29	)		(6.42	)
2014 - R		27.75		(0.08	)		6.31			6.23			(0.05	)		(6.29	)		(6.34	)
2013 - A		24.40		0.10	(f)		3.66			3.76			(0.03	)		—			(0.03	)
2013 - C		21.35		(0.08	)(f)		3.19			3.11			—			—			—
2013 - Institutional		25.64		0.21	(f)		3.84			4.05			(0.12	)		—			(0.12	)
2013 - Service		23.96		0.07	(f)		3.60			3.67			(0.01	)		—			(0.01	)
2013 - IR		24.53		0.18	(f)		3.67			3.85			(0.10	)		—			(0.10	)
2013 - R		24.14		0.03	(f)		3.62			3.65			(0.04	)		—			(0.04	)
2012 - A		20.49		0.02			3.93			3.95			(0.04	)		—			(0.04	)
2012 - C		18.03		(0.13	)		3.45			3.32			—			—			—
2012 - Institutional		21.54		0.10			4.12			4.22			(0.12	)		—			(0.12	)
2012 - Service		20.13		—	(d)		3.85			3.85			(0.02	)		—			(0.02	)
2012 - IR		20.66		0.08			3.93			4.01			(0.14	)		—			(0.14	)
2012 - R		20.31		(0.03	)		3.88			3.85			(0.02	)		—			(0.02	)

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

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

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

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

(e) Annualized.

(f) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.21% of average net assets.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	24.15		5.79	%	$	630,091		1.15	%		1.51	%		0.11	%		45	%
	18.68		4.98			68,960		1.90			2.26			(0.64	)		45
	26.35		6.19			141,442		0.75			1.11			0.50			45
	23.40		5.66			1,561		1.25			1.61			0.01			45
	24.48		6.05			4,297		0.90			1.26			0.35			45
	23.44		5.51			3,450		1.40			1.76			(0.15	)		45
	26.34		6.19			10		0.74			1.09			0.52			45
	24.80		3.34			669,345		1.15			1.49			0.04			55
	19.77		2.55			75,941		1.90			2.25			(0.71	)		55
	26.82		3.75			173,539		0.75			1.09			0.44			55
	24.12		3.23			1,917		1.25			1.60			(0.08	)		55
	25.07		3.59			3,823		0.90			1.24			0.28			55
	24.19		3.05			3,500		1.40			1.74			(0.21	)		55
	26.82		(7.07	)		9		0.76	(e)		1.11	(e)		0.54	(e)		55
	28.16		25.50			702,534		1.16			1.51			(0.05	)		75
	23.45		24.57			81,954		1.91			2.26			(0.80	)		75
	30.01		26.03			147,642		0.76			1.11			0.35			75
	27.53		25.39			1,135		1.26			1.61			(0.15	)		75
	28.36		25.80			2,951		0.91			1.26			0.20			75
	27.64		25.18			3,571		1.41			1.76			(0.30	)		75
	28.13		15.41			630,495		1.14			1.50			0.38	(f)		52
	24.46		14.57			75,375		1.89			2.25			(0.37	)(f)		52
	29.57		15.89			124,795		0.74			1.10			0.75	(f)		52
	27.62		15.32			980		1.24			1.60			0.27	(f)		52
	28.28		15.75			2,112		0.89			1.25			0.67	(f)		52
	27.75		15.15			2,480		1.39			1.75			0.13	(f)		52
	24.40		19.24			662,127		1.14			1.48			0.09			55
	21.35		18.36			73,162		1.89			2.23			(0.66	)		55
	25.64		19.64			83,466		0.74			1.08			0.42			55
	23.96		19.08			1,072		1.24			1.58			(0.02	)		55
	24.53		19.48			2,415		0.89			1.23			0.36			55
	24.14		18.92			1,475		1.39			1.73			(0.12	)		55

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	16.06	$	—	(d)	$	0.81		$	0.81		$	—		$	(1.81	)	$	(1.81	)
2016 - C		14.05		(0.09	)(d)		0.69			0.60			—			(1.81	)		(1.81	)
2016 - Institutional		16.88		0.07	(d)		0.84			0.91			(0.04	)		(1.81	)		(1.85	)
2016 - IR		16.26		0.04	(d)		0.81			0.85			(0.02	)		(1.81	)		(1.83	)
2016 - R		15.71		(0.04	)(d)		0.79			0.75			—			(1.81	)		(1.81	)
2016 - R6		16.88		0.07	(d)		0.85			0.92			(0.04	)		(1.81	)		(1.85	)
2015 - A		18.94		—	(e)(f)		0.55			0.55			—			(3.43	)		(3.43	)
2015 - C		17.09		(0.11	)(e)		0.50			0.39			—			(3.43	)		(3.43	)
2015 - Institutional		19.71		0.08	(e)		0.57			0.65			(0.05	)		(3.43	)		(3.48	)
2015 - IR		19.10		0.05	(e)		0.56			0.61			(0.02	)		(3.43	)		(3.45	)
2015 - R		18.64		(0.05	)(e)		0.55			0.50			—			(3.43	)		(3.43	)
2015 - R6 (Commenced July 31, 2015)		18.04		0.01	(e)		(1.17	)		(1.16	)		—			—			—
2014 - A		17.05		(0.06	)		3.78			3.72			—			(1.83	)		(1.83	)
2014 - C		15.65		(0.17	)		3.44			3.27			—			(1.83	)		(1.83	)
2014 - Institutional		17.63		0.02			3.92			3.94			(0.03	)		(1.83	)		(1.86	)
2014 - IR		17.15		(0.01	)		3.81			3.80			(0.02	)		(1.83	)		(1.85	)
2014 - R		16.84		(0.10	)		3.73			3.63			—			(1.83	)		(1.83	)
2013 - A		14.97		0.11	(h)		2.03			2.14			(0.06	)		—			(0.06	)
2013 - C		13.79		(0.06	)(h)		1.93			1.87			(0.01	)		—			(0.01	)
2013 - Institutional		15.48		0.09	(h)		2.18			2.27			(0.12	)		—			(0.12	)
2013 - IR		15.07		0.12	(h)		2.07			2.19			(0.11	)		—			(0.11	)
2013 - R		14.80		0.01	(h)		2.06			2.07			(0.03	)		—			(0.03	)
2012 - A		12.64		—	(f)		2.33			2.33			—			—			—
2012 - C		11.73		(0.09	)		2.15			2.06			—			—			—
2012 - Institutional		13.07		0.05			2.41			2.46			(0.05	)		—			(0.05	)
2012 - IR		12.73		0.04			2.34			2.38			(0.04	)		—			(0.04	)
2012 - R		12.52		(0.03	)		2.31			2.28			—			—			—

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

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

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

(d) Reflects income recognized from a special dividend which amounted to $0.03 per share and 0.19% of average net assets.

(e) Reflects income recognized from a special dividend which amounted to $0.05 per share and 0.30% of average net assets.

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

(g) Annualized.

(h) Reflects income recognized from a special dividend which amounted to $0.06 per share and 0.35% of average net assets.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	15.06		5.10	%	$	6,573		1.22	%		1.63	%		0.03	%(d)		55	%
	12.84		4.27			2,192		1.98			2.38			(0.71	)(d)		55
	15.94		5.47			134,818		0.82			1.23			0.43	(d)		55
	15.28		5.31			452		0.97			1.38			0.27	(d)		55
	14.65		4.81			22		1.48			1.89			(0.25	)(d)		55
	15.95		5.56			10		0.81			1.21			0.44	(d)		55
	16.06		2.54			7,350		1.24			1.60			0.02	(e)		47
	14.05		1.78			3,604		1.99			2.35			(0.74	)(e)		47
	16.88		2.97			155,652		0.84			1.20			0.42	(e)		47
	16.26		2.84			342		0.99			1.35			0.29	(e)		47
	15.71		2.28			27		1.49			1.87			(0.31	)(e)		47
	16.88		(6.43	)		9	��	0.77	(g)		1.48	(g)		0.46	(e)(g)		47
	18.94		22.88			7,564		1.27			1.60			(0.32	)		60
	17.09		21.98			3,460		2.02			2.35			(1.06	)		60
	19.71		23.44			169,387		0.87			1.20			0.09			60
	19.10		23.20			385		1.02			1.35			(0.06	)		60
	18.64		22.61			14		1.50			1.84			(0.55	)		60
	17.05		14.36			8,476		1.26			1.62			0.69	(h)		57
	15.65		13.57			2,561		2.01			2.37			(0.39	)(h)		57
	17.63		14.81			146,183		0.86			1.23			0.56	(h)		57
	17.15		14.61			346		1.01			1.38			0.76	(h)		57
	16.84		14.13			12		1.51			1.87			0.09	(h)		57
	14.97		18.38			92,207		1.26			1.57			0.01			33
	13.79		17.51			2,877		2.01			2.32			(0.72	)		33
	15.48		18.80			56,118		0.86			1.17			0.39			33
	15.07		18.69			584		1.01			1.32			0.28			33
	14.80		18.08			10		1.51			1.82			(0.22	)		33

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

				Income (loss) from investment operations									Distributions to shareholders
	Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
	2016 - A	$	13.92	$	0.09		$	0.50		$	0.59		$	(0.07	)	$	(1.36	)	$	(1.43	)
	2016 - C		13.56		(0.01	)		0.50			0.49			—			(1.36	)		(1.36	)
	2016 - Institutional		14.01		0.14			0.51			0.65			(0.13	)		(1.36	)		(1.49	)
	2016 - IR		13.98		0.13			0.50			0.63			(0.09	)		(1.36	)		(1.45	)
	2016 - R		13.88		0.07			0.50			0.57			—			(1.36	)		(1.36	)
	2016 - R6		14.01		0.14			0.51			0.65			(0.13	)		(1.36	)		(1.49	)
	2015 - A		16.66		0.09			(0.17	)		(0.08	)		(0.07	)		(2.59	)		(2.66	)
	2015 - C		16.33		(0.03	)		(0.15	)		(0.18	)		—			(2.59	)		(2.59	)
	2015 - Institutional		16.75		0.14			(0.16	)		(0.02	)		(0.13	)		(2.59	)		(2.72	)
	2015 - IR		16.72		0.11			(0.15	)		(0.04	)		(0.11	)		(2.59	)		(2.70	)
	2015 - R		16.62		0.04			(0.16	)		(0.12	)		(0.03	)		(2.59	)		(2.62	)
	2015 - R6 (Commenced July 31, 2015)		15.04		0.01			(1.04	)		(1.03	)		—			—			—
	2014 - A		14.79		0.06			3.23			3.29			(0.05	)		(1.37	)		(1.42	)
	2014 - C		14.58		(0.06	)		3.18			3.12			—			(1.37	)		(1.37	)
	2014 - Institutional		14.85		0.12			3.25			3.37			(0.10	)		(1.37	)		(1.47	)
	2014 - IR		14.83		0.10			3.24			3.34			(0.08	)		(1.37	)		(1.45	)
	2014 - R		14.78		0.02			3.23			3.25			(0.04	)		(1.37	)		(1.41	)
	2013 - A		12.30		0.09			2.48			2.57			(0.08	)		—			(0.08	)
	2013 - C		12.13		(0.01	)		2.46			2.45			—			—			—
	2013 - Institutional		12.35		0.14			2.50			2.64			(0.14	)		—			(0.14	)
	2013 - IR		12.34		0.12			2.50			2.62			(0.13	)		—			(0.13	)
	2013 - R		12.29		0.04			2.51			2.55			(0.06	)		—			(0.06	)
	2012 - A		10.71		0.08			1.66			1.74			(0.04	)		(0.11	)		(0.15	)
	2012 - C		10.61		(0.01	)		1.64			1.63			—			(0.11	)		(0.11	)
	2012 - Institutional		10.76		0.13			1.65			1.78			(0.08	)		(0.11	)		(0.19	)
	2012 - IR		10.73		0.11			1.65			1.76			(0.04	)		(0.11	)		(0.15	)
	2012 - R		10.70		0.05			1.65			1.70			—	(e)		(0.11	)		(0.11	)

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	13.08		4.39	%	$	2,124		1.22	%		3.60	%		0.67	%		49	%
	12.69		3.66			195		1.97			4.33			(0.10	)		49
	13.17		4.84			4,754		0.82			3.16			1.10			49
	13.16		4.67			156		0.97			3.54			0.97			49
	13.09		4.18			19		1.47			3.70			0.49			49
	13.17		4.86			10		0.81			3.14			1.09			49
	13.92		(1.22	)		3,086		1.21			2.81			0.57			67
	13.56		(1.96	)		355		1.97			3.56			(0.21	)		67
	14.01		(0.82	)		10,855		0.81			2.42			0.93			67
	13.98		(0.98	)		800		0.96			1.06			0.73			67
	13.88		(1.48	)		118		1.46			3.10			0.28			67
	14.01		(6.85	)		9		0.76	(d)		1.65	(d)		1.08	(d)		67
	16.66		23.41			4,542		1.20			3.04			0.37			67
	16.33		22.44			247		1.95			3.78			(0.37	)		67
	16.75		23.92			8,995		0.80			2.65			0.76			67
	16.72		23.71			205		0.95			2.80			0.61			67
	16.62		23.06			110		1.45			3.30			0.11			67
	14.79		21.05			2,869		1.18			3.66			0.68			61
	14.58		20.20			126		1.93			4.41			(0.09	)		61
	14.85		21.56			8,646		0.78			3.24			1.06			61
	14.83		21.39			174		0.93			3.39			0.90			61
	14.78		20.83			51		1.43			3.80			0.29			61
	12.30		16.37			3,331		1.18			3.63			0.69			76
	12.13		15.45			158		1.93			4.38			(0.05	)		76
	12.35		16.71			7,142		0.78			3.23			1.11			76
	12.34		16.52			70		0.93			3.38			0.97			76
	12.29		16.02			12		1.43			3.88			0.45			76

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	11.90	$	(0.02	)	$	0.59		$	0.57		$	—		$	(0.73	)	$	(0.73	)
2016 - C		11.00		(0.10	)		0.54			0.44			—			(0.73	)		(0.73	)
2016 - Institutional		12.44		0.02			0.62			0.64			—			(0.73	)		(0.73	)
2016 - IR		12.27		—	(d)		0.62			0.62			—			(0.73	)		(0.73	)
2016 - R		11.63		(0.05	)		0.57			0.52			—			(0.73	)		(0.73	)
2016 - R6		12.44		0.03			0.61			0.64			—			(0.73	)		(0.73	)
2015 - A		13.21		(0.04	)(e)		0.63			0.59			—			(1.90	)		(1.90	)
2015 - C		12.43		(0.12	)(e)		0.59			0.47			—			(1.90	)		(1.90	)
2015 - Institutional		13.68		0.01	(e)		0.65			0.66			—			(1.90	)		(1.90	)
2015 - IR		13.53		—	(e)(d)		0.64			0.64			—			(1.90	)		(1.90	)
2015 - R		12.97		(0.07	)(e)		0.63			0.56			—			(1.90	)		(1.90	)
2015 - R6 (Commenced July 31,2015)		13.38		—	(e)(d)		(0.94	)		(0.94	)		—			—			—
2014 - A		11.83		(0.05	)		3.01			2.96			—			(1.58	)		(1.58	)
2014 - C		11.29		(0.14	)		2.86			2.72			—			(1.58	)		(1.58	)
2014 - Institutional		12.17		—	(d)		3.11			3.11			(0.02	)		(1.58	)		(1.60	)
2014 - IR		12.05		(0.02	)		3.08			3.06			—			(1.58	)		(1.58	)
2014 - R		11.66		(0.08	)		2.97			2.89			—			(1.58	)		(1.58	)
2013 - A		11.48		—	(d)(h)		1.71			1.71			—			(1.36	)		(1.36	)
2013 - C		11.09		(0.08	)(h)		1.64			1.56			—			(1.36	)		(1.36	)
2013 - Institutional		11.73		0.04	(h)		1.76			1.80			—			(1.36	)		(1.36	)
2013 - IR		11.64		0.03	(h)		1.74			1.77			—			(1.36	)		(1.36	)
2013 - R		11.36		(0.02	)(h)		1.68			1.66			—			(1.36	)		(1.36	)
2012 - A		10.38		(0.02	)		1.71			1.69			—			(0.59	)		(0.59	)
2012 - C		10.12		(0.10	)		1.66			1.56			—			(0.59	)		(0.59	)
2012 - Institutional		10.55		0.02			1.75			1.77			—			(0.59	)		(0.59	)
2012 - IR		10.49		0.01			1.73			1.74			—			(0.59	)		(0.59	)
2012 - R		10.30		(0.05	)		1.70			1.65			—			(0.59	)		(0.59	)

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

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

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

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

(e) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(f) Annualized.

(g) Amount is less than 0.005% of average net assets.

(h) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.20% of average net assets.

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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	11.74		4.93	%	$	5,927		1.22	%		3.07	%		(0.21	)%		46	%
	10.71		4.12			1,474		1.97			3.82			(0.96	)		46
	12.35		5.29			9,330		0.82			2.68			0.20			46
	12.16		5.20			197		0.97			2.76			0.03			46
	11.42		4.61			37		1.47			3.33			(0.45	)		46
	12.35		5.29			10		0.81			2.66			0.22			46
	11.90		4.59			7,048		1.24			2.97			(0.30	)(e)		41
	11.00		3.83			1,802		1.98			3.71			(1.04	)(e)		41
	12.44		4.99			8,586		0.84			2.57			0.09	(e)		41
	12.27		4.88			253		0.98			2.66			(0.03	)(e)		41
	11.63		4.43			33		1.49			3.24			(0.55	)(e)		41
	12.44		(7.03	)		9		0.84	(f)		4.34	(f)		0.24	(e)(f)		41
	13.21		26.62			5,665		1.28			3.32			(0.40	)		56
	12.43		25.68			1,119		2.03			4.09			(1.15	)		56
	13.68		27.21			8,262		0.88			2.92			—	(g)		56
	13.53		26.98			126		1.03			3.04			(0.17	)		56
	12.97		26.38			55		1.53			3.56			(0.65	)		56
	11.83		16.78			4,584		1.26			3.62			0.03	(h)		40
	11.29		15.94			1,005		2.01			4.32			(0.75	)(h)		40
	12.17		17.23			6,215		0.86			3.18			0.37	(h)		40
	12.05		17.08			167		1.01			3.35			0.26	(h)		40
	11.66		16.50			41		1.51			3.91			(0.19	)(h)		40
	11.48		17.11			7,423		1.26			3.14			(0.22	)		32
	11.09		16.23			975		2.01			3.89			(0.95	)		32
	11.73		17.61			4,640		0.86			2.74			0.21			32
	11.64		17.41			179		1.01			2.89			0.06			32
	11.36		16.84			63		1.51			3.39			(0.43	)		32

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS FOCUSED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	14.36	$	0.01	(d)	$	0.48		$	0.49		$	(0.02	)	$	(0.76	)	$	(0.78	)
2016 - C		14.01		(0.09	)(d)		0.46			0.37			(0.01	)		(0.76	)		(0.77	)
2016 - Institutional		14.50		0.08	(d)		0.47			0.55			(0.03	)		(0.76	)		(0.79	)
2016 - IR		14.47		0.06	(d)		0.47			0.53			(0.01	)		(0.76	)		(0.77	)
2016 - R		14.28		(0.01	)(d)		0.46			0.45			—			(0.76	)		(0.76	)
2016 - R6		14.50		0.08	(d)		0.47			0.55			(0.03	)		(0.76	)		(0.79	)
2015 - A		14.74		(0.01	)(e)		0.65			0.64			—			(1.02	)		(1.02	)
2015 - C		14.51		(0.10	)(e)		0.62			0.52			—			(1.02	)		(1.02	)
2015 - Institutional		14.85		0.07	(e)		0.64			0.71			(0.04	)		(1.02	)		(1.06	)
2015 - IR		14.83		0.04	(e)		0.64			0.68			(0.02	)		(1.02	)		(1.04	)
2015 - R		14.70		(0.03	)(e)		0.63			0.60			—			(1.02	)		(1.02	)
2015 - R6 (Commenced July 31, 2015)		15.27		—	(e)(f)		(0.77	)		(0.77	)		—			—			—
2014 - A		12.95		(0.05	)		2.77			2.72			—			(0.93	)		(0.93	)
2014 - C		12.85		(0.15	)		2.74			2.59			—			(0.93	)		(0.93	)
2014 - Institutional		13.02		0.01			2.78			2.79			(0.03	)		(0.93	)		(0.96	)
2014 - IR		13.01		(0.01	)		2.77			2.76			(0.01	)		(0.93	)		(0.94	)
2014 - R		12.95		(0.08	)		2.76			2.68			—			(0.93	)		(0.93	)
2013 - A		11.35		0.01	(h)		1.66			1.67			(0.05	)		(0.02	)		(0.07	)
2013 - C		11.31		(0.06	)(h)		1.63			1.57			(0.01	)		(0.02	)		(0.03	)
2013 - Institutional		11.38		0.07	(h)		1.66			1.73			(0.07	)		(0.02	)		(0.09	)
2013 - IR		11.38		0.06	(h)		1.65			1.71			(0.06	)		(0.02	)		(0.08	)
2013 - R		11.34		—	(f)(h)		1.64			1.64			(0.01	)		(0.02	)		(0.03	)
FOR THE PERIOD ENDED AUGUST 31,
2012 - A (Commenced January 31, 2012)		10.00		—	(f)		1.35			1.35			—			—			—
2012 - C (Commenced January 31, 2012)		10.00		(0.05	)		1.36			1.31			—			—			—
2012 - Institutional (Commenced January 31, 2012)		10.00		0.02			1.36			1.38			—			—			—
2012 - IR (Commenced January 31, 2012)		10.00		0.01			1.37			1.38			—			—			—
2012 - R (Commenced January 31, 2012)		10.00		(0.02	)		1.36			1.34			—			—			—

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.25% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.31% of average net assets.

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

(g) Annualized.

(h) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

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

GOLDMAN SACHS FOCUSED GROWTH FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	14.07		3.36	%	$	243		1.21	%		2.35	%		0.10	%(d)		55	%
	13.61		2.56			169		1.96			3.14			(0.69	)(d)		55
	14.26		3.75			24,116		0.82			1.91			0.56	(d)		55
	14.23		3.65			58		0.96			1.90			0.40	(d)		55
	13.97		3.07			17		1.47			2.56			(0.10	)(d)		55
	14.26		3.77			10		0.78			1.87			0.59	(d)		55
	14.36		4.27			148		1.24			2.22			(0.05	)(e)		67
	14.01		3.47			53		1.99			3.00			(0.70	)(e)		67
	14.50		4.72			33,335		0.84			1.85			0.45	(e)		67
	14.47		4.50			17		1.01			2.02			0.30	(e)		67
	14.28		3.99			16		1.49			2.50			(0.19	)(e)		67
	14.50		(5.04	)		9		0.81	(g)		2.05	(g)		0.24	(e)(g)		67
	14.74		21.60			42		1.26			2.83			(0.37	)		97
	14.51		20.71			39		2.01			3.49			(1.05	)		97
	14.85		22.00			24,346		0.86			2.31			0.10			97
	14.83		21.83			16		1.01			2.51			(0.08	)		97
	14.70		21.28			16		1.51			3.01			(0.58	)		97
	12.95		14.79			56		1.24			6.12			0.08	(h)		87
	12.85		13.94			23		1.99			6.91			(0.52	)(h)		87
	13.02		15.33			12,838		0.84			4.59			0.53	(h)		87
	13.01		15.08			13		1.00			6.58			0.52	(h)		87
	12.95		14.53			13		1.49			7.08			0.02	(h)		87
	11.35		13.50			35		1.24	(g)		17.07	(g)		0.04	(g)		23
	11.31		13.10			11		1.99	(g)		17.82	(g)		(0.81	)(g)		23
	11.38		13.80			3,417		0.84	(g)		16.67	(g)		0.36	(g)		23
	11.38		13.80			11		0.99	(g)		16.82	(g)		0.22	(g)		23
	11.34		13.40			11		1.49	(g)		17.32	(g)		(0.30	)(g)		23

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distribution to shareholders from net realized gains
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	23.84	$	(0.10	)(d)	$	0.77		$	0.67		$	(2.81	)
2016 - C		18.95		(0.20	)(d)		0.58			0.38			(2.81	)
2016 - Institutional		26.71		(0.03	)(d)		0.89			0.86			(2.81	)
2016 - Service		23.11		(0.13	)(d)		0.75			0.62			(2.81	)
2016 - IR		24.52		(0.05	)(d)		0.80			0.75			(2.81	)
2016 - R		23.21		(0.15	)(d)		0.74			0.59			(2.81	)
2016 - R6		26.71		(0.04	)(d)		0.91			0.87			(2.81	)
2015 - A		30.22		(0.17	)(e)		(0.05	)		(0.22	)		(6.16	)
2015 - C		25.42		(0.30	)(e)		(0.01	)		(0.31	)		(6.16	)
2015 - Institutional		33.02		(0.07	)(e)		(0.08	)		(0.15	)		(6.16	)
2015 - Service		29.51		(0.19	)(e)		(0.05	)		(0.24	)		(6.16	)
2015 - IR		30.85		(0.11	)(e)		(0.06	)		(0.17	)		(6.16	)
2015 - R		29.65		(0.23	)(e)		(0.05	)		(0.28	)		(6.16	)
2015 - R6 (Commenced July 31, 2015)		28.49		(0.01	)(e)		(1.77	)		(1.78	)		—
2014 - A		26.65		(0.19	)		5.95			5.76			(2.19	)
2014 - C		22.89		(0.34	)		5.06			4.72			(2.19	)
2014 - Institutional		28.83		(0.08	)		6.46			6.38			(2.19	)
2014 - Service		26.10		(0.21	)		5.81			5.60			(2.19	)
2014 - IR		27.10		(0.12	)		6.06			5.94			(2.19	)
2014 - R		26.25		(0.25	)		5.84			5.59			(2.19	)
2013 - A		23.88		(0.11	)(g)		4.53			4.42			(1.65	)
2013 - C		20.89		(0.26	)(g)		3.91			3.65			(1.65	)
2013 - Institutional		25.59		(0.01	)(g)		4.90			4.89			(1.65	)
2013 - Service		23.44		(0.13	)(g)		4.44			4.31			(1.65	)
2013 - IR		24.19		(0.05	)(g)		4.61			4.56			(1.65	)
2013 - R		23.59		(0.17	)(g)		4.48			4.31			(1.65	)
2012 - A		21.36		(0.15	)		4.06			3.91			(1.39	)
2012 - C		18.99		(0.28	)		3.57			3.29			(1.39	)
2012 - Institutional		22.71		(0.06	)		4.33			4.27			(1.39	)
2012 - Service		21.01		(0.17	)		3.99			3.82			(1.39	)
2012 - IR		21.57		(0.09	)		4.10			4.01			(1.39	)
2012 - R		21.17		(0.20	)		4.01			3.81			(1.39	)

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.10% of average net assets.

(f) Annualized.

(g) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	21.70		3.39	%	$	631,053		1.32	%		1.42	%		(0.47	)%(d)		55	%
	16.52		2.66			128,788		2.07			2.17			(1.23	)(d)		55
	24.76		3.76			2,160,714		0.95			1.02			(0.11	)(d)		55
	20.92		3.27			37,432		1.45			1.52			(0.61	)(d)		55
	22.46		3.64			135,930		1.07			1.17			(0.23	)(d)		55
	20.99		3.12			63,105		1.57			1.67			(0.73	)(d)		55
	24.77		3.81			44,865		0.93			1.01			(0.19	)(d)		55
	23.84		(1.47	)		946,463		1.35			1.40			(0.65	)(e)		51
	18.95		(2.23	)		168,461		2.10			2.15			(1.40	)(e)		51
	26.71		(1.08	)		3,171,058		0.95			1.00			(0.24	)(e)		51
	23.11		(1.59	)		49,105		1.45			1.50			(0.75	)(e)		51
	24.52		(1.25	)		171,980		1.10			1.15			(0.41	)(e)		51
	23.21		(1.74	)		77,673		1.60			1.65			(0.90	)(e)		51
	26.71		(6.25	)		9		0.97	(f)		1.02	(f)		(0.32	)(e)(f)		51
	30.22		22.57			1,110,320		1.36			1.40			(0.66	)		59
	25.42		21.67			191,125		2.11			2.15			(1.41	)		59
	33.02		23.04			3,750,790		0.96			1.00			(0.26	)		59
	29.51		22.42			57,643		1.46			1.50			(0.76	)		59
	30.85		22.87			143,249		1.11			1.15			(0.41	)		59
	29.65		22.25			80,542		1.61			1.65			(0.91	)		59
	26.65		19.84			1,130,449		1.35			1.41			(0.44	)(g)		41
	22.89		18.94			172,010		2.10			2.16			(1.19	)(g)		41
	28.83		20.38			3,207,925		0.95			1.01			(0.05	)(g)		41
	26.10		19.74			60,977		1.45			1.51			(0.54	)(g)		41
	27.10		20.18			91,093		1.10			1.16			(0.21	)(g)		41
	26.25		19.61			71,263		1.60			1.66			(0.71	)(g)		41
	23.88		19.15			1,068,187		1.35			1.41			(0.67	)		59
	20.89		18.24			157,901		2.10			2.16			(1.42	)		59
	25.59		19.61			2,710,810		0.95			1.01			(0.27	)		59
	23.44		19.03			59,834		1.45			1.51			(0.77	)		59
	24.19		19.43			75,702		1.10			1.16			(0.42	)		59
	23.59		18.83			54,071		1.60			1.66			(0.91	)		59

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	20.72	$	(0.14	)(d)	$	—		$	(0.14	)	$	(0.73	)
2016 - C		18.74		(0.25	)(d)		(0.01	)		(0.26	)		(0.73	)
2016 - Institutional		21.69		(0.07	)(d)		—			(0.07	)		(0.73	)
2016 - Service		20.35		(0.16	)(d)		—			(0.16	)		(0.73	)
2016 - IR		21.21		(0.09	)(d)		—			(0.09	)		(0.73	)
2016 - R		20.26		(0.18	)(d)		(0.01	)		(0.19	)		(0.73	)
2016 - R6		21.69		(0.06	)(d)		(0.01	)		(0.07	)		(0.73	)
2015 - A		20.90		(0.18	)(e)		1.71			1.53			(1.71	)
2015 - C		19.20		(0.31	)(e)		1.56			1.25			(1.71	)
2015 - Institutional		21.71		(0.10	)(e)		1.79			1.69			(1.71	)
2015 - Service		20.58		(0.20	)(e)		1.68			1.48			(1.71	)
2015 - IR		21.30		(0.13	)(e)		1.75			1.62			(1.71	)
2015 - R		20.51		(0.23	)(e)		1.69			1.46			(1.71	)
2015 - R6 (Commenced July 31, 2015)		23.47		(0.01	)(e)		(1.77	)		(1.78	)		—
2014 - A		18.63		(0.16	)(g)		3.43			3.27			(1.00	)
2014 - C		17.31		(0.29	)(g)		3.18			2.89			(1.00	)
2014 - Institutional		19.25		(0.09	)(g)		3.55			3.46			(1.00	)
2014 - Service		18.38		(0.18	)(g)		3.38			3.20			(1.00	)
2014 - IR		18.93		(0.12	)(g)		3.49			3.37			(1.00	)
2014 - R		18.35		(0.21	)(g)		3.37			3.16			(1.00	)
2013 - A		15.52		(0.11	)(h)		3.99			3.88			(0.77	)
2013 - C		14.58		(0.23	)(h)		3.73			3.50			(0.77	)
2013 - Institutional		15.95		(0.06	)(h)		4.13			4.07			(0.77	)
2013 - Service		15.34		(0.13	)(h)		3.94			3.81			(0.77	)
2013 - IR		15.72		(0.08	)(h)		4.06			3.98			(0.77	)
2013 - R		15.34		(0.15	)(h)		3.93			3.78			(0.77	)
2012 - A		13.67		(0.12	)		2.63			2.51			(0.66	)
2012 - C		12.98		(0.21	)		2.47			2.26			(0.66	)
2012 - Institutional		13.98		(0.06	)		2.69			2.63			(0.66	)
2012 - Service		13.53		(0.13	)		2.60			2.47			(0.66	)
2012 - IR		13.81		(0.08	)		2.65			2.57			(0.66	)
2012 - R		13.55		(0.15	)		2.60			2.45			(0.66	)

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(f) Annualized.

(g) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(h) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.14% of average net assets.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	19.85		(0.56	)%	$	736,221		1.31	%		1.45	%		(0.73	)%(d)		67	%
	17.75		(1.34	)		265,282		2.06			2.20			(1.48	)(d)		67
	20.89		(0.21	)		1,235,282		0.93			1.05			(0.35	)(d)		67
	19.46		(0.67	)		13,956		1.43			1.55			(0.85	)(d)		67
	20.39		(0.31	)		313,812		1.06			1.20			(0.48	)(d)		67
	19.34		(0.83	)		34,493		1.56			1.70			(0.98	)(d)		67
	20.89		(0.21	)		9,785		0.92			1.04			(0.28	)(d)		67
	20.72		7.67			906,362		1.33			1.45			(0.85	)(e)		47
	18.74		6.84			268,384		2.08			2.20			(1.60	)(e)		47
	21.69		8.15			1,355,322		0.93			1.05			(0.45	)(e)		47
	20.35		7.54			12,695		1.42			1.55			(0.95	)(e)		47
	21.21		7.97			221,058		1.08			1.20			(0.60	)(e)		47
	20.26		7.46			34,697		1.58			1.70			(1.10	)(e)		47
	21.69		(7.58	)		9		0.92	(f)		1.05	(f)		(0.34	)(e)(f)		47
	20.90		17.97			741,254		1.33			1.48			(0.82	)(g)		43
	19.20		17.11			221,451		2.08			2.23			(1.57	)(g)		43
	21.71		18.39			1,077,769		0.93			1.08			(0.42	)(g)		43
	20.58		17.83			8,692		1.43			1.58			(0.92	)(g)		43
	21.30		18.22			171,779		1.08			1.23			(0.57	)(g)		43
	20.51		17.63			34,118		1.58			1.73			(1.07	)(g)		43
	18.63		26.18			592,798		1.34			1.49			(0.68	)(h)		37
	17.31		25.23			150,744		2.09			2.24			(1.44	)(h)		37
	19.25		26.68			725,662		0.94			1.09			(0.32	)(h)		37
	18.38		26.02			8,495		1.44			1.59			(0.77	)(h)		37
	18.93		26.49			93,255		1.09			1.24			(0.45	)(h)		37
	18.35		25.82			24,420		1.59			1.74			(0.93	)(h)		37
	15.52		18.97			393,284		1.35			1.50			(0.83	)		51
	14.58		18.03			87,185		2.10			2.25			(1.58	)		51
	15.95		19.42			291,636		0.95			1.10			(0.43	)		51
	15.34		18.87			6,774		1.45			1.60			(0.92	)		51
	15.72		19.22			46,777		1.10			1.25			(0.57	)		51
	15.34		18.69			19,156		1.60			1.75			(1.07	)		51

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	11.86	$	0.02		$	0.74		$	0.76		$	(0.02	)	$	(0.69	)	$	(0.71	)
2016 - C		10.12		(0.05	)		0.62			0.57			—			(0.69	)		(0.69	)
2016 - Institutional		12.53		0.07			0.78			0.85			(0.05	)		(0.69	)		(0.74	)
2016 - Service		11.81		0.01			0.73			0.74			(0.01	)		(0.69	)		(0.70	)
2016 - IR		12.53		0.05			0.78			0.83			(0.04	)		(0.69	)		(0.73	)
2016 - R		11.74		(0.01	)		0.73			0.72			(0.02	)		(0.69	)		(0.71	)
2016 - R6		12.53		0.07			0.77			0.84			(0.05	)		(0.69	)		(0.74	)
2015 - A		13.50		0.02	(d)		0.42			0.44			—			(2.08	)		(2.08	)
2015 - C		11.90		(0.07	)(d)		0.37			0.30			—			(2.08	)		(2.08	)
2015 - Institutional		14.15		0.07	(d)		0.43			0.50			(0.04	)		(2.08	)		(2.12	)
2015 - Service		13.47		—	(e)(d)		0.42			0.42			—			(2.08	)		(2.08	)
2015 - IR		14.14		0.05	(d)		0.44			0.49			(0.02	)		(2.08	)		(2.10	)
2015 - R		13.42		(0.01	)(d)		0.41			0.40			—			(2.08	)		(2.08	)
2015 - R6 (Commenced July 31, 2015)		13.36		0.01	(d)		(0.84	)		(0.83	)		—			—			—
2014 - A		12.29		(0.01	)		3.06			3.05			(0.01	)		(1.83	)		(1.84	)
2014 - C		11.09		(0.10	)		2.74			2.64			—			(1.83	)		(1.83	)
2014 - Institutional		12.79		0.04			3.21			3.25			(0.06	)		(1.83	)		(1.89	)
2014 - Service		12.28		(0.02	)		3.05			3.03			(0.01	)		(1.83	)		(1.84	)
2014 - IR		12.80		0.02			3.20			3.22			(0.05	)		(1.83	)		(1.88	)
2014 - R		12.26		(0.04	)		3.05			3.01			(0.02	)		(1.83	)		(1.85	)
2013 - A		11.57		0.06	(g)		1.58			1.64			(0.05	)		(0.87	)		(0.92	)
2013 - C		10.54		(0.04	)(g)		1.46			1.42			—			(0.87	)		(0.87	)
2013 - Institutional		12.00		0.10	(g)		1.66			1.76			(0.10	)		(0.87	)		(0.97	)
2013 - Service		11.59		0.03	(g)		1.61			1.64			(0.08	)		(0.87	)		(0.95	)
2013 - IR		12.01		0.07	(g)		1.68			1.75			(0.09	)		(0.87	)		(0.96	)
2013 - R		11.53		0.03	(g)		1.60			1.63			(0.03	)		(0.87	)		(0.90	)
2012 - A		9.77		0.01			1.81			1.82			(0.02	)		—			(0.02	)
2012 - C		8.95		(0.06	)		1.65			1.59			—			—			—
2012 - Institutional		10.14		0.06			1.86			1.92			(0.06	)		—			(0.06	)
2012 - Service		9.80		0.02			1.79			1.81			(0.02	)		—			(0.02	)
2012 - IR		10.10		0.04			1.87			1.91			—			—			—
2012 - R		9.74		—	(e)		1.79			1.79			—			—			—

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

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

(f) Annualized.

(g) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	11.91		6.48	%	$	46,093		1.15	%		1.54	%		0.19	%		56	%
	10.00		5.70			11,103		1.90			2.29			(0.56	)		56
	12.64		6.89			294,952		0.75			1.14			0.59			56
	11.85		6.40			272		1.25			1.64			0.11			56
	12.63		6.69			829		0.90			1.29			0.44			56
	11.75		6.18			81		1.40			1.79			(0.05	)		56
	12.63		6.83			10		0.76			1.15			0.59			56
	11.86		3.09			45,046		1.15			1.52			0.13	(d)		52
	10.12		2.23			11,175		1.90			2.27			(0.63	)(d)		52
	12.53		3.43			326,619		0.75			1.12			0.52	(d)		52
	11.81		2.93			254		1.25			1.62			(0.01	)(d)		52
	12.53		3.34			817		0.90			1.27			0.37	(d)		52
	11.74		2.78			77		1.40			1.76			(0.07	)(d)		52
	12.53		(6.21	)		9		0.73	(f)		1.06	(f)		0.68	(d)(f)		52
	13.50		26.74			51,626		1.16			1.53			(0.10	)		64
	11.90		25.83			11,717		1.91			2.28			(0.85	)		64
	14.15		27.32			332,401		0.76			1.13			0.30			64
	13.47		26.55			156		1.26			1.63			(0.20	)		64
	14.14		27.03			994		0.91			1.28			0.15			64
	13.42		26.49			15		1.38			1.75			(0.30	)		64
	12.29		15.53			87,987		1.15			1.54			0.49	(g)		55
	11.09		14.68			9,314		1.90			2.29			(0.35	)(g)		55
	12.79		15.98			242,865		0.75			1.14			0.81	(g)		55
	12.28		15.45			82		1.25			1.64			0.24	(g)		55
	12.80		15.80			884		0.90			1.29			0.57	(g)		55
	12.26		15.36			6		1.34			1.73			0.22	(g)		55
	11.57		18.45			181,257		1.15			1.51			0.14			54
	10.54		17.71			8,279		1.90			2.26			(0.61	)		54
	12.00		18.97			256,389		0.75			1.11			0.54			54
	11.59		18.50			52		1.25			1.61			0.18			54
	12.01		18.85			321		0.90			1.26			0.38			54
	11.53		18.32			4		1.40			1.76			(0.05	)		54

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain		Total from investment operations		Distributions to shareholders from net realized gains
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	17.93	$	(0.12	)(d)	$	2.50	$	2.38	$	(1.58	)
2016 - C		15.70		(0.22	)(d)		2.17		1.95		(1.58	)
2016 - Institutional		19.22		(0.05	)(d)		2.70		2.65		(1.58	)
2016 - Service		17.69		(0.14	)(d)		2.47		2.33		(1.58	)
2016 - IR		19.07		(0.08	)(d)		2.67		2.59		(1.58	)
2015 - A		18.97		(0.14	)(e)		0.57		0.43		(1.47	)
2015 - C		16.91		(0.24	)(e)		0.50		0.26		(1.47	)
2015 - Institutional		20.16		(0.07	)(e)		0.60		0.53		(1.47	)
2015 - Service		18.76		(0.15	)(e)		0.55		0.40		(1.47	)
2015 - IR		20.04		(0.10	)(e)		0.60		0.50		(1.47	)
2014 - A		15.20		(0.15	)		4.16		4.01		(0.24	)
2014 - C		13.68		(0.25	)		3.72		3.47		(0.24	)
2014 - Institutional		16.08		(0.08	)		4.40		4.32		(0.24	)
2014 - Service		15.04		(0.16	)		4.12		3.96		(0.24	)
2014 - IR		16.01		(0.11	)		4.38		4.27		(0.24	)
2013 - A		13.62		(0.12	)		1.70		1.58		—
2013 - C		12.34		(0.20	)		1.54		1.34		—
2013 - Institutional		14.34		(0.06	)		1.80		1.74		—
2013 - Service		13.49		(0.13	)		1.68		1.55		—
2013 - IR		14.30		(0.09	)		1.80		1.71		—
2012 - A		11.51		(0.13	)		2.24		2.11		—
2012 - C		10.51		(0.21	)		2.04		1.83		—
2012 - Institutional		12.08		(0.09	)		2.35		2.26		—
2012 - Service		11.41		(0.14	)		2.22		2.08		—
2012 - IR		12.06		(0.11	)		2.35		2.24		—

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	18.73		13.71	%	$	233,097		1.47	%		1.55	%		(0.68	)%(d)		22	%
	16.07		12.87			52,843		2.22			2.30			(1.43	)(d)		22
	20.29		14.22			83,746		1.07			1.15			(0.27	)(d)		22
	18.44		13.61			11,186		1.57			1.65			(0.79	)(d)		22
	20.08		14.00			6,741		1.22			1.30			(0.43	)(d)		22
	17.93		2.31			250,087		1.48			1.54			(0.74	)(e)		41
	15.70		1.53			53,556		2.23			2.29			(1.49	)(e)		41
	19.22		2.68			92,483		1.08			1.14			(0.33	)(e)		41
	17.69		2.17			10,329		1.58			1.64			(0.84	)(e)		41
	19.07		2.54			6,103		1.23			1.29			(0.52	)(e)		41
	18.97		26.55			260,982		1.51			1.55			(0.85	)		39
	16.91		25.54			58,602		2.26			2.30			(1.60	)		39
	20.16		27.03			99,039		1.11			1.15			(0.45	)		39
	18.76		26.49			10,712		1.61			1.65			(0.96	)		39
	20.04		26.83			3,228		1.26			1.30			(0.59	)		39
	15.20		11.60			228,424		1.50			1.55			(0.85	)		33
	13.68		10.86			50,278		2.25			2.30			(1.59	)		33
	16.08		12.13			70,416		1.10			1.15			(0.43	)		33
	15.04		11.49			10,167		1.60			1.65			(0.95	)		33
	16.01		11.96			2,651		1.25			1.30			(0.59	)		33
	13.62		18.28			239,355		1.50			1.55			(1.06	)		43
	12.34		17.36			50,682		2.25			2.30			(1.81	)		43
	14.34		18.65			49,238		1.10			1.15			(0.66	)		43
	13.49		18.18			10,977		1.60			1.65			(1.15	)		43
	14.30		18.52			2,569		1.25			1.30			(0.81	)		43

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

August 31, 2016

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
Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth	A, C, Institutional, Service, IR, R and R6	Diversified
Concentrated Growth and Focused Growth	A, C, Institutional, IR, R and R6	Non-diversified
Dynamic U.S. Equity and Flexible Cap Growth	A, C, Institutional, IR, R and R6	Diversified
Technology Opportunities	A, C, Institutional, Service and IR	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, Class IR, Class R and Class R6 Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, less any amounts reclaimable, and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. 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 or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), 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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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are 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 annually.

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

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

E.  Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2016:

CAPITAL GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,986,201	$	—	$	—
Europe		14,457,353		—		—
North America		821,910,001		—		—
Investment Company		7,550,880		—		—
Total	$	846,904,435	$	—	$	—
CONCENTRATED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,668,414	$	—	$	—
North America		139,195,080		—		—
Short-term Investments		—		3,700,000		—
Total	$	141,863,494	$	3,700,000	$	—
DYNAMIC U.S. EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	7,248,017	$	—	$	—

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Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

FLEXIBLE CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	87,660	$	—	$	—
Europe		132,249		—		—
North America		16,443,175		—		—
Short-term Investments		—		300,000		—
Total	$	16,663,084	$	300,000	$	—
FOCUSED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	24,432,162	$	—	$	—
Short-term Investments		—		200,000		—
Total	$	24,432,162	$	200,000	$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	20,626,006	$	—	$	—
Europe		24,128,519		—		—
North America		3,112,147,013		—		—
Investment Company		651		—		—
Total	$	3,156,902,189	$	—	$	—
SMALL/MID CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	34,459,064	$	—	$	—
Europe		91,099,439		—		—
North America		2,449,919,385		—		—
Short-term Investments		—		30,400,000		—
Total	$	2,575,477,888	$	30,400,000	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,428,810	$	—	$	—
Europe		4,070,573		—		—
North America		338,287,080		—		—
Short-term Investments		—		7,400,000		—
Total	$	343,786,463	$	7,400,000	$	—
TECHNOLOGY OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	15,919,737	$	—	$	—
North America		358,077,292		—		—
Short-term Investments		—		14,500,000		—
Total	$	373,997,029	$	14,500,000	$	—

(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 principle exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended August 31, 2016, 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
Capital Growth		1.00	%		0.90	%		0.80	%		0.80	%		0.80	%		1.00	%		0.71	%#
Concentrated Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.78	#
Dynamic U.S. Equity		0.70			0.63			0.60			0.59			0.58			0.70			0.70
Flexible Cap Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.78	#

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Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	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
Focused Growth		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		0.77	%#^
Growth Opportunities		1.00			1.00			0.90			0.86			0.84			0.95			0.90	#
Small/Mid Cap Growth		1.00			1.00			0.90			0.86			0.84			0.97			0.85	#
Strategic Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.71	#
Technology Opportunities		1.00			0.90			0.86			0.84			0.82			1.00			1.00

# GSAM agreed to waive a portion of its management fee rates, set forth in the Funds’ most recent prospectuses. In addition, the Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. These waivers will be effective through at least December 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

^ Effective December 29, 2015, GSAM agreed to waive a portion of its management fee in order to achieve an Effective Net Management Rate of 0.76% for Focused Growth Fund. Prior to December 29, 2015, the Effective Net Management Rate was 0.79%.

The Capital Growth and Growth Opportunities Funds invest in the 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 any of the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended August 31, 2016, GSAM waived $1,486 and $59,418 of the Fund’s management fee for the Capital Growth and Growth Opportunities Funds, respectively.

B.  Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the 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, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2016, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Capital Growth	$	23,587	$	746
Concentrated Growth		1,219		—
Dynamic U.S. Equity		239		—
Flexible Cap Growth		1,069		—

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Focused Growth		384		—
Growth Opportunities		22,680		936
Small/Mid Cap Growth		108,083		10
Strategic Growth		2,635		11
Technology Opportunities		10,824		743

D.  Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

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: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares; 0.02% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

Effective December 29, 2015, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Growth Opportunities Fund. As a result of this waiver, a net transfer agency fee equal to 0.14% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Growth Opportunities Fund is being charged to those share classes. This arrangement will remain in effect through at least December 29, 2016, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

Effective December 29, 2015, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Small/Mid Cap Growth Fund. As a result of this waiver, a net transfer agency fee equal to 0.16% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Small/Mid Cap Growth Fund is being charged to those share classes. This arrangement will remain in effect through at least December 29, 2016, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, 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 Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds are 0.004%, 0.004%, 0.084%, 0.004%, 0.004%, 0.014%, 0.064%, 0.004%, and 0.034% respectively. Prior to December 29, 2015, the Other Expense limitation for Focused Growth Fund was 0.014%. These Other Expense limitations will remain in place through at least December 29, 2016, 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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Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Capital Growth	$	2,537,144	$	—	$	552,522	$	3,089,666
Concentrated Growth		342,030		—		287,359		629,389
Dynamic U.S. Equity		—		—		258,810		258,810
Flexible Cap Growth		38,103		—		281,899		320,002
Focused Growth		67,251		—		254,463		321,714
Growth Opportunities		2,059,418		339,500		555,740		2,954,658
Small/Mid Cap Growth		3,352,308		279,574		—		3,631,882
Strategic Growth		1,157,240		—		388,958		1,546,198
Technology Opportunities		—		—		301,094		301,094

G.  Line of Credit Facility — As of August 31, 2016, the Funds participated in a $1,100,000,000 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 (“Other Borrowers”). This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2016, the Funds did not have any borrowings under the facility.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — For the fiscal year ended August 31, 2016, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Funds.

An investment by a Fund representing greater than 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined by the Act) of such Fund. The following table provides information about the investment by the Small/Mid Cap Growth Fund in shares of issuers of which the Fund is an affiliate for the fiscal year ended August 31, 2016:

Fund	Name of Affiliated Issuer	Market Value 8/31/15		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Market Value 8/31/16		Dividend Income
Small/Mid Cap Growth	Corium International, Inc.	$	12,559,016	$	1,784,683	$	(177,041	)	$	(98,602	)	$	(4,849,734	)	$	9,218,322	$	—
	M/I Homes, Inc.		22,517,671		18,581,981		(11,416,034	)		(1,129,804	)		350,545			28,904,359		—

The table below shows the transactions in and earnings from investments in an affiliated Fund for the fiscal year ended August 31, 2016:

Fund	Underlying Fund	Market Value 8/31/15		Purchases at Cost		Proceeds from Sales			Market Value 8/31/16		Dividend Income
Capital Growth	Goldman Sachs Financial Square Government Fund	$	—	$	20,932,054	$	(13,381,174	)	$	7,550,880	$	2,704
Growth Opportunities	Goldman Sachs Financial Square Government Fund		13,549,239		1,487,976,748		(1,501,525,336	)		651		74,156

As of August 31, 2016, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class C, Institutional, Class IR, Class R and Class R6 Shares of the following funds:

Fund	Class C			Institutional			Class IR			Class R			Class R6
Capital Growth		—	%		—	%		—	%		—	%		100	%
Concentrated Growth		—			—			—			69			100
Dynamic US Equity		9			23			13			100			100
Flexible Cap Growth		—			—			10			53			100
Focused Growth		10			—			30			100			100
Strategic Growth		—			—			—			8			100

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Notes to Financial Statements (continued)

August 31, 2016

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2016, were as follows:

Fund	Purchases			Sales and Maturities
Capital Growth	$	395,334,036		$	521,699,954
Concentrated Growth		83,502,768			115,520,969
Dynamic U.S. Equity		5,324,345			12,978,931
Flexible Cap Growth		7,828,548			9,376,490
Focused Growth		15,707,193			24,799,035
Growth Opportunities		2,019,560,612	��		3,520,979,460
Small/Mid Cap Growth		1,788,202,746			1,912,088,606
Strategic Growth		214,831,344			270,120,548
Technology Opportunities		84,040,491			163,939,739

6. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2016 was as follows:

	Capital Growth		Concentrated Growth		Dynamic U.S. Equity		Flexible Cap Growth		Focused Growth		Growth Opportunities		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
Distribution paid from:
Ordinary income	$	4,712,785	$	3,626,144	$	331,071	$	183,465	$	586,423	$	—	$	19,672,456	$	4,324,429	$	—
Net long-term capital gains		71,058,636		14,309,229		1,140,691		905,450		1,266,538		464,979,506		84,777,269		19,126,243		35,686,035
Total taxable distributions	$	75,771,421	$	17,935,373	$	1,471,762	$	1,088,915	$	1,852,961	$	464,979,506	$	104,449,725	$	23,450,672	$	35,686,035

The tax character of distributions paid during the fiscal year ended August 31, 2015 was as follows:

	Capital Growth		Concentrated Growth		Dynamic U.S. Equity		Flexible Cap Growth		Focused Growth		Growth Opportunities		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
Distribution paid from:
Ordinary income	$	27,464,156	$	6,969,376	$	484,917	$	278,075	$	778,364	$	87,115,344	$	7,718,467	$	15,005,986	$	2,706,434
Net long-term capital gains		120,551,522		24,515,119		1,783,281		1,961,356		1,284,394		906,977,762		177,861,279		43,714,383		30,251,214
Total taxable distributions	$	148,015,678	$	31,484,495	$	2,268,198	$	2,239,431	$	2,062,758	$	994,093,106	$	185,579,746	$	58,720,369	$	32,957,648

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6. TAX INFORMATION (continued)

As of August 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:

	Capital Growth		Concentrated Growth			Dynamic U.S. Equity			Flexible Cap Growth			Focused Growth			Growth Opportunities			Small/Mid Cap Growth			Strategic Growth		Technology Opportunities
Undistributed ordinary income — net	$	940,138	$	598,985		$	55,077		$	—		$	159,821		$	—		$	—		$	1,986,083	$	—
Undistributed long-term capital gains		10,469,079		—			1,151			1,483			—			71,898,785			65,894,887			176,065		16,707,540
Total undistributed earnings	$	11,409,217	$	598,985		$	56,228		$	1,483		$	159,821		$	71,898,785		$	65,894,887		$	2,162,148	$	16,707,540
Capital loss carryforwards:
Perpetual Short-Term		—		(1,011,477	)		—			—			(168,628	)		—			—			—		—
Total capital loss carryforwards	$	—	$	(1,011,477	)	$	—		$	—		$	(168,628	)	$	—		$	—		$	—	$	—
Timing differences (Qualified Late Year Deferrals)	$	—	$	(1,015,284	)	$	(379,906	)	$	(34,516	)	$	(1,254,463	)	$	(8,092,308	)	$	(11,095,012	)	$	—	$	(1,972,577	)
Unrealized gains (losses) — net		225,877,455		36,392,943			1,510,274			4,441,805			3,496,071			633,879,339			391,617,523			104,405,718		146,079,074
Total accumulated earnings (losses) net	$	237,286,672	$	34,965,167		$	1,186,596		$	4,408,772		$	2,232,801		$	697,685,816		$	446,417,398		$	106,567,866	$	160,814,037

As of August 31, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Capital Growth			Concentrated Growth			Dynamic U.S. Equity			Flexible Cap Growth			Focused Growth			Growth Opportunities			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities
Tax Cost	$	621,026,980		$	109,170,551		$	5,737,743		$	12,521,279		$	21,136,091		$	2,523,022,850		$	2,214,260,365		$	246,780,745		$	242,417,955
Gross unrealized gain		242,876,974			38,511,032			1,771,512			4,800,234			3,867,030			710,909,318			475,042,693			107,961,364			150,169,014
Gross unrealized loss		(16,999,519	)		(2,118,089	)		(261,238	)		(358,429	)		(370,959	)		(77,029,979	)		(83,425,170	)		(3,555,646	)		(4,089,940	)
Net unrealized gains	$	225,877,455		$	36,392,943		$	1,510,274		$	4,441,805		$	3,496,071		$	633,879,339		$	391,617,523		$	104,405,718		$	146,079,074

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in tax treatment of underlying fund investments, and partnership investments.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from dividend redesignations, net operating losses, redemptions utilized as distributions, and differences in the treatment of underlying fund investments.

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Notes to Financial Statements (continued)

August 31, 2016

6. TAX INFORMATION (continued)

Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Accumulated Undistributed Net Investment Income (Loss)
Capital Growth	$	—		$	41,696		$	(41,696	)
Concentrated Growth		—			(3,488	)		3,488
Dynamic U.S. Equity		—			237			(237	)
Flexible Cap Growth		(26,463	)		1,822			24,641
Focused Growth		—			(1,291	)		1,291
Growth Opportunities		(48,114,250	)		30,545,799			17,568,451
Small/Mid Cap Growth		(19,544,492	)		14,751,764			4,792,728
Strategic Growth		—			41,958			(41,958	)
Technology Opportunities		(2,297,151	)		82,935			2,214,216

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.

7. OTHER RISKS

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

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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7. OTHER RISKS (continued)

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.

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

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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.

9. 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)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Capital Growth Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		664,254		$	15,685,065			976,847		$	25,917,436
Reinvestment of distributions		2,165,893			51,418,306			4,123,424			103,869,050
Shares converted from Class B(a)		—			—			414,688			12,024,309
Shares redeemed		(3,725,446	)		(88,186,013	)		(3,471,469	)		(91,144,434	)
		(895,299	)		(21,082,642	)		2,043,490			50,666,361
Class B Shares(a)
Shares sold		—			—			46			(927	)
Shares converted to Class A		—			—			(498,183	)		(12,024,309	)
Shares redeemed		—			—			(145,865	)		(3,508,408	)
		—			—			(644,002	)		(15,533,644	)
Class C Shares
Shares sold		249,049			4,603,944			341,161			7,154,847
Reinvestment of distributions		372,429			6,878,768			662,843			13,382,800
Shares redeemed		(771,189	)		(14,309,764	)		(658,000	)		(14,020,677	)
		(149,711	)		(2,827,052	)		346,004			6,516,970
Institutional Shares
Shares sold		435,916			11,486,482			1,585,630			45,287,101
Reinvestment of distributions		485,148			12,546,206			799,639			21,718,191
Shares redeemed		(2,024,093	)		(49,724,048	)		(834,379	)		(23,663,917	)
		(1,103,029	)		(25,691,360	)		1,550,890			43,341,375
Service Shares
Shares sold		6,962			162,356			62,182			1,605,801
Reinvestment of distributions		5,946			136,873			4,638			113,688
Shares redeemed		(25,655	)		(593,276	)		(28,570	)		(723,854	)
		(12,747	)		(294,047	)		38,250			995,635
Class IR Shares
Shares sold		53,124			1,326,280			53,066			1,401,921
Reinvestment of distributions		15,717			377,764			17,638			448,370
Shares redeemed		(45,766	)		(1,054,398	)		(22,265	)		(590,653	)
		23,075			649,646			48,439			1,259,638
Class R Shares
Shares sold		73,489			1,728,829			42,000			1,095,082
Reinvestment of distributions		12,478			288,122			22,629			557,123
Shares redeemed		(83,452	)		(1,950,338	)		(49,195	)		(1,249,171	)
		2,515			66,613			15,434			403,034
Class R6 Shares(b)
Shares sold		—			—			348			10,005
Reinvestment of distributions		28			730			—			—
Shares redeemed		—			—			(1	)		(5	)
		28			730			347			10,000
NET INCREASE (DECREASE)		(2,135,168	)	$	(49,178,112	)		3,398,852		$	87,659,369

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Concentrated Growth Fund												Dynamic U.S. Equity Fund
For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015						For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	52,192		$	821,213			55,670		$	978,969			12,607		$	162,541			52,789		$	820,752
	45,827			684,660			71,053			1,165,979			23,802			308,204			52,411			765,728
	—			—			7,520			147,183			—			—			—			—
	(119,056	)		(1,736,160	)		(76,057	)		(1,307,935	)		(95,770	)		(1,210,967	)		(156,061	)		(2,319,211	)
	(21,037	)		(230,287	)		58,186			984,196			(59,361	)		(740,222	)		(50,861	)		(732,731	)
	—			—			59			1,022			—			—			—			—
	—			—			(8,332	)		(147,183	)		—			—			—			—
	—			—			(9,429	)		(164,840	)		—			—			—			—
	—			—			(17,702	)		(311,001	)		—			—			—			—
	31,025			409,544			58,437			871,637			4,026			49,591			18,945			278,664
	20,916			267,936			27,141			391,651			2,696			33,918			3,284			46,987
	(137,702	)		(1,784,637	)		(31,628	)		(480,372	)		(17,511	)		(219,594	)		(11,203	)		(163,428	)
	(85,761	)		(1,107,157	)		53,950			782,916			(10,789	)		(136,085	)		11,026			162,223
	296,640			4,728,852			503,027			8,885,577			48,423			656,390			215,701			3,227,428
	1,049,110			16,578,987			1,700,015			29,223,264			59,033			770,241			95,608			1,401,610
	(2,109,806	)		(32,916,814	)		(1,576,937	)		(28,212,893	)		(521,192	)		(6,696,086	)		(73,412	)		(1,136,708	)
	(764,056	)		(11,608,975	)		626,105			9,895,948			(413,736	)		(5,269,455	)		237,897			3,492,330
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	11,110			165,677			2,776			47,194			28,181			344,243			44,085			607,385
	2,439			36,968			4,113			68,200			3,311			43,086			2,374			34,777
	(5,059	)		(76,091	)		(5,981	)		(103,552	)		(76,845	)		(1,011,626	)		(1,546	)		(23,165	)
	8,490			126,554			908			11,842			(45,353	)		(624,297	)		44,913			618,997
	461			6,645			795			13,236			428			5,433			739			11,079
	211			3,065			166			2,664			424			5,478			1,202			17,544
	(876	)		(12,879	)		—			—			(7,899	)		(108,468	)		(59	)		(901	)
	(204	)		(3,169	)		961			15,900			(7,047	)		(97,557	)		1,882			27,722	��
	—			—			555			10,005			—			—			666			10,005
	65			1,028			—			—			77			1,003			—			—
	—			—			(1	)		(5	)		—			—			(1	)		(5	)
	65			1,028			554			10,000			77			1,003			665			10,000
	(862,503	)	$	(12,822,006	)		722,962		$	11,389,801			(536,209	)	$	(6,866,613	)		245,522		$	3,578,541

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Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Flexible Cap Growth Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		136,627		$	1,598,220			238,465		$	2,970,412
Reinvestment of distributions		40,108			458,035			75,889			897,010
Shares converted from Class B(a)		—			—			—			—
Shares redeemed		(263,936	)		(2,915,077	)		(151,050	)		(1,870,489	)
		(87,201	)		(858,822	)		163,304			1,996,933
Class B Shares(a)
Shares sold		—			—			—			—
Shares converted to Class A		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		36,060			382,842			74,144			824,538
Reinvestment of distributions		11,168			116,932			16,649			182,809
Shares redeemed		(73,393	)		(766,608	)		(16,985	)		(195,137	)
		(26,165	)		(266,834	)		73,808			812,210
Institutional Shares
Shares sold		93,234			1,069,282			82,904			1,085,506
Reinvestment of distributions		41,542			497,675			90,749			1,117,114
Shares redeemed		(69,689	)		(843,461	)		(87,600	)		(1,156,663	)
		65,087			723,496			86,053			1,045,957
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		11,548			134,523			18,873			242,837
Reinvestment of distributions		1,142			13,475			2,697			32,792
Shares redeemed		(17,043	)		(195,238	)		(10,280	)		(131,753	)
		(4,353	)		(47,240	)		11,290			143,876
Class R Shares
Shares sold		973			10,929			187			2,285
Reinvestment of distributions		203			2,254			700			8,089
Shares redeemed		(749	)		(8,168	)		(2,268	)		(25,967	)
		427			5,015			(1,381	)		(15,593	)
Class R6 Shares(b)
Shares sold		—			—			748			10,005
Reinvestment of distributions		46			544			—			—
Shares redeemed		—			—			(1	)		(5	)
		46			544			747			10,000
NET INCREASE (DECREASE)		(52,159	)	$	(443,841	)		333,821		$	3,993,383

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Focused Growth Fund												Growth Opportunities Fund
For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015						For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	13,514		$	196,056			9,436		$	140,612			5,188,410		$	109,990,949			10,162,774		$	263,713,914
	1,035			14,681			265			3,858			4,305,749			89,085,946			7,862,988			194,608,943
	—			—			—			—			—			—			34,936			1,073,724
	(7,574	)		(101,683	)		(2,237	)		(33,745	)		(20,121,034	)		(429,709,764	)		(15,091,283	)		(398,553,720	)
	6,975			109,054			7,464			110,725			(10,626,875	)		(230,632,869	)		2,969,415			60,842,861
	—			—			—			—			—			—			331			9,731
	—			—			—			—			—			—			(41,101	)		(1,073,724	)
	—			—			—			—			—			—			(242,765	)		(6,335,557	)
	—			—			—			—			—			—			(283,535	)		(7,399,550	)
	16,287			237,681			952			13,553			962,529			15,367,206			1,522,314			31,339,481
	1,049			14,477			191			2,722			1,130,439			17,894,856			1,727,078			34,161,609
	(8,707	)		(113,983	)		—			—			(3,185,261	)		(51,807,187	)		(1,878,064	)		(39,006,240	)
	8,629			138,175			1,143			16,275			(1,092,293	)		(18,545,125	)		1,371,328			26,494,850
	141,976			1,993,103			835,824			12,593,862			18,570,813			439,755,390			32,672,439			942,723,382
	126,942			1,821,523			140,298			2,053,966			10,632,111			250,386,206			18,723,667			517,709,381
	(876,939	)		(12,292,099	)		(315,947	)		(4,726,228	)		(60,682,704	)		(1,450,641,387	)		(46,242,562	)		(1,348,789,303	)
	(608,021	)		(8,477,473	)		660,175			9,921,600			(31,479,780	)		(760,499,791	)		5,153,544			111,643,460
	—			—			—			—			212,601			4,302,039			416,015			10,428,771
	—			—			—			—			224,585			4,484,961			373,257			8,961,890
	—			—			—			—			(772,840	)		(15,380,698	)		(617,666	)		(15,639,616	)
	—			—			—			—			(335,654	)		(6,593,698	)		171,606			3,751,045
	2,834			38,785			—			—			1,654,412			36,014,147			3,125,965			83,299,492
	62			893			76			1,117			873,457			18,674,509			1,195,970			30,389,605
	—			—			—			—			(3,491,281	)		(76,158,982	)		(1,951,082	)		(52,078,172	)
	2,896			39,678			76			1,117			(963,412	)		(21,470,326	)		2,370,853			61,610,925
	—			—			—			—			660,335			13,556,973			903,121			23,021,670
	62			868			76			1,095			423,033			8,481,806			683,591			16,501,884
	—			—			—			—			(1,424,623	)		(29,193,359	)		(956,401	)		(23,828,857	)
	62			868			76			1,095			(341,255	)		(7,154,580	)		630,311			15,694,697
	—			—			656			10,005			1,874,647			45,447,017			352			10,005
	36			519			—			—			45,912			1,081,229			—			—
	—			—			(1	)		(5	)		(109,482	)		(2,621,944	)		(1	)		(5	)
	36			519			655			10,000			1,811,077			43,906,302			351			10,000
	(589,423	)	$	(8,189,179	)		669,589		$	10,060,812			(43,028,192	)	$	(1,000,990,087	)		12,383,873		$	272,648,288

129

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small/Mid Cap Growth Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		13,059,932		$	248,962,765			16,565,512		$	349,968,548
Reinvestment of distributions		1,658,772			32,113,835			2,828,794			56,179,848
Shares converted from Class B(a)		—			—			16,583			355,101
Shares redeemed		(21,364,280	)		(402,785,510	)		(11,141,305	)		(232,471,494	)
		(6,645,576	)		(121,708,910	)		8,269,584			174,032,003
Class B Shares(a)
Shares sold		—			—			429			8,690
Shares converted to Class A		—			—			(18,064	)		(355,101	)
Shares redeemed		—			—			(165,032	)		(3,247,551	)
		—			—			(182,667	)		(3,593,962	)
Class C Shares
Shares sold		3,947,819			67,860,295			4,066,231			78,124,640
Reinvestment of distributions		552,467			9,612,934			939,595			16,969,081
Shares redeemed		(3,869,475	)		(65,440,359	)		(2,223,521	)		(42,496,235	)
		630,811			12,032,870			2,782,305			52,597,486
Institutional Shares
Shares sold		23,356,509			467,210,062			25,380,718			558,001,282
Reinvestment of distributions		1,970,711			40,044,852			3,594,511			74,478,267
Shares redeemed		(28,679,407	)		(559,510,889	)		(16,119,224	)		(349,393,249	)
		(3,352,187	)		(52,255,975	)		12,856,005			283,086,300
Service Shares
Shares sold		281,592			5,278,687			419,139			8,644,070
Reinvestment of distributions		20,051			380,769			19,492			380,479
Shares redeemed		(208,125	)		(3,881,601	)		(237,304	)		(4,886,182	)
		93,518			1,777,855			201,327			4,138,367
Class IR Shares
Shares sold		10,006,149			196,523,636			3,779,029			81,238,926
Reinvestment of distributions		506,347			10,050,989			679,062			13,778,175
Shares redeemed		(5,540,314	)		(106,415,747	)		(2,100,230	)		(44,705,893	)
		4,972,182			100,158,878			2,357,861			50,311,208
Class R Shares
Shares sold		666,389			12,300,998			590,027			12,110,052
Reinvestment of distributions		59,341			1,120,945			132,069			2,568,736
Shares redeemed		(654,691	)		(12,142,962	)		(672,345	)		(13,841,156	)
		71,039			1,278,981			49,751			837,632
Class R6 Shares(b)
Shares sold		537,717			10,568,618			427			10,005
Reinvestment of distributions		16			313			—			—
Shares redeemed		(69,825	)		(1,402,008	)		(1	)		(5	)
		467,908			9,166,923			426			10,000
NET INCREASE (DECREASE)		(3,762,305	)	$	(49,549,378	)		26,334,592		$	561,419,034

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

130

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Strategic Growth Fund												Technology Opportunities Fund
For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015						For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	823,979		$	9,618,983			931,649		$	11,624,508			1,770,746		$	31,374,570			3,707,771		$	68,710,401
	219,495			2,569,040			623,276			7,460,611			1,154,064			20,565,422			1,001,763			17,841,403
	—			—			6,679			92,424			—			—			109,463			2,114,732
	(970,584	)		(11,223,910	)		(1,585,906	)		(19,961,088	)		(4,430,997	)		(75,088,065	)		(4,623,826	)		(84,541,383	)
	72,890			964,113			(24,302	)		(783,545	)		(1,506,187	)		(23,148,073	)		195,171			4,125,153
	—			—			—			—			—			—			72			1,203
	—			—			(7,606	)		(92,424	)		—			—			(122,977	)		(2,114,732	)
	—			—			(62,687	)		(758,883	)		—			—			(131,293	)		(2,254,440	)
	—			—			(70,293	)		(851,307	)		—			—			(254,198	)		(4,367,969	)
	162,871			1,581,949			155,852			1,661,932			311,683			4,754,165			361,936			5,854,871
	55,139			544,217			143,499			1,473,731			282,440			4,341,104			254,225			3,986,258
	(211,544	)		(2,076,408	)		(180,100	)		(1,930,524	)		(717,473	)		(10,769,123	)		(669,583	)		(10,831,500	)
	6,466			49,758			119,251			1,205,139			(123,350	)		(1,673,854	)		(53,422	)		(990,371	)
	8,220,144			99,417,986			5,625,401			72,107,285			1,051,764			19,886,091			1,165,921			22,754,302
	1,582,533			19,641,430			3,789,883			47,790,420			318,400			6,126,021			354,531			6,750,272
	(12,531,831	)		(152,494,532	)		(6,845,084	)		(89,891,107	)		(2,053,226	)		(39,107,713	)		(1,621,145	)		(31,887,600	)
	(2,729,154	)		(33,435,116	)		2,570,200			30,006,598			(683,062	)		(13,095,601	)		(100,693	)		(2,383,026	)
	5,667			65,578			12,295			151,634			378,536			6,613,636			281,564			5,091,170
	1,139			13,275			2,064			24,623			49,979			877,134			43,016			756,231
	(5,357	)		(64,372	)		(4,409	)		(53,271	)		(405,820	)		(6,930,197	)		(311,692	)		(5,657,682	)
	1,449			14,481			9,950			122,986			22,695			560,573			12,888			189,719
	13,080			164,860			10,875			148,776			83,801			1,620,126			223,598			4,402,391
	4,008			49,728			11,782			148,694			26,798			511,029			11,996			226,845
	(16,658	)		(204,493	)		(27,752	)		(358,927	)		(94,969	)		(1,714,376	)		(76,561	)		(1,497,039	)
	430			10,095			(5,095	)		(61,457	)		15,630			416,779			159,033			3,132,197
	1,497			17,086			5,711			69,325			—			—			—			—
	33			381			225			2,673			—			—			—			—
	(1,162	)		(13,491	)		(516	)		(6,239	)		—			—			—			—
	368			3,976			5,420			65,759			—			—			—			—
	—			—			750			10,005			—			—			—			—
	44			558			—			—			—			—			—			—
	—			—			(1	)		(5	)		—			—			—			—
	44			558			749			10,000			—			—			—			—
	(2,647,507	)	$	(32,392,135	)		2,605,880		$	29,714,173			(2,274,274	)	$	(36,940,176	)		(41,221	)	$	(294,297	)

131

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the

Goldman Sachs Fundamental Equity Growth Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Dynamic U.S. Equity Fund, Goldman Sachs Flexible Cap Growth Fund, Goldman Sachs Focused Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Technology Opportunities Fund (collectively the “Funds”), funds of the Goldman Sachs Trust, at August 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

132

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), 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, Class IR, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2016 through August 31, 2016, which represents a period of 184 days in a 366-day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.

	Capital Growth Fund							Concentrated Growth Fund							Dynamic U.S. Equity Fund							Flexible Cap Growth Fund							Focused Growth Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Class A
Actual	$	1,000.00	$	1,113.40		$	6.11	$	1,000.00	$	1,112.30		$	6.48	$	1,000.00	$	1,126.60		$	6.52	$	1,000.00	$	1,127.80		$	6.53	$	1,000.00	$	1,093.20		$	6.31
Hypothetical 5% return		1,000.00		1,019.36	+		5.84		1,000.00		1,019.00	+		6.19		1,000.00		1,019.00	+		6.19		1,000.00		1,019.00	+		6.19		1,000.00		1,019.10	+		6.09
Class C
Actual		1,000.00		1,109.30			10.07		1,000.00		1,107.90			10.44		1,000.00		1,122.00			10.51		1,000.00		1,123.80			10.52		1,000.00		1,089.70			10.24
Hypothetical 5% return		1,000.00		1,015.59	+		9.63		1,000.00		1,015.23	+		9.98		1,000.00		1,015.23	+		9.98		1,000.00		1,015.23	+		9.98		1,000.00		1,015.33	+		9.88
Institutional
Actual		1,000.00		1,116.10			3.99		1,000.00		1,113.90			4.36		1,000.00		1,128.50			4.39		1,000.00		1,129.90			4.39		1,000.00		1,095.20			4.21
Hypothetical 5% return		1,000.00		1,021.37	+		3.81		1,000.00		1,021.01	+		4.17		1,000.00		1,021.01	+		4.17		1,000.00		1,021.01	+		4.17		1,000.00		1,021.12	+		4.06
Service
Actual		1,000.00		1,112.70			6.64		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.85	+		6.34		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,115.30			4.79		1,000.00		1,112.90			5.15		1,000.00		1,127.70			5.19		1,000.00		1,129.10			5.19		1,000.00		1,094.60			5.00
Hypothetical 5% return		1,000.00		1,020.61	+		4.57		1,000.00		1,020.26	+		4.93		1,000.00		1,020.26	+		4.93		1,000.00		1,020.26	+		4.93		1,000.00		1,020.36	+		4.82
Class R
Actual		1,000.00		1,112.00			7.43		1,000.00		1,109.80			7.85		1,000.00		1,124.60			7.85		1,000.00		1,126.20			7.86		1,000.00		1,091.40			7.62
Hypothetical 5% return		1,000.00		1,018.10	+		7.10		1,000.00		1,017.70	+		7.51		1,000.00		1,017.75	+		7.46		1,000.00		1,017.75	+		7.46		1,000.00		1,017.85	+		7.35
Class R6
Actual		1,000.00		1,115.60			3.99		1,000.00		1,114.60			4.31		1,000.00		1,128.50			4.33		1,000.00		1,129.90			4.39		1,000.00		1,095.20			4.11
Hypothetical 5% return		1,000.00		1,021.37	+		3.81		1,000.00		1,021.06	+		4.12		1,000.00		1,021.06	+		4.12		1,000.00		1,021.01	+		4.17		1,000.00		1,021.22	+		3.96

133

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

	Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Class A
Actual	$	1,000.00	$	1,150.00		$	7.03	$	1,000.00	$	1,160.80		$	7.06	$	1,000.00	$	1,114.10		$	6.11	$	1,000.00	$	1,203.00		$	8.14
Hypothetical 5% return		1,000.00		1,018.60	+		6.60		1,000.00		1,018.60	+		6.60		1,000.00		1,019.36	+		5.84		1,000.00		1,017.75	+		7.46
Class C
Actual		1,000.00		1,145.60			11.06		1,000.00		1,156.50			11.11		1,000.00		1,109.90			10.08		1,000.00		1,198.40			12.27
Hypothetical 5% return		1,000.00		1,014.83	+		10.38		1,000.00		1,014.83	+		10.38		1,000.00		1,015.59	+		9.63		1,000.00		1,013.98	+		11.24
Institutional
Actual		1,000.00		1,151.60			5.14		1,000.00		1,163.10			5.06		1,000.00		1,115.60			3.99		1,000.00		1,205.60			5.93
Hypothetical 5% return		1,000.00		1,020.36	+		4.82		1,000.00		1,020.46	+		4.72		1,000.00		1,021.37	+		3.81		1,000.00		1,019.76	+		5.43
Service
Actual		1,000.00		1,148.80			7.83		1,000.00		1,160.40			7.77		1,000.00		1,113.70			6.64		1,000.00		1,202.90			8.69
Hypothetical 5% return		1,000.00		1,017.85	+		7.35		1,000.00		1,017.95	+		7.25		1,000.00		1,018.85	+		6.34		1,000.00		1,017.24	+		7.96
Class IR
Actual		1,000.00		1,151.20			5.68		1,000.00		1,162.50			5.71		1,000.00		1,114.70			4.78		1,000.00		1,204.60			6.76
Hypothetical 5% return		1,000.00		1,019.86	+		5.33		1,000.00		1,019.86	+		5.33		1,000.00		1,020.61	+		4.57		1,000.00		1,019.00	+		6.19
Class R
Actual		1,000.00		1,148.20			8.37		1,000.00		1,159.50			8.41		1,000.00		1,111.60			7.43		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.34	+		7.86		1,000.00		1,017.34	+		7.86		1,000.00		1,018.10	+		7.10		N/A		N/A			N/A
Class R6
Actual		1,000.00		1,152.10			5.03		1,000.00		1,163.10			5.00		1,000.00		1,115.70			3.99		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.46	+		4.72		1,000.00		1,020.51	+		4.67		1,000.00		1,021.37	+		3.81		N/A		N/A			N/A

* 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 August 31, 2016. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Class IR			Class R			Class R6
Capital Growth		1.15	%		1.90	%		0.75	%		1.25	%		0.90	%		1.40	%		0.75	%
Concentrated Growth		1.22			1.97			0.82			N/A			0.97			1.48			0.81
Dynamic U.S. Equity		1.22			1.97			0.82			N/A			0.97			1.47			0.81
Flexible Cap Growth		1.22			1.97			0.82			N/A			0.97			1.47			0.82
Focused Growth		1.20			1.95			0.80			N/A			0.95			1.45			0.78
Growth Opportunities		1.30			2.05			0.95			1.45			1.05			1.55			0.93
Small/Mid Cap Growth		1.30			2.05			0.93			1.43			1.05			1.55			0.92
Strategic Growth		1.15			1.90			0.75			1.25			0.90			1.40			0.75
Technology Opportunities		1.47			2.22			1.07			1.57			1.22			N/A			N/A

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

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Dynamic U.S. Equity Fund, Goldman Sachs Flexible Cap Growth Fund, Goldman Sachs Focused Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Technology Opportunities Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2017 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2016 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser (in the case of the Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, and Strategic Growth Funds); and general investment outlooks in the markets in which the Fund invests;

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

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

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

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

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

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

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

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

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

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

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

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

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2015,

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

and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2016. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Concentrated Growth, Dynamic U.S. Equity, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds’ performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees noted that the Capital Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2016. They observed that the Concentrated Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five-year period and in the third quartile for the one-, three-, and ten-year periods and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2016. They observed that the Dynamic U.S. Equity Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five-year period and in the fourth quartile for the one-and three-year periods and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2016. The Trustees noted that the Flexible Cap Growth Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one-year period and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2016. They observed that the Focused Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and in the third quartile for the three-year period and had underperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2016. They noted that the Growth Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three- year periods and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2016. The Trustees observed that the Small/Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and placed in the third quartile for the one-year period and had outperformed the Fund’s benchmark index for the five- and ten-year periods performed in-line with the Fund’s benchmark for the one-year period, and underperformed the Fund’s benchmark for the three-year period ended March 31, 2016. They observed that the Strategic Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five, and ten-year periods ended March 31, 2016. The Trustees noted that the Technology Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period and in the third quartile for the one-, three-, and five-year periods and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2016.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, and Technology Opportunities Funds that

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

would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2015 and 2014, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

Average Daily Net Assets	Capital Growth Fund			Concentrated Growth Fund			Dynamic U.S. Equity Fund			Flexible Cap Growth Fund			Focused Growth Fund
First $1 billion		1.00	%		1.00	%		0.70	%		1.00	%		1.00	%
Next $1 billion		0.90			0.90			0.63			0.90			0.90
Next $3 billion		0.80			0.86			0.60			0.86			0.86
Next $3 billion		0.80			0.84			0.59			0.84			0.84
Over $8 billion		0.80			0.82			0.58			0.82			0.82

Average Daily Net Assets	Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund
First $1 billion		1.00	%		1.00	%		1.00	%		1.00	%
Next $1 billion		1.00			1.00			0.90			0.90
Next $3 billion		0.90			0.90			0.86			0.86
Next $3 billion		0.86			0.86			0.84			0.84
Over $8 billion		0.84			0.84			0.82			0.82

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to waive a portion of its management fee (with respect to the Capital Growth, Concentrated Growth, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, and Strategic Growth Funds) and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded

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

that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Growth Opportunities and Small/Mid Cap Growth Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2017.

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Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Diana M. Daniels Age: 67	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Herbert J. Markley Age: 66	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

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Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 56	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	Verizon Communications Inc.

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Trustees and Officers (Unaudited) (continued)

Interested Trustees*

James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	139	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2016.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

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

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

142

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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

¹  Information is provided as of August 31, 2016.

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

143

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Goldman Sachs Trust — Fundamental Equity Growth Funds — Tax Information (Unaudited)

For the year ended August 31, 2016, 100%, 50.13%, 66.78%, 64.13%, 53.45%, 100%, and 94.26% of the dividends paid from net investment company taxable income by the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Small/Mid Cap Growth, and Strategic Growth, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds, designate $71,058,636, $14,309,229, $1,140,691, $905,450, $1,266,538, $464,979,506, $84,777,269, $19,126,243, and $35,686,035, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2016.

For the year ended August 31, 2016, 100%, 36.67%, 71.54%, 84.14%, 39.49%, 54.99%, and 76.76%, of the dividends paid from net investment company taxable income by the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Small/Mid Cap Growth, and Strategic Growth, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the year ended August 31, 2016, the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Small/Mid Cap Growth, and Strategic Growth designate $4,486,691, $3,267,166, $206,734, $183,465, $512,515, $19,672,456, and $2,852,335, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

144

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Treasury Solutions Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

n Financial Square Tax-Exempt Money MarketFund

Investor Funds^SM

n Investor Money Market Fund

n Investor Tax-Exempt Money Market Fund²

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short-Term Conservative Income Fund³

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Bond Fund

n Core Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Focused Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund⁴

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n N-11 Equity Fund

Select Satellite

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Global Real Estate Securities Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Absolute Return Multi-Asset Fund

n Global Infrastructure Fund

Total Portfolio Solutions

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Overlay Fund⁵

n Balanced Strategy Portfolio

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

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax-Advantaged Global Equity Portfolio

n Strategic Factor Allocation Fund

n Target Date 2020 Portfolio

n Target Date 2025 Portfolio

n Target Date 2030 Portfolio

n Target Date 2035 Portfolio

n Target Date 2040 Portfolio

n Target Date 2045 Portfolio

n Target Date 2050 Portfolio

n Target Date 2055 Portfolio

¹ You could lose money by investing in a money market fund. Because the share price of certain money market funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Certain money market funds may impose a fee upon the 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 a money market fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market funds’ 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  Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

³  Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁴  Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁵  Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman, Sachs & Co.

*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 Ashok N. Bakhru, Chairman Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman, Sachs & Co. (‘‘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.

Fund holdings and allocations shown are as of August 31, 2016 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 Institution or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2016 Goldman Sachs. All rights reserved. 66774-TMPL-10 / 2016 EQGRWAR-16 / 151k

Goldman Sachs Funds

Annual Report	August 31, 2016
	Fundamental Equity Value Funds
	Focused Value
	Growth and Income
	Large Cap Value
	Mid Cap Value
	Small Cap Value
	Small/Mid Cap Value

Goldman Sachs Fundamental Equity Value Funds

n FOCUSED VALUE

n GROWTH AND INCOME

n LARGE CAP VALUE

n MID CAP VALUE

n SMALL CAP VALUE

n SMALL/MID CAP VALUE

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	48
Financial Statements	64
Financial Highlights	72
Notes to Financial Statements	84
Report of Independent Registered Public Accounting Firm	102
Other Information	103

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

What Differentiates the Goldman Sachs Fundamental Equity Value Investment Process?

Goldman Sachs’ Fundamental Equity Value Team believes that all successful investing should thoughtfully weigh two important attributes of a stock: price and prospects. Through independent fundamental research, the Team seeks to identify and invest in quality businesses that are selling at compelling valuations.

At the heart of our value investment philosophy is a belief in the rigorous analysis of business fundamentals. Our approach may include:

n Meetings with management teams and on-site company visits

n Industry-specific, proprietary financial and valuation models

n Assessment of management quality

n Analysis of each company’s competitive position and industry dynamics

n Interviews with competitors, suppliers and customers

We seek to invest in companies when we believe:

n Market uncertainty exists

n Their economic value is not recognized by the market

We seek to buy companies with quality characteristics. For us, this means companies that have:

n Sustainable operating earnings, or competitive advantage

n Excellent stewardship of capital

n Capability to earn above their cost of capital

n Strong or improving balance sheets and cash flow

Value portfolios that strive to offer:

n Capital appreciation potential as each company’s true value is recognized in the marketplace

n Investment style consistency

1

MARKET REVIEW

Goldman Sachs Fundamental Equity Value Funds

Market Review

Overall, U.S. equities rallied during the 12 months ended August 31, 2016 (the “Reporting Period”), even amidst persistent volatility. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 12.55%. The Russell 3000^® Index generated a return of 11.44%.

Following a volatile summer, U.S. equities tumbled further in September 2015, alongside other global equity markets, before rebounding strongly in October 2015 and then finishing November 2015 roughly flat. In December 2015, the Federal Reserve (the “Fed”) finally delivered, as largely expected by markets, and voted unanimously for a 25 basis point hike in the targeted federal funds rate, its first rate hike since 2006. (A basis point is 1/100^th of a percentage point.) The fairly dovish language in the Fed’s announcement, which reemphasized “gradual” adjustments to policy going forward, helped to somewhat assuage the markets. (Dovish language or action tends to suggest lower interest rates (opposite of hawkish).)

Early in 2016, however, U.S. equities were embroiled in what was a global rout, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by a plunge in oil prices to less than $30 per barrel, the lowest level since 2003. The Fed’s statement in January 2016 acknowledged the risks from international markets and tightening financial conditions on the U.S. economy. U.S. equities stabilized somewhat in February 2016, as market sentiment appeared to improve on the more dovish tone set by global central banks. U.S. equities were also supported during the month by strong U.S. economic data, rallying as fourth quarter 2015 Gross Domestic Product (“GDP”) came in above market expectations. In March 2016, the Fed kept interest rates on hold and surprised on the dovish side, reducing its forecast to two interest rate increases in 2016, down from four. Along with receding global economic concerns, this helped drive a recovery in U.S. equities.

Following the rebound in March 2016, market sentiment remained sanguine in April 2016, as oil prices rose and China economic growth concerns abated. U.S. equities fell near the end of the month, as investors were disappointed by a lack of additional stimulus from the Bank of Japan and by a weaker than consensus expected first quarter 2016 U.S. GDP of 0.5%. In May 2016, weaker payroll data drove expectations for a Fed hike in June 2016 temporarily lower, but subsequent hawkish Fed minutes revived market expectations. The Fed ultimately held interest rates steady in June 2016 and signaled a slower pace of hikes, acknowledging the slowdown in the labor market. Equity markets were otherwise dominated in June 2016 by the U.K. referendum on whether to leave the European Union, popularly known as Brexit. U.S. equities sold off in the global risk-off sentiment that dominated toward the end of June 2016 in the days following the surprise “leave” result. However, global equity markets rather quickly rebounded owing to a combination of improving risk sentiment as markets digested the outcome and on dovish remarks from the Bank of England’s Governor Carney.

U.S. equities were further buoyed by strong economic data and corporate earnings in July 2016, despite increased uncertainty post-Brexit growth. U.S. non-farm payrolls reached an eight-month high in June 2016, suggesting that the especially weak May 2016 reading had been an outlier in an otherwise strong job market. Such sentiment was substantiated in August 2016, as payrolls data, released for July 2016, surprised to the upside for a second consecutive month. In her Jackson Hole speech toward the end of August 2016, Fed Chair Janet Yellen acknowledged that the case for an interest rate hike had strengthened in recent months. Along with strong labor data and other recent hawkish comments from the Fed, this significantly

2

MARKET REVIEW

increased the market-implied probability of an interest rate hike by year-end 2016, causing U.S. equities to sell off and finish the month of August roughly flat.

For the Reporting Period overall, all market capitalizations posted solid positive returns, but large-cap companies performed best, followed by mid-cap companies and then small-cap companies. Value stocks significantly outpaced growth stocks across the capitalization spectrum of the U.S. equity market. (All as measured by Russell Investments indices.)

Looking Ahead

At the end of the Reporting Period, low economic growth, interest rates and visibility reinforced our expectations of lower than average U.S. equity returns. Brexit led to downward revisions to economic growth forecasts for the U.K. and Europe, and the risk of a U.K. recession increased, in our view. As a result, we expect central bank policy around the world to remain accommodative, keeping interest rates lower for longer.

That said, we believe U.S. equities can still post positive returns for calendar year 2016, driven by earnings growth. In our view, equities remain attractive in this environment, as other asset classes are likely to offer lower returns. Cash is likely to yield almost nothing for the foreseeable future, and government bond yields are likely to be at low or negative levels in major markets, in our view. The lack of yield in fixed income markets suggests to us that stocks with sustainable dividends and real estate investment trusts (“REITs”) may well continue to command a premium.

We believe economic and corporate fundamentals are still strongest in the U.S. Unemployment remains below 5%; job growth rebounded in the summer months; and home prices continued to rise. At the end of the Reporting Period, credit trends were benign, (benign credit trends tend to suggest low risk of rising default rates), and oil prices seemingly stabilized. We believe stronger fundamentals and less uncertainty relative to other regions are likely to attract asset flows and buoy near-term U.S. equity performance. Still, we are on alert for anything that calls this view into question and tempers our aggregate return expectations given a dearth of outright cheap valuations. In the intermediate term, a confluence of factors may be creating a more challenging environment for absolute returns. More specifically, at the end of the Reporting Period, the valuation of the S&P 500 Index remained high; the index level itself was near fresh highs; and some earnings headwinds persisted.

Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. We continue to focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share. We maintain our discipline in identifying companies with what we believe to be strong or improving balance sheets, led by quality management teams and trading at discounted valuations, and we maintain our long-term investment perspective.

As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

3

MARKET REVIEW

Changes to the Funds’ Portfolio Management Team during the Reporting Period

Effective January 1, 2016, there was a shift in sector coverage for Goldman Sachs Asset Management, L.P.’s (“GSAM’s”) U.S. Small Cap Value and U.S. Small/Mid Cap Value strategies. Rob Crystal, Managing Director, assumed research responsibility for health care in the GSAM U.S. Small Cap Value and U.S. Small/Mid Cap Value strategies. He has 19 years of industry experience, ten of which were spent covering health care prior to joining the team. Rob continues to serve as co-lead portfolio manager and retains sector responsibilities for technology and industrials. Over the next few months, Rob will transition a portion of his industrials coverage to Sean Butkus, Vice President, a senior sector portfolio manager with 19 years of experience. Additionally, Rob will be supported by a dedicated health care research analyst in our Bengaluru office. David Deuchler, Vice President, now focuses exclusively on the health care and industrials sectors within the GSAM U.S. Mid Cap Value strategy.

On June 30, 2016, Andrew Braun, Managing Director and portfolio manager, left the firm. Andy was a portfolio manager for the Mid and Large Cap Value strategies. His research coverage included Mid Cap insurance and Large Cap financials (excluding insurance and real estate investment trusts (“REITs”)). Andy’s responsibilities were transitioned to existing members of the U.S. Value Equity team. Within the Large Cap Value strategies, John Arege, Managing Director and portfolio manager, assumed Andy’s responsibilities in financials (ex-REITS). John retained his existing coverage in insurance and energy and transitioned his responsibilities in industrials to Kevin Martens, Vice President. John continues as co-lead portfolio manager along with Sean Gallagher.

Sean Gallagher, Managing Director and Chief Investment Officer of GSAM U.S. Value Equity, continues to lead the broader team of 15 portfolio managers, who are supported by more than 10 dedicated research analysts. Sean has 23 years of investing experience and has been the Head of the U.S. Value Equity team and Chief Investment Officer since 2009. He joined Goldman Sachs in 2000. We have a deep bench of talented leaders and investment professionals who are intensely focused on delivering strong, long-term results for our shareholders.

4

PORTFOLIO RESULTS

Goldman Sachs Focused Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a portfolio of equity investments, including common stocks, preferred stocks and other securities and instruments having equity characteristics. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 20-35 companies that are considered value opportunities, which the investment adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. The Fund may invest in securities of companies of any capitalization. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may invest in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Focused Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated average annual total returns, without sales charges, of 6.93%, 6.06%, 7.33%, 7.26%, 6.60% and 7.34%, respectively. These returns compare to the 12.89% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund produced solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit only modestly, from the Fund’s relative results.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that most meaningfully detracted from the Fund’s relative results during the Reporting Period were industrials, financials and energy, wherein stock selection was challenged. Stock selection was most materially effective in information technology, consumer discretionary and health care, which helped the Fund’s performance relative to the Russell Index. Having overweighted allocations to information technology and telecommunication services, which were the two best performing sectors in the Russell Index during the Reporting Period, also contributed positively.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in car rental company Hertz Global Holdings and in two oil and gas exploration and production companies — Southwestern Energy and Devon Energy.

Hertz Global Holdings was the top detractor from the Fund’s relative results during the Reporting Period. Its shares initially came under pressure after the company reported third quarter 2015 results that were below market expectations, driven by weaker than expected pricing trends in the U.S. caused by increased airport competition. Its sharp decline in share price as the Reporting Period progressed seemed to be driven more by investor fears related to macroeconomic conditions than by industry or stock-specific fundamentals. If the U.S. were to enter a span of slower economic growth, travel trends could soften and pressure car

5

PORTFOLIO RESULTS

rental volumes and prices. Despite our positive long-term view of the company’s operational improvement initiatives, available capital deployment options and cost reduction opportunities, we sold the Fund’s position in Hertz Global Holdings by the end of the Reporting Period in favor of stocks with what we believed to have less economic sensitivity.

Southwestern Energy was a top detractor from the Fund’s relative performance during the Reporting Period. Exceptionally warm fall and winter weather that added to concerns of an oversupplied natural gas market was the major headwind that led to the stock’s poor performance, as natural gas prices declined substantially. Additionally, broad-based declines in global commodities weakened investor appetite for stocks with direct commodity exposure. At the end of the Reporting Period, we continued to believe that Southwestern Energy has an underappreciated resource base, specifically in the Marcellus and Fayetteville shales and in its recently acquired assets within Southwest Marcellus and Utica acreage. Additionally, we remained encouraged by its management team’s focus on cutting costs and divesting assets as it seeks to keep debt levels in check and by its commitment to capital efficiency amidst challenging macro fundamentals.

A position in Devon Energy detracted from the Fund’s results during the Reporting Period, as lower oil prices weighed negatively on its shares and overshadowed the company’s strong results. Additionally, investors punished the stock after Devon Energy announced a large acquisition that would meaningfully increase the company’s debt. While we remained positive on the company and its newly- acquired assets, we believed Devon Energy would have to raise additional equity to support its balance sheet. Thus, we decided to exit the Fund’s position in Devon Energy and rotate the capital into other names where we saw what we considered to be better risk-adjusted return potential.

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

A The Fund benefited most relative to the Russell Index from positions in oil and gas exploration and production company Cabot Oil & Gas, apparel company Urban Outfitters and industrial conglomerate General Electric.

We initiated a Fund position in Cabot Oil & Gas, an exploration and production company predominantly focused on natural gas, opportunistically in January 2016. We believed the natural gas supply and demand dynamic could meaningfully improve, and Cabot Oil & Gas, which is one of the lowest cost producers in the industry, could be a beneficiary. Furthermore, the company has what we consider to be a strong balance sheet and attractive acreage in the Marcellus Shale. The company’s shares appreciated on a rally in energy prices. Following the stock’s strong performance, we exited the Fund’s position in Cabot Oil & Gas in favor of names with what we believed to be better upside potential.

We initiated a position in Urban Outfitters at the end of 2015 when its shares were trading at what we considered to be an attractive valuation due to weaker than expected comparable same-store sales. Its shares subsequently recovered when the company announced stronger than expected fourth quarter 2015 earnings. Following the stock’s strong performance, we exited the Fund’s position in Urban Outfitters in favor of names that we viewed to have better upside potential.

Throughout the Reporting Period, General Electric reported earnings results that exceeded consensus expectations, driven by strong organic revenue growth and operating margin improvement. Additionally, investors reacted positively to General Electric’s long-awaited announcement to spin off its majority stake in Synchrony Financial to existing shareholders. At the end of the Reporting Period, we remained optimistic on General Electric’s growth prospects, as a strong backlog of orders and what we believe to be accretive synergies from recent transactions could be supportive to its earnings in a potentially slow global economic growth environment.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A In addition to those purchases already mentioned, we initiated a Fund position in Verizon Communications, a wireless communications provider. In our view, the company is a high quality franchise with solid new product revenues and an improving free cash flow profile. Additionally, we believe Verizon Communications has some of the best assets in the industry, and we are positive on its recent customer growth. Going forward, we believe the company has the potential to experience healthy growth, as its management team continues to invest and focus on its strong wireless business.

6

PORTFOLIO RESULTS

We established a Fund position in Wells Fargo, a U.S. bank holding company. We believe Wells Fargo has a strong deposit franchise and a leading national distribution network. In our view, the company’s experienced management team and what we consider to be its strong balance sheet position it well for increasing shareholder distributions and a more challenging credit environment. We are also positive on Wells Fargo’s leverage to potential rising interest rates. The news of Wells Fargo being fined for creating fake accounts did not become public until after the close of the Reporting Period. At the end of the Reporting Period, we maintained confidence in the company and its management team and thus continue to hold the position.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in American International Group (“AIG”), a global insurance company. We had initiated the Fund’s position in AIG because we felt its shares were undervalued given the company’s near-term to medium-term opportunities for return on equity improvement. We were also positive on its management’s focus on growing the company’s core insurance business and improving operational performance. Following our initial investment, we were encouraged when its management announced a restructuring program, which included cost reductions and divestitures. However, the plan included major, complex changes within the organization within a relatively short time frame. Strict to our sell discipline, as key points of our investment thesis became challenged, we sold the stock in favor of higher conviction names.

We eliminated the Fund’s position in EMC during the Reporting Period. We believed EMC was one of the best positioned information technology hardware vendors in the industry. We also felt the recovery in enterprise spending would benefit EMC, as companies increasingly focus on both storage spending and virtualization. Finally, we believed the company was attractively valued given its strong free cash flow generation and above average growth prospects relative to its peers. Our thesis was validated when it was announced during the Reporting Period that EMC would be acquired by Dell for a healthy premium. Following substantial appreciation in the stock, we sold the position in favor of other opportunities we believed had more upside potential.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in information technology, financials, consumer staples and health care increased. The Fund’s exposure to the industrials, telecommunication services and energy sectors decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund was overweighted in consumer discretionary, information technology, health care and telecommunication services relative to the Russell Index. On the same date, the Fund had underweighted positions compared to the Russell Index in energy, utilities, consumer staples and industrials and was rather neutrally weighted to the Russell Index in financials. The Fund had no allocation to materials at the end of August 2016.

7

FUND BASICS

Focused Value Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Class A		6.93	%		12.89	%
Class C		6.06			12.89
Institutional		7.33			12.89
Class IR		7.26			12.89
Class R		6.60			12.89
Class R6		7.34			12.89

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

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	Since Inception			Inception Date
Class A		-11.03	%	7/31/15
Class C		-7.40		7/31/15
Institutional		-5.50		7/31/15
Class IR		-5.56		7/31/15
Class R		-6.07		7/31/15
Class R6		-5.49		7/31/15

³  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

8

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.13	%		24.10	%
Class C		1.89			24.86
Institutional		0.74			23.71
Class IR		0.89			23.86
Class R		1.39			24.36
Class R6		0.72			23.69

⁴  The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Bank of America Corp.		5.2	%	Banks
General Electric Co.		5.0		Industrial Conglomerates
Wells Fargo & Co.		4.9		Banks
Verizon Communications, Inc.		4.9		Diversified Telecommunication Services
Morgan Stanley		4.4		Capital Markets
Apple, Inc.		4.1		Technology Hardware, Storage & Peripherals
Alphabet, Inc. Class A		4.1		Internet Software & Services
eBay, Inc.		3.6		Internet Software & Services
United Technologies Corp.		3.5		Aerospace & Defense
Celgene Corp.		3.4		Biotechnology

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2016

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

10

GOLDMAN SACHS FOCUSED VALUE FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on July 31, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Focused Value Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from July 31, 2015 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Since Inception
Class A (Commenced July 31, 2015)
Excluding sales charges	6.93%	-0.68%
Including sales charges	1.07%	-5.69%
Class C (Commenced July 31, 2015)
Excluding contingent deferred sales charges	6.06%	-1.43%
Including contingent deferred sales charges	5.06%	-1.56%
Institutional Class (Commenced July 31, 2015)	7.33%	-0.25%
Class IR (Commenced July 31, 2015)	7.26%	-0.40%
Class R (Commenced July 31, 2015)	6.60%	-0.87%
Class R6 (Commenced July 31, 2015)	7.34%	-0.24%

11

PORTFOLIO RESULTS

Goldman Sachs Growth and Income Fund

Portfolio Composition

Under normal circumstances, the Fund invests at least 65% of its total assets measured at the time of purchase (“Total Assets”) in equity investments that the investment adviser considers to have favorable prospects for capital appreciation and/ or dividend-paying ability. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 35% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Growth and Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 9.01%, 8.21%, 9.46%, 8.88%, 9.27%, 8.71% and 9.40%, respectively. These returns compare to the 12.89% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly, from the Fund’s relative results.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that detracted most from the Fund’s relative results during the Reporting Period were financials, consumer discretionary and utilities, wherein stock selection proved challenging. Effective stock selection in the health care, industrials and information technology sectors helped the Fund’s relative results most. Having an overweighted allocation to telecommunication services, which significantly outpaced the Russell Index during the Reporting Period, also added value.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in global apparel retailer Gap and in two oil and gas exploration and production companies — Devon Energy and Southwestern Energy.

Shares of Gap declined after the company reported weaker than expected sales during the Reporting Period, highlighted by surprisingly negative performance within its Old Navy brand, historically a bright spot within the company. We had originally initiated a Fund position in Gap because we believed the company would benefit from margin improvements as a result of supply chain initiatives and a turnaround within the Gap brand. However, strict to our sell discipline, as key points of our investment theses became invalidated, we sold the stock in favor of other names we believed to have greater upside potential.

A position in Devon Energy detracted from the Fund’s results during the Reporting Period, as lower oil prices weighed negatively on its shares and overshadowed the company’s strong results. Additionally, investors punished the stock after Devon Energy announced a large acquisition that would meaningfully increase the company’s debt. While we remained positive on the company and its newly-acquired assets, we believed Devon Energy would have to raise

12

PORTFOLIO RESULTS

additional equity to support its balance sheet. Thus, we decided to exit the Fund’s position in Devon Energy and rotate the capital into other names where we saw what we considered to be better risk-adjusted return potential.

Southwestern Energy was a top detractor from the Fund’s relative performance during the Reporting Period. Exceptionally warm fall and winter weather that added to concerns of an oversupplied natural gas market was the major headwind that led to the stock’s poor performance, as natural gas prices declined substantially. Additionally, broad-based declines in global commodities weakened investor appetite for stocks with direct commodity exposure. As a result, we decided to exit the position in favor of names we saw as having greater risk-adjusted return potential.

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

A The Fund benefited most relative to the Russell Index from positions in industrial conglomerate General Electric, global diversified financial services holding company Citigroup and global telecommunications company AT&T.

Throughout the Reporting Period, General Electric reported earnings results that exceeded consensus expectations, driven by strong organic revenue growth and operating margin improvement. Additionally, investors reacted positively to General Electric’s long-awaited announcement to spin off its majority stake in Synchrony Financial to existing shareholders. At the end of the Reporting Period, we remained optimistic on General Electric’s growth prospects, as a strong backlog of orders and what we believe to be accretive synergies from recent transactions could be supportive to its earnings in a potentially slow global economic growth environment.

Citigroup announced during the Reporting Period the results of its Comprehensive Capital Analysis and Review (“CCAR”) with the Federal Reserve (the “Fed”). We view the results positively and believe the company now has the ability to return capital to its shareholders. In addition, at the end of the Reporting Period, we remained positive on its management team’s focus on improving returns on equity through efficient resource allocation around markets, products and clients.

During the Reporting Period, AT&T was an indirect beneficiary of lower interest rates as a result of its above- market-average dividend yield. Indeed, we had initiated the Fund’s position in AT&T because we were attracted to the company’s above-market-average dividend yield, synergies from its acquisition of DirecTV and the potential for free cash flow generation to improve as a result of lower capital expenditures. Strict to our sell discipline, we exited the position following a rally that led AT&T’s shares to reach our price target.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A During the Reporting Period, we initiated a number of positions in what we viewed as high quality, defensible businesses trading at attractive valuations. Among these was a Fund position in Verizon Communications, a wireless communications provider. In our view, the company is a high quality franchise with solid new product revenues and an improving free cash flow profile. Additionally, we believe Verizon Communications has some of the best assets in the industry, and we are positive on its recent customer growth. Going forward, we believe the company has the potential to experience healthy growth, as its management team continues to invest and focus on its strong wireless business.

We established a Fund position in Chevron, an integrated energy company. In our view, Chevron has a strong management team focused on creating shareholder value. We believe its management has been disciplined with cost reductions and demonstrated capital efficiency in a challenging commodity price environment. Indeed, despite a more challenging backdrop for energy, we believe Chevron may be able to grow production while significantly reducing capital expenditures. Further, in our opinion, shares of the company were undervalued compared to its integrated energy company peers at the time of purchase.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in Prudential Financial, a global insurance company. We had originally initiated a position in Prudential Financial because we believed its shares were attractively valued given what we perceived as the significant potential opportunities available to the company. Furthermore, we were positive on the company’s management team, which has a strong track record of execution. However, in light of increased macroeconomic volatility, we opted to sell the position and transition the

13

PORTFOLIO RESULTS

proceeds into names we viewed as having stronger risk-adjusted return potential.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in consumer discretionary, consumer staples, energy and information technology increased as did its position in cash. The Fund’s exposure to financials, industrials and telecommunication services decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in energy, materials and industrials and was rather neutrally weighted to the Russell Index in consumer staples, financials, information technology, telecommunication services and utilities.

14

FUND BASICS

Growth and Income Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Class A		9.01	%		12.89	%
Class C		8.21			12.89
Institutional		9.46			12.89
Service		8.88			12.89
Class IR		9.27			12.89
Class R		8.71			12.89
Class R6		9.40			12.89

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

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-6.74	%		8.46	%		4.38	%		6.67	%	2/5/93
Class C		-3.01			8.87			4.19			2.83		8/15/97
Institutional		-0.95			10.13			5.38			5.85		6/3/96
Service		-1.41			9.59			4.86			5.40		3/6/96
Class IR		-1.07			9.97			N/A			4.09		11/30/07
Class R		-1.56			9.41			N/A			3.58		11/30/07
Class R6		N/A			N/A			N/A			-0.76		7/31/15

³  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

15

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.13	%		1.22	%
Class C		1.88			1.97
Institutional		0.73			0.82
Service		1.23			1.32
Class IR		0.88			0.97
Class R		1.38			1.47
Class R6		0.71			0.80

⁴  The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Wells Fargo & Co.		5.1	%	Banks
Pfizer, Inc.		4.7		Pharmaceuticals
Verizon Communications, Inc.		4.0		Diversified Telecommunication Services
General Electric Co.		4.0		Industrial Conglomerates
Exxon Mobil Corp.		3.2		Oil, Gas & Consumable Fuels
Johnson & Johnson		3.1		Pharmaceuticals
JPMorgan Chase & Co.		3.1		Banks
The Procter & Gamble Co.		3.0		Household Products
Bank of America Corp.		2.9		Banks
Cisco Systems, Inc.		2.8		Communications Equipment

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

16

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

17

GOLDMAN SACHS GROWTH AND INCOME FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $10,000 investment made on September 1, 2006 in Class A Shares (with the maximum sales charge of 5.5%). For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class C, Institutional, Service, Class IR, Class R and Class R6 Shares will vary from Class A Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Growth and Income Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 5, 1993)
Excluding sales charges	9.01%	12.98%	4.70%	6.99%
Including sales charges	3.04%	11.71%	4.11%	6.74%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	8.21%	12.13%	3.91%	2.94%
Including contingent deferred sales charges	7.19%	12.13%	3.91%	2.94%
Institutional Class (Commenced June 3, 1996)	9.46%	13.43%	5.11%	5.94%
Service Class (Commenced March 6, 1996)	8.88%	12.86%	4.59%	6.91%
Class IR (Commenced November 30, 2007)	9.27%	13.25%	N/A	4.33%
Class R (Commenced November 30, 2007)	8.71%	12.68%	N/A	3.81%
Class R6 (Commenced July 31, 2015)	9.40%	N/A	N/A	1.79%

18

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in large-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the investment adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 20% of its Net Assets in foreign securities, including securities quoted in foreign currencies. The Fund may also invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 7.73%, 7.01%, 8.17%, 7.67%, 8.05%, 7.51% and 8.21%, respectively. These returns compare to the 12.89% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund generated solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit only modestly, from the Fund’s relative results.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting most from the Fund’s performance relative to the Russell Index were financials, health care and industrials, wherein stock selection was comparatively weak. Effective stock selection in the information technology and materials sectors helped the Fund’s relative results most. Having an underweighted allocation to energy, which significantly lagged the Russell Index during the Reporting Period, also contributed positively.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in oil and gas exploration and production company Southwestern Energy, in car rental company Hertz Global Holdings and global specialty pharmaceutical company Allergan.

Southwestern Energy was the top detractor from the Fund’s relative performance during the Reporting Period. Exceptionally warm fall and winter weather that added to concerns of an oversupplied natural gas market was the major headwind that led to the stock’s poor performance, as natural gas prices declined substantially. Additionally, broad-based declines in global commodities weakened investor appetite for stocks with direct commodity exposure. At the end of the Reporting Period, we continued to believe that Southwestern Energy has an underappreciated resource base, specifically in the Marcellus and Fayetteville shales and in its recently acquired assets within Southwest Marcellus and Utica acreage. Additionally, we remained encouraged by its management team’s focus on cutting costs and divesting assets as it seeks to keep debt levels in check and by its

19

PORTFOLIO RESULTS

commitment to capital efficiency amidst challenging macro fundamentals.

Hertz Global Holdings was a top detractor from the Fund’s relative results during the Reporting Period. Its shares initially came under pressure after the company reported third quarter 2015 results that were below market expectations, driven by weaker than expected pricing trends in the U.S. caused by increased airport competition. Its sharp decline in share price as the Reporting Period progressed seemed to be driven more by investor fears related to macroeconomic conditions than by industry or stock-specific fundamentals. If the U.S. were to enter a span of slower economic growth, travel trends could soften and pressure car rental volumes and prices. Despite our positive long-term view of the company’s operational improvement initiatives, available capital deployment options and cost reduction opportunities, we sold the Fund’s position in Hertz Global Holdings by the end of the Reporting Period in favor of stocks with what we believed to have less economic sensitivity.

Shares of Allergan declined when its announced merger with Pfizer fell through due to regulatory reasons. In light of its underperformance, we believe the company’s valuation became even more attractive on both an absolute basis and relative to its peers. Additionally, at the end of the Reporting Period, Allergan was in the final stages of selling its generic business to Teva Pharmaceutical Industries, which we believe could allow Allegan to pay down debt, return capital to shareholders, invest in its pipeline and seek accretive merger and acquisition opportunities.

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

A The Fund benefited most relative to the Russell Index from positions in industrial conglomerate General Electric, packaged foods producer Tyson Foods and integrated oil and gas company ConocoPhillips.

Throughout the Reporting Period, General Electric reported earnings results that exceeded consensus expectations, driven by strong organic revenue growth and operating margin improvement. Additionally, investors reacted positively to General Electric’s long-awaited announcement to spin off its majority stake in Synchrony Financial to existing shareholders. At the end of the Reporting Period, we remained optimistic on General Electric’s growth prospects, as a strong backlog of orders and what we believe to be accretive synergies from recent transactions could be supportive to its earnings in a potentially slow global economic growth environment.

Shares of Tyson Foods rose throughout the Reporting Period, as the company consistently delivered strong earnings results and raised forward guidance as a result of strong execution on its strategy to diversify away from traditional fresh meat sales through its acquisition of Hillshire Brands. Its shares saw a particular surge after the company reported fiscal first quarter 2016 results well above consensus expectations, driven by operating margin expansion and favorable dynamics in its chicken segment. Additionally, Tyson Foods raised its full-year guidance range in anticipation of further reductions in feed and livestock costs. Although we had a positive view on the company’s fundamentals, we elected to exit the Fund’s position as our price target was reached.

We had added to the Fund’s position in ConocoPhillips after a pullback in its share price in February 2016. The price of its shares subsequently recovered as oil prices rebounded. At the end of the Reporting Period, we believed the company’s capital efficiency and growth made it an attractive investment in a low commodity price environment. We also remained positive on the company’s plan to grow production while reducing its capital expenditures and expenses. Additionally, at the end of the Reporting Period, the company was trading at a valuation discount to its peers.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We established a Fund position in Verizon Communications, a wireless communications provider. In our view, the company is a high quality franchise with solid new product revenues and an improving free cash flow profile. Additionally, we believe Verizon Communications has some of the best assets in the industry, and we are positive on its recent customer growth. Going forward, we believe the company has the potential to experience healthy growth, as its management team continues to invest and focus on its strong wireless business.

We initiated a Fund position in United Technologies, an industrial conglomerate. At the time of purchase, we believe its shares were undervalued given the future growth and potential margin expansion opportunities for the company that we believe exist. Additionally, we are constructive on its

20

PORTFOLIO RESULTS

new management team and its focus on cost cutting efforts, divestitures and share repurchases.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Prudential Financial, a global insurance company. We had originally initiated a position in Prudential Financial because we believed its shares were attractively valued given what we perceived as the significant potential opportunities available to the company. Furthermore, we were positive on the company’s management team, which has a strong track record of execution. However, in light of increased macroeconomic volatility, we opted to sell the position and transition the proceeds into names we viewed as having stronger risk-adjusted return potential.

We sold the Fund’s position in AT&T, a telecommunications company. We had initiated the Fund’s position in AT&T because we were attracted to the company’s above-market- average dividend yield, synergies from its acquisition of DirecTV and the potential for free cash flow generation to improve as a result of lower capital expenditures. Strict to our sell discipline, we exited the position following a rally that led shares to reach our price target.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in health care, financials, materials and utilities increased as did its position in cash. The Fund’s exposure to consumer discretionary, telecommunication services, and consumer staples decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the health care, financials and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in utilities, energy, consumer staples, real estate and industrials and was rather neutrally weighted to the Russell Index in consumer discretionary, telecommunication services, and materials.

21

FUND BASICS

Large Cap Value Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Class A		7.73	%		12.89	%
Class C		7.01			12.89
Institutional		8.17			12.89
Service		7.67			12.89
Class IR		8.05			12.89
Class R		7.51			12.89
Class R6		8.21			12.89

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

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-9.87	%		7.61	%		4.38	%		5.16	%	12/15/99
Class C		-6.29			8.01			4.19			4.72		12/15/99
Institutional		-4.29			9.26			5.39			5.93		12/15/99
Service		-4.73			8.72			4.87			5.44		12/15/99
Class IR		-4.44			9.09			N/A			4.13		11/30/07
Class R		-4.94			8.54			N/A			3.63		11/30/07
Class R6		N/A			N/A			N/A			-3.78		7/31/15

³  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

22

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.17	%		1.20	%
Class C		1.92			1.95
Institutional		0.77			0.80
Service		1.27			1.30
Class IR		0.92			0.95
Class R		1.42			1.45
Class R6		0.75			0.78

⁴  The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Wells Fargo & Co.		5.0	%	Banks
Bank of America Corp.		4.6		Banks
General Electric Co.		4.5		Industrial Conglomerates
Verizon Communications, Inc.		4.0		Diversified Telecommunication Services
JPMorgan Chase & Co.		3.1		Banks
Exxon Mobil Corp.		2.8		Oil, Gas & Consumable Fuels
The Procter & Gamble Co.		2.8		Household Products
United Technologies Corp.		2.3		Aerospace & Defense
Pfizer, Inc.		2.2		Pharmaceuticals
Johnson & Johnson		2.1		Pharmaceuticals

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

23

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2016

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

24

GOLDMAN SACHS LARGE CAP VALUE FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Large Cap Value Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced December 15, 1999)
Excluding sales charges	7.73%	12.62%	4.99%	5.73%
Including sales charges	1.80%	11.36%	4.40%	5.38%
Class C (Commenced December 15, 1999)
Excluding contingent deferred sales charges	7.01%	11.79%	4.22%	4.94%
Including contingent deferred sales charges	5.94%	11.79%	4.22%	4.94%
Institutional Class (Commenced December 15, 1999)	8.17%	13.07%	5.42%	6.15%
Service Class (Commenced December 15, 1999)	7.67%	12.52%	4.90%	5.66%
Class IR (Commenced November 30, 2007)	8.05%	12.91%	N/A	4.57%
Class R (Commenced November 30, 2007)	7.51%	12.34%	N/A	4.07%
Class R6 (Commenced July 31, 2015)	8.21%	N/A	N/A	0.50%

25

PORTFOLIO RESULTS

Goldman Sachs Mid Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the investment adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 3.00%, 2.20%, 3.39%, 2.87%, 3.24%, 2.72% and 3.41%, respectively. These returns compare to the 12.84% average annual total return of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly, from the Fund’s relative results.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting from the Fund’s performance most relative to the Russell Index was stock selection in the financials, industrials and materials sectors. Effective stock selection in the energy sector contributed most positively to the Fund’s relative results during the Reporting Period. To a more modest degree, having an overweight to consumer staples, which outpaced the Russell Index during the Reporting Period, and having an underweight to telecommunication services, which underperformed the Russell Index during the Reporting Period, also buoyed the Fund’s relative results.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in car rental company Hertz Global Holdings, global apparel retailer Gap and private over-the-counter pharmaceuticals manufacturer Perrigo.

Hertz Global Holdings was the top detractor from the Fund’s relative results during the Reporting Period. Its shares initially came under pressure after the company reported third quarter 2015 results that were below market expectations, driven by weaker than expected pricing trends in the U.S. caused by increased airport competition. Its sharp decline in share price as the Reporting Period progressed seemed to be driven more by investor fears related to macroeconomic conditions than by industry or stock-specific fundamentals. If the U.S. were to enter a span of slower economic growth, travel trends could soften and pressure car rental volumes and prices. Despite our positive long-term view of the company’s operational improvement initiatives, available capital deployment options and cost reduction opportunities, we sold the Fund’s position in Hertz Global Holdings by the end of the Reporting Period in favor of

26

PORTFOLIO RESULTS

stocks with what we believed to have less economic sensitivity.

Shares of Gap declined after the company reported weaker than expected sales during the Reporting Period, highlighted by surprisingly negative performance within its Old Navy brand, historically a bright spot within the company. We had originally initiated a Fund position in Gap because we believed the company would benefit from margin improvements as a result of supply chain initiatives and a turnaround within the Gap brand. However, strict to our sell discipline, as key points of our investment theses became invalidated, we sold the stock in favor of other names we believed to have greater upside potential.

Shares of Perrigo declined after the company reported first quarter 2016 earnings below consensus expectations and lowered future earnings guidance. Despite these headwinds, at the end of the Reporting Period, we remained constructive on the company given its exposure to multiple secular growth tailwinds, including aging demographics and increasing store-brand over-the-counter penetration.

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

A The Fund benefited most relative to the Russell Index from positions in Cheniere Energy, an energy company primarily engaged in liquefied natural gas (“LNG”) businesses; Tyson Foods, a packaged foods producer; and Newfield Exploration, an oil-focused exploration and production company.

Cheniere Energy performed well during the Reporting Period as some uncertainty in the company was lifted after it shipped the first ever cargo of U.S. LNG from its Sabine Pass liquefaction and export facility in Louisiana. Stronger commodity prices in the latter half of the first quarter of 2016 and in the second quarter of 2016 also supported the company’s stock. As one of the largest LNG exporters in the world, we remained positive at the end of the Reporting Period on the company’s market position in an industry with what we believe to be compelling secular growth potential. That said, strict to our sell discipline, we exited the position early in the second quarter of 2016 as our price target was reached.

Shares of Tyson Foods rose throughout the Reporting Period, as the company consistently delivered strong earnings results and raised forward guidance as a result of strong execution on its strategy to diversify away from traditional fresh meat sales through its acquisition of Hillshire Brands. Its shares saw a particular surge after the company reported fiscal first quarter 2016 results well above consensus expectations, driven by operating margin expansion and favorable dynamics in its chicken segment. Additionally, Tyson Foods raised its full-year guidance range in anticipation of further reductions in feed and livestock costs. Although we had a positive view on the company’s fundamentals, we elected to exit the Fund’s position as our price target was reached.

Aside from a rebound in oil prices during the latter half of the first quarter and during the second quarter of 2016, the stock of Newfield Exploration reacted positively to news of the company’s acquisition of additional acreage in the Sooner Trend Anadarko (Basin) Canadian and Kingfisher (Counties) (“STACK”) operations. Newfield Exploration had identified more than 1,000 potential drilling locations within the new acreage. Following the acquisition, the company raised its production guidance for the second quarter of 2016 and for the full year 2016. At the end of the Reporting Period, we believed investor interest in the STACK operations, where the majority of the company’s assets are located, may well continue to gain traction as data points continue to show improving well results.

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in Vornado Realty Trust, an owner of office and retail properties. We are optimistic about several of the company’s large-scale renovation projects, including the redesign of Penn Plaza, which we view as value enhancing. In our opinion, Vornado Realty Trust is led by one of the best management teams in the industry, and we believe additional shareholder value could be unlocked from the spinoff of the company’s Washington D.C. portfolio.

We established a Fund position in Synchrony Financial, a consumer financial services company, following its exchange offer from General Electric. We believe the company’s transition out of General Electric’s majority ownership and into a standalone public company should enable meaningful internal investments to drive future growth. In addition, we believe Synchrony Financial is well positioned to capitalize on industry-wide accelerating credit card receivables growth from a healthy U.S. consumer. Further, in our view, the company’s long-term contracts with major partners should limit downside surprises.

27

PORTFOLIO RESULTS

Conversely, in addition to those sales already mentioned, we sold the Fund’s position in Endo International, an international health care company. We had believed Endo International had several organic growth drivers, including new branded drugs, a robust generics pipeline and potential international expansion. We further believed that Endo International deserved a premium to its peers due to tax advantages from being domiciled in Ireland, high barriers to entry due to its portfolio of controlled drugs and manufacturing scale advantages, best in class management and relatively stable cash flow generation. However, we exited the Fund’s position in Endo International in favor of opportunities that we believed to have better risk-adjusted return potential.

We exited the Fund’s position in United Continental Holdings, an airplane transportation company. We had believed the company would continue to benefit from an improving economy with accelerating demand for air travel. We had also been encouraged by United Continental Holdings’ strong cash flow generation and leverage to lower energy prices, which could result in operating margin expansion. However, as a result of investments in pricing and greater than expected labor costs, we became incrementally less positive on the possibility of margins expanding. As a result, we eliminated the Fund’s position in the stock in favor of names where we had greater confidence.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in energy, financials, health care, utilities and telecommunication services increased as did its position in cash. The Fund’s exposure to the consumer discretionary, consumer staples, industrials and information technology sectors decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund had overweighted positions relative to the Russell Index in the health care and financials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in utilities and real estate positions and was rather neutrally weighted to the Russell Index in consumer discretionary, consumer staples, energy, industrials, information technology, materials and telecommunication services.

28

FUND BASICS

Mid Cap Value Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1	Russell Midcap Value Index2
Class A	3.00%		12.84	%
Class C	2.20		12.84
Institutional	3.39		12.84
Service	2.87		12.84
Class IR	3.24		12.84
Class R	2.72		12.84
Class R6	3.41		12.84

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

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year	Five Years			Ten Years			Since Inception			Inception Date
Class A	-11.14%		6.69	%		5.69	%		8.11	%	8/15/97
Class C	-7.64		7.09			5.50			7.64		8/15/97
Institutional	-5.63		8.33			6.72			10.73		8/1/95
Service	-6.09		7.79			6.19			8.46		7/18/97
Class IR	-5.77		8.17			N/A			6.15		11/30/07
Class R	-6.23		7.63			N/A			12.52		1/6/09
Class R6	N/A		N/A			N/A			-4.96		7/31/15

³  The Standardized Total Returns are average annual or total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

29

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.15	%
Class C		1.90			1.90
Institutional		0.75			0.75
Service		1.25			1.25
Class IR		0.90			0.90
Class R		1.40			1.40
Class R6		0.73			0.73

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus and may differ from the expense ratios disclosed in the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Brixmor Property Group, Inc.		2.2	%	Equity Real Estate Investment Trusts (REITs)
Vornado Realty Trust		2.1		Equity Real Estate Investment Trusts (REITs)
Huntington Bancshares, Inc.		2.0		Banks
Citizens Financial Group, Inc.		2.0		Banks
Synchrony Financial		1.9		Consumer Finance
DDR Corp.		1.7		Equity Real Estate Investment Trusts (REITs)
Sempra Energy		1.7		Multi-Utilities
Pentair PLC		1.6		Machinery
Zimmer Biomet Holdings, Inc.		1.6		Health Care Equipment & Supplies
Centene Corp.		1.5		Health Care Providers & Services

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

30

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2016

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

31

GOLDMAN SACHS MID CAP VALUE FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Mid Cap Value Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 15, 1997)
Excluding sales charges	3.00%	11.46%	6.57%	8.55%
Including sales charges	-2.65%	10.21%	5.97%	8.23%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	2.20%	10.63%	5.77%	7.75%
Including contingent deferred sales charges	1.18%	10.63%	5.77%	7.75%
Institutional Class (Commenced August 1, 1995)	3.39%	11.90%	7.00%	10.82%
Service Class (Commenced July 18, 1997)	2.87%	11.34%	6.46%	8.57%
Class IR (Commenced November 30, 2007)	3.24%	11.74%	N/A	6.44%
Class R (Commenced January 6, 2009)	2.72%	11.18%	N/A	12.71%
Class R6 (Commenced July 31, 2015)	3.41%	N/A	N/A	-1.49%

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PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the investment adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated average annual total returns, without sales charges, of 11.22%, 10.40%, 11.66%, 11.11%, 11.50%, 10.96% and 11.68%, respectively. These returns compare to the 13.76% average annual total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund generated robust absolute gains, but stock selection overall detracted most from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit to a lesser degree, from the Fund’s relative results.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting from the Fund’s relative results most was weak stock selection in the financials, materials and utilities sectors. Having an underweighted allocation to utilities, which significantly outperformed the Russell Index during the Reporting Period, also hurt. Effective stock selection in the energy, consumer discretionary and industrials sectors helped the Fund’s performance most relative to the Russell Index.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in application software provider Verint Systems, hotel property real estate investment trust (“REIT”) Pebblebrook Hotel Trust and auto retailer Lithia Motors.

Verint Systems missed quarterly earnings with worse than consensus expected gross margins through most of the Reporting Period. In its third fiscal quarter, the company also guided its full year expectations down due to several large enterprise software deals that had been difficult to close. In its fourth fiscal quarter, the company again lowered its full year guidance due to underperformance in security intelligence and to emerging market headwinds. At the end of the Reporting Period, we remained positive on the company’s leverage to cyber-security demand and considered its valuation attractive on an enterprise value to cash flow basis. In our view, modest economic improvement could lead to higher earnings, and thus we added to the Fund’s position on weakness.

Shares of Pebblebrook Hotel Trust performed poorly due to concerns about corporate demand trends in San Francisco and new supply in New York City, two of the company’s larger markets. Additionally, investors were cautious on the strong U.S. dollar’s potential impact on international tourism as well as on the company’s progress with several of its renovation projects. Because shares of Pebblebrook Hotel Trust were

33

PORTFOLIO RESULTS

trading at a discount to net asset value, the company announced during the second half of the Reporting Period that it would seek to sell a large portion of its portfolio. While investors were initially positive on this plan, some became concerned about the timing and execution of the New York City asset sales given more difficult fundamentals in that market, thus further pressuring its share price. Despite what we expect to be short-term weakness, we remained constructive at the end of the Reporting Period on Pebblebrook Hotel Trust’s potential for both margin expansion and earnings growth in the years ahead. We also remained positive on the company’s potentially favorable geographic exposure and its management’s track record of accretive capital allocation.

Shares of Lithia Motors declined primarily over concerns that the auto cycle had peaked and sales across the industry would decline. There was also concern about Lithia Motor’s exposure to consumers in energy-dependent end-markets. We added to the Fund’s position in the stock on weakness after the company reported disappointing earnings due to margin pressure following its acquisition of DCH Auto Group. We believe the issues were transitory and the deal should ultimately be accretive. In our view, the company is supported by a strong balance sheet and management team. We believe there may well be significant opportunities for mergers and acquisitions going forward, as the auto dealer market is highly fragmented.

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

A The Fund benefited most relative to the Russell Index from positions in data center property REIT CyrusOne, semiconductor device manufacturer Intersil and specialty apparel retailer Burlington Stores.

CyrusOne reported solid fourth quarter 2015 earnings and issued strong 2016 guidance. The company subsequently announced plans to acquire a data center facility from CME Group, which we believe will be accretive to shareholder value. In addition, investors were constructive on the company’s description of a five-year plan to double both revenue and earnings before interest, taxes, depreciation and amortization. In May 2016, CyrusOne reported revenue and funds from operations ahead of consensus estimates for the first quarter of 2016 and raised its bottom-end of full year guidance range. In the second quarter of 2016, CyrusOne again delivered revenue and funds from operations ahead of consensus estimates and signed a record number of new leases, primarily for projects expected to be completed in late 2016 and early 2017. At the end of the Reporting Period, we believed CyrusOne was well positioned to serve the data storage needs of enterprise customers, and as a result, we expected the company to benefit from ongoing demand growth. Additionally, we viewed the strength of CyrusOne’s sales force as a meaningful competitive advantage, and we remained encouraged by the company’s opportunity to increasingly provide its services to small and mid-size customers. Finally, we believed the stock continued to present a compelling risk/reward opportunity given what we viewed as its attractive valuation and prospects for future growth.

Shares of Intersil rose sharply after it was announced that a Japanese automotive chip manufacturer was in the final stages of talks to acquire the company for approximately $3 billion, which was a more than 40% premium to its previous close at the time of the offer. At the time of the Fund’s purchase of Intersil stock, we had believed the company was under-earning relative to other analog semiconductor companies and that its valuation was attractive on a free cash flow basis. The stock also paid a healthy 4% dividend. At the end of the Reporting Period, we remained positive on Intersil’s management team, as it had improved operating margins and delivered successful new product launches.

In general, off-price retail performed well during the Reporting Period due to better merchandise selection from big retailers, as their inventory channels were rather full due to port strikes, bad weather and reduced spending from foreign tourists. After unusually warm winter weather, investor expectations for coat sales, which is Burlington Stores’ specialty, significantly declined, which pressured its stock price. However, the stock subsequently rebounded after company management released fourth quarter 2015 guidance, which was better than investors expected, in January 2016. The stock rallied further in May 2016 after the company reported first quarter 2016 results that exceeded top and bottom line estimates. Same-store sales and margins both grew more than consensus expectations. Also, inventories fell, an important metric as retail companies struggled to turn over excess inventories left from the warm winter. Same-store sales beat estimates handily again in the second quarter of 2016 and inventories declined substantially, driving further gains. Margins also improved more than the market expected during the second quarter of 2016, meaning the company did not sacrifice profitability to drive revenue or earnings. At the end of the Reporting Period, we remained constructive on Burlington Stores given what we saw as the company’s potential for profitable share gains and margin expansion. In addition, we were positive on Burlington Stores’ opportunities to reduce inventory levels and improve merchandise offerings.

34

PORTFOLIO RESULTS

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in Care Capital Properties, a health care REIT with a focus on skilled nursing facilities, which was spun off from Ventas in August 2015. We believe Care Capital Properties has a superior portfolio of properties supported by a high quality management team and a strong balance sheet. Additionally, trends pointing to an aging U.S. demographic could be a tailwind.

We established a Fund position in XPO Logistics, a transportation and logistics services provider primarily because we have conviction in its management team. Our research indicates that its Chief Executive Officer has generated value over time with different companies. Also, XPO Logistics recently made an acquisition of a company with a poor track record, and we believe XPO Logistics can reap synergies by improving operations of the acquired company. We further believe free cash flow generation may improve and enable the company to better the quality of its balance sheet.

We purchased shares of Post Properties, a company that primarily owns and operates upscale apartment communities in Atlanta, Washington D.C., Dallas and other markets across the Southeastern U.S. We believe Post Properties has further upside potential given what we consider to be its attractive valuation relative to its high quality portfolio of properties and strong balance sheet, attributes we believe could also make the company a potential acquisition candidate. Additionally, the company’s exposure to growing demand from improving job growth in the Southeastern U.S. and Texas markets could be another positive.

Conversely, we exited the Fund’s position in Strategic Hotels & Resorts, an owner of luxury hotels across North America and Europe. We believed the company would be a beneficiary of high investor demand for luxury hotels and limited new supply in the industry. Additionally, we were optimistic on the company’s opportunity to benefit from improving trends in group travel. At the beginning of September 2015, its shares rose following the announcement that Blackstone Group L.P. had agreed to acquire Strategic Hotels & Resorts. Following the stock’s substantial gains and as shares reached our price target, we exited the position in favor of opportunities where we saw more attractive risk-adjusted return potential.

We eliminated the Fund’s position in Carter’s, which specializes in making clothes for infants and toddlers ages newborn to three years old. We became increasingly concerned about the potential impact of the Zika virus and its effect on sentiment. In our view, the perceived risk of obtaining the virus could impact people’s willingness to have children in the near to medium term, which could result in an unanticipated demand shortfall for Carter’s products. Given the potential future headwinds and strong relative performance, we exited the position in favor of names where we saw greater risk-adjusted return potential.

We sold the Fund’s position in American Equity Investment Life Holding, an insurance company. Its shares fell in January 2016 due largely to investor concern over energy investments in its portfolio and the potential impact of Department of Labor (“DOL”) rulings. Its shares subsequently plummeted further after it was announced the DOL ruling would include indexed annuities, the company’s main product, not just variable annuities. We originally thought such concerns were overdone relative to the value of the portfolios. However, our thesis was invalidated by the specifics of the DOL ruling, and so we exited the position.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in energy, financials, information technology and utilities increased and its allocations compared to the Russell Index in consumer discretionary and health care decreased.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund was overweighted in materials and information technology and underweighted in financials and consumer discretionary relative to the Russell Index. The Fund was rather neutrally weighted to the other sectors in the Russell Index at the end of August 2016, with the exception of telecommunication services to which the Fund had no exposure at all at the end of the Reporting Period.

35

FUND BASICS

Small Cap Value Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 2000 Value Index2
Class A		11.22	%		13.76	%
Class C		10.40			13.76
Institutional		11.66			13.76
Service		11.11			13.76
Class IR		11.50			13.76
Class R		10.96			13.76
Class R6		11.68			13.76

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

²  The Russell 2000 Value Index 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 Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-8.63	%		8.59	%		6.96	%		10.06	%	10/22/92
Class C		-4.99			9.01			6.77			8.06		8/15/97
Institutional		-2.92			10.26			8.00			9.32		8/15/97
Service		-3.41			9.71			7.47			8.78		8/15/97
Class IR		-3.09			10.10			N/A			8.44		11/30/07
Class R		-3.56			9.55			N/A			7.91		11/30/07
Class R6		N/A			N/A			N/A			-1.44		7/31/15

³  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

36

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		1.39	%
Class C		2.09			2.14
Institutional		0.94			0.99
Service		1.44			1.49
Class IR		1.09			1.14
Class R		1.59			1.64
Class R6		0.92			0.97

⁴  The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

37

FUND BASICS

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets			Line of Business
Pebblebrook Hotel Trust		1.3	%	Equity Real Estate Investment Trusts (REITs)
Webster Financial Corp.		1.1		Banks
Chesapeake Lodging Trust		1.1		Equity Real Estate Investment Trusts (REITs)
CyrusOne, Inc.		1.0		Equity Real Estate Investment Trusts (REITs)
Intersil Corp. Class A		1.0		Semiconductors & Semiconductor Equipment
Burlington Stores, Inc.		1.0		Specialty Retail
Spectrum Brands Holdings, Inc.		1.0		Household Products
PrivateBancorp, Inc.		1.0		Banks
Acadia Realty Trust		1.0		Equity Real Estate Investment Trusts (REITs)
TreeHouse Foods, Inc.		0.9		Food Products

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

38

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2016

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

39

GOLDMAN SACHS SMALL CAP VALUE FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on September 1, 2006 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Small Cap Value Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2006 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced October 22, 1992)
Excluding sales charges	11.22%	13.78%	8.16%	10.56%
Including sales charges	5.12%	12.50%	7.55%	10.30%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	10.40%	12.93%	7.36%	8.37%
Including contingent deferred sales charges	9.34%	12.93%	7.36%	8.37%
Institutional Class (Commenced August 15, 1997)	11.66%	14.24%	8.60%	9.63%
Service Class (Commenced August 15, 1997)	11.11%	13.66%	8.07%	10.48%
Class IR (Commenced November 30, 2007)	11.50%	14.07%	N/A	9.13%
Class R (Commenced November 30, 2007)	10.96%	13.50%	N/A	8.60%
Class R6 (Commenced July 31, 2015)	11.68%	N/A	N/A	5.17%

40

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in small- and mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index, respectively, at the time of investment. As of September 30, 2016, the capitalization range of the companies in these indices was between $32.19 million and $28.19 billion. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, it may also invest in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Small/Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated average annual total returns, without sales charges, of 7.49%, 6.71%, 7.96%, 7.81%, 7.24% and 7.98%, respectively. These returns compare to the 12.75% average annual total return of the Fund’s benchmark, the Russell 2500^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted solidly positive absolute returns, but both stock selection and sector allocation overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that detracted most from the Fund’s relative results during the Reporting Period were financials, materials and information technology, wherein stock selection proved challenging. Having an allocation to cash during a period when the Russell Index rallied also hurt. Effective stock selection in the energy, consumer discretionary and industrials sectors helped the Fund’s performance most relative to the Russell Index.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in application software provider Verint Systems, hotel property real estate investment trust (“REIT”) Pebblebrook Hotel Trust and specialized manufacturer of engineered technology Esterline Technologies.

Verint Systems missed quarterly earnings with worse than consensus expected gross margins through most of the Reporting Period. In its third fiscal quarter, the company also guided its full year expectations down due to several large enterprise software deals that had been difficult to close. In its fourth fiscal quarter, the company again lowered its full year guidance due to underperformance in security intelligence and to emerging market headwinds. At the end of the Reporting Period, we remained positive on the company’s leverage to cyber-security demand and considered its valuation attractive on an enterprise value to cash flow basis. In our view, modest economic improvement could lead to higher earnings, and thus we added to the Fund’s position on weakness.

Shares of Pebblebrook Hotel Trust performed poorly due to concerns about corporate demand trends in San Francisco

41

PORTFOLIO RESULTS

and new supply in New York City, two of the company’s larger markets. Additionally, investors were cautious on the strong U.S. dollar’s potential impact on international tourism as well as on the company’s progress with several of its renovation projects. Because shares of Pebblebrook Hotel Trust were trading at a discount to net asset value, the company announced during the second half of the Reporting Period that it would seek to sell a large portion of its portfolio. While investors were initially positive on this plan, some became concerned about the timing and execution of the New York City asset sales given more difficult fundamentals in that market, thus further pressuring its share price. Despite what we expect to be short-term weakness, we remained constructive at the end of the Reporting Period on Pebblebrook Hotel Trust’s potential for both margin expansion and earnings growth in the years ahead. We also remained positive on the company’s potentially favorable geographic exposure and its management’s track record of accretive capital allocation.

Esterline Technologies primarily serves the aerospace and defense markets. Its shares declined after first quarter 2016 earnings were reported well below consensus estimates driven by worse than expected revenue and margin weakness. The sales shortfall was driven by lower end-market demand, shipment and production delays, foreign exchange headwinds and order cancellations. As a result, management lowered full-year expectations, with the anticipated earnings reduction the result of a lower sales forecast, a lower margin assumption and a more conservative outlook in terms of execution. Despite this weakness, we believed at the end of the Reporting Period that the company’s performance could improve should benefits from its cost restructuring program be realized and as the company integrates its acquisition of Barco, which should expand its display technology offerings. We further believed its shares were attractively valued at the end of the Reporting Period given the opportunities to expand margins and build shareholder value.

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

A The Fund benefited most relative to the Russell Index from positions in specialty apparel retailer Burlington Stores, a specialty apparel retailer; Highwoods Properties, a REIT primarily focused on office space; and Xylem, a water technology company.

In general, off-price retail performed well during the Reporting Period due to better merchandise selection from big retailers, as their inventory channels were rather full due to port strikes, bad weather and reduced spending from foreign tourists. After unusually warm winter weather, investor expectations for coat sales, which is Burlington Stores’ specialty, significantly declined, which pressured its stock price. However, the stock subsequently rebounded after company management released fourth quarter 2015 guidance, which was better than investors expected in January 2016. The stock rallied further in May 2016 after the company reported first quarter 2016 results that exceeded top and bottom line estimates. Same-store sales and margins both grew more than consensus expectations. Also, inventories fell, an important metric as retail companies struggled to turn over excess inventories left from the warm winter. Same-store sales beat estimates handily again in the second quarter of 2016 and inventories declined substantially, driving further gains. Margins also improved more than the market expected during the second quarter of 2016, meaning the company did not sacrifice profitability to drive revenue or earnings. At the end of the Reporting Period, we remained constructive on Burlington Stores given what we see as the company’s potential for profitable share gains and margin expansion. In addition, we were positive on Burlington Stores’ opportunities to reduce inventory levels and improve merchandise offerings.

Shares of Highwoods Properties appreciated during the Reporting Period, as the company consistently reported strong earnings supported by occupancy increases and better than expected lease renewals. At the end of the Reporting Period, we remained positive on Highwoods Properties given the REIT’s exposure to the fast-growing southeastern U.S. and the region’s favorable supply and demand dynamics. The company also has no exposure to the Houston area, which has been getting hit by oil weakness. Additionally, we believe the company has one of the most high quality management teams in the industry.

Xylem’s stock reacted positive to news in August 2016 that the company would acquire Sensus, a provider of data analytics and other technologies for the water, electric and gas industries. The transaction is expected to be accretive to Xylem’s earnings in 2017, and Xylem expects to realize at least $50 million in annual cost synergies within three years of closing, with significant revenue synergy potential as well. We believe Xylem’s strong internal execution drove its market share gains and margin expansion, each at a consistently better than expected rate.

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PORTFOLIO RESULTS

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

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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

A We initiated a Fund position in Waste Connections, a waste management company. We believe Waste Connections has an experienced management team with an operational focus and a history of accretive capital allocation decisions, including its recent acquisition of Progressive Waste Solutions. Additionally, we believe the company is well positioned to benefit from a favorable backdrop due to the waste management industry’s high correlation with housing formation. While housing formation has been growing at a healthy pace, it remains below long-term averages, leaving room in our view, for incremental demand.

We established a Fund position in Mid-America Apartment Communities, an owner and operator of apartments across the Sunbelt region. We are positive on Mid-America’s geographical exposure and presence in suburban markets, which we view as less susceptible to the potential threat of new supply. Over the long term, we believe this dynamic could allow for stronger pricing power and more stable rent growth. Further, we believe Mid-America Apartment Communities has a high quality management team with a strong track record of execution.

We established a Fund position in Arch Capital Group, a Bermuda-based insurance and reinsurance company with what we view as an impressive history of underwriting discipline and a deep management bench. We like the company’s conservative balance sheet and risk-focused, but opportunistic, approach to managing a diversified platform of specialty lines across cycles. We are also optimistic about its entry into mortgage insurance, where we believe its strong balance sheet and investment grade credit rating should give it an advantage relative to competitors over time.

Conversely, we had started a Fund position in Martin Marietta Materials, a supplier of construction aggregates and heavy building materials, because we believed it was a high quality company with the ability to expand its margins, both in its core business and as the company integrated recent acquisitions. However, we became increasingly concerned about the company’s exposure to end-markets in Texas and other energy- sensitive areas that have been negatively impacted by weak commodity prices. Strict to our sell discipline, we sold the stock in favor of higher conviction names.

We sold the Fund’s position in Towers Watson, a global advisory, broking and solutions company, during the Reporting Period. We had originally initiated the position in the company because we believed the proposed merger between Willis and Towers Watson would generate significant synergies, which were not being fully appreciated by the market at the time. As our investment thesis played out and the company’s market capitalization appreciation, we exited the position in favor of opportunities where we saw what we considered to be more attractive risk-adjusted return potential.

We exited the Fund’s position in Strategic Hotels & Resorts, an owner of luxury hotels across North America and Europe. We believed the company would be a beneficiary of high investor demand for luxury hotels and limited new supply in the industry. Additionally, we were optimistic on the company’s opportunity to benefit from improving trends in group travel. At the beginning of September 2015, its shares rose following the announcement that Blackstone Group L.P. had agreed to acquire Strategic Hotels & Resorts. Following the stock’s substantial gains and as shares reached our price target, we exited the position in favor of opportunities where we saw more attractive risk-adjusted return potential.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in energy increased and its allocations compared to the Russell Index in consumer discretionary and industrials decreased.

Q How was the Fund positioned relative to its benchmark index at the end of August 2016?

A At the end of August 2016, the Fund was overweighted in the materials and information technology sectors relative to the Russell Index. On the same date, the Fund had an underweighted position compared to the Russell Index in financials and was rather neutrally weighted to the Russell Index in the remaining sectors of the Russell Index. The Fund had no allocation to telecommunication services at the end of the Reporting Period.

43

FUND BASICS

Small/Mid Cap Value Fund

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015–August 31, 2016	Fund Total Return (based on NAV)1			Russell 2500 Value Index2
Class A		7.49	%		12.75	%
Class C		6.71			12.75
Institutional		7.96			12.75
Class IR		7.81			12.75
Class R		7.24			12.75
Class R6		7.98			12.75

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 2500 Value Index is composed of the smallest 2,500 of the 3,000 largest U.S. companies based on total market capitalization with lower price-to-book ratios and lower forecast growth values. It is calculated by Frank Russell Company, and reflects reinvestment of all dividends and capital gains. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/16	One Year			Since Inception			Inception Date
Class A		-9.13	%		1.20	%	1/31/14
Class C		-5.51			2.87		1/31/14
Institutional		-3.42			4.08		1/31/14
Class IR		-3.59			3.86		1/31/14
Class R		-4.08			3.35		1/31/14
Class R6		N/A			-2.98		7/31/15

³  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

44

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		3.15	%
Class C		1.99			3.94
Institutional		0.84			2.60
Class IR		0.99			2.74
Class R		1.49			3.04
Class R6		0.82			2.58

⁴  The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 8/31/165
Holding	% of Net Assets		Line of Business
Brixmor Property Group, Inc.		1.8	Equity Real Estate Investment Trusts (REITs)
Waste Connections, Inc.		1.5	Commercial Services & Supplies
Post Properties, Inc.		1.5	Equity Real Estate Investment Trusts (REITs)
Starwood Property Trust, Inc.		1.4	Mortgage Real Estate Investment Trusts (REITs)
Mid-America Apartment Communities, Inc.		1.3	Equity Real Estate Investment Trusts (REITs)
Atmos Energy Corp.		1.2	Gas Utilities
Burlington Stores, Inc.		1.2	Specialty Retail
Pebblebrook Hotel Trust		1.2	Equity Real Estate Investment Trusts (REITs)
Highwoods Properties, Inc.		1.1	Equity Real Estate Investment Trusts (REITs)
Federal Realty Investment Trust		1.1	Equity Real Estate Investment Trusts (REITs)

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

45

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2016

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. 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.

46

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on January 31, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2500 Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Class IR, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Small/Mid Cap Value Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from January 31, 2014 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Since Inception
Class A (Commenced January 31, 2014)
Excluding sales charges	7.49%	5.34%
Including sales charges	1.58%	3.07%
Class C (Commenced January 31, 2014)
Excluding contingent deferred sales charges	6.71%	4.61%
Including contingent deferred sales charges	5.71%	4.61%
Institutional Class (Commenced January 31, 2014)	7.96%	5.87%
Class IR (Commenced January 31, 2014)	7.81%	5.64%
Class R (Commenced January 31, 2014)	7.24%	5.12%
Class R6 (Commenced July 31, 2015)	7.98%	1.91%

47

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 95.2%
	Aerospace & Defense – 3.4%
	1,080	United Technologies Corp.	$	114,944
	Banks – 13.2%
	10,777	Bank of America Corp.		173,941
	1,495	JPMorgan Chase & Co.		100,913
	3,218	Wells Fargo & Co.		163,474
				438,328
	Biotechnology* – 3.4%
	1,066	Celgene Corp.		113,785
	Capital Markets – 4.4%
	4,617	Morgan Stanley		148,021
	Consumer Finance – 3.4%
	1,725	American Express Co.		113,125
	Diversified Telecommunication Services – 4.9%
	3,103	Verizon Communications, Inc.		162,380
	Electric Utilities – 2.8%
	2,829	FirstEnergy Corp.		92,593
	Electronic Equipment, Instruments & Components – 3.2%
	4,688	Corning, Inc.		106,371
	Energy Equipment & Services – 1.4%
	951	Baker Hughes, Inc.		46,723
	Food & Staples Retailing – 4.1%
	915	Wal-Mart Stores, Inc.		65,368
	2,290	Whole Foods Market, Inc.		69,570
				134,938
	Health Care Equipment & Supplies – 2.9%
	2,264	Abbott Laboratories		95,133
	Household Durables – 2.4%
	1,499	Newell Brands, Inc.		79,567
	Household Products – 3.0%
	1,161	The Procter & Gamble Co.		101,367
	Industrial Conglomerates – 5.0%
	5,330	General Electric Co.		166,509
	Insurance – 2.7%
	2,042	MetLife, Inc.		88,623
	Internet & Direct Marketing Retail – 2.4%
	735	Expedia, Inc.		80,203
	Internet Software & Services* – 7.7%
	172	Alphabet, Inc. Class A		135,854
	3,726	eBay, Inc.		119,828
				255,682
	Media* – 3.3%
	2,216	DISH Network Corp. Class A		111,310
	Oil, Gas & Consumable Fuels – 6.9%
	641	Chevron Corp.		64,472
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	2,538	ConocoPhillips	$	104,185
	4,397	Southwestern Energy Co.*		61,162
				229,819
	Pharmaceuticals – 8.2%
	353	Allergan PLC*		82,793
	1,040	Eli Lilly & Co.		80,860
	3,123	Pfizer, Inc.		108,680
				272,333
	Specialty Retail – 2.4%
	1,541	Williams-Sonoma, Inc.		81,118
	Technology Hardware, Storage & Peripherals – 4.1%
	1,290	Apple, Inc.		136,869
	TOTAL COMMON STOCKS
	(Cost $2,942,236)		$	3,169,741

Shares	Distribution Rate	Value
Investment Companies(a)(b) – 3.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
98,592	0.270%	$	98,592
(Cost $98,592)
TOTAL INVESTMENTS – 98.2%
(Cost $3,040,828)		$	3,268,333
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			61,502
NET ASSETS – 100.0%		$	3,329,835

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 Fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS GROWTH AND INCOME FUND

Shares		Description	Value
	Common Stocks – 94.9%
	Aerospace & Defense – 1.3%
	52,371	United Technologies Corp.	$	5,573,846
	Air Freight & Logistics – 1.9%
	71,159	United Parcel Service, Inc. Class B		7,771,986
	Banks – 14.5%
	741,700	Bank of America Corp.		11,971,038
	174,658	BB&T Corp.		6,724,333
	87,456	Citigroup, Inc.		4,175,149
	189,351	JPMorgan Chase & Co.		12,781,193
	347,158	Regions Financial Corp.		3,461,165
	420,059	Wells Fargo & Co.		21,338,997
				60,451,875
	Capital Markets – 1.9%
	133,236	AllianceBernstein Holding LP		2,916,536
	151,749	Morgan Stanley		4,865,073
				7,781,609
	Chemicals – 1.9%
	110,813	E.I. du Pont de Nemours & Co.		7,712,585
	Communications Equipment – 2.8%
	367,506	Cisco Systems, Inc.		11,554,389
	Consumer Finance – 2.8%
	111,182	American Express Co.		7,291,316
	63,584	Capital One Financial Corp.		4,552,614
				11,843,930
	Diversified Telecommunication Services – 4.0%
	321,149	Verizon Communications, Inc.		16,805,727
	Electric Utilities – 6.0%
	61,916	Duke Energy Corp.		4,932,229
	120,693	FirstEnergy Corp.		3,950,282
	28,096	NextEra Energy, Inc.		3,397,930
	88,743	PG&E Corp.		5,496,741
	60,020	Pinnacle West Capital Corp.		4,503,901
	75,847	PPL Corp.		2,637,959
				24,919,042
	Energy Equipment & Services – 1.2%
	61,544	Baker Hughes, Inc.		3,023,657
	26,531	Schlumberger Ltd.		2,095,949
				5,119,606
	Equity Real Estate Investment Trusts (REITs) – 0.8%
	151,455	RLJ Lodging Trust		3,534,960
	Food & Staples Retailing – 3.4%
	113,504	Wal-Mart Stores, Inc.		8,108,726
	203,966	Whole Foods Market, Inc.		6,196,487
				14,305,213
	Food Products – 1.1%
	99,897	Mondelez International, Inc. Class A		4,497,363
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 2.1%
	203,394	Abbott Laboratories	$	8,546,616
	Household Durables – 1.0%
	77,584	Newell Brands, Inc.		4,118,159
	Household Products – 3.0%
	143,807	The Procter & Gamble Co.		12,555,789
	Independent Power and Renewable Electricity Producers – 0.4%
	146,720	NRG Energy, Inc.		1,776,779
	Industrial Conglomerates – 4.0%
	532,142	General Electric Co.		16,624,116
	Insurance – 4.2%
	90,968	Lincoln National Corp.		4,369,193
	126,554	MetLife, Inc.		5,492,444
	128,572	The Hartford Financial Services Group, Inc.		5,280,452
	63,696	XL Group Ltd.		2,180,314
				17,322,403
	Leisure Products – 0.8%
	95,976	Mattel, Inc.		3,179,685
	Media – 3.4%
	68,565	Comcast Corp. Class A		4,474,552
	78,293	DISH Network Corp. Class A*		3,932,657
	138,596	Viacom, Inc. Class B		5,590,963
				13,998,172
	Oil, Gas & Consumable Fuels – 9.7%
	47,893	Apache Corp.		2,380,282
	233,122	BP PLC ADR		7,893,511
	85,861	Chevron Corp.		8,635,900
	196,446	ConocoPhillips		8,064,108
	153,816	Exxon Mobil Corp.		13,403,526
				40,377,327
	Pharmaceuticals – 10.4%
	65,286	Eli Lilly & Co.		5,075,987
	108,575	Johnson & Johnson		12,957,340
	89,275	Merck & Co., Inc.		5,605,577
	557,834	Pfizer, Inc.		19,412,623
				43,051,527
	Road & Rail – 1.5%
	63,272	Union Pacific Corp.		6,044,374
	Semiconductors & Semiconductor Equipment – 3.4%
	145,696	Intel Corp.		5,229,029
	118,109	Maxim Integrated Products, Inc.		4,809,399
	61,978	QUALCOMM, Inc.		3,908,952
				13,947,380
	Software – 3.5%
	173,039	Microsoft Corp.		9,942,821
	115,998	Oracle Corp.		4,781,437
				14,724,258

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

GOLDMAN SACHS GROWTH AND INCOME FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 1.2%
	96,335	Williams-Sonoma, Inc.	$	5,071,074
	Technology Hardware, Storage & Peripherals – 1.1%
	42,512	Apple, Inc.		4,510,523
	Tobacco – 1.6%
	97,765	Altria Group, Inc.		6,461,289
	TOTAL COMMON STOCKS
	(Cost $353,790,474)		$	394,181,602

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment(a) – 4.0%
	Repurchase Agreements – 4.0%
	Joint Repurchase Agreement Account II
$	16,400,000		0.334	%		09/01/16	$	16,400,000
	(Cost $16,400,000)
	TOTAL INVESTMENTS – 98.9%
	(Cost $370,190,474)						$	410,581,602
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%							4,754,579
	NET ASSETS – 100.0%						$	415,336,181

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on page 63.

Investment Abbreviations:
ADR	—American Depositary Receipt
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 97.0%
	Aerospace & Defense – 2.3%
	273,500	United Technologies Corp.	$	29,108,605
	Banks – 14.8%
	3,660,500	Bank of America Corp.		59,080,470
	336,204	Citigroup, Inc.		16,050,379
	584,475	JPMorgan Chase & Co.		39,452,062
	1,072,348	Regions Financial Corp.		10,691,310
	1,258,465	Wells Fargo & Co.		63,930,022
				189,204,243
	Biotechnology* – 2.8%
	30,972	Biogen, Inc.		9,465,972
	114,802	Celgene Corp.		12,253,966
	144,594	Vertex Pharmaceuticals, Inc.		13,665,579
				35,385,517
	Capital Markets – 1.7%
	660,699	Morgan Stanley		21,182,010
	Chemicals – 1.8%
	331,011	E.I. du Pont de Nemours & Co.		23,038,366
	Communications Equipment – 1.8%
	729,091	Cisco Systems, Inc.		22,922,621
	Consumer Finance – 3.1%
	341,469	American Express Co.		22,393,537
	249,690	Capital One Financial Corp.		17,877,804
				40,271,341
	Containers & Packaging – 0.8%
	125,340	Ball Corp.		9,925,675
	Diversified Telecommunication Services – 4.0%
	975,857	Verizon Communications, Inc.		51,066,597
	Electric Utilities – 4.7%
	185,353	Duke Energy Corp.		14,765,220
	234,206	FirstEnergy Corp.		7,665,562
	153,003	NextEra Energy, Inc.		18,504,183
	320,032	PG&E Corp.		19,822,782
				60,757,747
	Electronic Equipment, Instruments & Components – 1.3%
	428,323	Corning, Inc.		9,718,649
	103,572	TE Connectivity Ltd.		6,584,072
				16,302,721
	Energy Equipment & Services – 1.5%
	123,946	Baker Hughes, Inc.		6,089,467
	380,764	National Oilwell Varco, Inc.		12,770,825
				18,860,292
	Equity Real Estate Investment Trusts (REITs) – 1.4%
	48,402	AvalonBay Communities, Inc.		8,470,834
	96,155	Vornado Realty Trust		9,933,773
				18,404,607
	Common Stocks – (continued)
	Food & Staples Retailing – 2.2%
	260,667	Wal-Mart Stores, Inc.		18,622,050
	324,115	Whole Foods Market, Inc.		9,846,614
				28,468,664
	Food Products – 0.6%
	178,907	Mondelez International, Inc. Class A		8,054,393
	Health Care Equipment & Supplies – 2.7%
	629,416	Abbott Laboratories		26,448,060
	98,496	Medtronic PLC		8,572,107
				35,020,167
	Health Care Providers & Services – 1.3%
	83,144	Aetna, Inc.		9,737,825
	38,363	Humana, Inc.		6,855,852
				16,593,677
	Household Durables – 1.0%
	243,638	Newell Brands, Inc.		12,932,305
	Household Products – 3.6%
	78,719	Kimberly-Clark Corp.		10,080,755
	414,634	The Procter & Gamble Co.		36,201,695
				46,282,450
	Industrial Conglomerates – 4.5%
	1,849,963	General Electric Co.		57,792,844
	Insurance – 4.9%
	285,585	Lincoln National Corp.		13,716,647
	448,650	MetLife, Inc.		19,471,410
	395,508	The Hartford Financial Services Group, Inc.		16,243,514
	383,707	XL Group Ltd.		13,134,291
				62,565,862
	Internet & Direct Marketing Retail – 0.7%
	88,088	Expedia, Inc.		9,612,163
	Internet Software & Services* – 3.0%
	26,544	Alphabet, Inc. Class A		20,965,779
	526,914	eBay, Inc.		16,945,554
				37,911,333
	Leisure Products – 0.8%
	295,696	Mattel, Inc.		9,796,408
	Media – 2.1%
	115,100	Comcast Corp. Class A		7,511,426
	276,081	DISH Network Corp. Class A*		13,867,548
	125,629	Viacom, Inc. Class B		5,067,874
				26,446,848
	Metals & Mining – 0.5%
	648,800	Freeport-McMoRan, Inc.		6,676,152
	Oil, Gas & Consumable Fuels – 9.8%
	147,810	Apache Corp.		7,346,157

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	569,174	BP PLC ADR	$	19,272,231
	241,731	Chevron Corp.		24,313,304
	591,234	ConocoPhillips		24,270,156
	416,527	Exxon Mobil Corp.		36,296,163
	1,037,529	Southwestern Energy Co.*		14,432,028
				125,930,039
	Pharmaceuticals – 8.0%
	112,541	Allergan PLC*		26,395,366
	227,693	Johnson & Johnson		27,172,883
	325,650	Merck & Co., Inc.		20,447,563
	821,392	Pfizer, Inc.		28,584,442
				102,600,254
	Road & Rail – 1.6%
	220,023	Union Pacific Corp.		21,018,797
	Semiconductors & Semiconductor Equipment – 1.4%
	286,536	QUALCOMM, Inc.		18,071,825
	Software – 3.3%
	123,608	Microsoft Corp.		7,102,516
	469,192	Oracle Corp.		19,340,094
	647,449	Symantec Corp.		15,622,944
				42,065,554
	Technology Hardware, Storage & Peripherals – 1.5%
	182,681	Apple, Inc.		19,382,454
	Textiles, Apparel & Luxury Goods – 0.7%
	149,372	VF Corp.		9,268,533
	Tobacco – 0.8%
	198,555	Reynolds American, Inc.		9,842,372
	TOTAL COMMON STOCKS
	(Cost $1,081,450,141)		$	1,242,763,436

Shares	Distribution Rate	Value
Investment Companies(a)(b) – 0.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,290,933	0.270%	$	6,290,933
(Cost $6,290,933)
TOTAL INVESTMENTS – 97.5%
(Cost $1,087,741,074)		$	1,249,054,369
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%			31,792,699
NET ASSETS – 100.0%		$	1,280,847,068

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 Fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

Investment Abbreviations:
ADR	—American Depositary Receipt
BP	—British Pound Offered Rate
PLC	—Public Limited Company

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 96.8%
	Aerospace & Defense – 2.4%
	297,415	L-3 Communications Holdings, Inc.	$	44,261,300
	499,420	Orbital ATK, Inc.		37,671,251
	1,478,888	Textron, Inc.		60,412,575
				142,345,126
	Airlines* – 0.8%
	3,001,432	JetBlue Airways Corp.		47,872,840
	Auto Components – 0.7%
	608,472	Delphi Automotive PLC		42,994,632
	Banks – 5.7%
	4,734,078	Citizens Financial Group, Inc.		117,263,112
	1,388,844	Comerica, Inc.		65,678,433
	12,073,942	Huntington Bancshares, Inc.		120,860,159
	297,415	Signature Bank*		36,287,604
				340,089,308
	Beverages – 1.2%
	687,601	Molson Coors Brewing Co. Class B		70,355,334
	Biotechnology* – 1.0%
	193,821	BioMarin Pharmaceutical, Inc.		18,197,854
	452,626	Vertex Pharmaceuticals, Inc.		42,777,683
				60,975,537
	Building Products – 0.8%
	709,430	Fortune Brands Home & Security, Inc.		45,091,371
	Capital Markets – 1.1%
	1,129,631	Raymond James Financial, Inc.		65,710,635
	Chemicals – 1.8%
	1,124,173	Axalta Coating Systems Ltd.*		32,173,831
	1,156,917	Celanese Corp. Series A		74,540,163
				106,713,994
	Commercial Services & Supplies* – 1.2%
	938,630	Waste Connections, Inc.		71,739,491
	Communications Equipment – 2.0%
	5,748,968	Brocade Communications Systems, Inc.		51,625,733
	242,844	F5 Networks, Inc.*		29,804,244
	4,783,191	Viavi Solutions, Inc.*		37,213,226
				118,643,203
	Construction Materials – 1.3%
	424,093	Martin Marietta Materials, Inc.		77,621,742
	Consumer Finance – 3.1%
	9,602,829	SLM Corp.*		71,204,977
	4,068,304	Synchrony Financial		113,220,900
				184,425,877
	Common Stocks – (continued)
	Containers & Packaging – 1.1%
	1,199,050	Bemis Co., Inc.		63,070,030
	Diversified Financial Services – 0.5%
	1,000,469	Voya Financial, Inc.		29,253,714
	Diversified Telecommunication Services* – 1.1%
	1,298,353	Level 3 Communications, Inc.		64,437,259
	Electric Utilities – 4.7%
	1,656,245	FirstEnergy Corp.		54,208,899
	1,042,316	PG&E Corp.		64,561,053
	562,087	Pinnacle West Capital Corp.		42,179,008
	1,260,601	PPL Corp.		43,843,703
	1,828,145	Xcel Energy, Inc.		75,612,077
				280,404,740
	Electrical Equipment – 1.5%
	1,189,658	AMETEK, Inc.		57,995,827
	289,229	Hubbell, Inc.		31,326,393
				89,322,220
	Electronic Equipment, Instruments & Components – 0.4%
	1,135,088	Corning, Inc.		25,755,147
	Energy Equipment & Services – 1.2%
	643,945	Baker Hughes, Inc.		31,637,018
	1,339,730	FMC Technologies, Inc.*		37,780,386
				69,417,404
	Equity Real Estate Investment Trusts (REITs) – 11.9%
	4,584,006	Brixmor Property Group, Inc.		130,919,211
	5,468,063	DDR Corp.		103,401,071
	379,272	Federal Realty Investment Trust		60,304,248
	581,186	Mid-America Apartment Communities, Inc.		54,625,672
	450,215	Post Properties, Inc.		29,840,250
	3,034,175	RLJ Lodging Trust		70,817,645
	774,318	Taubman Centers, Inc.		60,141,279
	987,744	Ventas, Inc.		71,779,357
	1,233,315	Vornado Realty Trust		127,413,773
				709,242,506
	Food & Staples Retailing – 0.6%
	1,238,774	Whole Foods Market, Inc.		37,633,954
	Food Products – 1.3%
	1,680,802	ConAgra Foods, Inc.		78,342,181
	Gas Utilities – 0.6%
	466,587	Atmos Energy Corp.		34,387,462
	Health Care Equipment & Supplies – 1.6%
	733,987	Zimmer Biomet Holdings, Inc.		95,132,055
	Health Care Providers & Services* – 2.8%
	1,312,515	Centene Corp.		89,631,649
	548,444	Laboratory Corp. of America Holdings		75,098,437
				164,730,086

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure* – 0.3%
	744,900	MGM Resorts International	$	17,795,661
	Insurance – 6.4%
	1,214,216	Arthur J. Gallagher & Co.		59,994,413
	886,787	Endurance Specialty Holdings Ltd.		58,394,924
	1,156,917	Lincoln National Corp.		55,566,723
	1,871,551	The Hartford Financial Services Group, Inc.		76,864,600
	1,262,252	W.R. Berkley Corp.		74,939,901
	1,710,817	XL Group Ltd.		58,561,266
				384,321,827
	Internet & Direct Marketing Retail – 2.1%
	744,901	Expedia, Inc.		81,283,597
	2,122,831	Liberty Interactive Corp. QVC Group Class A*		44,855,419
				126,139,016
	Internet Software & Services – 1.1%
	1,096,350	IAC/InterActiveCorp.		64,366,709
	IT Services – 1.0%
	761,273	Fidelity National Information Services, Inc.		60,391,787
	Leisure Products – 0.4%
	712,159	Mattel, Inc.		23,593,828
	Machinery – 4.5%
	1,293,345	Ingersoll-Rand PLC		87,934,527
	1,503,946	Pentair PLC		96,327,741
	695,787	Stanley Black & Decker, Inc.		86,103,641
				270,365,909
	Media – 2.0%
	1,129,631	DISH Network Corp. Class A*		56,741,365
	840,402	Liberty SiriusXM Group Class C*		27,926,558
	864,958	Viacom, Inc. Class B		34,892,406
				119,560,329
	Metals & Mining – 1.7%
	5,023,305	Freeport-McMoRan, Inc.		51,689,809
	1,361,559	Newmont Mining Corp.		52,066,016
				103,755,825
	Mortgage Real Estate Investment Trusts (REITs) – 2.1%
	5,967,393	MFA Financial, Inc.		46,068,274
	2,302,918	Starwood Property Trust, Inc.		52,736,822
	2,857,968	Two Harbors Investment Corp.		25,435,915
				124,241,011
	Multi-Utilities – 3.4%
	1,039,588	CMS Energy Corp.		43,631,508
	818,573	SCANA Corp.		57,832,183
	944,087	Sempra Energy		98,779,823
				200,243,514
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 8.8%
	1,011,850	Anadarko Petroleum Corp.		54,103,619
	2,432,801	Antero Resources Corp.*		62,182,394
	1,476,159	Cabot Oil & Gas Corp.		36,357,796
	521,159	Cimarex Energy Co.		68,886,797
	1,678,073	Devon Energy Corp.		72,710,903
	6,166,578	Encana Corp.		58,829,154
	1,135,088	Gulfport Energy Corp.*		32,463,517
	1,435,230	Newfield Exploration Co.*		62,231,573
	444,758	Pioneer Natural Resources Co.		79,633,920
				527,399,673
	Personal Products* – 0.7%
	537,529	Edgewell Personal Care Co.		43,007,695
	Pharmaceuticals – 1.2%
	807,659	Perrigo Co. PLC		73,488,892
	Road & Rail* – 0.6%
	504,786	Old Dominion Freight Line, Inc.		35,905,428
	Semiconductors & Semiconductor Equipment – 2.0%
	1,192,387	Intersil Corp. Class A		23,537,719
	886,787	Maxim Integrated Products, Inc.		36,109,967
	371,086	Skyworks Solutions, Inc.		27,779,498
	586,643	Xilinx, Inc.		31,801,917
				119,229,101
	Software – 2.2%
	802,201	Check Point Software Technologies Ltd.*		61,560,905
	2,895,017	Symantec Corp.		69,856,760
				131,417,665
	Specialty Retail – 2.1%
	2,051,889	Sally Beauty Holdings, Inc.*		55,852,419
	370,350	Tractor Supply Co.		31,090,882
	692,225	Williams-Sonoma, Inc.		36,438,724
				123,382,025
	Textiles, Apparel & Luxury Goods – 1.1%
	1,290,617	Kate Spade & Co.*		24,082,913
	709,430	VF Corp.		44,020,132
				68,103,045
	Water Utilities – 0.7%
	573,001	American Water Works Co., Inc.		42,396,344
	TOTAL COMMON STOCKS
	(Cost $5,095,456,742)		$	5,774,813,132

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

GOLDMAN SACHS MID CAP VALUE FUND

Shares	Distribution Rate	Value
Investment Companies(a)(b) – 1.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
81,376,569	0.270%	$	81,376,569
(Cost $81,376,569)
TOTAL INVESTMENTS – 98.2%
(Cost $5,176,833,311)		$	5,856,189,701
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			108,195,340
NET ASSETS – 100.0%		$	5,964,385,041

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 Fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.8%
	Aerospace & Defense – 1.9%
	432,627	Curtiss-Wright Corp.	$	38,893,167
	351,219	Esterline Technologies Corp.*		27,026,302
	408,795	KLX, Inc.*		15,264,405
	590,254	Moog, Inc. Class A*		34,819,084
				116,002,958
	Air Freight & Logistics – 1.3%
	663,222	Forward Air Corp.		30,561,270
	1,330,959	XPO Logistics, Inc.*		47,648,332
				78,209,602
	Auto Components – 0.3%
	48,142	Standard Motor Products, Inc.		2,157,243
	744,402	Tower International, Inc.		18,088,969
				20,246,212
	Banks – 18.2%
	582,880	Ameris Bancorp		20,295,882
	1,028,151	BancorpSouth, Inc.		25,600,960
	721,258	Bank of the Ozarks, Inc.		28,258,888
	670,795	Banner Corp.		29,702,803
	853,177	BNC Bancorp		20,962,559
	1,725,006	Boston Private Financial Holdings, Inc.		22,218,077
	1,345,320	Brookline Bancorp, Inc.		16,063,121
	427,462	CenterState Banks, Inc.		7,685,767
	966,062	CoBiz, Inc.		12,684,394
	1,203,618	Columbia Banking System, Inc.		39,767,539
	727,983	Community Bank System, Inc.		34,542,793
	671,867	ConnectOne Bancorp, Inc.		11,952,514
	311,200	CU Bancorp*		7,531,040
	2,226,947	CVB Financial Corp.		39,617,387
	970,689	First Financial Bankshares, Inc.		35,546,631
	1,042,376	First Merchants Corp.		28,300,508
	1,209,930	First Midwest Bancorp, Inc.		23,678,330
	797,909	Flushing Financial Corp.		18,503,510
	1,269,354	Glacier Bancorp, Inc.		38,004,459
	1,228,146	Great Western Bancorp, Inc.		42,051,719
	658,665	Heritage Financial Corp.		12,172,129
	1,500,454	Home BancShares, Inc.		35,110,624
	591,376	Independent Bank Corp.		31,331,100
	259,045	Independent Bank Group, Inc.		11,377,256
	462,729	Lakeland Financial Corp.		16,584,207
	1,458,661	LegacyTexas Financial Group, Inc.		44,241,188
	1,322,587	MB Financial, Inc.		51,818,959
	805,977	PacWest Bancorp		34,906,864
	791,028	Pinnacle Financial Partners, Inc.		44,843,377
	1,347,491	PrivateBancorp, Inc.		61,917,211
	842,631	Prosperity Bancshares, Inc.		46,740,742
	931,659	Renasant Corp.		33,027,312
	389,935	Sandy Spring Bancorp, Inc.		12,294,651
	518,833	South State Corp.		39,426,120
	335,835	Southwest Bancorp, Inc.		6,575,649
	872,278	State Bank Financial Corp.		20,114,731
	476,129	Texas Capital Bancshares, Inc.*		25,006,295
	282,293	The First of Long Island Corp.		9,259,210
	Common Stocks – (continued)
	Banks – (continued)
	465,921	TriCo Bancshares		12,598,504
	1,834,169	Webster Financial Corp.		70,853,948
				1,123,168,958
	Building Products* – 1.3%
	895,812	Continental Building Products, Inc.		19,895,984
	655,501	Gibraltar Industries, Inc.		25,013,918
	534,668	Masonite International Corp.		35,678,396
				80,588,298
	Capital Markets – 1.8%
	437,106	Golub Capital BDC, Inc.		8,357,467
	150,066	MarketAxess Holdings, Inc.		25,292,124
	444,924	New Mountain Finance Corp.		6,344,616
	1,472,182	OM Asset Management PLC		19,874,457
	1,020,958	Stifel Financial Corp.*		40,174,697
	568,917	Virtu Financial, Inc. Class A		9,279,036
				109,322,397
	Chemicals – 2.4%
	40,765	Methanex Corp.		1,182,185
	627,283	Minerals Technologies, Inc.		44,267,361
	345,616	Olin Corp.		7,479,130
	608,449	PolyOne Corp.		20,973,237
	173,286	Quaker Chemical Corp.		17,328,600
	375,931	Trinseo SA		21,751,368
	471,941	W.R. Grace & Co.		36,872,751
				149,854,632
	Commercial Services & Supplies – 1.8%
	1,233,766	ABM Industries, Inc.		47,413,627
	253,571	G&K Services, Inc. Class A		24,680,066
	686,627	Mobile Mini, Inc.		20,530,147
	324,284	MSA Safety, Inc.		18,889,543
				111,513,383
	Communications Equipment* – 2.1%
	1,647,328	Ixia		18,993,692
	1,099,072	NetScout Systems, Inc.		32,510,550
	2,847,714	Polycom, Inc.		35,425,562
	1,048,637	Radware Ltd.		14,209,031
	3,647,758	Viavi Solutions, Inc.		28,379,557
				129,518,392
	Construction & Engineering – 0.7%
	761,377	EMCOR Group, Inc.		43,596,447
	Construction Materials – 1.0%
	424,225	Eagle Materials, Inc.		34,094,963
	1,364,139	Summit Materials, Inc. Class A*		26,928,104
				61,023,067
	Containers & Packaging – 1.2%
	1,090,321	Berry Plastics Group, Inc.*		49,489,670
	1,916,658	Graphic Packaging Holding Co.		27,484,876
				76,974,546

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
	Common Stocks – (continued)
	Distributors – 0.4%
	627,338	Core-Mark Holding Co., Inc.	$	23,932,945
	Electric Utilities – 2.2%
	601,514	IDACORP, Inc.		45,757,170
	1,358,749	PNM Resources, Inc.		43,194,631
	1,061,566	Portland General Electric Co.		44,702,544
				133,654,345
	Electrical Equipment – 0.6%
	259,283	EnerSys		18,248,338
	888,976	Thermon Group Holdings, Inc.*		16,739,418
				34,987,756
	Electronic Equipment, Instruments & Components – 1.9%
	420,542	Anixter International, Inc.*		26,889,456
	1,061,292	CTS Corp.		20,461,710
	99,494	Littelfuse, Inc.		12,615,839
	573,608	Plexus Corp.*		26,472,009
	274,147	SYNNEX Corp.		29,106,187
				115,545,201
	Equity Real Estate Investment Trusts (REITs) – 10.5%
	1,668,734	Acadia Realty Trust		61,643,034
	1,791,135	Care Capital Properties, Inc.		53,716,139
	2,547,277	Chesapeake Lodging Trust		64,904,618
	560,689	Columbia Property Trust, Inc.		13,221,047
	1,879,716	CubeSmart		51,748,582
	1,264,473	CyrusOne, Inc.		64,285,807
	451,356	Highwoods Properties, Inc.		23,939,922
	929,775	Hudson Pacific Properties, Inc.		31,119,569
	491,210	Life Storage, Inc.		44,208,900
	2,686,358	Pebblebrook Hotel Trust		80,698,194
	685,816	Post Properties, Inc.		45,455,884
	299,478	PS Business Parks, Inc.		33,176,173
	1,308,428	RLJ Lodging Trust		30,538,710
	1,949,092	Terreno Realty Corp.		52,157,702
				650,814,281
	Food & Staples Retailing* – 0.1%
	644,202	SUPERVALU, Inc.		3,530,227
	Food Products – 2.0%
	1,183,031	AdvancePierre Foods Holdings, Inc.		29,942,514
	434,478	Pinnacle Foods, Inc.		22,006,311
	129,801	Post Holdings, Inc.*		11,004,529
	610,934	TreeHouse Foods, Inc.*		57,873,778
				120,827,132
	Gas Utilities – 2.3%
	1,057,607	New Jersey Resources Corp.		35,577,900
	908,418	South Jersey Industries, Inc.		26,961,846
	538,771	Southwest Gas Corp.		37,616,991
	685,537	WGL Holdings, Inc.		43,079,145
				143,235,882
	Health Care Equipment & Supplies – 1.2%
	647,489	CONMED Corp.		26,417,551
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	1,041,329	Endologix, Inc.*		12,662,561
	303,991	Integra LifeSciences Holdings Corp.*		26,270,902
	297,018	Wright Medical Group NV*		7,354,166
				72,705,180
	Health Care Providers & Services – 1.8%
	538,229	Air Methods Corp.*		18,934,896
	420,594	American Renal Associates Holdings, Inc.*		8,929,211
	384,431	Amsurg Corp.*		24,957,260
	375,117	HealthSouth Corp.		15,271,013
	483,092	Team Health Holdings, Inc.*		16,086,964
	398,194	VCA, Inc.*		28,196,117
				112,375,461
	Health Care Technology* – 0.2%
	653,828	HMS Holdings Corp.		14,259,989
	Hotels, Restaurants & Leisure – 2.1%
	698,289	Extended Stay America, Inc.		9,880,789
	436,243	Jack in the Box, Inc.		43,388,729
	369,752	Marriott Vacations Worldwide Corp.		28,507,879
	298,219	Vail Resorts, Inc.		47,246,836
				129,024,233
	Household Durables – 0.7%
	599,047	CalAtlantic Group, Inc.		21,859,225
	399,017	Meritage Homes Corp.*		14,324,711
	474,773	William Lyon Homes Class A*		8,189,834
				44,373,770
	Household Products – 1.0%
	466,619	Spectrum Brands Holdings, Inc.		62,620,270
	Independent Power and Renewable Electricity Producers* – 0.2%
	915,414	Dynegy, Inc.		11,598,295
	Insurance – 3.9%
	291,814	AMERISAFE, Inc.		17,511,758
	797,034	AmTrust Financial Services, Inc.		21,113,431
	2,769,847	CNO Financial Group, Inc.		45,010,014
	448,861	Endurance Specialty Holdings Ltd.		29,557,497
	86,280	Enstar Group Ltd.*		14,373,385
	239,125	Kinsale Capital Group, Inc.*		4,973,800
	2,005,229	Maiden Holdings Ltd.		27,692,212
	1,405,223	National General Holdings Corp.		32,025,032
	390,781	ProAssurance Corp.		21,500,771
	404,559	RLI Corp.		28,715,598
				242,473,498
	Internet Software & Services* – 0.1%
	189,306	Cornerstone OnDemand, Inc.		8,314,319
	IT Services – 1.3%
	937,358	Convergys Corp.		27,961,389
	218,303	DST Systems, Inc.		26,525,998

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	401,325	MAXIMUS, Inc.	$	23,605,936
				78,093,323
	Life Sciences Tools & Services* – 0.8%
	465,434	PRA Health Sciences, Inc.		23,527,689
	926,051	VWR Corp.		25,846,083
				49,373,772
	Machinery – 3.2%
	731,615	Barnes Group, Inc.		30,244,964
	287,405	CLARCOR, Inc.		18,816,405
	792,733	ITT, Inc.		28,681,080
	158,027	RBC Bearings, Inc.*		12,498,356
	820,362	Rexnord Corp.*		18,138,204
	144,002	Standex International Corp.		12,123,528
	1,183,068	TriMas Corp.*		22,691,244
	442,502	Watts Water Technologies, Inc. Class A		28,497,129
	409,015	Woodward, Inc.		25,653,421
				197,344,331
	Media – 1.4%
	2,017,879	Live Nation Entertainment, Inc.*		53,917,727
	628,468	Nexstar Broadcasting Group, Inc. Class A		33,132,833
				87,050,560
	Metals & Mining – 1.4%
	858,723	Commercial Metals Co.		13,327,381
	2,435,050	Hecla Mining Co.		13,587,579
	334,020	Kaiser Aluminum Corp.		28,468,525
	271,420	Royal Gold, Inc.		19,900,514
	716,337	United States Steel Corp.		13,925,591
				89,209,590
	Mortgage Real Estate Investment Trusts (REITs) – 2.1%
	1,566,540	Blackstone Mortgage Trust, Inc. Class A		46,714,223
	4,328,203	MFA Financial, Inc.		33,413,727
	563,973	Pennymac Mortgage Investment Trust		8,594,948
	4,537,293	Two Harbors Investment Corp.		40,381,908
				129,104,806
	Multi-Utilities – 1.1%
	573,686	Black Hills Corp.		33,566,368
	570,823	NorthWestern Corp.		33,004,986
				66,571,354
	Oil, Gas & Consumable Fuels – 5.3%
	699,062	Carrizo Oil & Gas, Inc.*		26,767,084
	1,506,620	Golar LNG Ltd.		31,382,894
	1,249,937	Memorial Resource Development Corp.*		17,999,093
	1,077,709	Parsley Energy, Inc. Class A*		36,480,450
	666,534	PBF Energy, Inc. Class A		14,597,095
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	643,810	PDC Energy, Inc.*		42,748,984
	2,163,301	Rice Energy, Inc.*		56,894,816
	1,337,027	RSP Permian, Inc.*		52,210,904
	2,754,932	Synergy Resources Corp.*		18,044,805
	1,206,083	Whiting Petroleum Corp.*		8,792,345
	1,812,878	WPX Energy, Inc.*		21,754,536
				327,673,006
	Paper & Forest Products – 0.1%
	421,778	Mercer International, Inc.		3,504,975
	Pharmaceuticals* – 0.5%
	608,269	Catalent, Inc.		15,346,627
	341,976	Prestige Brands Holdings, Inc.		16,459,305
				31,805,932
	Professional Services* – 0.4%
	697,823	On Assignment, Inc.		26,314,905
	Real Estate Management & Development – 0.8%
	2,093,372	Kennedy-Wilson Holdings, Inc.		46,179,786
	Semiconductors & Semiconductor Equipment – 3.8%
	325,152	Cabot Microelectronics Corp.		16,166,558
	1,808,886	Cypress Semiconductor Corp.		21,580,010
	2,491,604	Entegris, Inc.*		42,456,932
	749,866	Fairchild Semiconductor International, Inc.*		14,922,333
	3,239,141	Intersil Corp. Class A		63,940,643
	611,323	MKS Instruments, Inc.		29,795,883
	1,124,347	Semtech Corp.*		29,907,630
	313,978	Silicon Laboratories, Inc.*		17,990,940
				236,760,929
	Software – 2.3%
	677,163	Bottomline Technologies de, Inc.*		15,635,694
	574,021	CommVault Systems, Inc.*		29,585,042
	1,316,236	Mentor Graphics Corp.		31,602,826
	103,640	MicroStrategy, Inc. Class A*		17,286,116
	1,488,522	Verint System, Inc.*		50,788,371
				144,898,049
	Specialty Retail – 3.2%
	1,698,638	American Eagle Outfitters, Inc.		31,492,749
	205,832	Ascena Retail Group, Inc.*		1,675,472
	979,075	Boot Barn Holdings, Inc.*		12,120,948
	771,777	Burlington Stores, Inc.*		62,683,728
	199,858	CST Brands, Inc.		9,555,211
	287,787	Lithia Motors, Inc. Class A		23,820,130
	171,680	Monro Muffler Brake, Inc.		9,684,469
	421,410	Murphy USA, Inc.*		30,813,499
	306,878	Office Depot, Inc.		1,129,311
	678,381	Party City Holdco, Inc.*		11,817,397
				194,792,914
	Technology Hardware, Storage & Peripherals* – 0.5%
	669,910	Electronics for Imaging, Inc.		31,539,363

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – 0.8%
	369,401	Columbia Sportswear Co.	$	20,749,254
	249,859	Deckers Outdoor Corp.*		16,328,285
	283,745	G-III Apparel Group Ltd.*		8,957,830
	168,045	Steven Madden Ltd.*		5,896,699
				51,932,068
	Thrifts & Mortgage Finance – 1.9%
	501,953	Dime Community Bancshares, Inc.		8,864,490
	970,536	EverBank Financial Corp.		18,624,586
	377,276	OceanFirst Financial, Corp.		7,477,610
	642,948	Oritani Financial Corp.		10,332,174
	1,169,082	Provident Financial Services, Inc.		25,217,099
	2,242,799	Radian Group, Inc.		30,748,774
	482,165	WSFS Financial Corp.		18,756,219
				120,020,952
	Trading Companies & Distributors – 2.3%
	726,330	Beacon Roofing Supply, Inc.*		33,396,653
	213,738	GMS, Inc.*		5,230,169
	631,824	Kaman Corp.		28,362,579
	1,057,097	NOW, Inc.*		21,818,482
	1,636,052	Univar, Inc.*		33,849,916
	305,386	WESCO International, Inc.*		18,982,794
				141,640,593
	Water Utilities – 0.4%
	730,218	California Water Service Group		22,264,347
	TOTAL COMMON STOCKS
	(Cost $4,761,501,821)		$	6,100,367,231
	Exchange Traded Fund – 0.5%
	297,978	iShares Russell 2000 Value ETF (Cost $28,769,061)		31,094,004

Shares	Distribution Rate	Value
Investment Companies(a)(b) – 0.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,568	0.270%	$	1,568
(Cost $1,568)
TOTAL INVESTMENTS – 99.3%
(Cost $4,790,272,450)		$	6,131,462,803
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			43,192,281
NET ASSETS – 100.0%		$	6,174,655,084

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 Fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Common Stocks – 98.1%
	Aerospace & Defense – 0.6%
	2,916	Curtiss-Wright Corp.	$	262,148
	Air Freight & Logistics* – 0.6%
	6,897	XPO Logistics, Inc.		246,913
	Auto Components – 0.9%
	1,719	Lear Corp.		199,902
	7,737	Valeo SA ADR		199,963
				399,865
	Banks – 11.1%
	5,964	Bank of Hawaii Corp.		429,647
	5,102	Bank of the Ozarks, Inc.		199,896
	9,138	BankUnited, Inc.		293,787
	13,061	East West Bancorp, Inc.		485,086
	4,809	First Republic Bank		370,101
	7,080	Glacier Bancorp, Inc.		211,975
	10,141	Home BancShares, Inc.		237,299
	8,509	PacWest Bancorp		368,525
	7,155	PrivateBancorp, Inc.		328,772
	4,111	Prosperity Bancshares, Inc.		228,037
	3,410	Signature Bank*		416,054
	2,930	South State Corp.		222,651
	14,026	Synovus Financial Corp.		463,980
	2,956	Texas Capital Bancshares, Inc.*		155,249
	11,824	Webster Financial Corp.		456,761
				4,867,820
	Beverages – 0.5%
	2,104	Molson Coors Brewing Co. Class B		215,281
	Building Products – 1.0%
	2,437	Fortune Brands Home & Security, Inc.		154,896
	4,467	Masonite International Corp.*		298,083
				452,979
	Capital Markets – 2.2%
	15,621	E*TRADE Financial Corp.*		412,082
	1,064	MarketAxess Holdings, Inc.		179,327
	4,751	OM Asset Management PLC		64,139
	5,832	Stifel Financial Corp.*		229,489
	4,043	Virtu Financial, Inc. Class A		65,941
				950,978
	Chemicals – 2.2%
	1,522	Albemarle Corp.		121,714
	9,008	Axalta Coating Systems Ltd.*		257,809
	2,692	Celanese Corp. Series A		173,446
	4,338	PolyOne Corp.		149,531
	3,635	W.R. Grace & Co.		284,002
				986,502
	Commercial Services & Supplies* – 1.5%
	8,761	Waste Connections, Inc.		669,603
	Communications Equipment* – 1.7%
	7,742	CommScope Holding Co., Inc.		228,931
	2,334	F5 Networks, Inc.		286,452
	Common Stocks – (continued)
	Communications Equipment* – (continued)
	28,148	Viavi Solutions, Inc.		218,991
				734,374
	Construction & Engineering* – 0.5%
	4,077	Jacobs Engineering Group, Inc.		214,817
	Construction Materials – 1.5%
	3,527	Eagle Materials, Inc.		283,465
	3,458	Vulcan Materials Co.		393,762
				677,227
	Containers & Packaging – 1.1%
	1,617	Bemis Co., Inc.		85,054
	8,615	Berry Plastics Group, Inc.*		391,035
				476,089
	Electric Utilities – 2.8%
	10,878	Alliant Energy Corp.		412,820
	4,595	IDACORP, Inc.		349,542
	6,311	Pinnacle West Capital Corp.		473,577
				1,235,939
	Electrical Equipment – 1.7%
	5,239	AMETEK, Inc.		255,401
	2,445	Hubbell, Inc.		264,818
	5,990	Sensata Technologies Holding NV*		228,099
				748,318
	Electronic Equipment, Instruments & Components – 0.6%
	2,296	Ingram Micro, Inc. Class A		80,268
	6,241	National Instruments Corp.		174,374
				254,642
	Energy Equipment & Services – 1.1%
	11,617	FMC Technologies, Inc.*		327,599
	7,742	Patterson-UTI Energy, Inc.		150,892
				478,491
	Equity Real Estate Investment Trusts (REITs) – 13.4%
	27,063	Brixmor Property Group, Inc.		772,919
	14,905	Care Capital Properties, Inc.		447,001
	4,014	Columbia Property Trust, Inc.		94,650
	23,000	Empire State Realty Trust, Inc. Class A		493,810
	3,124	Federal Realty Investment Trust		496,716
	9,511	Highwoods Properties, Inc.		504,464
	3,871	Life Storage, Inc.		348,390
	6,207	Mid-America Apartment Communities, Inc.		583,396
	17,160	Pebblebrook Hotel Trust		515,486
	10,056	Post Properties, Inc.		666,512
	1,555	PS Business Parks, Inc.		172,263
	16,174	RLJ Lodging Trust		377,501
	5,452	Taubman Centers, Inc.		423,457
				5,896,565

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 1.4%
	5,187	Pinnacle Foods, Inc.	$	262,722
	3,563	TreeHouse Foods, Inc.*		337,523
				600,245
	Gas Utilities – 2.1%
	7,326	Atmos Energy Corp.		539,926
	6,055	WGL Holdings, Inc.		380,496
				920,422
	Health Care Equipment & Supplies – 1.1%
	4,955	Hill-Rom Holdings, Inc.		293,881
	1,114	Teleflex, Inc.		203,962
				497,843
	Health Care Providers & Services – 2.6%
	5,694	Acadia Healthcare Co., Inc.*		291,476
	4,417	Amsurg Corp.*		286,752
	3,197	HealthSouth Corp.		130,150
	4,019	Team Health Holdings, Inc.*		133,833
	4,039	VCA, Inc.*		286,001
				1,128,212
	Health Care Technology* – 0.3%
	10,507	Allscripts Healthcare Solutions, Inc.		135,645
	Hotels, Restaurants & Leisure – 1.6%
	2,950	Jack in the Box, Inc.		293,407
	2,165	Six Flags Entertainment Corp.		105,587
	1,863	Vail Resorts, Inc.		295,155
				694,149
	Household Durables – 0.9%
	8,175	Lennar Corp. Class A		386,677
	Household Products – 0.8%
	2,751	Spectrum Brands Holdings, Inc.		369,184
	Independent Power and Renewable Electricity Producers* – 0.1%
	3,071	Dynegy, Inc.		38,910
	Industrial Conglomerates – 0.8%
	3,210	Carlisle Cos., Inc.		336,601
	Insurance – 7.3%
	7,141	Allied World Assurance Co. Holdings AG		289,639
	3,207	American Financial Group, Inc.		241,006
	12,146	AmTrust Financial Services, Inc.		321,748
	5,940	Arch Capital Group Ltd.*		480,784
	17,839	CNO Financial Group, Inc.		289,884
	6,405	Endurance Specialty Holdings Ltd.		421,769
	5,475	ProAssurance Corp.		301,234
	3,388	The Hanover Insurance Group, Inc.		264,942
	5,185	Validus Holdings Ltd.		263,346
	5,498	W.R. Berkley Corp.		326,416
				3,200,768
	Internet Software & Services – 0.8%
	5,630	IAC/InterActiveCorp.		330,537
	Common Stocks – (continued)
	IT Services – 1.8%
	6,519	Booz Allen Hamilton Holding Corp.		197,917
	3,418	DST Systems, Inc.		415,321
	4,821	Leidos Holdings, Inc.		195,299
				808,537
	Leisure Products – 0.2%
	2,212	Brunswick Corp.		101,730
	Life Sciences Tools & Services – 1.1%
	4,482	PerkinElmer, Inc.		238,666
	3,032	Quintiles Transnational Holdings, Inc.*		234,374
				473,040
	Machinery – 3.4%
	7,234	Colfax Corp.*		214,705
	2,447	Dover Corp.		177,407
	9,748	ITT, Inc.		352,683
	8,086	The Timken Co.		273,873
	2,931	Woodward, Inc.		183,832
	5,638	Xylem, Inc.		286,749
				1,489,249
	Media – 2.2%
	5,169	Liberty Broadband Corp. Class C*		354,232
	13,532	Live Nation Entertainment, Inc.*		361,575
	4,745	Nexstar Broadcasting Group, Inc. Class A		250,156
				965,963
	Metals & Mining – 1.6%
	3,175	Royal Gold, Inc.		232,791
	15,083	Steel Dynamics, Inc.		371,344
	5,453	United States Steel Corp.		106,006
				710,141
	Mortgage Real Estate Investment Trusts (REITs) – 1.9%
	6,046	MFA Financial, Inc.		46,675
	26,311	Starwood Property Trust, Inc.		602,522
	19,442	Two Harbors Investment Corp.		173,034
				822,231
	Multi-Utilities – 0.9%
	4,726	CMS Energy Corp.		198,350
	4,326	Vectren Corp.		211,585
				409,935
	Oil, Gas & Consumable Fuels – 6.5%
	10,175	Antero Resources Corp.*		260,073
	8,153	Cabot Oil & Gas Corp.		200,808
	5,245	Carrizo Oil & Gas, Inc.*		200,831
	41,572	Encana Corp.		396,597
	4,667	Energen Corp.		268,352
	7,908	Golar LNG Ltd.		164,724
	7,517	Gulfport Energy Corp.*		214,986
	9,011	Newfield Exploration Co.*		390,717
	22,209	QEP Resources, Inc.		424,192
	19,343	Synergy Resources Corp.*		126,697

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2016

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	17,209	WPX Energy, Inc.*	$	206,508
				2,854,485
	Personal Products* – 0.4%
	2,468	Edgewell Personal Care Co.		197,465
	Pharmaceuticals* – 0.2%
	3,569	Catalent, Inc.		90,046
	Real Estate Management & Development – 0.6%
	12,338	Kennedy-Wilson Holdings, Inc.		272,176
	Road & Rail – 0.9%
	2,406	Hertz Global Holdings, Inc.*		118,520
	915	Landstar System, Inc.		63,345
	2,941	Old Dominion Freight Line, Inc.*		209,193
				391,058
	Semiconductors & Semiconductor Equipment – 2.2%
	14,274	Cypress Semiconductor Corp.		170,289
	16,642	Marvell Technology Group Ltd.		206,361
	5,504	Maxim Integrated Products, Inc.		224,123
	2,839	Microchip Technology, Inc.		175,762
	8,131	Teradyne, Inc.		171,239
				947,774
	Software* – 3.1%
	3,509	ANSYS, Inc.		333,671
	2,512	Citrix Systems, Inc.		219,046
	4,361	Fortinet, Inc.		157,607
	7,402	PTC, Inc.		315,843
	9,989	Verint System, Inc.		340,825
				1,366,992
	Specialty Retail – 2.8%
	9,902	American Eagle Outfitters, Inc.		183,583
	6,619	Burlington Stores, Inc.*		537,595
	2,641	CST Brands, Inc.		126,266
	3,895	Dick’s Sporting Goods, Inc.		228,247
	1,439	Lithia Motors, Inc. Class A		119,106
	8,177	Office Depot, Inc.		30,092
				1,224,889
	Technology Hardware, Storage & Peripherals* – 0.4%
	5,225	NCR Corp.		176,866
	Textiles, Apparel & Luxury Goods – 1.0%
	2,741	Columbia Sportswear Co.		153,962
	10,559	Hanesbrands, Inc.		280,236
				434,198
	Thrifts & Mortgage Finance – 0.5%
	4,602	EverBank Financial Corp.		88,312
	10,284	Radian Group, Inc.		140,994
				229,306
	Common Stocks – (continued)
	Trading Companies & Distributors* – 1.0%
	11,818	Univar, Inc.		244,514
	2,897	WESCO International, Inc.		180,078
				424,592
	Water Utilities – 0.6%
	9,329	Aqua America, Inc.		283,695
	TOTAL COMMON STOCKS
	(Cost $39,181,901)		$	43,082,112

Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment(a) – 2.3%
	Repurchase Agreements – 2.3%
	Joint Repurchase Agreement Account II
$	1,000,000	0.334%		09/01/16	$	1,000,000
	(Cost $1,000,000)
	TOTAL INVESTMENTS – 100.4%
	(Cost $40,181,901)				$	44,082,112
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%					(172,397	)
	NET ASSETS – 100.0%				$	43,909,715

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)	Joint repurchase agreement was entered into on August 31, 2016. Additional information appears on page 63.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At August 31, 2016, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of September 1, 2016, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Growth and Income	$	16,400,000	$	16,400,152	$	16,728,002
Small/Mid Cap Value		1,000,000		1,000,009		1,020,000

REPURCHASE AGREEMENTS — At August 31, 2016, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Growth and Income		Small/Mid Cap Value
BNP Paribas Securities Co.		0.330	%	$	38,173	$	2,328
Citigroup Global Markets, Inc.		0.340			2,257,681		137,663
Merrill Lynch & Co., Inc.		0.340			9,492,441		578,807
Merrill Lynch & Co., Inc.		0.320			4,611,705		281,202
TOTAL				$	16,400,000	$	1,000,000

At August 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.000% to 5.000	%		12/01/29 to 01/01/46
Federal National Mortgage Association		2.500 to 5.630			07/01/19 to 09/01/46
Government National Mortgage Association		3.000 to 5.500			02/15/39 to 04/20/44
United States Treasury Bills		0.000			09/08/16 to 03/02/17
United States Treasury Notes		0.750 to 1.750			01/15/18 to 05/15/23

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

August 31, 2016

	Focused Value Fund
Assets:
Investments of unaffiliated issuers, at value (cost $2,942,236, $370,190,474, $1,081,450,141, $5,095,456,742, $4,790,270,882 and $40,181,901)	$	3,169,741
Investments of affiliated issuers, at value (cost $98,592, $0, $6,290,933, $81,376,569, $1,568 and $0)		98,592
Cash		50,435
Receivables:
Reimbursement from investment adviser		19,311
Dividends and interest		8,344
Investments sold		—
Fund shares sold		—
Foreign tax reclaims		—
Other assets		59,459
Total assets		3,405,882
Liabilities:
Payables:
Management fees		1,938
Distribution and Service fees and Transfer Agency fees		161
Investments purchased		9
Fund shares redeemed		—
Accrued expenses		73,939
Total liabilities		76,047
Net Assets:
Paid-in capital		3,234,392
Undistributed net investment income		36,199
Accumulated net realized gain (loss)		(168,261	)
Net unrealized gain		227,505
NET ASSETS	$	3,329,835
Net Assets:
Class A	$	24,829
Class C		24,620
Institutional		3,205,816
Service		—
Class IR		24,887
Class R		24,751
Class R6		24,932
Total Net Assets	$	3,329,835
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,510
Class C		2,501
Institutional		323,260
Service		—
Class IR		2,512
Class R		2,506
Class R6		2,513
Net asset value, offering and redemption price per share:(a)
Class A		$9.89
Class C		9.84
Institutional		9.92
Service		—
Class IR		9.91
Class R		9.88
Class R6		9.92

(a) Maximum public offering price per share for Class A Shares of the Focused Value, Growth and Income, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $10.47, $34.42, $17.02, $37.30, $55.58 and $11.83, 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.

(b) Net asset value per share is calculated using unrounded outstanding shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Growth and Income Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund		Small/Mid Cap Value Fund
$	410,581,602		$	1,242,763,436		$	5,774,813,132		$	6,131,461,235	$	44,082,112
	—			6,290,933			81,376,569			1,568		—
	96,026			19,244,374			73,775,324			68,937,741		49,208
	40,844			76,694			—			130,417		—
	1,543,160			3,845,211			5,252,005			2,858,765		40,348
	7,261,445			18,337,716			214,513,908			18,908,646		863,269
	96,210			6,295,924			2,641,185			5,603,184		95,526
	37,173			63,694			—			—		—
	933			2,583			13,792			44,852		114
	419,657,393			1,296,920,565			6,152,385,915			6,227,946,408		45,130,577
	243,272			797,603			3,713,140			4,664,622		29,601
	158,868			153,893			867,117			646,470		2,879
	3,008,698			11,024,336			46,120,052			32,804,602		1,063,967
	741,264			3,895,414			136,713,236			14,686,316		600
	169,110			202,251			587,329			489,314		123,815
	4,321,212			16,073,497			188,000,874			53,291,324		1,220,862
	493,237,737			1,185,874,846			5,891,898,990			4,764,427,167		41,356,788
	1,894,053			18,222,853			43,940,194			16,206,480		378,040
	(120,186,737	)		(84,563,926	)		(650,810,533	)		52,831,084		(1,725,324	)
	40,391,128			161,313,295			679,356,390			1,341,190,353		3,900,211
$	415,336,181		$	1,280,847,068		$	5,964,385,041		$	6,174,655,084	$	43,909,715
	$359,002,629		$	197,753,890		$	1,363,093,025		$	928,091,376	$	1,127,919
	22,371,161			41,587,107			141,080,751			47,925,062		617,724
	31,408,821			905,400,115			3,687,681,031			4,476,848,109		39,175,514
	323,806			3,549,176			139,676,562			119,315,143		—
	742,511			3,654,023			220,429,398			162,660,535		2,846,290
	1,477,056			7,130,225			40,111,474			122,525,649		132,062
	10,197			121,772,532			372,312,800			317,289,210		10,206
	$415,336,181		$	1,280,847,068		$	5,964,385,041		$	6,174,655,084	$	43,909,715
	11,037,466			12,296,663			38,673,871			17,671,051		100,870
	721,513			2,695,753			4,408,246			1,147,990		56,095
	949,851			55,714,703			103,461,456			79,657,303		3,471,348
	9,954			222,016			4,033,008			2,334,895		—
	22,854			226,859			6,365,136			3,114,353		253,515
	45,656			453,314			1,166,593			2,373,712		11,845
	308			7,492,561			10,447,842			5,646,246		904
	$32.53			$16.08			$35.25			$52.52		$11.18
	31.01			15.43			32.00			41.75		11.01
	33.07			16.25			35.64			56.20		11.29
	32.53			15.99			34.63			51.10		—
	32.49			16.11			34.63			52.23		11.23
	32.35			15.73			34.38			51.62		11.15
	33.06	(b)		16.25			35.64			56.19		11.29

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2016

	Focused Value Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $0, $15,790, $37,725, $0 and $0)	$	68,398
Dividends — affiliated issuers		121
Interest		—
Total investment income		68,519
Expenses:
Management fees		20,868
Transfer Agency fees(a)		1,246
Distribution and Service fees(a)		403
Printing and mailing costs		24,587
Custody, accounting and administrative services		30,684
Service Share fees — Service Plan		—
Service Share fees — Shareholder Administration Plan		—
Registration fees		14,816
Other		6,552
Professional fees		84,328
Trustee fees		20,966
Amortization of offering costs		173,015
Total expenses		377,465
Less — expense reductions		(356,614	)
Net expenses		20,851
NET INVESTMENT INCOME		47,668
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $72, $18,159, $160,288, $632,207, $21,275 and $0)		(162,280	)
Investments — affiliated issuers		—
Foreign currency transactions		—
Net change in unrealized gain on:
Investments — unaffiliated issuers		366,284
Investments — affiliated issuers		—
Net realized and unrealized gain		204,004
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	251,672

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

	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Class R6		Service		Class IR		Class R
Focused Value	$	58	$	230	$	115	$	44	$	44	$	1,066	$	4	$	—	$	44	$	44
Growth and Income		899,389		229,703		6,565		683,536		43,644		11,758		3		114		1,069		2,495
Large Cap Value		559,197		404,667		37,597		424,989		76,887		363,199		18,821		1,553		10,822		14,287
Mid Cap Value		3,952,212		1,533,222		200,880		3,003,681		291,312		1,873,571		62,930		70,022		464,948		76,334
Small Cap Value		2,223,538		510,141		609,888		1,689,888		96,927		1,708,106		25,235		48,977		282,319		231,757
Small/Mid Cap Value		2,144		4,511		551		1,630		857		12,342		3		—		6,018		209

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Growth and Income Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
$	13,857,594		$	34,833,460		$	148,339,999		$	100,757,584		$	719,739
	—			40,641			333,992			249,134			—
	26,611			—			—			—			2,576
	13,884,205			34,874,101			148,673,991			101,006,718			722,315
	2,900,044			9,426,741			49,644,739			53,276,222			301,319
	742,619			910,558			5,842,798			4,083,209			21,059
	1,135,657			1,001,461			5,686,314			3,343,567			7,206
	179,851			114,886			746,451			559,648			42,868
	74,585			118,464			356,667			316,759			88,011
	715			9,703			437,641			306,105			—
	715			9,703			437,641			306,105			—
	121,245			154,498			210,932			224,465			84,869
	18,129			43,312			120,003			154,393			7,072
	86,615			114,878			91,364			86,821			94,282
	24,274			26,645			45,369			39,611			23,149
	—			—			—			—			—
	5,284,449			11,930,849			63,619,919			62,696,905			669,835
	(529,556	)		(547,258	)		(257,125	)		(2,742,355	)		(348,190	)
	4,754,893			11,383,591			63,362,794			59,954,550			321,645
	9,129,312			23,490,510			85,311,197			41,052,168			400,670
	(1,546,227	)		(79,500,175	)		(616,500,387	)		124,091,991			(1,516,138	)
	—			—			—			(39,464,017	)		—
	—			—			—			(1,129	)		—
	27,651,809			155,911,654			659,084,221			499,798,558			4,624,271
	—			—			—			22,120,033			—
	26,105,582			76,411,479			42,583,834			606,545,436			3,108,133
$	35,234,894		$	99,901,989		$	127,895,031		$	647,597,604		$	3,508,803

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets

	Focused Value Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015(a)
From operations:
Net investment income	$	47,668		$	2,037
Net realized gain (loss)		(162,280	)		(5,981	)
Net change in unrealized gain (loss)		366,284			(138,779	)
Net increase (decrease) in net assets resulting from operations		251,672			(142,723	)
Distributions to shareholders:
From net investment income
Class A Shares		(81	)		—
Class B Shares(a)		—			—
Class C Shares		(9	)		—
Institutional Shares		(13,283	)		—
Service Shares		—			—
Class IR Shares		(105	)		—
Class R Shares		(57	)		—
Class R6 Shares(b)		(122	)		—
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares(b)		—			—
Total distributions to shareholders		(13,657	)		—
From share transactions:
Proceeds from sales of shares		1,241,520			2,000,070
Reinvestment of distributions		13,656			—
Cost of shares redeemed		(20,643	)		(60	)
Net increase (decrease) in net assets resulting from share transactions		1,234,533			2,000,010
TOTAL INCREASE (DECREASE)		1,472,548			1,857,287
Net assets:
Beginning of year		1,857,287			—
End of year	$	3,329,835		$	1,857,287
Undistributed (distributions in excess of) net investment income (loss)	$	36,199		$	2,073

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Growth and Income Fund						Large Cap Value Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	9,129,312		$	7,858,564		$	23,490,510		$	18,123,504
	(1,546,227	)		51,135,959			(79,500,175	)		143,295,840
	27,651,809			(76,010,379	)		155,911,654			(231,709,032	)
	35,234,894			(17,015,856	)		99,901,989			(70,289,688	)
	(7,510,203	)		(6,142,783	)		(1,835,132	)		(1,971,852	)
	—			(6,840	)		—			—
	(341,165	)		(216,129	)		(16,247	)		(41,993	)
	(727,273	)		(564,571	)		(10,860,853	)		(13,800,311	)
	(5,397	)		(5,440	)		(27,148	)		(25,657	)
	(12,891	)		(68,706	)		(63,987	)		—
	(24,426	)		(19,198	)		(44,370	)		(51,733	)
	(234	)		—			(1,585,777	)		—
	—			—			(20,098,855	)		(13,448,251	)
	—			—			(3,706,735	)		(2,465,823	)
	—			—			(77,563,606	)		(62,217,693	)
	—			—			(354,118	)		(184,114	)
	—			—			(531,543	)		(407,704	)
	—			—			(683,585	)		(444,809	)
	—			—			(10,757,503	)		—
	(8,621,589	)		(7,023,667	)		(128,129,459	)		(95,059,940	)
	20,994,089			27,080,409			315,581,215			177,594,973
	8,417,238			6,868,432			120,394,537			89,252,736
	(64,767,655	)		(73,224,476	)		(460,476,523	)		(303,668,495	)
	(35,356,328	)		(39,275,635	)		(24,500,771	)		(36,820,786	)
	(8,743,023	)		(63,315,158	)		(52,728,241	)		(202,170,414	)
	424,079,204			487,394,362			1,333,575,309			1,535,745,723
$	415,336,181		$	424,079,204		$	1,280,847,068		$	1,333,575,309
$	1,894,053		$	1,773,011		$	18,222,853		$	9,524,857

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)

	Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income	$	85,311,197		$	50,936,461
Net realized gain (loss)		(616,500,387	)		1,232,431,181
Net change in unrealized gain (loss)		659,084,221			(1,719,799,945	)
Net increase (decrease) in net assets resulting from operations		127,895,031			(436,432,303	)
Distributions to shareholders:
From net investment income
Class A Shares		(5,185,015	)		(6,131,822	)
Class B Shares(a)		—			—
Class C Shares		—			(22	)
Institutional Shares		(38,827,756	)		(50,295,540	)
Service Shares		(392,088	)		(464,450	)
Class IR Shares		(1,578,650	)		(2,233,494	)
Class R Shares		(58,485	)		(93,600	)
Class R6 Shares(b)		(2,752,664	)		—
From net realized gains
Class A Shares		(198,998,854	)		(393,324,779	)
Class C Shares		(20,878,172	)		(36,786,968	)
Institutional Shares		(584,837,789	)		(1,066,177,321	)
Service Shares		(24,166,112	)		(45,262,217	)
Class IR Shares		(31,136,007	)		(56,126,966	)
Class R Shares		(4,906,942	)		(6,534,801	)
Class R6 Shares(b)		(37,233,452	)		—
Total distributions to shareholders		(950,951,986	)		(1,663,431,980	)
From share transactions:
Proceeds from sales of shares		1,696,909,879			2,259,822,606
Reinvestment of distributions		863,240,443			1,521,893,917
Cost of shares redeemed		(4,266,756,472	)		(3,598,515,515	)
Net increase (decrease) in net assets resulting from share transactions		(1,706,606,150	)		183,201,008
TOTAL INCREASE (DECREASE)		(2,529,663,105	)		(1,916,663,275	)
Net assets:
Beginning of year		8,494,048,146			10,410,711,421
End of year	$	5,964,385,041		$	8,494,048,146
Undistributed net investment income	$	43,940,194		$	7,766,037

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Small Cap Value Fund						Small/Mid Cap Value Fund
For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
$	41,052,168		$	36,912,969		$	400,670		$	74,377
	84,626,845			364,524,730			(1,516,138	)		692
	521,918,591			(520,822,767	)		4,624,271			(1,006,460	)
	647,597,604			(119,385,068	)		3,508,803			(931,391	)
	(2,980,112	)		(1,910,002	)		(434	)		(500	)
	—			—			—			—
	(9	)		—			—			—
	(30,748,151	)		(26,380,902	)		(61,810	)		(28,475	)
	(294,661	)		(132,770	)		—			—
	(951,071	)		(533,992	)		(10,063	)		(405	)
	(64,171	)		—			—			—
	(357,573	)		—			(19	)		—
	(44,642,227	)		(81,794,765	)		(3,634	)		(3,415	)
	(3,294,839	)		(6,496,966	)		(1,782	)		(1,817	)
	(194,855,378	)		(349,994,344	)		(130,208	)		(108,542	)
	(6,631,448	)		(13,748,544	)		—			—
	(7,430,439	)		(9,398,212	)		(25,440	)		(1,740	)
	(6,298,200	)		(11,584,866	)		(294	)		(412	)
	(2,172,148	)		—			(48	)		—
	(300,720,427	)		(501,975,363	)		(233,732	)		(145,306	)
	1,486,570,672			1,599,875,894			29,746,543			28,053,482
	287,034,432			481,869,927			233,709			143,453
	(1,885,709,406	)		(1,805,369,530	)		(16,212,125	)		(4,318,919	)
	(112,104,302	)		276,376,291			13,768,127			23,878,016
	234,772,875			(344,984,140	)		17,043,198			22,801,319
	5,939,882,209			6,284,866,349			26,866,517			4,065,198
$	6,174,655,084		$	5,939,882,209		$	43,909,715		$	26,866,517
$	16,206,480		$	11,189,511		$	378,040		$	55,950

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

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	9.28	$	0.12		$	0.52		$	0.64		$	(0.03	)
2016 - C		9.28		0.05			0.51			0.56			—	(e)
2016 - Institutional		9.29		0.16			0.52			0.68			(0.05	)
2016 - IR		9.29		0.15			0.51			0.66			(0.04	)
2016 - R		9.28		0.10			0.52			0.62			(0.02	)
2016 - R6		9.29		0.16			0.52			0.68			(0.05	)
2015 - A (Commenced July 31, 2015)		10.00		0.01			(0.73	)		(0.72	)		—
2015 - C (Commenced July 31, 2015)		10.00		—	(e)		(0.72	)		(0.72	)		—
2015 - Institutional (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—
2015 - IR (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—
2015 - R (Commenced July 31, 2015)		10.00		0.01			(0.73	)		(0.72	)		—
2015 - R6 (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	9.89		6.93	%	$	25		1.13	%		14.54	%		1.33	%		161	%
	9.84		6.06			25		1.88			15.30			0.58			161
	9.92		7.33			3,206		0.73			13.52			1.73			161
	9.91		7.26			25		0.88			14.28			1.58			161
	9.88		6.60			25		1.38			14.79			1.08			161
	9.92		7.34			25		0.71			14.11			1.75			161
	9.28		(7.20	)		23		1.13	(d)		25.55	(d)		0.97	(d)		2
	9.28		(7.20	)		23		1.89	(d)		26.30	(d)		0.21	(d)		2
	9.29		(7.10	)		1,741		0.74	(d)		25.15	(d)		1.37	(d)		2
	9.29		(7.20	)		23		0.89	(d)		25.30	(d)		1.21	(d)		2
	9.28		(7.10	)		23		1.39	(d)		25.80	(d)		0.71	(d)		2
	9.29		(7.10	)		23		0.72	(d)		25.14	(d)		1.39	(d)		2

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

GOLDMAN SACHS GROWTH AND INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	30.47	$	0.68		$	2.02		$	2.70		$	(0.64	)
2016 - C		29.08		0.43			1.93			2.36			(0.43	)
2016 - Institutional		30.96		0.82			2.06			2.88			(0.77	)
2016 - Service		30.46		0.65			2.02			2.67			(0.60	)
2016 - IR		30.41		0.76			2.02			2.78			(0.70	)
2016 - R		30.32		0.60			2.00			2.60			(0.57	)
2016 - R6		30.97		0.82			2.04			2.86			(0.77	)
2015 - A		32.21		0.55			(1.80	)		(1.25	)		(0.49	)
2015 - C		30.77		0.29			(1.72	)		(1.43	)		(0.26	)
2015 - Institutional		32.72		0.69			(1.83	)		(1.14	)		(0.62	)
2015 - Service		32.20		0.51			(1.79	)		(1.28	)		(0.46	)
2015 - IR		32.15		0.62			(1.79	)		(1.17	)		(0.57	)
2015 - R		32.05		0.46			(1.78	)		(1.32	)		(0.41	)
2015 - R6 (Commenced July 31, 2015)		33.24		0.08			(2.35	)		(2.27	)		—
2014 - A		26.70		0.42			5.48			5.90			(0.39	)
2014 - C		25.54		0.19			5.23			5.42			(0.19	)
2014 - Institutional		27.12		0.55			5.56			6.11			(0.51	)
2014 - Service		26.69		0.39			5.48			5.87			(0.36	)
2014 - IR		26.65		0.51			5.46			5.97			(0.47	)
2014 - R		26.60		0.35			5.45			5.80			(0.35	)
2013 - A		21.68		0.29			5.02			5.31			(0.29	)
2013 - C		20.78		0.11			4.80			4.91			(0.15	)
2013 - Institutional		22.01		0.40			5.09			5.49			(0.38	)
2013 - Service		21.66		0.27			5.02			5.29			(0.26	)
2013 - IR		21.64		0.38			4.97			5.35			(0.34	)
2013 - R		21.60		0.23			5.00			5.23			(0.23	)
2012 - A		19.04		0.32	(e)		2.58			2.90			(0.26	)
2012 - C		18.28		0.16	(e)		2.48			2.64			(0.14	)
2012 - Institutional		19.33		0.41	(e)		2.61			3.02			(0.34	)
2012 - Service		19.04		0.30	(e)		2.56			2.86			(0.24	)
2012 - IR		19.02		0.36	(e)		2.58			2.94			(0.32	)
2012 - R		18.99		0.26	(e)		2.57			2.83			(0.22	)

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

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

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

(d) Annualized.

(e) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.28% of average net assets.

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

GOLDMAN SACHS GROWTH AND INCOME FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	32.53		9.01	%	$	359,003		1.13	%		1.26	%		2.22	%		61	%
	31.01		8.21			22,371		1.88			2.01			1.47			61
	33.07		9.46			31,409		0.73			0.86			2.61			61
	32.53		8.88			324		1.23			1.36			2.11			61
	32.49		9.27			743		0.88			1.01			2.47			61
	32.35		8.71			1,477		1.38			1.51			1.96			61
	33.06		9.40			10		0.73			0.86			2.62			61
	30.47		(3.98	)		369,115		1.14			1.22			1.68			47
	29.08		(4.70	)		23,534		1.89			1.97			0.93			47
	30.96		(3.59	)		29,243		0.74			0.82			2.09			47
	30.46		(4.06	)		397		1.24			1.32			1.58			47
	30.41		(3.74	)		614		0.89			0.97			1.90			47
	30.32		(4.19	)		1,167		1.39			1.47			1.44			47
	30.97		(6.83	)		9		0.69	(d)		0.84	(d)		2.79	(d)		47
	32.21		22.27			414,276		1.18			1.24			1.42			40
	30.77		21.32			26,742		1.93			1.99			0.67			40
	32.72		22.73			29,476		0.78			0.84			1.82			40
	32.20		22.12			368		1.28			1.34			1.33			40
	32.15		22.58			3,937		0.93			0.98			1.71			40
	32.05		21.94			1,462		1.43			1.49			1.16			40
	26.70		24.68			379,500		1.19			1.24			1.21			83
	25.54		23.77			24,154		1.94			1.99			0.46			83
	27.12		25.20			19,279		0.79			0.84			1.60			83
	26.69		24.62			356		1.29			1.34			1.09			83
	26.65		24.98			2,158		0.94			1.01			1.54			83
	26.60		24.41			609		1.44			1.49			0.94			83
	21.68		15.36			374,273		1.19			1.22			1.63	(e)		115
	20.78		14.49			20,726		1.94			1.97			0.85	(e)		115
	22.01		15.81			18,001		0.79			0.82			2.06	(e)		115
	21.66		15.16			566		1.29			1.32			1.50	(e)		115
	21.64		15.61			480		0.94			0.97			1.78	(e)		115
	21.60		14.99			801		1.44			1.47			1.31	(e)		115

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	16.45	$	0.24		$	0.95		$	1.19		$	(0.12	)	$	(1.44	)	$	(1.56	)
2016 - C		15.83		0.12			0.93			1.05			(0.01	)		(1.44	)		(1.45	)
2016 - Institutional		16.61		0.30			0.97			1.27			(0.19	)		(1.44	)		(1.63	)
2016 - Service		16.36		0.22			0.96			1.18			(0.11	)		(1.44	)		(1.55	)
2016 - IR		16.47		0.27			0.97			1.24			(0.16	)		(1.44	)		(1.60	)
2016 - R		16.12		0.20			0.94			1.14			(0.09	)		(1.44	)		(1.53	)
2016 - R6		16.61		0.31			0.96			1.27			(0.19	)		(1.44	)		(1.63	)
2015 - A		18.50		0.16			(1.11	)		(0.95	)		(0.14	)		(0.96	)		(1.10	)
2015 - C		17.86		0.03			(1.08	)		(1.05	)		(0.02	)		(0.96	)		(0.98	)
2015 - Institutional		18.67		0.24			(1.12	)		(0.88	)		(0.22	)		(0.96	)		(1.18	)
2015 - Service		18.42		0.15			(1.11	)		(0.96	)		(0.14	)		(0.96	)		(1.10	)
2015 - IR		18.34		0.21			(1.12	)		(0.91	)		—			(0.96	)		(0.96	)
2015 - R		18.17		0.12			(1.09	)		(0.97	)		(0.12	)		(0.96	)		(1.08	)
2015 - R6 (Commenced July 31, 2015)		17.88		0.03			(1.30	)		(1.27	)		—			—			—
2014 - A		15.06		0.13			3.41			3.54			(0.10	)		—			(0.10	)
2014 - C		14.56		—	(e)		3.31			3.31			(0.01	)		—			(0.01	)
2014 - Institutional		15.20		0.19			3.45			3.64			(0.17	)		—			(0.17	)
2014 - Service		14.99		0.11			3.40			3.51			(0.08	)		—			(0.08	)
2014 - IR		14.94		0.17			3.38			3.55			(0.15	)		—			(0.15	)
2014 - R		14.80		0.08			3.36			3.44			(0.07	)		—			(0.07	)
2013 - A		12.13		0.12			2.95			3.07			(0.14	)		—			(0.14	)
2013 - C		11.74		0.01			2.86			2.87			(0.05	)		—			(0.05	)
2013 - Institutional		12.26		0.17			2.97			3.14			(0.20	)		—			(0.20	)
2013 - Service		12.06		0.10			2.94			3.04			(0.11	)		—			(0.11	)
2013 - IR		12.05		0.15			2.92			3.07			(0.18	)		—			(0.18	)
2013 - R		11.93		0.08			2.90			2.98			(0.11	)		—			(0.11	)
2012 - A		10.70		0.15	(f)		1.41			1.56			(0.13	)		—			(0.13	)
2012 - C		10.33		0.06	(f)		1.38			1.44			(0.03	)		—			(0.03	)
2012 - Institutional		10.82		0.20	(f)		1.42			1.62			(0.18	)		—			(0.18	)
2012 - Service		10.64		0.14	(f)		1.40			1.54			(0.12	)		—			(0.12	)
2012 - IR		10.64		0.17	(f)		1.41			1.58			(0.17	)		—			(0.17	)
2012 - R		10.54		0.11	(f)		1.40			1.51			(0.12	)		—			(0.12	)

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

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

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

(d) Annualized.

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

(f) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.21% of average net assets.

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	16.08		7.73	%	$	197,754		1.18	%		1.22	%		1.54	%		116	%
	15.43		7.01			41,587		1.93			1.97			0.79			116
	16.25		8.17			905,400		0.78			0.82			1.93			116
	15.99		7.67			3,549		1.28			1.32			1.45			116
	16.11		8.05			3,654		0.93			0.97			1.77			116
	15.73		7.51			7,130		1.43			1.47			1.30			116
	16.25		8.21			121,773		0.76			0.80			2.05			116
	16.45		(5.51	)		234,810		1.17			1.20			0.92			79
	15.83		(6.28	)		42,221		1.92			1.95			0.16			79
	16.61		(5.13	)		1,037,653		0.77			0.80			1.31			79
	16.36		(5.63	)		4,294		1.27			1.30			0.84			79
	16.47		(5.29	)		6,878		0.92			0.95			1.17			79
	16.12		(5.77	)		7,710		1.42			1.45			0.66			79
	16.61		(7.10	)		9		0.77	(d)		0.81	(d)		2.01	(d)		79
	18.50		23.62			260,256		1.19			1.20			0.74			67
	17.86		22.73			45,535		1.94			1.95			(0.01	)		67
	18.67		24.15			1,206,895		0.79			0.80			1.14			67
	18.42		23.53			3,185		1.29			1.30			0.64			67
	18.34		23.93			6,618		0.95			0.95			1.05			67
	18.17		23.33			7,705		1.44			1.45			0.49			67
	15.06		25.56			229,781		1.20			1.20			0.89			98
	14.56		24.56			37,763		1.95			1.95			0.08			98
	15.20		25.95			1,048,489		0.80			0.80			1.22			98
	14.99		25.39			2,985		1.30			1.30			0.74			98
	14.94		25.82			141,673		0.95			0.95			1.07			98
	14.80		25.22			6,702		1.45			1.45			0.58			98
	12.13		14.69			418,274		1.19			1.19			1.31	(f)		123
	11.74		13.89			34,854		1.94			1.94			0.55	(f)		123
	12.26		15.19			900,661		0.79			0.79			1.75	(f)		123
	12.06		14.63			3,424		1.29			1.29			1.23	(f)		123
	12.05		14.99			103,975		0.94			0.94			1.52	(f)		123
	11.93		14.38			5,411		1.44			1.44			1.02	(f)		123

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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

				From investment operations									Distributions to shareholders
	Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
	2016 - A	$	38.81	$	0.32		$	0.56		$	0.88		$	(0.10	)	$	(4.34	)	$	(4.44	)
	2016 - C		35.80		0.05			0.49			0.54			—			(4.34	)		(4.34	)
	2016 - Institutional		39.22		0.46			0.56			1.02			(0.26	)		(4.34	)		(4.60	)
	2016 - Service		38.21		0.28			0.54			0.82			(0.06	)		(4.34	)		(4.40	)
	2016 - IR		38.23		0.39			0.55			0.94			(0.20	)		(4.34	)		(4.54	)
	2016 - R		38.00		0.22			0.55			0.77			(0.05	)		(4.34	)		(4.39	)
	2016 - R6		39.23		0.47			0.56			1.03			(0.28	)		(4.34	)		(4.62	)
	2015 - A		49.03		0.13			(1.75	)		(1.62	)		(0.13	)		(8.47	)		(8.60	)
	2015 - C		46.05		(0.19	)		(1.59	)		(1.78	)		—	(d)		(8.47	)		(8.47	)
	2015 - Institutional		49.55		0.29			(1.75	)		(1.46	)		(0.40	)		(8.47	)		(8.87	)
	2015 - Service		48.40		0.08			(1.71	)		(1.63	)		(0.09	)		(8.47	)		(8.56	)
	2015 - IR		48.52		0.22			(1.70	)		(1.48	)		(0.34	)		(8.47	)		(8.81	)
	2015 - R		48.28		—	(d)		(1.69	)		(1.69	)		(0.12	)		(8.47	)		(8.59	)
	2015 - R6 (Commenced July 31, 2015)		41.24		(0.02	)		(1.99	)		(2.01	)		—			—			—
	2014 - A		46.08		0.18			10.10			10.28			(0.22	)		(7.11	)		(7.33	)
	2014 - C		43.79		(0.17	)		9.54			9.37			—			(7.11	)		(7.11	)
	2014 - Institutional		46.52		0.36			10.19			10.55			(0.41	)		(7.11	)		(7.52	)
	2014 - Service		45.59		0.13			9.97			10.10			(0.18	)		(7.11	)		(7.29	)
	2014 - IR		45.70		0.30			9.98			10.28			(0.35	)		(7.11	)		(7.46	)
	2014 - R		45.54		0.05			9.97			10.02			(0.17	)		(7.11	)		(7.28	)
	2013 - A		37.43		0.24			8.75			8.99			(0.34	)		—			(0.34	)
	2013 - C		35.57		(0.07	)		8.34			8.27			(0.05	)		—			(0.05	)
	2013 - Institutional		37.77		0.41			8.83			9.24			(0.49	)		—			(0.49	)
	2013 - Service		37.02		0.19			8.67			8.86			(0.29	)		—			(0.29	)
	2013 - IR		37.12		0.34			8.68			9.02			(0.44	)		—			(0.44	)
	2013 - R		37.04		0.12			8.67			8.79			(0.29	)		—			(0.29	)
	2012 - A		33.41		0.31	(f)		3.88			4.19			(0.17	)		—			(0.17	)
	2012 - C		31.83		0.05	(f)		3.69			3.74			—			—			—
	2012 - Institutional		33.74		0.46	(f)		3.89			4.35			(0.32	)		—			(0.32	)
	2012 - Service		33.06		0.27	(f)		3.83			4.10			(0.14	)		—			(0.14	)
	2012 - IR		33.18		0.41	(f)		3.82			4.23			(0.29	)		—			(0.29	)
	2012 - R		33.14		0.25	(f)		3.81			4.06			(0.16	)		—			(0.16	)

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

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

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

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

(e) Annualized.

(f) Reflects income recognized from special dividends which amounted to $0.09 per share and 0.25% of average net assets.

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

GOLDMAN SACHS MID CAP VALUE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	35.25		3.00	%	$	1,363,093		1.15	%		1.15	%		0.92	%		111	%
	32.00		2.20			141,081		1.90			1.90			0.16			111
	35.64		3.39			3,687,681		0.75			0.75			1.31			111
	34.63		2.87			139,677		1.25			1.25			0.84			111
	34.63		3.24			220,429		0.90			0.90			1.16			111
	34.38		2.72			40,111		1.40			1.40			0.66			111
	35.64		3.41			372,313		0.73			0.73			1.39			111
	38.81		(4.21	)		1,876,387		1.14			1.14			0.31			95
	35.80		(4.91	)		180,780		1.89			1.89			(0.47	)		95
	39.22		(3.82	)		5,868,055		0.74			0.74			0.68			95
	38.21		(4.30	)		222,149		1.24			1.24			0.19			95
	38.23		(3.96	)		304,390		0.89			0.89			0.52			95
	38.00		(4.45	)		42,277		1.39			1.39			0.01			95
	39.23		(4.87	)		10		0.73	(e)		0.73	(e)		(0.62	)(e)		95
	49.03		24.77			3,153,971		1.14			1.14			0.38			87
	46.05		23.81			202,083		1.89			1.89			(0.38	)		87
	49.55		25.25			6,347,006		0.74			0.74			0.77			87
	48.40		24.63			368,720		1.24			1.24			0.28			87
	48.52		25.07			295,017		0.89			0.89			0.66			87
	48.28		24.44			35,896		1.39			1.39			0.12			87
	46.08		24.20			3,297,185		1.14			1.14			0.58			103
	43.79		23.29			174,875		1.89			1.89			(0.18	)		103
	46.52		24.74			5,328,684		0.74			0.74			0.96			103
	45.59		24.11			334,583		1.24			1.24			0.47			103
	45.70		24.54			97,243		0.89			0.89			0.80			103
	45.54		23.91			24,201		1.39			1.39			0.28			103
	37.43		12.56			3,074,173		1.15			1.15			0.91	(f)		80
	35.57		11.72			160,062		1.90			1.90			0.16	(f)		80
	37.77		12.96			3,985,625		0.75			0.75			1.31	(f)		80
	37.02		12.41			268,412		1.25			1.25			0.81	(f)		80
	37.12		12.83			70,409		0.90			0.90			1.20	(f)		80
	37.04		12.28			13,255		1.40			1.40			0.73	(f)		80

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	49.78	$	0.20		$	5.11		$	5.31		$	(0.16	)	$	(2.41	)	$	(2.57	)
2016 - C		40.23		(0.13	)		4.06			3.93			—	(d)		(2.41	)		(2.41	)
2016 - Institutional		53.10		0.42			5.45			5.87			(0.36	)		(2.41	)		(2.77	)
2016 - Service		48.50		0.15			4.96			5.11			(0.10	)		(2.41	)		(2.51	)
2016 - IR		49.55		0.32			5.07			5.39			(0.30	)		(2.41	)		(2.71	)
2016 - R		48.95		0.08			5.03			5.11			(0.03	)		(2.41	)		(2.44	)
2016 - R6		53.10		0.37			5.51			5.88			(0.38	)		(2.41	)		(2.79	)
2015 - A		55.40		0.16	(e)		(1.32	)		(1.16	)		(0.10	)		(4.36	)		(4.46	)
2015 - C		45.84		(0.19	)(e)		(1.06	)		(1.25	)		—			(4.36	)		(4.36	)
2015 - Institutional		58.80		0.39	(e)		(1.40	)		(1.01	)		(0.33	)		(4.36	)		(4.69	)
2015 - Service		54.08		0.11	(e)		(1.29	)		(1.18	)		(0.04	)		(4.36	)		(4.40	)
2015 - IR		55.18		0.28	(e)		(1.30	)		(1.02	)		(0.25	)		(4.36	)		(4.61	)
2015 - R		54.58		0.03	(e)		(1.30	)		(1.27	)		—			(4.36	)		(4.36	)
2015 - R6 (Commenced July 31, 2015)		56.15		(0.03	)(e)		(3.02	)		(3.05	)		—			—			—
2014 - A		50.43		0.12			9.94			10.06			(0.18	)		(4.91	)		(5.09	)
2014 - C		42.64		(0.25	)		8.36			8.11			—			(4.91	)		(4.91	)
2014 - Institutional		53.22		0.33			10.53			10.86			(0.37	)		(4.91	)		(5.28	)
2014 - Service		49.36		0.05			9.74			9.79			(0.16	)		(4.91	)		(5.07	)
2014 - IR		50.25		0.23			9.93			10.16			(0.32	)		(4.91	)		(5.23	)
2014 - R		49.80		(0.03	)		9.82			9.79			(0.10	)		(4.91	)		(5.01	)
2013 - A		43.11		0.35	(g)		9.73			10.08			(0.48	)		(2.28	)		(2.76	)
2013 - C		36.89		0.01	(g)		8.25			8.26			(0.23	)		(2.28	)		(2.51	)
2013 - Institutional		45.36		0.55	(g)		10.26			10.81			(0.67	)		(2.28	)		(2.95	)
2013 - Service		42.30		0.30	(g)		9.52			9.82			(0.48	)		(2.28	)		(2.76	)
2013 - IR		43.00		0.41	(g)		9.74			10.15			(0.62	)		(2.28	)		(2.90	)
2013 - R		42.65		0.19	(g)		9.65			9.84			(0.41	)		(2.28	)		(2.69	)
2012 - A		37.73		0.27	(h)		5.86			6.13			(0.08	)		(0.67	)		(0.75	)
2012 - C		32.55		(0.03	)(h)		5.04			5.01			—			(0.67	)		(0.67	)
2012 - Institutional		39.65		0.46	(h)		6.15			6.61			(0.23	)		(0.67	)		(0.90	)
2012 - Service		37.01		0.23	(h)		5.75			5.98			(0.02	)		(0.67	)		(0.69	)
2012 - IR		37.65		0.36	(h)		5.85			6.21			(0.19	)		(0.67	)		(0.86	)
2012 - R		37.39		0.17	(h)		5.81			5.98			(0.05	)		(0.67	)		(0.72	)

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

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

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

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

(e) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(f) Annualized.

(g) Reflects income recognized from special dividends which amounted to $0.26 per share and 0.55% of average net assets.

(h) Reflects income recognized from special dividends which amounted to $0.17 per share and 0.41% of average net assets.

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	52.52		11.22	%	$	928,091		1.35	%		1.39	%		0.42	%		46	%
	41.75		10.40			47,925		2.10			2.14			(0.33	)		46
	56.20		11.66			4,476,848		0.95			0.99			0.82			46
	51.10		11.11			119,315		1.45			1.49			0.32			46
	52.23		11.50			162,661		1.10			1.14			0.67			46
	51.62		10.96			122,526		1.60			1.64			0.18			46
	56.19		11.68			317,289		0.93			0.98			0.71			46
	49.78		(2.31	)		950,196		1.34			1.39			0.30	(e)		49
	40.23		(3.04	)		59,341		2.09			2.14			(0.45	)(e)		49
	53.10		(1.92	)		4,503,821		0.94			0.99			0.70	(e)		49
	48.50		(2.41	)		134,195		1.44			1.49			0.21	(e)		49
	49.55		(2.07	)		128,838		1.09			1.14			0.54	(e)		49
	48.95		(2.56	)		136,644		1.59			1.64			0.05	(e)		49
	53.10		(5.43	)		26,847		0.93	(f)		1.00	(f)		(0.62	)(e)(f)		49
	55.40		20.72			1,080,393		1.35			1.40			0.22			46
	45.84		19.85			69,319		2.10			2.15			(0.55	)		46
	58.80		21.22			4,694,737		0.95			1.00			0.58			46
	54.08		20.62			176,500		1.45			1.50			0.10			46
	55.18		21.05			121,895		1.10			1.15			0.43			46
	54.58		20.44			139,858		1.60			1.65			(0.06	)		46
	50.43		24.86			1,141,424		1.38			1.42			0.75	(g)		57
	42.64		23.89			64,751		2.13			2.17			0.03	(g)		57
	53.22		25.34			2,891,932		0.98			1.02			1.12	(g)		57
	49.36		24.70			162,696		1.48			1.52			0.65	(g)		57
	50.25		25.16			73,723		1.13			1.17			0.86	(g)		57
	49.80		24.51			101,060		1.63			1.67			0.40	(g)		57
	43.11		16.43			931,473		1.41			1.44			0.68	(h)		50
	36.89		15.59			58,926		2.16			2.19			(0.07	)(h)		50
	45.36		16.91			1,852,215		1.01			1.04			1.07	(h)		50
	42.30		16.33			115,385		1.51			1.54			0.57	(h)		50
	43.00		16.74			24,332		1.16			1.19			0.90	(h)		50
	42.65		16.17			45,525		1.66			1.69			0.42	(h)		50

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	10.46	$	0.08	(d)	$	0.70		$	0.78		$	(0.01	)	$	(0.05	)	$	(0.06	)
2016 - C		10.37		—	(e)		0.69			0.69			—			(0.05	)		(0.05	)
2016 - Institutional		10.53		0.12	(d)		0.71			0.83			(0.02	)		(0.05	)		(0.07	)
2016 - IR		10.49		0.11	(d)		0.71			0.82			(0.03	)		(0.05	)		(0.08	)
2016 - R		10.45		0.05	(d)		0.70			0.75			—			(0.05	)		(0.05	)
2016 - R6		10.53		0.12	(d)		0.72			0.84			(0.03	)		(0.05	)		(0.08	)
2015 - A		11.01		0.02			(0.38	)		(0.36	)		(0.03	)		(0.16	)		(0.19	)
2015 - C		10.97		(0.07	)		(0.37	)		(0.44	)		—			(0.16	)		(0.16	)
2015 - Institutional		11.04		0.06			(0.36	)		(0.30	)		(0.05	)		(0.16	)		(0.21	)
2015 - IR		11.03		0.05			(0.39	)		(0.34	)		(0.04	)		(0.16	)		(0.20	)
2015 - R		11.00		(0.02	)		(0.37	)		(0.39	)		—			(0.16	)		(0.16	)
2015 - R6 (Commenced July 31, 2015)		11.14		—	(e)		(0.61	)		(0.61	)		—			—			—
FOR THE PERIOD ENDED AUGUST 31,
2014 - A (Commenced January 31, 2014)		10.00		(0.02	)		1.03			1.01			—			—			—
2014 - C (Commenced January 31, 2014)		10.00		(0.06	)		1.03			0.97			—			—			—
2014 - Institutional (Commenced January 31, 2014)		10.00		0.03			1.01			1.04			—			—			—
2014 - IR (Commenced January 31, 2014)		10.00		0.02			1.01			1.03			—			—			—
2014 - R (Commenced January 31, 2014)		10.00		(0.01	)		1.01			1.00			—			—			—

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

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

(f) Annualized.

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Net asset value, end of year		Total return(b)				Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	11.18		7.49	%		$	1,128		1.26	%		2.25	%		0.78	%(d)		109	%
	11.01		6.71				618		2.01			2.99			0.04	(d)		109
	11.29		7.96				39,176		0.87			1.84			1.18	(d)		109
	11.23		7.81				2,846		1.01			2.03			1.08	(d)		109
	11.15		7.24				132		1.52			2.50			0.49	(d)		109
	11.29		7.98				10		0.88			1.90			1.14	(d)		109
	10.46		(3.34	)			530		1.34			4.38			0.14			122
	10.37		(4.02	)			321		2.09			5.25			(0.61	)		122
	10.53		(2.79	)			25,756		0.93			3.41			0.51			122
	10.49		(3.11	)			119		1.09			4.00			0.43			122
	10.45		(3.55	)			130		1.59			3.81			(0.19	)		122
	10.53		(5.48	)			9		0.94	(f)		4.88	(f)		(0.43	)(f)		122
	11.01		10.10				150		1.33	(f)		6.90	(f)		(0.27	)(f)		53
	10.97		9.70				105		2.08	(f)		8.31	(f)		(1.01	)(f)		53
	11.04		10.40		��		3,755		0.93	(f)		12.86	(f)		0.49	(f)		53
	11.03		10.30				28		1.08	(f)		13.25	(f)		0.39	(f)		53
	11.00		10.00				28		1.58	(f)		13.76	(f)		(0.11	)(f)		53

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

August 31, 2016

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
Focused Value	A, C, Institutional, IR, R and R6	Non-diversified
Growth and Income, Large Cap Value, Mid Cap Value, Small Cap Value	A, C, Institutional, Service, IR, R and R6	Diversified
Small/Mid Cap Value	A, C, Institutional, IR, R and R6	Diversified

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, less any amounts reclaimable, and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. 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 or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

D.  Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Focused Value Fund are being amortized on a straight-line basis over 12 months from the date of commencement 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 (mutual funds) and to

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are 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
Growth and Income	Quarterly	Annually
Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value	Annually	Annually

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

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

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

G.  Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statement of Operations.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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

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

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2016:

FOCUSED VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	3,169,741	$	—	$	—
Investment Company		98,592		—		—
Total	$	3,268,333	$	—	$	—
GROWTH AND INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	7,893,511	$	—	$	—
North America		386,288,091		—		—
Short-term Investments		—		16,400,000		—
Total	$	394,181,602	$	16,400,000	$	—

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LARGE CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	34,428,410	$	—	$	—
North America		1,208,335,026		—		—
Investment Company		6,290,933		—		—
Total	$	1,249,054,369	$	—	$	—
MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	61,560,905	$	—	$	—
Europe		212,811,265		—		—
North America		5,500,440,962		—		—
Investment Company		81,376,569		—		—
Total	$	5,856,189,701	$	—	$	—
SMALL CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	14,209,031	$	—	$	—
Europe		27,228,623		—		—
North America		6,058,929,577		—		—
Exchange Traded Fund		31,094,004		—		—
Investment Company		1,568		—		—
Total	$	6,131,462,803	$	—	$	—
SMALL/MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	553,741	$	—	$	—
North America		42,528,371		—		—
Short-term Investments		—		1,000,000		—
Total	$	43,082,112	$	1,000,000	$	—

(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 principle exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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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 fiscal year ended August 31, 2016, 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
Focused Value		0.75	%		0.68	%		0.64	%		0.63	%		0.62	%		0.75	%		0.69	%*
Growth and Income		0.70			0.63			0.60			0.59			0.58			0.70			0.69	*
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.73			0.73
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.69			0.69
Small Cap Value		1.00			1.00			0.90			0.86			0.84			0.93			0.90	*
Small/Mid Cap Value		0.85			0.85			0.77			0.73			0.71			0.85			0.81	*^

* GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the Funds’ most recent prospectus. These waivers will be effective through at least December 29, 2016 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

^ Effective December 29, 2015, GSAM agreed to waive a portion of its management fee in order to achieve an Effective Net Management Rate of 0.80% for Small/Mid Cap Value Fund. Prior to December 29, 2015, the Effective Net Management Rate for Small/Mid Cap Value Fund was 0.85%

The Focused Value, Large Cap Value, Mid Cap Value and Small Cap Value Funds invest in the Shares of Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended August 31,2016, GSAM waived $106, $25,908, $257,125 and $189,849 of the Funds’ management fees, respectively.

B.  Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the 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, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:

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

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution 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)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2016, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Growth and Income	$	20,836	$	3
Large Cap Value		10,678		32
Mid Cap Value		47,072		15
Small Cap Value		6,153		746
Small/Mid Cap Value		172		—

D.  Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

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: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares; 0.02% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, 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 each of Focused Value, Growth and Income, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004%. These Other Expense limitations will remain in place through at least December 29, 2016 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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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Focused Value	$	1,775	$	354,839	$	356,614
Growth and Income		41,429		488,127		529,556
Large Cap Value		25,908		521,350		547,258
Mid Cap Value		257,125		—		257,125
Small Cap Value		1,589,850		1,152,505		2,742,355
Small/Mid Cap Value		13,076		335,114		348,190

G.  Line of Credit Facility — As of August 31, 2016, the Funds participated in a $1,100,000,000 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 (“Other Borrowers”). This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2016, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the fiscal year ended August 31, 2016, Goldman Sachs earned $519,484, $104,165 and $430 in brokerage commissions from portfolio transactions, on behalf of Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

An investment by a Fund representing greater than 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined by the Act) of such Fund. The following table provides information about the investment in shares of issuers of which a Fund is an affiliate as of and for the fiscal year ended August 31, 2016:

Fund	Name of Affiliated Issuer	Market Value 8/31/15		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Market Value 8/31/16		Dividend Income
Small Cap Value	Everyday Health, Inc.	$	19,232,548	$	2,745,196	$	(12,779,891	)	$	(14,988,010	)	$	5,790,157	$	—	$	—
	Infinity Pharmaceuticals, Inc.		27,622,070		—		(19,475,938	)		(24,476,007	)		16,329,875		—		—

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Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from the investments by the Funds in the Underlying Fund for the period ended August 31, 2016:

Fund	Underlying Fund	Market Value 8/31/15		Purchases at Cost		Proceeds from Sales			Market Value 8/31/16		Dividend Income
Focused Value	Goldman Sachs Financial Square Government Fund	$	21,030	$	2,551,617	$	(2,474,055	)	$	98,592	$	121
Large Cap Value	Goldman Sachs Financial Square Government Fund		4,170,171		450,504,898		(448,384,137	)		6,290,932		40,641
Mid Cap Value	Goldman Sachs Financial Square Government Fund		137,121,703		3,455,971,486		(3,511,716,620	)		81,376,569		333,992
Small Cap Value	Goldman Sachs Financial Square Government Fund		18,693,274		1,172,802,295		(1,191,494,001	)		1,568		249,134

As of August 31, 2016, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding Class A, Class C, Institutional, Class IR, Class R and Class R6 Shares of the following funds:

Fund	Class A			Class C			Institutional			Class IR			Class R			Class R6
Focused Value		100	%		100	%		58	%		100	%		100	%		100	%
Growth and Income		—			—			—			—			—			100
Small/Mid Cap Value		—			—			—			—			22			100

As of August 31, 2016, the Goldman Sachs Profit Sharing Master Trust was the beneficial owner of approximately 9% and 5% of total outstanding shares of the Large Cap Value and Mid Cap Value Funds, respectively.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2016, were as follows:

Fund	Purchases		Sales and Maturities
Focused Value	$	5,453,123	$	4,270,157
Growth and Income		245,766,851		293,719,991
Large Cap Value		1,463,239,539		1,617,106,725
Mid Cap Value		7,816,449,188		10,451,804,431
Small Cap Value		2,615,752,754		2,984,829,433
Small/Mid Cap Value		51,578,333		38,096,393

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6. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2016 was as follows:

	Focused Value		Growth and Income		Large Cap Value		Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Distribution paid from:
Ordinary income	$	13,657	$	8,621,589	$	59,520,502	$	231,836,648	$	67,813,890	$	81,562
Net long-term capital gains		—		—		68,608,957		719,115,338		232,906,537		152,170
Total taxable distributions	$	13,657	$	8,621,589	$	128,129,459	$	950,951,986	$	300,720,427	$	233,732

The tax character of distributions paid during the fiscal year ended August 31, 2015 was as follows:

	Growth and Income		Large Cap Value		Mid Cap Value			Small Cap Value		Small/Mid Cap Value
Distribution paid from:
Ordinary income	$	7,023,667	$	29,069,836	$	475,848,102		$	129,203,348	$	143,878
Net long-term capital gains		—		65,990,104		1,187,583,878			372,772,015		1,428
Total taxable distributions	$	7,023,667	$	95,059,940	$	1,663,431,980	��	$	501,975,363	$	145,306

As of August 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:

	Focused Value			Growth and Income			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Undistributed ordinary income — net	$	36,199		$	1,458,019		$	18,179,865		$	43,147,566		$	14,497,439		$	377,221
Undistributed long-term capital gains		—			—			—			—			76,416,855			—
Total undistributed earnings	$	36,199		$	1,458,019		$	18,179,865		$	43,147,566		$	90,914,294		$	377,221
Capital loss carryforwards(1)(2)
Expiring 2018		—			(114,821,092	)		—			—			—			—
Expiring 2019		—			—			—			—			—			—
Perpetual Short-Term		(20,098	)		—			(9,271,203	)		(92,372,425	)		—			(168,549	)
Perpetual Long-Term		—			—			—			(80,340,016	)		—			—
Total capital loss carryforwards	$	(20,098	)	$	(114,821,092	)	$	(9,271,203	)	$	(172,712,441	)	$	—		$	(168,549	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral)	$	(124,140	)	$	(5,172,381	)	$	(60,919,808	)	$	(409,474,868	)	$	(5,078	)	$	(632,179	)
Unrealized gains (losses) — net		203,482			40,633,898			146,983,368			611,525,794			1,319,318,701			2,976,434
Total accumulated earnings (losses) net	$	95,443		$	(77,901,556	)	$	94,972,222		$	72,486,051		$	1,410,227,917		$	2,552,927

(1) Expiration occurs on August 31 of the year indicated. Under new tax rules, capital losses recognized in tax years beginning after December 22, 2010, that do not offset recognized capital gains, may be carried over to future years perpetually, and retain their character as either short-term or long-term that can offset recognized capital gains in such future years. Previously, all capital loss carryovers were treated as short-term and such carryovers generally expired eight years after the initial loss arose. Perpetual capital loss carryovers are required to be utilized prior to expiring capital loss carryovers.

(2) Growth and Income Fund utilized $2,951,905 of capital losses in the current fiscal year.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

6. TAX INFORMATION (continued)

As of August 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S federal income tax purposes were as follows:

	Focused Value			Growth and Income			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Tax Cost	$	3,064,851		$	369,947,704		$	1,102,071,001		$	5,244,663,907		$	4,812,144,102		$	41,105,678
Gross unrealized gain		248,178			51,190,966			172,300,859			679,356,390			1,467,509,963			3,205,301
Gross unrealized loss		(44,696	)		(10,557,068	)		(25,317,491	)		(67,830,596	)		(148,191,262	)		(228,867	)
Net unrealized gains (losses)	$	203,482		$	40,633,898		$	146,983,368		$	611,525,794		$	1,319,318,701		$	2,976,434

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable to wash sales, differences related to the tax treatment of partnerships, underlying fund investments and real estate investment trusts.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from certain non deductible expenses, redemptions utilized as distributions, dividend redesignations, differences in the tax treatment of underlying fund investments, real estate investment trusts, partnership investments and foreign currency transactions.

Fund	Paid-in-Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income (Loss)
Focused Value	$	(115	)	$	—	$	115
Growth and Income		—			386,681		(386,681	)
Large Cap Value		—			359,000		(359,000	)
Mid Cap Value		—			342,382		(342,382	)
Small Cap Value		—			639,451		(639,451	)
Small/Mid Cap Value		—			6,254		(6,254	)

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.

7. OTHER RISKS

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

Investments in Other Investment Companies — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment

94

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

7. OTHER RISKS (continued)

model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.

Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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.

9. 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.

95

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Focused Value Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015(a)
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1		$	5			2,502		$	25,020
Reinvestment of distributions		9			81			—			—
Shares redeemed		(1	)		(5	)		(1	)		(10	)
		9			81			2,501			25,010
Class C Shares
Shares sold		—			—			2,501			25,010
Reinvestment of distributions		1			9			—			—
Shares redeemed		—			—			(1	)		(10	)
		1			9			2,500			25,000
Institutional Shares
Shares sold		136,539			1,241,515			187,501			1,875,010
Reinvestment of distributions		1,471			13,283			—			—
Shares redeemed		(2,250	)		(20,638	)		(1	)		(10	)
		135,760			1,234,160			187,500			1,875,000
Class IR Shares
Shares sold		—			—			2,501			25,010
Reinvestment of distributions		12			105			—			—
Shares redeemed		—			—			(1	)		(10	)
		12			105			2,500			25,000
Class R Shares
Shares sold		—			—			2,501			25,010
Reinvestment of distributions		6			56			—			—
Shares redeemed		—			—			(1	)		(10	)
		6			56			2,500			25,000
Class R6 Shares
Shares sold		—			—			2,501			25,010
Reinvestment of distributions		13			122			—			—
Shares redeemed		—			—			(1	)		(10	)
		13			122			2,500			25,000
NET INCREASE		135,801		$	1,234,533			200,001		$	2,000,010

(a) Commenced operations on July 31, 2015.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Growth and Income Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		342,897		$	10,501,962			639,665		$	20,700,046
Reinvestment of distributions		242,552			7,386,341			186,122			6,039,218
Shares converted from Class B(a)		—			—			142,604			4,598,832
Shares redeemed		(1,662,316	)		(51,415,996	)		(1,715,978	)		(55,587,193	)
		(1,076,867	)		(33,527,693	)		(747,587	)		(24,249,097	)
Class B Shares(a)
Shares sold		—			—			53			1,596
Reinvestment of distributions		—			—			223			6,801
Shares converted to Class A		—			—			(148,163	)		(4,598,832	)
Shares redeemed		—			—			(211,336	)		(6,553,373	)
		—			—			(359,223	)		(11,143,808	)
Class C Shares
Shares sold		59,369			1,746,612			75,318			2,338,158
Reinvestment of distributions		10,108			294,790			6,047			187,887
Shares redeemed		(157,161	)		(4,599,071	)		(141,248	)		(4,388,126	)
		(87,684	)		(2,557,669	)		(59,883	)		(1,862,081	)
Institutional Shares
Shares sold		248,012			7,964,100			105,676			3,511,539
Reinvestment of distributions		22,754			703,391			16,656			548,709
Shares redeemed		(265,314	)		(8,153,380	)		(78,684	)		(2,591,003	)
		5,452			514,111			43,648			1,469,245
Service Shares
Shares sold		1,875			55,691			2,317			75,556
Reinvestment of distributions		62			1,874			44			1,412
Shares redeemed		(5,024	)		(152,217	)		(756	)		(25,030	)
		(3,087	)		(94,652	)		1,605			51,938
Class IR Shares
Shares sold		10,920			345,895			6,684			222,205
Reinvestment of distributions		423			12,891			2,123			68,706
Shares redeemed		(8,671	)		(261,484	)		(111,096	)		(3,609,349	)
		2,672			97,302			(102,289	)		(3,318,438	)
Class R Shares
Shares sold		12,666			379,829			6,809			221,304
Reinvestment of distributions		583			17,717			486			15,699
Shares redeemed		(6,081	)		(185,507	)		(14,408	)		(470,397	)
		7,168			212,039			(7,113	)		(233,394	)
Class R6 Shares(b)
Shares sold		—			—			302			10,005
Reinvestment of distributions		7			234			—			—
Shares redeemed		—			—			(1	)		(5	)
		7			234			301			10,000
NET DECREASE		(1,152,339	)	$	(35,356,328	)		(1,230,541	)	$	(39,275,635	)

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

97

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Large Cap Value Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,885,635		$	43,866,574			2,816,462		$	50,118,907
Reinvestment of distributions		1,381,919			21,255,786			842,745			14,849,166
Shares converted from Class B(a)		—			—			58,028			1,072,273
Shares redeemed		(6,248,569	)		(96,897,243	)		(3,506,424	)		(62,438,842	)
		(1,981,015	)		(31,774,883	)		210,811			3,601,504
Class B Shares(a)
Shares sold		—			—			455			7,643
Shares converted to Class A		—			—			(59,670	)		(1,072,273	)
Shares redeemed		—			—			(249,035	)		(4,467,141	)
		—			—			(308,250	)		(5,531,771	)
Class C Shares
Shares sold		411,235			6,024,820			418,868			7,170,195
Reinvestment of distributions		216,657			3,197,552			119,509			2,038,830
Shares redeemed		(598,844	)		(8,936,943	)		(421,669	)		(7,223,763	)
		29,048			285,429			116,708			1,985,262
Institutional Shares
Shares sold		8,029,852			124,203,173			6,371,419			112,769,827
Reinvestment of distributions		5,291,545			82,208,815			4,022,551			71,360,049
Shares redeemed		(20,093,530	)		(326,391,476	)		(12,549,096	)		(224,600,629	)
		(6,772,133	)		(119,979,488	)		(2,155,126	)		(40,470,753	)
Service Shares
Shares sold		69,996			1,054,317			175,246			3,159,044
Reinvestment of distributions		6,411			98,009			6,911			121,215
Shares redeemed		(116,934	)		(1,790,061	)		(92,554	)		(1,651,338	)
		(40,527	)		(637,735	)		89,603			1,628,921
Class IR Shares
Shares sold		79,726			1,274,606			117,098			2,061,576
Reinvestment of distributions		38,678			595,530			23,152			407,705
Shares redeemed		(309,166	)		(4,895,897	)		(83,458	)		(1,464,880	)
		(190,762	)		(3,025,761	)		56,792			1,004,401
Class R Shares
Shares sold		82,228			1,247,761			131,290			2,297,776
Reinvestment of distributions		46,232			695,565			27,501			475,771
Shares redeemed		(153,436	)		(2,332,484	)		(104,501	)		(1,821,897	)
		(24,976	)		(389,158	)		54,290			951,650
Class R6 Shares(b)
Shares sold		7,942,737			137,909,964			560			10,005
Reinvestment of distributions		794,300			12,343,280			—			—
Shares redeemed		(1,245,035	)		(19,232,419	)		(1	)		(5	)
		7,492,002			131,020,825			559			10,000
NET DECREASE		(1,488,363	)	$	(24,500,771	)		(1,934,613	)	$	(36,820,786	)

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		6,355,588		$	216,420,779			10,641,379		$	459,069,715
Reinvestment of distributions		5,591,955			185,793,826			8,926,464			365,270,911
Shares converted from Class B(a)		—			—			15,485			752,662
Shares redeemed		(21,620,247	)		(734,771,946	)		(35,564,124	)		(1,550,188,398	)
		(9,672,704	)		(332,557,341	)		(15,980,796	)		(725,095,110	)
Class B Shares(a)
Shares sold		—			—			332			14,970
Shares converted to Class A		—			—			(16,322	)		(752,662	)
Shares redeemed		—			—			(156,144	)		(7,196,845	)
		—			—			(172,134	)		(7,934,537	)
Class C Shares
Shares sold		377,449			11,755,203			724,519			28,364,350
Reinvestment of distributions		571,513			17,294,001			770,735			29,257,102
Shares redeemed		(1,590,480	)		(49,300,924	)		(833,607	)		(32,793,869	)
		(641,518	)		(20,251,720	)		661,647			24,827,583
Institutional Shares
Shares sold		25,105,530			849,735,755			33,981,739			1,461,639,690
Reinvestment of distributions		16,670,552			560,463,699			24,758,184			1,020,779,916
Shares redeemed		(87,925,338	)		(3,039,743,596	)		(37,218,958	)		(1,603,074,069	)
		(46,149,256	)		(1,629,544,142	)		21,520,965			879,345,537
Service Shares
Shares sold		721,569			24,266,187			2,077,768			89,962,479
Reinvestment of distributions		697,149			22,758,583			1,044,799			42,126,306
Shares redeemed		(3,199,705	)		(104,551,077	)		(4,927,042	)		(215,362,639	)
		(1,780,987	)		(57,526,307	)		(1,804,475	)		(83,273,854	)
Class IR Shares
Shares sold		2,045,977			70,085,435			4,680,483			200,039,661
Reinvestment of distributions		1,001,683			32,713,762			1,450,642			58,359,342
Shares redeemed		(4,644,981	)		(157,407,717	)		(4,249,132	)		(178,188,609	)
		(1,597,321	)		(54,608,520	)		1,881,993			80,210,394
Class R Shares
Shares sold		405,682			13,700,699			498,781			20,721,736
Reinvestment of distributions		130,451			4,230,456			151,976			6,100,340
Shares redeemed		(482,052	)		(16,053,475	)		(281,765	)		(11,711,081	)
		54,081			1,877,680			368,992			15,110,995
Class R6 Shares(b)
Shares sold		13,963,340			510,945,821			243			10,005
Reinvestment of distributions		1,189,720			39,986,116			—			—
Shares redeemed		(4,705,460	)		(164,927,737	)		(1	)		(5	)
		10,447,600			386,004,200			242			10,000
NET INCREASE (DECREASE)		(49,340,105	)	$	(1,706,606,150	)		6,476,434		$	183,201,008

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

99

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2016

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small Cap Value Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,238,202		$	154,375,191			4,056,209		$	214,647,308
Reinvestment of distributions		901,558			42,559,273			1,477,416			75,628,918
Shares converted from Class B(a)		—			—			3,007			168,387
Shares redeemed		(5,556,748	)		(264,856,085	)		(5,950,342	)		(315,091,584	)
		(1,416,988	)		(67,921,621	)		(413,710	)		(24,646,971	)
Class B Shares(a)
Shares sold		—			—			2			87
Shares converted to Class A		—			—			(3,616	)		(168,387	)
Shares redeemed		—			—			(43,295	)		(2,006,571	)
		—			—			(46,909	)		(2,174,871	)
Class C Shares
Shares sold		85,898			3,279,343			160,150			6,883,971
Reinvestment of distributions		68,406			2,576,165			118,922			4,947,167
Shares redeemed		(481,475	)		(18,395,042	)		(316,172	)		(13,606,296	)
		(327,171	)		(12,539,534	)		(37,100	)		(1,775,158	)
Institutional Shares
Shares sold		17,427,197			886,530,469			21,432,392			1,205,169,640
Reinvestment of distributions		4,333,376			218,630,055			6,749,742			367,455,934
Shares redeemed		(26,928,367	)		(1,386,761,311	)		(23,202,977	)		(1,302,114,197	)
		(5,167,794	)		(281,600,787	)		4,979,157			270,511,377
Service Shares
Shares sold		715,838			33,131,625			641,227			33,162,635
Reinvestment of distributions		144,414			6,634,801			264,973			13,224,791
Shares redeemed		(1,292,420	)		(59,025,815	)		(1,402,938	)		(71,603,609	)
		(432,168	)		(19,259,389	)		(496,738	)		(25,216,183	)
Class IR Shares
Shares sold		1,414,732			67,475,547			1,189,018			62,824,127
Reinvestment of distributions		178,553			8,381,286			195,285			9,932,204
Shares redeemed		(1,079,227	)		(51,005,223	)		(993,161	)		(52,824,477	)
		514,058			24,851,610			391,142			19,931,854
Class R Shares
Shares sold		627,785			29,542,384			937,185			49,088,560
Reinvestment of distributions		123,318			5,723,131			211,797			10,680,913
Shares redeemed		(1,168,739	)		(55,180,884	)		(920,048	)		(47,977,501	)
		(417,636	)		(19,915,369	)		228,934			11,791,972
Class R6 Shares(b)
Shares sold		6,108,964			312,236,113			508,400			28,099,566
Reinvestment of distributions		50,143			2,529,721			—			—
Shares redeemed		(1,018,482	)		(50,485,046	)		(2,779	)		(145,295	)
		5,140,625			264,280,788			505,621			27,954,271
NET INCREASE (DECREASE)		(2,107,074	)	$	(112,104,302	)		5,110,397		$	276,376,291

(a) Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

100

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small/Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		62,953		$	638,988			43,785		$	476,180
Reinvestment of distributions		394			4,068			299			3,239
Shares redeemed		(13,144	)		(133,211	)		(6,993	)		(75,034	)
		50,203			509,845			37,091			404,385
Class C Shares
Shares sold		28,884			281,741			21,321			232,588
Reinvestment of distributions		172			1,759			137			1,480
Shares redeemed		(3,950	)		(36,741	)		(66	)		(720	)
		25,106			246,759			21,392			233,348
Institutional Shares
Shares sold		2,311,718			23,637,673			2,475,810			27,129,527
Reinvestment of distributions		18,556			192,017			12,554			136,177
Shares redeemed		(1,305,658	)		(13,429,411	)		(381,680	)		(4,242,537	)
		1,024,616			10,400,279			2,106,684			23,023,167
Class IR Shares
Shares sold		477,865			5,127,405			8,709			95,030
Reinvestment of distributions		3,440			35,503			198			2,145
Shares redeemed		(239,140	)		(2,537,181	)		(57	)		(623	)
		242,165			2,625,727			8,850			96,552
Class R Shares
Shares sold		6,481			60,736			9,942			110,152
Reinvestment of distributions		28			294			38			412
Shares redeemed		(7,144	)		(75,581	)		—			—
		(635	)		(14,551	)		9,980			110,564
Class R6 Shares(a)
Shares sold		—			—			899			10,005
Reinvestment of distributions		6			68			—			—
Shares redeemed		—			—			(1	)		(5	)
		6			68			898			10,000
NET INCREASE		1,341,461		$	13,768,127			2,184,895		$	23,878,016

(a) Commenced operations on July 31, 2015.

101

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the

Goldman Sachs Fundamental Equity Value Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Focused Value Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (collectively the “Funds”), funds of the Goldman Sachs Trust, at August 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

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Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), 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, Class IR, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2016 through August 31, 2016, which represents a period of 184 days in a 366-day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense 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.

	Focused Value Fund							Growth and Income Fund							Large Cap Value Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Class A
Actual	$	1,000.00	$	1,162.20		$	6.14	$	1,000.00	$	1,139.60		$	6.08	$	1,000.00	$	1,146.90		$	6.31
Hypothetical 5% return		1,000.00		1,019.46	+		5.74		1,000.00		1,019.46	+		5.74		1,000.00		1,019.25	+		5.94
Class C
Actual		1,000.00		1,157.60			10.20		1,000.00		1,135.20			10.09		1,000.00		1,143.00			10.34
Hypothetical 5% return		1,000.00		1,015.69	+		9.53		1,000.00		1,015.69	+		9.53		1,000.00		1,015.48	+		9.73
Institutional
Actual		1,000.00		1,164.30			3.97		1,000.00		1,141.90			3.93		1,000.00		1,149.20			4.21
Hypothetical 5% return		1,000.00		1,021.47	+		3.71		1,000.00		1,021.47	+		3.71		1,000.00		1,021.22	+		3.96
Service
Actual		N/A		N/A			N/A		1,000.00		1,138.90			6.61		1,000.00		1,147.10			6.85
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.95	+		6.24		1,000.00		1,018.75	+		6.44
Class IR
Actual		1,000.00		1,163.10			4.78		1,000.00		1,140.80			4.74		1,000.00		1,149.10			5.02
Hypothetical 5% return		1,000.00		1,020.71	+		4.47		1,000.00		1,020.71	+		4.47		1,000.00		1,020.46	+		4.72
Class R
Actual		1,000.00		1,161.00			7.50		1,000.00		1,137.80			7.42		1,000.00		1,145.70			7.66
Hypothetical 5% return		1,000.00		1,018.20	+		7.00		1,000.00		1,018.20	+		7.00		1,000.00		1,018.00	+		7.20
Class R6
Actual		1,000.00		1,164.30			3.86		1,000.00		1,141.60			3.93		1,000.00		1,149.20			4.11
Hypothetical 5% return		1,000.00		1,021.57	+		3.61		1,000.00		1,021.47	+		3.71		1,000.00		1,021.32	+		3.86

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Fund Expenses — Six Month Period Ended August 31, 2016 (Unaudited) (continued)

	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*		Beginning Account Value 3/1/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Class A
Actual	$	1,000.00	$	1,169.90		$	6.27	$	1,000.00	$	1,212.70		$	7.45	$	1,000.00	$	1,178.10		$	6.79
Hypothetical 5% return		1,000.00		1,019.36	+		5.84		1,000.00		1,018.40	+		6.80		1,000.00		1,018.90	+		6.29
Class C
Actual		1,000.00		1,165.30			10.34		1,000.00		1,208.40			11.60		1,000.00		1,172.50			10.87
Hypothetical 5% return		1,000.00		1,015.59	+		9.63		1,000.00		1,014.63	+		10.58		1,000.00		1,015.13	+		10.08
Institutional
Actual		1,000.00		1,172.00			4.09		1,000.00		1,215.10			5.23		1,000.00		1,181.00			4.61
Hypothetical 5% return		1,000.00		1,021.37	+		3.81		1,000.00		1,020.41	+		4.77		1,000.00		1,020.91	+		4.27
Service
Actual		1,000.00		1,169.10			6.82		1,000.00		1,212.00			8.01		N/A		N/A			—
Hypothetical 5% return		1,000.00		1,018.85	+		6.34		1,000.00		1,017.90	+		7.30		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,171.10			4.91		1,000.00		1,214.40			6.07		1,000.00		1,179.60			5.42
Hypothetical 5% return		1,000.00		1,020.61	+		4.57		1,000.00		1,019.66	+		5.53		1,000.00		1,020.16	+		5.03
Class R
Actual		1,000.00		1,168.20			7.63		1,000.00		1,211.20			8.84		1,000.00		1,176.20			8.15
Hypothetical 5% return		1,000.00		1,018.10	+		7.10		1,000.00		1,017.14	+		8.06		1,000.00		1,017.65	+		7.56
Class R6
Actual		1,000.00		1,172.40			3.99		1,000.00		1,215.20			5.12		1,000.00		1,181.00			4.66
Hypothetical 5% return		1,000.00		1,021.47	+		3.71		1,000.00		1,020.51	+		4.67		1,000.00		1,020.86	+		4.32

* 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 August 31, 2016. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Class IR			Class R			Class R6
Focused Value		1.13	%		1.88	%		0.73	%		N/A			0.88	%		1.38	%		0.71	%
Growth and Income		1.13			1.88			0.73			1.23	%		0.88			1.38			0.73
Large Cap Value		1.17			1.92			0.78			1.27			0.93			1.42			0.76
Mid Cap Value		1.15			1.90			0.75			1.25			0.90			1.40			0.73
Small Cap Value		1.34			2.09			0.94			1.44			1.09			1.59			0.92
Small/Mid Cap Value		1.24			1.99			0.84			N/A			0.99			1.49			0.85

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

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Focused Value Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2017 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2016 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser (in the case of the Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value, and Small/Mid Cap Value Funds); and general investment outlooks in the markets in which the Fund invests;

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

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

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

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

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

(ii) the Fund’s expense trends over time (except for the Focused Value Fund, which commenced operations on July 31, 2015); and

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

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

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

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

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

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

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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

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

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings (rankings only with respect to the Focused Value Fund, which commenced operations in 2015) compiled by the Outside Data Provider as of December 31, 2015, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2016. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value, and Small/Mid Cap Value Funds’ performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

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

The Trustees noted that the Growth and Income Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one- and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2016. They observed that the Large Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three-, five-, and ten-year periods and in the fourth quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2016. They noted that the Mid Cap Value Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the ten-year period, in the third quartile of the Fund’s peer group for the three- and five-year periods, and in the fourth quartile of the Fund’s peer group for the one-year period, and had underperformed the Fund’s benchmark for the one-, three-, five-, and ten-year periods ended March 31, 2016. The Trustees noted that the Small/Mid Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2016. They observed that the Small Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed the Fund’s benchmark for the one-year period ended March 31, 2016. They also noted that the Mid Cap Value Fund had experienced certain portfolio management changes in 2015.

The Trustees noted that the Focused Value Fund had launched on July 31, 2015 and did not yet have a meaningful performance history.

Costs of Services Provided and Competitive Information

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

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Large Cap Value Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2015 and 2014 (2015 only for the Focused Value Fund), and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Focused Value			Growth and Income Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
First $1 billion		0.75	%		0.70	%		0.75	%		0.75	%		1.00	%		0.85	%
Next $1 billion		0.68			0.63			0.68			0.75			1.00			0.85
Next $3 billion		0.64			0.60			0.65			0.68			0.90			0.77
Next $3 billion		0.63			0.59			0.64			0.65			0.86			0.73
Over $8 billion		0.62			0.58			0.63			0.64			0.84			0.71

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to waive a portion of its management fee (with respect to the Focused Value, Growth and Income, Small Cap Value, and Small/Mid Cap Value Funds) and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Large Cap Value, Mid Cap Value, and Small Cap Value Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2017.

111

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Diana M. Daniels Age: 67	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Herbert J. Markley Age: 66	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

112

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 56	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	Verizon Communications Inc.

113

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustees*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	139	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2016.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

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

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

114

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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

¹  Information is provided as of August 31, 2016.

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

115

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Goldman Sachs Trust — Fundamental Equity Value Funds — Tax Information (Unaudited)

For the year ended August 31, 2016, 100%, 100%, 70.50%, 72.03%, 96.77% and 100%, respectively, of the dividends paid from net investment company taxable income by the Focused Value, Growth and Income, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds designate $68,608,957, $719,115,338, $232,906,537 and $152,170, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2016.

For the year ended August 31, 2016, the Focused Value, Growth and Income, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds designate 100%, 100%, 49.89%, 47.61%, 98.61% and 100%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the year ended August 31, 2016, the Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively, designate $45,454,522, $184,609,821, $32,418,142 and $7,158, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

116

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Treasury Solutions Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

n Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

n Investor Money Market Fund

n Investor Tax-Exempt Money Market Fund²

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short-Term Conservative Income Fund³

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Bond Fund

n Core Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Focused Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund⁴

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n N-11 Equity Fund

Select Satellite

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Global Real Estate Securities Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Absolute Return Multi-Asset Fund

n Global Infrastructure Fund

Total Portfolio Solutions

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Overlay Fund⁵

n Balanced Strategy Portfolio

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

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax-Advantaged Global Equity Portfolio

n Strategic Factor Allocation Fund

n Target Date 2020 Portfolio

n Target Date 2025 Portfolio

n Target Date 2030 Portfolio

n Target Date 2035 Portfolio

n Target Date 2040 Portfolio

n Target Date 2045 Portfolio

n Target Date 2050 Portfolio

n Target Date 2055 Portfolio

¹  You could lose money by investing in a money market fund. Because the share price of certain money market funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Certain money market funds may impose a fee upon the 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 a money market fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market funds’ 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  Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

³  Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁴  Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁵  Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund.

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

* 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 Ashok N. Bakhru, Chairman Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman, Sachs & Co. (“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.

Fund holdings and allocations shown are as of August 31, 2016 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 Institution or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2016 Goldman Sachs. All rights reserved. 171463.MF.MED.TMPL/10/2016 EQVALAR-16/175K

Goldman Sachs Funds

Annual Report	August 31, 2016
	Global Tax-Aware Equity Portfolios
	Enhanced Dividend Global Equity Portfolio
	Tax-Advantaged Global Equity Portfolio

Goldman Sachs Global Tax-Aware Equity Portfolios

n ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

n TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

TABLE OF CONTENTS
Market Review	1
Portfolio Management Discussion and Performance Summaries	5
Schedules of Investments	19
Financial Statements	23
Financial Highlights	26
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	45
Other Information	46

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Global Tax-Aware Equity Portfolios

Investment Strategy

The Portfolios invest in a strategic mix of Underlying Funds and other securities with the goal of achieving long-term growth of capital (both Portfolios) and current income (Goldman Sachs Enhanced Dividend Global Equity Portfolio only). Under normal conditions, at least 80% of the Portfolios’ total assets measured at the time of purchase will be allocated among the Underlying Funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM”) or an affiliate, now or in the future, acts as investment adviser or principal underwriter. Some of the Underlying Funds invest primarily in fixed income or money market instruments and other Underlying Funds invest primarily in equity securities. The Portfolios may also invest directly in the Underlying Tactical Fund (as defined below) and other securities or instruments, including unaffiliated exchange-traded funds and derivatives, and can use these investments for implementing tactical tilts. Under normal circumstances, each of the Portfolios also has a small strategic allocation to U.S. investment grade corporate bonds, which is used to help fund the tactical tilts.

Market Review

Equity Markets

Following a volatile summer, U.S. and international equities tumbled further in September 2015 before rebounding strongly in October 2015 and then finishing November 2015 roughly flat. In December 2015, the Federal Reserve (the “Fed”) finally delivered, as largely expected by markets, and voted unanimously for a 25 basis point hike in the targeted federal funds rate, its first rate hike since 2006. (A basis point is 1/100th of a percentage point.) The fairly dovish language in the Fed’s announcement, which re-emphasized “gradual” adjustments to policy going forward, helped to somewhat assuage the markets. (Dovish language or action tends to suggest lower interest rates (opposite of hawkish).)

Early in 2016, U.S. and international equities were embroiled in what was a global rout, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by a plunge in oil prices. The Fed’s statement in January 2016 acknowledged the risks from the turmoil in the international markets and the tightening financial conditions on the U.S. economy. U.S. and international equities stabilized somewhat in February 2016 on the more dovish tone set by global central banks. U.S. equities were also supported during the month by strong U.S. economic data, rallying as fourth quarter 2015 Gross Domestic Product (“GDP”) came in above market expectations. In March 2016, the Fed kept interest rates on hold and surprised on the dovish side, reducing its forecast to two interest rate increases in 2016, down from four. International equities benefited from a heavy round of easing by the European Central Bank (“ECB”), which cut the deposit rate by 40 basis points, increased its monthly quantitative easing to 80 billion, including corporate bonds, and unveiled a new series of four-year loans to Eurozone banks. Such dovish central bank policy, along with receding global economic concerns, helped drive a recovery in U.S. and international equities during March 2016.

Market sentiment remained sanguine in April 2016, as oil prices rose and Chinese economic growth concerns abated. However, U.S. and international equities fell near the end of the month, as investors were disappointed by a lack of additional stimulus from the Bank of Japan

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MARKET REVIEW

(“BoJ”) and by a weaker than consensus expected first quarter 2016 U.S. GDP growth of 0.5%. In May 2016, weaker payroll data drove anticipation of a Fed hike in June 2016 temporarily lower, but subsequent hawkish Fed minutes revived market expectations. (The Fed ultimately held interest rates steady in June 2016 and signaled a slower pace of hikes, acknowledging the slowdown in the labor market.) Toward the end of May 2016, U.S. and international equities rallied on expectations of better economic data, rising oil prices and optimism that the economy could withstand rate hikes. In June 2016, equity markets were dominated by the U.K. referendum on whether to leave the European Union, popularly known as Brexit. U.S. and international equities sold off in the global risk-off sentiment that dominated toward the end of June 2016 in the days following the surprise “leave” result. However, by the end of the month, U.S. equities had rebounded and international equities had retraced most of their losses due to a combination of improving risk sentiment as markets digested the outcome and dovish remarks from the Bank of England’s (“BoE”) Governor Carney.

Despite increased uncertainty post-Brexit, U.S. equities were further buoyed in July 2016 by strong economic data and corporate earnings. U.S. non-farm payrolls reached an eight-month high in June 2016, and a report released in July 2016 suggested the especially weak May 2016 reading had been an outlier in an otherwise strong job market. Such sentiment was substantiated in August 2016, as payrolls data, released for July 2016, surprised to the upside for a second consecutive month. In the international equity markets during July 2016, equities benefited from expectations of additional monetary policy easing and a rebound in risk appetite. Near the end of July 2016, the BoJ eased as anticipated, but disappointed the markets by not implementing additional monetary measures. Meanwhile, BoE Governor Carney assuaged some concerns about the Brexit vote by saying “some monetary policy easing will likely be required over the summer.” The BoE delivered during August 2016, cutting interest rates by 25 basis points and significantly extending its quantitative easing program, helping to offset negative sentiment about Brexit. In both the U.S. and international equity markets, investor concerns about a Fed rate hike intensified during August 2016. In her Jackson Hole speech toward the end of August 2016, Fed Chair Janet Yellen acknowledged that the case for an interest rate hike had strengthened in recent months. Along with strong labor data and other recent hawkish comments from the Fed, this significantly increased the market-implied probability of an interest rate hike by year-end 2016, causing U.S. and international equities to sell off and finish the month of August roughly flat.

Fixed Income Markets

When the Reporting Period began in September 2015, spread, or non-government bond, sector performance was weak amid heightened volatility and falling oil prices. In the U.S., economic data was softer than the consensus expected, but the Fed continued to signal it was on track to raise short-term interest rates by the end of 2015. In the Eurozone, inflation unexpectedly declined, suggesting that economic growth would continue to trend below ECB forecasts.

Spread sectors performed well during the fourth quarter of 2015, which saw the first Fed rate hike since 2006. Outside the U.S., the global monetary policy environment remained highly accommodative, with the ECB lowering interest rates into negative territory and expanding its stimulus program. The U.S. dollar gained on consensus expectations the Fed would hike interest rates, which it did at its December 2015 policy meeting. Although the U.S. economy continued to display a positive growth trend, economic growth in other developed countries had slowed by the end of 2015. Global commodity prices, especially the price of oil, maintained their downward trajectory.

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MARKET REVIEW

The first quarter of 2016 was very much a tale of two halves. Spread sectors sold off significantly from January to mid-February 2016 and then largely retraced their losses by the end of March 2016. Volatility early in the first calendar quarter was driven by an increase in a number of perceived risks, such as slowing Chinese economic activity, the possibility of persistent oil oversupply, and deteriorating corporate bond fundamentals as the U.S. credit cycle entered its later stage. Some of these risks eased in the second half of the first calendar quarter, as economic news from China improved, U.S. oil production showed signs of slowing and commodity prices appeared to stabilize. Global central banks remained accommodative. The BoJ, in a surprise move at its January 2016 policy meeting, introduced a -0.1% interest rate, reaffirming its commitment to achieving a 2% inflation target. The ECB shifted its focus from currency depreciation to credit creation by leaving its deposit rate unchanged, expanding its asset purchase program to include purchases of non-financial corporate credit and announcing a new series of easing measures. In the U.S., the Fed left interest rates unchanged and reduced its forecast to two rate hikes in 2016 from four. After a sustained period of appreciation, the U.S. dollar weakened during the first quarter of 2016 due to generally tighter financial conditions, mixed U.S. economic data and the Fed’s more dovish commentary.

During the second quarter of 2016, spread sectors rallied on stabilization of commodities prices as well as on declining fears about slowing Chinese economic growth and worries about a potential U.S. economic recession. Global interest rates broadly declined amid continued accommodative monetary policy from the world’s central banks. In the U.S., minutes from the Fed’s April 2016 policy meeting, released in mid-May 2016, suggested Fed policymakers might raise interest rates in June 2016 if U.S. economic growth strengthened, employment data firmed and inflation rose toward the Fed’s 2% target. In early June 2016, however, the release of weak May 2016 employment data raised concerns about the health of the U.S. economy, pushing down expectations of a Fed rate hike. Indeed, the Fed did not raise interest rates at its June 2016 policy meeting. In the last week of June 2016, the unexpected “leave” vote in the U.K.’s Brexit referendum renewed investor uncertainty about the path of global economic growth. Spread sectors withstood the Brexit vote relatively well, selling off at first but then recovering most of their losses afterwards. The U.S. dollar strengthened versus most global currencies during the second calendar quarter, though it weakened against the Japanese yen.

In July 2016, spread sectors continued to advance, supported by steady job gains in the U.S. and positive economic data surprises in many developed countries as well as in China. Global central bank policy remained broadly accommodative, although the Fed’s July 2016 policy statement was more hawkish than the market expected. The ECB kept interest rates unchanged, as did the BoJ. The U.S. dollar depreciated modestly versus many global currencies.

Spread sectors performed well during August 2016, supported by investors’ preference for higher-yielding securities, rising oil prices and continued accommodative global central bank policy. The BoE also unveiled monetary easing measures to cushion the potential impact of Brexit. However, the BoJ fell short of expectations with the announcement of an equity purchase program and the lack of key monetary measures, such as an interest rate cut and increased government bond purchases. Continued hawkish comments from the Fed boosted market expectations of a rate hike by the end of 2016. The U.S. dollar appreciated slightly versus many global currencies.

For the Reporting Period overall, sovereign emerging markets debt and high yield corporate bonds significantly outperformed U.S Treasuries, followed at some distance by investment grade corporate bonds and commercial mortgage-backed securities. Asset-backed securities, mortgage-backed securities and agency securities performed slightly better than U.S.

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MARKET REVIEW

Treasuries. The U.S. Treasury yield curve, or spectrum of maturities, flattened during the Reporting Period, as yields of securities with maturities of two years and shorter rose and yields of securities with maturities of three years and longer fell. The yield on the bellwether 10-year U.S. Treasury dropped approximately 64 basis points during the Reporting Period to 1.58%. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.)

Looking Ahead

In our view, the U.S. job market has been one of the brightest spots in a global economic recovery that has otherwise disappointed on many levels. Steady job gains in the U.S. have provided critical fundamental support for the financial markets in an environment where economic growth in many other countries has faltered, political and geopolitical event risk is elevated and central bank monetary policy is increasingly disruptive.

In the near term, we expect U.S. economic growth to improve, as various headwinds fade, including the oil-driven decline in business investment and the effects of the strong U.S. dollar. That said, tight U.S. labor markets are creating wage growth, which could eventually lead companies to cut jobs or accept lower earnings — thereby increasing the risk, in our view, of a U.S. recession in the next year or two. However, higher wages could also lead consumers to spend more, potentially boosting corporate revenues and offsetting some of the effect of higher wages on earnings.

We expect global economic growth to be slow but steady in the short term, with Brexit adding potential downside risk to the U.K. and European outlook. We believe the impact of Brexit will take time to play out, with much of the effect coming in 2017, and we have lowered our forecasts for 2017 economic growth in both the U.K. and Eurozone. However, we have not changed our forecasts for the U.S., Japan and China, as we expect Brexit to have limited effects on these economies. We generally expect inflation to remain low across developed economies.

In terms of monetary policy, we believe the limits — and in our view, the negative side-

effects — of extreme central bank easing measures have become increasingly apparent, leaving policymakers with limited options to address potential downside risk. Although fiscal stimulus appears likely in the near term in Japan, we see little scope for meaningful fiscal measures elsewhere in the world.

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PORTFOLIO RESULTS

Goldman Sachs Enhanced Dividend

Global Equity Portfolio

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Enhanced Dividend Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Class A and Institutional Shares generated average annual total returns, without sales charges, of 6.32% and 6.67%, respectively. These returns compare to the 7.27% average annual total return of the Portfolio’s blended benchmark, the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), over the same time period. The components of the EDGE Composite Index generated average annual total returns of 5.95% and 7.35% for the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index (ACWI) Investable Market Index^® (“MSCI ACWI IMI”), respectively, during the Reporting Period.

Q What key factors affected the Portfolio’s performance during the Reporting Period?

A During the Reporting Period, the Portfolio was hurt by its strategic weightings and tactical asset allocation decisions. The performance of the Underlying Funds added to the Portfolio’s results versus the EDGE Composite Index.

Q How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period?

A In keeping with our investment process, we develop views regarding near-term expected market returns and implement tactical asset allocation decisions (“tactical tilts”) in an attempt to enhance performance. These tactical tilts are implemented through an investment in the Goldman Sachs Tactical Tilt Overlay Fund (the “Underlying Tactical Fund”), which seeks long-term total return through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. As mentioned previously, the Portfolio’s tactical tilts detracted from its performance during the Reporting Period.

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

A To implement our strategic and tactical asset allocation decisions, the Portfolio invests in eight Underlying Funds. Seven of these Underlying Funds may be used to implement our strategic asset allocation decisions (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement our tactical asset allocation decisions.

During the Reporting Period, the Portfolio was invested in six Underlying Strategic Funds, four of which outperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.)

Two of the Underlying Strategic Funds that outperformed in relative terms — the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund — are those in which the Portfolio invested a significant percentage of its equity allocation. The Goldman Sachs Small Cap Equity Insights Fund and Goldman Sachs International Small Cap Insights Fund also outperformed their respective benchmark indices. The Goldman Sachs Small Cap Equity Insights Fund generated especially strong returns during the Reporting Period, outperforming its benchmark index by more than 270 basis points.¹ (A basis point is 1/100th of a percent.)

The Goldman Sachs MLP Energy Infrastructure Fund and the Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices during the Reporting Period.

¹  Performance quoted is for Institutional shares.

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PORTFOLIO RESULTS

In addition, during the Reporting Period, the Portfolio’s Underlying Tactical Fund underperformed its benchmark index.

Q How did call writing affect performance?

A As mentioned above, the Portfolio’s two largest allocations were to the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund, which earn premiums through an equity index call writing strategy. When equity markets are down, flat or only modestly positive, these Underlying Strategic Funds tend to outperform their respective benchmark indices because of the premiums they earn from call writing. When equity markets rally strongly, these two Underlying Strategic Funds are likely to trail their respective benchmark indices. Although the Underlying Strategic Funds keep the premiums they earn from call writing, they can underperform when the call options are exercised.

As the U.S. equity market advanced during the Reporting Period, the call writing strategy of the Goldman Sachs U.S. Equity Dividend and Premium Fund detracted slightly from performance. The call writing strategy of the Goldman Sachs International Equity Dividend and Premium Fund added to performance as the international equity market declined modestly during the Reporting Period.

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

A The Portfolio used forward foreign currency exchange contracts to obtain exposure to the British pound, euro, Australian dollar, Swiss franc and Japanese yen. Collectively, these forward foreign currency exchange contracts had a slightly positive impact on relative returns.

The Portfolio also employed Standard & Poor’s 500^® Index (“S&P 500^® Index”) futures as part of its strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks. Although the Portfolio’s strategic weightings hurt performance, its use of S&P 500^® Index futures contributed positively. In addition, some of the Portfolio’s Underlying Funds, including the Portfolio’s Underlying Tactical Fund, used derivatives during the Reporting Period to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes.

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

A During November 2015, we added S&P 500^® Index futures to the Portfolio as part of our strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks. In January 2016, we slightly decreased the Portfolio’s strategic allocation to emerging markets equities through the Underlying Strategic Funds to remain in line with the Goldman Sachs Quantitative Investment Strategies Team’s views.

Q What was the Portfolio’s strategy at the end of the Reporting Period?

A Going forward, we plan to maintain a diversified equity portfolio that implements our strategic and tactical views as we continue to seek long-term growth of capital and current income.

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FUND BASICS

Enhanced Dividend Global Equity Portfolio

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015– August 31, 2016	Portfolio Total Return (based on NAV)1			EDGE Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			MSCI ACWI IMI4
Class A		6.32	%		7.27	%		5.95	%		7.35	%
Institutional		6.67			7.27			5.95			7.35

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

²  The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage-backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,675 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2016, the 23 developed markets in the MSCI ACWI IMI 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 U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/16	One Year			Five Years			Since Inception			Inception Date
Class A		-8.80	%		4.36	%		3.64	%	4/30/08
Institutional		-3.04			5.98			4.80		4/30/08

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

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FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.49	%		1.62	%
Institutional		1.09			1.22

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/167
Class A Shares	One Year			Five Years			Since Inception (4/30/08)
Returns before taxes*		-8.80	%		4.36	%		3.64	%
Returns after taxes on distributions**		-10.50			3.22			2.77
Returns after taxes on distributions*** and sale of Portfolio shares		-4.31			3.34			2.82

⁷  The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Portfolio Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

* Returns Before Taxes do not reflect taxes on distributions on the Portfolio’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributions assume that taxes are paid on distributions on the Portfolio’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Portfolio Shares reflect taxes paid on distributions on the Portfolio’s Class A Shares and taxes applicable when the shares are redeemed.

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FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁸*

Percentage of Net Assets

⁸  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

* Represents Affiliated Funds.

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GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on April 30, 2008 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), which is comprised of 10% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 90% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (each with distributions reinvested), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations currently in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Performance of Institutional Shares will vary from Class A Shares due to differences in class specific fees and any applicable sales charges. In addition to the investment adviser’s decisions regarding underlying mutual fund selection and allocations among them, other factors may affect Portfolio performance. These factors include, but are not limited to, Portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Portfolio.

Enhanced Dividend Global Equity Portfolio’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from April 30, 2008 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced April 30, 2008)
Excluding sales charges	6.32%	8.03%	4.75%
Including sales charges	0.51%	6.81%	4.04%
Institutional Class (Commenced April 30, 2008)	6.67%	8.45%	5.19%

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PORTFOLIO RESULTS

Goldman Sachs Tax-Advantaged

Global Equity Portfolio

Investment Objective

The Portfolio seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Tax-Advantaged Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2016 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Class A and Institutional Shares generated average annual total returns, without sales charges, of 4.88% and 5.22%, respectively. These returns compare to the 7.27% average annual total return of the Portfolio’s blended benchmark, the Tax-Advantaged Global Equity Composite Index (“TAG Composite Index”), over the same time period. The components of the TAG Composite Index generated average annual total returns of 5.95% and 7.35% for the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index (ACWI) Investable Market Index^® (“MSCI ACWI IMI”), respectively, during the Reporting Period.

Q What key factors affected the Portfolio’s performance during the Reporting Period?

A During the Reporting Period, the Portfolio was hurt by its strategic weightings and tactical asset allocation decisions. The performance of the Underlying Funds also detracted from the Portfolio’s results versus the TAG Composite Index.

Q How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period?

A In keeping with our investment process, we develop views regarding near-term expected market returns and implement tactical asset allocation decisions (“tactical tilts”) in an attempt to enhance performance. These tactical tilts are implemented through an investment in the Goldman Sachs Tactical Tilt Overlay Fund (the “Underlying Tactical Fund”), which seeks long-term total return through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. As mentioned previously, the Portfolio’s tactical tilts detracted from its performance during the Reporting Period.

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

A To implement our strategic and tactical asset allocation decisions, the Portfolio invests in seven Underlying Funds. Six of these Underlying Funds may be used to implement our strategic asset allocation decisions (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement our tactical asset allocation decisions.

During the Reporting Period, the Portfolio was invested in five Underlying Strategic Funds, two of which outperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.)

One of the Underlying Strategic Funds that outperformed in relative terms — the Goldman Sachs International Tax-Managed Equity Fund — was one in which the Portfolio held its second-largest weighting. The Goldman Sachs International Small Cap Insights Fund also outperformed its benchmark index.

The Goldman Sachs U.S. Tax-Managed Equity Fund — in which the Portfolio also holds its largest weighting — underperformed its benchmark index during the Reporting Period. The Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs MLP Energy Infrastructure Fund also underperformed their respective benchmark indices.

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PORTFOLIO RESULTS

In addition, during the Reporting Period, the Portfolio’s Underlying Tactical Fund underperformed its benchmark index.

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

A The Portfolio used forward foreign currency exchange contracts to obtain exposure to the British pound, euro, Australian dollar, Swiss franc and Japanese yen. Collectively, these forward foreign currency exchange contracts had a slightly positive impact on relative returns.

The Portfolio also employed Standard & Poor’s 500^® Index (“S&P 500^® Index”) futures as part of its strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks. Although, the Portfolio’s strategic weightings hurt performance, its use of S&P 500^® Index futures contributed positively. In addition, some of the Portfolio’s Underlying Funds, including the Portfolio’s Underlying Tactical Fund, used derivatives during the Reporting Period to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes.

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

A During November 2015, we added S&P 500^® Index futures to the Portfolio as part of our strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks. In January 2016, we slightly decreased the Portfolio’s strategic allocation to emerging markets equities through the Underlying Strategic Funds to remain in line with the Goldman Sachs Quantitative Investment Strategies Team’s views.

Q What was the Portfolio’s strategy at the end of the Reporting Period?

A Going forward, we plan to maintain a diversified equity portfolio that implements our strategic and tactical views as we continue to seek long-term growth of capital.

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FUND BASICS

Tax-Advantaged Global Equity Portfolio

as of August 31, 2016

PERFORMANCE REVIEW
September 1, 2015– August 31, 2016	Portfolio Total Return (based on NAV)1			TAG Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			MSCI ACWI IMI4
Class A		4.88	%		7.27	%		5.95	%		7.35	%
Institutional		5.22			7.27			5.95			7.35

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

²  The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage-backed and asset-backed securities

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,675 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2016, the 23 developed markets in the MSCI ACWI IMI 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 U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

13

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/16	One Year			Five Years			Since Inception			Inception Date
Class A		-9.46	%		5.96	%		4.04	%	4/30/08
Institutional		-3.88			7.58			5.18		4/30/08

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.47	%		1.55	%
Institutional		1.07			1.15

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

14

FUND BASICS

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/167
Class A Shares	One Year			Five Years			Since Inception (4/30/08)
Returns before taxes*		-9.46	%		5.96	%		4.04	%
Returns after taxes on distributions**		-10.06			5.43			3.60
Returns after taxes on distributions*** and sale of Portfolio shares		-5.10			4.63			3.13

⁷  The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Portfolio Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

* Returns Before Taxes do not reflect taxes on distributions on the Portfolio’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributions assume that taxes are paid on distributions on the Portfolio’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Portfolio Shares reflect taxes paid on distributions on the Portfolio’s Class A Shares and taxes applicable when the shares are redeemed.

15

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁸*

Percentage of Net Assets

⁸  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

* Represents Affiliated Funds.

16

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $1,000,000 investment made on April 30, 2008 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark the Tax-Advantaged Global Composite Index (“TAG Composite Index”), which is comprised of 10% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 90% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (each with distributions reinvested), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations currently in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Performance of Institutional Shares will vary from Class A Shares due to differences in class specific fees and any applicable sales charges. In addition to the investment adviser’s decisions regarding underlying mutual fund selection and allocations among them, other factors may affect Portfolio performance. These factors include, but are not limited to, Portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Portfolio.

Tax-Advantaged Global Equity Portfolio’s Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from April 30, 2008 through August 31, 2016.

Average Annual Total Return through August 31, 2016	One Year	Five Years	Since Inception
Class A (Commenced April 30, 2008)
Excluding sales charges	4.88%	9.91%	5.10%
Including sales charges	-0.85%	8.68%	4.40%
Institutional Class (Commenced April 30, 2008)	5.22%	10.33%	5.53%

17

MARKET REVIEW

Index Definitions

The S&P 500^® Index is Standard & Poor’s index of 500 U.S. stocks, an unmanaged index of common stock prices, captures approximately 80% coverage of available U.S. market capitalization.

18

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Underlying Funds (Institutional Shares)(a) – 98.9%
	Equity – 98.9%
	17,770,658	Goldman Sachs U.S. Equity Dividend and Premium Fund	$	217,157,439
	18,519,920	Goldman Sachs International Equity Dividend and Premium Fund		119,638,684
	5,098,156	Goldman Sachs Tactical Tilt Overlay Fund(b)		49,452,111
	2,113,875	Goldman Sachs Small Cap Equity Insights Fund		44,708,447
	3,470,681	Goldman Sachs Emerging Markets Equity Insights Fund		29,257,840
	3,441,978	Goldman Sachs MLP Energy Infrastructure Fund		27,501,403
	1,814,472	Goldman Sachs International Small Cap Insights Fund		19,487,429
	TOTAL INVESTMENTS – 98.9%
	(Cost $446,777,660)		$	507,203,353
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			5,634,609
	NET ASSETS – 100.0%		$	512,837,962

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.
(a)	Represents Affiliated Funds.
(b)	Formerly known as Goldman Sachs Tactical Tilt Implementation Fund.

Investment Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

August 31, 2016

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2016, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Gain
Morgan Stanley Co., Inc.	USD	646,817	CHF	630,000		09/21/16	$	641,276	$	5,541
	USD	19,212,663	EUR	17,104,225		09/21/16		19,094,551		118,112
	USD	13,714,453	GBP	9,569,415		09/21/16		12,571,762		1,142,691
TOTAL									$	1,266,344

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Loss
Morgan Stanley Co., Inc.	USD	4,630,619	AUD	6,409,962		09/21/16	$	4,815,050	$	(184,431	)
	USD	5,424,145	CHF	5,330,844		09/21/16		5,426,263		(2,118	)
	USD	15,080,067	JPY	1,634,272,100		09/21/16		15,808,417		(728,350	)
TOTAL									$	(914,899	)

FUTURES CONTRACTS — At August 31, 2016, the Portfolio had the following futures contracts:

Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index		48	September 2016	$	5,206,800	$	198,172

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Underlying Funds (Institutional Shares)(a) – 99.0%
	Equity – 99.0%
	51,046,025	Goldman Sachs U.S. Tax-Managed Equity Fund	$	931,079,503
	48,369,395	Goldman Sachs International Tax-Managed Equity Fund		419,846,351
	18,143,270	Goldman Sachs Tactical Tilt Overlay Fund(b)		175,989,714
	12,453,277	Goldman Sachs Emerging Markets Equity Insights Fund		104,981,126
	12,248,900	Goldman Sachs MLP Energy Infrastructure Fund		97,868,709
	6,459,143	Goldman Sachs International Small Cap Insights Fund		69,371,196
	TOTAL INVESTMENTS – 99.0%
	(Cost $1,487,303,762)		$	1,799,136,599
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			18,364,842
	NET ASSETS – 100.0%		$	1,817,501,441

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.
(a)	Represents Affiliated Funds.
(b)	Formerly known as Goldman Sachs Tactical Tilt Implementation Fund.

Investment Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments (continued)

August 31, 2016

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS —At August 31, 2016, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Gain
Morgan Stanley Co., Inc.	EUR	2,240,000	USD	2,487,679		09/21/16	$	2,500,657	$	12,978
	USD	71,893,726	EUR	64,003,958		09/21/16		71,451,750		441,976
	USD	48,957,122	GBP	34,031,169		09/21/16		44,708,248		4,248,874
TOTAL									$	4,703,828
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Loss
Morgan Stanley Co., Inc.	JPY	298,000,000	USD	2,893,693		09/21/16	$	2,882,572	$	(11,120	)
	USD	15,043,645	AUD	20,934,774		09/21/16		15,725,833		(682,188	)
	USD	21,126,379	CHF	20,762,984		09/21/16		21,134,627		(8,248	)
	USD	54,932,080	JPY	5,953,154,282		09/21/16		57,585,236		(2,653,156	)
TOTAL									$	(3,354,712	)

FUTURES CONTRACTS — At August 31, 2016, the Portfolio had the following futures contracts:

Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index		169	September 2016	$	18,332,275	$	695,134

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Assets and Liabilities

August 31, 2016

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Assets:
Investments in Affiliated Underlying Funds, at value (cost $446,777,660 and $1,487,303,762)	$	507,203,353		$	1,799,136,599
Cash		4,161,791			18,723,489
Receivables:
Portfolio shares sold		1,058,552			1,783,469
Collateral on certain derivative contracts(a)		450,000			1,060,000
Investments sold		368,968			—
Reimbursement from investment adviser		14,539			12,472
Unrealized gain on forward foreign currency exchange contracts		1,266,344			4,703,828
Other assets		915			3,259
Total assets		514,524,462			1,825,423,116
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		914,899			3,354,712
Variation margin on certain derivative contracts		13,679			48,162
Payables:
Portfolio shares redeemed		613,698			2,852,063
Management fees		34,709			123,450
Collateral on certain derivative contracts(a)		20,000			1,060,000
Distribution and Service fees and Transfer Agency fees		18,969			61,926
Investments purchased		—			312,975
Accrued expenses		70,546			108,387
Total liabilities		1,686,500			7,921,675
Net Assets:
Paid-in capital		472,161,277			1,569,885,683
Undistributed (distributions in excess of) net investment income		2			(1,527,938	)
Accumulated net realized loss		(20,298,627	)		(64,733,391	)
Net unrealized gain		60,975,310			313,877,087
NET ASSETS	$	512,837,962		$	1,817,501,441
Net Assets:
Class A	$	4,992,732		$	590,616
Institutional		507,845,230			1,816,910,825
Total Net Assets	$	512,837,962		$	1,817,501,441
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		467,269			45,761
Institutional		47,183,478			141,252,242
Net asset value, offering and redemption price per share:(b)
Class A	$	10.68		$	12.91
Institutional		10.76			12.86

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

Portfolio	Forwards			Futures
Enhanced Dividend Global Equity	$	(20,000	)	$	450,000
Tax-Advantaged Global Equity		(1,060,000	)		1,060,000

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios is $11.30 and $13.66, respectively.

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Fiscal Year Ended August 31, 2016

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from Affiliated Underlying Funds	$	7,900,134		$	18,278,057
Interest		—			47
Total investment income		7,900,134			18,278,104
Expenses:
Management fees		691,044			2,594,521
Transfer Agency fees(a)		188,405			692,743
Professional fees		73,510			84,355
Custody, accounting and administrative services		53,665			115,017
Printing and mailing costs		37,907			65,730
Registration fees		37,193			66,535
Trustee fees		19,580			28,052
Distribution and Service fees — Class A Shares		6,879			1,454
Other		15,865			39,853
Total expenses		1,124,048			3,688,260
Less — expense reductions		(498,517	)		(1,379,458	)
Net expenses		625,531			2,308,802
NET INVESTMENT INCOME		7,274,603			15,969,302
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in Affiliated Underlying Funds		(11,631,406	)		(42,180,426	)
Futures contracts		382,470			1,538,200
Forward foreign currency exchange contracts		(413,970	)		(1,435,297	)
Foreign currency transactions		8,838			28,135
Capital gain distributions from Affiliated Underlying Funds		8,588,524			—
Net change in unrealized gain (loss) on:
Investments in Affiliated Underlying Funds		31,108,352			117,799,478
Futures contracts		198,172			695,134
Forward foreign currency exchange contracts		134,935			451,305
Foreign currency translation		(5,930	)		(18,895	)
Net realized and unrealized gain		28,369,985			76,877,634
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,644,588		$	92,846,936

(a) Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Portfolio	Class A		Institutional
Enhanced Dividend Global Equity	$	5,228	$	183,177
Tax-Advantaged Global Equity		1,105		691,638

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Changes in Net Assets

	Enhanced Dividend Global Equity Portfolio						Tax-Advantaged Global Equity Portfolio
	For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income	$	7,274,603		$	7,646,240		$	15,969,302		$	19,761,170
Net realized gain (loss)		(3,065,544	)		15,856,769			(42,049,388	)		15,654,210
Net change in unrealized gain (loss)		31,435,529			(41,807,369	)		118,927,022			(107,938,916	)
Net increase (decrease) in net assets resulting from operations		35,644,588			(18,304,360	)		92,846,936			(72,523,536	)
Distributions to shareholders:
From net investment income
Class A Shares		(72,552	)		(11,095	)		(9,103	)		(1,961	)
Institutional Shares		(14,729,798	)		(8,541,995	)		(30,328,763	)		(19,000,269	)
From net realized gains
Class A Shares		(64,848	)		(6,895	)		(4,676	)		(4,378	)
Institutional Shares		(13,622,832	)		(11,596,540	)		(12,749,009	)		(23,367,537	)
Total distributions to shareholders		(28,490,030	)		(20,156,525	)		(43,091,551	)		(42,374,145	)
From share transactions:
Proceeds from sales of shares		137,088,130			106,090,704			357,491,366			699,357,907
Reinvestment of distributions		28,464,540			19,757,552			43,074,642			41,144,277
Cost of shares redeemed		(85,794,058	)		(35,346,733	)		(334,588,511	)		(157,637,103	)
Net increase in net assets resulting from share transactions		79,758,612			90,501,523			65,977,497			582,865,081
TOTAL INCREASE		86,913,170			52,040,638			115,732,882			467,967,400
Net assets:
Beginning of year		425,924,792			373,884,154			1,701,768,559			1,233,801,159
End of year	$	512,837,962		$	425,924,792		$	1,817,501,441		$	1,701,768,559
Undistributed (distributions in excess of) net investment income	$	2		$	5,147,238		$	(1,527,938	)	$	12,872,010

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)(b)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	10.69	$	0.11	$	0.52		$	0.63		$	(0.31	)	$	(0.33	)	$	(0.64	)
2016 - Institutional		10.76		0.16		0.51			0.67			(0.34	)		(0.33	)		(0.67	)
2015 - A		11.83		0.16		(0.73	)		(0.57	)		(0.21	)		(0.36	)		(0.57	)
2015 - Institutional		11.89		0.22		(0.74	)		(0.52	)		(0.25	)		(0.36	)		(0.61	)
2014 - A		10.64		0.23		1.62			1.85			(0.24	)		(0.42	)		(0.66	)
2014 - Institutional		10.69		0.28		1.62			1.90			(0.28	)		(0.42	)		(0.70	)
2013 - A		9.73		0.21		1.08			1.29			(0.27	)		(0.11	)		(0.38	)
2013 - Institutional		9.76		0.26		1.09			1.35			(0.31	)		(0.11	)		(0.42	)
2012 - A		9.23		0.19		0.58			0.77			(0.26	)		(0.01	)		(0.27	)
2012 - Institutional		9.27		0.23		0.57			0.80			(0.30	)		(0.01	)		(0.31	)

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

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

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

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

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

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Net asset value, end of year		Total return(c)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets(d)			Ratio of total expenses to average net assets(d)			Ratio of net investment income to average net assets(b)			Portfolio turnover rate(e)
$	10.68		6.32	%	$	4,993		0.53	%		0.64	%		1.09	%		19	%
	10.76		6.67			507,845		0.13			0.24			1.58			19
	10.69		(4.82	)		1,729		0.55			0.66			1.40			25
	10.76		(4.29	)		424,196		0.17			0.26			1.95			25
	11.83		17.92			220		0.60			0.66			2.02			14
	11.89		18.29			373,665		0.20			0.26			2.43			14
	10.64		13.61			133		0.60			0.68			2.13			40
	10.69		14.21			284,539		0.20			0.29			2.49			40
	9.73		8.51			127,290		0.60			0.70			2.02			32
	9.76		8.79			75,735		0.20			0.30			2.42			32

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)(b)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2016 - A	$	12.58	$	0.08	$	0.52		$	0.60		$	(0.18	)	$	(0.09	)	$	(0.27	)
2016 - Institutional		12.53		0.11		0.53			0.64			(0.22	)		(0.09	)		(0.31	)
2015 - A		13.51		0.09		(0.69	)		(0.60	)		(0.10	)		(0.23	)		(0.33	)
2015 - Institutional		13.48		0.17		(0.71	)		(0.54	)		(0.18	)		(0.23	)		(0.41	)
2014 - A		11.31		0.20		2.31			2.51			—			(0.31	)		(0.31	)
2014 - Institutional		11.38		0.18		2.39			2.57			(0.16	)		(0.31	)		(0.47	)
2013 - A		9.78		0.32		1.41			1.73			(0.17	)		(0.03	)		(0.20	)
2013 - Institutional		9.84		0.15		1.63			1.78			(0.21	)		(0.03	)		(0.24	)
2012 - A		8.98		0.15		0.79			0.94			(0.13	)		(0.01	)		(0.14	)
2012 - Institutional		9.04		0.17		0.81			0.98			(0.17	)		(0.01	)		(0.18	)

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

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

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

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

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

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Net asset value, end of year		Total return(c)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets(d)			Ratio of total expenses to average net assets(d)			Ratio of net investment income to average net assets(b)			Portfolio turnover rate(e)
$	12.91		4.88	%	$	591		0.53	%		0.61	%		0.64	%		19	%
	12.86		5.22			1,816,911		0.13			0.21			0.92			19
	12.58		(4.39	)		543		0.56			0.61			0.66			22
	12.53		(3.96	)		1,701,226		0.17			0.21			1.31			22
	13.51		22.55			235		0.60			0.62			1.56			9
	13.48		23.05			1,233,566		0.20			0.22			1.43			9
	11.31		18.12			636		0.60			0.64			3.16			36
	11.38		18.45			739,859		0.20			0.24			1.34			36
	9.78		10.52			243,892		0.60			0.65			1.62			24
	9.84		11.02			207,103		0.20			0.25			1.88			24

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

August 31, 2016

1. ORGANIZATION

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

Portfolio	Share Classes Offered	Diversified/ Non-diversified
Enhanced Dividend Global Equity and Tax-Advantaged Global Equity	A and Institutional	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional Shares are not subject to a sales charge.

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

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM or Goldman Sachs Asset Management International (“GSAMI”), also an affiliate of Goldman Sachs, act as investment advisers. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded funds (“Unaffiliated Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Investment Valuation — The Portfolios’ valuation policy, as well as the Underlying Funds’, is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, less any amounts reclaimable, and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the Financial Statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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

30

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

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

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Enhanced Dividend Global Equity	Quarterly	Annually
Tax-Advantaged Global Equity	Annually	Annually

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of the Portfolios are maintained in 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 translations. 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

The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

31

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Portfolios’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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

Underlying Funds — Investments in the Underlying Funds are valued at the NAV per share of the Institutional Share class of each Underlying Fund on the day of valuation. Because each Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

32

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolios’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C.  Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of August 31, 2016:

ENHANCED DIVIDEND GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Equity Underlying Funds	$	507,203,353	$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	1,266,344		$	—
Futures Contracts		198,172		—			—
Total	$	198,172	$	1,266,344		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(914,899	)	$	—
TAX-ADVANTAGED GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Equity Underlying Funds	$	1,799,136,599	$	—		$	—

33

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

TAX-ADVANTAGED GLOBAL EQUITY (continued)
Derivative Type	Level 1		Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	4,703,828		$	—
Futures Contracts		695,134		—			—
Total	$	695,134	$	4,703,828		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(3,354,712	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of August 31, 2016. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure:

Enhanced Dividend Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	1,266,344		Payable for unrealized loss on forward foreign currency exchange contracts	$	(914,899)
Equity	Variation margin on certain derivative contracts		198,172	(a)	—		—
Total		$	1,464,516			$	(914,899)

34

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

Tax-Advantaged Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	4,703,828		Payable for unrealized loss on forward foreign currency exchange contracts	$	(3,354,712)
Equity	Variation margin on certain derivative contracts		695,134	(a)	—		—
Total		$	5,398,962			$	(3,354,712)

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

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2016. 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:

Enhanced Dividend Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) from forward foreign currency exchange contracts	$	(413,970	)	$	134,935		8
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		382,470			198,172		44
Total		$	(31,500	)	$	333,107		52
Tax-Advantaged Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) from forward foreign currency exchange contracts	$	(1,435,297	)	$	451,305		9
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,538,200			695,134		171
Total		$	102,903		$	1,146,439		180

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2016.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. GSAM has agreed to waive a portion of its management fee in order to achieve an effective rate of 0.08% as an annual percentage rate of average daily net assets of each Portfolio through at least December 29, 2016, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

B.  Distribution and Service Plan — The Trust, on behalf of each Portfolio’s Class A Shares, has adopted a Distribution and Service Plan (the “Plan”). Under the Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of each Portfolio’s average daily net assets attributable to Class A Shares.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the fiscal year ended August 31, 2016, Goldman Sachs advised that it retained front-end sales charges of $3,970 and $219 for the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively.

D.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A Shares and 0.04% of the average daily net assets of Institutional Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended August 31, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Enhanced Dividend Global Equity	$	322,488	$	172,671	$	3,358	$	498,517
Tax-Advantaged Global Equity		1,210,779		155,007		13,672		1,379,458

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Line of Credit Facility — As of August 31, 2016, the Portfolios participated in a $1,100,000,000 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 (“Other Borrowers”). This facility is to be used for temporary or emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2016, the Portfolios did not have any borrowings under the facility.

G.  Other Transactions with Affiliates — For the fiscal year ended August 31, 2016, Goldman Sachs earned $152 and $620, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively.

The Portfolios invest primarily in the Institutional Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended August 31, 2016:

Enhanced Dividend Global Equity
Underlying Funds	Market Value 08/31/2015		Purchases at Cost*		Proceeds from Sales			Return of Capital on Dividends		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 08/31/2016		Dividend Income		Capital Gain Distributions
Goldman Sachs Emerging Markets Equity Insights Fund	$	29,342,935	$	11,012,991	$	(12,927,254	)	$	—	$	(3,394,684	)	$	5,223,852	$	29,257,840	$	423,626	$	—
Goldman Sachs High Yield Floating Rate Fund		28		—		(28	)		—		(1	)		1		—		—		—
Goldman Sachs High Yield Fund		113		—		(111	)		—		(8	)		6		—		1		—

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Underlying Funds	Market Value 08/31/2015		Purchases at Cost*		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 08/31/2016		Dividend Income		Capital Gain Distributions
Goldman Sachs International Equity Dividend and Premium Fund	$	95,350,122	$	41,293,524	$	(15,072,322	)	$	—		$	(3,300,413	)	$	1,367,773		$	119,638,684	$	2,814,910	$	1,318,373
Goldman Sachs International Small Cap Insights Fund		12,939,383		7,335,934		(1,826,846	)		—			(53,128	)		1,092,086			19,487,429		231,440		—
Goldman Sachs MLP Energy Infrastructure Fund		21,882,456		14,945,608		(7,418,173	)		(3,524,742	)		(2,606,966	)		4,223,220			27,501,403		—		—
Goldman Sachs Small Cap Equity Insights Fund		35,522,511		9,257,743		(4,633,851	)		—			(225,311	)		4,787,355			44,708,447		215,113		—
Goldman Sachs Tactical Tilt Overlay Fund**		43,718,685		16,109,705		(8,167,225	)		—			(525,460	)		(1,683,594	)		49,452,111		1,945,103		—
Goldman Sachs U.S. Equity Dividend and Premium Fund		182,057,457		58,474,609		(37,946,845	)		—			(1,525,435	)		16,097,653			217,157,439		4,122,847		7,270,151
Total	$	420,813,690	$	158,430,114	$	(87,992,655	)	$	(3,524,742	)	$	(11,631,406	)	$	31,108,352		$	507,203,353	$	9,753,039	$	8,588,524

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity
Underlying Funds	Market Value 08/31/2015		Purchases at Cost*		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 08/31/2016		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund	$	117,148,536	$	32,198,640	$	(50,100,465	)	$	—		$	(13,500,620	)	$	19,235,035		$	104,981,126	$	1,647,536
Goldman Sachs International Small Cap Insights Fund		51,923,329		20,511,494		(6,602,854	)		—			(301,673	)		3,840,900			69,371,196		898,404
Goldman Sachs International Tax-Managed Equity Fund		381,724,633		85,789,581		(51,640,007	)		—			(4,725,205	)		8,697,349			419,846,351		5,614,286
Goldman Sachs MLP Energy Infrastructure Fund		87,239,406		48,560,830		(29,032,392	)		(12,630,995	)		(12,107,134	)		15,838,994			97,868,709		—
Goldman Sachs Tactical Tilt Overlay Fund**		175,721,894		41,556,189		(31,667,705	)		—			(2,580,593	)		(7,040,071	)		175,989,714		7,511,385
Goldman Sachs U.S. Tax-Managed Equity Fund		869,088,871		143,188,878		(149,460,316	)		—			(8,965,201	)		77,227,271			931,079,503		8,951,916
Total	$	1,682,846,669	$	371,805,612	$	(318,503,739	)	$	(12,630,995	)	$	(42,180,426	)	$	117,799,478		$	1,799,136,599	$	24,623,527

  * Includes reinvestment of distributions.

** Formerly known as Goldman Sachs Tactical Tilt Implementation Fund.

As of August 31, 2016, the following Goldman Sachs Fund of Funds Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Underlying Funds	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Goldman Sachs Emerging Markets Equity Insights Fund		—	%		13	%
Goldman Sachs International Equity Dividend and Premium Fund		38			—
Goldman Sachs International Tax-Managed Equity Fund		—			88
Goldman Sachs Small Cap Equity Insights Fund		20			—
Goldman Sachs U.S. Equity Dividend and Premium Fund		10			—
Goldman Sachs U.S. Tax-Managed Equity Fund		—			85

39

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2016 were as follows:

Portfolio	Purchases		Sales
Enhanced Dividend Global Equity	$	158,430,114	$	87,992,655
Tax-Advantaged Global Equity		371,805,612		318,503,739

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2016 was as follows:

	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Distributions paid from:
Ordinary income	$	23,736,355	$	37,773,057
Net long-term capital gains		4,753,675		5,318,494
Total taxable distributions	$	28,490,030	$	43,091,551

The tax character of distributions paid during the fiscal year ended August 31, 2015 was as follows:

	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Distributions paid from:
Ordinary income	$	8,553,090	$	19,012,180
Net long-term capital gains		11,603,435		23,361,965
Total taxable distributions	$	20,156,525	$	42,374,145

As of August 31, 2016, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Undistributed ordinary income — net	$	—		$	18,992
Undistributed long-term capital gains		2,285,116			—
Total undistributed earnings	$	2,285,116		$	18,992
Capital Loss Carryforwards
Perpetual Short-Term		—			(247,758	)
Timing differences (Post October Loss Deferral/Qualified Late Year Loss Deferral)		(272,438	)		(17,375,788	)
Unrealized gains — net		38,664,007			265,220,312
Total accumulated earnings	$	40,676,685		$	247,615,758

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

7. TAX INFORMATION (continued)

As of August 31, 2016, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Tax cost	$	468,539,346		$	1,533,916,287
Gross unrealized gain		64,861,264			320,981,122
Gross unrealized loss		(26,197,257	)		(55,760,810	)
Net unrealized security gain	$	38,664,007		$	265,220,312

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

In order to present certain components of the Portfolios’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Portfolios’ accounts. These reclassifications have no impact on the NAV of the Portfolios and result primarily from dividend redesignations and differences in the tax treatment of foreign currency transactions and underlying fund investments.

	Accumulated Net Realized Gains (Loss)			Undistributed Net Investment Income (Loss)
Enhanced Dividend Global Equity	$	(2,380,511	)	$	2,380,511
Tax-Advantaged Global Equity		31,384			(31,384	)

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

8. OTHER RISKS

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

Derivatives Risk — Loss may result from the Portfolios’ investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolios. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Portfolio or an Underlying Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody. 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 Portfolio or an Underlying Fund has exposure to currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

8. OTHER RISKS (continued)

Investments in the Underlying Funds — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. As of August 31, 2016, the Enhanced Dividend Global Equity Portfolio invested 42.3% and 23.3% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large-capitalization U.S. equity issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500 at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write call options on the S&P 500 Index or related exchange-traded funds in an amount that is between 25% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in companies that are organized outside the U.S. or whose securities are principally traded outside the U.S. with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 25% and 75% of the value of its portfolio.

As of August 31, 2016, the Tax-Advantaged Global Equity Portfolio invested 51.2% and 23.1% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests in a broadly diversified portfolio of equity investments in U.S. issuers, including foreign issuers that are traded in the U.S. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in international equity securities. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

Liquidity Risk — An Underlying 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 Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio and an Underlying 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 Portfolio and the Underlying Fund have unsettled or open transactions defaults.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2016

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		333,387		$	3,394,652			153,414		$	1,725,270
Reinvestment of distributions		12,636			128,549			1,570			17,369
Shares redeemed		(40,422	)		(412,570	)		(11,886	)		(129,799	)
		305,601			3,110,631			143,098			1,612,840
Institutional Shares
Shares sold		13,147,341			133,693,478			9,296,716			104,365,434
Reinvestment of distributions		2,766,887			28,335,991			1,795,031			19,740,183
Shares redeemed		(8,171,797	)		(85,381,488	)		(3,090,473	)		(35,216,934	)
		7,742,431			76,647,981			8,001,274			88,888,683
NET INCREASE		8,048,032		$	79,758,612			8,144,372		$	90,501,523

Share activity is as follows:

	Tax-Advantaged Global Equity Portfolio
	For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2015
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		13,301		$	169,147			26,021		$	342,830
Reinvestment of distributions		1,101			13,779			499			6,339
Shares redeemed		(11,788	)		(142,955	)		(752	)		(9,466	)
		2,614			39,971			25,768			339,703
Institutional Shares
Shares sold		29,366,174			357,322,219			52,996,009			699,015,077
Reinvestment of distributions		3,455,621			43,060,863			3,238,682			41,137,938
Shares redeemed		(27,315,060	)		(334,445,556	)		(11,983,210	)		(157,627,637	)
		5,506,735			65,937,526			44,251,481			582,525,378
NET INCREASE		5,509,349		$	65,977,497			44,277,249		$	582,865,081

44

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs Trust and Shareholders of the Goldman Sachs Global Tax-Aware Equity Portfolios:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (collectively the “Portfolios”), portfolios of the Goldman Sachs Trust, at August 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Portfolio Expenses — Six Month Period Ended August 31, 2016 (Unaudited)     

As a shareholder of Class A or Institutional Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A and Institutional Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2016 through August 31, 2016, which represents a period of 184 days of a 366 day year.

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

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

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

	Enhanced Dividend Global Equity Portfolio							Tax-Advantaged Global Equity Portfolio
Share Class	Beginning Account Value 3/01/16		Ending Account Value 8/31/16			Expenses Paid for the 6 Months Ended 8/31/16*		Beginning Account Value 3/01/16		Ending Account Value 8/31/16			Expenses Paid for the 6 Months Ended 8/31/16*
Class A
Actual	$	1,000	$	1,133.50		$	2.84	$	1,000	$	1,119.70		$	2.82
Hypothetical 5% return		1,000		1,022.47	+		2.69		1,000		1,022.47	+		2.69
Institutional
Actual		1,000		1,135.30			0.70		1,000		1,122.20			0.69
Hypothetical 5% return		1,000		1,024.48	+		0.66		1,000		1,024.48	+		0.66

* Expenses are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2016. 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:

Portfolio	Class A			Institutional
Enhanced Dividend Global Equity		0.53	%		0.13	%
Tax-Advantaged Global Equity		0.53			0.13

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2017 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2016 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

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

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

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

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

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

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

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

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

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

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

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

Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

48

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

Investment Performance

The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2015, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2016. The information on each Portfolio’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Portfolio had been in existence for those periods. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Class A Shares of the Enhanced Dividend Global Equity Portfolio had placed in the top half of the Portfolio’s peer group for the one-, three-, and five-year periods, and outperformed the Portfolio’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2016. They noted that the Enhanced Dividend Global Equity Portfolio had certain significant differences from the Portfolio’s peer group that caused the peer group to be an imperfect basis for performance comparison. The Trustees observed that the Class A Shares of the Tax-Advantaged Global Equity Portfolio had placed in the top half of the Portfolio’s peer group for the three- and five-year periods and in the third quartile for the one-year period, and outperformed the Portfolio’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2016.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

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

49

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Portfolio were provided for 2015 and 2014, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to certain Underlying Funds, enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the ability of certain Underlying Funds to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios’

50

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2017.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Diana M. Daniels Age: 67	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Herbert J. Markley Age: 66	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 56	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply-chain management services company) (2014-2015) and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	Verizon Communications Inc.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2016.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 15 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

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

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Interested Trustees*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	139	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President, and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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

¹  Information is provided as of August 31, 2016.

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Goldman Sachs Trust — Global Tax-Aware Equity Portfolios — Tax Information (Unaudited)

For the fiscal year ended August 31, 2016, 33.49% and 33.75% of the dividends paid from net investment company taxable income by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, qualify for the dividends received deduction available to corporations.

From distributions paid during the fiscal year ended August 31, 2016, the total amount of income received by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios from sources within foreign countries and possessions of the United States was $0.0412 and $0.0582 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios was 7.95% and 20.49%, respectively. The total amount of taxes paid by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios to such countries was $0.0124 and $0.0089 per share, respectively.

For the fiscal year ended August 31, 2016, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate 63.74% and 46.89%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $4,753,675 and $5,318,494, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2016.

During the fiscal year ended August 31, 2016, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolio designate $8,934,005 and $7,421,669, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

56

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Treasury Solutions Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

n Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

n Investor Money Market Fund

n Investor Tax-Exempt Money Market Fund²

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short-Term Conservative Income Fund³

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Bond Fund

n Core Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Focused Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund⁴

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n N-11 Equity Fund

Select Satellite

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Global Real Estate Securities Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Absolute Return Multi-Asset Fund

n Global Infrastructure Fund

Total Portfolio Solutions

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Overlay Fund⁵

n Balanced Strategy Portfolio

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

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax-Advantaged Global Equity Portfolio

n Strategic Factor Allocation Fund

n Target Date 2020 Portfolio

n Target Date 2025 Portfolio

n Target Date 2030 Portfolio

n Target Date 2035 Portfolio

n Target Date 2040 Portfolio

n Target Date 2045 Portfolio

n Target Date 2050 Portfolio

n Target Date 2055 Portfolio

¹  You could lose money by investing in a money market fund. Because the share price of certain money market funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Certain money market funds may impose a fee upon the 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 a money market fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market funds’ 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  Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

³  Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁴  Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁵  Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund.

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

* 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 Ashok N. Bakhru, Chairman Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a 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 Portfolios file their complete schedule of Portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Form N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Portfolios’ first and third fiscal quarters. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman, Sachs & Co. (“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.

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

Fund holdings and allocations shown are as of August 31, 2016 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a 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 Institution or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2016 Goldman Sachs. All rights reserved. 66600-TMPL-10/2016/TAGEDGAR-16/66K

Goldman Sachs Funds

Annual Report	August 31, 2016
	Strategic Factor Allocation Fund

Goldman Sachs Strategic Factor Allocation Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Schedule of Investments	6
Financial Statements	9
Financial Highlights	12
Notes to the Financial Statements	14
Report of Independent Registered Accounting Firm	25
Other Information	26

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Strategic Factor Allocation Fund

Investment Objective and Principal Strategy

The Fund seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team (“QIS Team”) discusses the Goldman Sachs Strategic Factor Allocation Fund’s (the “Portfolio”) performance and positioning for the period from its inception on May 31, 2016 through August 31, 2016 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Institutional Shares generated a cumulative total return of 3.40%. This compares to the 3.22% cumulative total return of the Portfolio’s blended benchmark, the Strategic Factor Allocation Composite Index (the “Index”), which is composed 50% of the S&P 500^® Index and 50% of the Bloomberg Barclays U.S. Aggregate Bond Index, during the same period.

The components of the Portfolio’s blended benchmark, the S&P 500^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, generated cumulative total returns of 4.10% and 2.32%, respectively, during the Reporting Period.

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

A At the beginning of the Reporting Period in June 2016, U.S. and international equity markets were dominated by the U.K. referendum on whether to leave the European Union, popularly known as Brexit. U.S. and international equities sold off in the global risk-off sentiment that dominated toward the end of June 2016 in the days following the widely unexpected “leave” result. However, by the end of the month, U.S. equities had rebounded and international equities had retraced most of their losses due to a combination of improving risk sentiment as markets digested the outcome and dovish remarks from the Bank of England’s (“BoE”) Governor Carney. (Dovish remarks or action tends to be that which is not strong or aggressive (opposite of hawkish).) U.S. equities were further buoyed in July 2016 by strong economic data and corporate earnings. U.S. payrolls reached an eight-month high in June 2016, according to a report released in July 2016, which suggested an especially weak May 2016 reading had been an outlier in an otherwise strong job market. Such sentiment was substantiated in August 2016, as payrolls data, released for July 2016, surprised to the upside for a second consecutive month. In the international equity markets during July 2016, equities benefited from expectations of additional monetary policy easing and a rebound in risk appetite. Near the end of July 2016, the Bank of Japan (“BoJ”) eased as anticipated, but disappointed the markets by not implementing additional monetary measures. Meanwhile, BoE Governor Carney assuaged some concerns about the Brexit vote by saying “some monetary policy easing will likely be required over the summer.” The BoE delivered during August 2016, cutting interest rates by 25 basis points and significantly extending its quantitative easing program, helping to offset negative sentiment about Brexit. (A basis point is 1/100th of a percent.) In both the U.S. and international equity markets, investor concerns about a Federal Reserve (the “Fed”) rate hike intensified during August 2016. In her Jackson Hole speech toward the end of August 2016, Fed Chair Janet Yellen acknowledged that the case for an interest rate hike had strengthened in recent months. Along with strong labor data and other recent hawkish comments from the Fed, this significantly increased the market-implied probability of an interest rate hike by year-end 2016, causing U.S. and international equities to sell off and finish the month of August roughly flat.

In the global fixed income markets, the release in early June 2016 of weak May 2016 employment data raised concerns about the health of the U.S. economy, pushing down expectations of a Fed rate hike. Indeed, the Fed did not raise interest rates at its June 2016 policy meeting. In the last week of June 2016, the Brexit vote renewed investor uncertainty about the path of global economic growth. Spread, or non-government bond, sectors withstood the Brexit vote relatively well, selling off at first but then recovering most of their losses afterwards. In July 2016, spread sectors continued to

1

PORTFOLIO RESULTS

advance, supported by steady job gains in the U.S. and positive economic data surprises in many developed countries as well as in China. Global central bank policy remained broadly accommodative, although the Fed’s July 2016 policy statement was more hawkish than the market expected. The European Central Bank kept interest rates unchanged, as did the BoJ. Spread sectors performed well during August 2016, supported by investors’ preference for higher-yielding securities, rising oil prices and continued accommodative global central bank policy. The BoE also unveiled monetary easing measures to cushion the potential impact of Brexit. However, the BoJ fell short of market expectations with the announcement of an equity purchase program and the lack of key monetary measures, such as an interest rate cut and increased government bond purchases. Continued hawkish comments from the Fed boosted market expectations of a rate hike by the end of 2016.

Q What were the primary contributors to and detractors from the Portfolio’s performance during the Reporting Period?

A The Portfolio seeks to achieve its investment objective through the implementation of the Goldman Sachs Strategic Factor Allocation process (“Strategic Allocation”), which is derived from the Goldman Sachs Investment Strategy Group’s (“ISG”) market views on a variety of asset classes and instruments. The Strategic Allocation was developed to provide exposure to “factors,” which are academically-derived drivers of investment returns that the ISG believes offer the potential for greater and more consistent returns in various market environments. These factors include Equity, Term, Flow and Volatility. The Equity factor seeks to capture the premium associated with equity risk. The Term factor seeks to capture the premium associated with interest rate and inflation risk. The Flow factor seeks to systematically capitalize on flows within and across asset classes. The Volatility factor seeks to capture the “fear premium” associated with equity risk. (The fear premium is the amount investors tend to overpay to preserve capital during periods of financial market volatility.) The QIS Team implements the Strategic Allocation by investing primarily in derivatives; pooled investment vehicles, such as exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”) and underlying funds; and equities, fixed income and currencies.

Overall, during the Reporting Period, the Strategic Allocation helped the Portfolio outperform the Index. The Term and Equity factors contributed most positively to the Portfolio’s results, followed by the Volatility factor and then the Flow factor.

In terms of underlying asset classes and instruments, the Portfolio benefited most from its investments in U.S. bond futures. The Portfolio’s allocation to listed U.S. equity index options also added to returns. Holdings of U.S. equities further bolstered Portfolio returns.

In addition, the Portfolio’s positions in the British pound, New Zealand dollar and Japanese yen, accomplished through foreign currency exchange forward contracts, added slightly to performance. The Portfolio’s positions in the Australian dollar and euro did not have a meaningful impact on results.

There were no significant detractors from the Portfolio’s performance during the Reporting Period.

Q How was the Portfolio positioned at the beginning of the Reporting Period?

A In terms of its Strategic Allocation at the beginning of the Reporting Period, the Portfolio maintained its largest weightings in the Equity and Volatility factors, followed by the Term and Flow factors.

In terms of underlying asset classes and instruments, the Portfolio held positions in U.S. equities, U.S. listed equity index options and U.S. fixed income securities at the start of the Reporting Period. It held long positions versus the U.S. dollar in the Australian dollar and the New Zealand dollar. Additionally, the Portfolio held a short position in the British pound versus the U.S. dollar.

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

A The Portfolio uses derivatives for both hedging and non-hedging purposes in the implementation of the Strategic Allocation. During the Reporting Period, the Portfolio employed listed equity index options to implement views on the U.S. equity market, which added to performance. It used bond futures to express views on the U.S. fixed income market. The bond futures position contributed positively to results. In addition, the Portfolio utilized foreign currency exchange forward contracts to take long and short positions in select developed markets currencies. Foreign currency exchange forward contracts bolstered the Portfolio’s results during the Reporting Period.

2

PORTFOLIO RESULTS

Q How was the Portfolio positioned at the end of the Reporting Period?

A In terms of its Strategic Allocation at the end of the Reporting Period, the Portfolio had relatively equal weightings in Equity, Flow and Volatility factors. It had a relatively smaller weighting in the Term factor.

In terms of underlying asset classes and instruments, the Portfolio maintained positions in U.S. equities, listed U.S. equity index options and U.S. fixed income. It held long positions versus the U.S. dollar in the Canadian dollar and the British pound. It held short positions versus the U.S. dollar in the Japanese yen and the Swiss franc.

Q What was the Portfolio’s strategy at the end of the Reporting Period?

A Going forward, the QIS Team plans to continue implementing the Strategic Allocation as it seeks long-term total return.

3

FUND BASICS

Strategic Factor Allocation Fund

as of August 31, 2016

PERFORMANCE REVIEW
May 31, 2016– August 31, 2016	Portfolio Total Return (based on NAV)1			Strategic Factor Allocation Composite Index2			S&P 500® Index3			Bloomberg Barclays U.S. Aggregate Bond Index4
Institutional		3.40	%		3.22	%		4.10	%		2.32	%

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

²  The Strategic Factor Composite Index is a blend of 50% the S&P 500^® Index and 50% the Bloomberg Barclays U.S. Aggregate Bond Index. It is not possible to invest in an unmanaged index.

³  The S&P 500^® Index is the Standard & Poor’s 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.

⁴  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/16	Since Inception			Inception Date
Institutional		1.80	%	5/31/16

⁵  The Standardized Total Returns are cumulative total returns for periods less than a year as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

4

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.98	%		1.64	%

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least May 31, 2017, and prior to such date the Goldman Sachs Asset Management, L.P., the Portfolio’s investment adviser, may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

HOLDINGS AS OF 8/31/167
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund – Institutional Shares		54.5	%		Investment Companies
SPDR S&P 500® ETF Trust		32.7			Exchange Traded Funds

⁷  The holdings may not be representative of the Portfolio’s future investments.

5

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

August 31, 2016

Shares		Description	Value
	Exchange Traded Funds – 32.7%
	509,300	SPDR S&P 500 ETF Trust	$	110,742,192
	(Cost $109,554,791)

Shares	Distribution Rate			Value
Investment Companies(a)(b) – 54.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
184,645,717		0.270	%	$	184,645,717
(Cost $184,645,717)
TOTAL INVESTMENTS – 87.2%
(Cost $294,200,508)				$	295,387,909
OTHER ASSETS IN EXCESS OF     LIABILITIES – 12.8%					43,203,835
NET ASSETS – 100.0%				$	338,591,744

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 fund.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2016.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2016, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Deutsche Bank AG	USD	700,316	AUD	920,000	$	691,012		09/23/16	$	9,304
	USD	20,555,110	CHF	20,180,000		20,546,869		09/23/16		8,241
HSBC Bank PLC	USD	1,796,347	JPY	182,840,000		1,769,289		09/26/16		27,058
Royal Bank of Scotland PLC	CAD	16,130,000	USD	12,294,160		12,301,411		09/23/16		7,250
	USD	370,601	JPY	37,070,000		358,716		09/26/16		11,886
Societe Generale SA	GBP	270,000	USD	354,728		354,753		09/23/16		25
	USD	9,204,902	AUD	12,100,000		9,088,312		09/23/16		116,590
State Street Bank and Trust	GBP	8,890,000	USD	11,616,181		11,680,583		09/23/16		64,403
UBS AG (London)	USD	18,909,111	JPY	1,893,530,000		18,323,137		09/26/16		585,973
TOTAL									$	830,730

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Deutsche Bank AG	AUD	13,020,000	USD	9,783,176	$	9,779,325		09/23/16	$	(3,851	)
	GBP	300,000	USD	397,266		394,170		09/23/16		(3,096	)
HSBC Bank PLC	USD	6,106,424	EUR	5,470,000		6,107,706		09/23/16		(1,283	)
State Street Bank and Trust	EUR	5,160,000	USD	5,848,617		5,761,566		09/23/16		(87,052	)
UBS AG (London)	EUR	310,000	USD	351,345		346,141		09/23/16		(5,204	)
TOTAL									$	(100,486	)

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

August 31, 2016

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At August 31, 2016, the Portfolio had the following futures contracts:

Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
20 Year U.S. Treasury Bonds		278	December 2016	$	47,364,250	$	30,710

WRITTEN OPTIONS CONTRACTS — At August 31, 2016 the Portfolio had following written options:

OPTIONS ON EQUITIES CONTRACTS

Counterparty	Description	Contracts		Expiration Date		Strike Price		Value
Morgan Stanley Capital Services, Inc. (Premium received $1,877,720)	Put - S&P 500 Index		1,196		10/21/16	$	2,075	$	(1,877,720	)

At August 31, 2016, the Portfolio had the following written options activity:

OPTIONS ON EQUITIES

	Contracts			Premiums Received
Contracts Outstanding May 31, 2016		—		$	—
Contracts Written		3,672			5,071,625
Contracts Bought to Close		(2,476	)		(3,193,905	)
Contracts Outstanding August 31, 2016		1,196		$	1,877,720

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Assets and Liabilities

August 31, 2016

Assets:
Investments of unaffiliated issuers, at value (cost $109,554,791)	$	110,742,192
Investments of affiliated issuers, at value (cost $184,645,717)		184,645,717
Cash		9,553,656
Unrealized gain on forward foreign currency exchange contracts		830,730
Variation margin on certain derivative contracts		180,033
Deferred offering costs		78,399
Receivables:
Collateral on certain derivative contracts(a)		30,360,458
Portfolio shares sold		7,138,608
Investments sold		1,877,720
Dividends and interest		43,325
Reimbursement from investment adviser		30,153
Total assets		345,480,991
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		100,486
Written option contracts, at value (premium received $1,877,720)		1,877,720
Payables:
Investments purchased		4,627,917
Management fees		143,571
Offering costs		14,900
Due to broker		14,340
Organization costs		12,000
Distribution and Service fees and Transfer Agency fees		10,061
Portfolio shares redeemed		10,000
Accrued expenses		78,252
Total liabilities		6,889,247
Net Assets:
Paid-in capital		334,281,433
Net investment loss		(615,459	)
Accumulated net realized gain		2,977,415
Net unrealized gain		1,948,355
NET ASSETS	$	338,591,744
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		32,752,811
Net asset value, offering and redemption price per share:		$10.34

(a) Includes amounts segregated for initial margin requirements and/or collateral on futures, options and forward foreign currency exchange contracts transactions of $1,146,750, $ 28,603,708 and $610,000, respectively.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Operations

For the Period Ended August 31, 2016^(a)

Investment income:
Dividends — unaffiliated issuers	$	82,501
Dividends — affiliated issuers		80,525
Interest		128
Total investment income		163,154
Expenses:
Management fees		346,826
Professional fees		48,219
Amortization of offering costs		30,133
Registration fees		30,010
Custody, accounting and administrative services		21,594
Transfer Agency fees		18,497
Printing and mailing costs		17,500
Organization costs		12,000
Trustee fees		6,250
Other		3,977
Total expenses		535,006
Less — expense reductions		(134,593	)
Net expenses		400,413
NET INVESTMENT LOSS		(237,259	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(260,040	)
Futures contracts		771,175
Written options		2,466,280
Forward foreign currency exchange contracts		(466,414	)
Foreign currency transactions		55,251
Net unrealized gain on:
Investments — unaffiliated issuers		1,187,401
Futures contracts		30,710
Forward foreign currency exchange contracts		730,244
Net realized and unrealized gain		4,514,607
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,277,348

(a) Commenced operations on May 31, 2016

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Changes in Net Assets

For the Period Ended August 31, 2016^(a)

From operations:
Net investment loss	$	(237,259	)
Net realized gain		2,566,252
Net unrealized gain		1,948,355
Net increase in net assets resulting from operations		4,277,348
From share transactions:
Proceeds from sales of shares		337,652,314
Cost of shares redeemed		(3,337,918	)
Net increase in net assets resulting from share transactions		334,314,396
TOTAL INCREASE		338,591,744
Net assets:
Beginning of period		—
End of period	$	338,591,744
Net investment loss	$	(615,459	)

(a) Commenced operations on May 31, 2016

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment loss(a)			Net realized and unrealized gain		Total from investment operations
FOR THE PERIOD ENDED AUGUST 31,
2016 - Institutional Shares (Commenced May 31, 2016)	$	10.00	$	(0.01	)	$	0.35	$	0.34

(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. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets(c)			Ratio of total expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets(c)			Portfolio turnover rate(d)
$	10.34		3.40	%	$	338,592		0.87	%		1.07	%		(0.51	)%		86	%

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements

August 31, 2016

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”) is a non-diversified portfolio and currently offers one class of share - Institutional Shares. The Portfolio commenced operations on May 31, 2016. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes, less any amounts reclaimable and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Expenses — Expenses incurred directly by the Portfolio are charged to the Portfolio, and certain expenses incurred by the Trust that may not solely relate to the Portfolio are allocated to the Portfolio and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D.  Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Portfolio 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 the Portfolio were expensed on the first day of operations.

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

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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

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

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

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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Notes to Financial Statements (continued)

August 31, 2016

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of August 31, 2016:

Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Fund	$	110,742,192		$	—		$	—
Investment Company		184,645,717			—			—
Total	$	295,387,909		$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	830,730		$	—
Futures Contracts		30,710			—			—
Total	$	30,710		$	830,730		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(100,486	)	$	—
Written Options Contracts		(1,877,720	)		—			—
Total	$	(1,877,720	)	$	(100,486	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of August 31, 2016. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on futures variation margin	$	30,710	(a)	—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		830,730		Payable for unrealized loss on forward foreign currency exchange contracts		(100,486)
Equity	—		—		Written Options, at value		(1,877,720)
Total		$	861,440				$(1,978,206)

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

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4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the period ended August 31, 2016. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts	$	771,175		$	30,710		167
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(466,414	)		730,244		13
Equity	Net realized gain (loss) from written options contracts		2,466,280			—		1
Total		$	2,771,041		$	760,954		181

(a) Average number of contracts is based on the average of month end balances for the period ended August 31, 2016.

In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives’ counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts and certain options and swaps) and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio and the counterparty. Additionally, the Portfolio may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

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Notes to Financial Statements (continued)

August 31, 2016

4. INVESTMENTS IN DERIVATIVES (continued)

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the period ended August 31, 2016, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate										Effective Net Management Rate*^
First $2 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
	0.75%		0.68%		0.64%		0.62%		0.75%		0.65%

* GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Portfolio invests through at least May 31, 2017. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

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

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Fund in which the Portfolio invests. For the period ended August 31, 2016, GSAM waived $45,070 of the Portfolio’s management fee.

B.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.04% of the average daily net assets of Institutional Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolio is 0.164%. This Other Expense limitation will remain in place through at least May 31, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolio’s 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 period ended August 31, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
$	45,070	$	89,523	$	134,593

D.  Other Transactions with Affiliates — For the period ended August 31, 2016, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Portfolio.

The table below shows the transactions in and earnings from investments in this affiliated Fund as of and for the period ended August 31, 2016:

Underlying Fund	Market Value 5/31/16		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Market Value 8/31/16		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	259,874,520	$	(75,228,803	)	$	—	$	—	$	184,645,717	$	80,525

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended August 31, 2016, were $158,156,808 and $49,119,282, respectively.

7. TAX INFORMATION

As of August 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	1,864,634
Undistributed long-term capital gains		2,618,535
Total undistributed earnings	$	4,483,169
Unrealized gains (losses) — net		(172,858	)
Total accumulated earnings (losses) net	$	4,310,311

As of August 31, 2016, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	294,464,707
Gross unrealized gain		1,187,401
Gross unrealized loss		(264,199	)
Net unrealized gains (losses) on securities	$	923,202
Net unrealized gain (loss) on other investments		(1,096,060	)
Net unrealized gains (losses)	$	(172,858	)

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Notes to Financial Statements (continued)

August 31, 2016

7. TAX INFORMATION (continued)

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

In order to present certain components of the Portfolio’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Portfolio’s accounts. These reclassifications have no impact on the net asset value of the Portfolio and result primarily from certain non-deductible expenses, and differences in the tax treatment of foreign currency transactions.

Paid-in Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income (Loss)
$	(32,963	)	$	411,163	$	(378,200	)

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

8. OTHER RISKS

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

Derivatives Risk — Loss may result from the Portfolio’s investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolio. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in 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 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 Portfolio invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. 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 Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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

Geographic and Sector Risk — As a result of the Portfolio’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business, political, environmental or other development may affect the value of the Portfolio’s investments more than if its investments were not so focused.

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8. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Portfolio’s investments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an ETF, the Portfolio 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 Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

Liquidity Risk — The Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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

Non-Diversification Risk — The Portfolio 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 Portfolio may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

23

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2016

10. SUBSEQUENT EVENTS

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

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Period Ended August 31, 2016(a)
	Shares			Dollars
Institutional Shares
Shares sold		33,081,728		$	337,652,314
Shares redeemed		(328,917	)		(3,337,918	)
		32,752,811			334,314,396
NET INCREASE		32,752,811		$	334,314,396

(a) Commenced operations on May 31, 2016

24

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

the Goldman Sachs Strategic Factor Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”), a portfolio of the Goldman Sachs Trust, at August 31, 2016, and the results of its operations, the changes in its net assets and the financial highlights for the period May 31, 2016 (commencement of operations) through August 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers, transfer agent of the underlying fund and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

25

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Portfolio Expenses — Period Ended August 31, 2016 (Unaudited)

As a shareholder of Institutional Shares of the Portfolio, you incur ongoing costs, including management fees; and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 31, 2016 through August 31, 2016, which represents a period of 92 days in a 366-day year.

Actual Expenses — The first line 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 in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio 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.

	Strategic Factor Allocation Fund(a)
Share Class	Beginning Account Value 5/31/16		Ending Account Value 8/31/16			Expenses Paid for the 6 months ended 8/31/16*
Institutional Shares
Actual	$	1,000.00	$	1,034.00		$	2.22
Hypothetical 5% return		1,000.00		1,010.38	+		2.20

* Expenses are calculated using the Portfolio’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended August 31, 2016. 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 was 0.87%.

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

(a) Commenced operations on May 31, 2016.

26

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on May 31, 2016. At a meeting held on April 13-14, 2016 (the “Meeting”) in connection with the Portfolio’s organization, the Trustees, including all of the Trustees present who are not parties to the Portfolio’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 Portfolio; a comparison of the Portfolio’s proposed management fees and anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to limit certain expenses of the Portfolio that exceed a specified level; and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Portfolio. Various information was also provided at a prior meeting at which the Portfolio 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 Board meetings, 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 Portfolio by the Investment Adviser and its affiliates. The Trustees also considered information about the Portfolio’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the portfolio management team and noted that certain portfolio management personnel who would be managing the Portfolio 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 Portfolio. In this regard, the Trustees noted that, although the Portfolio was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other funds and accounts that employ similar asset allocation investment strategies. The Trustees also considered materials showing back-tested returns of the Portfolio’s proposed strategy since January 1995. The Trustees concluded that the Investment Adviser’s management of the Portfolio likely would benefit the Portfolio 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 Portfolio thereunder. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Portfolio, which included both advisory and administrative services that were directed to the needs and operations of the Portfolio as a registered mutual fund.

In particular, the Trustees reviewed information on the proposed management fees and the Portfolio’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 Portfolio’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 Portfolio.

The Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered comparative fee information for services provided by the Investment Adviser to similarly managed funds and accounts. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Portfolio, but considered the Investment Adviser’s representations that (i) such data would be provided after the Portfolio commenced operations, and (ii) the Portfolio was not expected to be profitable to the Investment Adviser and its affiliates initially. The Trustees also considered the extent to which the Portfolio is expected to invest in other funds managed by the Investment Adviser (the “Underlying Funds”), and noted that the Investment Adviser would reimburse the Portfolio for an amount equal to the management fees it receives from the Underlying Funds.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Portfolio’s shareholders would be investing in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser. They also noted that

27

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

shareholders would be able to redeem their Portfolio shares if they believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.

Economies of Scale

The Trustees considered the proposed breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Portfolio:

Average Daily Net Assets	Management Fee Annual Rate
First $2 billion		0.75	%
Next $3 billion		0.68
Next $3 billion		0.64
Over $8 billion		0.62

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Portfolio and its shareholders as assets under management reach those asset levels. The Trustees considered the Portfolio’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 Portfolio 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 Portfolio, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Portfolio; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolio on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (e) Goldman Sachs’ retention of certain fees as the Portfolio’s Distributor; (f) 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 Portfolio; and (g) the possibility that the working relationship between the Investment Adviser and the Portfolio’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 Portfolio 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 Portfolio was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and the Portfolio’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved with respect to the Portfolio.

28

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	141	None
Kathryn A. Cassidy Age: 62	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Diana M. Daniels Age: 67	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Herbert J. Markley Age: 66	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009); and President, Agricultural Division, Deere & Company (2001-2007). Previously, Mr. Markley served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Jessica Palmer Age: 67	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

29

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Roy W. Templin Age: 56	Trustee	Since 2013	Mr. Templin is retired. He recently served as Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None
Gregory G. Weaver Age: 64	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	Verizon Communications Inc.

30

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustees*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 53	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	139	None
Alan A. Shuch Age: 66	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2016.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) December 31st of the year in which the Trustee turns 74 years of age, subject to waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public). Goldman Sachs Private Middle Market Credit LLC does not offer shares to the public.

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

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

31

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 53	Trustee and President	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 44	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.

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

¹  Information is provided as of August 31, 2016.

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

32

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

Money Market¹

Financial Square Funds^SM

n Financial Square Treasury Solutions Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

n Financial Square Federal Instruments Fund

n Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

n Investor Money Market Fund

n Investor Tax-Exempt Money Market Fund²

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short-Term Conservative Income Fund³

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Bond Fund

n Core Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Dynamic Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

n Long Short Credit Strategies Fund

n Fixed Income Macro Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small/Mid Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Focused Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Opportunities Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n Dynamic U.S. Equity Fund

n Income Builder Fund

Tax-Advantaged Equity

n U.S. Tax-Managed Equity Fund

n International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund⁴

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n N-11 Equity Fund

Select Satellite

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Global Real Estate Securities Fund

n Dynamic Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Long Short Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Absolute Return Multi-Asset Fund

n Global Infrastructure Fund

Total Portfolio Solutions

n Global Managed Beta Fund

n Multi-Manager Non-Core Fixed Income Fund

n Multi-Manager U.S. Dynamic Equity Fund

n Multi-Manager Global Equity Fund

n Multi-Manager International Equity Fund

n Tactical Tilt Overlay Fund⁵

n Balanced Strategy Portfolio

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

n Multi-Manager Real Assets Strategy Fund

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax-Advantaged Global Equity Portfolio

n Strategic Factor Allocation Fund

n Target Date 2020 Portfolio

n Target Date 2025 Portfolio

n Target Date 2030 Portfolio

n Target Date 2035 Portfolio

n Target Date 2040 Portfolio

n Target Date 2045 Portfolio

n Target Date 2050 Portfolio

n Target Date 2055 Portfolio

¹  You could lose money by investing in a money market fund. Because the share price of certain money market funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Certain money market funds may impose a fee upon the 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 a money market fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market funds’ 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  Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

³  Effective on July 29, 2016, the Goldman Sachs Limited Maturity Obligations Fund was renamed the Goldman Sachs Short-Term Conservative Income Fund.

⁴  Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁵  Effective on June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman, Sachs & Co.

* 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 Ashok N. Bakhru, Chairman Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. 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 Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, 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 Portfolio. 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 Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Portfolio’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Portfolio’s first and third fiscal quarters. The Portfolio’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Portfolio holdings and allocations shown are as of August 31, 2016 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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. by calling 1-800-621-2550.

© 2016 Goldman Sachs. All rights reserved. 66710-TMPL-10/2016 STRATFACALAR-16/329

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following disclosure relates to the independence of PricewaterhouseCoopers LLP (“PwC”) with respect to SEC Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” The Goldman Sachs Asset Management investment company complex (the “Funds”) has been notified by PwC that one of its lenders owns more than ten percent of at least one of the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as PwC’s conclusions concerning its independence and its objectivity and impartiality with respect to the audits of the Funds.

PwC has advised the Funds that, after evaluating the facts and circumstances related to the matter described above, it has concluded that its financial relationship described above did not and will not impair PwC’s application of objective and impartial judgment on any issues encompassed within its audits of the financial statements of the Funds. PwC has advised the Funds that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over the fund adviser to the Funds; (2) an investment in any such Fund is passive; (3) the PwC lenders are part of various syndicates of unrelated lenders; (4) there have been no changes to the loans in question since the origination of each respective note; (5) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (6) the debt balances are immaterial to PwC and to each lender; and (7) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team.

If it were ultimately determined that PwC was not independent with respect to the Funds for certain periods, any Fund filings with the SEC which contain the Funds’ financial statements for such periods would not comply with applicable securities laws which potentially could have a material adverse effect on the Funds.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.

	2016			2015			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	3,808,795		$	3,628,517	Financial Statement audits.
Audit-Related Fees:
• PwC		$	248,706		$	113,000	Other attest services.
Tax Fees:
• PwC		$	921,001		$	759,210	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2016			2015			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,653,616		$	1,568,616	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2016 and August 31, 2015 were approximately $736,703 and $872,210 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2015 and December 31, 2014 were approximately $14.4 million and $10.2 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2015 and 2014 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its International Equity Insights Funds.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	October 31, 2016

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:	October 31, 2016
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	October 31, 2016