Goldman Sachs High Yield Instl (GSHIX) 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. LLC	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	100 Oliver Street
	40th Floor
	Boston, MA 02110-2605

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2017

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	August 31, 2017
	Financial Square FundsSM
	Federal Instruments
	Government
	Money Market
	Prime Obligations
	Tax-Exempt Money Market
	Treasury Instruments
	Treasury Obligations
	Treasury Solutions

Goldman Sachs Financial Square Funds

∎ FEDERAL INSTRUMENTS FUND

∎ GOVERNMENT FUND

∎ MONEY MARKET FUND

∎ PRIME OBLIGATIONS FUND

∎ TAX-EXEMPT MONEY MARKET FUND

∎ TREASURY INSTRUMENTS FUND

∎ TREASURY OBLIGATIONS FUND

∎ TREASURY SOLUTIONS FUND

TABLE OF CONTENTS
Portfolio Results	1
Fund Basics	7
Yield Summary	9
Sector Allocations	10
Schedules of Investments	14
Financial Statements	40
Financial Highlights	48
Notes to Financial Statements	64
Report of Independent Registered Public Accounting Firm	81
Other Information	82

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, 2017 (the “Reporting Period”).

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

A During the Reporting Period, noteworthy events influencing the front, or short-term, end of the taxable and tax-exempt money market yield curves included Federal Reserve (“Fed”) interest rate hikes and discussion of balance sheet normalization, the possibility of the European Central Bank’s (“ECB”) tapering of its asset purchases, and geopolitical events. (Yield curve is a spectrum of maturities. Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

When the Reporting Period began in September 2016, credit spreads (the difference in yields between government and taxable bonds of comparable maturity) widened in advance of money market fund reform, with final implementation taking effect in October 2016. Meanwhile, the agency floater curve steepened, as LIBOR widened and interest in shorter floaters amongst market participants increased. (LIBOR, or the London Inter-Bank Offered Rate, is the interest rate that banks charge each other for short-term loans.) The BofA Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index spiked to its highest level since the 2008 financial crisis. However, unlike in 2008, funding costs for banks did not increase due to market stress. Instead, spreads widened because of declining demand, as prime money market funds had been a key source of short-term bank funding. (Prime money market funds primarily invest in corporate debt securities.) Most of the flows went into government money market funds that invest in agencies — and may offer higher yields benchmarked to LIBOR — which benefited government yields and reduced pressure on U.S. Treasury yields. During September and October 2016, prime money market funds lost approximately $440 billion in assets, while government money market funds gained $410 billion in assets.¹

After money market fund reform was implemented on October 14, 2016, credit spreads gradually tightened to reach widths at the end of February 2017 that had been previously seen at the beginning of 2016. (On July 23, 2014 and September 16, 2015, the Securities and Exchange Commission (“SEC”) had approved changes to the rules governing U.S. money market funds, the most significant of which were scheduled to become effective in October 2016.)

Money market fund reform also impacted tax-exempt money market funds, with investment outflows reducing demand for one-day to seven-day maturities. In tandem with the outflows, the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index, representing seven-day tax-exempt variable rate demand obligations, rose.

In November 2016, the unexpected results of the U.S. presidential elections were widely viewed as a potential regime change in monetary and fiscal policy. The U.S. Treasury yield curve steepened as the markets began pricing in higher inflation due to greater anticipated government fiscal spending.

In December 2016, in a move widely expected by the markets, the Fed raised the targeted federal funds rate by 25 basis points, the second interest rate hike since the 2008 global financial crisis. (A basis point is 1/100th of a percentage point.) Fed policymakers also raised their interest rate projections on the back of continued improvement in the U.S. labor market, rising wages and the potential of fiscal policy initiatives by the incoming Administration. After the Fed’s December 2016 policy meeting, market expectations increased for additional Fed rate hikes in 2017, and money market yields generally moved higher.

In March 2017, Fed policymakers raised the targeted federal funds rate another 25 basis points and also reiterated their interest rate projections, saying they intended to hike interest

¹  Source: iMoneyNet.

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PORTFOLIO RESULTS

rates a total of three times during the calendar year. U.S. economic growth, which had surprised to the downside in early 2017, strengthened during the second calendar quarter, with the Gross Domestic Product (“GDP”) coming in at an annualized rate of 3.0%. In June 2017, the unemployment rate declined to 4.3%, below what the Fed considers the normal level of unemployment. Core personal consumption expenditures remained below the Fed’s 2% target at just 1.7% year-over-year in June 2017, marking the fourth consecutive month of weak inflation data. Nevertheless, in June 2017, Fed policymakers raised the federal funds rate yet another 25 basis points to a target range of between 1.00% and 1.25%, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. Also in June 2017, the Fed released a detailed addendum to its policy statement with specifics about its plan to taper reinvestment of its balance sheet. The plan is set to begin sometime in 2017 with a rundown of no greater than $10 billion a month, divided between mortgage-backed securities and U.S. Treasuries, with the total anticipated to rise steadily over the course of one year.

In August 2017, at the Fed’s Jackson Hole Economic Policy Symposium, Fed Chair Janet Yellen said, “in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.”

Also toward the end of the Reporting Period, expectations for a tapering announcement from the ECB shifted from possible to more than probable. ECB President Mario Draghi provided a rather optimistic outlook for inflation, stating “deflationary forces have been replaced by reflationary ones.” Mr. Draghi also made a cautious reference to a tapering of quantitative easing, saying an adjustment in the ECB’s “policy instruments” alongside the ongoing economic recovery would imply a constant rather than a tighter policy stance. The financial markets reacted to these comments in a hawkish manner, with the euro appreciating and German government bond yields rising. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

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

A The taxable and tax-exempt Funds’ yields rose during the Reporting Period, driven by the increase in money market yields, which occurred primarily because of the economic and market factors discussed above. The taxable and tax-exempt money market yield curves flattened, meaning differentials between yields on shorter-term maturities rose more than those on longer-term maturities.

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, time deposits, certificates of deposit, variable rate demand notes (“VRDNs”), municipal securities and floating rate securities during the Reporting Period.

In 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 maintained an especially short weighted average maturity of less than 10 days, along with high levels of liquidity, as the implementation of money market fund reform approached and amid uncertainty about investment flows from prime money market funds to government money market funds. Following the implementation of money market fund reform, investment flows into prime money market funds stabilized, and we gradually extended the weighted average maturity of our taxable commercial paper strategies. Toward the end of January 2017, as credit spreads normalized and we sought to add yield, we meaningfully extended the weighted average maturity of our taxable commercial paper strategies to a range of between 30 days and 40 days.

Because we were skeptical about chances of a Fed interest rate hike in September 2016, we extended the weighted average maturity of our 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 our taxable government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund). We focused our purchases on LIBOR floaters. As already mentioned, LIBOR widened heading into U.S. money market fund reform, and interest in shorter floaters among market participants increased. During the period when the floater curve was steep, we focused on

2

PORTFOLIO RESULTS

longer, i.e. 12- to 18-month final, three-month LIBOR floaters. As that curve began to flatten in the late summer of 2016, we adjusted and expressed this view via shorter, i.e. six-month final, three-month LIBOR floaters. In November 2016, we extended the weighted average maturity of our taxable government repo strategies and our taxable government non-repo strategies to take advantage of an increase in yields. We also added positions that we thought would perform well even if the Fed raised interest rates more aggressively than the market expected. Toward the end of February 2017, we reduced the weighted average maturity of our taxable government repo and non-repo strategies in anticipation of the March 2017 federal debt ceiling deadline. (Congress and the White House had agreed to suspend the federal debt limit until March 15, 2017. After that date, the government could not continue to borrow money to pay its obligations.) From March through June 2017, because of continued comments from the Fed about a potential June interest rate increase, we shortened the weighted average maturities of all our taxable strategies to a range of between 25 days and 37 days.

During the first calendar quarter, we focused our purchases on floating rate securities and U.S. government agency securities, which would help us manage duration in the event of a more aggressive than expected Fed rate hike scenario. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.) In the second calendar quarter, we focused our purchases on floating rate securities, U.S. government agency securities and U.S. Treasuries when and where we found attractive opportunities. As the U.S. Treasury money market yield curve steepened ahead of the anticipated Fed rate hike, we also identified compelling opportunities at the longer end of the money market U.S. Treasury coupon curve. After the Fed raised interest rates at its June 2017 policy meeting, we allowed the weighted average maturities of our taxable government repo and non-repo strategies to extend to a range of between 40 days and 60 days. At the same time, we maintained shorter weighted average maturities in our taxable commercial paper strategies.

During July 2017, we kept the weighted average maturities of our taxable government non-repo strategies in range of between 46 days and 52 days. We positioned the weighted average maturities of our taxable government repo strategies and our taxable commercial paper strategies in a range of between 25 days and 40 days. Yields did not, in our view, offer enough compensation to extend maturities. We focused our purchases on U.S. government agency debt, which offered what we considered attractive opportunities.

In August 2017, as market expectations of a U.S. debt ceiling deal stayed strong, we maintained weighted average maturities in a range of between 25 days and 36 days in our taxable commercial paper strategies and our taxable government repo strategies. We maintained weighted average maturities in our taxable government non-repo strategies in a range of between 46 days and 54 days. In making purchases for our taxable commercial paper strategies, we focused on non-U.S. sovereign government bonds, maturing primarily in September 2017. In our taxable government repo and non-repo strategies, we selectively added exposure to U.S. Treasury notes maturing in October 2017.

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 Fund) had investments in VDRNs, tax-exempt commercial paper, short-term municipal securities and municipal put bonds.

We maintained a particularly low weighted average maturity and a high level of liquidity in the tax-exempt Fund in response to money market fund reform, which reduced demand for short-term money market securities. Tax-exempt money market mutual funds lost approximately $151 billion in assets during August 2016, falling to less than $128 billion in the second week of October 2016, coinciding with final implementation of money market fund reform. The decline in assets during 2016 pushed the front end of the tax-exempt money market yield curve out of alignment with that of the taxable money market yield curve. Historically, taxable money market mutual funds would begin buying VRDNs if the SIFMA Municipal Swap Index rose above the yields available in the taxable money markets. However, the taxable money market was also experiencing asset losses at that time and therefore, taxable money market investors did not buy a significant number of VRDNs. Furthermore, three-month and one-month LIBOR were at 0.88% and 0.53%, respectively, on October 12, 2016. The ratio of the SIFMA Municipal Swap Index to LIBOR, which had averaged less than 71% since 1997, reached 155% in October 2016. As a result, a

3

PORTFOLIO RESULTS

large number of non-traditional buyers, including separately managed accounts and short duration municipal bond mutual funds, entered the tax-exempt money market, helping to push it back into equilibrium with the taxable money market by early 2017. The tax-exempt money market then stabilized, with non-traditional buyers dominating the front end of the market through the end of the Reporting Period.

Broadly speaking, tax-exempt money market mutual fund assets generally fluctuated between $132 billion and $128 billion between October 2016 and August 2017. At the end of the Reporting Period, tax-exempt money market mutual fund assets were approximately $129 billion.

Between October 2016 and February 2017, we extended the weighted average maturity of the tax-exempt Fund to a range of between five days and 34 days. Ahead of the Fed’s June 2017 policy meeting, we shortened the tax-exempt Fund’s weighted average maturity to a range of between 14 days and 20 days. We maintained the tax-exempt Fund’s weighted average maturity, without significantly extending or shortening, through the end of the Reporting Period. During the Reporting Period overall, the weighted average maturity of the tax-exempt Fund ranged between 20 days and 34 days.

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 the taxable and tax-exempt Funds below 120 days. In each of the taxable Funds, we maintained a weighted average life in a range of between approximately 40 days and 115 days. In the tax-exempt Fund, we maintained a weighted average life in a range of between approximately 20 days and 40 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.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

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.

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

A At the end of the Reporting Period, we expected ongoing improvements in the U.S. economy, particularly in the labor market, to warrant another Fed rate hike in 2017, providing financial conditions do not tighten materially and core inflation improves. More specifically, we expect an interest rate hike in December 2017 and for balance sheet normalization to begin during the fourth quarter of 2017. (In mid-September 2017, after the Reporting Period ended, the Fed announced it would initiate balance sheet normalization in October 2017.)

Looking ahead, we expect the Fed to take the lead among developed markets in terms of interest rate hikes and balance sheet normalization, while we anticipate central banks in Europe and Japan to scale back quantitative easing due to scarcity of assets while maintaining low interest rates amid subdued inflation outlooks. We believe the ECB is likely to start to reduce its asset purchases in January 2018 and that it may keep its rates on hold through 2017 and 2018. In our view, there is an increased likelihood of a tapering announcement by the ECB in September 2017, which could lead to a rise in LIBOR that might, in turn, result in higher yields for many European sovereign government bonds. In the U.K., we expect the Bank of England to remain on hold, providing inflation expectations do not rise materially. We see little scope for a near-term rate hike in Canada given recent weakness in inflation data.

4

PORTFOLIO RESULTS

Overall, the taxable and tax-exempt Funds continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of anticipated interest rate movements. At the end of the Reporting Period, we viewed floating rate securities as offering value, and we intend to adjust duration guided by the context of market pricing in relation to our expectations. As always, we intend to 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 taxable and tax-exempt money market yield curves, as we strive to navigate the interest rate environment.

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PORTFOLIO RESULTS

GOVERNMENT MONEY MARKET FUNDS

∎ Federal Instruments Fund

∎ Government Fund

∎ Treasury Instruments Fund

∎ Treasury Obligations Fund

∎ Treasury Solutions Fund

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

INSTITUTIONAL MONEY MARKET FUNDS

∎ Money Market Fund

∎ Prime Obligations Fund

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

RETAIL MONEY MARKET FUNDS

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

6

FUND BASICS

Financial Square Funds

as of August 31, 2017

PERFORMANCE REVIEW1
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)2 Institutional Shares			IMoneyNet Institutional Average3
Federal Instruments		0.52	%		0.38	%4
Government		0.55			0.38	4
Money Market		0.87			0.67	5
Prime Obligations		0.87			0.67	5
Tax-Exempt Money Market		0.54			0.50	6
Treasury Instruments		0.48			0.34	7
Treasury Obligations		0.50			0.35	8
Treasury Solutions		0.49			0.38	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  Each of the Prime Obligations, 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), 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 and/or service (12b-1) or administration and/or service (non-12b-1) 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, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1) and administration and/or service (non-12b-1) 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. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

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 total return reflects the reinvestment of dividends and other distributions.

³  Source: iMoneyNet, Inc. August 2017

⁴  Government & Agencies Institutional – Category includes the most broadly based of the government institutional funds. These funds may generally 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  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.

⁷  Treasury Institutional – Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.

⁸  Treasury & Repo Institutional – Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

7

FUND BASICS

STANDARDIZED TOTAL RETURNS1,9
For the period ended 6/30/17	SEC 7-Day Current Yield10			One Year			Five Years			Ten Years			Since Inception			Inception Date
Federal Instruments		0.82	%		0.42	%		N/A			N/A			0.32	%	10/30/15
Government		0.86			0.45			0.13	%		0.60	%		2.66		4/6/93
Money Market		1.15			0.72			0.26			0.73			2.73		5/18/94
Prime Obligations		1.17			0.74			0.22			0.69			3.07		3/8/90
Tax-Exempt Money Market		0.66			0.47			N/A			N/A			0.41		3/31/16
Treasury Instruments		0.81			0.38			0.10			0.41			2.01		3/3/97
Treasury Obligations		0.84			0.39			0.10			0.46			2.87		4/25/90
Treasury Solutions		0.84			0.38			0.10			0.57			2.21		2/28/97

⁹  The Standardized Total Returns are average annual total returns 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. The SEC 7-Day Current Yield is not a Standardized Total Return.

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

The yields and 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 yields and 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 June 30, 2017 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.

8

YIELD SUMMARY

SUMMARY OF THE INSTITUTIONAL SHARES1 AS OF 8/31/17
Funds	7-Day Dist. Yield12			SEC 7-Day Effective Yield13			30-Day Average Yield14			Weighted Avg. Maturity (days)15		Weighted Avg. Life (days)16
Federal Instruments		0.84	%		0.85	%		0.84	%		58		86
Government		0.90			0.92			0.90			24		57
Money Market		1.19			1.19			1.19			31		76
Prime Obligations		1.19			1.19			1.19			34		82
Tax-Exempt Money Market		0.64			0.64			0.61			17		28
Treasury Instruments		0.84			0.85			0.84			51		115
Treasury Obligations		0.87			0.88			0.87			19		83
Treasury Solutions		0.84			0.84			0.84			26		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 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.

¹²  The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield can include capital gain/loss distribution, if any. This is not an SEC Yield.

¹³  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.

¹⁴  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.

¹⁵  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.

¹⁶  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

TAXABLE FUNDS17
as of August 31, 2017
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			1.9	%		2.0	%		—			—			—
Certificates of Deposit - Eurodollar		—			—			2.3			—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			9.8			10.5			—			—			—
Commercial Paper & Corporate Obligations		—			—			24.7			22.9			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			2.5			1.7			—			—			—
Repurchase Agreements		—			57.9	%		3.5			1.7			—			63.0	%		64.1	%
Time Deposits		—			—			14.6			16.4			—			—			—
U.S. Government Agency Obligations		34.6	%		26.2			—			0.6			—			—			—
U.S. Treasury Obligations		62.9			16.1			—			—			101.1	%		37.1			36.7
Variable Rate Municipal Debt Obligations		—			—			8.1			9.6			—			—			—
Variable Rate Obligations		—			—			32.6			34.6			—			—			—

¹⁷  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 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

SECTOR ALLOCATIONS

TAXABLE FUNDS17
as of August 31, 2016
Security Type (Percentage of Net Assets)	Federal Instruments			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	%		42.9			0.7			4.2			—			—			—
U.S. Treasury Obligations		31.5			2.8			—			—			101.2	%		32.3			49.2
Variable Rate Municipal Debt Obligations		—			—			23.9			28.9			—			—			—

¹⁷  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.

11

SECTOR ALLOCATIONS

TAX-EXEMPT MONEY MARKET FUND18
as of August 31, 2017
Security Type	Percentage of Net Assets
Bond Anticipation Notes		1.9	%
Commercial Paper		23.1
Tax and Revenue Anticipation Notes		1.3
Variable Rate Obligations		73.4
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 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.

12

Index Definitions

The BofA Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

The Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index is a seven-day high-grade market index comprised of tax-exempt variable rate demand obligations with certain characteristics. The Index is calculated and published by Bloomberg. The Index is overseen by SIFMA’s municipal swap index committee.

13

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 34.6%
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.04%)
$	700,000		1.267	%(a)		09/15/17	$	699,999
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)
	700,000		1.113	(a)		02/19/19		699,918
	Federal Farm Credit Bank (Prime Rate – 3.08%)(a)
	250,000		1.170			06/27/19		249,977
	1,600,000		1.170			07/17/19		1,599,699
	Federal Farm Credit Bank (Prime Rate – 3.12%)
	1,000,000		1.130	(a)		01/24/19		999,846
	Federal Home Loan Bank (1 Mo. LIBOR – 0.09%)
	1,050,000		1.139	(a)		01/14/19		1,050,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.11%)
	1,600,000		1.119	(a)		09/12/17		1,600,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.14%)
	1,300,000		1.088	(a)		05/18/18		1,300,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.15%)
	1,900,000		1.083	(a)		05/18/18		1,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.16%)(a)
	20,000,000		1.071			12/05/17		20,000,007
	7,100,000		1.068			01/16/18		7,100,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.17%)(a)
	5,200,000		1.057			11/15/17		5,199,993
	5,600,000		1.058			11/16/17		5,600,000
	8,000,000		1.058			11/17/17		8,000,000
	6,100,000		1.066			01/19/18		6,100,000
	7,600,000		1.070			01/22/18		7,600,000
	3,800,000		1.071			01/23/18		3,800,000
	2,000,000		1.069			01/25/18		2,000,000
	6,000,000		1.069			01/26/18		6,000,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)(a)
	4,800,000		1.241			06/19/18		4,800,000
	3,270,000		1.244			06/28/18		3,270,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.02%)
	1,500,000		1.182	(a)		09/01/17		1,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)(a)
	2,100,000		1.039			03/01/18		2,100,537
	7,000,000		1.042			06/01/18		7,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.17%)(a)
	2,410,000		1.076			03/15/18		2,410,000
	2,410,000		1.080			03/16/18		2,409,935
	Federal Home Loan Bank (3 Mo. LIBOR – 0.21%)
	2,500,000		1.057	(a)		12/19/17		2,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%)(a)
	2,300,000		1.078			12/27/17		2,300,000
	700,000		1.084			07/09/18		699,969
	1,100,000		1.084			07/12/18		1,099,952
	Federal Home Loan Bank Discount Notes
	8,000,000		1.030			09/06/17		7,998,879
	2,450,000		0.959			09/18/17		2,448,912
	25,000,000		1.040			10/18/17		24,966,708
	7,000,000		1.058			11/15/17		6,984,906
	50,000,000		1.072			11/15/17		49,890,625
	7,900,000		1.112			12/06/17		7,877,080
	9,200,000		1.160			01/19/18		9,159,428
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	220,916,370
U.S. Treasury Obligations – 62.9%
	United States Cash Management Bills(b)
$	600,000		1.067	%		01/02/18	$	597,858
	500,000		1.072			01/02/18		498,206
	United States Treasury Bills
	4,300,000		1.000			09/07/17		4,299,298
	99,100,000		0.968			09/14/17		99,066,003
	3,000,000		0.993			11/02/17		2,994,975
	600,000		0.996			11/02/17		598,993
	400,000		1.001			11/02/17		399,325
	625,000		1.006			11/02/17		623,940
	600,000		1.011			11/02/17		598,977
	400,000		1.016			11/02/17		399,315
	100,000		1.022			11/02/17		99,828
	3,900,000		1.082			11/02/17		3,892,880
	4,200,000		1.087			11/02/17		4,192,297
	1,000,000		1.090			11/02/17		998,162
	11,000,000		1.092			11/02/17		10,979,729
	6,400,000		1.037			11/09/17		6,387,549
	14,250,000		1.061			11/09/17		14,221,595
	1,600,000		1.042			11/16/17		1,596,555
	1,300,000		1.056			11/16/17		1,297,160
	1,400,000		1.057			11/16/17		1,396,941
	100,000		1.063			11/16/17		99,780
	200,000		1.072			11/16/17		199,557
	200,000		1.078			11/16/17		199,555
	700,000		1.087			11/16/17		698,426
	300,000		1.093			11/16/17		299,322
	400,000		1.095			11/16/17		399,094
	100,000		1.098			11/16/17		99,773
	75,000,000		1.020			11/24/17		74,825,000
	2,500,000		1.031			11/24/17		2,494,108
	400,000		1.052			11/24/17		399,039
	2,400,000		1.057			11/24/17		2,394,204
	500,000		1.062			11/24/17		498,787
	500,000		1.067			11/24/17		498,781
	2,000,000		1.068			11/24/17		1,995,123
	6,700,000		1.071			11/24/17		6,683,624
	4,900,000		1.073			11/24/17		4,887,995
	60,000,000		1.008			11/30/17		59,851,875
	1,300,000		1.031			11/30/17		1,296,717
	30,700,000		1.083			11/30/17		30,618,645
	8,900,000		1.094			12/07/17		8,874,341
	100,000		1.114			12/07/17		99,706
	10,800,000		1.125			12/14/17		10,765,680
	400,000		1.130			12/14/17		398,723
	300,000		1.062			01/04/18		298,917
	3,300,000		1.130			01/18/18		3,285,920
	200,000		1.145			02/01/18		199,048
	1,300,000		1.150			02/01/18		1,293,784
	14,500,000		1.119			02/08/18		14,429,433
	200,000		1.130			02/08/18		199,018
	2,000,000		1.140			02/08/18		1,990,089
	200,000		1.114			02/22/18		198,946
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	200,000		1.191	(a)		10/31/17		200,043

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.27%)
$	6,400,000		1.295	%(a)		01/31/18	$	6,407,825
	United States Treasury Notes
	400,000		0.750			10/31/17		399,769
	5,200,000		4.250			11/15/17		5,234,241
	900,000		2.250			11/30/17		902,623
	3,300,000		2.625			01/31/18		3,319,828
	TOTAL U.S. TREASURY OBLIGATIONS						$	402,076,925
	TOTAL INVESTMENTS – 97.5%						$	622,993,295
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%							15,705,625
	NET ASSETS – 100.0%						$	638,698,920

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, 2017.
(b)	All or a portion represents a forward commitment.
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:
LIBOR	—London Interbank Offered Rate
MMY	— Money Market Yield
Prime	—Federal Reserve Bank Prime Loan Rate U.S.
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 26.2%
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.04%)
$	64,000,000		1.267	%(a)		09/15/17	$	63,999,876
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)
	98,500,000		1.113	(a)		02/19/19		98,488,414
	Federal Farm Credit Bank (Prime Rate – 3.08%)(a)
	36,500,000		1.170			06/27/19		36,496,620
	216,800,000		1.170			07/17/19		216,759,291
	Federal Farm Credit Bank (Prime Rate – 3.12%)
	123,000,000		1.130	(a)		01/24/19		122,981,021
	Federal Home Loan Bank (1 Mo. LIBOR – 0.02%)
	247,000,000		1.219	(a)		12/26/17		247,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.05%)
	497,200,000		1.179	(a)		07/13/18		497,200,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.09%)
	147,750,000		1.139	(a)		01/14/19		147,750,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.11%)
	247,050,000		1.119	(a)		09/12/17		247,050,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.14%)
	168,800,000		1.088	(a)		05/18/18		168,800,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.15%)
	241,300,000		1.083	(a)		05/18/18		241,300,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.16%)(a)
	475,000,000		1.076			11/30/17		475,000,000
	480,000,000		1.071			12/05/17		480,000,160
	967,000,000		1.068			01/16/18		967,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.17%)(a)
	490,000,000		1.066			11/06/17		490,000,000
	250,000,000		1.066			11/07/17		250,000,000
	704,000,000		1.057			11/15/17		703,999,112
	693,500,000		1.062			11/15/17		693,500,000
	724,100,000		1.058			11/16/17		724,100,000
	984,000,000		1.058			11/17/17		984,000,000
	772,200,000		1.066			01/19/18		772,200,000
	965,500,000		1.070			01/22/18		965,500,000
	482,700,000		1.071			01/23/18		482,700,000
	246,000,000		1.069			01/25/18		246,000,000
	738,000,000		1.069			01/26/18		738,000,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)(a)
	741,200,000		1.241			06/19/18		741,200,000
	494,020,000		1.244			06/28/18		494,020,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.11%)
	248,000,000		1.207	(a)		02/05/18		248,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.15%)(a)
	133,000,000		1.165			02/15/18		133,000,000
	497,000,000		1.165			02/22/18		497,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)(a)
	255,600,000		1.039			03/01/18		255,665,390
	993,000,000		1.042			06/01/18		993,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.17%)(a)
	238,060,000		1.076			03/15/18		238,060,000
	238,060,000		1.080			03/16/18		238,053,591
	Federal Home Loan Bank (3 Mo. LIBOR – 0.18%)
	148,500,000		1.137	(a)		11/08/17		148,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.21%)
	246,000,000		1.057	(a)		12/19/17		246,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%)(a)
	246,300,000		1.078			12/27/17		246,300,000
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%) (continued)
	496,000,000		1.069	%		03/23/18		496,000,000
	98,700,000		1.084			07/09/18		98,695,606
	148,100,000		1.084			07/12/18		148,093,580
	Federal Home Loan Bank (3 Mo. LIBOR – 0.24%)
	348,000,000		0.983	(a)		09/06/17		348,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.26%)
	497,000,000		1.039	(a)		10/02/17		497,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.27%)
	497,500,000		1.029	(a)		10/02/17		497,500,000
	Federal Home Loan Bank Discount Notes
	250,000,000		1.019			09/06/17		249,965,271
	200,000,000		1.093			10/04/17		199,803,833
	49,000,000		1.061			11/03/17		48,910,819
	70,000,000		1.058			11/15/17		69,849,062
	1,131,600,000		1.160			01/19/18		1,126,609,644
	Federal Home Loan Mortgage Corporation (3 Mo. LIBOR – 0.03%)(a)
	997,000,000		1.274			01/08/18		997,000,000
	249,000,000		1.274			01/12/18		249,000,000
	Federal Home Loan Mortgage Corporation (3 Mo. LIBOR – 0.08%)
	1,992,500,000		1.194	(a)		12/20/17		1,992,500,000
	Overseas Private Investment Corp. (USA) (3 Mo. U.S. T-Bill + 0.00%)(a)
	106,100,000		1.100			09/20/17		106,100,000
	183,500,000		1.110			09/20/17		183,500,000
	Overseas Private Investment Corp. (USA) (3 Mo. U.S. T-Bill Factor + 0.00%)(a)
	237,767,164		1.100			09/20/17		237,767,163
	96,741,894		1.110			09/20/17		96,741,894
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	23,181,660,347
U.S. Treasury Obligations – 16.1%
	United States Cash Management Bills(b)
$	73,700,000		1.067	%		01/02/18	$	73,436,861
	55,300,000		1.072			01/02/18		55,101,611
	United States Treasury Bills
	319,700,000		1.082			11/02/17		319,116,370
	374,500,000		1.087			11/02/17		373,813,105
	101,500,000		1.090			11/02/17		101,313,395
	1,631,900,000		1.092			11/02/17		1,628,892,773
	520,200,000		1.037			11/09/17		519,187,994
	1,818,750,000		1.061			11/09/17		1,815,124,625
	37,500,000		1.082			11/09/17		37,423,812
	28,300,000		1.087			11/09/17		28,242,233
	32,800,000		1.051			11/16/17		32,728,678
	146,200,000		1.056			11/16/17		145,880,553
	8,080,000		1.063			11/16/17		8,062,260
	39,500,000		1.072			11/16/17		39,412,442
	25,800,000		1.078			11/16/17		25,742,538
	8,700,000		1.083			11/16/17		8,680,531
	48,400,000		1.087			11/16/17		48,291,181
	21,100,000		1.093			11/16/17		21,052,337
	3,500,000		1.098			11/16/17		3,492,057
	241,200,000		1.025			11/24/17		240,634,386
	28,800,000		1.033			11/24/17		28,731,960
	31,500,000		1.052			11/24/17		31,424,295

16 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 – (continued)
	United States Treasury Bills – (continued)
$	171,700,000		1.057	%		11/24/17	$	171,285,345
	25,700,000		1.067			11/24/17		25,637,335
	328,300,000		1.068			11/24/17		327,499,495
	158,000,000		1.071			11/24/17		157,613,822
	201,800,000		1.073			11/24/17		201,305,590
	96,800,000		1.031			11/30/17		96,555,580
	1,315,100,000		1.083			11/30/17		1,311,614,985
	633,300,000		1.094			12/07/17		631,474,162
	20,900,000		1.114			12/07/17		20,838,618
	1,396,920,000		1.125			12/14/17		1,392,480,899
	25,400,000		1.130			12/14/17		25,318,918
	1,000,000		1.150			12/28/17		996,312
	31,900,000		1.062			01/04/18		31,784,806
	409,900,000		1.130			01/18/18		408,151,150
	973,050,000		1.145			01/25/18		968,630,191
	949,350,000		1.150			01/25/18		945,018,591
	14,900,000		1.145			02/01/18		14,829,076
	175,000,000		1.150			02/01/18		174,163,281
	31,200,000		1.130			02/08/18		31,046,773
	261,800,000		1.140			02/08/18		260,502,636
	18,300,000		1.114			02/22/18		18,203,589
	United States Treasury Notes
	783,500,000		4.250			11/15/17		788,795,336
	252,200,000		2.250			11/30/17		253,010,251
	413,300,000		2.625			01/31/18		415,783,235
	TOTAL U.S. TREASURY OBLIGATIONS						$	14,258,325,973
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	37,439,986,320
Repurchase Agreements(c) – 57.9%
	Bank of Montreal
$	100,000,000		1.050	%		09/01/17	$	100,000,000
	Maturity Value: $100,002,917
	Collateralized by a U.S. Treasury Bill, 0.000%, due 11/16/17, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/20 to 07/15/21 and U.S. Treasury Notes, 0.625% to 3.625%, due 04/30/18 to 08/15/25. The aggregate market value of the collateral, including accrued interest, was $102,000,031.
	185,000,000		1.050	(d)		09/07/17		185,000,000
	Maturity Value: $185,329,146
	Settlement Date: 08/24/17
	Collateralized by a U.S. Treasury Bond, 2.750%, due 11/15/42 and U.S. Treasury Notes, 1.500% to 3.625%, due 02/15/20 to 08/15/26. The aggregate market value of the collateral, including accrued interest, was $188,700,068.
	Barclays Capital, Inc.
	400,000,000		1.060			09/01/17		400,000,000
	Maturity Value: $400,011,778
	Collateralized by a U.S. Treasury Bill, 0.000%, due 09/28/17, a U.S. Treasury Bond, 7.250%, due 08/15/22 and U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/17 to 01/31/22. The aggregate market value of the collateral, including accrued interest, was $408,000,065.
Repurchase Agreements(c) – (continued)
	BNP Paribas
	285,000,000		1.060			09/01/17		285,000,000
	Maturity Value: $285,008,392
	Collateralized by a U.S. Treasury Bill, 0.000%, due 03/01/18, U.S. Treasury Bonds, 2.250% to 3.000%, due 05/15/42 to 08/15/46, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 04/15/18 to 04/15/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 08/15/37 and U.S. Treasury Notes, 0.750% to 1.875%, due 09/30/17 to 10/31/17. The aggregate market value of the collateral, including accrued interest, was $290,700,000.
	218,200,000		1.080			09/01/17		218,200,000
	Maturity Value: $218,206,546
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 10/01/27 to 01/01/43, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/31, Federal National Mortgage Association, 2.500% to 7.500%, due 12/01/23 to 11/01/44, Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/22, Government National Mortgage Association, 3.000% to 6.500%, due 10/15/26 to 06/20/46, a U.S. Treasury Bill, 0.000%, due 09/14/17, U.S. Treasury Bonds, 3.125% to 4.250%, due 11/15/40 to 02/15/42, U.S. Treasury Inflation- Indexed Bonds, 2.125% to 2.375%, due 01/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 04/15/21 to 01/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 11/15/45, a U.S. Treasury Note, 1.750%, due 12/31/20 and a U.S. Treasury Principal- Only Stripped Security, 0.000%, due 08/15/39. The aggregate market value of the collateral, including accrued interest, was $224,001,084.
	425,000,000		1.050	(d)		09/07/17		425,000,000
	Maturity Value: $425,384,271
	Settlement Date: 08/14/17
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 1.375%, due 02/15/44 and U.S. Treasury Notes, 0.750% to 2.375%, due 06/30/18 to 08/15/25. The aggregate market value of the collateral, including accrued interest, was $433,500,001.
	500,000,000		1.060	(d)		09/07/17		500,000,000
	Maturity Value: $500,456,388
	Settlement Date: 08/14/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 11/01/23 to 08/01/47, Federal National Mortgage Association, 3.000% to 6.000%, due 02/01/20 to 07/01/47, Government National Mortgage Association, 2.500% to 7.000%, due 12/15/26 to 09/20/46, a U.S. Treasury Bill, 0.000%, due 09/14/17, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/22 and U.S. Treasury Notes, 0.875% to 2.125%, due 09/15/19 to 08/31/21. The aggregate market value of the collateral, including accrued interest, was $514,097,712.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
$	2,000,000,000		1.080	%(d)		09/07/17	$	2,000,000,000
	Maturity Value: $2,003,960,000
	Settlement Date: 07/17/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/28 to 07/01/47, Federal National Mortgage Association, 2.500% to 7.500%, due 10/01/18 to 08/01/47, Government National Mortgage Association, 2.500% to 10.000%, due 04/15/18 to 07/20/47, a U.S. Treasury Bill, 0.000%, due 09/14/17, a U.S. Treasury Bond, 8.000%, due 11/15/21 and U.S. Treasury Notes, 1.125% to 2.125%, due 07/15/20 to 05/31/23. The aggregate market value of the collateral, including accrued interest, was $2,058,605,007.
	500,000,000		1.110	(d)		09/07/17		500,000,000
	Maturity Value: $501,402,915
	Settlement Date: 08/28/17
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/21/17 to 08/16/18, U.S. Treasury Bonds, 2.500% to 7.875%, due 02/15/21 to 05/15/47 and U.S. Treasury Notes, 0.750% to 3.375%, due 11/15/17 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $510,000,902.
	BNP Paribas (Overnight MBS + 0.02%)
	500,000,000		1.100	(a)(d)		09/01/17		500,000,000
	Maturity Value: $508,784,735
	Settlement Date: 02/23/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 09/01/20 to 08/01/47, Federal National Mortgage Association, 2.500% to 7.500%, due 01/01/26 to 08/01/46, Government National Mortgage Association, 4.000% to 4.500%, due 08/20/47, U.S. Treasury Bills, 0.000%, due 09/14/17 to 01/11/18, a U.S. Treasury Bond, 8.750%, due 08/15/20, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/26 and U.S. Treasury Notes, 0.875% to 1.875%, due 10/15/18 to 07/15/20. The aggregate market value of the collateral, including accrued interest, was $513,653,178.
	550,000,000		1.100	(a)(d)		09/01/17		550,000,000
	Maturity Value: $559,545,569
	Settlement Date: 02/23/16
	Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 06/01/37, Federal National Mortgage Association, 2.625% to 3.500%, due 09/06/24 to 10/01/42, Federal National Mortgage Association Stripped Security, 0.000%, due 11/15/30, Government National Mortgage Association, 3.000% to 6.000%, due 03/20/28 to 08/20/47, a U.S. Treasury Bond, 2.500%, due 05/15/46, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and a U.S. Treasury Note, 1.125%, due 08/31/21. The aggregate market value of the collateral, including accrued interest, was $565,497,521.
Repurchase Agreements(c) – (continued)
	Citibank N.A.
$	1,000,000,000		1.050	%		09/06/17	$	1,000,000,000
	Maturity Value: $1,000,204,167
	Settlement Date: 08/30/17
	Collateralized by Federal Farm Credit Bank, 2.140%, due 08/10/26, Federal Home Loan Mortgage Corp., 1.000% to 7.500%, due 09/29/17 to 10/01/43, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 09/15/29, Federal National Mortgage Association, 1.300% to 9.500%, due 11/01/17 to 03/01/47, Government National Mortgage Association, 3.000% to 9.500%, due 10/15/19 to 01/15/47, Tennessee Valley Authority, 3.500% to 7.125%, due 05/01/30 to 04/01/56, U.S. Treasury Bills, 0.000%, due 11/09/17 to 05/24/18, U.S. Treasury Bonds, 2.500% to 8.750%, due 05/15/20 to 08/15/47, a U.S. Treasury Floating Rate Note, 1.193%, due 10/31/18, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.000%, due 01/15/26 to 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/19 to 01/15/23 and U.S. Treasury Notes, 0.750% to 3.750%, due 10/31/17 to 05/15/27. The aggregate market value of the collateral, including accrued interest, was $1,020,000,004.
	Citigroup Global Markets, Inc.
	159,100,000		1.080			09/01/17		159,100,000
	Maturity Value: $159,104,773
	Collateralized by U.S. Treasury Notes, 0.750% to 3.625%, due 02/28/18 to 07/31/23. The aggregate market value of the collateral, including accrued interest, was $162,282,053.
	Credit Agricole Corporate and Investment Bank
	300,000,000		1.030			09/01/17		300,000,000
	Maturity Value: $300,060,083
	Settlement Date: 08/25/17
	Collateralized by U.S. Treasury Notes, 0.750% to 2.250%, due 04/30/18 to 08/15/25 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $306,000,086.
	750,000,000		1.070			09/01/17		750,000,000
	Maturity Value: $750,022,292
	Collateralized by Federal Farm Credit Bank, 1.125% to 4.875%, due 09/22/17 to 07/11/24, Federal Home Loan Bank, 0.000% to 4.750%, due 09/08/17 to 12/11/26, Federal Home Loan Mortgage Corp., 1.300% to 6.750%, due 11/27/19 to 09/01/47, Federal National Mortgage Association, 0.875% to 7.500%, due 09/20/17 to 09/01/47, Government National Mortgage Association, 3.000% to 7.000%, due 07/20/27 to 08/20/47, U.S. Treasury Bills, 0.000%, due 10/26/17 to 02/15/18, U.S. Treasury Bonds, 2.250% to 8.125%, due 08/15/21 to 05/15/47, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.625%, due 01/15/25 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/18 to 01/15/27 and U.S. Treasury Notes, 0.625% to 3.625%, due 09/15/17 to 11/15/25. The aggregate market value of the collateral, including accrued interest, was $770,196,758.

18 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)
	Deutsche Bank Securities, Inc.
$	100,000,000		1.070	%		09/01/17	$	100,000,000
	Maturity Value: $100,002,972
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/27. The market value of the collateral, including accrued interest, was $102,000,000.
	200,000,000		1.070			09/01/17		200,000,000
	Maturity Value: $200,005,944
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,000.
	250,000,000		1.080			09/01/17		250,000,000
	Maturity Value: $250,007,500
	Collateralized by U.S. Treasury Notes, 1.625% to 2.000%, due 03/31/19 to 11/30/22. The aggregate market value of the collateral, including accrued interest, was $255,000,029.
	Federal Reserve Bank of New York
	9,600,000,000		1.000			09/01/17		9,600,000,000
	Maturity Value: $9,600,266,667
	Collateralized by U.S. Treasury Bonds, 2.750% to 4.625%, due 02/15/40 to 08/15/42 and U.S. Treasury Notes, 1.625% to 2.500%, due 02/15/23 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $9,600,266,708.
	Fixed Income Clearing Corp.
	49,000,000		1.100			09/01/17		49,000,000
	Maturity Value: $49,001,497
	Collateralized by a U.S. Treasury Bond, 3.750%, due 11/15/43 and U.S. Treasury Notes, 1.500% to 1.875%, due 07/15/20 to 10/31/22. The aggregate market value of the collateral, including accrued interest, was $49,980,084.
	2,450,000,000		1.100			09/01/17		2,450,000,000
	Maturity Value: $2,450,074,861
	Collateralized by a U.S. Treasury Bill, 0.000%, due 08/16/18 and U.S. Treasury Notes, 1.125% to 2.875%, due 03/31/18 to 06/30/24. The aggregate market value of the collateral, including accrued interest, was $2,499,000,048.
	HSBC Securities (USA), Inc.
	800,000,000		1.050			09/01/17		800,000,000
	Maturity Value: $800,023,333
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29 and U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/18 to 07/15/27. The aggregate market value of the collateral, including accrued interest, was $816,003,172.
	1,500,000,000		1.060			09/01/17		1,500,000,000
	Maturity Value: $1,500,044,167
	Collateralized by Federal National Mortgage Association, 3.000% to 6.000%, due 12/01/22 to 08/01/47. The aggregate market value of the collateral, including accrued interest, was $1,530,003,867.
Repurchase Agreements(c) – (continued)
	ING Financial Markets LLC
	200,000,000		1.040			09/01/17		200,000,000
	Maturity Value: $200,040,444
	Settlement Date: 08/25/17
	Collateralized by Federal National Mortgage Association, 3.500% to 4.500%, due 03/01/21 to 08/01/47. The aggregate market value of the collateral, including accrued interest, was $204,000,547.
	300,000,000		1.040			09/01/17		300,000,000
	Maturity Value: $300,060,667
	Settlement Date: 08/25/17
	Collateralized by Federal National Mortgage Association, 3.000% to 5.000%, due 10/01/28 to 11/01/46. The aggregate market value of the collateral, including accrued interest, was $306,001,939.
	200,000,000		1.060			09/01/17		200,000,000
	Maturity Value: $200,005,889
	Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 07/01/31 to 05/01/47. The aggregate market value of the collateral, including accrued interest, was $204,000,496.
	300,000,000		1.060			09/01/17		300,000,000
	Maturity Value: $300,008,833
	Collateralized by Federal National Mortgage Association, 3.000% to 6.000%, due 01/01/26 to 04/01/47. The aggregate market value of the collateral, including accrued interest, was $306,001,985.
	250,000,000		1.030			09/06/17		250,000,000
	Maturity Value: $250,050,069
	Settlement Date: 08/30/17
	Collateralized by Federal National Mortgage Association, 3.500% to 6.500%, due 08/01/30 to 07/01/47. The aggregate market value of the collateral, including accrued interest, was $255,001,388.
	ING Financial Markets LLC (1 Mo. LIBOR – 0.11%)
	100,000,000		1.119	(a)(e)		10/06/17		100,000,000
	Maturity Value: $102,626,285
	Settlement Date: 07/09/15
	Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 05/01/28 to 11/01/43. The aggregate market value of the collateral, including accrued interest, was $102,003,025.
	500,000,000		1.125	(a)(e)		10/20/17		500,000,000
	Maturity Value: $513,718,750
	Settlement Date: 05/26/15
	Collateralized by Federal Home Loan Mortgage Corp., 7.000%, due 03/17/31 and Federal National Mortgage Association, 2.500% to 5.000%, due 12/01/25 to 07/01/47. The aggregate market value of the collateral, including accrued interest, was $510,003,154.
	100,000,000		1.124	(a)(e)		10/24/17		100,000,000
	Maturity Value: $102,333,210
	Settlement Date: 10/08/15
	Collateralized by Federal National Mortgage Association, 3.500%, due 06/01/26 to 09/01/46. The aggregate market value of the collateral, including accrued interest, was $102,002,415.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Joint Repurchase Agreement Account I
$	4,920,500,000		1.060	%		09/01/17	$	4,920,500,000
	Maturity Value: $4,920,644,881
	Joint Repurchase Agreement Account III
	7,618,700,000		1.076			09/01/17		7,618,700,000
	Maturity Value: $7,618,927,655
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	122,400,000		1.080			09/01/17		122,400,000
	Maturity Value: $122,403,672
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 08/01/32 to 06/01/47. The aggregate market value of the collateral, including accrued interest, was $126,072,000.
	693,800,000		1.080			09/01/17		693,800,000
	Maturity Value: $693,820,814
	Collateralized by Government National Mortgage Association, 3.500% to 4.000%, due 08/20/46 to 06/20/47. The aggregate market value of the collateral, including accrued interest, was $714,614,001.
	Merrill Lynch, Pierce, Fenner & Smith, Inc. (OBFR + 0.01%)
	1,000,000,000		1.170	(a)(e)		12/04/17		1,000,000,000
	Maturity Value: $1,013,065,000
	Settlement Date: 11/04/16
	Collateralized by Federal Home Loan Bank, 0.000%, due 02/28/18, Federal National Mortgage Association, 0.000%, due 01/02/18 and Government National Mortgage Association, 1.500% to 10.000%, due 12/15/17 to 08/20/47. The aggregate market value of the collateral, including accrued interest, was $1,028,031,478.
	Metropolitan Life Insurance Co.
	75,000,000		1.100			09/01/17		75,000,000
	Maturity Value: $75,002,292
	Collateralized by a U.S. Treasury Note, 2.250%, due 11/15/25. The market value of the collateral, including accrued interest, was $76,526,498.
	Mitsubishi UFJ Securities (USA), Inc.
	300,000,000		1.050			09/01/17		300,000,000
	Maturity Value: $300,008,750
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.750%, due 04/01/25 to 07/01/47, Federal National Mortgage Association, 2.000% to 6.000%, due 06/01/22 to 09/01/47 and Government National Mortgage Association, 2.000% to 7.500%, due 06/15/18 to 08/20/47. The aggregate market value of the collateral, including accrued interest, was $308,999,994.
	Mizuho Securities USA Inc.
	10,478,553		1.080			09/01/17		10,478,553
	Maturity Value: $10,478,867
	Collateralized by a U.S. Treasury Note, 1.750%, due 05/15/23. The market value of the collateral, including accrued interest, was $10,688,124.
	490,134,192		1.080			09/01/17		490,134,192
	Maturity Value: $490,148,896
	Collateralized by a U.S. Treasury Note, 2.750%, due 02/15/24. The market value of the collateral, including accrued interest, was $499,936,876.
Repurchase Agreements(c) – (continued)
	Mizuho Securities USA Inc. – (continued)
	499,387,255		1.080			09/01/17		499,387,255
	Maturity Value: $499,402,237
	Collateralized by a U.S. Treasury Note, 2.125%, due 11/30/23. The market value of the collateral, including accrued interest, was $509,375,000.
	500,000,000		1.080			09/01/17		500,000,000
	Maturity Value: $500,015,000
	Collateralized by U.S. Treasury Bills, 0.000%, due 04/26/18 to 08/16/18, U.S. Treasury Bonds, 2.250% to 2.500%, due 02/15/45 to 08/15/46, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/17 to 11/15/44, U.S. Treasury Notes, 0.750% to 1.625%, due 07/15/19 to 08/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/18 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $510,000,078.
	250,000,000		1.090			09/01/17		250,000,000
	Maturity Value: $250,007,569
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 11/01/46 to 08/01/47, Federal National Mortgage Association, 0.000% to 4.500%, due 10/09/19 to 08/01/47 and Government National Mortgage Association, 3.500% to 4.000%, due 09/20/46 to 07/20/47. The aggregate market value of the collateral, including accrued interest, was $257,422,451.
	Nomura Securities International, Inc.
	800,000,000		1.070			09/01/17		800,000,000
	Maturity Value: $800,023,778
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 9.500%, due 10/01/17 to 07/01/47, Federal National Mortgage Association, 2.500% to 9.500%, due 09/01/17 to 09/01/47, Government National Mortgage Association, 2.500% to 9.000%, due 11/15/17 to 08/15/47, a U.S. Treasury Inflation- Indexed Note, 0.375%, due 07/15/27 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/18 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $823,999,781.
	1,200,000,000		1.080			09/01/17		1,200,000,000
	Maturity Value: $1,200,036,000
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 08/01/44 to 09/01/47, Federal National Mortgage Association, 3.000% to 6.000%, due 10/01/35 to 09/01/47, Government National Mortgage Association, 3.000% to 4.500%, due 02/15/42 to 08/20/47, U.S. Treasury Bonds, 2.500% to 3.125%, due 05/15/42 to 05/15/46, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 04/15/29 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 07/15/26 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 11/15/46 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 05/15/47. The aggregate market value of the collateral, including accrued interest, was $1,233,492,161.

20 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)
	Nomura Securities International, Inc. – (continued)
$	2,000,000,000		1.050	%		09/06/17	$	2,000,000,000
	Maturity Value: $2,000,408,333
	Settlement Date: 08/30/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 08/01/27 to 06/01/47, Federal National Mortgage Association, 4.000% to 6.000%, due 10/01/40 to 03/01/43, Government National Mortgage Association, 3.000% to 6.500%, due 11/15/36 to 08/15/47, Tennessee Valley Authority, 2.875%, due 02/01/27, U.S. Treasury Bonds, 2.750% to 3.625%, due 11/15/41 to 05/15/47, U.S. Treasury Inflation- Indexed Bonds, 1.750% to 3.625%, due 01/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 04/15/18 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/23 to 11/15/45, U.S. Treasury Notes, 0.750% to 3.625%, due 07/31/18 to 01/31/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/44 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $2,047,406,754.
	Norinchukin Bank
	210,000,000		1.150	(e)		10/23/17		210,000,000
	Maturity Value: $210,415,917
	Settlement Date: 08/22/17
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27. The market value of the collateral, including accrued interest, was $214,200,092.
	210,000,000		1.150	(e)		10/31/17		210,000,000
	Maturity Value: $210,462,875
	Settlement Date: 08/23/17
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27. The market value of the collateral, including accrued interest, was $214,200,092.
	Prudential Insurance Company of America (The)
	44,906,250		1.100			09/01/17		44,906,250
	Maturity Value: $44,907,622
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/36. The market value of the collateral, including accrued interest, was $45,804,375.
	61,050,000		1.100			09/01/17		61,050,000
	Maturity Value: $61,051,865
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $62,271,000.
	70,218,750		1.100			09/01/17		70,218,750
	Maturity Value: $70,220,896
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $71,623,125.
	158,250,000		1.100			09/01/17		158,250,000
	Maturity Value: $158,254,835
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/27. The market value of the collateral, including accrued interest, was $161,415,000.
	201,500,000		1.100			09/01/17		201,500,000
	Maturity Value: $201,506,157
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $205,530,000.
Repurchase Agreements(c) – (continued)
	RBC Capital Markets LLC
	600,000,000		1.050	%(d)		09/07/17		600,000,000
	Maturity Value: $601,032,501
	Settlement Date: 07/17/17
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 03/01/46 to 09/01/47, Federal National Mortgage Association, 2.500% to 4.000%, due 09/01/32 to 09/01/47 and Government National Mortgage Association, 3.500%, due 08/20/47. The aggregate market value of the collateral, including accrued interest, was $612,000,000.
	Royal Bank of Canada-New York Branch
	150,000,000		1.050			09/01/17		150,000,000
	Maturity Value: $150,004,375
	Collateralized by Federal National Mortgage Association, 3.000% to 5.000%, due 11/01/25 to 06/01/47 and Government National Mortgage Association, 4.000% to 4.500%, due 09/15/39 to 10/20/45. The aggregate market value of the collateral, including accrued interest, was $152,999,997.
	200,000,000		1.080	(d)		09/07/17		200,000,000
	Maturity Value: $200,378,000
	Settlement Date: 08/16/17
	Collateralized by Federal National Mortgage Association, 3.500% to 5.000%, due 11/01/34 to 06/01/47 and Government National Mortgage Association, 4.000%, due 10/15/41. The aggregate market value of the collateral, including accrued interest, was $203,999,999.
	500,000,000		1.080	(d)		09/07/17		500,000,000
	Maturity Value: $500,945,000
	Settlement Date: 08/15/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 01/01/26 to 04/01/47, Federal National Mortgage Association, 2.500% to 5.000%, due 03/01/31 to 06/01/47 and Government National Mortgage Association, 4.000%, due 10/20/45 to 06/20/47. The aggregate market value of the collateral, including accrued interest, was $510,000,002.
	250,000,000		1.090	(d)		09/07/17		250,000,000
	Maturity Value: $250,476,875
	Settlement Date: 08/14/17
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 06/01/46 to 06/01/47, Federal National Mortgage Association, 2.500% to 5.000%, due 04/01/31 to 01/01/47 and Government National Mortgage Association, 4.500%, due 12/15/40. The aggregate market value of the collateral, including accrued interest, was $255,000,000.
	500,000,000		1.090	(d)		09/07/17		500,000,000
	Maturity Value: $500,968,890
	Settlement Date: 08/21/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/25 to 09/01/46, Federal National Mortgage Association, 2.500% to 5.000%, due 04/01/26 to 06/01/47 and Government National Mortgage Association, 3.500% to 4.500%, due 02/20/40 to 07/20/47. The aggregate market value of the collateral, including accrued interest, was $509,999,999.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Royal Bank of Canada-New York Branch – (continued)
$	500,000,000		1.090	%(d)		09/07/17	$	500,000,000
	Maturity Value: $500,953,751
	Settlement Date: 08/17/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 11/01/27 to 05/01/47, Federal National Mortgage Association, 2.500% to 5.000%, due 10/01/25 to 06/01/47 and Government National Mortgage Association, 3.500% to 4.500%, due 12/15/40 to 07/20/47. The aggregate market value of the collateral, including accrued interest, was $509,999,997.
	500,000,000		1.090	(d)		09/07/17		500,000,000
	Maturity Value: $500,968,890
	Settlement Date: 08/17/17
	Collateralized by Federal National Mortgage Association, 3.000% to 4.000%, due 03/01/31 to 03/01/47 and Government National Mortgage Association, 4.000%, due 10/20/45. The aggregate market value of the collateral, including accrued interest, was $510,000,000.
	500,000,000		1.090	(d)		09/07/17		500,000,000
	Maturity Value: $500,953,751
	Settlement Date: 08/21/17
	Collateralized by Government National Mortgage Association, 4.000%, due 10/20/45 to 06/20/47. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
	Societe Generale (OBFR – 0.09%)
	200,000,000		1.070	(a)		09/07/17		200,000,000
	Maturity Value: $200,790,611
	Settlement Date: 05/03/17
	Collateralized by Government National Mortgage Association, 3.500%, due 04/20/46, U.S. Treasury Bonds, 2.500% to 3.625%, due 08/15/43 to 11/15/45 and a U.S. Treasury Note, 1.500%, due 08/15/20. The aggregate market value of the collateral, including accrued interest, was $204,228,722.
	Societe Generale (OBFR – 0.10%)
	600,000,000		1.060	(a)		09/07/17		600,000,000
	Maturity Value: $605,847,658
	Settlement Date: 10/18/16
	Collateralized by U.S. Treasury Bills, 0.000%, due 09/21/17 to 03/01/18, U.S. Treasury Bonds, 2.500% to 6.125%, due 08/15/29 to 05/15/47, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.000%, due 02/15/46 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/18 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/23 to 05/15/37 and U.S. Treasury Notes, 0.750% to 3.500%, due 09/30/17 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $612,000,070.
Repurchase Agreements(c) – (continued)
	Wells Fargo Securities LLC
	500,000,000		1.070	%		09/01/17		500,000,000
	Maturity Value: $500,014,861
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 04/01/47 and Federal National Mortgage Association, 3.000% to 5.000%, due 08/01/32 to 05/01/47. The aggregate market value of the collateral, including accrued interest, was $515,000,001.
	TOTAL REPURCHASE AGREEMENTS						$	51,207,625,000
	TOTAL INVESTMENTS – 100.2%						$	88,647,611,320
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (0.2)%							(136,674,991	)
	NET ASSETS – 100.0%						$	88,510,936,329

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, 2017.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2017. Additional information on Joint Repurchase Agreement Accounts I and III appear on pages 38 and 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, 2017, these securities amounted to $2,120,000,000 or approximately 2.4% of net assets, and are unaudited.
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:
LIBOR	—London Interbank Offered Rate
MBS	—Mortgage-Backed Securities
MMY	—Money Market Yield
OBFR	—Overnight Bank Funding Rate
Prime	—Federal Reserve Bank Prime Loan Rate U.S.
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 24.7%
	Albion Capital LLC
$	35,000,000		1.245	%		09/01/17	$	34,998,860
	Alpine Securitization Ltd.
	10,000,000		1.360			11/07/17		9,975,388
	Barton Capital S.A.
	26,900,000		1.255			09/06/17		26,894,176
	7,000,000		1.350			10/03/17		6,991,524
	7,000,000		1.370			10/03/17		6,991,523
	CAFCO LLC
	50,000,000		1.329			09/21/17		49,965,058
	CHARTA LLC
	50,000,000		1.329			09/21/17		49,963,192
	CRC Funding LLC
	20,000,000		1.350			12/06/17		19,927,951
	DBS Bank Ltd.
	10,000,000		1.319			09/19/17		9,993,429
	500,000		1.287			09/20/17		499,654
	DNB Bank ASA
	40,000,000		1.193			09/05/17		39,993,578
	First Abu Dhabi Bank
	60,000,000		1.276			09/06/17		59,989,110
	Kells Funding LLC
	13,000,000		1.329			10/30/17		12,972,700
	Liberty Street Funding LLC
	10,000,000		1.268			09/12/17		9,995,913
	LMA-Americas LLC
	20,000,000		1.392			12/21/17		19,914,320
	Matchpoint Finance PLC
	50,000,000		1.204			09/01/17		49,998,205
	15,000,000		1.412			11/21/17		14,951,928
	Metlife Short Term Funding LLC
	20,000,000		1.435			03/01/18		19,856,018
	N.V. Bank Nederlandse Gemeenten
	25,000,000		1.214			09/01/17		24,999,158
	Nieuw Amsterdam Receivables Corp.
	15,000,000		1.398			01/17/18		14,916,484
	Nordea Bank AB
	10,000,000		1.223			10/24/17		9,981,910
	Northwestern Memorial Healthcare
	10,000,000		1.297			10/18/17		9,980,373
	NRW Bank
	25,000,000		1.329			10/05/17		24,969,545
	Salt River Project Agricultural Improvement and Power District
	15,000,000		1.339			11/14/17		14,962,909
	SSM Health Care Corp.
	9,000,000		1.350			09/27/17		8,989,949
	Svenska Handelsbanken AB
	7,500,000		1.249			10/25/17		7,486,158
	10,000,000		1.436			02/16/18		9,935,264
	The State of the Netherlands
	25,000,000		1.214			09/01/17		24,999,249
	Victory Receivables Corp.
	37,663,000		1.349			09/19/17		37,638,451
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS (Cost $632,751,693)						$	632,731,977
Certificate of Deposit – 1.9%
	State Street Bank and Trust Co.
$	50,000,000		1.300	%		10/23/17	$	49,998,653
	(Cost $50,000,000)
Certificates of Deposit-Eurodollar – 2.3%
	ABN Amro Bank N.V.
$	50,000,000		1.283	%		09/05/17	$	49,991,599
	Sumitomo Mitsui Trust Bank Ltd.
	10,000,000		1.480			12/18/17		10,003,016
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR (Cost $59,993,179)						$	59,994,615
Certificates of Deposit-Yankeedollar – 9.8%
	Banco Del Estado De Chile
$	20,000,000		1.310	%		10/06/17	$	20,001,134
	13,000,000		1.480			01/19/18		13,004,028
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	10,000,000		1.410			10/06/17		10,001,867
	BNP Paribas
	13,000,000		1.450			02/01/18		13,002,267
	DZ Bank AG
	3,000,000		1.380			10/20/17		3,000,401
	15,000,000		1.330			12/01/17		15,000,938
	National Bank of Kuwait
	21,000,000		1.500			10/03/17		21,003,461
	Natixis
	50,000,000		1.170			09/05/17		49,999,930
	Oversea-Chinese Banking Corp., Ltd.
	40,000,000		1.500			04/19/18		40,006,449
	Sumitomo Mitsui Trust Bank Ltd.
	40,000,000		1.180			09/05/17		40,000,016
	Toronto-Dominion Bank (The)
	25,000,000		1.600			08/22/18		25,006,170
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR (Cost $250,000,048)						$	250,026,661
Fixed Rate Municipal Debt Obligations – 2.5%
	Bank of America N.A.
$	10,000,000		1.650	%		03/26/18	$	10,006,010
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	10,800,000		1.450	(a)		09/08/17		10,798,974
	Commonwealth Bank of Australia
	4,000,000		1.400			09/08/17		4,000,021
	Cooperatieve Rabobank U.A.
	11,100,000		1.700			03/19/18		11,116,213
	Credit Suisse AG
	6,000,000		1.750			01/29/18		6,003,705
	Swedbank AB
	11,500,000		2.125	(a)		09/29/17		11,506,377

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Fixed Rate Municipal Debt Obligations – (continued)
	Wells Fargo Bank N.A.
$	10,580,000		1.650	%		01/22/18	$	10,586,745
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS (Cost $64,015,927)						$	64,018,045
Time Deposits – 14.6%
	Abbey National Treasury Services PLC
$	60,000,000		1.080	%		09/01/17	$	60,001,068
	Australia & New Zealand Banking Group Ltd.
	35,000,000		1.180			09/06/17		35,004,264
	Credit Industriel et Commercial
	50,000,000		1.200			09/06/17		50,006,257
	National Bank of Kuwait
	70,000,000		1.120			09/01/17		70,000,000
	Nordea Bank AB
	48,000,000		1.080			09/01/17		48,000,000
	Skandinaviska Enskilda Banken AB
	50,000,000		1.080			09/01/17		50,000,000
	Swedbank AB
	60,000,000		1.170			09/05/17		60,006,008
	TOTAL TIME DEPOSITS (Cost $373,000,000)						$	373,017,597
Variable Rate Municipal Debt Obligations(b) – 8.1%
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012- T0014 (JPMorgan Chase Bank N.A., LIQ)(a)
$	66,500,000		1.260	%		09/01/17	$	66,500,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,950,000		1.260			09/01/17		4,950,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012- T0007 (JPMorgan Chase Bank N.A., LIQ)
	29,110,000		1.260			09/01/17		29,110,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	65,400,000		1.240			09/07/17		65,400,000
	Los Angeles Department of Water & Power Waterworks VRDN RB Refunding Series 2001 Subseries B-4 RMKT (Citibank N.A., SPA)
	150,000		0.710			09/07/17		150,000
	Montgomery County, Tennessee IDB VRDN RB for Hankook Tire Manufacturing LP Project Series 2015 A (Kookmin Bank, LOC)
	40,000,000		1.400			09/07/17		40,000,000
	Ohio State University VRDN RB Series 2001
	180,000		0.760			09/07/17		180,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS (Cost $206,289,998)						$	206,290,000
Variable Rate Obligations(c) – 32.6%
	Abbey National Treasury Services PLC (1 Mo. LIBOR + 0.18%)
$	10,000,000		1.411	%		12/04/17	$	10,003,257
	Abbey National Treasury Services PLC (1 Mo. LIBOR + 0.23%)
	7,000,000		1.461			09/19/17		7,001,042
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.15%)
	25,000,000		1.381	(a)		07/19/18		24,997,685
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.09%)
	25,000,000		1.318	(a)		01/18/18		25,000,406
	Bank of Montreal (1 Mo. LIBOR + 0.54%)
	7,500,000		1.769			01/11/18		7,511,833
	Bank of Montreal (1 Mo. LIBOR + 0.32%)
	10,000,000		1.554			03/27/18		10,009,716
	Bank of Montreal (1 Mo. LIBOR + 0.22%)
	8,500,000		1.449			01/08/18		8,503,414
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.46%)
	35,000,000		1.689	(a)		02/09/18		35,050,759
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.16%)
	8,000,000		1.381			03/09/18		8,003,866
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.23%)
	10,000,000		1.458			09/17/18		9,990,090
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.19%)
	9,000,000		1.440	(a)		03/16/18		9,006,323
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.15%)
	14,000,000		1.454	(a)		04/13/18		14,006,936
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.41%)
	13,000,000		1.714	(a)		10/12/17		13,007,560
	BNZ International Funding Ltd. (1 Mo. LIBOR + 0.10%)
	15,000,000		1.331	(a)		10/19/17		15,002,204
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.53%)
	6,400,000		1.761	(a)		01/19/18		6,411,281
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.23%)
	27,000,000		1.466			09/21/18		26,994,141
	Collateralized Commercial Paper Co., LLC (3 Mo. LIBOR + 0.20%)
	8,500,000		1.428			12/12/17		8,504,897
	Collateralized Commercial Paper Co., LLC (1 Mo. LIBOR + 0.16%)
	8,000,000		1.394			10/26/17		8,001,971
	Collateralized Commercial Paper II Co., LLC (1 Mo. LIBOR + 0.60%)
	20,000,000		1.836	(a)		01/24/18		20,039,885
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.50%)
	750,000		1.804	(a)		10/13/17		750,371
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.45%)
	7,000,000		1.764	(a)		10/25/17		7,005,667
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.18%)
	22,000,000		1.414	(a)		08/23/18		21,998,917
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.23%)
	15,000,000		1.462			06/01/18		14,988,746
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.37%)
	8,963,000		1.606	(a)		02/23/18		8,975,134
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.34%)
	3,000,000		1.572	(a)		03/01/18		3,003,734
	Dexia Credit Local (1 Mo. LIBOR + 0.37%)
	15,000,000		1.601			04/04/18		15,018,508
	Dexia Credit Local (1 Mo. LIBOR + 0.48%)
	10,000,000		1.714			01/29/18		10,015,555
	Dexia Credit Local (1 Mo. LIBOR + 0.38%)
	5,000,000		1.611			12/07/17		5,004,271

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Obligations(c) – (continued)
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.06%)
$	20,000,000		1.294	%(a)		09/25/17	$	20,001,489
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.22%)(a)
	6,000,000		1.451			09/07/17		6,000,338
	9,000,000		1.454			10/27/17		9,003,139
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.19%)
	8,000,000		1.418	(a)		09/18/17		8,000,967
	HSBC Bank PLC (1 Mo. LIBOR + 0.46%)
	8,000,000		1.692	(a)		11/01/17		8,006,209
	HSBC Bank PLC (1 Mo. LIBOR + 0.41%)
	20,000,000		1.641	(a)		11/10/17		20,015,136
	Mitsubishi UFJ Trust and Banking Corp. (1 Mo. LIBOR + 0.30%)
	10,000,000		1.531			10/05/17		10,003,199
	Mitsubishi UFJ Trust and Banking Corp. (1 Mo. LIBOR + 0.19%)
	15,000,000		1.426			03/01/18		14,992,530
	Mizuho Bank Ltd. (1 Mo. LIBOR + 0.28%)
	8,000,000		1.509			10/12/17		8,002,774
	Mizuho Bank Ltd. (1 Mo. LIBOR + 0.29%)
	14,000,000		1.521			10/10/17		14,004,901
	National Australia Bank Ltd. (3 Mo. LIBOR + 0.34%)
	7,500,000		1.563	(a)		12/06/17		7,507,153
	National Australia Bank Ltd. (1 Mo. LIBOR + 0.30%)
	30,000,000		1.536	(a)		03/23/18		30,029,629
	Norinchukin Bank (The) (1 Mo. LIBOR + 0.23%)
	10,000,000		1.464			10/27/17		10,003,645
	9,324,000		1.462			11/02/17		9,327,616
	Norinchukin Bank (The) (1 Mo. LIBOR + 0.18%)
	20,000,000		1.409			01/11/18		20,003,202
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.14%)
	20,000,000		1.371	(a)		11/06/17		20,004,478
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.33%)
	9,500,000		1.645	(a)		11/15/17		9,507,608
	Royal Bank of Canada (1 Mo. LIBOR + 0.24%)
	15,000,000		1.471			04/19/18		15,007,234
	Royal Bank of Canada (1 Mo. LIBOR + 0.21%)
	10,000,000		1.439			08/09/18		9,999,865
	Standard Chartered Bank (1 Mo. LIBOR + 0.40%)
	25,000,000		1.631			01/19/18		25,024,150
	Standard Chartered Bank (1 Mo. LIBOR + 0.65%)
	17,000,000		1.884			10/27/17		17,017,406
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.18%)
	27,000,000		1.414			03/02/18		26,997,903
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.33%)
	16,000,000		1.557			09/15/17		16,002,239
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.25%)
	10,000,000		1.484			10/27/17		10,003,171
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.18%)
	10,000,000		1.408			01/18/18		10,001,396
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.30%)
	15,000,000		1.534			09/25/17		15,002,911
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.32%)
	8,000,000		1.624			01/17/18		8,009,609
	Toronto-Dominion Bank (The) (1 Mo. LIBOR + 0.44%)
	15,000,000		1.672			11/02/17		15,011,181
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.23%)
	10,000,000		1.461			08/20/18		10,001,617
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.15%)
	10,000,000		1.446			04/03/18		10,005,313
Variable Rate Obligations(c) – (continued)
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.32%)
	14,500,000		1.637			01/26/18		14,517,680
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.19%)
	6,000,000		1.421			06/11/18		6,000,499
	Westpac Banking Corp. (1 Mo. LIBOR + 0.19%)
	29,605,000		1.424	(a)		08/20/18		29,608,124
	Westpac Banking Corp. (1 Mo. LIBOR + 0.47%)
	11,000,000		1.704	(a)		01/26/18		11,016,362
	Westpac Securities NZ Ltd. (1 Mo. LIBOR + 0.39%)
	7,000,000		1.622	(a)		11/02/17		7,004,533
	TOTAL VARIABLE RATE OBLIGATIONS (Cost $834,047,038)						$	834,453,375
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS (Cost $2,470,097,883)						$	2,470,530,923
Repurchase Agreements(d) – 3.5%
	BNP Paribas (OBFR + 0.20%)
$	50,000,000		1.360	%(c)		09/07/17	$	50,000,386
	Maturity Value: $50,328,667
	Settlement Date: 03/24/17
	Collateralized by various asset-backed obligations, 1.270% to 3.010%, due 05/15/19 to 05/15/23, various corporate security issuers, 2.950% to 12.000%, due 04/01/19 to perpetual maturity, various mortgage-backed obligations, 3.834% to 6.034%, due 11/25/23 to 05/25/28, and various sovereign debt security issuers, 6.250% to 10.125%, due 04/22/19 to 05/15/27. The aggregate market value of the collateral, including accrued interest, was $55,344,997.
	Credit Suisse Securities (USA) LLC (1 Mo. LIBOR + 0.50%)
	30,000,000		1.739	(c)(e)		10/05/17		29,999,250
	Maturity Value: $30,243,445
	Settlement Date: 04/27/17
	Collateralized by various corporate security issuers, 6.375% to 9.875%, due 10/15/20 to 06/15/23. The aggregate market value of the collateral, including accrued interest, was $33,003,448.
	Mizuho Securities USA Inc. (3 Mo. LIBOR + 0.95%)
	9,000,000		2.262	(c)(e)		11/29/17		9,000,331
	Maturity Value: $9,119,883
	Settlement Date: 05/08/17
	Collateralized by various corporate security issuers, 1.407% to 12.000%, due 10/30/17 to 08/21/46. The aggregate market value of the collateral, including accrued interest, was $9,563,107.
	TOTAL REPURCHASE AGREEMENTS (Cost $89,000,000)						$	88,999,967
	TOTAL INVESTMENTS – 100.0% (Cost $2,559,097,883)						$	2,559,530,890
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							14,174
	NET ASSETS – 100.0%						$	2,559,545,064

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

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 have been determined to be liquid by the Investment Adviser. At August 31, 2017, these securities amounted to $483,717,378 or approximately 18.9% of net assets.
(b)	Rate shown is that which is in effect on August 31, 2017. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(c)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2017.
(d)	Unless noted, all repurchase agreements were entered into on August 31, 2017.
(e)	Security has been determined to be illiquid by the Investment Adviser. At August 31, 2017, these securities amounted to $38,999,581 or approximately 1.5% of net assets, and are unaudited.
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:
GO	— General Obligation
IDB	— Industrial Development Board
LIBOR	— London Interbank Offered Rate
LIQ	— Liquidity Agreement
LOC	— Letter of Credit
LP	— Limited Partnership
OBFR	— Overnight Bank Funding Rate
RB	— Revenue Bond
RMKT	— Remarketed
SPA	— Stand-by Purchase Agreement
VRDN	— Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 22.9%
	Albion Capital LLC
$	20,000,000		1.318	%		09/26/17	$	19,982,594
	Alpine Securitization Ltd.
	10,000,000		1.370			10/25/17		9,980,368
	10,000,000		1.381			12/08/17		9,962,738
	Bank of China (Hong Kong)
	5,000,000		1.585			09/19/17		4,996,189
	Barton Capital S.A.
	7,000,000		1.350			10/03/17		6,991,524
	7,000,000		1.370			10/03/17		6,991,523
	CRC Funding LLC
	10,000,000		1.350			12/06/17		9,963,975
	6,000,000		1.466			01/10/18		5,969,728
	DNB Bank ASA
	20,000,000		1.193			09/05/17		19,996,789
	First Abu Dhabi Bank
	30,000,000		1.276			09/06/17		29,994,555
	Kells Funding LLC
	22,000,000		1.345			11/06/17		21,947,919
	LMA-Americas LLC
	10,000,000		1.392			12/21/17		9,957,160
	Matchpoint Finance PLC
	25,000,000		1.204			09/01/17		24,999,103
	10,000,000		1.381			10/02/17		9,988,071
	7,000,000		1.412			11/20/17		6,977,871
	10,000,000		1.412			11/21/17		9,967,952
	Metlife Short Term Funding LLC
	15,000,000		1.435			03/01/18		14,892,013
	N.V. Bank Nederlandse Gemeenten
	40,000,000		1.214			09/01/17		39,998,652
	Nieuw Amsterdam Receivables Corp.
	11,000,000		1.391			11/10/17		10,971,190
	7,000,000		1.398			01/17/18		6,961,026
	Old Line Funding Corp.
	7,000,000		1.329			10/30/17		6,984,950
	Regency Markets No. 1 LLC
	16,000,000		1.255			09/26/17		15,985,532
	Salt River Project Agricultural Improvement and Power District
	5,000,000		1.339			11/14/17		4,987,636
	Societe Generale
	7,500,000		1.475			01/31/18		7,454,993
	Svenska Handelsbanken AB
	5,000,000		1.436			02/16/18		4,967,632
	The State of the Netherlands
	10,000,000		1.214			09/01/17		9,999,699
	Victory Receivables Corp.
	10,000,000		1.350			10/03/17		9,988,423
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $341,867,449)						$	341,859,805
Certificates of Deposit – 2.0%
	State Street Bank and Trust Co.
$	25,000,000		1.300	%		10/23/17	$	24,999,327
	Wells Fargo Bank N.A.
	4,500,000		1.550			01/18/18		4,504,258
	TOTAL CERTIFICATES OF DEPOSIT
	(Cost $29,500,000)						$	29,503,585
Certificates of Deposit-Yankeedollar – 10.5%
	Banco Del Estado De Chile
$	5,000,000		1.310	%		10/06/17	$	5,000,284
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	12,500,000		1.520			10/30/17		12,505,643
	BNP Paribas
	10,000,000		1.450			02/01/18		10,001,744
	Citibank N.A.
	10,000,000		1.420			12/14/17		10,002,083
	DZ Bank AG
	4,600,000		1.380			10/20/17		4,600,614
	10,000,000		1.400			02/28/18		9,999,443
	National Bank of Kuwait
	25,000,000		1.500			10/03/17		25,004,120
	5,000,000		1.550			11/22/17		5,001,722
	Natixis
	25,000,000		1.170			09/05/17		24,999,965
	Oversea-Chinese Banking Corp., Ltd.
	10,000,000		1.500			04/19/18		10,001,612
	Sumitomo Mitsui Trust Bank Ltd.
	20,000,000		1.180			09/05/17		20,000,008
	Toronto-Dominion Bank (The)
	7,300,000		1.320			12/04/17		7,300,253
	13,000,000		1.600			08/22/18		13,003,208
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $157,402,719)						$	157,420,699
Fixed Rate Municipal Debt Obligations – 1.7%
	Commonwealth Bank of Australia
$	4,000,000		1.400	%		09/08/17	$	4,000,021
	Cooperatieve Rabobank U.A.
	7,000,000		1.700			03/19/18		7,010,225
	Skandinaviska Enskilda Banken AB
	5,000,000		1.750	(a)		03/19/18		5,004,167
	Swedbank AB
	4,422,000		1.750	(a)		03/12/18		4,427,054
	Wells Fargo Bank N.A.
	4,500,000		1.650			01/22/18		4,502,869
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $24,937,556)						$	24,944,336

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Time Deposits – 16.4%
	Abbey National Treasury Services PLC
$	40,000,000		1.080	%		09/01/17	$	40,000,712
	Australia & New Zealand Banking Group Ltd.
	15,000,000		1.180			09/06/17		15,001,828
	DNB Bank ASA
	40,000,000		1.080			09/01/17		40,000,000
	National Bank of Kuwait
	30,000,000		1.120			09/01/17		30,000,000
	Nordea Bank AB
	39,900,000		1.080			09/01/17		39,900,000
	Skandinaviska Enskilda Banken AB
	40,000,000		1.080			09/01/17		40,000,000
	Swedbank AB
	40,000,000		1.170			09/05/17		40,004,005
	TOTAL TIME DEPOSITS
	(Cost $244,900,000)						$	244,906,545
U.S. Government Agency Obligations – 0.6%
	Overseas Private Investment Corp. (USA) (3 Mo. U.S. T-Bill Factor + 0.00%)
$	8,802,228		1.100	%(b)		09/20/17	$	8,802,228
	(Cost $8,802,228)
Variable Rate Municipal Debt Obligations(c) – 9.6%
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012- T0014 (JPMorgan Chase Bank N.A., LIQ)(a)
$	7,000,000		1.260	%		09/01/17	$	7,000,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,000,000		1.260			09/01/17		5,000,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012- T0007 (JPMorgan Chase Bank N.A., LIQ)
	30,000,000		1.260			09/01/17		30,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	19,300,000		1.240			09/07/17		19,300,000
	Montgomery County, Tennessee IDB VRDN RB for Hankook Tire Manufacturing LP Project Series 2016 A (Kookmin Bank, LOC)(a)
	26,650,000		1.400			09/07/17		26,650,000
	Providence St. Joseph Health Obligated Group VRDN RB Series 2012-E (U.S. Bank N.A., SBPA)
	30,900,000		1.230			09/07/17		30,900,000
	Triborough Bridge & Tunnel Authority VRDN Refunding Floating RB Series 2013 Subseries 2B RMKT (Bank of America N.A., LOC)
	24,695,000		1.180			09/07/17		24,695,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $143,545,000)						$	143,545,000
Variable Rate Obligations(b) – 34.6%
	Abbey National Treasury Services PLC (1 Mo. LIBOR + 0.18%)
$	4,500,000		1.411	%		12/04/17	$	4,501,466
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.15%)
	10,000,000		1.381	(a)		07/19/18		9,999,074
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.09%)
	10,000,000		1.318	(a)		01/18/18		10,000,162
	Banco Del Estado De Chile (1 Mo. LIBOR + 0.22%)
	11,000,000		1.451			10/20/17		11,003,501
	Bank of Montreal (1 Mo. LIBOR + 0.54%)
	4,000,000		1.769			01/11/18		4,006,311
	Bank of Montreal (1 Mo. LIBOR + 0.19%)
	20,000,000		1.421			05/04/18		20,002,940
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.23%)
	15,000,000		1.458			09/17/18		14,985,134
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.43%)
	4,000,000		1.732			10/06/17		4,002,101
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.16%)
	4,500,000		1.381			03/09/18		4,502,175
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.15%)
	7,000,000		1.454	(a)		04/13/18		7,003,468
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.15%)
	8,000,000		1.381	(a)		02/20/18		8,000,363
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.41%)
	5,000,000		1.714	(a)		10/12/17		5,002,908
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.53%)
	3,600,000		1.761	(a)		01/19/18		3,606,346
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.23%)
	15,000,000		1.466			09/21/18		14,996,745
	Collateralized Commercial Paper Co., LLC (1 Mo. LIBOR + 0.16%)
	4,000,000		1.394			10/26/17		4,000,986
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.18%)
	13,000,000		1.483	(a)		07/06/18		13,000,755
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.45%)
	2,000,000		1.764	(a)		10/25/17		2,001,619
	Collateralized Commercial Paper II Co., LLC (1 Mo. LIBOR + 0.60%)(a)
	4,500,000		1.828			01/17/18		4,508,577
	12,000,000		1.836			01/24/18		12,023,931
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.18%)
	10,000,000		1.414	(a)		08/23/18		9,999,507
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	13,000,000		1.427	(a)		04/27/18		13,006,775
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.12%)
	10,000,000		1.433	(a)		04/23/18		10,005,841
	Credit Suisse AG (1 Mo. LIBOR + 0.21%)
	10,000,000		1.439			01/08/18		10,001,060
	Dexia Credit Local (1 Mo. LIBOR + 0.38%)
	3,000,000		1.611			12/07/17		3,002,563
	Dexia Credit Local (1 Mo. LIBOR + 0.37%)
	5,000,000		1.601			04/04/18		5,006,169
	Dexia Credit Local (1 Mo. LIBOR + 0.48%)
	6,000,000		1.714			01/29/18		6,009,333

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate				Maturity Date		Value
Variable Rate Obligations(b) – (continued)
	Dexia Credit Local (1 Mo. LIBOR + 0.41%)
$	4,000,000		1.645	%			11/22/17	$	4,003,382
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.06%)
	10,000,000		1.294	(a)			09/25/17		10,000,745
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.19%)
	8,500,000		1.418	(a)			09/18/17		8,501,028
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.22%)(a)
	3,000,000		1.451				09/07/17		3,000,169
	4,500,000		1.454				10/27/17		4,501,569
	Fairway Finance Co., LLC (1 Mo. LIBOR + 0.15%)
	5,000,000		1.379	(a)			10/11/17		5,000,989
	HSBC Bank PLC (1 Mo. LIBOR + 0.41%)
	10,000,000		1.641	(a)			11/10/17		10,007,568
	HSBC Bank PLC (1 Mo. LIBOR + 0.46%)
	6,000,000		1.692	(a)			11/01/17		6,004,656
	Mitsubishi UFJ Trust and Banking Corp. (1 Mo. LIBOR + 0.19%)
	10,000,000		1.426				03/01/18		9,995,020
	Mitsubishi UFJ Trust and Banking Corp. (1 Mo. LIBOR + 0.30%)
	4,000,000		1.531				10/05/17		4,001,280
	Mizuho Bank Ltd. (1 Mo. LIBOR + 0.28%)
	7,000,000		1.509				10/12/17		7,002,427
	Mizuho Bank Ltd. (1 Mo. LIBOR + 0.40%)
	4,000,000		1.632				09/01/17		4,000,053
	National Australia Bank Ltd. (1 Mo. LIBOR + 0.30%)
	8,000,000		1.532	(a)			04/03/18		8,008,186
	National Australia Bank Ltd. (3 Mo. LIBOR + 0.34%)
	4,500,000		1.563	(a)			12/06/17		4,504,292
	Norinchukin Bank (The) (1 Mo. LIBOR + 0.18%)
	11,000,000		1.409				01/11/18		11,001,761
	Norinchukin Bank (The) (1 Mo. LIBOR + 0.23%)
	8,000,000		1.464				10/27/17		8,002,916
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.18%)
	6,000,000		1.479	(a)			04/03/18		6,003,546
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.14%)
	11,000,000		1.371	(a)			11/06/17		11,002,463
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.33%)
	4,000,000		1.645	(a)			11/15/17		4,003,203
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.20%)
	8,000,000		1.429	(a)			09/11/17		8,000,641
	Royal Bank of Canada (1 Mo. LIBOR + 0.21%)
	5,000,000		1.439				08/09/18		4,999,932
	Royal Bank of Canada (1 Mo. LIBOR + 0.24%)
	8,000,000		1.471				04/19/18		8,003,858
	Standard Chartered Bank (1 Mo. LIBOR + 0.40%)
	5,000,000		1.629				01/11/18		5,004,647
	10,000,000		1.631				01/19/18		10,009,660
	Standard Chartered Bank (1 Mo. LIBOR + 0.65%)
	13,000,000		1.884				10/27/17		13,013,311
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.27%)
	6,000,000		1.501				10/06/17		6,001,506
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.18%)
	16,000,000		1.414				03/02/18		15,998,757
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.25%)
	5,000,000		1.484				10/27/17		5,001,586
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.14%)
	10,000,000		1.369				09/08/17		10,000,347
Variable Rate Obligations(b) – (continued)
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.18%)
$	5,000,000		1.408	%	��		01/18/18	$	5,000,698
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.30%)
	4,500,000		1.534				09/25/17		4,500,873
	Toronto-Dominion Bank (The) (1 Mo. LIBOR + 0.44%)
	7,000,000		1.672				11/02/17		7,005,218
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.32%)
	5,000,000		1.624				01/17/18		5,006,006
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.23%)
	5,000,000		1.461				08/20/18		5,000,809
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.15%)
	6,000,000		1.446				04/03/18		6,003,188
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.32%)
	9,000,000		1.637				01/26/18		9,010,973
	Westpac Banking Corp. (1 Mo. LIBOR + 0.47%)
	7,000,000		1.704	(a)			01/26/18		7,010,412
	Westpac Banking Corp. (1 Mo. LIBOR + 0.15%)
	10,000,000		1.379	(a)			07/13/18		9,997,343
	Westpac Securities NZ Ltd. (1 Mo. LIBOR + 0.15%)
	29,000,000		1.381	(a)			02/20/18		29,004,650
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $516,100,550)							$	516,299,478
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $1,467,055,502)							$	1,467,281,676
Repurchase Agreements(b)(d) – 1.7%
	BNP Paribas (OBFR + 0.20%)
$	20,000,000		1.360	%			09/07/17	$	20,000,154
	Maturity Value: $20,131,467
	Settlement Date: 03/24/17
	Collateralized by various corporate security issuers, 0.000% to 8.125%, due 07/16/20 to 05/15/37 and a sovereign debt security issuer, 10.125%, due 05/15/27. The aggregate market value of the collateral, including accrued interest, was $21,952,547.
	Mizuho Securities USA Inc. (3 Mo. LIBOR + 0.95%)
	5,000,000		2.262	(e)			11/29/17		5,000,184
	Maturity Value: $5,066,602
	Settlement Date: 05/08/17
	Collateralized by various corporate security issuers, 1.407% to 12.000%, due 05/03/18 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $5,305,255.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $25,000,000)							$	25,000,338
	TOTAL INVESTMENTS – 100.0%
	(Cost $1,492,055,502)							$	1,492,282,014
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%								(423,265	)
	NET ASSETS – 100.0%							$	1,491,858,749

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2017

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 have been determined to be liquid by the Investment Adviser. At August 31, 2017, these securities amounted to $290,792,007 or approximately 19.5% of net assets.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2017.
(c)	Rate shown is that which is in effect on August 31, 2017. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)	Unless noted, all repurchase agreements were entered into on August 31, 2017.
(e)	Security has been determined to be illiquid by the Investment Adviser. At August 31, 2017, these securities amounted to $5,000,184 or approximately 0.3% of net assets, and are unaudited.

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:
GO	—General Obligation
IDB	—Industrial Development Board
LIBOR	—London Interbank Offered Rate
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
LP	—Limited Partnership
OBFR	—Overnight Bank Funding Rate
RB	—Revenue Bond
RMKT	—Remarketed
SBPA	—Standby Bond Purchase Agreement
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – 99.7%
Alabama – 2.5%
	Huntsville Health Care Authority CP Series 2017
$	200,000		0.870	%		10/23/17	$	200,003
California – 12.2%
	ABAG Finance Authority for Non-Profit Corporations VRDN RB for Lakeside Village Apartments Series 2011 A (FHLMC, LIQ) (FHLMC, LOC)(a)
	140,000		0.730			09/07/17		140,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1997 L-5(a)
	100,000		0.750			09/07/17		100,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2017 04-I
	150,000		0.940			09/05/17		150,005
	150,000		0.960			10/18/17		150,017
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows II Project Series 1998 C (FNMA) (FNMA, LIQ)(a)
	200,000		0.770			09/07/17		200,000
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2016 B-1 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	135,000		0.720			09/01/17		135,000
	The Regents of the University of California VRDN RB Refunding General Series 2013 AL-2(a)
	100,000		0.800			09/07/17		100,000
								975,022
Connecticut – 3.1%
	State of Connecticut GO VRDN Refunding SIFMA Index Series 2015 D (SIFMA + 0.75%)
	250,000		1.540			06/15/18		250,964
District of Columbia – 2.5%
	District of Columbia Income Tax Secured VRDN RB Refunding SIFMA Series 2014 B (SIFMA + 0.30%)
	200,000		1.090			12/01/17		200,044
Georgia – 3.1%
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-1(a)
	250,000		0.760			09/07/17		250,000
Illinois – 4.4%
	Illinois Development Finance Authority VRDN RB for Evanston Northwestern Healthcare Corp. Series 2001 C Convertible RMKT (Wells Fargo Bank N.A., SPA)(a)
	150,000		0.830			09/01/17		150,000
	Illinois Finance Authority VRDN RB Refunding for Northwestern Memorial Hospital Series 2007 A-3 RMKT (JPMorgan Chase Bank N.A., SPA)(a)
	100,000		0.800			09/07/17		100,000
	Illinois Finance Authority VRDN RB Refunding for Northwestern Memorial Hospital Series 2007 A-4 (TD Bank N.A., SPA)(a)
	100,000		0.770			09/07/17		100,000
								350,000
Municipal Debt Obligations – (continued)
Indiana – 3.9%
	Indiana Health Facilities Financing Authority VRDN RB Refunding for Ascension Health Services Series 2003 E-6 RMKT(a)
	115,000		0.780			09/07/17		115,000
	Purdue University VRDN RB for Student Facilities System Series 2004 A(a)
	200,000		0.720			09/07/17		200,000
								315,000
Maryland – 2.5%
	County of Montgomery CP BANS Series 2017 10-A (PNC Bank N.A., LIQ)
	200,000		0.910			10/03/17		200,012
Massachusetts – 7.5%
	Massachusetts Department of Transportation Metropolitan Highway System VRDN RB Refunding for Contract Assistance Series 2010 A-3 RMKT (Landesbank Hessen- Thueringen Gironzentrale, LOC)(a)
	200,000		0.780			09/07/17		200,000
	Massachusetts Health & Educational Facilities Authority CP Series 2017 H-1
	200,000		0.920			09/05/17		200,004
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y(a)
	100,000		0.750			09/07/17		100,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-1 RMKT (U.S. Bank N.A., SPA)(a)
	100,000		0.750			09/01/17		100,000
								600,004
Minnesota – 6.3%
	County of Hennepin GO VRDN Series 2017 B (U.S. Bank N.A., SPA)(a)
	200,000		0.770			09/07/17		200,000
	Rochester Health Care Facilities CP Series 2017
	300,000		0.870			09/06/17		300,006
								500,006
Mississippi – 3.1%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 G (GTY AGMT – Chevron Corp.)(a)
	250,000		0.840			09/01/17		250,000
Missouri – 3.1%
	Curators University of Missouri CP Series 2017 A
	250,000		0.940			10/04/17		250,030
Multi-State – 3.1%
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2013-M027 Class A (FHLMC, LIQ)(a)
	250,000		0.810			09/07/17		250,000
New Jersey – 1.9%
	County of Bergen GO BANS Refunding Series 2016 B
	150,000		2.000			12/14/17		150,458

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

FINANCIAL SQUARE TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – (continued)
New York – 7.5%
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-3 (Citibank N.A., LOC)(a)
$	100,000		0.760	%		09/07/17	$	100,000
	New York State Housing Finance Agency VRDN RB Refunding for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ) (FNMA, LOC)(a)
	300,000		0.800			09/07/17		300,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2002 F RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	200,000		0.860			09/01/17		200,000
								600,000
North Carolina – 8.7%
	North Carolina Capital Facilities Finance Agency Educational Facilities VRDN RB Refunding for Wake Forest University Series 2004 A(a)
	300,000		0.790			09/07/17		300,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1991 B(a)
	140,000		0.730			09/07/17		140,000
	University of North Carolina at Chapel Hill VRDN RB Refunding Series 2001 B(a)
	255,000		0.750			09/07/17		255,000
								695,000
Ohio – 5.6%
	City of Columbus GO VRDN for Sanitation Sewer System Series 2006-1(a)
	245,000		0.750			09/07/17		245,000
	Ohio Higher Educational Facility Commission CP Series 2017 B-5
	200,000		0.900			10/19/17		200,019
								445,019
Oklahoma – 1.2%
	Oklahoma Turnpike Authority VRDN RB Refunding for Second Senior Bonds Series 2006 B RMKT (Royal Bank of Canada, SPA)(a)
	100,000		0.820			09/01/17		100,000
Texas – 13.2%
	City of San Antonio Electric & Gas Systems CP Series 2017 B (State Street Bank & Trust Co. and Wells Fargo Bank N.A., LOC)
	200,000		0.890			10/11/17		200,004
	Gulf Coast, Texas IDA VRDN RB for ExxonMobil Project Series 2012(a)
	300,000		0.850			09/01/17		300,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-1 RMKT(a)
	150,000		0.880			09/01/17		150,000
	State of Texas GO VRDN for Veterans Bonds Series 2016 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	150,000		0.800			09/07/17		150,000
	State of Texas TRANS Series 2017(b)
	100,000		4.000			08/30/18		103,051
Municipal Debt Obligations – (continued)
Texas – (continued)
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 B(a)
	150,000		0.750			09/07/17		150,000
								1,053,055
Utah – 3.1%
	City of Murray Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D(a)
	250,000		0.840			09/01/17		250,000
Virginia – 1.2%
	Fairfax County IDA VRDN RB for Fairfax Hospital Series 1988 A RMKT (Northern Trust Co., LOC)(a)
	100,000		0.820			09/07/17		100,000
	TOTAL INVESTMENTS – 99.7%
	(Cost $7,984,466)						$	7,984,617
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%							20,741
	NET ASSETS – 100.0%						$	8,005,358

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Rate shown is that which is in effect on August 31, 2017. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	All or a portion represents a forward commitment.
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:
BANS	—Bond Anticipation Notes
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
RB	—Revenue Bond
RMKT	—Remarketed
SIFMA	—Securities Industry and Financial Markets Association
SPA	—Stand-by Purchase Agreement
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 101.1%
	United States Cash Management Bills(a)
$	500,000,000		1.067	%		01/02/18	$	498,214,792
	1,500,000,000		1.082			01/02/18		1,494,567,497
	United States Treasury Bills
	438,700,000		1.010			09/14/17		438,543,165
	75,000,000		0.948			09/21/17		74,961,250
	120,025,000		1.061			10/12/17		119,882,837
	247,500,000		1.184			10/12/17		247,173,025
	475,000,000		1.189			10/12/17		474,369,767
	340,950,000		1.067			10/19/17		340,474,943
	2,192,500,000		1.072			10/19/17		2,189,430,496
	189,000,000		1.102			10/19/17		188,727,840
	56,000,000		1.103			10/19/17		55,919,360
	300,500,000		1.200			10/26/17		299,960,561
	1,397,000,000		1.205			10/26/17		1,394,481,518
	89,700,000		0.993			11/02/17		89,549,765
	393,200,000		0.996			11/02/17		392,539,751
	36,700,000		1.001			11/02/17		36,638,059
	10,700,000		1.006			11/02/17		10,681,849
	156,875,000		1.010			11/02/17		156,607,528
	53,700,000		1.011			11/02/17		53,608,441
	34,500,000		1.016			11/02/17		34,440,880
	9,500,000		1.022			11/02/17		9,483,639
	303,500,000		1.082			11/02/17		302,945,945
	463,700,000		1.087			11/02/17		462,849,498
	127,700,000		1.090			11/02/17		127,465,227
	882,700,000		1.092			11/02/17		881,073,381
	495,600,000		1.037			11/09/17		494,635,851
	2,860,000,000		1.061			11/09/17		2,854,299,067
	5,135,500,000		1.036			11/16/17		5,124,495,784
	169,300,000		1.042			11/16/17		168,935,441
	84,200,000		1.056			11/16/17		84,016,023
	78,100,000		1.057			11/16/17		77,929,352
	9,900,000		1.063			11/16/17		9,878,264
	19,200,000		1.072			11/16/17		19,157,440
	12,600,000		1.078			11/16/17		12,571,937
	4,800,000		1.083			11/16/17		4,789,259
	13,300,000		1.087			11/16/17		13,270,097
	5,800,000		1.093			11/16/17		5,786,898
	2,100,000		1.095			11/16/17		2,095,245
	7,700,000		1.098			11/16/17		7,682,525
	5,457,500,000		1.020			11/24/17		5,444,765,811
	230,000,000		1.031			11/24/17		229,457,967
	8,700,000		1.052			11/24/17		8,679,091
	59,500,000		1.057			11/24/17		59,356,308
	9,000,000		1.062			11/24/17		8,978,160
	58,500,000		1.067			11/24/17		58,357,358
	249,100,000		1.068			11/24/17		248,492,611
	589,100,000		1.071			11/24/17		587,660,141
	414,600,000		1.073			11/24/17		413,584,230
	112,500,000		1.015			11/30/17		112,220,156
	503,600,000		1.031			11/30/17		502,328,410
	3,549,800,000		1.083			11/30/17		3,540,393,030
	168,000,000		1.094			12/07/17		167,515,647
	12,000,000		1.114			12/07/17		11,964,757
	5,900,000		1.130			12/14/17		5,881,166
	1,200,000		1.150			12/28/17		1,195,575
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	3,800,000		1.140			02/01/18		3,781,993
	18,500,000		1.145			02/01/18		18,411,940
	6,100,000		1.150			02/01/18		6,070,834
	87,100,000		1.119			02/08/18		86,676,113
	4,700,000		1.130			02/08/18		4,676,918
	60,800,000		1.140			02/08/18		60,498,702
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.14%)
	165,850,000		1.163	(b)		01/31/19		165,866,483
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.27%)
	5,965,756,000		1.295	(b)		01/31/18		5,973,304,016
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.19%)
	4,304,100,000		1.213	(b)		04/30/18		4,309,975,496
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.17%)(b)
	4,604,526,000		1.191			10/31/17		4,605,811,354
	2,386,400,000		1.197			07/31/18		2,389,374,384
	United States Treasury Notes
	51,300,000		0.750			10/31/17		51,270,935
	179,200,000		1.875			10/31/17		179,422,712
	153,000,000		4.250			11/15/17		153,987,363
	52,100,000		2.250			11/30/17		52,249,578
	240,300,000		2.625			01/31/18		241,742,879
	TOTAL INVESTMENTS – 101.1%						$	48,958,086,315
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%							(539,612,853	)
	NET ASSETS – 100.0%						$	48,418,473,462

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, 2017.
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.

Investment Abbreviations:
MMY	—Money Market Yield
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 37.1%
	United States Cash Management Bills(a)
$	13,000,000		1.067	%		01/02/18	$	12,953,585
	9,700,000		1.072			01/02/18		9,665,201
	United States Treasury Bills
	73,200,000		1.082			11/02/17		73,066,369
	81,300,000		1.087			11/02/17		81,150,882
	19,000,000		1.090			11/02/17		18,965,069
	306,000,000		1.092			11/02/17		305,436,110
	173,700,000		1.037			11/09/17		173,362,081
	361,500,000		1.061			11/09/17		360,779,410
	12,200,000		1.082			11/09/17		12,175,214
	9,200,000		1.087			11/09/17		9,181,220
	14,000,000		1.051			11/16/17		13,969,558
	51,100,000		1.056			11/16/17		50,988,346
	5,800,000		1.072			11/16/17		5,787,143
	8,300,000		1.078			11/16/17		8,281,514
	4,600,000		1.083			11/16/17		4,589,706
	13,800,000		1.087			11/16/17		13,768,973
	6,000,000		1.093			11/16/17		5,986,447
	12,200,000		1.095			11/16/17		12,172,377
	800,000		1.098			11/16/17		798,184
	53,100,000		1.025			11/24/17		52,975,481
	10,100,000		1.033			11/24/17		10,076,139
	9,100,000		1.052			11/24/17		9,078,130
	49,000,000		1.057			11/24/17		48,881,665
	106,300,000		1.068			11/24/17		106,040,805
	51,300,000		1.071			11/24/17		51,174,614
	94,200,000		1.073			11/24/17		93,969,210
	27,600,000		1.031			11/30/17		27,530,310
	289,000,000		1.083			11/30/17		288,234,150
	175,100,000		1.094			12/07/17		174,595,177
	11,700,000		1.114			12/07/17		11,665,638
	247,800,000		1.125			12/14/17		247,012,547
	7,300,000		1.130			12/14/17		7,276,697
	600,000		1.150			12/28/17		597,787
	5,600,000		1.062			01/04/18		5,579,778
	72,200,000		1.130			01/18/18		71,891,957
	172,300,000		1.145			01/25/18		171,517,375
	169,400,000		1.150			01/25/18		168,627,113
	3,800,000		1.145			02/01/18		3,781,912
	30,700,000		1.150			02/01/18		30,553,216
	5,700,000		1.130			02/08/18		5,672,007
	47,400,000		1.140			02/08/18		47,165,107
	3,300,000		1.114			02/22/18		3,282,614
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	48,500,000		1.083	(b)		07/31/19		48,499,927
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	1,008,700,000		1.093	(b)		04/30/19		1,008,987,883
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	16,700,000		1.163	(b)		01/31/19		16,701,660
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.17%)(b)
	190,000,000		1.191			10/31/17		189,980,815
	401,700,000		1.197			07/31/18		401,745,378
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
$	722,500,000		1.213	%(b)		04/30/18	$	722,509,539
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.27%)
	1,146,300,000		1.295	(b)		01/31/18		1,147,093,617
	United States Treasury Notes
	164,950,000		4.250			11/15/17		166,050,359
	25,000,000		2.250			11/30/17		25,075,499
	85,000,000		2.625			01/31/18		85,510,707
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	6,622,412,202
Repurchase Agreements(c) – 63.0%
	Bank of Montreal
$	65,000,000		1.050	%(d)		09/07/17	$	65,000,000
	Maturity Value: $65,115,646
	Settlement Date: 08/24/17
	Collateralized by a U.S. Treasury Bond, 2.250%, due 08/15/46 and U.S. Treasury Notes, 2.000% to 3.875%, due 05/15/18 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $66,300,043.
	BNP Paribas
	100,000,000		1.060			09/01/17		100,000,000
	Maturity Value: $100,002,944
	Collateralized by U.S. Treasury Bonds, 3.125% to 3.625%, due 02/15/43 to 02/15/44, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/24 and U.S. Treasury Notes, 2.000% to 2.375%, due 07/31/24 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $102,000,026.
	950,000,000		1.050	(d)		09/07/17		950,000,000
	Maturity Value: $950,858,959
	Settlement Date: 08/14/17
	Collateralized by U.S. Treasury Bills, 0.000%, due 11/16/17 to 06/21/18, a U.S. Treasury Bond, 7.625%, due 11/15/22, U.S. Treasury Inflation-Indexed Bonds, 2.000% to 2.375%, due 01/15/25 to 01/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/45, U.S. Treasury Notes, 0.750% to 2.750%, due 07/31/18 to 06/30/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/21 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $969,000,003.
	500,000,000		1.070	(d)		09/07/17		500,000,000
	Maturity Value: $500,980,833
	Settlement Date: 07/17/17
	Collateralized by U.S. Treasury Bills, 0.000%, due 12/07/17 to 01/18/18, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/22 to 05/15/29, U.S. Treasury Notes, 0.875% to 3.750%, due 10/15/17 to 08/31/24 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/45. The aggregate market value of the collateral, including accrued interest, was $509,999,999.

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)
	BNP Paribas (Overnight Treasury + 0.02%)
$	700,000,000		1.080	%(b)(d)		09/01/17	$	700,000,000
	Maturity Value: $712,096,000
	Settlement Date: 02/23/16
	Collateralized by a U.S. Treasury Bill, 0.000%, due 02/08/18, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.125%, due 02/15/40 to 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 04/15/21 to 01/15/24, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/30 and U.S. Treasury Notes, 0.875% to 2.750%, due 12/31/17 to 01/31/23. The aggregate market value of the collateral, including accrued interest, was $714,000,000.
	Citigroup Global Markets, Inc.
	150,000,000		1.010			09/01/17		150,000,000
	Maturity Value: $150,004,208
	Collateralized by U.S. Treasury Notes, 1.125% to 1.250%, due 01/31/19 to 03/31/19. The aggregate market value of the collateral, including accrued interest, was $153,000,093.
	41,200,000		1.060			09/01/17		41,200,000
	Maturity Value: $41,201,213
	Collateralized by a U.S. Treasury Note, 1.625%, due 06/30/19. The market value of the collateral, including accrued interest, was $42,024,062.
	Credit Agricole Corporate and Investment Bank
	200,000,000		1.030			09/01/17		200,000,000
	Maturity Value: $200,040,056
	Settlement Date: 08/25/17
	Collateralized by a U.S. Treasury Bond, 3.750%, due 11/15/43, U.S. Treasury Notes, 0.750% to 2.125%, due 01/31/18 to 07/31/24 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $204,000,058.
	500,000,000		1.030			09/06/17		500,000,000
	Maturity Value: $500,100,139
	Settlement Date: 08/30/17
	Collateralized by a U.S. Treasury Floating Rate Note, 1.191%, due 10/31/17, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29 and U.S. Treasury Notes, 0.750% to 3.625%, due 03/31/18 to 07/31/22. The aggregate market value of the collateral, including accrued interest, was $510,000,044.
	Deutsche Bank Securities, Inc.
	300,000,000		1.070			09/01/17		300,000,000
	Maturity Value: $300,008,917
	Collateralized by a U.S. Treasury Bond, 7.625%, due 02/15/25, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/24 and a U.S. Treasury Note, 2.750%, due 11/15/23. The aggregate market value of the collateral, including accrued interest, was $306,000,052.
	Federal Reserve Bank of New York
	1,400,000,000		1.000			09/01/17		1,400,000,000
	Maturity Value: $1,400,038,889
	Collateralized by U.S. Treasury Bonds, 2.750% to 4.625%, due 02/15/40 to 11/15/42 and U.S. Treasury Notes, 1.625% to 2.000%, due 08/15/22 to 02/15/23. The aggregate market value of the collateral, including accrued interest, was $1,400,038,958.
Repurchase Agreements(c) – (continued)
	Fixed Income Clearing Corp.
$	49,000,000		1.100			09/01/17		49,000,000
	Maturity Value: $49,001,497
	Collateralized by a U.S. Treasury Note, 1.750%, due 09/30/22. The market value of the collateral, including accrued interest, was $49,980,071.
	2,450,000,000		1.100			09/01/17		2,450,000,000
	Maturity Value: $2,450,074,861
	Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/44 and U.S. Treasury Notes, 1.250% to 1.500%, due 08/31/19 to 08/15/26. The aggregate market value of the collateral, including accrued interest, was $2,499,000,023.
	HSBC Securities (USA), Inc.
	400,000,000		1.050			09/01/17		400,000,000
	Maturity Value: $400,011,667
	Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47 and a U.S. Treasury Note, 1.625%, due 08/31/22. The aggregate market value of the collateral, including accrued interest, was $408,000,215.
	ING Financial Markets LLC
	250,000,000		1.050			09/01/17		250,000,000
	Maturity Value: $250,007,292
	Collateralized by a U.S. Treasury Bond, 3.875%, due 08/15/40 and U.S. Treasury Notes, 1.000% to 3.500%, due 02/15/18 to 11/30/22. The aggregate market value of the collateral, including accrued interest, was $255,000,362.
	J.P. Morgan Securities LLC
	2,700,000		1.060			09/01/17		2,700,000
	Maturity Value: $2,700,080
	Collateralized by a U.S. Treasury Note, 1.750%, due 11/30/21. The market value of the collateral, including accrued interest, was $2,757,506.
	500,000,000		1.030	(d)(e)		09/07/17		500,000,000
	Maturity Value: $513,261,245
	Settlement Date: 03/02/15
	Collateralized by U.S. Treasury Notes, 1.375% to 2.375%, due 07/15/20 to 08/15/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/24 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $510,004,037.
	Joint Repurchase Agreement Account I
	1,303,300,000		1.060			09/01/17		1,303,300,000
	Maturity Value: $1,303,338,375
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	52,000,000		1.060			09/01/17		52,000,000
	Maturity Value: $52,001,531
	Collateralized by a U.S. Treasury Note, 2.250%, due 01/31/24. The market value of the collateral, including accrued interest, was $53,040,047.
	100,000,000		1.060			09/01/17		100,000,000
	Maturity Value: $100,002,944
	Collateralized by a U.S. Treasury Note, 2.125%, due 05/15/25. The market value of the collateral, including accrued interest, was $102,000,066.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(c) – (continued)
	Metropolitan Life Insurance Co.
$	25,000,000		1.100	%		09/01/17	$	25,000,000
	Maturity Value: $25,000,764
	Collateralized by a U.S. Treasury Note, 2.250%, due 11/15/25. The market value of the collateral, including accrued interest, was $25,508,833.
	Nomura Securities International, Inc.
	600,000,000		1.070			09/01/17		600,000,000
	Maturity Value: $600,017,833
	Collateralized by a U.S. Treasury Floating Rate Note, 1.163%, due 01/31/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 01/31/18 to 05/15/21, U.S. Treasury Notes, 1.625% to 2.375%, due 07/31/19 to 08/15/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/20 to 08/15/40. The aggregate market value of the collateral, including accrued interest, was $612,000,058.
	Norinchukin Bank
	40,000,000		1.150	(f)		10/23/17		40,000,000
	Maturity Value: $40,079,222
	Settlement Date: 08/22/17
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27. The market value of the collateral, including accrued interest, was $40,800,075.
	40,000,000		1.150	(f)		10/31/17		40,000,000
	Maturity Value: $40,088,167
	Settlement Date: 08/23/17
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27. The market value of the collateral, including accrued interest, was $40,800,075.
	Societe Generale (OBFR – 0.10%)
	150,000,000		1.060	(b)		09/07/17		150,000,000
	Maturity Value: $151,461,914
	Settlement Date: 10/18/16
	Collateralized by U.S. Treasury Notes, 1.625% to 2.250%, due 08/31/22 to 11/15/25. The aggregate market value of the collateral, including accrued interest, was $153,000,081.
	Wells Fargo Securities LLC
	350,000,000		1.060	(f)		09/29/17		350,000,000
	Maturity Value: $350,309,167
	Settlement Date: 08/30/17
	Collateralized by a U.S. Treasury Note, 2.000%, due 12/31/21. The market value of the collateral, including accrued interest, was $357,000,017.
	TOTAL REPURCHASE AGREEMENTS						$	11,218,200,000
	TOTAL INVESTMENTS – 100.1%						$	17,840,612,202
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%							(25,815,692	)
	NET ASSETS – 100.0%						$	17,814,796,510

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, 2017.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2017. Additional information on Joint Repurchase Agreement Account I appears on page 38.
(d)	The instrument is subject to a demand feature.
(e)	Variable or floating rate security. Rate shown is that which is in effect on August 31, 2017. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(f)	Security has been determined to be illiquid by the Investment Adviser. At August 31, 2017, these securities amounted to $430,000,000 or approximately 2.4% of net assets, and are unaudited.

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:
MMY	—Money Market Yield
OBFR	—Overnight Bank Funding Rate
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 36.7%
	United States Cash Management Bills(a)
$	8,000,000		1.067	%		01/02/18	$	7,971,437
	6,000,000		1.072			01/02/18		5,978,475
	United States Treasury Bills
	59,400,000		1.082			11/02/17		59,291,562
	48,000,000		1.087			11/02/17		47,911,960
	11,700,000		1.090			11/02/17		11,678,490
	188,900,000		1.092			11/02/17		188,551,900
	69,400,000		1.037			11/09/17		69,264,988
	200,000,000		1.061			11/09/17		199,601,333
	5,000,000		1.082			11/09/17		4,989,842
	3,700,000		1.087			11/09/17		3,692,447
	576,700,000		1.036			11/16/17		575,464,262
	10,600,000		1.051			11/16/17		10,576,951
	27,300,000		1.056			11/16/17		27,240,350
	3,000,000		1.078			11/16/17		2,993,318
	1,900,000		1.083			11/16/17		1,895,748
	13,200,000		1.087			11/16/17		13,170,322
	5,800,000		1.093			11/16/17		5,786,898
	5,000,000		1.095			11/16/17		4,988,679
	800,000		1.098			11/16/17		798,184
	52,100,000		1.025			11/24/17		51,977,826
	61,800,000		1.033			11/24/17		61,653,998
	8,700,000		1.052			11/24/17		8,679,091
	46,900,000		1.057			11/24/17		46,786,737
	9,000,000		1.062			11/24/17		8,978,160
	5,600,000		1.067			11/24/17		5,586,345
	43,000,000		1.068			11/24/17		42,895,152
	20,800,000		1.071			11/24/17		20,749,161
	39,200,000		1.073			11/24/17		39,103,960
	26,400,000		1.031			11/30/17		26,333,340
	283,500,000		1.083			11/30/17		282,748,725
	173,700,000		1.094			12/07/17		173,199,214
	5,000,000		1.114			12/07/17		4,985,315
	122,800,000		1.125			12/14/17		122,409,769
	7,100,000		1.130			12/14/17		7,077,335
	300,000		1.150			12/28/17		298,894
	3,500,000		1.062			01/04/18		3,487,361
	44,400,000		1.130			01/18/18		44,210,566
	105,200,000		1.145			01/25/18		104,722,158
	103,500,000		1.150			01/25/18		103,027,781
	1,600,000		1.145			02/01/18		1,592,384
	18,800,000		1.150			02/01/18		18,710,112
	3,300,000		1.130			02/08/18		3,283,793
	27,700,000		1.140			02/08/18		27,562,731
	2,000,000		1.114			02/22/18		1,989,463
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	26,600,000		1.163	(b)		01/31/19		26,602,644
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	329,200,000		1.093	(b)		04/30/19		329,334,618
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.27%)
	394,800,000		1.295	(b)		01/31/18		395,171,476
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
$	55,200,000		1.197	%(b)		07/31/18	$	55,292,613
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	11,500,000		1.083	(b)		07/31/19		11,499,983
	United States Treasury Notes
	81,200,000		4.250			11/15/17		81,738,151
	11,200,000		2.250	%		11/30/17		11,233,272
	43,600,000		2.625			01/31/18		43,861,962
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	3,408,631,236
Repurchase Agreements(c) – 64.1%
	Federal Reserve Bank of New York
$	5,950,000,000		1.000	%		09/01/17	$	5,950,000,000
	Maturity Value: $5,950,165,278
	Collateralized by U.S. Treasury Bonds, 2.750% to 8.000%, due 11/15/21 to 02/15/43 and U.S. Treasury Notes, 1.625% to 2.000%, due 08/15/22 to 02/15/23. The aggregate market value of the collateral, including accrued interest, was $5,950,165,293.
	TOTAL INVESTMENTS – 100.8%						$	9,358,631,236
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%							(70,371,431	)
	NET ASSETS – 100.0%						$	9,288,259,805

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, 2017.
(c)	Unless noted, all repurchase agreements were entered into on August 31, 2017.

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.

Investment Abbreviations:
MMY	—Money Market Yield
T-Bill	—Treasury Bill

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments

August 31, 2017

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At August 31, 2017, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of September 1, 2017, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	4,920,500,000	$	4,920,644,881	$	5,018,933,935
Treasury Obligations		1,303,300,000		1,303,338,375		1,329,372,340

REPURCHASE AGREEMENTS — At August 31, 2017, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Treasury Obligations
Bank of Nova Scotia (The)		1.060	%	$	790,594,171	$	209,405,829
BNP Paribas		1.060			1,869,755,214		495,244,786
Citigroup Global Markets, Inc.		1.060			362,724,605		96,075,395
Credit Agricole Corporate and Investment Bank		1.060			948,713,005		251,286,995
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.060			316,237,668		83,762,332
Wells Fargo Securities, LLC		1.060			632,475,337		167,524,663
TOTAL				$	4,920,500,000	$	1,303,300,000

At August 31, 2017, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		09/14/17 to 06/21/18
U.S. Treasury Bonds		2.500 to 9.125			05/15/18 to 05/15/46
U.S. Treasury Floating-Rate Note		1.197			07/31/18
U.S. Treasury Inflation-Indexed Bonds		0.750 to 3.875			01/15/25 to 02/15/47
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.875			01/15/18 to 07/15/27
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/18 to 11/15/45
U.S. Treasury Notes		0.625 to 4.000			09/30/17 to 11/15/25
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/18 to 11/15/45

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT III — At August 31, 2017, the Government Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of September 1, 2017, as follows:

Principal Amount	Maturity Value	Collateral Value
$7,618,700,000	$7,618,927,655	$7,829,067,373

REPURCHASE AGREEMENTS — At August 31, 2017, the Principal Amounts of the Government Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		1.070	%	$	661,755,801
Bank of America, N.A.		1.080			472,682,715
Bank of Nova Scotia (The)		1.080			2,079,803,946
BNP Paribas		1.080			718,477,727
Citigroup Global Markets, Inc.		1.080			613,542,164
TD Securities (USA) LLC		1.090			236,341,357
Wells Fargo Securities, LLC		1.070			2,836,096,290
TOTAL				$	7,618,700,000

At August 31, 2017, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		1.550 to 3.330	%		04/13/20 to 02/01/33
Federal Home Loan Bank		0.625 to 1.560			10/26/17 to 07/03/19
Federal Home Loan Mortgage Corp.		0.800 to 9.500			12/28/17 to 09/01/47
Federal Home Loan Mortgage Corp. Stripped Security		0.000			03/15/30
Federal National Mortgage Association		0.875 to 7.500			11/24/17 to 09/01/47
Federal National Mortgage Association Stripped Security		0.000			11/15/30
Government National Mortgage Association		2.2500 to 11.000			09/15/17 to 08/20/47
U.S. Treasury Bills		0.000			09/14/17 to 11/02/17
U.S. Treasury Bonds		2.250 to 7.625			11/15/22 to 08/15/47
U.S. Treasury Inflation-Indexed Bonds		1.750 to 2.125			01/15/28 to 02/15/40
U.S. Treasury Inflation-Indexed Notes		0.375 to 0.625			01/15/24 to 07/15/27
U.S. Treasury Interest-Only Stripped Securities		0.000			02/15/20 to 05/15/43
U.S. Treasury Notes		0.750 to 2.625			08/31/18 to 08/15/25
U.S. Treasury Principal-Only Stripped Securities		0.000			08/15/29 to 02/15/46

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, 2017

	Federal Instruments Fund
Assets:
Investments, at value (cost $622,993,295, $37,439,986,320, $2,470,097,883, $1,467,055,502, $7,984,466, $48,958,086,315, $6,622,412,202 and $3,408,631,236)	$	622,993,295
Repurchase agreements, at value (cost $0, $51,207,625,000, $89,000,000, $25,000,000, $0, $0, $11,218,200,000 and $5,950,000,000)		—
Cash		7,746,005
Receivables:
Interest		185,022
Fund shares sold		—
Investments sold		9,336,816
Reimbursement from investment advisor		5,787
Other assets		1,193
Total assets		640,268,118
Liabilities:
Payables:
Investments purchased		1,096,064
Dividend distribution		24,446
Fund shares redeemed		—
Management fees		99,691
Distribution and Service fees and Transfer Agency fees		5,552
Offering cost		—
Accrued expenses		343,445
Total liabilities		1,569,198
Net Assets:
Paid-in capital		638,687,795
Undistributed (distributions in excess of) net investment income		4,923
Accumulated net realized gain (loss)		6,202
Net unrealized gain		—
NET ASSETS	$	638,698,920
Net Assets:
Institutional Shares	$	556,457,427
Select Shares		47,299
Preferred Shares		50,252
Capital Shares		16,147,277
Administration Shares		50,767,423
Premier Shares		50,098
Service Shares		15,129,134
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,010
Class R6 Shares		—
Total Net Assets	$	638,698,920
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		556,452,024
Select Shares		47,299
Preferred Shares		50,252
Capital Shares		16,147,120
Administration Shares		50,766,930
Premier Shares		50,097
Service Shares		15,128,987
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,009
Class R6 Shares		—
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00
Select Shares		1.00
Preferred Shares		1.00
Capital Shares		1.00
Administration Shares		1.00
Premier Shares		1.00
Service Shares		1.00
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		1.00
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
$	37,439,986,320		$	2,470,530,923		$	1,467,281,676		$	7,984,617	$	48,958,086,315		$	6,622,412,202		$	3,408,631,236
	51,207,625,000			88,999,967			25,000,338			—		—			11,218,200,000			5,950,000,000
	127,259			6,224			33,725			83,463		76,282			889,951			23,712
	43,294,100			1,824,917			1,286,194			8,612		23,353,120			8,223,199			2,233,183
	16,290,581			—			83,040			—		1,528,858			4,295			1,188,200
	—			—			—			150,000		1,449,609,562			—			—
	—			—			4,072			—		—			—			—
	189,589			17,140			6,255			28		107,180			45,095			18,983
	88,707,512,849			2,561,379,171			1,493,695,300			8,226,720		50,432,761,317			17,849,774,742			9,362,095,314
	128,538,472			—			—			103,045		1,992,782,288			22,618,786			13,949,912
	32,839,039			1,143,803			724,962			2,051		12,182,462			5,356,612			2,228,574
	20,485,502			—			624,898			—		476,244			3,347,467			55,837,218
	12,073,430			356,975			198,503			6,028		7,369,819			2,614,470			1,431,129
	781,573			21,949			12,408			78		409,485			145,302			88,072
	—			—			—			12,236		—			—			—
	1,858,504			311,380			275,780			97,924		1,067,557			895,595			300,604
	196,576,520			1,834,107			1,836,551			221,362		2,014,287,855			34,978,232			73,835,509
	88,510,885,617			2,559,114,503			1,491,632,401			8,005,041		48,418,462,531			17,814,380,544			9,287,806,221
	4,130,232			(3,582	)		(380	)		143		1,495,626			924,499			83,593
	(4,079,520	)		1,136			216			23		(1,484,695	)		(508,533	)		369,991
	—			433,007			226,512			151		—			—			—
$	88,510,936,329		$	2,559,545,064		$	1,491,858,749		$	8,005,358	$	48,418,473,462		$	17,814,796,510		$	9,288,259,805
$	79,411,936,527		$	2,542,693,405		$	1,467,979,062		$	7,945,166		$44,355,447,926		$	15,091,527,052		$	8,619,491,400
	2,921,971,208			9,847,044			18,081,672			10,059		47,839,409			67,864,644			7,333,347
	553,780,972			1,418,238			1,002,711			10,048		39,754,043			123,436,477			14,565,190
	893,496,000			1,007			407,445			10,042		1,054,816,848			269,416,887			215,819,550
	4,138,361,602			5,515,559			4,282,194			10,031		2,817,291,101			1,307,550,386			237,557,397
	101,311,118			1,005			1,005			—		56,059,272			1,002			15,511,842
	337,218,596			66,801			102,656			10,009		47,233,480			954,845,556			144,727,769
	55,505,617			—			—			—		—			—			—
	5,937,152			—			—			—		—			—			—
	74,864,520			1,003			1,002			10,003		1,000			1,001			1,001
	3,779,501			1,002			1,002			—		30,383			153,505			33,252,309
	12,773,516			—			—			—		—			—			—
$	88,510,936,329		$	2,559,545,064		$	1,491,858,749		$	8,005,358		$48,418,473,462		$	17,814,796,510		$	9,288,259,805
	79,411,886,131			2,541,915,416			1,467,488,400			7,944,981		44,355,440,229			15,091,174,672			8,619,070,289
	2,921,969,354			9,844,031			18,076,887			10,058		47,839,401			67,863,061			7,332,991
	553,780,620			1,417,804			1,002,406			10,048		39,754,036			123,433,596			14,564,482
	893,495,433			1,007			407,314			10,042		1,054,816,665			269,410,600			215,809,074
	4,138,358,970			5,513,872			4,280,823			10,031		2,817,290,612			1,307,519,855			237,545,863
	101,311,053			1,005			1,005			—		56,059,261			1,002			15,511,088
	337,218,382			66,780			102,627			10,009		47,233,471			954,823,258			144,720,740
	55,505,582			—			—			—		—			—			—
	5,937,148			—			—			—		—			—			—
	74,864,473			1,003			1,002			10,003		1,000			1,001			1,000
	3,779,499			1,002			1,002			—		30,383			153,501			33,250,694
	12,773,508			—			—			—		—			—			—
	$1.00			$1.0003			$1.0003			$1.0000		$1.00			$1.00			$1.00
	1.00			1.0003			1.0003			1.0001		1.00			1.00			1.00
	1.00			1.0003			1.0003			1.0000		1.00			1.00			1.00
	1.00			1.0003			1.0003			1.0000		1.00			1.00			1.00
	1.00			1.0003			1.0003			1.0000		1.00			1.00			1.00
	1.00			1.0003			1.0003			—		1.00			1.00			1.00
	1.00			1.0003			1.0003			1.0000		1.00			1.00			1.00
	1.00			—			—			—		—			—			—
	1.00			—			—			—		—			—			—
	1.00			1.0003			1.0003			1.0000		1.00			1.00			1.00
	1.00			1.0003			1.0003			—		1.00			1.00			1.00
	1.00			—			—			—		—			—			—

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 Ended August 31, 2017

	Federal Instruments Fund
Investment income:
Interest income — from unaffiliated issuers	$	4,887,482
Interest income — from affiliated issuers		—
Total investment income		4,887,482
Expenses:
Fund-Level Expenses:
Management fees		1,405,782
Transfer Agency fees		68,575
Custody, accounting and administrative services		22,938
Registration fees		138,095
Printing and mailing fees		132,891
Professional fees		103,163
Trustee fees		15,876
Amortization of offering costs		10,667
Other		23,267
Subtotal		1,921,254
Class Specific Expenses:
Administration Share fees		118,658
Capital Share fees		24,110
Service Share fees		72,582
Select Share fees		14
Preferred Share fees		50
Resource Share fees		—
Premier Share fees		175
Distribution fees — Resource Shares		—
Distribution and Service fees — Class A Shares		—
Distribution fees — Class C Shares(a)		—
Cash Management Share fees		250
Distribution fees — Cash Management Shares		150
Class C Share fees(a)		—
Total expenses		2,137,243
Less — expense reductions		(533,526	)
Net expenses		1,603,717
NET INVESTMENT INCOME	$	3,283,765
Net realized gain (loss) from investment transactions		16,482
Unrealized gain from investment transactions		—
Net realized and unrealized gain (loss)		16,482
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,300,247

(a) At the close of business on October 11, 2016, Class C Shares of the Prime Obligations Fund were liquidated.

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
$	670,526,085		$	25,867,092		$	13,612,815		$	59,156		$	337,877,699		$	135,883,512		$	65,278,977
	94,393			—			—			—			—			15,653			—
	670,620,478			25,867,092			13,612,815			59,156			337,877,699			135,899,165			65,278,977
	188,814,877			5,995,249			3,148,205			16,638			102,865,938			41,673,547			19,852,352
	9,210,482			292,451			153,571			812			5,017,851			2,032,856			968,407
	3,193,543			306,723			225,050			192,234			1,736,129			722,291			349,479
	1,012,431			237,633			250,901			104,089			578,749			410,334			165,399
	636,269			126,940			93,825			41,824			750,203			114,754			97,051
	263,935			137,390			108,557			109,306			224,872			161,584			151,570
	233,514			19,600			13,413			10,963			147,347			41,704			29,650
	—			—			—			151,820			—			—			—
	869,734			224,266			142,346			67,267			539,578			263,373			149,222
	204,234,785			7,340,252			4,135,868			694,953			111,860,667			45,420,443			21,763,130
	9,677,814			68,349			201,748			25			5,378,036			3,288,294			526,943
	1,997,522			8,060			14,238			15			972,693			439,071			373,942
	1,837,269			9,433			135,168			50			342,537			4,671,412			841,230
	828,799			31,014			3,758			3			18,017			40,625			2,908
	724,145			7,235			23,172			10			49,666			117,100			32,910
	387,831			5			19,908			50			5			5			5
	227,926			3			4			—			161,330			3			97,258
	116,349			2			5,972			15			2			1			1
	112,883			—			—			—			—			—			—
	73,174			—			12,745			—			—			—			—
	49,103			905			5			—			966			98			311,222
	29,462			543			3			—			579			59			186,733
	24,392			—			4,248			—			—			—			—
	220,321,454			7,465,801			4,556,837			695,121			118,784,498			53,977,111			24,136,282
	(41,927,189	)		(1,960,968	)		(1,357,367	)		(680,036	)		(12,943,815	)		(6,282,246	)		(2,902,620	)
	178,394,265			5,504,833			3,199,470			15,085			105,840,683			47,694,865			21,233,662
$	492,226,213		$	20,362,259		$	10,413,345		$	44,071		$	232,037,016		$	88,204,300		$	44,045,315
	(4,078,164	)		127,471			68,191			23			(538,106	)		(177,205	)		676,500
	—			433,007			226,512			151			—			—			—
	(4,078,164	)		560,478			294,703			174			(538,106	)		(177,205	)		676,500
$	488,148,049		$	20,922,737		$	10,708,048		$	44,245		$	231,498,910		$	88,027,095		$	44,721,815

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 Fiscal Year Ended August 31, 2017			For the Period Ended August 31, 2016*
From operations:
Net investment income	$	3,283,765		$	802,111
Net realized gain (loss) from investment transactions		16,482			125,180
Unrealized gain from investment transactions		—			—
Net increase in net assets resulting from operations		3,300,247			927,291
Distributions to shareholders:
From net investment income:
Institutional Shares		(3,095,257	)		(804,850	)
Select Shares		(228	)		(61	)
Preferred Shares		(206	)		(34	)
Capital Shares		(49,366	)		(18	)
Administration Shares		(124,894	)		—
Premier Shares		(93	)		(1	)
Service Shares		(13,716	)		—
Class A Shares(a)		—			—
Class C Shares(a)(b)		—			—
Resource Shares		—			—
Cash Management Shares		(5	)		(1	)
Class R6 Shares(c)		—			—
From net realized gains:
Institutional Shares		(41,633	)		(80,949	)
Select Shares		(3	)		(7	)
Preferred Shares		(4	)		(7	)
Capital Shares		(1,209	)		(7	)
Administration Shares		(3,111	)		(3,671	)
Premier Shares		(3	)		(7	)
Service Shares		(913	)		(1,072	)
Class A Shares(a)		—			—
Class C Shares(a)(b)		—			—
Resource Shares		—			—
Cash Management Shares		(3	)		(7	)
Class R6 Shares(c)		—			—
Total distributions to shareholders		(3,330,644	)		(890,692	)
From share transactions:
Proceeds from sales of shares		1,339,201,171			1,546,236,485
Reinvestment of distributions		3,202,941			876,007
Cost of shares redeemed		(1,340,103,614	)		(910,720,272	)
Net increase (decrease) in net assets resulting from share transactions		2,300,498			636,392,220
NET INCREASE (DECREASE)		2,270,101			636,428,819
Net assets:
Beginning of year or period		636,428,819			—
End of year or period	$	638,698,920		$	636,428,819
Undistributed (distributions in excess of) net investment income	$	4,923		$	37,930

* Commenced operations on October 30, 2015.

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

(b) At the close of business on October 11, 2016, Class C Shares of the Prime Obligations Fund were liquidated.

(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, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	492,226,213		$	83,508,452		$	20,362,259		$	120,080,500		$	10,413,345		$	37,263,404
	(4,078,164	)		6,514,881			127,471			2,004,070			68,191			744,822
	—			—			433,007			—			226,512			—
	488,148,049			90,023,333			20,922,737			122,084,570			10,708,048			38,008,226
	(453,699,961	)		(80,632,652	)		(19,843,402	)		(111,988,540	)		(10,045,264	)		(34,448,321	)
	(14,324,690	)		(1,393,511	)		(417,452	)		(7,001,821	)		(121,442	)		(344,600	)
	(3,111,773	)		(449,597	)		(23,247	)		(200,460	)		(69,013	)		(616,359	)
	(4,882,786	)		(925,822	)		(10,738	)		(540,439	)		(22,889	)		(233,478	)
	(12,024,785	)		(127,879	)		(65,350	)		(349,375	)		(123,177	)		(1,597,312	)
	(178,746	)		(4	)		(7	)		(4	)		(7	)		(4	)
	(396,722	)		—			(2,041	)		—			(9,330	)		(18,231	)
	(153,078	)		(23	)		—			—			—			—
	(597	)		(2	)		—			—			(236	)		(1,178	)
	(41,796	)		—			(7	)		(4	)		(614	)		(3,917	)
	(1,165	)		(5	)		(19	)		(15	)		(5	)		(4	)
	(69,903	)		(351	)		—			—			—			—
	—			(5,105,247	)		(119,964	)		(1,869,604	)		(64,066	)		(594,706	)
	—			(103,525	)		(1,177	)		(124,986	)		(918	)		(5,820	)
	—			(50,081	)		(23	)		(5,192	)		(171	)		(16,250	)
	—			(155,746	)		—			(15,719	)		(67	)		(8,539	)
	—			(274,192	)		(577	)		(19,379	)		(725	)		(107,705	)
	—			—			—			—			—			—
	—			(21,760	)		(57	)		(1,296	)		(368	)		(40,925	)
	—			(17	)		—			—			—			—
	—			(2	)		—			—			(12	)		(1,175	)
	—			(840	)		—			—			(3	)		(3,877	)
	—			—			—			(500	)		—			—
	—			(14	)		—			—			—			—
	(488,886,002	)		(89,241,270	)		(20,484,061	)		(122,117,334	)		(10,458,307	)		(38,042,401	)
	724,720,812,323			367,506,460,914			20,323,331,010			374,647,465,196			9,837,824,307			130,502,049,346
	249,258,134			49,935,946			10,300,366			68,394,597			4,935,078			12,770,800
	(707,727,119,123	)		(330,056,654,786	)		(34,703,003,813	)		(393,229,703,574	)		(17,674,336,143	)		(133,691,524,490	)
	17,242,951,334			37,499,742,074			(14,369,372,437	)		(18,513,843,781	)		(7,831,576,758	)		(3,176,704,344	)
	17,242,213,381			37,500,524,137			(14,368,933,761	)		(18,513,876,545	)		(7,831,327,017	)		(3,176,738,519	)
	71,268,722,948			33,768,198,811			16,928,478,825			35,442,355,370			9,323,185,766			12,499,924,285
$	88,510,936,329		$	71,268,722,948		$	2,559,545,064		$	16,928,478,825		$	1,491,858,749		$	9,323,185,766
$	4,130,232		$	(76,265	)	$	(3,582	)	$	(3,578	)	$	(380	)	$	(97,955	)

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 Fiscal Year Ended August 31, 2017			For the Period Ended August 31, 2016*
From operations:
Net investment income	$	44,071		$	3,905
Net realized gain (loss) from investment transactions		23			—
Unrealized gain from investment transactions		151			—
Net increase in net assets resulting from operations		44,245			3,905
Distributions to shareholders:
From net investment income:
Institutional Shares		(43,899	)		(3,886	)
Select Shares		(50	)		(7	)
Preferred Shares		(43	)		(4	)
Capital Shares		(39	)		(3	)
Administration Shares		(28	)		(2	)
Premier Shares		—			—
Service Shares		(8	)		(1	)
Resource Shares		(4	)		(2	)
Cash Management Shares		—			—
From net realized gains:
Institutional Shares		—			—
Select Shares		—			—
Preferred Shares		—			—
Capital Shares		—			—
Administration Shares		—			—
Premier Shares		—			—
Service Shares		—			—
Cash Management Shares		—			—
Total distributions to shareholders		(44,071	)		(3,905	)
From share transactions:
Proceeds from sales of shares		16,744,417			15,055,338
Reinvestment of distributions		20,263			2,664
Cost of shares redeemed		(21,314,800	)		(2,502,698	)
Net increase (decrease) in net assets resulting from share transactions		(4,550,120	)		12,555,304
NET INCREASE (DECREASE)		(4,549,946	)		12,555,304
Net assets:
Beginning of year or period		12,555,304			—
End of year or period	$	8,005,358		$	12,555,304
Undistributed (distributions in excess of) net investment income	$	143		$	143

* Commenced operations on March 31, 2016.

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, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	232,037,016		$	58,768,195		$	88,204,300		$	19,011,263		$	44,045,315		$	10,432,698
	(538,106	)		6,465,778			(177,205	)		3,041,197			676,500			2,958,048
	—			—			—			—			—			—
	231,498,910			65,233,973			88,027,095			22,052,460			44,721,815			13,390,746
	(223,399,441	)		(58,873,948	)		(81,872,454	)		(18,732,046	)		(42,396,917	)		(10,526,178	)
	(260,304	)		(17,091	)		(641,961	)		(203,396	)		(41,095	)		(8,401	)
	(171,143	)		(16,992	)		(467,902	)		(70,392	)		(83,940	)		(17,244	)
	(2,449,171	)		(68,383	)		(993,944	)		(158,841	)		(748,595	)		(13,055	)
	(5,622,274	)		—			(3,230,250	)		—			(594,926	)		—
	(91,234	)		—			(4	)		(4	)		(37,332	)		(4	)
	(37,368	)		—			(992,673	)		—			(141,952	)		—
	(4	)		(4	)		(4	)		(3	)		(4	)		(4	)
	(2	)		(3	)		(17	)		(4	)		(554	)		—
	(295,736	)		(5,203,649	)		—			(1,937,931	)		(445,992	)		(2,991,632	)
	(683	)		(2,197	)		—			(23,348	)		(595	)		(2,987	)
	(384	)		(3,344	)		—			(14,040	)		(4,053	)		(15,473	)
	—			(43,662	)		—			(65,202	)		(16,207	)		(63,142	)
	—			(23,841	)		—			(95,744	)		(4,192	)		(14,889	)
	(364	)		(14	)		—			—			(1,969	)		—
	(2,293	)		(1,592	)		—			(55,685	)		(8,940	)		(14,056	)
	(5	)		(1	)		—			—			(5,938	)		(8,462	)
	(232,330,406	)		(64,254,721	)		(88,199,209	)		(21,356,636	)		(44,533,201	)		(13,675,527	)
	196,395,495,378			184,356,949,726			175,343,750,193			111,588,712,687			31,404,934,079			32,805,057,997
	154,325,084			39,025,013			49,408,674			10,844,001			29,403,630			9,307,231
	(201,552,970,536	)		(167,833,814,688	)		(180,852,029,873	)		(104,478,394,348	)		(32,779,331,348	)		(33,283,705,380	)
	(5,003,150,074	)		16,562,160,051			(5,458,871,006	)		7,121,162,340			(1,344,993,639	)		(469,340,152	)
	(5,003,981,570	)		16,563,139,303			(5,459,043,120	)		7,121,858,164			(1,344,805,025	)		(469,624,933	)
	53,422,455,032			36,859,315,729			23,273,839,630			16,151,981,466			10,633,064,830			11,102,689,763
$	48,418,473,462		$	53,422,455,032		$	17,814,796,510		$	23,273,839,630		$	9,288,259,805		$	10,633,064,830
$	1,495,626		$	(232,873	)	$	924,499		$	(190,250	)	$	83,593		$	(130,737	)

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 Each Period

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized gain			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEAR ENDED AUGUST 31,
2017 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2017 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2017 - Preferred Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2017 - Capital Shares		1.00		0.003			0.001			0.004			(0.004	)		—	(d)		(0.004	)
2017 - Administration Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Premier Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2017 - Service Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
FOR THE PERIOD ENDED AUGUST 31,*
2016 - Institutional Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2016 - Select Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Preferred Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

 * Commenced operations on October 30, 2015.

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

(b) 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.

(c) 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.

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

(e) Annualized.

(f) 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(c)			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		0.52	%	$	556,458		0.20	%		0.28	%		0.51	%
	1.00		0.49			47		0.23			0.31			0.48
	1.00		0.42			50		0.30			0.38			0.41
	1.00		0.37			16,147		0.35			0.43			0.31
	1.00		0.27			50,768		0.45			0.53			0.26
	1.00		0.19			50		0.53			0.63			0.19
	1.00		0.10			15,129		0.62			0.78			0.09
	1.00		0.01			50		0.71			1.08			0.01
	1.00		0.16			577,395		0.20	(e)		0.39	(e)		0.19	(e)
	1.00		0.13			50		0.23	(e)		0.42	(e)		0.14	(e)
	1.00		0.08			50		0.29	(e)		0.49	(e)		0.08	(e)
	1.00		0.05			50		0.33	(e)		0.54	(e)		0.04	(e)
	1.00		0.01			43,835		0.39	(e)		0.64	(e)		(0.01	)(e)
	1.00		0.01			50		0.38	(e)		0.74	(e)		—	(e)(f)
	1.00		0.01			14,949		0.39	(e)		0.89	(e)		(0.01	)(e)
	1.00		0.01			50		0.38	(e)		1.19	(e)		—	(e)(f)

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

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	1.00	$	0.006		$	—	(d)	$	0.006		$	(0.006	)	$	—	(d)	$	(0.006	)
2017 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2017 - Preferred Shares		1.00		0.004			0.001			0.005			(0.005	)		—	(d)		(0.005	)
2017 - Capital Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2017 - Administration Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Premier Shares		1.00		0.003			(0.001	)		0.002			(0.002	)		—	(d)		(0.002	)
2017 - Service Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Class A Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Class C Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2017 - Resource Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2017 - Class R6 Shares		1.00		0.006			—	(d)		0.006			(0.006	)		—	(d)		(0.006	)
2016 - Institutional Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2016 - Select Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2016 - Preferred Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Capital Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Class A Shares (Commenced operations on February 29, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Class C Shares (Commenced operations on February 29, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Class R6 Shares (Commenced operations on December 29, 2015)		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2015 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

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

(b) 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.

(c) 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.

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

(e) Annualized.

(f) 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(c)			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		0.55	%	$	79,411,937		0.18	%		0.23	%		0.55	%
	1.00		0.52			2,921,971		0.21			0.26			0.52
	1.00		0.45			553,781		0.28			0.33			0.43
	1.00		0.40			893,496		0.33			0.38			0.37
	1.00		0.30			4,138,362		0.43			0.48			0.32
	1.00		0.22			101,311		0.52			0.58			0.28
	1.00		0.12			337,219		0.60			0.73			0.11
	1.00		0.30			55,506		0.43			0.48			0.34
	1.00		0.01			5,937		0.70			1.23			0.01
	1.00		0.05			74,864		0.69			0.88			0.06
	1.00		0.02			3,779		0.62			1.03			0.01
	1.00		0.55			12,773		0.18			0.23			0.56
	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			1,563		0.43	(e)		0.48	(e)		0.02	(e)
	1.00		0.01			413		0.44	(e)		1.23	(e)		0.01	(e)
	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	(e)		0.23	(e)		0.26	(e)
	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			—	(f)
	1.00		0.01			101,446		0.12			0.26			—	(f)
	1.00		0.01			266,881		0.12			0.33			—	(f)
	1.00		0.01			1,113,078		0.12			0.38			—	(f)
	1.00		0.01			1,939,309		0.12			0.48			—	(f)
	1.00		0.01			1		0.12			0.58			—	(f)
	1.00		0.01			376,094		0.12			0.73			—	(f)
	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			—	(f)
	1.00		0.01			411,426		0.20			0.38			—	(f)
	1.00		0.01			1,983,578		0.20			0.48			—	(f)
	1.00		0.01			5,416		0.20			0.58			—	(f)
	1.00		0.01			260,856		0.20			0.73			—	(f)
	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

			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(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	1.0000	$	0.0071		$	0.0015		$	0.0086		$	(0.0082	)	$	(0.0001	)	$	(0.0083	)
2017 - Select Shares		1.0000		0.0040			0.0043			0.0083			(0.0079	)		(0.0001	)		(0.0080	)
2017 - Preferred Shares		1.0000		0.0032			0.0044			0.0076			(0.0072	)		(0.0001	)		(0.0073	)
2017 - Capital Shares		1.0000		0.0020			0.0051			0.0071			(0.0068	)		—	(d)		(0.0068	)
2017 - Administration Shares		1.0000		0.0024			0.0037			0.0061			(0.0057	)		(0.0001	)		(0.0058	)
2017 - Premier Shares		1.0000		0.0068			(0.0016	)		0.0052			(0.0049	)		—	(d)		(0.0049	)
2017- Service Shares		1.0000		0.0011			0.0027			0.0038			(0.0034	)		(0.0001	)		(0.0035	)
2017 - Resource Shares		1.0000		0.0068			(0.0040	)		0.0028			(0.0025	)		—	(d)		(0.0025	)
2017 - Cash Management Shares		1.0000		0.0001			0.0017			0.0018			(0.0015	)		—	(d)		(0.0015	)
2016 - Institutional Shares		1.00		0.003			—	(e)		0.003			(0.003	)		—	(e)		(0.003	)
2016 - Select Shares		1.00		0.003			—	(e)		0.003			(0.003	)		—	(e)		(0.003	)
2016 - Preferred Shares		1.00		0.002			—	(e)		0.002			(0.002	)		—	(e)		(0.002	)
2016 - Capital Shares		1.00		0.002			—	(e)		0.002			(0.002	)		—	(e)		(0.002	)
2016 - Administration Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Premier Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Resource Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Institutional Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2015 - Select Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2015 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Premier Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Institutional Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2014 - Select Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Premier Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Institutional Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2013 - Select Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2013 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Premier Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(b) 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.

(c) 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 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.

(d) Amount is less than $0.00005 per share.

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

(f) 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(c)			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
$	1.0003		0.87	%	$	2,542,693		0.18	%		0.25	%		0.71	%
	1.0003		0.84			9,847		0.21			0.28			0.40
	1.0003		0.77			1,418		0.28			0.35			0.32
	1.0003		0.72			1		0.33			0.40			0.20
	1.0003		0.61			5,516		0.43			0.50			0.24
	1.0003		0.52			1		0.53			0.60			0.69
	1.0003		0.38			67		0.60			0.75			0.11
	1.0003		0.28			1		0.53			0.90			0.68
	1.0003		0.18			1		0.50			1.05			0.01
	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			—	(f)
	1.00		0.10			1		0.19			0.88			0.37
	1.00		0.01			10,742		0.51			1.03			—	(f)
	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			—	(f)
	1.00		0.01			430,947		0.26			0.48			—	(f)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			21,066		0.26			0.73			—	(f)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			8,041		0.28			1.03			—	(f)
	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			—	(f)
	1.00		0.01			338,423		0.29			0.48			—	(f)
	1.00		0.01			30,335		0.28			0.58			—	(f)
	1.00		0.01			40,544		0.28			0.73			—	(f)
	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

			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(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	1.0000	$	0.0073		$	0.0014		$	0.0087		$	(0.0083	)	$	(0.0001	)	$	(0.0084	)
2017 - Select Shares		1.0000		0.0097			(0.0013	)		0.0084			(0.0080	)		(0.0001	)		(0.0081	)
2017 - Preferred Shares		1.0000		0.0030			0.0047			0.0077			(0.0073	)		(0.0001	)		(0.0074	)
2017 - Capital Shares		1.0000		0.0024			0.0048			0.0072			(0.0068	)		(0.0001	)		(0.0069	)
2017 - Administration Shares		1.0000		0.0015			0.0047			0.0062			(0.0058	)		(0.0001	)		(0.0059	)
2017 - Premier Shares		1.0000		0.0071			(0.0018	)		0.0053			(0.0050	)		—	(d)		(0.0050	)
2017 - Service Shares		1.0000		0.0003			0.0035			0.0038			(0.0034	)		(0.0001	)		(0.0035	)
2017 - Resource Shares		1.0000		0.0002			0.0025			0.0027			(0.0024	)		—	(d)		(0.0024	)
2017 - Cash Management Shares		1.0000		0.0051			(0.0033	)		0.0018			(0.0015	)		—	(d)		(0.0015	)
2016 - Institutional Shares		1.00		0.003			—	(e)		0.003			(0.003	)		—	(e)		(0.003	)
2016 - Select Shares		1.00		0.003			—	(e)		0.003			(0.003	)		—	(e)		(0.003	)
2016 - Preferred Shares		1.00		0.002			—	(e)		0.002			(0.002	)		—	(e)		(0.002	)
2016 - Capital Shares		1.00		0.002			—	(e)		0.002			(0.002	)		—	(e)		(0.002	)
2016 - Administration Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Premier Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Cash Management Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2015 - Institutional Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Select Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Premier Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2015 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Institutional Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Select Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Premier Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2014 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Institutional Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2013 - Select Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Premier Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2013 - Cash Management Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

(b) 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.

(c) 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 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.

(d) Amount is less than $0.00005 per share.

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

(f) 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(c)			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
$	1.0003		0.87	%	$	1,467,979		0.18	%		0.27	%		0.73	%
	1.0003		0.84			18,082		0.21			0.30			0.97
	1.0003		0.77			1,003		0.28			0.37			0.30
	1.0003		0.72			407		0.33			0.42			0.24
	1.0003		0.62			4,282		0.43			0.52			0.15
	1.0003		0.53			1		0.53			0.62			0.71
	1.0003		0.38			103		0.59			0.77			0.03
	1.0003		0.27			1		0.52			0.92			0.02
	1.0003		0.18			1		0.73			1.07			0.51
	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			—	(f)
	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		0.03			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		0.02			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		0.07			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			—	(f)
	1.00		0.01			102,509		0.26			0.38			—	(f)
	1.00		0.01			2,579,850		0.24			0.48			—	(f)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			767,593		0.24			0.73			—	(f)
	1.00		0.01			91,805		0.25			0.88			—	(f)
	1.00		0.01			1		0.18			1.03			0.40

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 Each Period

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEAR ENDED AUGUST 31,
2017 - Institutional Shares	$	1.0000	$	0.0054		$	—	(d)	$	0.0054		$	(0.0054	)	$	—	(d)	$	(0.0054	)
2017 - Select Shares		1.0000		0.0050			0.0002			0.0052			(0.0051	)		—	(d)		(0.0051	)
2017 - Preferred Shares		1.0000		0.0043			0.0001			0.0044			(0.0044	)		—	(d)		(0.0044	)
2017 - Capital Shares		1.0000		0.0039			—	(d)		0.0039			(0.0039	)		—	(d)		(0.0039	)
2017 - Administration Shares		1.0000		0.0028			0.0001			0.0029			(0.0029	)		—	(d)		(0.0029	)
2017 - Service Shares		1.0000		0.0008			(0.0001	)		0.0007			(0.0007	)		—	(d)		(0.0007	)
2017 - Resource Shares		1.0000		0.0004			(0.0003	)		0.0001			(0.0001	)		—	(d)		(0.0001	)
FOR THE PERIOD ENDED AUGUST 31,*
2016 - Institutional Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Select Shares		1.00		0.001			—	(e)		0.001			(0.001	)		—	(e)		(0.001	)
2016 - Preferred Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Capital Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Administration Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Service Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
2016 - Resource Shares		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

* Commenced operations on March 31, 2016.

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

(b) 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.

(c) 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 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.

(d) Amount is less than $0.00005 per share.

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

(f) Annualized.

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(c)			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  to average net assets
$	1.0000		0.54	%	$	7,945		0.18	%		8.56	%		0.54	%
	1.0001		0.52			10		0.22			8.59			0.50
	1.0000		0.44			10		0.29			8.66			0.43
	1.0000		0.39			10		0.33			8.71			0.39
	1.0000		0.29			10		0.44			8.81			0.28
	1.0000		0.07			10		0.64			9.06			0.08
	1.0000		0.01			10		0.68			9.21			0.04
	1.00		0.09			12,495		0.18	(f)		9.48	(f)		0.23	(f)
	1.00		0.07			10		0.22	(f)		9.51	(f)		0.17	(f)
	1.00		0.04			10		0.29	(f)		9.58	(f)		0.10	(f)
	1.00		0.03			10		0.32	(f)		9.63	(f)		0.07	(f)
	1.00		0.02			10		0.34	(f)		9.73	(f)		0.04	(f)
	1.00		0.02			10		0.35	(f)		9.98	(f)		0.04	(f)
	1.00		0.02			10		0.35	(f)		10.13	(f)		0.04	(f)

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

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2017 - Select Shares		1.00		0.004			0.001			0.005			(0.005	)		—	(d)		(0.005	)
2017 - Preferred Shares		1.00		0.003			0.001			0.004			(0.004	)		—	(d)		(0.004	)
2017 - Capital Shares		1.00		0.004			(0.001	)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Administration Shares		1.00		0.003			(0.001	)		0.002			(0.002	)		—	(d)		(0.002	)
2017 - Premier Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2017 - Service Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Resource Shares		1.00		0.004			(0.004	)		—	(d)		—	(d)		—	(d)		—	(d)
2017 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Institutional Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Select Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Preferred Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

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

(b) 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.

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

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

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

(f) Amount is less than 0.005%.

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(c)			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		0.48	%	$	44,355,448		0.20	%		0.23	%		0.47	%
	1.00		0.45			47,839		0.23			0.26			0.43
	1.00		0.38			39,754		0.30			0.33			0.34
	1.00		0.33			1,054,817		0.35			0.38			0.38
	1.00		0.24			2,817,291		0.44			0.48			0.26
	1.00		0.17			56,059		0.50			0.58			0.20
	1.00		0.10			47,234		0.55			0.73			0.05
	1.00		0.04			1		0.26			0.88			0.37
	1.00		0.01			30		0.61			1.03			—	(e)
	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		—	(f)		2,186,426		0.32			0.48			(0.01	)
	1.00		—	(f)		19,142		0.38			0.58			(0.02	)
	1.00		—	(f)		91,598		0.29			0.73			(0.01	)
	1.00		—	(f)		1		0.19			0.88			0.37
	1.00		—	(f)		279		0.35			1.03			0.05
	1.00		—	(f)		34,094,054		0.06			0.23			—	(e)
	1.00		—	(f)		80,008		0.06			0.26			—	(e)
	1.00		—	(f)		33,032		0.06			0.33			—	(e)
	1.00		—	(f)		353,326		0.06			0.38			—	(e)
	1.00		—	(f)		2,101,757		0.06			0.48			—	(e)
	1.00		—	(f)		54		0.06			0.58			—	(e)
	1.00		—	(f)		197,083		0.06			0.73			—	(e)
	1.00		—	(f)		1		0.06			0.88			0.40
	1.00		—	(f)		1		0.06			1.03			0.40
	1.00		—	(f)		31,170,061		0.07			0.23			—	(e)
	1.00		—	(f)		192,930		0.07			0.26			—	(e)
	1.00		—	(f)		43,335		0.07			0.33			—	(e)
	1.00		—	(f)		163,450		0.07			0.38			—	(e)
	1.00		—	(f)		1,231,641		0.07			0.48			—	(e)
	1.00		—	(f)		2,720		0.07			0.58			—	(e)
	1.00		—	(f)		140,016		0.07			0.73			—	(e)
	1.00		—	(f)		1		0.07			0.88			0.40
	1.00		—	(f)		1		0.07			1.03			0.40
	1.00		—	(f)		25,382,266		0.10			0.23			—	(e)
	1.00		—	(f)		224,452		0.10			0.26			—	(e)
	1.00		—	(f)		110,400		0.10			0.33			—	(e)
	1.00		—	(f)		165,250		0.10			0.38			—	(e)
	1.00		—	(f)		1,352,128		0.10			0.48			—	(e)
	1.00		—	(f)		360,992		0.10			0.58			—	(e)
	1.00		—	(f)		185,658		0.10			0.73			—	(e)
	1.00		—	(f)		1		0.10			0.88			—	(e)
	1.00		—	(f)		1		0.10			1.03			—	(e)

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

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2017 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2017 - Preferred Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2017 - Capital Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Administration Shares		1.00		0.002			0.001			0.003			(0.003	)		—	(d)		(0.003	)
2017 - Premier Shares		1.00		0.004			(0.002	)		0.002			(0.002	)		—	(d)		(0.002	)
2017 - Service Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Resource Shares		1.00		0.004			(0.004	)		—	(d)		—	(d)		—	(d)		—	(d)
2017 - Cash Management Shares		1.00		0.001			(0.001	)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Institutional Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2016 - Select Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Preferred Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

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

(b) 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.

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

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

(e) 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(c)			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		0.50	%	$	15,091,527		0.20	%		0.23	%		0.47	%
	1.00		0.47			67,865		0.23			0.26			0.46
	1.00		0.40			123,436		0.30			0.33			0.40
	1.00		0.35			269,417		0.35			0.38			0.34
	1.00		0.26			1,307,550		0.44			0.48			0.25
	1.00		0.19			1		0.27			0.58			0.37
	1.00		0.11			954,846		0.59			0.73			0.11
	1.00		0.05			1		0.27			0.88			0.37
	1.00		0.02			154		0.97			1.03			0.14
	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			—	(e)
	1.00		0.01			169,026		0.10			0.26			—	(e)
	1.00		0.01			220,426		0.10			0.33			—	(e)
	1.00		0.01			442,625		0.10			0.38			0.01
	1.00		0.01			1,620,517		0.10			0.48			—	(e)
	1.00		0.01			1		0.10			0.58			(0.02	)
	1.00		0.01			940,671		0.10			0.73			—	(e)
	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			—	(e)
	1.00		0.01			205,386		0.08			0.33			—	(e)
	1.00		0.01			356,753		0.08			0.38			—	(e)
	1.00		0.01			2,144,601		0.08			0.48			—	(e)
	1.00		0.01			948		0.08			0.58			(0.01	)
	1.00		0.01			915,527		0.08			0.73			—	(e)
	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			—	(e)
	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

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

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2017 - Select Shares		1.00		0.004			0.001			0.005			(0.005	)		—	(d)		(0.005	)
2017 - Preferred Shares		1.00		0.003			0.001			0.004			(0.004	)		—	(d)		(0.004	)
2017 - Capital Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Administration Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2017 - Premier Shares		1.00		0.001			0.001			0.002			(0.002	)		—	(d)		(0.002	)
2017 - Service Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Resource Shares		1.00		0.004			(0.004	)		—	(d)		—	(d)		—	(d)		—	(d)
2017 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Institutional Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Select Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Preferred Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Institutional Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

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

(b) 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.

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

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

(e) 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(c)			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		0.49	%	$	8,619,492		0.20	%		0.23	%		0.48	%
	1.00		0.46			7,333		0.23			0.26			0.42
	1.00		0.39			14,565		0.30			0.33			0.25
	1.00		0.34			215,820		0.35			0.38			0.30
	1.00		0.25			237,557		0.44			0.48			0.28
	1.00		0.18			15,512		0.50			0.58			0.13
	1.00		0.10			144,728		0.58			0.73			0.08
	1.00		0.05			1		0.26			0.88			0.37
	1.00		0.01			33,252		0.62			1.03			—	(e)
	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			—	(e)
	1.00		0.01			12,266		0.10			0.26			—	(e)
	1.00		0.01			40,923		0.10			0.33			—	(e)
	1.00		0.01			103,108		0.10			0.38			—	(e)
	1.00		0.01			390,266		0.10			0.48			—	(e)
	1.00		0.01			1		0.10			0.58			0.01
	1.00		0.01			355,272		0.10			0.73			—	(e)
	1.00		0.01			1		0.10			0.88			0.40
	1.00		0.01			147,486		0.10			1.03			—	(e)
	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			—	(e)
	1.00		0.01			127,241		0.14			0.26			—	(e)
	1.00		0.01			53,020		0.14			0.33			—	(e)
	1.00		0.01			62,058		0.14			0.38			—	(e)
	1.00		0.01			418,901		0.14			0.48			—	(e)
	1.00		0.01			1,137,540		0.14			0.58			—	(e)
	1.00		0.01			508,699		0.14			0.73			—	(e)
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			47,993		0.14			1.03			—	(e)

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

August 31, 2017

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, Prime Obligations,         Treasury Instruments, Treasury Obligations and Treasury Solutions	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Resource, and Cash Management	Diversified
Tax-Exempt Money Market	Institutional, Select, Preferred, Capital, Administration, Service, and Resource	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired. At the close of business on October 11, 2016, Class C Shares of the Financial Square (“FSQ”) Prime Obligations Fund were liquidated.

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

Effective on October 11, 2016, the following Funds were designated by the Board of Trustees (“Trustees”) as “institutional money market funds” under Rule 2a-7 under the Act: FSQ Money Market Fund, FSQ Prime Obligations Fund, and FSQ Tax-Exempt Money Market Fund (the “Institutional Money Market Funds”). Each of the Institutional Money Market Funds must price its shares at a net asset value (“NAV”) reflecting market-based values of its portfolio securities (i.e., at a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000).

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, except for the Institutional Money Market Funds, is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s NAV per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or

64

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

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), if any, 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, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency 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, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 Costs — Offering costs paid in connection with the offering of shares of the FSQ Federal Instruments Fund and the FSQ Tax-Exempt Money Market Fund were amortized on a straight-line basis over 12 months from the date of commencement 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.

65

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

The 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’ 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, 2017, all investments, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G8 countries which are generally classified as Level 1. 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. GSAM has agreed to not impose a portion of the management fee equal annually to 0.025% of the FSQ Federal Instruments, FSQ Treasury Instruments, FSQ Treasury Obligations and FSQ Treasury Solutions Funds’ average daily net assets and 0.045% of the FSQ Government, FSQ Money Market, FSQ Prime Obligations and FSQ Tax-Exempt Money Market Funds’ average daily net assets. These arrangements will remain in effect through at least December 29, 2017, and prior to such date, GSAM may not terminate the arrangements without the approval of the Trustees.

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

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

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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, 2017, Goldman Sachs has advised that it retained $1,257 and $171 in CDSCs with respect to Class C Shares of the FSQ Government and FSQ 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, expenses of shareholder meetings, litigation and 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, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

67

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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:

	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares			Class R6 Shares(a)			Class A Shares(a)			Class C Shares(a)
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	(b)		0.15	(c)		0.30	(c)		N/A			0.25			0.75	(c)
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) Service (12b-1) fee only.

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

Fund Effective Net Expenses (After Waivers and Reimbursements)

In addition to the contractual fee waivers and expense limitations discussed above, during the fiscal year ended August 31, 2017, GSAM and Goldman Sachs (as applicable) voluntarily agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. 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, 2017, 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	$	172	$	—		$	11		$	351	$	534
Government		41,448		—			479			—		41,927
Money Market		1,316		—			2			643		1,961
Prime Obligations		691		—			47			619		1,357
Tax-Exempt Money Market		4		—			—	*		676		680
Treasury Instruments		12,546		—	*		398			—		12,944
Treasury Obligations		5,083		—	*		1,199			—		6,282
Treasury Solutions		2,422		—	*		481			—		2,903

* Amount less than one thousand.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

For the fiscal year ended August 31, 2017, 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)
Government	$	8,650,314,757	$	299,945,719	$	56,445
Money Market		591,074,295		274,603,003		—
Prime Obligations		215,664,166		542,983,343		—
Tax-Exempt Money Market		5,352,016		18,547,316		—
Treasury Instruments		299,945,719		22,163,975,711		(190,977	)
Treasury Obligations		1,473,684,336		—		—
Treasury Solutions		12,530,899,287		—		—

As of August 31, 2017, 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			Cash Management Shares
Federal Instruments		—	%		100	%		100	%		—	%		—	%		100	%		—	%		—	%		100	%
Money Market		—			—			—			100			—			100			—			100			100
Prime Obligations		—			—			—			—			—			100			—			100			100
Tax-Exempt Money Market		37			100			100			100			100			—			100			100			—
Treasury Instruments		—			—			—			—			—			—			—			100			—
Treasury Obligations		—			—			—			—			—			100			—			100			—
Treasury Solutions		—			—			—			—			—			—			—			100			—

The following table provides information about the investment in the shares of issuers deemed to be affiliates of the Funds.

FSQ Government Fund
Name of Affiliated Issuer	Value at 8/31/16		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 8/31/17		Interest Income
Goldman Sachs & Co. -Repurchase Agreement	$	—	$	2,659,000,000	$	(2,659,000,000	)	$	—	$	—	$	—	$	94,393
FSQ Treasury Obligations Fund
Name of Affiliated Issuer	Value at 8/31/16		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 8/31/17		Interest Income
Goldman Sachs & Co. -Repurchase Agreement	$	—	$	569,000,000	$	(569,000,000	)	$	—	$	—	$	—	$	15,653

69

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

I.  Line of Credit Facility — As of August 31, 2017, 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. 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, 2017, 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, 2017 was as follows:

	Federal Instruments		Government		Money Market		Prime Obligations		Tax-Exempt Money Market		Treasury Instruments		Treasury Obligations		Treasury Solutions
Distribution paid from:
Ordinary income	$	3,330,644	$	488,886,002	$	20,484,061	$	10,458,307	$	17	$	232,330,406	$	88,199,209	$	44,533,201
Tax-Exempt income		—		—		—		—		44,054		—		—		—
Total distributions	$	3,330,644	$	488,886,002	$	20,484,061	$	10,458,307	$	44,071	$	232,330,406	$	88,199,209	$	44,533,201

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.

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

	Federal Instruments			Government			Money Market			Prime Obligations			Tax-Exempt Money Market			Treasury Instruments			Treasury Obligations			Treasury Solutions
Undistributed ordinary income — net	$	36,426		$	37,844,681		$	1,141,708		$	725,149		$	23		$	14,065,135		$	6,622,884		$	2,601,133
Undistributed Tax-Exempt income — net		—			—			—			—			2,194			—			—			—
Undistributed long-term capital gains		—			—			—			—			—			—			—			87,587
Total undistributed earnings	$	36,426		$	37,844,681		$	1,141,708		$	725,149		$	2,217		$	14,065,135		$	6,622,884		$	2,688,720
Timing differences (Dividend Payable and Post-October Capital Loss Deferral)	$	(24,446	)	$	(37,707,067	)	$	(1,143,803	)	$	(724,962	)	$	(2,051	)	$	(13,354,206	)	$	(6,195,841	)	$	(2,228,574	)
Unrealized gains (losses) — net	$	(855	)	$	(86,902	)	$	432,656		$	226,161		$	151		$	(699,998	)	$	(11,077	)	$	(6,562	)
Total accumulated earnings (losses) — net	$	11,125		$	50,712		$	430,561		$	226,348		$	317		$	10,931		$	415,966		$	453,584

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5. TAX INFORMATION (continued)

The aggregate 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, certain non-deductible expenses, taxable capital contribution received and redemptions utilized as distributions.

Fund	Accumulated Net Realized Gain (Loss)			Accumulated Undistributed Net Investment Income (Loss)			Paid in Capital
Federal Instruments	$	(2,854	)	$	(33,007	)	$	35,861
Government		(866,286	)		866,286			—
Prime Obligations		—			76,207			(76,207	)
Treasury Instruments		(1,722,424	)		1,722,424			—
Treasury Obligations		(1,109,658	)		1,109,658			—
Treasury Solutions		(214,330	)		214,330			—

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 a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. 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. 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.

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 the Institutional Money Market Funds, 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. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

6. OTHER RISKS (continued)

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 and Sector Risk — The FSQ Tax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

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 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.

72

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Federal Instruments Fund
	For the Fiscal Year Ended August 31, 2017			For the Period Ended August 31, 2016*
	Shares**			Shares**
Institutional Shares
Shares sold		1,074,848,953			1,385,664,141
Reinvestment of distributions		3,133,196			875,865
Shares redeemed		(1,098,892,063	)		(809,178,068	)
		(20,909,914	)		577,361,938
Select Shares
Shares sold		—			50,000
Reinvestment of distributions		232			67
Shares redeemed		(3,000	)		—
		(2,768	)		50,067
Preferred Shares
Shares sold		10			50,000
Reinvestment of distributions		210			42
Shares redeemed		(10	)		—
		210			50,042
Capital Shares
Shares sold		95,325,208			50,000
Reinvestment of distributions		50,539			24
Shares redeemed		(79,278,651	)		—
		16,097,096			50,024
Administration Shares
Shares sold		154,235,286			103,145,254
Reinvestment of distributions		18,664			1
Shares redeemed		(147,319,273	)		(59,313,002	)
		6,934,677			43,832,253
Premier Shares
Shares sold		—			50,000
Reinvestment of distributions		93			4
Shares redeemed		—			—
		93			50,004
Service Shares
Shares sold		14,791,704			57,177,090
Reinvestment of distributions		1			1
Shares redeemed		(14,610,607	)		(42,229,202	)
		181,098			14,947,889
Cash Management Shares
Shares sold		10			50,000
Reinvestment of distributions		6			3
Shares redeemed		(10	)		—
		6			50,003
NET INCREASE IN SHARES		2,300,498			636,392,220

* Commenced operations on October 30, 2015.

** Valued at $1.00 per share.

73

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Government Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
	Shares*			Shares*
Institutional Shares
Shares sold		679,312,486,567			341,664,419,857
Reinvestment of distributions		228,130,062			47,502,955
Shares redeemed		(663,932,060,403	)		(307,661,792,266	)
		15,608,556,226			34,050,130,546
Select Shares
Shares sold		8,502,641,228			4,724,518,327
Reinvestment of distributions		13,611,144			1,486,634
Shares redeemed		(8,065,530,147	)		(2,457,856,271	)
		450,722,225			2,268,148,690
Preferred Shares
Shares sold		5,037,015,621			4,436,751,899
Reinvestment of distributions		488,639			22,074
Shares redeemed		(5,020,535,505	)		(4,149,503,757	)
		16,968,755			287,270,216
Capital Shares
Shares sold		10,652,559,765			6,278,638,378
Reinvestment of distributions		3,264,524			872,480
Shares redeemed		(11,152,584,172	)		(6,063,354,389	)
		(496,759,883	)		216,156,469
Administration Shares
Shares sold		19,099,703,512			9,147,766,081
Reinvestment of distributions		3,423,832			46,616
Shares redeemed		(17,638,427,152	)		(8,394,355,777	)
		1,464,700,192			753,456,920
Premier Shares
Shares sold		151,061,648			—
Reinvestment of distributions		2			—
Shares redeemed		(49,751,597	)		—
		101,310,053			—
Service Shares
Shares sold		1,586,419,647			1,207,971,623
Reinvestment of distributions		77,645			3,944
Shares redeemed		(1,617,574,204	)		(1,307,720,818	)
		(31,076,912	)		(99,745,251	)
Class A Shares(a)
Shares sold		82,512,499			2,627,049
Reinvestment of distributions		150,269			32
Shares redeemed		(28,719,988	)		(1,064,279	)
		53,942,780			1,562,802
Class C Shares(a)
Shares sold		16,050,266			446,476
Reinvestment of distributions		518			3
Shares redeemed		(10,526,992	)		(33,123	)
		5,523,792			413,356
Resource Shares
Shares sold		173,703,236			37,856,196
Reinvestment of distributions		40,846			883
Shares redeemed		(116,513,724	)		(20,223,965	)
		57,230,358			17,633,114
Cash Management Shares
Shares sold		90,322,721			243,548
Reinvestment of distributions		1,093			—
Shares redeemed		(86,558,693	)		(233,217	)
		3,765,121			10,331
Class R6 Shares(b)
Shares sold		16,335,613			5,221,480
Reinvestment of distributions		69,560			325
Shares redeemed		(8,336,546	)		(516,924	)
		8,068,627			4,704,881
NET INCREASE IN SHARES		17,242,951,334			37,499,742,074

* Valued at $1.00 per share.

(a) Commenced operations on February 29, 2016.

(b) Commenced operations on December 29, 2015.

74

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Money Market Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares*
Institutional Shares
Shares sold		19,049,765,992		$	19,052,661,546			359,975,501,741
Reinvestment of distributions		10,026,650			10,028,865			60,513,386
Shares redeemed		(31,854,650,650	)		(31,857,198,837	)		(377,446,008,048	)
		(12,794,858,008	)		(12,794,508,426	)		(17,409,992,921	)
Select Shares
Shares sold		662,792,918			662,807,572			8,194,089,563
Reinvestment of distributions		207,572			207,586			6,865,222
Shares redeemed		(1,733,231,016	)		(1,733,250,092	)		(9,038,094,344	)
		(1,070,230,526	)		(1,070,234,934	)		(837,139,559	)
Preferred Shares
Shares sold		546,750,177			546,750,583			2,790,204,684
Reinvestment of distributions		13,650			13,650			129,915
Shares redeemed		(604,398,626	)		(604,398,627	)		(2,848,127,716	)
		(57,634,799	)		(57,634,394	)		(57,793,117	)
Capital Shares
Shares sold		5,238,387			5,238,387			1,757,607,292
Reinvestment of distributions		7			7			561,194
Shares redeemed		(113,907,949	)		(113,907,949	)		(1,850,937,346	)
		(108,669,555	)		(108,669,555	)		(92,768,860	)
Administration Shares
Shares sold		47,454,813			47,454,813			1,697,152,174
Reinvestment of distributions		48,245			48,256			323,068
Shares redeemed		(358,151,687	)		(358,153,090	)		(1,812,259,753	)
		(310,648,629	)		(310,650,021	)		(114,784,511	)
Premier Shares
Shares sold		—			—			—
Reinvestment of distributions		4			4			1
Shares redeemed		—			—			—
		4			4			1
Service Shares
Shares sold		8,133,390			8,134,574			218,281,802
Reinvestment of distributions		1,994			1,994			1,164
Shares redeemed		(25,068,703	)		(25,070,196	)		(222,349,097	)
		(16,933,319	)		(16,933,628	)		(4,066,131	)
Resource Shares
Shares sold		—			—			—
Reinvestment of distributions		2			2			1
Shares redeemed		—			—			—
		2			2			1
Cash Management Shares
Shares sold		283,535			283,535			14,627,940
Reinvestment of distributions		2			2			646
Shares redeemed		(11,025,022	)		(11,025,022	)		(11,927,270	)
		(10,741,485	)		(10,741,485	)		2,701,316
NET DECREASE		(14,369,716,315	)	$	(14,369,372,437	)		(18,513,843,781	)

* Valued at $1.00 per share.

75

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares*
Institutional Shares
Shares sold		8,522,574,597		$	8,523,965,422			103,785,116,510
Reinvestment of distributions		4,795,497			4,796,957			11,417,004
Shares redeemed		(14,359,771,161	)		(14,360,674,542	)		(105,708,221,276	)
		(5,832,401,067	)		(5,831,912,163	)		(1,911,687,762	)
Select Shares
Shares sold		78,986,476			79,005,310			2,117,945,818
Reinvestment of distributions		119,300			119,341			270,446
Shares redeemed		(70,482,960	)		(70,495,531	)		(2,197,760,584	)
		8,622,816			8,629,120			(79,544,320	)
Preferred Shares
Shares sold		456,637,334			456,650,633			5,446,341,434
Reinvestment of distributions		7,448			7,449			510,400
Shares redeemed		(735,096,589	)		(735,097,096	)		(5,500,202,709	)
		(278,451,807	)		(278,439,014	)		(53,350,875	)
Capital Shares
Shares sold		39,980,109			39,983,541			602,761,250
Reinvestment of distributions		2,077			2,078			161,889
Shares redeemed		(179,717,055	)		(179,717,056	)		(566,760,887	)
		(139,734,869	)		(139,731,437	)		36,162,252
Administration Shares
Shares sold		512,837,052			512,875,953			13,601,562,982
Reinvestment of distributions		8,558			8,558			374,085
Shares redeemed		(1,759,453,253	)		(1,759,467,587	)		(14,244,549,509	)
		(1,246,607,643	)		(1,246,583,076	)		(642,612,442	)
Premier Shares
Shares sold		—			—			—
Reinvestment of distributions		5			5			—
Shares redeemed		—			—			(5	)
		5			5			(5	)
Service Shares
Shares sold		221,802,281			221,831,871			4,837,531,314
Reinvestment of distributions		545			545			28,135
Shares redeemed		(474,938,880	)		(474,960,336	)		(5,361,694,359	)
		(253,136,054	)		(253,127,920	)		(524,134,910	)
Class C Shares(a)
Shares sold		192,576			193,680			9,508,979
Reinvestment of distributions		141			141			2,021
Shares redeemed		(18,801,137	)		(18,801,137	)		(10,820,524	)
		(18,608,420	)		(18,607,316	)		(1,309,524	)
Resource Shares
Shares sold		3,317,891			3,317,897			101,281,054
Reinvestment of distributions		2			2			6,820
Shares redeemed		(75,122,856	)		(75,122,858	)		(101,514,632	)
		(71,804,963	)		(71,804,959	)		(226,758	)
Cash Management Shares
Shares sold		—			—			5
Reinvestment of distributions		2			2			—
Shares redeemed		—			—			(5	)
		2			2			—
NET DECREASE		(7,832,122,000	)	$	(7,831,576,758	)		(3,176,704,344	)

* Valued at $1.00 per share.

(a) At the close of business on October 11, 2016, Class C Shares were liquidated.

76

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Tax-Exempt Money Market Fund
	For the Fiscal Year Ended August 31, 2017						For the Period Ended August 31, 2016*
	Shares			Dollars			Shares**
Institutional Shares
Shares sold		16,744,340		$	16,744,417			14,995,333
Reinvestment of distributions		20,091			20,092			2,644
Shares redeemed		(21,314,734	)		(21,314,800	)		(2,502,693	)
		(4,550,303	)		(4,550,291	)		12,495,284
Select Shares
Shares sold		—			—			10,000
Reinvestment of distributions		51			51			7
Shares redeemed		—			—			—
		51			51			10,007
Preferred Shares
Shares sold		—			—			10,000
Reinvestment of distributions		44			44			4
Shares redeemed		—			—			—
		44			44			10,004
Capital Shares
Shares sold		—			—			10,000
Reinvestment of distributions		39			39			3
Shares redeemed		—			—			—
		39			39			10,003
Administration Shares
Shares sold		—			—			10,000
Reinvestment of distributions		29			29			2
Shares redeemed		—			—			—
		29			29			10,002
Service Shares
Shares sold		—			—			10,000
Reinvestment of distributions		7			7			2
Shares redeemed		—			—			—
		7			7			10,002
Resource Shares
Shares sold		—			—			10,005
Reinvestment of distributions		1			1			2
Shares redeemed		—			—			(5	)
		1			1			10,002
NET INCREASE (DECREASE)		(4,550,132	)	$	(4,550,120	)		12,555,304

* Commenced operations on March 31, 2016.

** Valued at $1.00 per share.

77

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Instruments Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
	Shares*			Shares*
Institutional Shares
Shares sold		181,910,842,104			172,852,122,298
Reinvestment of distributions		148,012,472			38,873,240
Shares redeemed		(188,298,030,900	)		(156,390,561,598	)
		(6,239,176,324	)		16,500,433,940
Select Shares
Shares sold		818,445,292			49,612,983
Reinvestment of distributions		253,468			19,119
Shares redeemed		(791,868,551	)		(108,631,567	)
		26,830,209			(58,999,465	)
Preferred Shares
Shares sold		371,116,238			455,706,727
Reinvestment of distributions		121,167			7,441
Shares redeemed		(344,218,614	)		(476,011,362	)
		27,018,791			(20,297,194	)
Capital Shares
Shares sold		4,508,313,068			2,575,909,714
Reinvestment of distributions		2,440,191			111,256
Shares redeemed		(3,951,781,554	)		(2,433,503,089	)
		558,971,705			142,517,881
Administration Shares
Shares sold		8,536,538,379			8,080,799,975
Reinvestment of distributions		3,475,761			13,405
Shares redeemed		(7,909,114,821	)		(7,996,187,327	)
		630,899,319			84,626,053
Premier Shares
Shares sold		116,968,089			20,005,149
Reinvestment of distributions		45			—
Shares redeemed		(80,050,108	)		(917,314	)
		36,918,026			19,087,835
Service Shares
Shares sold		133,237,074			322,514,582
Reinvestment of distributions		21,973			552
Shares redeemed		(177,621,932	)		(428,002,431	)
		(44,362,885	)		(105,487,297	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
Cash Management Shares
Shares sold		35,134			278,298
Reinvestment of distributions		7			—
Shares redeemed		(284,056	)		—
		(248,915	)		278,298
NET INCREASE (DECREASE) IN SHARES		(5,003,150,074	)		16,562,160,051

* Valued at $1.00 per share.

78

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
	Shares*			Shares*
Institutional Shares
Shares sold		159,324,411,184			97,363,853,064
Reinvestment of distributions		46,702,636			10,384,855
Shares redeemed		(164,230,405,292	)		(90,182,570,590	)
		(4,859,291,472	)		7,191,667,329
Select Shares
Shares sold		4,082,606,806			873,046,093
Reinvestment of distributions		378,814			179,323
Shares redeemed		(4,520,271,577	)		(537,103,323	)
		(437,285,957	)		336,122,093
Preferred Shares
Shares sold		779,116,904			1,141,034,269
Reinvestment of distributions		324,082			55,229
Shares redeemed		(737,547,145	)		(1,279,977,158	)
		41,893,841			(138,887,660	)
Capital Shares
Shares sold		1,845,150,097			2,978,985,083
Reinvestment of distributions		968,827			186,951
Shares redeemed		(1,981,230,822	)		(3,017,277,611	)
		(135,111,898	)		(38,105,577	)
Administration Shares
Shares sold		5,716,650,450			6,933,045,331
Reinvestment of distributions		965,137			28,279
Shares redeemed		(5,953,918,651	)		(7,009,778,183	)
		(236,303,064	)		(76,704,573	)
Premier Shares
Shares sold		—			—
Reinvestment of distributions		2			—
Shares redeemed		—			—
		2			—
Service Shares
Shares sold		3,595,043,595			2,298,748,847
Reinvestment of distributions		69,164			9,364
Shares redeemed		(3,428,037,719	)		(2,451,687,483	)
		167,075,040			(152,929,272	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		1			—
Shares redeemed		—			—
		1			—
Cash Management Shares
Shares sold		771,157			—
Reinvestment of distributions		11			—
Shares redeemed		(618,667	)		—
		152,501			—
NET INCREASE (DECREASE) IN SHARES		(5,458,871,006	)		7,121,162,340

* Valued at $1.00 per share.

79

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Solutions Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
	Shares*			Shares*
Institutional Shares
Shares sold		27,121,688,188			28,752,349,005
Reinvestment of distributions		28,334,702			9,208,383
Shares redeemed		(28,407,264,596	)		(28,938,114,201	)
		(1,257,241,706	)		(176,556,813	)
Select Shares
Shares sold		—			6,200,006
Reinvestment of distributions		41,687			11,386
Shares redeemed		(3,676,988	)		(7,508,363	)
		(3,635,301	)		(1,296,971	)
Preferred Shares
Shares sold		121,203,708			697,520,894
Reinvestment of distributions		50,947			24,437
Shares redeemed		(182,444,254	)		(662,712,556	)
		(61,189,599	)		34,832,775
Capital Shares
Shares sold		1,946,345,268			1,336,137,651
Reinvestment of distributions		604,589			49,784
Shares redeemed		(1,995,225,910	)		(1,175,205,221	)
		(48,276,053	)		160,982,214
Administration Shares
Shares sold		657,229,221			439,259,245
Reinvestment of distributions		366,979			8,175
Shares redeemed		(609,915,851	)		(639,648,519	)
		47,680,349			(200,381,099	)
Premier Shares
Shares sold		82,443,759			9
Reinvestment of distributions		2			—
Shares redeemed		(66,933,677	)		(5	)
		15,510,084			4
Service Shares
Shares sold		779,359,271			1,323,551,907
Reinvestment of distributions		4,724			5,066
Shares redeemed		(777,246,619	)		(1,536,207,787	)
		2,117,376			(212,650,814	)
Resource Shares
Shares sold		—			5
Reinvestment of distributions		—			—
Shares redeemed		—			(5	)
		—			—
Cash Management Shares
Shares sold		696,664,664			250,039,275
Reinvestment of distributions		—			—
Shares redeemed		(736,623,453	)		(324,308,723	)
		(39,958,789	)		(74,269,448	)
NET DECREASE IN SHARES		(1,344,993,639	)		(469,340,152	)

* Valued at $1.00 per share.

80

Report of Independent Registered Public

Accounting Firm

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

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, as of August 31, 2017, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended (or for the Goldman Sachs Financial Square Tax-Exempt Money Market Fund, for the year then ended and for the period from March 31, 2016 (the commencement of operations) through August 31, 2016, and for the Goldman Sachs Financial Square Federal Instruments Fund, for the year then ended and for the period from October 30, 2015 (the commencement of operations) through August 31, 2016) and the financial highlights for each of the periods presented therein, 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 Fund’s 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 as of August 31, 2017 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 24, 2017

81

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (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, administration 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 1, 2017 through August 31, 2017, which represents a period of 184 days in a 365-day year.

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

	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Institutional Shares
Actual	$	1,000.00	$	1,003.50		$	1.01	$	1,000.00	$	1,003.70		$	0.91	$	1,000.00	$	1,005.50		$	0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.20	+		1.02		1,000.00		1,024.30	+		0.92		1,000.00		1,024.30	+		0.92
Select Shares
Actual		1,000.00		1,003.30			1.16		1,000.00		1,003.50			1.06		1,000.00		1,005.30			1.06
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		1.17		1,000.00		1,024.15	+		1.07		1,000.00		1,024.15	+		1.07
Preferred Shares
Actual		1,000.00		1,003.00			1.57		1,000.00		1,003.20			1.41		1,000.00		1,004.90			1.41
Hypothetical (5% return before expenses)		1,000.00		1,023.64	+		1.58		1,000.00		1,023.79	+		1.43		1,000.00		1,023.79	+		1.43
Capital Shares
Actual		1,000.00		1,002.70			1.77		1,000.00		1,002.90			1.67		1,000.00		1,004.70			0.91
Hypothetical (5% return before expenses)		1,000.00		1,023.44	+		1.79		1,000.00		1,023.54	+		1.68		1,000.00		1,024.30	+		0.92
Administration Shares
Actual		1,000.00		1,002.20			2.27		1,000.00		1,002.40			2.17		1,000.00		1,004.10			2.17
Hypothetical (5% return before expenses)		1,000.00		1,022.94	+		2.29		1,000.00		1,023.04	+		2.19		1,000.00		1,023.04	+		2.19
Premier Shares
Actual		1,000.00		1,001.70			2.77		1,000.00		1,001.90			2.62		1,000.00		1,003.70			1.82
Hypothetical (5% return before expenses)		1,000.00		1,022.43	+		2.80		1,000.00		1,022.58	+		2.65		1,000.00		1,023.39	+		1.84
Service Shares
Actual		1,000.00		1,001.00			3.53		1,000.00		1,001.20			3.38		1,000.00		1,002.80			3.43
Hypothetical (5% return before expenses)		1,000.00		1,021.68	+		3.57		1,000.00		1,021.83	+		3.41		1,000.00		1,021.78	+		3.47
Class A Shares
Actual		N/A		N/A			N/A		1,000.00		1,002.40			2.17		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,023.04	+		2.19		N/A		N/A			N/A
Class C Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.00			4.34		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,020.87	+		4.38		N/A		N/A			N/A
Resource Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.50			4.03		1,000.00		1,002.20			1.82
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,021.17	+		4.08		1,000.00		1,023.39	+		1.84
Cash Management Shares
Actual		1,000.00		1,000.10			4.44		1,000.00		1,000.20			4.29		1,000.00		1,001.40			3.68
Hypothetical (5% return before expenses)		1,000.00		1,020.77	+		4.48		1,000.00		1,020.92	+		4.33		1,000.00		1,021.53	+		3.72
Class R6 Shares
Actual		N/A		N/A			N/A		1,000.00		1,003.70			0.91		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,024.30	+		0.92		N/A		N/A			N/A

82

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited) (continued)

	Prime Obligations							Tax-Exempt Money Market							Treasury Instruments Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Institutional Shares
Actual	$	1,000.00	$	1,005.40		$	0.91	$	1,000.00	$	1,003.00		$	0.91	$	1,000.00	$	1,003.40		$	1.01
Hypothetical (5% return before expenses)		1,000.00		1,024.30	+		0.92		1,000.00		1,024.30	+		0.92		1,000.00		1,024.20	+		1.02
Select Shares
Actual		1,000.00		1,005.20			1.06		1,000.00		1,003.00			1.11		1,000.00		1,003.30			1.16
Hypothetical (5% return before expenses)		1,000.00		1,024.15	+		1.07		1,000.00		1,024.10	+		1.12		1,000.00		1,024.05	+		1.17
Preferred Shares
Actual		1,000.00		1,004.80			1.41		1,000.00		1,002.50			1.46		1,000.00		1,002.90			1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.79	+		1.43		1,000.00		1,023.74	+		1.48		1,000.00		1,023.69	+		1.53
Capital Shares
Actual		1,000.00		1,004.60			1.67		1,000.00		1,002.30			1.67		1,000.00		1,002.70			1.77
Hypothetical (5% return before expenses)		1,000.00		1,023.54	+		1.68		1,000.00		1,023.54	+		1.68		1,000.00		1,023.44	+		1.79
Administration Shares
Actual		1,000.00		1,004.10			2.17		1,000.00		1,001.70			2.22		1,000.00		1,002.20			2.27
Hypothetical (5% return before expenses)		1,000.00		1,023.04	+		2.19		1,000.00		1,022.99	+		2.24		1,000.00		1,022.94	+		2.29
Premier Shares
Actual		1,000.00		1,003.50			1.82		N/A		N/A			N/A		1,000.00		1,001.70			2.77
Hypothetical (5% return before expenses)		1,000.00		1,023.39	+		1.84		N/A		N/A			N/A		1,000.00		1,022.43	+		2.80
Service Shares
Actual		1,000.00		1,002.80			3.43		1,000.00		1,000.50			3.43		1,000.00		1,001.00			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.78	+		3.47		1,000.00		1,021.78	+		3.47		1,000.00		1,021.73	+		3.52
Resource Shares
Actual		1,000.00		1,002.00			1.82		1,000.00		1,000.10			3.83		1,000.00		1,000.40			2.47
Hypothetical (5% return before expenses)		1,000.00		1,023.39	+		1.84		1,000.00		1,021.37	+		3.87		1,000.00		1,022.74	+		2.50
Cash Management Shares
Actual		1,000.00		1,001.20			3.63		N/A		N/A			N/A		1,000.00		1,000.10			4.08
Hypothetical (5% return before expenses)		1,000.00		1,021.58	+		3.67		N/A		N/A			N/A		1,000.00		1,021.12	+		4.13

83

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited) (continued)

	Treasury Obligations Fund							Treasury Solutions Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Institutional Shares
Actual	$	1,000.00	$	1,003.50		$	1.01	$	1,000.00	$	1,003.50		$	1.01
Hypothetical (5% return before expenses)		1,000.00		1,024.20	+		1.02		1,000.00		1,024.20	+		1.02
Select Shares
Actual		1,000.00		1,003.40			1.16		1,000.00		1,003.30			1.16
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		1.17		1,000.00		1,024.05	+		1.17
Preferred Shares
Actual		1,000.00		1,003.00			1.51		1,000.00		1,003.00			1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.69	+		1.53		1,000.00		1,023.69	+		1.53
Capital Shares
Actual		1,000.00		1,002.80			1.77		1,000.00		1,002.70			1.77
Hypothetical (5% return before expenses)		1,000.00		1,023.44	+		1.79		1,000.00		1,023.44	+		1.79
Administration Shares
Actual		1,000.00		1,002.30			2.27		1,000.00		1,002.20			2.27
Hypothetical (5% return before expenses)		1,000.00		1,022.94	+		2.29		1,000.00		1,022.94	+		2.29
Premier Shares
Actual		1,000.00		1,001.80			2.57		1,000.00		1,001.70			2.77
Hypothetical (5% return before expenses)		1,000.00		1,022.63	+		2.60		1,000.00		1,022.43	+		2.80
Service Shares
Actual		1,000.00		1,001.00			3.48		1,000.00		1,001.00			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.73	+		3.52		1,000.00		1,021.73	+		3.52
Resource Shares
Actual		1,000.00		1,000.50			2.52		1,000.00		1,000.40			2.47
Hypothetical (5% return before expenses)		1,000.00		1,022.68	+		2.55		1,000.00		1,022.74	+		2.50
Cash Management Shares
Actual		1,000.00		1,000.10			4.99		1,000.00		1,000.10			4.03
Hypothetical (5% return before expenses)		1,000.00		1,020.21	+		5.04		1,000.00		1,021.17	+		4.08

84

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (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, 2017. 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	%		0.45	%		0.55	%		0.70	%		N/A			N/A			N/A			0.88	%		N/A
Government		0.18			0.21			0.28			0.33			0.43			0.52			0.67			0.43	%		0.86	%		0.80	%		0.85			0.18	%
Money Market		0.18			0.21			0.28			0.18			0.43			0.36			0.68			N/A			N/A			0.36			0.73			N/A
Prime Obligations		0.18			0.21			0.28			0.33			0.43			0.36			0.68			N/A			N/A			0.36			0.72			N/A
Tax-Exempt Money Market		0.18			0.22			0.29			0.33			0.44			N/A			0.68			N/A			N/A			0.76			N/A			N/A
Treasury Instruments		0.20			0.23			0.30			0.35			0.45			0.55			0.69			N/A			N/A			0.49			0.81			N/A
Treasury Obligations		0.20			0.23			0.30			0.35			0.45			0.51			0.69			N/A			N/A			0.50			0.99			N/A
Treasury Solutions		0.20			0.23			0.30			0.35			0.45			0.55			0.69			N/A			N/A			0.49			0.80			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.

85

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

86

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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

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

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

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

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

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

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

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

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

(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) information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

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

(n) 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; and

(o) the efforts of the Investment Adviser to respond to amendments to the regulatory framework for money market funds, including implementation of the final set of reforms as of October 11, 2016.

87

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

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 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, 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.

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 policies and strategies. They considered that the Investment Adviser had expended substantial resources to respond to amendments to the regulatory framework for money market funds. They noted that the Funds had implemented the final set of reforms as of October 11, 2016, including the requirements relating to the use of liquidity fees and redemption gates, and the transition to a floating net asset value for each of the Financial Square Prime Obligations, Financial Square Money Market and Financial Square Tax-Exempt Money Market Funds (the “Floating NAV Money Market Funds”). They considered that the Funds had operated in a challenging yield environment since 2009 (although yields had begun to improve as a result of recent actions by the Federal Reserve), and that the Investment Adviser had been able to maintain a 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 also considered that each Fund had maintained a stable net asset value and, with respect to the Floating NAV Money Market Funds, experienced minimal principal volatility after transitioning to a floating net asset value. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

The Trustees noted that the Financial Square Tax-Exempt Money Market Fund had launched on March 31, 2016 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 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.

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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. They noted that the Investment Adviser and Goldman Sachs & Co. LLC (“Goldman Sachs”) had waived fees and reimbursed expenses for the Funds in order to maintain positive yields. They also observed that the Investment Adviser had expended substantial resources to respond to amendments to the regulatory framework for money market funds. They noted that the Funds had implemented the final set of reforms as of October 11, 2016, including the requirements relating to the use of liquidity fees and redemption gates, and the transition to a floating net asset value for each of the Floating NAV 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.

Profitability

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

Economies of Scale

The Trustees considered the information that had been provided regarding 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.

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

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.

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, 2018.

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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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

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Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

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Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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 Funds — Financial Square Funds — Tax Information (Unaudited)

During the year ended August 31, 2017, 99.96% 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.

During the year ended August 31, 2017, 100%, 100%, 58.83%, 100%, 100%, 100%, and 55.67% of the net investment company taxable income distributions paid by the Financial Square Federal Instruments, Financial Square Government, Financial Square Prime Obligations, Financial Square Treasury Instruments, Financial Square Treasury Obligations, Financial Square Treasury Solutions, and Financial Square 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.

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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) 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’ 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 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of August 31, 2017 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. LLC.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

© 2017 Goldman Sachs. All rights reserved. 107105-TMPL-10/2017-630987 FSQAR-17/78k

Goldman Sachs Funds

Annual Report	August 31, 2017
	Fundamental Equity Growth Funds
	Capital Growth
	Concentrated Growth
	Dynamic U.S. Equity
	Flexible Cap*
	Growth Opportunities
	Small/Mid Cap Growth
	Strategic Growth
	Technology Opportunities

*Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

Goldman Sachs Fundamental Equity Growth Funds

∎ CAPITAL GROWTH

∎ CONCENTRATED GROWTH

∎ DYNAMIC U.S. EQUITY

∎ FLEXIBLE CAP

∎ GROWTH OPPORTUNITIES

∎ SMALL/MID CAP GROWTH

∎ STRATEGIC GROWTH

∎ TECHNOLOGY OPPORTUNITIES

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	6
Schedules of Investments	62
Financial Statements	78
Financial Highlights	88
Notes to Financial Statements	104
Report of Independent Registered Public Accounting Firm	126
Other Information	127

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.

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

∎ Perform in-depth, fundamental research

∎ 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:

∎ Established brand names

∎ Dominant market shares

∎ Pricing power

∎ Recurring revenue streams

∎ Free cash flow

∎ Long product life cycles

∎ Favorable long-term growth prospects

∎ Excellent management

Result

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

∎ Perform rigorous valuation analysis of every potential investment

∎ 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, 2017 (the “Reporting Period”), despite unexpected political events both domestically and abroad and three Federal Reserve (“Fed”) interest rate hikes. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 16.23%. The Russell 3000^® Index generated a return of 16.06%.

As the Reporting Period began in early September 2016, U.S. and international equities alike fell as the European Central Bank disappointed markets with its lack of commitment to extend quantitative easing. However, there was a subsequent rebound following the Fed’s decision in September 2016 to leave interest rates unchanged. In October 2016, a combination of hawkish Fed commentary and mounting strong U.S. economic data led to increased market pricing for a December 2016 interest rate hike. (Hawkish commentary tends to suggest higher interest rates; opposite of dovish.) U.S. GDP increased by 3.5% on an annualized basis for the third quarter of 2016, above consensus expectations and the strongest growth rate in two years. Following the unexpected results of the November 2016 U.S. presidential elections, U.S. equities quickly reversed a short-lived sell-off and surged on anticipation of a pro-growth effect of the incoming Administration’s fiscal stimulus plan. The Fed raised rates 0.25% in December 2016, for the first time in a year but as had largely been anticipated, and set a more hawkish hike path for 2017, causing equities to decline, albeit modestly, following the announcement.

U.S. equities rallied significantly in the first two months of 2017 before declining in March. In January 2017, markets rallied to new highs on the prospect of deregulation following executive orders on oil pipelines and on optimism around infrastructure spending after a $1 trillion proposal from Senate Democrats. Despite political uncertainty and protectionism concerns, U.S. equities continued to rally in February 2017 driven by risk-on sentiment owing to potential U.S. tax reform and deregulation as well as by stronger economic data. (Risk-on sentiment refers to an investment setting in which price behavior responds to and is driven by changes in investor risk tolerance. During periods when risk is perceived as low, risk-on sentiment indicates investors tend to engage in higher-risk investments; when risk is perceived as high, investors have the tendency to gravitate toward lower-risk investments.) In March 2017, the Fed raised interest rates for the third time since the 2007-2009 global financial crisis and maintained projections for three additional interest rate increases before the end of 2017. However, a seemingly cautious stance on the future path of monetary tightening from Fed Chair Janet Yellen and the presence of a dissenter on the Fed committee led to a dovish market reaction. Political risks subsequently drove U.S. equities lower in the wake of House Republicans’ struggle to schedule a vote on health care.

U.S. equities declined in April 2017, as Fed minutes suggested stocks were overvalued, but then rebounded on strong first quarter 2017 earnings reports and receding European political risk following the French presidential election. Although the labor market remained strong, economic activity and inflation data appeared to be moderating during the second quarter of 2017. Core inflation softened to 1.7% year-over-year in May 2017, marking a third consecutive month of weakness, while core personal consumption expenditure (“PCE”) remained below the Fed’s 2% target at just 1.4% year over year. In addition, market expectations for pro-growth U.S. fiscal policy were dampened by domestic political developments. Nonetheless, the Fed proceeded to raise the federal funds rate by 0.25% in June 2017, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. (A basis point is 1/100th of a percentage point.) The results of the

2

MARKET REVIEW

Fed’s 2017 Comprehensive Capital Analysis and Review (“CCAR”) stress test for banks were encouraging, with improving payout ratios.

U.S. equities gained in July 2017. The Institute for Supply Management (“ISM”) manufacturing index rose in June 2017 to 57.8, the highest level in nearly three years. However, inflation dynamics remained weaker. The core consumer price index (“CPI”) was still soft in June 2017, rising 1.7% year over year and 0.1% month over month. Fed Chair Yellen’s assessment during her Congressional testimony that the federal funds rate was close to its neutral policy rate was interpreted dovishly by markets. The Fed kept its monetary policy unchanged in July 2017, as had been widely expected. The Fed’s statement included an upgrade to its assessment of job growth as well as an acknowledgment that inflation was “below” target. This compares with its prior view, which noted inflation was “somewhat below” its 2% target, a shift that resulted in a mildly dovish market reaction. The Fed also stated it expected its balance sheet normalization to begin “relatively soon.” (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

U.S. equities were roughly flat in August 2017. U.S. economic activity continued to be strong, with several surveys on consumer sentiment and manufacturing surprising positively. This remained in contrast to subdued inflation, which surprised to the downside for the fifth consecutive month in July 2017, albeit largely due to idiosyncratic factors. The Fed’s minutes suggested increased concerns on inflation, highlighting that “many participants” saw “some likelihood that inflation may remain below 2 percent for longer than expected.” Hurricane Harvey caused extensive flooding and damages in Texas and Louisiana and significantly impacted refinery operations, resulting in a surge in gasoline prices.

For the Reporting Period overall, information technology and financials were the best performing sectors in the S&P 500 Index by a wide margin. The weakest performing sectors in the S&P 500 Index were energy and telecommunication services, the only two to post a negative absolute return, followed by consumer staples and real estate, which were comparatively weak but generated positive returns during the Reporting Period.

Within the U.S. equity market, all capitalization segments posted positive returns, but large-cap stocks, as measured by the Russell 1000^® Index, performed best, followed by small-cap stocks, as measured by the Russell 2000^® Index, and then mid-cap stocks, as measured by the Russell Midcap^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Looking Ahead

At the end of the Reporting Period, we maintained a positive view ahead for U.S. and global equities based on consensus economic and earnings growth expectations. Global economic growth and earnings forecasts were trending upward in all major regions for the first time since 2010. The U.S. economy offered the strongest growth amongst the developed countries, and there is significant investor and business optimism about potential pro-growth policies that we feel could support further economic and earnings growth. However, we believe this positive sentiment was already reflected in elevated equity valuations and U.S. equities reaching all-time highs toward the end of the Reporting Period.

3

MARKET REVIEW

Further, while we remained positive on U.S. equities at the end of the Reporting Period, we also recognized that legislative challenges could moderate the pace of policy change and economic growth. We believe optimism needs to convert to confidence to turn sentiment into action, potentially generating real business activity and maintaining investor enthusiasm. We think deregulation and tax reform would be critical components of this transition. Regulatory reform, we feel, is easier to enact because it can largely be accomplished with executive orders. Tax reform may be more challenging, but we think it is key to reviving confidence. Signs we will be watching to gauge whether the conversion to confidence is successful include rising corporate investment and earnings growth meeting or exceeding market expectations. We believe political uncertainty remains a risk to this transition process. We think the difficulties around passing health care reform have increased the risks around the current Administration’s ability to execute on other elements of its pro-growth agenda.

That said, 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.

4

MARKET REVIEW

Changes to the Funds’ Portfolio Management Team during the Reporting Period

In July 2017, Michael DeSantis was named co-lead portfolio manager on the Goldman Sachs Small/Mid Cap Growth Fund alongside Steve Barry and Dan Zimmerman. Michael is a Vice President on the Team and is being recognized for his meaningful contributions to our shareholders’ portfolios since he joined the Team in 2011. Michael will continue his research coverage within the technology sector and will also continue his co-lead portfolio manager role on the Goldman Sachs Technology Opportunities Fund.

The Goldman Sachs Growth Equity Investment Team consists of 17 investment professionals, averaging 16 years of industry experience. The team continues to be led by Steve Barry, Chief Investment Officer and Head of Fundamental Equity. Steve has more than 30 years of investment experience and has been with the team since 1999.

5

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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 21.47%, 20.59%, 21.96%, 21.36%, 21.77%, 21.19% and 21.99%, respectively. These returns compare to the 20.82% 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 outperformed the Russell Index during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were industrials, real estate and consumer staples, wherein effective stock selection drove results. The only two sectors to detract from the Fund’s relative results during the Reporting Period were financials and materials, wherein stock selection was weak.

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 aerospace and defense company Boeing, payments company MasterCard and information technology giant Apple.

In October 2016, Boeing reported earnings that beat market expectations on sales and earnings per share and also raised its full year guidance on earnings. Also, the company reiterated its expectation about increasing sales, margins, earnings per share and free cash flow through the end of the decade. Boeing’s stock price continued to rise after the company beat market earnings per share estimates and raised guidance in April 2017. Its stock price rallied further in late July 2017 after the company announced better than market expected earnings and free cash flow. At the end of the Reporting Period, we were optimistic about what we view as the company’s strong productivity track record, multi-year commercial aircraft backlog and improving prospects in its defense business. Overall, we believe in Boeing because, in our opinion, it has maintained a strong competitive position, robust free cash flow and focus on shareholders through buybacks and distributions.

Much of the increase in MasterCard’s share price was not driven, we believe, by stock-specific factors but rather by strong performance in the information technology sector and among payment companies in general. MasterCard’s stock did react positively after the company announced first and second quarter 2017 earnings in which revenues and earnings outpaced market expectations. This strong performance was explained by the company to be caused by higher processed transactions and robust cross-border volume. At the end of

6

PORTFOLIO RESULTS

the Reporting Period, we were optimistic on the company’s ability to grow its core payments business through new client wins as well as through further differentiation of the company by expanding to new growth areas such as consumer credit and peer-to-peer lending. We were also positive about operating trends and MasterCard’s ongoing focus on diversification and fee-based revenue stream, which we believe position the company well relative to competitors.

Apple reported strong fiscal first quarter results at the beginning of February 2017 that beat market expectations on both revenue and earnings per share, driven by better than market expected iPhone sales. This report caused Apple’s stock price to jump. The company then announced results at the beginning of May 2017 that were broadly in line with market estimates on most metrics and guidance. In August 2017, the company reported solid earnings ahead of the highly anticipated release of its new iPhone. Apple’s positive performance was led by strong iPad and services revenue growth. At the end of the Reporting Period, we continued to see what we believe are a number of strong growth catalysts for Apple, including solid iPhone demand and ongoing product innovation and development. Apple also has continued to deliver strong services growth, which, in our view, is important as this decreases transactional volatility tied to product cycles. Further, we remained optimistic on Apple’s significant installed base, experienced management and established brand name.

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 automotive aftermarket parts retailer O’Reilly Automotive, beer producer and seller Molson Coors Brewing and consumer products retailer Newell Brands.

Through most of the Reporting Period, O’Reilly Automotive’s stock price had been weak based largely on a combination of concerns about increased competition within the auto parts industry and weaker than market expected margins. In late April 2017, the company’s stock price declined when the company announced an earnings per share miss. In early July 2017, the company preannounced weak sales comparisons, missing both its guidance and analysts’ estimates, causing its share price to fall further. O’Reilly Automotive’s management explained the disappointing results as being caused by mild winter weather and weaker consumer demand. We decided to exit the Fund’s position to allocate capital in companies in which we had higher conviction.

Molson Coors Brewing’s share price declined following the U.S. elections in November 2016 and in early 2017 due to widespread concerns around slowing beer industry volumes. In February 2017, the company reported better than market expected earnings, but softer scanner data through March 2017 continued to weigh on its shares. (Scanner data is retail purchase information (such as price, brand, product size, amount purchased) gathered at the point of purchase by an electronic device that reads a coded ticket on the product through the use of an electronic reader over which the product passes.) The company’s share price declined further in June 2017 following an investor meeting during which its management announced a downward revision to its margin guidance. At the end of the Reporting Period, we expected the recent Miller Lite deal to unlock greater cost and revenue synergy opportunities than the market originally expected, which could potentially drive significant margin expansion over time. (On October 11, 2016, SABMiller sold its stake in MillerCoors for around $12 billion after the company was acquired by Anheuser-Busch InBev, making Molson Coors the 100% owner of MillerCoors. In effect, MillerCoors became the U.S. business unit of Molson Coors. In Canada, Molson Coors regained the right (from SABMiller) to make and market Miller Genuine Draft and Miller Lite.) Additionally, we believed further consolidation within the industry could have potentially positive implications for Molson Coors Brewing.

In late 2016, Newell Brands reported third quarter 2016 results that were below market expectations, causing its share price to decline. There was short-term concern that sales momentum may slow in the coming quarters due to ongoing integration work. During May 2017, the company’s stock rallied after it reported strong first quarter 2017 results led by better than market expected core sales growth. Newell Brands also reported earnings per share that exceeded market estimates while raising guidance. This was well received by investors as many of the company’s peers had reported disappointing earnings around the same time. The company’s share price, however, then sharply declined in early August 2017 following a disappointing earnings release in which organic sales were below consensus estimates. Investors reacted negatively to this, as the consumer sector has been

7

PORTFOLIO RESULTS

challenged in 2017 year to date through the end of August. Despite its underperformance, we continued to like the business and believed, at the end of the Reporting Period, that Newell Brands potentially represents a multi-year, double-digit earnings growth story. In our view, the company’s acquisition of Jarden, a similar holding company of consumer durable goods, could potentially yield meaningful synergies and earnings flexibility. Overall, we believed at the end of the Reporting Period that Newell Brands has a strong management team with a demonstrated track record of delivering shareholder value through both organic growth and acquisitions.

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 Fund position in Edwards Lifesciences. The company is a leading innovator in technologies that treat structural heart diseases, an area of largely unmet need. One of its key innovations is transcatheter aortic valve replacement (“TAVR”), which is a minimally invasive procedure to replace heart valves. We believe the TAVR market opportunity remains compelling at the company’s valuation at the time of purchase. We also believe TAVR is in the early stages in terms of penetration and adoption. In our view, the company has substantial upside potential should it take share away from open heart surgery and expand the market over the coming years as we anticipate.

We established a Fund position in biopharmaceutical company Amgen during the Reporting Period. The company, which operates in the areas of oncology and bone, inflammatory and cardiovascular diseases, is one of the leaders in the biotechnology industry, and we are positive on its ability to continue to grow market share. We further believe that with its new product cycles and existing growth franchises, the company should be able to offset any potential declines in its legacy business while continuing to grow both revenue and earnings. In our view, Amgen has robust free cash flow, a strong balance sheet and, we believe, was trading at an attractive valuation relative to its peers at the end of the Reporting Period.

Conversely, in addition to the sale of O’Reilly Automotive, mentioned earlier, we exited the Fund’s position in tobacco company Reynolds American during the Reporting Period. The company saw its stock price spike in October 2016 as news broke that British American Tobacco, which already owned 42% of Reynolds American, made a proposal to acquire the remaining 58% of the company at a premium. Following this development, we felt the risk/reward balance was less compelling and decided to sell the position.

We eliminated the Fund’s position in McCormick & Company, a manufacturer of spices, seasoning mixes and condiments. Its stock had been a strong performer for the Fund in the first half of 2016. However, the company’s premium valuation and more conventional consumer staples characteristics left it vulnerable amidst a cyclical market rotation, in our view. Consequently, we decided to exit 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, relative to the Russell Index, the Fund’s allocation in health care increased modestly and its exposure to materials decreased modestly.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had an overweighted position relative to the Russell Index in the consumer staples sector. On the same date, the Fund was rather neutrally weighted to the Russell Index in consumer discretionary, financials, energy, health care, industrials, information technology, materials and real estate and had no positions in utilities or telecommunication services at the end of the Reporting Period.

8

FUND BASICS

Capital Growth Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		21.47	%		20.82	%
Class C		20.59			20.82
Institutional		21.96			20.82
Service		21.36			20.82
Investor		21.77			20.82
Class R		21.19			20.82
Class R6		21.99			20.82

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 6/30/17	One Year			Five Years		Ten Years		Since Inception		Inception Date
Class A		14.52	%		12.88%		6.73%		9.24%	4/20/90
Class C		19.27			13.30		6.54		5.69	8/15/97
Institutional		21.65			14.61		7.77		6.90	8/15/97
Service		21.01			14.04		7.23		6.38	8/15/97
Investor		21.44			14.44		N/A		7.84	11/30/07
Class R		20.83			13.88		N/A		7.30	11/30/07
Class R6		21.63			N/A		N/A		7.77	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, Investor, 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.

9

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.51	%
Class C		1.90			2.26
Institutional		0.75			1.11
Service		1.25			1.61
Investor		0.90			1.26
Class R		1.40			1.76
Class R6		0.74			1.09

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.4	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		3.9		Software
Facebook, Inc. Class A		3.7		Internet Software & Services
Amazon.com, Inc.		3.4		Internet & Direct Marketing Retail
MasterCard, Inc. Class A		3.1		IT Services
Alphabet, Inc. Class C		2.5		Internet Software & Services
Alphabet, Inc. Class A		2.5		Internet Software & Services
Comcast Corp. Class A		2.4		Media
Honeywell International, Inc.		2.1		Industrial Conglomerates
McDonald’s Corp.		2.0		Hotels, Restaurants & Leisure

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

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented less than 1% of the Fund’s net assets as of August 31, 2017. 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.

11

GOLDMAN SACHS CAPITAL GROWTH FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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.

Capital Growth Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced April 20, 1990)
Excluding sales charges	21.47%	13.97%	7.90%	9.57%
Including sales charges	14.77%	12.69%	7.30%	9.34%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	20.59%	13.12%	7.10%	5.86%
Including contingent deferred sales charges	19.57%	13.12%	7.10%	5.86%
Institutional Class (Commenced August 15, 1997)	21.96%	14.43%	8.33%	7.06%
Service Class (Commenced August 15, 1997)	21.36%	13.86%	7.80%	6.54%
Investor (Commenced November 30, 2007)	21.77%	14.26%	N/A	8.16%
Class R (Commenced November 30, 2007)	21.19%	13.68%	N/A	7.62%
Class R6 (Commenced July 31, 2015)	21.99%	N/A	N/A	9.29%

12

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 diversified mutual funds. 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 what it believes to be reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Effective July 28, 2017, Goldman Sachs Focused Growth Fund merged with Goldman Sachs Concentrated Growth Fund. 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 17.75%, 16.88%, 18.22%, 18.14%, 17.46% and 18.17%, respectively. These returns compare to the 20.82% 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 double-digit 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.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in the health care, consumer discretionary and financials sectors detracted from the Fund’s relative results most during the Reporting Period. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were real estate, telecommunication services and consumer staples. Effective stock selection helped most in real estate and consumer staples. Having no exposure to telecommunication services, which was the second-weakest sector in the Russell Index during the Reporting Period, drove results in that sector.

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 oil well services company Schlumberger, athletic footwear and apparel company NIKE and beer producer and seller Molson Coors Brewing.

During the Reporting Period, Schlumberger announced fourth quarter 2016 earnings that were ahead of consensus expectations. However, its shares were weak, as the company expressed a slower than market expected recovery in international activity. Like many companies in the energy sector, Schlumberger’s stock price also came under pressure amidst volatility in global oil prices. While we believe trends may stabilize and improve over the long term and believe Schlumberger is a high quality company, we decided to exit the position to pursue other opportunities.

NIKE reported solid fiscal first quarter results during the Reporting Period, with revenue growth and earnings above market estimates. However, both its gross margin and future sales guidance came in below consensus expectations. NIKE’s shares quickly rebounded, with its stock price

13

PORTFOLIO RESULTS

spiking on the last day of June 2017 when the company announced earnings that were better than market expectations on revenue and earnings per share, while also announcing in-line guidance. However, its shares then turned downward again following the footwear retailer Foot Locker’s announcement of significantly weaker than market expected earnings; this was viewed by many investors as a negative indicator for footwear sales broadly. At the end of the Reporting Period, we remained positive on the company’s focus on innovation and product development, which we believe is stronger than it has been in the recent past. One example of this is NIKE announcing a deal to sell its shoes through Amazon. In our view, NIKE has a resilient business model, with diverse product offerings, global channels, market share gains and meaningful share buybacks. We continued to believe at the end of the Reporting Period that the company is a best-in-class franchise in a structurally healthy and growing category, and we remained positive on its long-term growth potential.

Molson Coors Brewing’s share price declined following the U.S. elections in November 2016 and in early 2017 due to widespread concerns around slowing beer industry volumes. In February 2017, the company reported better than market expected earnings, but softer scanner data through March 2017 continued to weigh on its shares. (Scanner data is retail purchase information (such as price, brand, product size, amount purchased) gathered at the point of purchase by an electronic device that reads a coded ticket on the product through the use of an electronic reader over which the product passes.) The company’s share price declined further in June 2017 following an investor meeting during which its management announced a downward revision to its margin guidance. While we think the company still has growth opportunities, especially given its recent merger and acquisition deals, we felt the risk/reward profile of the position was less compelling than it had been and decided to exit the position to pursue other 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 international freight transportation provider CSX, information technology giant Apple and pharmaceuticals company Vertex Pharmaceuticals.

CSX, a new position for the Fund during the Reporting Period, provides rail, intermodal, domestic container shipping and contract logistics services around the world. Since being added to the Fund’s portfolio during the fourth quarter of 2016, the company saw its stock price spike in January 2017, as Canadian Pacific Chief Executive Officer (“CEO”), Hunter Harrison, resigned and was reportedly seeking a senior management position at CSX. The market viewed the potential move positively given Harrison’s strong reputation, and indeed Harrison was hired later in the quarter as CEO. Further, in April 2017, the company reported strong first calendar quarter results in which better pricing and impressive cost control led to better than market expected earnings per share and revenues. The company’s share price took a pause in July 2017, following an earnings miss due to poorer operating efficiencies than reported in the preceding quarters. Still, at the end of the Reporting Period, we continued to believe CSX was well positioned to benefit from a possible inflationary environment given its cyclical business model and also from potential tax reforms given its currently high tax rate. Overall, we were optimistic at the end of the Reporting Period about what we viewed as CSX’s growth outlook, operational improvement and strong free cash flow generation.

Apple reported strong fiscal first quarter results at the beginning of February 2017 that beat market expectations on both revenue and earnings per share, driven by better than market expected iPhone sales. This report caused Apple’s stock price to jump. The company then announced results at the beginning of May 2017 that were broadly in line with market estimates on most metrics and guidance. In August 2017, the company reported solid earnings ahead of the highly anticipated release of its new iPhone. Apple’s positive performance was led by strong iPad and services revenue growth. At the end of the Reporting Period, we continued to see what we believe are a number of strong growth catalysts for Apple, including solid iPhone demand and ongoing product innovation and development. Apple also has continued to deliver strong services growth, which, in our view, is important as this decreases transactional volatility tied to product cycles. Further, we remained optimistic on Apple’s significant installed base, experienced management and established brand name.

Vertex Pharmaceuticals announced earnings in January 2017 that were better than market estimates on earnings per share and total revenue. Most of the movement in the stock, however, occurred later in the first calendar quarter when its share price spiked as the company announced the successful clinical trial of one of its cystic fibrosis drugs. Again, in July 2017, positive data from studies for the drug caused the stock price to rise significantly. At the end of the Reporting Period, we were encouraged by the stock’s performance in 2017 year-to-date

14

PORTFOLIO RESULTS

through August, especially following a challenging 2016 for the company. We think Vertex Pharmaceuticals has strong underlying fundamentals and a promising product pipeline with significant short- and long-term catalysts, at an attractive valuation. We believe the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share and geographic expansionary efforts that have contributed to meaningful profitability.

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 Fund position in media and entertainment company Walt Disney & Co. As the outlook for U.S. economic growth improved for many following the 2016 U.S. elections, we are positive on the ability of the company to capitalize on potential opportunities, especially in its theme park revenue. We also felt that some of the perceived risks surrounding its ESPN business were overdone. In our view, Disney has a strong balance sheet and robust free cash flow and earnings growth and remains committed to buying back shares. At the time of purchase, we were positive on the company moving forward and on its potential for sustained growth.

We established a Fund position in Northern Trust, an international financial services firm. Northern Trust is a company we had previously owned in our portfolios for its high quality fundamentals, including a solid balance sheet and cash position. We believe Northern Trust is well positioned to benefit from interest rate hikes and significant organic growth opportunities within the custody and fund administration business. We are additionally positive on the company’s wealth management segment given its mix of both active and passive strategies. The company’s management has stated it expects to reinvest its earnings into the business while targeting a meaningful return on equity, which could benefit shareholders. Northern Trust also has a high payout ratio and is well capitalized, in our view. Finally, we believe Northern Trust may further benefit from potentially lower corporate tax rates. With what we consider to be an experienced management team and a high quality franchise, we are optimistic on Northern Trust’s growth prospects.

Conversely, in addition to those sales mentioned earlier, we eliminated the Fund’s position in multinational conglomerate 3M. In our view, 3M is undergoing a transition with revised earnings, particularly in its electronics business. We believe this is being driven by customers moving away from LED to OLED devices in televisions and smartphones. (LED stands for light-emitting diode. OLED stands for organic light-emitting diode.) We think this shift may add headwinds to the company’s earnings in the near term, and we exited the position to invest in what we considered to be relatively more attractive risk/reward ideas.

We exited the Fund’s position in global pharmaceutical company Allergan. Volatility related to mergers and acquisitions in which the company has been involved as well as concerns about drug pricing pressures weighed on the company’s stock during the Reporting Period. Furthermore, disappointing quarterly results challenged the stock and further pushed out the timeline of our investment thesis. Though we remained positive at the end of the Reporting Period on the outlook for Allergan, we decided to sell the position in favor of more compelling 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 discretionary, consumer staples and financials increased and its allocations to real estate and information technology decreased relative to the Russell Index. The Fund’s allocation to cash also decreased during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the Russell Index in the financials, consumer staples, consumer discretionary and real estate sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology, materials and industrials. The Fund was rather neutrally weighted relative to the Russell Index in energy and health care and had no positions at all in the utilities and telecommunication services sectors at the end of the Reporting Period.

15

FUND BASICS

Concentrated Growth Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		17.75	%		20.82	%
Class C		16.88			20.82
Institutional		18.22			20.82
Investor		18.14			20.82
Class R		17.46			20.82
Class R6		18.17			20.82

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 6/30/17	One Year			Five Years		Ten Years		Since Inception		Inception Date
Class A		11.83	%		11.51%		5.76%		7.24%	9/03/02
Class C		16.54			11.94		5.57		6.84	9/03/02
Institutional		18.81			13.22		6.79		8.08	9/03/02
Investor		18.65			13.06		N/A		6.57	11/30/07
Class R		18.09			12.48		N/A		6.06	11/30/07
Class R6		18.83			N/A		N/A		6.37	7/31/15

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

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

16

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		1.63	%
Class C		1.95			2.38
Institutional		0.82			1.23
Investor		0.94			1.38
Class R		1.45			1.89
Class R6		0.81			1.21

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.0	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		4.9		Software
Facebook, Inc. Class A		4.5		Internet Software & Services
Alphabet, Inc. Class A		4.1		Internet Software & Services
Amazon.com, Inc.		4.0		Internet & Direct Marketing Retail
Comcast Corp. Class A		3.4		Media
American Tower Corp.		3.0		Equity Real Estate Investment Trusts (REITs)
MasterCard, Inc. Class A		2.8		IT Services
McDonald’s Corp.		2.7		Hotels, Restaurants & Leisure
The Walt Disney Co.		2.7		Media

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

17

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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.

18

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced September 3, 2002)
Excluding sales charges	17.75%	12.26%	6.69%	7.82%
Including sales charges	11.25%	11.00%	6.09%	7.42%
Class C (Commenced September 3, 2002)
Excluding contingent deferred sales charges	16.88%	11.43%	5.89%	7.01%
Including contingent deferred sales charges	15.87%	11.43%	5.89%	7.01%
Institutional Class (Commenced September 3, 2002)	18.22%	12.71%	7.11%	8.25%
Investor (Commenced November 30, 2007)	18.14%	12.55%	N/A	6.85%
Class R (Commenced November 30, 2007)	17.46%	11.99%	N/A	6.33%
Class R6 (Commenced July 31, 2015)	18.17%	N/A	N/A	7.68%

19

PORTFOLIO RESULTS

Goldman Sachs Dynamic U.S. Equity Fund

Portfolio Composition

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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 14.06%, 13.18%, 14.43%, 14.27%, 13.77% and 14.52%, respectively. These returns compare to the 16.23% 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 double-digit 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 contributed positively, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in industrials, energy and health care detracted from the Fund’s relative results most. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were financials, real estate and telecommunication services. Effective stock selection helped most in financials and real estate. Having no exposure to telecommunication services, which was the second-weakest sector in the S&P 500 Index during the Reporting Period, drove results in that sector.

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 S&P 500 Index were positions in oil and gas exploration and production company Southwestern Energy, U.S.-based media conglomerate Viacom and diversified industrial business General Electric.

Much of the decline in Southwestern Energy’s stock price came as the company announced disappointing earnings that fell below market estimates. In February 2017, its earnings per share came in lower than market consensus due to higher costs and declining production across all three regions in which the company operates. The company did, however, provide strong guidance moving forward and also announced an increase in capital expenditures. During the second calendar quarter, Southwestern Energy’s stock experienced weakness as the price of natural gas was pressured. Market volatility also continued to plague the stock. Despite the decline in the company’s share price, we believed at the end of the Reporting Period that our thesis on demand drivers within natural gas remained intact, even with potential macro headwinds. We also continued to see upside potential for Southwestern Energy given what we view as the company’s high quality assets, specifically in the Marcellus, Fayetteville and Utica shales. We remained encouraged by its management team’s focus on cutting costs and divesting assets as it seeks to reduce debt and believed Southwestern Energy is one of the most attractively valued companies among its peers.

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PORTFOLIO RESULTS

At the beginning of May 2017, Viacom announced earnings that were better than market estimates on both earnings per share and revenue. Investors reacted negatively to the earnings, however, and the stock fell sharply as the market maintained concerns on the changing TV landscape. Its stock remained under pressure and further sold off in July 2017, as investor concerns around the company’s outlook and growth heightened. While we continued to believe at the end of the Reporting Period that the company was attractively valued with a broad network and strong viewership base, we felt its risk/reward profile was less favorable given the continued disruption in the TV landscape. We therefore took the opportunity to exit the position and allocate the capital to names we felt had more favorable prospects moving forward.

General Electric announced earnings in January 2017 that were in-line with market consensus on earnings per share but were below market expectations on revenue and free cash flow, leading its stock price lower. Later in the Reporting Period, the company again announced disappointing earnings that, while beating market estimates on earnings per share, were weak on cash flow with lower than market expected guidance. Despite the decline in General Electric’s stock price, we continued at the end of the Reporting Period to be positive on the leadership changes that have taken place within the company. We believe such changes could bring more focus on change and improvement. We also continued to be positive on General Electric’s acquisition of Alstrom and the potential cost synergies it may create through 2018. We feel General Electric’s dominant market position and balance sheet flexibility should position it well looking ahead.

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 U.S.-based bank holding company Bank of America, food retailer Whole Foods Market and payments company MasterCard.

After the U.S. presidential election in early November 2016 and throughout the rest of the Reporting Period, Bank of America and the financials sector as a whole rose. The increase was largely the result of the market seeing greater potential for a more favorable regulatory environment as well as higher domestic growth and interest rates under the new Administration. Bank of America also continued to outperform its peers in the financials sector, which we believe was due to good banking fundamentals and its management’s emphasis on cost reductions. Overall, at the end of the Reporting Period, we remained positive on Bank of America’s business outlook and its ability to capitalize on potentially higher growth and interest rates, and we continued to find the company’s valuation attractive.

At the end of June 2017, Amazon announced its intention to acquire Whole Foods Market at a large premium, which caused Whole Foods Market’s stock price to spike. We believed Whole Foods Market was a market leader in one of the most attractive segments of food retailers, i.e. natural organic, with a strong balance sheet and free cash flow that was trading at an attractive valuation. Despite increased competition, we also were optimistic that the company was taking the necessary steps to address its challenges to reaccelerate growth and profitability. We believe Amazon’s acquisition validated our investment thesis that Whole Foods Market is a valuable strategic asset. Following the news and subsequent rise in stock price, we decided to exit the Fund’s position and allocate the capital to other opportunities.

Much of the increase in MasterCard’s share price was not driven, we believe, by stock-specific factors but rather by strong performance in the information technology sector and payment companies in general. MasterCard’s stock did react positively after the company announced first and second quarter 2017 earnings in which revenues and earnings outpaced market expectations. This strong performance was explained by the company to be caused by higher processed transactions and robust cross-border volume. At the end of the Reporting Period, we were optimistic on the company’s ability to grow its core payments business through new client wins as well as through further differentiation of the company by expanding to new growth areas such as consumer credit and peer-to-peer lending. We were also positive on operating trends and on MasterCard’s ongoing focus on diversification and fee-based revenue stream, which we believe position the company well relative to competitors.

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 Fund position in Wells Fargo, a diversified financials company. Following the surprise 2016 U.S. presidential election results and the potential volatility that might create, we took the opportunity to add what we view as a strong company with good growth potential moving forward. We have conviction in Wells

21

PORTFOLIO RESULTS

Fargo’s strong deposit franchise and leading national distribution network. We also believed its shares traded, at the time of purchase, at a compelling valuation relative to its peer group.

We established a Fund position in information technology giant Microsoft. We are positive on the company as it continued to grow its commercial cloud business, and we feel the company presents a good risk/reward opportunity. We feel Microsoft is attractively valued with a strong balance sheet and robust free cash flow. We believe Microsoft’s strong brand, dominant market position and what we consider to be its experienced management team are poised to continue moving the company in the right direction.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in McKesson. McKesson, a provider of pharmaceutical distribution services and medical supplies, saw its stock price decline during the Reporting Period, as the health care sector broadly saw increased scrutiny over drug pricing. While we continue to like the company, greater uncertainty in the near term led us to find other companies that we believe offer a more compelling risk/ reward outlook.

We eliminated the Fund’s position in health care equipment and services company Abbott Laboratories. The company’s share price had experienced weakness over acquisition-related news, along with foreign exchange headwinds and market growth deterioration in its pediatric nutrition segment in China. Although we continue to believe Abbott Laboratories is a growing business that capitalizes on strong execution, we exited the Fund’s position to invest in companies we considered to have a more favorable 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 Reporting Period, the Fund’s exposure to health care and real estate increased and its allocations to consumer staples, information technology and telecommunication services decreased relative to the Russell Index. The Fund’s position in cash increased during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the S&P 500 Index in financials and real estate. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in consumer staples, information technology and health care and was rather neutrally weighted to the S&P 500 Index in consumer discretionary, energy, industrials and materials. The Fund had no positions at all in telecommunication services and utilities at the end of the Reporting Period.

22

FUND BASICS

Dynamic U.S. Equity Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		14.06	%		16.23	%
Class C		13.18			16.23
Institutional		14.43			16.23
Investor		14.27			16.23
Class R		13.77			16.23
Class R6		14.52			16.23

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 6/30/17	One Year			Five Years			Since Inception			Inception Date
Class A		12.80	%		11.51	%		10.14	%	11/30/09
Class C		17.43			11.93			10.12		11/30/09
Institutional		19.78			13.21			11.40		11/30/09
Investor		19.61			13.04			11.22		11/30/09
Class R		19.01			12.50			10.68		11/30/09
Class R6		19.87			N/A			5.83		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, Investor, 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.

23

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		3.60	%
Class C		1.94			4.33
Institutional		0.82			3.16
Investor		0.94			3.54
Class R		1.44			3.70
Class R6		0.81			3.14

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
MasterCard, Inc. Class A		4.8	%	IT Services
Wells Fargo & Co.		4.7		Banks
Bank of America Corp.		4.3		Banks
General Electric Co.		4.0		Industrial Conglomerates
Apple, Inc.		3.8		Technology Hardware, Storage & Peripherals
Pfizer, Inc.		3.7		Pharmaceuticals
Microsoft Corp.		3.4		Software
Exxon Mobil Corp.		3.3		Oil, Gas & Consumable Fuels
American Tower Corp.		2.7		Equity Real Estate Investment Trusts (REITs)
The Walt Disney Co.		2.6		Media

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

24

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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.

25

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, 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. 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, Investor, 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, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Since Inception
Class A (Commenced November 30, 2009)
Excluding sales charges	14.06%	11.93%	10.75%
Including sales charges	7.80%	10.66%	9.95%
Class C (Commenced November 30, 2009)
Excluding contingent deferred sales charges	13.18%	11.10%	9.91%
Including contingent deferred sales charges	12.18%	11.10%	9.91%
Institutional Class (Commenced November 30, 2009)	14.43%	12.37%	11.18%
Investor (Commenced November 30, 2009)	14.27%	12.20%	11.01%
Class R (Commenced November 30, 2009)	13.77%	11.66%	10.47%
Class R6 (Commenced July 31, 2015)	14.52%	N/A	5.51%

26

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap 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 Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 20.14%, 19.18%, 20.61%, 20.43%, 19.83% and 20.61%, respectively. These returns compare to the 20.47% average annual total return of the Fund’s benchmark, the Russell 3000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period. After the close of business on August 31, 2017, the Fund’s benchmark was changed to the S&P 500^® Index.

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

A Most share classes of the Fund performed in line with the Russell Index during the Reporting Period, attributable primarily to effective stock selection overall. Sector allocation as a whole detracted, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were real estate, consumer staples and health care, wherein effective stock selection drove results. Having an underweighted allocation to consumer staples, which was the second weakest sector in the Russell Index during the Reporting Period, also helped. The sectors that detracted most from the Fund’s relative results during the Reporting Period were energy, information technology and materials, wherein stock selection proved challenging. Allocation positioning in energy, which was the weakest sector in the Russell Index during the Reporting Period, hurt as well.

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 investment banking advisory company Evercore Partners, multinational developer, manufacturer and marketer of medical devices C.R. Bard and fast casual restaurant chain Panera Bread.

Shares of Evercore Partners, a new purchase for the Fund during the Reporting Period, rallied sharply following the November 2016 U.S. elections, as investor sentiment around deregulation improved, creating an optimistic outlook for the investment bank. Evercore Partners’ stock continued to perform well as the company announced positive first and second quarter 2017 earnings driven by a healthy merger and acquisition backlog. We also saw Evercore Partners continuing to take share from bulge bracket firms and other independent boutiques. (The bulge bracket comprises the world’s largest and most profitable multinational investment banks whose investment banking clients are usually large corporations, institutions and governments.) The company had also made a conscious decision to reduce its investment management business and focus on delivering margins through higher productivity and cost control initiatives. With a meaningful share buyback and rise in dividends, Evercore Partners’ management has emphasized a focus on returning capital to shareholders. We initiated the purchase as we

27

PORTFOLIO RESULTS

viewed Evercore Partners as a high quality growth company with an experienced management team and a favorable valuation. As our investment thesis largely played out, we sold the Fund’s position in the company toward the middle of the Reporting Period.

During the Reporting Period, C.R. Bard announced it had accepted a buyout offer from Becton Dickinson, which caused C.R. Bard’s stock price to rise. We were encouraged by this news, as we have viewed C.R. Bard as having a strong business franchise with favorable long-term prospects and a high quality management team. Following the announcement, we took the opportunity to sell the Fund’s position in C.R. Bard and reallocate the capital to other investment opportunities.

Panera Bread’s gains were largely driven by JAB Holdings’ purchase of the fast casual restaurant chain. The premium paid for Panera Bread was a positive recognition of its previous investment to improve efficiencies and grow margins. Following strong performance and seeing a potential shift in leadership, we felt it prudent to exit the Fund’s position and look for opportunities elsewhere.

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 well services company Schlumberger, food manufacturer TreeHouse Foods and beer producer and seller Molson Coors Brewing.

During the Reporting Period, Schlumberger announced fourth quarter 2016 earnings that were ahead of consensus expectations. However, its shares were weak, as the company expressed a slower than market expected recovery in international activity. Like many companies in the energy sector, Schlumberger’s stock price also came under pressure amidst volatility in global oil prices. While we believe trends may stabilize and improve over the long term and believe Schlumberger is a high quality company, we opted to sell the position based on what we view as the company’s risk/reward profile given the recent downturn in crude oil prices.

Shares of TreeHouse Foods declined after the company reported mixed second quarter 2016 earnings and announced the retirement of its Chief Financial Officer. Then, in November 2016, the company reported disappointing third calendar quarter results with sales and earnings below market expectations. TreeHouse Foods also announced management changes, which, alongside plans to reorganize its sales force, led to some near-term uncertainty. Following the drop in its stock price, however, the company saw better performance, especially in February 2017 when it announced earnings that were better than the market expected, causing its stock price to regain some of the prior losses. In May 2017, its shares fell sharply following the company’s first quarter 2017 earnings release in which it missed earnings per share market estimates due to weaker than market expected margins. We decided to exit the Fund’s position due to what we believed was ongoing uncertainty around the company’s management changes and the integration of recent merger and acquisition activity.

Molson Coors Brewing’s share price declined following the U.S. elections in November 2016 and in early 2017 due to widespread concerns around slowing beer industry volumes. In February 2017, the company reported better than market expected earnings, but softer scanner data through March 2017 continued to weigh on its shares. (Scanner data is retail purchase information (such as price, brand, product size, amount purchased) gathered at the point of purchase by an electronic device that reads a coded ticket on the product through the use of an electronic reader over which the product passes.) The company’s share price declined further in June 2017 following an investor meeting during which its management announced a downward revision to its margin guidance. At the end of the Reporting Period, we expected the recent Miller Lite deal to unlock greater cost and revenue synergy opportunities than the market originally expected, which could potentially drive significant margin expansion over time. (On October 11, 2016, SABMiller sold its stake in MillerCoors for around $12 billion after the company was acquired by Anheuser-Busch InBev, making Molson Coors the 100% owner of MillerCoors. In effect, MillerCoors became the U.S. business unit of Molson Coors. In Canada, Molson Coors regained the right (from SABMiller) to make and market Miller Genuine Draft and Miller Lite.) Additionally, we believed further consolidation within the industry could have potentially positive implications for Molson Coors Brewing.

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 leading pharmaceutical

28

PORTFOLIO RESULTS

company Eli Lilly. In our view, Eli Lilly has a history of innovation and a strong drug pipeline. We believe the company is aiming to 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 Fund position in what we believe is a high quality company with a leading franchise, strong growth prospects and a healthy and improving financial profile.

We initiated a Fund position in Northern Trust, an international financial services firm. Northern Trust is a company we had previously owned in our portfolios for its high quality fundamentals, including a solid balance sheet and cash position. We believe Northern Trust is well positioned to benefit from interest rate hikes and significant organic growth opportunities within the custody and fund administration business. We are additionally positive on the company’s wealth management segment given its mix of both active and passive strategies. The company’s management has stated it expects to reinvest its earnings into the business while targeting a meaningful return on equity, which could benefit shareholders. Northern Trust also has a high payout ratio and is well capitalized, in our view. Finally, we believe Northern Trust may further benefit from potentially lower corporate tax rates. With what we consider to be an experienced management team and a high quality franchise, we are optimistic on Northern Trust’s growth prospects.

Conversely, in addition to those sales mentioned earlier, we eliminated the Fund’s position in wholesale membership warehouse operator Costco Wholesale. Though we continued to like the business, we believed it no longer merited a position in the Fund, as competition in the grocery sector intensified and its risk/reward opportunity became less compelling, in our view.

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 real estate increased and its allocations to consumer staples, information technology and telecommunication services decreased relative to the Russell Index. The Fund’s position in cash increased during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the Russell Index in the health care, real estate and financials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology, consumer discretionary, materials and telecommunications and was rather neutrally weighted to the Russell Index in consumer staples, energy and industrials. The Fund had no positions at all in the utilities and telecommunication services sectors at the end of the Reporting Period.

29

FUND BASICS

Flexible Cap Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			S&P 500 Index2			Russell 3000® Growth Index3
Class A		20.14	%		16.23	%		20.47	%
Class C		19.18			16.23			20.47
Institutional		20.61			16.23			20.47
Investor		20.43			16.23			20.47
Class R		19.83			16.23			20.47
Class R6		20.61			16.23			20.47

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  After the close of business on August 31, 2017, the Fund’s benchmark was changed to the S&P 500^® Index. 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.

³  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 RETURNS4
For the period ended 6/30/17	One Year			Five Year			Since Inception			Inception Date
Class A		13.60	%		13.19	%		9.16	%	1/31/08
Class C		18.36			13.64			9.03		1/31/08
Institutional		20.69			14.94			10.27		1/31/08
Investor		20.50			14.78			10.11		1/31/08
Class R		20.00			14.22			9.57		1/31/08
Class R6		20.69			N/A			6.81		7/31/15

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, 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.

30

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		2.61	%
Class C		1.70			3.36
Institutional		0.59			2.23
Investor		0.70			2.30
Class R		1.20			2.87
Class R6		0.58			2.21

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least August 31, 2018, 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 8/31/176
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.4	%	Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		4.2		Internet Software & Services
Amazon.com, Inc.		3.2		Internet & Direct Marketing Retail
Microsoft Corp.		2.8		Software
Alphabet, Inc. Class C		2.4		Internet Software & Services
MasterCard, Inc. Class A		2.4		IT Services
Alphabet, Inc. Class A		2.3		Internet Software & Services
Honeywell International, Inc.		2.1		Industrial Conglomerates
Comcast Corp. Class A		1.9		Media
Xylem, Inc.		1.8		Machinery

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

31

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁷

As of August 31, 2017

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.8% of the Fund’s net assets as of August 31, 2017. 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.

32

GOLDMAN SACHS FLEXIBLE CAP FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, 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 current benchmark, the S&P 500^® Index (with dividends reinvested), and the Fund’s former benchmark, the Russell 3000 Growth Index, is shown. As of August 31, 2017, the Fund’s benchmark was changed from the Russell 3000^® Growth Index to the S&P 500^® Index. The Investment Adviser believes that the S&P 500^® Index is a more appropriate index against which to measure performance in light of the changes to the Fund’s investment strategy. 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, Investor, 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 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, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Since Inception
Class A (Commenced January 31, 2008)
Excluding sales charges	20.14%	14.28%	10.08%
Including sales charges	13.57%	12.99%	9.44%
Class C (Commenced January 31, 2008)
Excluding contingent deferred sales charges	19.18%	13.42%	9.29%
Including contingent deferred sales charges	18.18%	13.42%	9.29%
Institutional Class (Commenced January 31, 2008)	20.61%	14.73%	10.54%
Investor (Commenced January 31, 2008)	20.43%	14.58%	10.38%
Class R (Commenced January 31, 2008)	19.83%	14.02%	9.84%
Class R6 (Commenced July 31, 2015)	20.61%	N/A	8.28%

33

PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

The Fund invests primarily in medium-sized growth companies. 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 13.40%, 12.49%, 13.81%, 13.22%, 13.71%, 13.13% and 13.80%, respectively. These returns compare to the 14.52% 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 double-digit 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 had a rather neutral effect on the Fund’s performance during the Reporting Period.

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 information technology, materials and financials sectors. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, industrials and real estate, 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 auto parts retailer Advance Auto Parts, food manufacturer TreeHouse Foods and consumer products retailer Newell Brands.

Through most of the Reporting Period, Advance Auto Parts’ stock price had been weak based largely on a combination of concerns about increased competition within the auto parts industry and weaker than market expected margins. Further, the company announced disappointing results throughout the Reporting Period. Advance Auto Parts’ management explained the disappointing results as being caused by mild winter weather and weaker consumer demand. We decided to exit the Fund’s position to allocate capital in companies in which we had higher conviction.

Shares of TreeHouse Foods declined after the company reported mixed second quarter 2016 earnings and announced the retirement of its Chief Financial Officer. Then, in November 2016, the company reported disappointing third calendar quarter results with sales and earnings below market expectations. TreeHouse Foods also announced management changes, which, alongside plans to reorganize its sales force, led to some near-term uncertainty. Following the drop in its stock price, however, the company saw better performance, especially in February 2017 when it announced earnings that were better than the market feared, causing its stock price to regain some of the prior losses. In May 2017, its shares fell

34

PORTFOLIO RESULTS

sharply following the company’s first quarter 2017 earnings release in which it missed earnings per share market estimates due to weaker than market expected margins. We decided to exit the Fund’s position due to what we believed was ongoing uncertainty around the company’s management changes and the integration of recent merger and acquisition activity.

In late 2016, Newell Brands reported third quarter 2016 results that were below market expectations, causing its share price to decline. There was short-term concern that sales momentum may slow in the coming quarters due to ongoing integration work. During May 2017, the company’s stock rallied after it reported strong first quarter 2017 results led by better than market expected core sales growth. Newell Brands also reported earnings per share that exceeded market estimates while raising guidance. This was well received by investors as many of the company’s peers had reported disappointing earnings around the same time. The company’s share price, however, then sharply declined in early August 2017 following a disappointing earnings release in which organic sales were below consensus estimates. Investors reacted negatively to this, as the consumer sector has been challenged in 2017 year to date through the end of August. Despite its underperformance, we continued to like the business and believed, at the end of the Reporting Period, that Newell Brands potentially represents a multi-year, double-digit earnings growth story. In our view, the company’s acquisition of Jarden, a similar holding company of consumer durable goods, could yield meaningful synergies and earnings flexibility. Overall, we believed at the end of the Reporting Period that Newell Brands has a strong management team with a demonstrated track record of delivering shareholder value through both organic growth and acquisitions.

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 fast casual restaurant chain Panera Bread, precision and measuring instruments manufacturer Mettler-Toledo International and diversified technology company Roper Technologies.

Panera Bread’s gains were largely driven by JAB Holdings’ purchase of the fast casual restaurant chain. The premium paid for Panera Bread was a positive recognition of its previous investment to improve efficiencies and grow margins. Following strong performance and seeing a potential shift in leadership, we felt it prudent to exit the Fund’s position and look for opportunities elsewhere.

In early February 2017, Mettler-Toledo International reported strong fourth quarter 2016 results that beat market estimates across the majority of meaningful metrics. Its share price continued to increase through the Reporting Period, as the company showed healthy fundamentals across segments and geographies, leading to strong organic growth and, ultimately, to better than market expected earnings growth. At the end of the Reporting Period, we believed Mettler-Toledo International was a unique asset with robust upside potential and strong fundamentals.

Roper Technologies provides engineered products and solutions for the global niche markets. For much of the Reporting Period, the company performed in line with the overall market. However, in February 2017, its stock price spiked, as it announced solid earnings that beat market expectations on earnings per share and also announced strong guidance. The company released strong results the next two quarters, beating market estimates and raising guidance in each. Roper Technologies focuses on cash return on investment (“CROI”) metrics, which have historically served the company well. In our view, Roper Technologies has a significant runway for its differentiated merger and acquisition strategy to potentially grow the business. We think the company’s margins and CROI could continue to expand as it transitions from an industrial company to a more software aligned company. At the end of the Reporting Period, we were optimistic on what we viewed as the company’s innovative measures, disciplined capital deployment and its management’s solid execution ability.

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 Northern Trust, an international financial services firm. Northern Trust is a company we had previously owned in our portfolios for its high quality fundamentals, including a solid balance sheet and cash position. We believe Northern Trust is well positioned to benefit from interest rate hikes and significant organic growth opportunities within the custody and fund administration business. We are additionally positive on the

35

PORTFOLIO RESULTS

company’s wealth management segment given its mix of both active and passive strategies. The company’s management has stated it expects to reinvest its earnings into the business while targeting a meaningful return on equity, which could benefit shareholders. Northern Trust also has a high payout ratio and is well capitalized, in our view. Finally, we believe Northern Trust may further benefit from potentially lower corporate tax rates. With what we consider to be an experienced management team and a high quality franchise, we are optimistic on Northern Trust’s growth prospects.

We established a Fund position in Total System Services, a payment processing services provider. We view Total System Services as a high quality payments franchise, and we bought the stock on the back of what we considered to be an attractive valuation. The company’s share price dropped during the Reporting Period, as it released second quarter 2017 results with slower organic revenue growth and guidance on the low end. Total System Services also faces regulatory uncertainties, which we think will subside over time. In our view, these headwinds are near-term in nature and have created an opportunity to hold shares in a fundamentally solid company with potential for strong organic growth that may lead to multiple expansion.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Fidelity National Information Services. In February 2017, the company reported fourth quarter 2016 results that were in line with market expectations but lowered its outlook for 2017. Based on this disappointing outlook, we decided to sell the Fund’s position and allocate capital into other ideas with what we believed to be more compelling 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 financials, health care, industrials and information technology increased and its allocations to consumer staples, materials and telecommunication services decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the Russell Index in the financials, health care and industrials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary, information technology and materials. The Fund was rather neutrally weighted to the Index in consumer staples, energy and real estate and had no positions at all in telecommunication services and utilities at the end of the Reporting Period.

36

FUND BASICS

Growth Opportunities Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell Midcap® Growth Index2
Class A		13.40	%		14.52	%
Class C		12.49			14.52
Institutional		13.81			14.52
Service		13.22			14.52
Investor		13.71			14.52
Class R		13.13			14.52
Class R6		13.80			14.52

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 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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		7.50	%		10.05	%		7.20	%		10.21	%	5/24/99
Class C		11.93			10.47			7.00			9.73		5/24/99
Institutional		14.18			11.73			8.23			10.99		5/24/99
Service		13.55			11.16			7.69			10.43		5/24/99
Investor		14.02			11.58			N/A			8.23		11/30/07
Class R		13.51			11.03			N/A			7.70		11/30/07
Class R6		14.22			N/A			N/A			3.90		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class 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.

37

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.32	%		1.42	%
Class C		2.07			2.17
Institutional		0.95			1.02
Service		1.45			1.52
Investor		1.07			1.17
Class R		1.57			1.67
Class R6		0.93			1.01

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets		Line of Business
Amphenol Corp. Class A		3.2	Electronic Equipment, Instruments & Components
Roper Technologies, Inc.		2.8	Industrial Conglomerates
Xylem, Inc.		2.6	Machinery
The Middleby Corp.		2.5	Machinery
Edwards Lifesciences Corp.		2.4	Health Care Equipment & Supplies
Zoetis, Inc.		2.2	Pharmaceuticals
Northern Trust Corp.		2.2	Capital Markets
Agilent Technologies, Inc.		2.0	Life Sciences Tools & Services
Black Knight Financial Services,		2.0	IT Services
Inc. Class A
Total System Services, Inc.		2.0	IT Services

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

38

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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.

39

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 24, 1999)
Excluding sales charges	13.40%	11.15%	8.02%	10.62%
Including sales charges	7.18%	9.90%	7.41%	10.28%
Class C (Commenced May 24, 1999)
Excluding contingent deferred sales charges	12.49%	10.32%	7.21%	9.80%
Including contingent deferred sales charges	11.46%	10.32%	7.21%	9.80%
Institutional Class (Commenced May 24, 1999)	13.81%	11.58%	8.45%	11.06%
Service Class (Commenced May 24, 1999)	13.22%	11.02%	7.91%	10.50%
Investor (Commenced November 30, 2007)	13.71%	11.43%	N/A	8.40%
Class R (Commenced November 30, 2007)	13.13%	10.88%	N/A	7.86%
Class R6 (Commenced July 31, 2015)	13.80%	N/A	N/A	5.01%

40

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

The Fund invests primarily in small and medium-sized growth companies. 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 13.78%, 12.98%, 14.21%, 13.59%, 14.06%, 13.47% and 14.26%, respectively. These returns compare to the 15.57% 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 The Fund generated positive double-digit 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 more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting from relative results most during the Reporting Period were health care, information technology and materials, wherein stock selection was challenging. Effective stock selection in the financials, real estate and industrials sectors helped the Fund’s performance most relative to the Russell Index. Allocation positioning in financials and real estate also buoyed the Fund’s relative 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 digital printing company Electronics for Imaging, auto parts retailer Advance Auto Parts and food manufacturer TreeHouse Foods.

In October 2016 and April 2017, Electronics for Imaging reported mixed quarterly results that caused its stock price to decline. However, the majority of its weak performance occurred at the beginning of August 2017 when the company indefinitely postponed the release of its June 2017 quarterly results, as there was an issue stemming from the timing of revenue recognition. While the company announced there was no material aggregate misstatement, the uncertainty surrounding the situation caused its stock price to plummet. In our view, at the end of the Reporting Period, the company still had a dominant market position in its legacy printer controllers business, which provides strong cash flow to fund other of its growth businesses, and is well positioned for the transition from analog to digital printing. In addition, we believed the company has an effective and disciplined merger and acquisition strategy that supplements organic growth in its inkjet printing and software businesses. Overall, we believed the company was positioned well to benefit from favorable secular trends should analog continue to shift toward digital printing.

Through most of the Reporting Period, Advance Auto Parts’ stock price had been weak based largely on a combination of concerns about increased competition within the auto parts industry and weaker than market expected margins. Further,

41

PORTFOLIO RESULTS

the company announced disappointing results throughout the Reporting Period. Advance Auto Parts’ management explained the disappointing results as being caused by mild winter weather and weaker consumer demand. We decided to exit the Fund’s position to allocate capital in companies in which we had higher conviction.

Shares of TreeHouse Foods declined after the company reported mixed second quarter 2016 earnings and announced the retirement of its Chief Financial Officer. Then, in November 2016, the company reported disappointing third calendar quarter results with sales and earnings below market expectations. TreeHouse Foods also announced management changes, which, alongside plans to reorganize its sales force, led to some near-term uncertainty. Following the drop in its stock price, however, the company saw better performance, especially in February 2017 when it announced earnings that were better than the market feared, causing its stock price to regain some of the prior losses. In May 2017, its shares fell sharply following the company’s first quarter 2017 earnings release in which it missed earnings per share market estimates due to weaker than market expected margins. We decided to exit the Fund’s position due to what we believed was ongoing uncertainty around the company’s management changes and the integration of recent merger and acquisition activity.

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 biopharmaceutical company Exelixis, fast casual restaurant chain Panera Bread and veterinary clinics operator VCA.

Exelixis engages in the development and commercialization of oncology treatments. Its shares gained following strong results during the Reporting Period. Exelixis’ main drug, Cabometyx, which is in phase two kidney cancer trials, reported sales that beat market expectations. The drug has been capturing market share and posting positive test results at what we consider to be an impressive rate. We believe the drug can continue to be a real earnings growth driver. At the end of the Reporting Period, we remained positive on the company and believed it is a well-run and profitable oncology company that has what we view as attractive growth and value opportunities within its industry.

Panera Bread’s gains were largely driven by JAB Holdings’ purchase of the fast casual restaurant chain. The premium paid for Panera Bread was a positive recognition of its previous investment to improve efficiencies and grow margins. Following strong performance and seeing a potential shift in leadership, we felt it prudent to exit the Fund’s position and look for opportunities elsewhere.

VCA announced during the Reporting Period that it had accepted a buyout offer from Mars, Inc. We had initiated a position in VCA earlier in 2016, as we believed there was positive momentum in the U.S. veterinary market, and the company’s same-store revenue growth had remained strong. We were encouraged by this acquisition news and exited the Fund’s position in VCA accordingly.

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 Dunkin’ Brands Group. We believe Dunkin’ Brands Group is a high quality business due to its entirely franchised restaurant model, allowing the parent company to maintain what we view as an attractive capital structure. We are also positive on the company’s recent hire of Dave Hoffman, a well respected veteran in the industry, who is working to use his experience at McDonald’s to introduce growth initiatives, such as a simplified menu and a strong digital platform. Overall, we believe Dunkin’ Brands Groups presents a strong growth story at attractive valuations.

We established a Fund position in Total System Services, a payment processing services provider. We view Total System Services as a high quality payments franchise, and we bought the stock on the back of what we considered to be an attractive valuation. The company’s share price dropped during the Reporting Period, as it released second quarter 2017 results with slower organic revenue growth and guidance on the low end. Total System Services also faces regulatory uncertainties, which we think will subside over time. In our view, these headwinds are near-term in nature and have created an opportunity to hold shares in a fundamentally solid company with potential for strong organic growth that may lead to multiple expansion.

Conversely, we sold several Fund positions during the Reporting Period, with the most significant being those of Panera Bread and VCA, each mentioned earlier.

42

PORTFOLIO RESULTS

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 energy, financials, health care, industrials and information technology increased and its allocations to consumer discretionary, consumer staples, materials and telecommunication services decreased relative to the Russell Index. The Fund’s position in cash increased during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, 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 consumer discretionary, real estate, information technology and materials. The Fund was rather neutrally weighted to the Russell Index in consumer staples, energy and industrials and had no positions at all in telecommunication services and utilities at the end of the Reporting Period.

43

FUND BASICS

Small/Mid Cap Growth Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 2500® Growth  Index2
Class A		13.78	%		15.57	%
Class C		12.98			15.57
Institutional		14.21			15.57
Service		13.59			15.57
Investor		14.06			15.57
Class R		13.47			15.57
Class R6		14.26			15.57

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

²  The 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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		9.91	%		11.90	%		8.25	%		9.65	%		6/30/05
Class C		14.34			12.33			8.04			9.31			6/30/05
Institutional		16.70			13.61			9.28			10.57			6/30/05
Service		16.14			13.06			8.74			10.02			6/30/05
Investor		16.59			13.47			N/A			9.33			11/30/07
Class R		15.96			12.89			N/A			8.79			11/30/07
Class R6		16.69			N/A			N/A			1.83			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, Investor, 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		1.31	%		1.45	%
Class C		2.06			2.20
Institutional		0.93			1.05
Service		1.43			1.55
Investor		1.06			1.20
Class R		1.56			1.70
Class R6		0.92			1.04

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
The Middleby Corp.		2.7	%	Machinery
Xylem, Inc.		2.4		Machinery
Black Knight Financial Services, Inc. Class A		2.3		IT Services
Eagle Bancorp, Inc.		1.9		Banks
Global Payments, Inc.		1.9		IT Services
Tyler Technologies, Inc.		1.8		Software
Lazard Ltd. Class A		1.8		Capital Markets
GoDaddy, Inc. Class A		1.7		Internet Software & Services
Affiliated Managers Group, Inc.		1.7		Capital Markets
First Republic Bank		1.7		Banks

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

45

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.8% of the Fund’s net assets as of August 31, 2017. 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 GROWTH FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced June 30, 2005)
Excluding sales charges	13.78%	12.63%	9.09%	10.17%
Including sales charges	7.50%	11.37%	8.48%	9.66%
Class C (Commenced June 30, 2005)
Excluding contingent deferred sales charges	12.98%	11.79%	8.28%	9.31%
Including contingent deferred sales charges	11.94%	11.79%	8.28%	9.31%
Institutional Class (Commenced June 30, 2005)	14.21%	13.07%	9.52%	10.58%
Service Class (Commenced June 30, 2005)	13.59%	12.49%	8.97%	10.02%
Investor (Commenced November 30, 2007)	14.06%	12.91%	N/A	9.35%
Class R (Commenced November 30, 2007)	13.47%	12.34%	N/A	8.81%
Class R6 (Commenced July 31, 2015)	14.26%	N/A	N/A	2.53%

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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, 2017 (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, Investor, R6 and R Shares generated average annual total returns, without sales charges, of 19.79%, 18.89%, 20.29%, 19.66%, 20.15%, 19.56% and 20.33%, respectively. These returns compare to the 20.82% 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 double-digit absolute gains, but sector allocation overall detracted modestly from the Fund’s performance relative to the Russell Index during the Reporting Period. Stock selection contributed positively during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in health care and financials detracted from the Fund’s relative results most during the Reporting Period. Having an overweight to energy, by far the worst performing sector in the Russell Index during the Reporting Period, also hurt. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were real estate, consumer staples and consumer discretionary, wherein effective stock selection drove results.

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

A Among the stocks detracting most from the Fund’s results relative to the Russell Index were beer producer and seller Molson Coors Brewing, oil well services company Schlumberger and athletic footwear and apparel company NIKE.

Molson Coors Brewing’s share price declined following the U.S. elections in November 2016 and in early 2017 due to widespread concerns around slowing beer industry volumes. In February 2017, the company reported better than market expected earnings, but softer scanner data through March 2017 continued to weigh on its shares (Scanner data is retail purchase information (such as price, brand, product size, amount purchased) gathered at the point of purchase by an electronic device that reads a coded ticket on the product through the use of an electronic reader over which the product passes.). The company’s share price declined further in June 2017 following an investor meeting during which its management announced a downward revision to its margin guidance. At the end of the Reporting Period, we expected the recent Miller Lite deal to unlock greater cost and revenue synergy opportunities than the market originally expected, which could potentially drive significant margin expansion over time. (On October 11, 2016, SABMiller sold its stake in MillerCoors for around $12 billion after the company was acquired by Anheuser-Busch InBev, making Molson Coors the 100% owner of MillerCoors. In effect, MillerCoors became the U.S. business unit of Molson Coors. In Canada, Molson Coors regained the right (from SABMiller) to make

48

PORTFOLIO RESULTS

and market Miller Genuine Draft and Miller Lite.) Additionally, we believed further consolidation within the industry could have potentially positive implications for Molson Coors Brewing.

During the Reporting Period, Schlumberger announced fourth quarter 2016 earnings that were ahead of consensus expectations. However, its shares were weak, as the company expressed a slower than market expected recovery in international activity. Like many companies in the energy sector, Schlumberger’s stock price also came under pressure amidst volatility in global oil prices. While we believe trends may stabilize and improve over the long term and believe Schlumberger is a high quality company, we decided to exit the position to pursue other opportunities.

NIKE reported solid fiscal first quarter results during the Reporting Period, with revenue growth and earnings above market estimates. However, both its gross margin and sales guidance came in below consensus expectations. NIKE’s shares quickly rebounded, with its stock price spiking on the last day of June 2017 when the company announced earnings that were better than market expectations on revenue and earnings per share, while also announcing in-line guidance. However, its shares then turned downward again following the footwear retailer Foot Locker’s announcement of significantly weaker than market expected earnings; this was viewed by many investors as a negative indicator for footwear sales broadly. At the end of the Reporting Period, we remained positive on the company’s focus on innovation and product development, which we believe is stronger than it has been in the recent past. One example of this is NIKE announcing a deal to sell its shoes through Amazon. In our view, NIKE has a resilient business model, with diverse product offerings, global channels, market share gains and meaningful share buybacks. We continued to believe at the end of the Reporting Period that the company is a best-in-class franchise in a structurally healthy and growing category, and we remained positive on its long-term growth potential.

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 international freight transportation provider CSX, digital media streaming company Netflix and information technology giant Apple.

CSX, a new position for the Fund during the Reporting Period, provides rail, intermodal, domestic container shipping and contract logistics services around the world.

Since being added to the Fund’s portfolio during the fourth quarter of 2016, the company saw its stock price spike in January 2017, as Canadian Pacific Chief Executive Officer (“CEO”), Hunter Harrison, resigned and was reportedly seeking a senior management position at CSX. The market viewed the potential move positively given Harrison’s strong reputation, and indeed Harrison was hired later in the quarter as CEO. Further, in April 2017, the company reported strong first calendar quarter results in which better pricing and impressive cost control led to better than market expected earnings per share and revenues. The company’s share price took a pause in July 2017, following an earnings miss due to poorer operating efficiencies than reported in the preceding quarters. Still, at the end of the Reporting Period, we continued to believe CSX was well positioned to benefit from a possible inflationary environment given its cyclical business model and also from potential tax reforms given its currently high tax rate. Overall, we were optimistic at the end of the Reporting Period about what we viewed as CSX’s growth outlook, operational improvement and strong free cash flow generation.

Early in the Reporting Period, Netflix’s shares gained sharply following exceptionally strong third quarter 2016 results, with revenues and earnings well ahead of market expectations. Importantly, subscriber growth across both domestic and international markets was strong. Netflix’s stock spiked again in July 2017 following its second quarter 2017 earnings release in which the company beat consensus estimates on earnings and guidance. The company’s strong performance was primarily driven by new, well-received content and increased distribution on traditional distribution channels. At the end of the Reporting Period, we remained positive on Netflix as the market leader within the movie streaming industry, offering a convenient way to consume content without the burden of ownership. We further believed the company was well positioned to capture subscriber growth globally.

Apple reported strong fiscal first quarter results at the beginning of February 2017 that beat market expectations on both revenue and earnings per share, driven by better than market expected iPhone sales. This report caused Apple’s stock price to jump. The company then announced results at the beginning of May 2017 that were broadly in line with market estimates on most metrics and guidance. In August 2017, the company reported solid earnings ahead of the

49

PORTFOLIO RESULTS

highly anticipated release of its new iPhone. Apple’s positive performance was led by strong iPad and services revenue growth. At the end of the Reporting Period, we continued to see what we believe are a number of strong growth catalysts for Apple, including solid iPhone demand and ongoing product innovation and development. Apple also has continued to deliver strong services growth, which, in our view, is important as this decreases transactional volatility tied to product cycles. Further, we remained optimistic on Apple’s significant installed base, experienced management and established brand name.

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 established a Fund position in media and entertainment company Walt Disney & Co. As the outlook for U.S. economic growth improved for many following the 2016 U.S. elections, we are positive on the ability of the company to capitalize on potential opportunities, especially in its theme park revenue. We also felt that some of the perceived risks surrounding its ESPN business were overdone. In our view, Disney has a strong balance sheet and robust free cash flow and earnings growth and remains committed to buying back shares. At the time of purchase, we were positive on the company moving forward and on its potential for sustained growth.

We initiated a Fund position in semiconductor and analog company Texas Instruments. We view the company as a best-in-class analog semiconductor company with strong market share. We believe the company’s long-term growth prospects are strong, as the industry has become more fragmented. Overall, we believe the company is a high quality name that has exposure to diversified end-markets, long product cycles and a superior management team.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in health care products and services company Abbott Laboratories. The company’s share price had experienced weakness over acquisition-related news as well as foreign exchange headwinds and market growth deterioration in its pediatric nutrition segment in China.

Although we continue to believe Abbott Laboratories is a growing business that capitalizes on strong execution, we exited the Fund’s position to invest in companies we felt had more favorable risk/reward profiles.

We eliminated the Fund’s position in specialty coffee retailer Starbucks. During the Reporting Period, Starbucks reported a disappointing comparable same-store sales growth report that dampened investor sentiment. In our view, this was because the results were perceived as indicators of a further slowdown in its growth rate beyond market expectations. Though we continue to like the company and the strength of its franchise, we believe there are other ideas with more compelling risk/ reward profiles and thus decided to exit 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 exposure to consumer discretionary and consumer staples increased and its allocations to information technology and materials 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 2017?

A At the end of August 2017, the Fund had an overweighted position relative to the Russell Index in the consumer staples sector. On the same date, the Fund had underweighted positions compared to the Russell Index in materials and information technology. The Fund was rather neutrally weighted to the Russell Index in consumer discretionary, energy, financials, health care, industrials and real estate and had no positions at all in utilities and telecommunication services at the end of the Reporting Period.

50

FUND BASICS

Strategic Growth Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		19.79	%		20.82	%
Class C		18.89			20.82
Institutional		20.29			20.82
Service		19.66			20.82
Investor		20.15			20.82
Class R		19.56			20.82
Class R6		20.33			20.82

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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		13.12	%		13.01	%		6.78	%		3.99	%	5/24/99
Class C		17.82			13.47			6.58			3.54		5/24/99
Institutional		20.23			14.75			7.80			4.73		5/24/99
Service		19.71			14.21			7.33			4.29		5/24/99
Investor		20.00			14.59			N/A			14.71		1/06/09
Class R		19.39			14.04			N/A			14.20		1/06/09
Class R6		20.17			N/A			N/A			7.82		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class 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.

51

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.54	%
Class C		1.90			2.29
Institutional		0.75			1.14
Service		1.25			1.64
Investor		0.90			1.29
Class R		1.40			1.79
Class R6		0.76			1.15

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 Aprill 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.9	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		4.5		Software
Facebook, Inc. Class A		4.2		Internet Software & Services
Amazon.com, Inc.		3.8		Internet & Direct Marketing Retail
Alphabet, Inc. Class A		3.1		Internet Software & Services
MasterCard, Inc. Class A		2.5		IT Services
Comcast Corp. Class A		2.5		Media
Alphabet, Inc. Class C		2.3		Internet Software & Services
The Walt Disney Co.		2.0		Media
Eli Lilly & Co.		1.9		Pharmaceuticals

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

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FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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.

53

GOLDMAN SACHS STRATEGIC GROWTH FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 24, 1999)
Excluding sales charges	19.79%	13.99%	7.86%	4.51%
Including sales charges	13.23%	12.72%	7.26%	4.18%
Class C (Commenced May 24, 1999)
Excluding contingent deferred sales charges	18.89%	13.14%	7.05%	3.74%
Including contingent deferred sales charges	17.85%	13.14%	7.05%	3.74%
Institutional Class (Commenced May 24, 1999)	20.29%	14.45%	8.29%	4.93%
Service Class (Commenced May 24, 1999)	19.66%	13.87%	7.80%	4.49%
Investor (Commenced January 6, 2009)	20.15%	14.27%	N/A	14.96%
Class R (Commenced January 6, 2009)	19.56%	13.74%	N/A	14.45%
Class R6 (Commenced July 31, 2015)	20.33%	N/A	N/A	9.37%

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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, 2017 (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 Investor Shares generated average annual total returns, without sales charges, of 29.17%, 28.18%, 29.66%, 29.03% and 29.46%, respectively. These returns compare to the 29.27% 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 The Fund performed in line with the S&P Technology Index during the Reporting Period due primarily to effective stock selection overall. Sector allocation as a whole also contributed positively, albeit more modestly.

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, contributing most positively to the Fund’s relative results was effective stock selection in information technology and having exposure to the real estate sector, which is not a component of the S&P Technology Index but which outpaced the S&P Technology Index during the Reporting Period. The only sector that detracted from the Fund’s relative results during the Reporting Period was financials. Having exposure to financials, which is not a component of the S&P Technology Index but which lagged the S&P Technology Index during the Reporting Period, dampened the Fund’s relative performance.

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

A Among those stocks the Fund benefited most from relative to the S&P Technology Index were positions in cloud-based services provider ServiceNow, materials engineering solutions provider Applied Materials and open source software solutions provider Red Hat.

ServiceNow provides cloud-based services to automate enterprise information technology operations. During the Reporting Period, the company reported positive third and fourth quarter 2016 results, with revenues and earnings ahead of market estimates. Such results were driven by a number of large deals, increasing add-on sales and growing success in the company’s new Inspire program, which helps organizations improve their platforms. Its share price rose further in April 2017 after the company reported first quarter 2017 earnings that again exceeded market expectations on earnings per share and revenues. ServiceNow grew add-on sales while maintaining what we viewed as impressive margins, leading to strong earnings growth. At the end of the Reporting Period, we viewed ServiceNow as a high quality growth business in the software industry that could generate shareholder value through continued product innovation and thoughtful acquisitions.

55

PORTFOLIO RESULTS

Applied Materials is a global leader in materials engineering solutions for semiconductor systems and advanced display technology. During the Reporting Period, the company reported consecutive quarters of better than market expected results, driven by strong revenue growth that was broad-based across its businesses. At the end of the Reporting Period, we believed Applied Materials is a high quality company with strong earnings growth potential, as it has continued to gain market share and increase its margins. Additionally, we believed the company would likely continue to benefit from the increase in penetration of OLED display screens in smartphones. (OLED stands for organic light-emitting diode.)

In late March 2017, Red Hat reported strong fourth quarter 2016 results, led by strong billings growth and margin expansion. In June 2017, the company reported strong first quarter 2017 results, in which it beat market estimates on earnings per share and revenues while raising its full-year revenue guidance. As Red Hat has shown the ability to grow its deal sizes, we continued to believe at the end of the Reporting Period that Red Hat was well positioned in a growing infrastructure software industry. We viewed the company as a strong growth company because of what we saw as its stable top-line growth, margin expansion and high quality management team.

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

A Detracting most from the Fund’s results relative to the S&P Technology Index were positions in digital printing company Electronics for Imaging, social networking, user review and local search website operator Yelp and specialized payment products and services provider FleetCor Technologies.

In October 2016 and April 2017, Electronics for Imaging reported mixed quarterly results that caused its stock price to decline. However, the majority of its weak performance occurred at the beginning of August 2017 when the company indefinitely postponed the release of its June 2017 quarterly results, as there was an issue stemming from the timing of revenue recognition. While the company announced there was no material aggregate misstatement, the uncertainty surrounding the situation caused its stock price to plummet. In our view, at the end of the Reporting Period, the company still had a dominant market position in its legacy printer controllers business, which provides strong cash flow to fund other of its growth businesses, and is well positioned for the transition from analog to digital printing. In addition, we believed the company has an effective and disciplined merger and acquisition strategy that supplements organic growth in its inkjet printing and software businesses. Overall, we believed the company was positioned well to benefit from favorable secular trends should analog continue to shift toward digital printing.

Shares of Yelp, a new position for the Fund during the Reporting Period, declined after the company reported mixed fourth quarter 2016 earnings with guidance below market expectations. The company also announced that its sales force had decreased during the Reporting Period, which investors viewed negatively. The company subsequently reported first quarter 2017 results in which earnings per share slightly beat market expectations. However, Yelp’s management lowered its full year guidance, which caused its share price to sharply decline. The revised guidance was due to poor customer retention in its local advertising business. We decided to exit the Fund’s position in Yelp and pursue opportunities we viewed as having more compelling risk/ reward profiles.

FleetCor Technologies reported revenues and earnings in November 2016 that were lower than market expectations as same-store sales declined. Its stock price then dropped sharply in early April 2017, as Citron Research, an activist research firm, released a report questioning the company’s fee policies and advocating short selling of FleetCor Technologies’ stock. In May 2017, the company reported disappointing same-store sales, causing its stock price, again, to come under pressure. We decided to exit the Fund’s position in FleetCor Technologies and allocate the capital to higher conviction companies.

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 Total System Services, a payment processing services provider. We view Total System Services as a high quality payments franchise, and we bought the stock on the back of what we considered to be an attractive valuation. The company’s share price dropped during the Reporting Period, as it released second quarter 2017 results with slower organic revenue growth and guidance on the low end. Total System Services also faces regulatory uncertainties,

56

PORTFOLIO RESULTS

which we think will subside over time. In our view, these headwinds are near-term in nature and have created an opportunity to hold shares in a fundamentally solid company with potential for strong organic growth that may lead to multiple expansion.

We established a Fund position in Global Payments, a provider of payment technology services. In January 2017, the company reported fiscal first quarter results that slightly beat market expectations. The highlights of its earnings were good operating margins, particularly in the U.S., and accelerating organic revenue growth. In our view, there are multiple levers the company can utilize to deliver earnings growth—cost synergies and pricing opportunities at Heartland, which the company acquired, and capital allocation via joint ventures and share repurchases. We sought to take advantage of the pullback in technology stocks to invest in what we believe is a high quality growth company at an attractive valuation.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in NXP Semiconductors. Its shares had gained sharply early in the Reporting Period following the announcement by Qualcomm that it would acquire NXP Semiconductors. Our thesis was that the company was a high quality franchise, had a diverse opportunity set, a differentiated product lineup and an effective management team, positioning it well for long-term growth. Later in the Reporting Period, we sold the Fund’s position in favor of other ideas, taking profits.

We eliminated the Fund’s position in payment services provider Fidelity National Information Services. In February 2017, the company reported fourth quarter 2016 results that were in-line with market expectations but lowered its outlook for 2017. As a result of the disappointing outlook, we decided to sell the position and allocate capital into other ideas we believed to have more compelling 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 information technology increased and its exposure to consumer discretionary decreased relative to the S&P Technology Index. The Fund’s position in cash also decreased during the Reporting Period; its exposure to real estate increased; and its exposure to financials and telecommunication services decreased.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund’s was underweighted relative to the S&P Technology Index in the information technology and consumer discretionary sectors, the only two components of the S&P Technology Index. On the same date, the Fund had exposure to the financials and real estate sectors. The Fund had no exposure to the telecommunication services sector at the end of the Reporting Period.

57

FUND BASICS

Technology Opportunities Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			S&P North American Technology Sector Index2
Class A		29.17	%		29.27	%
Class C		28.18			29.27
Institutional		29.66			29.27
Service		29.03			29.27
Investor		29.46			29.27

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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		22.15	%		14.09	%		9.98	%		5.49	%	10/1/99
Class C		27.11			14.53			9.77			5.02		10/1/99
Institutional		29.66			15.85			11.04			6.25		10/1/99
Service		29.04			15.27			10.51			5.74		10/1/99
Investor		29.47			15.68			N/A			13.30		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 Investor 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.

58

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.39	%		1.55	%
Class C		2.14			2.30
Institutional		0.99			1.15
Service		1.49			1.65
Investor		1.14			1.30

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets		Line of Business
Apple, Inc.		7.7	Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		6.4	Internet Software & Services
Amazon.com, Inc.		6.0	Internet & Direct Marketing Retail
Alphabet, Inc. Class A		4.3	Internet Software & Services
Alphabet, Inc. Class C		4.1	Internet Software & Services
Oracle Corp.		4.0	Software
Microsoft Corp.		4.0	Software
Amphenol Corp. Class A		3.6	Electronic Equipment, Instruments & Components
MasterCard, Inc. Class A		3.4	IT Services
SBA Communications Corp.		3.4	Equity Real Estate Investment Trusts (REITs)

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

59

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of August 31, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.6% of the Fund’s net assets as of August 31, 2017. 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.

60

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Performance Summary

August 31, 2017

The following graph shows the value as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 in Institutional Shares at NAV. 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 A, Class C, Service and Investor 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.

Technology Opportunities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced October 1, 1999)
Excluding sales charges	29.17%	16.24%	11.14%	6.19%
Including sales charges	22.07%	14.94%	10.52%	5.86%
Class C (Commenced October 1, 1999)
Excluding contingent deferred sales charges	28.18%	15.37%	10.30%	5.39%
Including contingent deferred sales charges	27.12%	15.37%	10.30%	5.39%
Institutional Class (Commenced October 1, 1999)	29.66%	16.72%	11.58%	6.62%
Service Class (Commenced October 1, 1999)	29.03%	16.13%	11.03%	6.10%
Investor (Commenced September 30, 2010)	29.46%	16.53%	N/A	14.14%

61

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 3.1%
	30,347	General Dynamics Corp.	$	6,110,368
	18,280	Northrop Grumman Corp.		4,975,999
	71,704	The Boeing Co.		17,184,581
				28,270,948
Air Freight & Logistics – 0.7%
	30,209	FedEx Corp.		6,476,205
Auto Components – 0.5%
	26,673	BorgWarner, Inc.		1,237,894
	37,773	Delphi Automotive PLC		3,641,317
				4,879,211
Banks – 0.9%
	23,197	First Republic Bank		2,251,269
	113,864	SunTrust Banks, Inc.		6,273,906
				8,525,175
Beverages – 2.8%
	76,103	Brown-Forman Corp. Class B		4,036,503
	57,306	Molson Coors Brewing Co. Class B		5,143,213
	176,719	Monster Beverage Corp.*		9,864,455
	148,713	The Coca-Cola Co.		6,773,877
				25,818,048
Biotechnology – 4.3%
	17,813	Alexion Pharmaceuticals, Inc.*		2,536,749
	54,283	Alkermes PLC*		2,756,491
	49,442	Amgen, Inc.		8,789,304
	63,546	Incyte Corp.*		8,731,856
	48,661	Shire PLC ADR		7,269,467
	56,459	Vertex Pharmaceuticals, Inc.*		9,063,928
				39,147,795
Building Products – 0.5%
	67,863	Fortune Brands Home & Security, Inc.		4,243,473
Capital Markets – 2.8%
	20,093	Affiliated Managers Group, Inc.		3,550,232
	82,383	Intercontinental Exchange, Inc.		5,327,709
	40,249	Lazard Ltd. Class A		1,726,280
	17,049	MSCI, Inc.		1,953,986
	83,248	Northern Trust Corp.		7,367,448
	39,035	S&P Global, Inc.		6,024,271
				25,949,926
Chemicals – 2.6%
	57,670	Ashland Global Holdings, Inc.		3,578,424
	47,258	Ecolab, Inc.		6,299,491
	79,172	RPM International, Inc.		3,877,053
	22,950	The Sherwin-Williams Co.		7,786,246
	116,819	Valvoline, Inc.		2,487,077
				24,028,291
Communications Equipment – 0.7%
	194,853	Cisco Systems, Inc.		6,276,215
Common Stocks – (continued)
Construction Materials* – 0.1%
	25,861	Summit Materials, Inc. Class A		763,934
Consumer Finance* – 0.2%
	189,200	SLM Corp.		1,924,164
Containers & Packaging – 0.2%
	19,885	Avery Dennison Corp.		1,874,360
Electrical Equipment* – 0.5%
	101,109	Sensata Technologies Holding NV		4,515,528
Electronic Equipment, Instruments & Components – 0.9%
	105,174	Amphenol Corp. Class A		8,512,784
Energy Equipment & Services – 0.2%
	26,252	Schlumberger Ltd.		1,667,265
Equity Real Estate Investment Trusts (REITs) – 2.3%
	83,123	American Tower Corp.		12,306,360
	18,686	Equinix, Inc.		8,752,709
				21,059,069
Food & Staples Retailing – 1.5%
	56,021	Costco Wholesale Corp.		8,780,732
	58,775	Walgreens Boots Alliance, Inc.		4,790,162
				13,570,894
Food Products – 0.6%
	111,460	Blue Buffalo Pet Products, Inc.*		2,871,210
	13,072	The Hershey Co.		1,371,514
	14,149	The Kraft Heinz Co.		1,142,532
				5,385,256
Health Care Equipment & Supplies – 2.9%
	291,573	Boston Scientific Corp.*		8,032,836
	77,498	Danaher Corp.		6,464,883
	78,689	Edwards Lifesciences Corp.*		8,943,792
	21,506	Nevro Corp.*		1,853,387
	12,021	West Pharmaceutical Services, Inc.		1,046,308
				26,341,206
Health Care Providers & Services – 1.9%
	23,694	Aetna, Inc.		3,736,544
	71,288	UnitedHealth Group, Inc.		14,179,183
				17,915,727
Hotels, Restaurants & Leisure – 3.6%
	39,094	Dunkin’ Brands Group, Inc.		2,015,687
	23,109	Hilton Worldwide Holdings, Inc.		1,486,602
	67,436	Las Vegas Sands Corp.		4,195,193
	115,542	McDonald’s Corp.		18,483,254
	85,865	Yum! Brands, Inc.		6,596,149
				32,776,885
Household Durables – 0.6%
	117,445	Newell Brands, Inc.		5,670,245

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Household Products – 0.4%
	49,043	Colgate-Palmolive Co.	$	3,513,440
Industrial Conglomerates – 3.5%
	32,993	3M Co.		6,741,130
	137,609	Honeywell International, Inc.		19,027,196
	29,236	Roper Technologies, Inc.		6,743,576
				32,511,902
Internet & Direct Marketing Retail – 5.8%
	32,143	Amazon.com, Inc.*		31,519,426
	14,944	Expedia, Inc.		2,217,092
	47,879	Netflix, Inc.*		8,364,940
	5,840	The Priceline Group, Inc.*		10,816,147
				52,917,605
Internet Software & Services* – 8.8%
	23,920	Alphabet, Inc. Class A		22,849,341
	24,483	Alphabet, Inc. Class C		22,997,616
	22,721	eBay, Inc.		820,910
	196,311	Facebook, Inc. Class A		33,759,603
				80,427,470
IT Services – 6.3%
	47,926	Accenture PLC Class A		6,266,804
	106,764	Black Knight Financial Services, Inc. Class A*(a)		4,548,146
	28,837	DXC Technology Co.		2,451,145
	27,817	Fiserv, Inc.*		3,441,241
	9,640	FleetCor Technologies, Inc.*		1,385,943
	40,775	Global Payments, Inc.		3,893,605
	211,583	MasterCard, Inc. Class A		28,204,014
	80,960	PayPal Holdings, Inc.*		4,993,613
	39,146	Total System Services, Inc.		2,705,771
				57,890,282
Life Sciences Tools & Services – 1.6%
	74,706	Agilent Technologies, Inc.		4,834,972
	32,937	Illumina, Inc.*		6,734,299
	4,872	Mettler-Toledo International, Inc.*		2,947,999
				14,517,270
Machinery – 2.4%
	20,409	Fortive Corp.		1,325,973
	20,937	IDEX Corp.		2,461,772
	64,010	The Middleby Corp.*		7,790,017
	15,588	WABCO Holdings, Inc.*		2,238,749
	138,471	Xylem, Inc.		8,594,895
				22,411,406
Media – 3.9%
	536,979	Comcast Corp. Class A		21,806,717
	136,208	The Walt Disney Co.		13,784,250
				35,590,967

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels* – 0.6%
	29,619	Concho Resources, Inc.	$	3,286,820
	25,181	Diamondback Energy, Inc.		2,286,183
				5,573,003
Personal Products – 0.9%
	75,367	The Estee Lauder Cos., Inc. Class A		8,063,515
Pharmaceuticals – 3.1%
	20,473	Allergan PLC		4,698,144
	212,893	Eli Lilly & Co.		17,306,072
	101,359	Zoetis, Inc.		6,355,209
				28,359,425
Professional Services – 0.1%
	7,468	Equifax, Inc.		1,063,966
Road & Rail – 0.6%
	118,646	CSX Corp.		5,956,029
Semiconductors & Semiconductor Equipment – 4.0%
	132,335	Applied Materials, Inc.		5,970,955
	14,817	Broadcom Ltd.		3,734,921
	34,163	NVIDIA Corp.		5,788,579
	31,740	Qorvo, Inc.*		2,324,003
	169,906	Texas Instruments, Inc.		14,071,615
	78,464	Xilinx, Inc.		5,183,332
				37,073,405
Software – 9.4%
	58,996	Activision Blizzard, Inc.		3,867,778
	43,037	Adobe Systems, Inc.*		6,677,621
	19,693	Autodesk, Inc.*		2,254,061
	28,265	Electronic Arts, Inc.*		3,434,197
	34,845	Intuit, Inc.		4,928,825
	482,976	Microsoft Corp.		36,112,116
	318,004	Oracle Corp.		16,005,141
	48,786	salesforce.com, Inc.*		4,658,575
	13,152	ServiceNow, Inc.*		1,528,131
	60,422	Splunk, Inc.*		4,053,712
	7,412	The Ultimate Software Group, Inc.*		1,489,071
	8,541	Tyler Technologies, Inc.*		1,475,885
				86,485,113
Specialty Retail – 2.6%
	21,181	Advance Auto Parts, Inc.		2,073,620
	100,438	Ross Stores, Inc.		5,870,601
	85,037	The Home Depot, Inc.		12,744,495
	12,564	Ulta Salon, Cosmetics & Fragrance, Inc.*		2,776,770
				23,465,486
Technology Hardware, Storage & Peripherals – 7.4%
	414,396	Apple, Inc.		67,960,944

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 1.3%
	160,814	NIKE, Inc. Class B	$	8,492,587
	28,281	PVH Corp.		3,560,295
				12,052,882
Tobacco – 2.2%
	140,443	Altria Group, Inc.		8,904,086
	95,426	Philip Morris International, Inc.		11,158,162
				20,062,248
	TOTAL COMMON STOCKS
	(Cost $581,435,099)		$	911,488,962

Shares		Distribution Rate	Value
Investment Companies(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,846,511	0.927%	$	2,846,511
	(Cost $2,846,511)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $584,281,610)		$	914,335,473
Securities Lending Reinvestment Vehicle(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	381,393	0.927%	$	381,393
	(Cost $381,393)
	TOTAL INVESTMENTS – 99.6%
	(Cost $584,663,003)		$	914,716,866
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			3,345,190
	NET ASSETS – 100.0%		$	918,062,056

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.6%
Beverages* – 2.0%
	53,722	Monster Beverage Corp.	$	2,998,762
Biotechnology – 6.3%
	13,662	Amgen, Inc.		2,428,694
	18,527	Incyte Corp.*		2,545,795
	16,683	Shire PLC ADR		2,492,273
	12,402	Vertex Pharmaceuticals, Inc.*		1,991,017
				9,457,779
Capital Markets – 4.6%
	51,953	Intercontinental Exchange, Inc.		3,359,801
	40,948	Northern Trust Corp.		3,623,898
				6,983,699
Chemicals – 1.6%
	6,954	The Sherwin-Williams Co.		2,359,284
Equity Real Estate Investment Trusts (REITs) – 5.4%
	30,349	American Tower Corp.		4,493,170
	7,852	Equinix, Inc.		3,677,955
				8,171,125
Food & Staples Retailing – 2.8%
	17,498	Costco Wholesale Corp.		2,742,637
	18,921	Walgreens Boots Alliance, Inc.		1,542,061
				4,284,698
Food Products – 1.5%
	27,541	The Kraft Heinz Co.		2,223,936
Health Care Equipment & Supplies – 4.9%
	99,263	Boston Scientific Corp.*		2,734,696
	36,433	Danaher Corp.		3,039,241
	15,061	Edwards Lifesciences Corp.*		1,711,833
				7,485,770
Hotels, Restaurants & Leisure – 2.7%
	25,794	McDonald’s Corp.		4,126,266
Household Products – 1.6%
	33,524	Colgate-Palmolive Co.		2,401,659
Industrial Conglomerates – 4.4%
	27,058	Honeywell International, Inc.		3,741,310
	12,868	Roper Technologies, Inc.		2,968,133
				6,709,443
Internet & Direct Marketing Retail* – 6.5%
	6,170	Amazon.com, Inc.		6,050,302
	8,607	Netflix, Inc.		1,503,729
	1,214	The Priceline Group, Inc.		2,248,425
				9,802,456
Internet Software & Services* – 10.4%
	6,547	Alphabet, Inc. Class A		6,253,956
	2,814	Alphabet, Inc. Class C		2,643,275
	39,833	Facebook, Inc. Class A		6,850,081
				15,747,312
Common Stocks – (continued)
IT Services – 2.8%
	31,504	MasterCard, Inc. Class A	$	4,199,483
Machinery – 4.2%
	23,356	The Middleby Corp.*		2,842,425
	55,422	Xylem, Inc.		3,440,044
				6,282,469
Media – 6.0%
	125,666	Comcast Corp. Class A		5,103,296
	39,746	The Walt Disney Co.		4,022,295
				9,125,591
Oil, Gas & Consumable Fuels* – 1.3%
	20,929	Diamondback Energy, Inc.		1,900,144
Pharmaceuticals – 2.5%
	46,335	Eli Lilly & Co.		3,766,572
Road & Rail – 1.7%
	52,215	CSX Corp.		2,621,193
Semiconductors & Semiconductor Equipment – 2.3%
	42,666	Texas Instruments, Inc.		3,533,598
Software – 11.1%
	17,303	Electronic Arts, Inc.*		2,102,314
	14,212	Intuit, Inc.		2,010,287
	99,923	Microsoft Corp.		7,471,243
	63,132	Oracle Corp.		3,177,434
	20,451	salesforce.com, Inc.*		1,952,866
				16,714,144
Specialty Retail – 2.0%
	51,092	Ross Stores, Inc.		2,986,327
Technology Hardware, Storage & Peripherals – 7.0%
	64,946	Apple, Inc.		10,651,144
Textiles, Apparel & Luxury Goods – 2.5%
	70,495	NIKE, Inc. Class B		3,722,841
Tobacco – 1.5%
	19,441	Philip Morris International, Inc.		2,273,236
	TOTAL COMMON STOCKS
	(Cost $102,070,303)		$	150,528,931

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Distribution Rate	Value
Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	84	0.927%	$	84
	(Cost $84)
	TOTAL INVESTMENTS – 99.6%
	(Cost $102,070,387)		$	150,529,015
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			640,167
	NET ASSETS – 100.0%		$	151,169,182

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.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 95.4%
Airlines* – 1.4%
	4,106	JetBlue Airways Corp.	$	81,340
Banks – 10.9%
	10,426	Bank of America Corp.		249,077
	1,189	JPMorgan Chase & Co.		108,068
	5,295	Wells Fargo & Co.		270,416
				627,561
Beverages – 2.9%
	1,152	Molson Coors Brewing Co. Class B		103,392
	1,412	The Coca-Cola Co.		64,317
				167,709
Biotechnology – 3.1%
	542	Incyte Corp.*		74,476
	689	Shire PLC ADR		102,930
				177,406
Capital Markets – 2.6%
	2,306	Intercontinental Exchange, Inc.		149,129
Chemicals – 2.8%
	1,247	E.I. du Pont de Nemours & Co.		104,661
	169	The Sherwin-Williams Co.		57,336
				161,997
Communications Equipment – 1.5%
	2,769	Cisco Systems, Inc.		89,189
Electrical Equipment – 1.4%
	1,367	Emerson Electric Co.		80,708
Equity Real Estate Investment Trusts (REITs) – 5.1%
	1,051	American Tower Corp.		155,600
	292	Equinix, Inc.		136,776
				292,376
Food & Staples Retailing – 0.9%
	315	Costco Wholesale Corp.		49,373
Food Products – 0.8%
	565	The Kraft Heinz Co.		45,624
Health Care Equipment & Supplies – 4.2%
	1,602	Danaher Corp.		133,639
	964	Edwards Lifesciences Corp.*		109,568
				243,207
Household Products – 0.8%
	647	Colgate-Palmolive Co.		46,351
Industrial Conglomerates – 4.0%
	9,410	General Electric Co.		231,015
Insurance – 4.8%
	2,486	American International Group, Inc.		150,353
	754	Brighthouse Financial, Inc.*		43,031
Common Stocks – (continued)
Insurance – (continued)
	1,831	MetLife, Inc.		85,746
				279,130
Internet & Direct Marketing Retail* – 4.4%
	149	Amazon.com, Inc.		146,109
	60	The Priceline Group, Inc.		111,125
				257,234
Internet Software & Services* – 6.0%
	124	Alphabet, Inc. Class A		118,450
	93	Alphabet, Inc. Class C		87,357
	833	Facebook, Inc. Class A		143,251
				349,058
IT Services – 4.8%
	2,064	MasterCard, Inc. Class A		275,131
Machinery – 2.1%
	1,914	Xylem, Inc.		118,802
Media – 2.6%
	1,503	The Walt Disney Co.		152,104
Oil, Gas & Consumable Fuels – 5.9%
	1,876	ConocoPhillips		81,906
	2,491	Exxon Mobil Corp.		190,138
	12,435	Southwestern Energy Co.*		67,771
				339,815
Pharmaceuticals – 5.6%
	1,341	Eli Lilly & Co.		109,010
	6,338	Pfizer, Inc.		214,985
				323,995
Road & Rail – 1.4%
	796	Union Pacific Corp.		83,819
Software – 5.4%
	2,663	Microsoft Corp.		199,112
	2,254	Oracle Corp.		113,444
				312,556
Specialty Retail – 1.0%
	1,030	Ross Stores, Inc.		60,204
Technology Hardware, Storage & Peripherals – 3.8%
	1,356	Apple, Inc.		222,384
Textiles, Apparel & Luxury Goods – 4.1%
	2,870	NIKE, Inc. Class B		151,565
	677	PVH Corp.		85,227
				236,792
Tobacco – 1.1%
	529	Philip Morris International, Inc.		61,856
	TOTAL COMMON STOCKS
	(Cost $4,451,929)		$	5,515,865

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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Distribution Rate	Value
Investment Companies(a) – 3.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	218,033	0.927%	$	218,033
	(Cost $218,033)
	TOTAL INVESTMENTS – 99.2%
	(Cost $4,669,962)		$	5,733,898
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%			43,712
	NET ASSETS – 100.0%		$	5,777,610

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.

Investment Abbreviations:

ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 95.6%
Aerospace & Defense – 0.4%
	310	Northrop Grumman Corp.	$	84,385
Air Freight & Logistics – 1.0%
	901	FedEx Corp.		193,156
Auto Components – 0.8%
	1,487	Delphi Automotive PLC		143,347
Banks – 2.0%
	2,282	Eagle Bancorp, Inc.*		141,941
	4,091	SunTrust Banks, Inc.		225,414
				367,355
Beverages – 1.8%
	1,014	Molson Coors Brewing Co. Class B		91,006
	4,236	Monster Beverage Corp.*		236,454
				327,460
Biotechnology – 6.6%
	4,571	ACADIA Pharmaceuticals, Inc.*(a)		162,773
	1,243	Agios Pharmaceuticals, Inc.*		78,632
	1,288	Alkermes PLC*		65,405
	1,377	Amgen, Inc.		244,789
	1,793	Incyte Corp.*		246,376
	1,571	Shire PLC ADR		234,692
	1,197	Vertex Pharmaceuticals, Inc.*		192,167
				1,224,834
Building Products – 0.4%
	1,296	Fortune Brands Home & Security, Inc.		81,039
Capital Markets – 2.9%
	2,751	Intercontinental Exchange, Inc.		177,907
	2,003	Lazard Ltd. Class A		85,909
	3,113	Northern Trust Corp.		275,500
				539,316
Chemicals – 2.1%
	1,303	Ashland Global Holdings, Inc.		80,851
	565	The Sherwin-Williams Co.		191,688
	5,996	Valvoline, Inc.		127,655
				400,194
Commercial Services & Supplies – 0.4%
	1,544	Healthcare Services Group, Inc.		79,053
Electrical Equipment* – 0.9%
	3,728	Sensata Technologies Holding NV		166,492
Electronic Equipment, Instruments & Components – 1.3%
	2,936	Amphenol Corp. Class A		237,640
Equity Real Estate Investment Trusts (REITs) – 4.2%
	1,868	American Tower Corp.		276,557
	580	Equinix, Inc.		271,678
	1,487	SBA Communications Corp.*		228,329
				776,564
Common Stocks – (continued)
Food & Staples Retailing – 0.9%
	1,956	Walgreens Boots Alliance, Inc.		159,414
Health Care Equipment & Supplies – 4.0%
	5,597	Boston Scientific Corp.*		154,197
	1,618	Danaher Corp.		134,973
	2,213	Edwards Lifesciences Corp.*		251,530
	2,483	Nevro Corp.*		213,985
				754,685
Health Care Providers & Services – 0.8%
	1,243	Acadia Healthcare Co., Inc.*(a)		58,346
	598	Aetna, Inc.		94,305
				152,651
Hotels, Restaurants & Leisure – 2.6%
	1,639	Dunkin’ Brands Group, Inc.		84,507
	1,514	Las Vegas Sands Corp.		94,186
	1,883	McDonald’s Corp.		301,223
				479,916
Household Durables – 0.6%
	2,243	Newell Brands, Inc.		108,292
Household Products – 0.4%
	1,163	Colgate-Palmolive Co.		83,317
Industrial Conglomerates – 4.8%
	1,374	3M Co.		280,736
	2,817	Honeywell International, Inc.		389,507
	996	Roper Technologies, Inc.		229,737
				899,980
Internet & Direct Marketing Retail* – 4.1%
	604	Amazon.com, Inc.		592,282
	96	The Priceline Group, Inc.		177,800
				770,082
Internet Software & Services* – 8.8%
	444	Alphabet, Inc. Class A		424,127
	475	Alphabet, Inc. Class C		446,182
	4,549	Facebook, Inc. Class A		782,291
				1,652,600
IT Services – 4.6%
	3,267	Black Knight Financial Services, Inc. Class A*(a)		139,174
	732	Fiserv, Inc.*		90,556
	899	Global Payments, Inc.		85,846
	3,301	MasterCard, Inc. Class A		440,023
	1,545	Total System Services, Inc.		106,790
				862,389
Life Sciences Tools & Services – 2.7%
	3,283	Agilent Technologies, Inc.		212,476
	705	Illumina, Inc.*		144,144
	232	Mettler-Toledo International, Inc.*		140,381
				497,001

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Machinery – 4.2%
	2,007	Fortive Corp.	$	130,395
	796	IDEX Corp.		93,594
	1,899	The Middleby Corp.*		231,108
	5,443	Xylem, Inc.		337,847
				792,944
Media – 3.1%
	8,811	Comcast Corp. Class A		357,815
	2,169	The Walt Disney Co.		219,503
				577,318
Oil, Gas & Consumable Fuels* – 0.6%
	1,042	Concho Resources, Inc.		115,631
Personal Products – 1.4%
	2,418	The Estee Lauder Cos., Inc. Class A		258,702
Pharmaceuticals – 3.1%
	547	Allergan PLC		125,525
	3,516	Eli Lilly & Co.		285,816
	2,800	Zoetis, Inc.		175,560
				586,901
Road & Rail – 0.6%
	2,241	CSX Corp.		112,498
Semiconductors & Semiconductor Equipment – 2.4%
	2,838	Applied Materials, Inc.		128,051
	736	Qorvo, Inc.*		53,890
	2,060	Texas Instruments, Inc.		170,609
	1,388	Xilinx, Inc.		91,691
				444,241
Software – 9.8%
	1,288	Adobe Systems, Inc.*		199,846
	1,544	Electronic Arts, Inc.*		187,596
	1,246	Intuit, Inc.		176,247
	7,044	Microsoft Corp.		526,680
	5,649	Oracle Corp.		284,314
	1,713	Red Hat, Inc.*		184,148
	2,203	salesforce.com, Inc.*		210,364
	837	Splunk, Inc.*		56,154
				1,825,349
Specialty Retail – 1.7%
	3,003	Ross Stores, Inc.		175,525
	954	The Home Depot, Inc.		142,976
				318,501
Technology Hardware, Storage & Peripherals – 6.4%
	7,251	Apple, Inc.		1,189,164
Textiles, Apparel & Luxury Goods – 2.0%
	5,281	NIKE, Inc. Class B		278,889
	738	PVH Corp.		92,907
				371,796
Common Stocks – (continued)
Tobacco – 1.2%
	1,929	Philip Morris International, Inc.	$	225,558
	TOTAL COMMON STOCKS
	(Cost $11,674,831)		$	17,859,765

Shares		Distribution Rate	Value
Investment Companies(b) – 3.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	619,814	0.927%	$	619,814
	(Cost $619,814)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $12,294,645)		$	18,479,579
Securities Lending Reinvestment Vehicle(b) – 1.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	323,320	0.927%	$	323,320
	(Cost $323,320)
	TOTAL INVESTMENTS – 100.7%
	(Cost $12,617,965)		$	18,802,899
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%			(121,839	)
	NET ASSETS – 100.0%		$	18,681,060

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

August 31, 2017

Shares		Description		Value
Common Stocks – 98.5%
Aerospace & Defense – 1.3%
	188,571	L3 Technologies, Inc.		$	34,221,865
Auto Components – 0.6%
	154,044	Delphi Automotive PLC			14,849,842
Banks – 3.6%
	584,628	Eagle Bancorp, Inc.*			36,363,862
	350,318	First Republic Bank			33,998,362
	406,963	SunTrust Banks, Inc.			22,423,661
					92,785,885
Beverages* – 1.4%
	643,001	Monster Beverage Corp.			35,892,316
Biotechnology* – 5.2%
	372,628	ACADIA Pharmaceuticals, Inc.			13,269,283
	91,613	Agios Pharmaceuticals, Inc.			5,795,438
	528,797	Alkermes PLC			26,852,312
	690,692	Exelixis, Inc.			20,195,834
	269,577	Incyte Corp.			37,042,575
	259,485	Neurocrine Biosciences, Inc.			14,686,851
	101,416	Vertex Pharmaceuticals, Inc.			16,281,325
					134,123,618
Building Products – 1.0%
	431,324	Fortune Brands Home & Security, Inc.			26,970,690
Capital Markets – 6.8%
	158,825	Affiliated Managers Group, Inc.			28,062,789
	687,590	Intercontinental Exchange, Inc.			44,466,445
	631,581	Lazard Ltd. Class A			27,088,509
	179,914	MSCI, Inc.			20,619,944
	628,659	Northern Trust Corp.			55,636,322
					175,874,009
Chemicals – 3.4%
	222,302	Ashland Global Holdings, Inc.			13,793,839
	508,483	RPM International, Inc.			24,900,413
	62,638	The Sherwin-Williams Co.			21,251,194
	1,312,294	Valvoline, Inc.	��		27,938,739
					87,884,185
Containers & Packaging – 1.8%
	480,193	Avery Dennison Corp.			45,262,992
Diversified Consumer Services* – 1.0%
	330,631	Bright Horizons Family Solutions, Inc.			26,427,336
Electrical Equipment – 2.3%
	170,245	Hubbell, Inc.			19,201,934
	922,670	Sensata Technologies Holding NV*			41,206,442
					60,408,376
Electronic Equipment, Instruments & Components – 3.2%
	1,024,657	Amphenol Corp. Class A			82,935,738
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 3.0%
	71,179	Equinix, Inc.			33,340,955
	280,732	SBA Communications Corp.*			43,106,399
					76,447,354
Food Products – 2.0%
	1,043,250	Blue Buffalo Pet Products, Inc.*			26,874,120
	243,310	The Hershey Co.			25,528,085
					52,402,205
Health Care Equipment & Supplies – 4.1%
	537,825	Edwards Lifesciences Corp.*			61,129,189
	301,414	Nevro Corp.*			25,975,859
	78,979	The Cooper Cos., Inc.			19,810,303
					106,915,351
Hotels, Restaurants & Leisure – 2.2%
	599,520	Dunkin’ Brands Group, Inc.			30,911,251
	354,567	Yum! Brands, Inc.			27,237,837
					58,149,088
Household Durables – 1.4%
	737,361	Newell Brands, Inc.			35,599,789
Industrial Conglomerates – 2.8%
	313,134	Roper Technologies, Inc.			72,227,488
Internet & Direct Marketing Retail – 1.8%
	315,263	Expedia, Inc.			46,772,419
Internet Software & Services* – 1.1%
	652,563	GoDaddy, Inc. Class A			29,247,874
IT Services – 7.8%
	1,237,447	Black Knight Financial Services, Inc. Class A*			52,715,242
	403,967	Fiserv, Inc.*			49,974,757
	480,989	Global Payments, Inc.			45,929,640
	760,660	Total System Services, Inc.			52,576,819
					201,196,458
Life Sciences Tools & Services – 5.6%
	814,671	Agilent Technologies, Inc.			52,725,507
	237,441	Illumina, Inc.*			48,547,187
	73,725	Mettler-Toledo International, Inc.*			44,610,260
					145,882,954
Machinery – 9.6%
	645,125	Fortive Corp.			41,913,771
	215,927	IDEX Corp.			25,388,697
	200,789	John Bean Technologies Corp.			17,809,984
	528,649	The Middleby Corp.*			64,336,583
	215,927	WABCO Holdings, Inc.*			31,011,436
	1,078,192	Xylem, Inc.			66,923,378
					247,383,849
Media – 1.7%
	594,445	Altice USA, Inc. Class A*			18,136,517

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Media – (continued)
	411,935	CBS Corp. Class B	$	26,388,556
				44,525,073
Oil, Gas & Consumable Fuels* – 1.6%
	186,181	Concho Resources, Inc.		20,660,506
	232,395	Diamondback Energy, Inc.		21,099,142
			41,759,648
Pharmaceuticals – 2.2%
	910,719	Zoetis, Inc.		57,102,081
Professional Services – 1.1%
	208,003	Equifax, Inc.		29,634,187
Semiconductors & Semiconductor Equipment – 5.7%
	684,799	Advanced Micro Devices, Inc.*		8,902,387
	569,432	Analog Devices, Inc.		47,644,375
	254,173	Lam Research Corp.		42,187,635
	183,791	Qorvo, Inc.*		13,457,177
	523,750	Xilinx, Inc.		34,598,925
				146,790,499
Software – 8.7%
	292,418	Autodesk, Inc.*		33,470,164
	279,403	Electronic Arts, Inc.*		33,947,465
	368,909	Intuit, Inc.		52,182,178
	351,646	Red Hat, Inc.*		37,801,945
	176,317	ServiceNow, Inc.*		20,486,272
	430,522	Splunk, Inc.*		28,883,721
	109,159	Tyler Technologies, Inc.*		18,862,675
				225,634,420
Specialty Retail – 3.1%
	335,547	Five Below, Inc.*		15,961,971
	715,828	Ross Stores, Inc.		41,840,146
	102,595	Ulta Salon, Cosmetics & Fragrance, Inc.*		22,674,521
				80,476,638
Textiles, Apparel & Luxury Goods – 1.4%
	285,512	PVH Corp.		35,943,106
	TOTAL COMMON STOCKS
	(Cost $1,915,736,997)		$	2,551,727,333
Shares		Distribution Rate	Value
	Investment Company(a) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,868,408	0.927%	$	7,868,408
	(Cost $7,868,408)
	TOTAL INVESTMENTS – 98.8%
	(Cost $1,923,605,405)		$	2,559,595,741
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%			31,434,541
	NET ASSETS – 100.0%		$	2,591,030,282

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.

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 97.5%
Aerospace & Defense – 1.3%
	161,611	L3 Technologies, Inc.	$	29,329,164
Banks – 3.6%
	687,968	Eagle Bancorp, Inc.*		42,791,610
	390,143	First Republic Bank		37,863,378
				80,654,988
Beverages – 1.3%
	505,207	MGP Ingredients, Inc.		28,407,790
Biotechnology* – 9.6%
	674,849	ACADIA Pharmaceuticals, Inc.		24,031,373
	346,179	Acceleron Pharma, Inc.		13,417,898
	391,355	Agios Pharmaceuticals, Inc.(a)		24,757,117
	795,827	Alder Biopharmaceuticals, Inc.		7,799,105
	581,520	Alkermes PLC		29,529,585
	1,042,728	Exelixis, Inc.		30,489,367
	137,739	Galapagos NV ADR(a)		12,739,480
	483,931	Neurocrine Biosciences, Inc.		27,390,495
	120,700	Sarepta Therapeutics, Inc.		4,863,003
	168,204	TESARO, Inc.(a)		21,721,864
	305,013	Ultragenyx Pharmaceutical, Inc.		17,404,042
				214,143,329
Building Products – 1.3%
	453,283	Fortune Brands Home & Security, Inc.		28,343,786
Capital Markets – 4.3%
	215,256	Affiliated Managers Group, Inc.		38,033,583
	910,590	Lazard Ltd. Class A		39,055,205
	155,187	MSCI, Inc.		17,785,982
				94,874,770
Chemicals – 3.0%
	254,354	Ashland Global Holdings, Inc.		15,782,666
	523,398	RPM International, Inc.		25,630,800
	1,195,786	Valvoline, Inc.		25,458,284
				66,871,750
Commercial Services & Supplies – 1.6%
	691,197	Healthcare Services Group, Inc.		35,389,286
Construction Materials* – 0.7%
	495,951	Summit Materials, Inc. Class A		14,650,393
Consumer Finance* – 1.0%
	2,118,711	SLM Corp.		21,547,291
Containers & Packaging – 1.6%
	370,838	Avery Dennison Corp.		34,955,190
Diversified Consumer Services* – 1.0%
	288,850	Bright Horizons Family Solutions, Inc.		23,087,780
Electrical Equipment – 2.7%
	212,102	Hubbell, Inc.		23,922,985
	833,173	Sensata Technologies Holding NV*		37,209,506
				61,132,491
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – 1.9%
	578,832	Badger Meter, Inc.		26,568,389
	151,878	Cognex Corp.		16,550,145
				43,118,534
Equity Real Estate Investment Trusts (REITs)* – 0.8%
	110,158	SBA Communications Corp.		16,914,761
Food Products – 1.8%
	943,695	Blue Buffalo Pet Products, Inc.*		24,309,583
	442,091	Snyder’s-Lance, Inc.		15,703,073
				40,012,656
Health Care Equipment & Supplies – 6.3%
	193,500	ABIOMED, Inc.*		29,179,800
	146,602	ICU Medical, Inc.*		25,560,059
	40,534	IDEXX Laboratories, Inc.*		6,300,199
	155,732	Neogen Corp.*		10,729,935
	295,763	Nevro Corp.*		25,488,855
	69,381	The Cooper Cos., Inc.		17,402,836
	288,570	West Pharmaceutical Services, Inc.		25,117,133
				139,778,817
Health Care Providers & Services* – 2.1%
	516,437	Acadia Healthcare Co., Inc.		24,241,553
	124,927	WellCare Health Plans, Inc.		21,822,248
				46,063,801
Health Care Technology* – 1.5%
	126,652	athenahealth, Inc.		17,849,067
	875,846	Evolent Health, Inc. Class A(a)		14,626,628
				32,475,695
Hotels, Restaurants & Leisure – 4.9%
	720,647	Dunkin’ Brands Group, Inc.		37,156,559
	176,250	Jack in the Box, Inc.		16,500,525
	245,039	Shake Shack, Inc. Class A*(a)		7,576,606
	99,067	Vail Resorts, Inc.		22,582,323
	806,095	Wingstop, Inc.(a)		26,125,539
				109,941,552
Household Durables* – 0.9%
	789,375	M/I Homes, Inc.		19,418,625
Internet Software & Services* – 2.1%
	854,715	GoDaddy, Inc. Class A		38,308,326
	122,436	Wix.com Ltd.		7,970,584
				46,278,910
IT Services – 7.9%
	1,168,919	Black Knight Financial Services, Inc. Class A*		49,795,949
	106,612	Gartner, Inc.*		12,856,341
	442,288	Global Payments, Inc.		42,234,081
	658,706	InterXion Holding NV*		34,153,906
	516,947	Total System Services, Inc.		35,731,377
				174,771,654

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – 3.7%
	177,757	Agilent Technologies, Inc.	$	11,504,433
	38,471	Mettler-Toledo International, Inc.*		23,278,417
	532,074	PerkinElmer, Inc.		35,643,637
	150,891	PRA Health Sciences, Inc.*		11,678,964
				82,105,451
Machinery – 11.9%
	105,650	Graco, Inc.		12,203,631
	217,733	IDEX Corp.		25,601,046
	369,097	John Bean Technologies Corp.		32,738,904
	514,327	Kornit Digital Ltd.*(a)		8,743,559
	307,168	Tennant Co.		18,721,890
	486,068	The Gorman-Rupp Co.		14,795,910
	486,003	The Middleby Corp.*		59,146,565
	198,520	WABCO Holdings, Inc.*		28,511,442
	595,259	Welbilt, Inc.*		11,845,654
	854,468	Xylem, Inc.		53,036,829
				265,345,430
Oil, Gas & Consumable Fuels* – 2.1%
	127,886	Concho Resources, Inc.		14,191,509
	352,816	Diamondback Energy, Inc.		32,032,165
				46,223,674
Real Estate Management & Development – 0.8%
	491,238	HFF, Inc. Class A		18,730,905
Semiconductors & Semiconductor Equipment – 3.4%
	885,140	Advanced Micro Devices, Inc.*		11,506,820
	211,676	Cavium, Inc.*		13,401,208
	162,076	Monolithic Power Systems, Inc.		16,421,540
	161,687	Qorvo, Inc.*		11,838,722
	349,616	Xilinx, Inc.		23,095,633
				76,263,923
Software* – 6.7%
	220,843	Red Hat, Inc.		23,740,623
	214,100	ServiceNow, Inc.		24,876,279
	410,824	Splunk, Inc.		27,562,182
	88,451	Tableau Software, Inc. Class A		6,410,928
	135,881	The Ultimate Software Group, Inc.		27,298,493
	229,868	Tyler Technologies, Inc.		39,721,190
				149,609,695
Specialty Retail – 2.9%
	269,221	Burlington Stores, Inc.*		23,457,226
	440,694	Five Below, Inc.*		20,963,813
	173,272	Tractor Supply Co.		10,311,417
	45,758	Ulta Salon, Cosmetics & Fragrance, Inc.*		10,112,976
				64,845,432
Technology Hardware, Storage & Peripherals* – 1.5%
	925,337	Electronics For Imaging, Inc.		32,904,984
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 1.3%
	225,673	PVH Corp.		28,409,974
	TOTAL COMMON STOCKS
	(Cost $1,720,254,339)		$	2,166,602,481
Shares		Distribution Rate	Value
Investment Company(b) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	24,263,812	0.927%	$	24,263,812
	(Cost $24,263,812)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,744,518,151)		$	2,190,866,293
Securities Lending Reinvestment Vehicle(b) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17,851,259	0.927%	$	17,851,259
	(Cost $17,851,259)
	TOTAL INVESTMENTS – 99.4%
	(Cost $1,762,369,410)		$	2,208,717,552
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			12,786,197
	NET ASSETS – 100.0%		$	2,221,503,749

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 98.9%
Aerospace & Defense – 2.5%
	6,429	General Dynamics Corp.	$	1,294,479
	12,070	Northrop Grumman Corp.		3,285,575
	8,700	The Boeing Co.		2,085,042
				6,665,096
Auto Components – 0.5%
	15,200	Delphi Automotive PLC		1,465,280
Banks – 0.9%
	41,920	SunTrust Banks, Inc.		2,309,792
Beverages – 2.7%
	26,744	Molson Coors Brewing Co. Class B		2,400,274
	65,150	Monster Beverage Corp.*		3,636,673
	27,030	The Coca-Cola Co.		1,231,216
				7,268,163
Biotechnology – 4.8%
	8,317	Alexion Pharmaceuticals, Inc.*		1,184,424
	15,057	Amgen, Inc.		2,676,683
	26,791	Incyte Corp.*		3,681,351
	19,971	Shire PLC ADR		2,983,468
	15,320	Vertex Pharmaceuticals, Inc.*		2,459,473
				12,985,399
Capital Markets – 3.1%
	51,957	Intercontinental Exchange, Inc.		3,360,059
	41,059	Northern Trust Corp.		3,633,722
	8,891	S&P Global, Inc.		1,372,148
				8,365,929
Chemicals – 1.4%
	8,270	The Sherwin-Williams Co.		2,805,763
	47,345	Valvoline, Inc.		1,007,975
				3,813,738
Communications Equipment – 0.5%
	37,928	Cisco Systems, Inc.		1,221,661
Electronic Equipment, Instruments & Components – 0.6%
	20,888	Amphenol Corp. Class A		1,690,675
Equity Real Estate Investment Trusts (REITs) – 3.5%
	34,152	American Tower Corp.		5,056,203
	9,202	Equinix, Inc.		4,310,309
				9,366,512
Food & Staples Retailing – 2.1%
	25,113	Costco Wholesale Corp.		3,936,212
	19,813	Walgreens Boots Alliance, Inc.		1,614,759
				5,550,971
Food Products – 0.9%
	29,439	The Kraft Heinz Co.		2,377,199
Health Care Equipment & Supplies – 3.2%
	92,442	Boston Scientific Corp.*		2,546,777
	42,541	Danaher Corp.		3,548,770
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	21,940	Edwards Lifesciences Corp.*		2,493,701
				8,589,248
Health Care Providers & Services – 1.1%
	19,335	Aetna, Inc.		3,049,129
Hotels, Restaurants & Leisure – 2.3%
	26,167	Las Vegas Sands Corp.		1,627,849
	28,441	McDonald’s Corp.		4,549,707
				6,177,556
Household Durables – 0.5%
	30,042	Newell Brands, Inc.		1,450,428
Household Products – 0.7%
	25,788	Colgate-Palmolive Co.		1,847,452
Industrial Conglomerates – 3.8%
	11,233	3M Co.		2,295,127
	35,061	Honeywell International, Inc.		4,847,884
	13,456	Roper Technologies, Inc.		3,103,761
				10,246,772
Internet & Direct Marketing Retail* – 6.4%
	10,492	Amazon.com, Inc.		10,288,455
	18,929	Netflix, Inc.		3,307,085
	2,008	The Priceline Group, Inc.		3,718,977
				17,314,517
Internet Software & Services* – 9.6%
	8,805	Alphabet, Inc. Class A		8,410,888
	6,764	Alphabet, Inc. Class C		6,353,628
	65,221	Facebook, Inc. Class A		11,216,056
				25,980,572
IT Services – 4.1%
	23,015	Fiserv, Inc.*		2,847,186
	14,603	Global Payments, Inc.		1,394,440
	51,216	MasterCard, Inc. Class A		6,827,093
				11,068,719
Life Sciences Tools & Services – 1.8%
	28,202	Agilent Technologies, Inc.		1,825,234
	15,057	Illumina, Inc.*		3,078,554
				4,903,788
Machinery – 3.7%
	28,727	Fortive Corp.		1,866,393
	21,295	The Middleby Corp.*		2,591,602
	10,636	WABCO Holdings, Inc.*		1,527,542
	64,887	Xylem, Inc.		4,027,536
				10,013,073
Media – 4.5%
	167,056	Comcast Corp. Class A		6,784,144
	51,838	The Walt Disney Co.		5,246,006
				12,030,150

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels* – 1.2%
	10,899	Concho Resources, Inc.	$	1,209,462
	22,107	Diamondback Energy, Inc.		2,007,095
				3,216,557
Personal Products – 0.8%
	19,287	The Estee Lauder Cos., Inc. Class A		2,063,516
Pharmaceuticals – 3.6%
	8,987	Allergan PLC		2,062,337
	63,811	Eli Lilly & Co.		5,187,196
	39,649	Zoetis, Inc.		2,485,992
				9,735,525
Road & Rail – 1.1%
	61,589	CSX Corp.		3,091,768
Semiconductors & Semiconductor Equipment – 3.2%
	43,545	Applied Materials, Inc.		1,964,750
	14,101	NVIDIA Corp.		2,389,274
	50,499	Texas Instruments, Inc.		4,182,327
				8,536,351
Software – 10.8%
	20,458	Adobe Systems, Inc.*		3,174,263
	27,461	Electronic Arts, Inc.*		3,336,512
	21,199	Intuit, Inc.		2,998,599
	164,116	Microsoft Corp.		12,270,953
	80,421	Oracle Corp.		4,047,589
	35,682	salesforce.com, Inc.*		3,407,274
				29,235,190
Specialty Retail – 1.8%
	53,821	Ross Stores, Inc.		3,145,837
	11,639	The Home Depot, Inc.		1,744,337
				4,890,174
Technology Hardware, Storage & Peripherals – 6.9%
	113,952	Apple, Inc.		18,688,128
Textiles, Apparel & Luxury Goods – 2.5%
	86,946	NIKE, Inc. Class B		4,591,618
	17,017	PVH Corp.		2,142,270
				6,733,888
Tobacco – 1.8%
	22,466	Altria Group, Inc.		1,424,344
	28,106	Philip Morris International, Inc.		3,286,435
				4,710,779
	TOTAL COMMON STOCKS
	(Cost $163,094,311)		$	266,653,695
Shares		Distribution Rate	Value
	Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	58	0.927%	$	58
	(Cost $58)
	TOTAL INVESTMENTS – 98.9%
	(Cost $163,094,369)		$	266,653,753
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			3,021,150
	NET ASSETS – 100.0%		$	269,674,903

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.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.7%
Capital Markets – 1.5%
	100,608	Intercontinental Exchange, Inc.	$	6,506,319
Electronic Equipment, Instruments & Components – 3.6%
	200,655	Amphenol Corp. Class A		16,241,016
Equity Real Estate Investment Trusts (REITs) – 8.6%
	95,230	American Tower Corp.		14,098,802
	20,016	Equinix, Inc.		9,375,695
	98,250	SBA Communications Corp.*		15,086,287
				38,560,784
Internet & Direct Marketing Retail – 9.0%
	27,324	Amazon.com, Inc.*		26,793,915
	37,042	Expedia, Inc.		5,495,551
	4,153	The Priceline Group, Inc.*		7,691,688
				39,981,154
Internet Software & Services* – 16.3%
	20,292	Alphabet, Inc. Class A		19,383,730
	19,278	Alphabet, Inc. Class C		18,108,404
	183,257	eBay, Inc.		6,621,075
	165,814	Facebook, Inc. Class A		28,515,034
				72,628,243
IT Services – 12.7%
	68,560	Accenture PLC Class A		8,964,905
	179,898	Black Knight Financial Services, Inc. Class A*(a)		7,663,655
	42,688	Gartner, Inc.*		5,147,746
	101,204	Global Payments, Inc.		9,663,970
	114,889	MasterCard, Inc. Class A		15,314,704
	145,335	Total System Services, Inc.		10,045,555
				56,800,535
Semiconductors & Semiconductor Equipment – 10.8%
	294,289	Applied Materials, Inc.		13,278,320
	18,014	Broadcom Ltd.		4,540,789
	87,568	Cavium, Inc.*		5,543,930
	95,687	Qorvo, Inc.*		7,006,202
	164,480	Texas Instruments, Inc.		13,622,234
	65,692	Xilinx, Inc.		4,339,613
				48,331,088
Software – 28.3%
	80,329	Activision Blizzard, Inc.		5,266,369
	70,146	Adobe Systems, Inc.*		10,883,853
	45,277	Autodesk, Inc.*		5,182,405
	78,690	Electronic Arts, Inc.*		9,560,835
	76,176	Intuit, Inc.		10,775,095
	236,541	Microsoft Corp.		17,686,171
	354,813	Oracle Corp.		17,857,738
	101,057	Red Hat, Inc.*		10,863,628
	91,349	Salesforce.com, Inc.*		8,722,916
	124,579	ServiceNow, Inc.*		14,474,834
	156,525	Splunk, Inc.*		10,501,262
	43,898	Workday, Inc. Class A*		4,815,172
				126,590,278
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 8.9%
	209,283	Apple, Inc.		34,322,412
	151,182	Electronics For Imaging, Inc.*		5,376,032
				39,698,444
	TOTAL COMMON STOCKS
	(Cost $218,337,456)		$	445,337,861
Shares		Distribution Rate	Value
Investment Companies(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	15	0.927%	$	15
	(Cost $15)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $218,337,471)		$	445,337,876
Securities Lending Reinvestment Vehicle(b) – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,637,072	0.927%	$	2,637,072
	(Cost $2,637,072)
	TOTAL INVESTMENTS – 100.3%
	(Cost $220,974,543)		$	447,974,948
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%			(1,119,117	)
	NET ASSETS – 100.0%		$	446,855,831

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

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

August 31, 2017

	Capital Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $581,435,099, $102,070,303, $4,451,929, $11,674,831, $1,915,736,997, $1,720,254,339, $163,094,311 and $218,337,456)	$	911,488,962
Investments of affiliated issuers, at value (cost $2,846,511, $84, $218,033, $619,814, $7,868,408, $24,263,812, $58 and $15)		2,846,511
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $381,393, $0, $0, $323,320, $0, $17,851,259, $0 and $2,637,072)(a)		381,393
Cash		3,943,571
Receivables:
Dividends		1,277,422
Reimbursement from investment adviser		101,913
Fund shares sold		46,881
Foreign tax reclaims		32,145
Securities lending income		209
Investments sold		—
Other assets		1,864
Total assets		920,120,871
Liabilities:
Payables:
Fund shares redeemed		597,360
Management fees		546,063
Payable upon return of securities loaned		381,393
Distribution and Service fees and Transfer Agency fees		315,580
Investments purchased		547
Payable to investment advisor
Accrued expenses		217,872
Total liabilities		2,058,815
Net Assets:
Paid-in capital		523,930,299
Undistributed (distributions in excess of) net investment income		1,308,106
Accumulated net realized gain		62,769,788
Net unrealized gain		330,053,863
NET ASSETS	$	918,062,056
Net Assets:
Class A	$	671,371,076
Class C		62,700,648
Institutional		165,947,652
Service		1,436,732
Investor		8,496,489
Class R		8,093,313
Class R6		16,146
Total Net Assets	$	918,062,056
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		23,215,732
Class C		2,833,668
Institutional		5,251,973
Service		51,314
Investor		289,886
Class R		288,938
Class R6		511
Net asset value, offering and redemption price per share:(b)
Class A		$28.92
Class C		22.13
Institutional		31.60
Service		28.00
Investor		29.31
Class R		28.01
Class R6		31.60

(a) Includes loaned securities having a market value of $373,278, $316,138, $17,383,744 and $2,585,360 for the Capital Growth, Flexible Cap, Small/Mid Cap Growth and Technology Opportunities Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Technology Opportunities Funds is $30.60, $18.65, $15.70, $14.91, $25.37, $23.08, $14.59 and $24.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

78 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 Fund		Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund		Technology Opportunities Fund
$	150,528,931	$	5,515,865	$	17,859,765	$	2,551,727,333		$	2,166,602,481		$	266,653,695	$	445,337,861
	84		218,033		619,814		7,868,408			24,263,812			58		15
	—		—		323,320		—			17,851,259			—		2,637,072
	1,158,562		88,843		280,339		38,910,544			33,053,820			3,951,025		2,085,993
	225,608		14,638		25,361		2,176,965			1,979,791			399,041		174,080
	57,818		—		11,044		—			—			43,356		58,757
	112,050		1,116		201		21,883,089			1,080,664			68,933		165,356
	—		233		—		—			—			—		—
	—		—		59		812			8,839			—		530
	—		—		—		8,753,321			—			—		591,071
	393		59,757		2,928		6,364			5,172			750		888
	152,083,446		5,898,485		19,122,831		2,631,326,836			2,244,845,838			271,116,858		451,051,623
	255,587		—		4,000		37,720,564			3,258,364			306,755		921,922
	99,033		3,382		12,068		1,973,177			1,581,851			160,634		351,591
	—		—		323,320		—			17,851,259			—		2,637,072
	8,854		964		3,773		350,404			438,761			33,301		152,074
	437,513		136		545		874			23,803			833,537		15
	—		21,611		—		—			—			—		—
	113,277		94,782		98,065		251,535			188,051			107,728		133,118
	914,264		120,875		441,771		40,296,554			23,342,089			1,441,955		4,195,792
	92,314,746		3,670,082		11,070,407		1,638,948,275			1,558,156,721			116,296,390		197,576,468
	481,013		39,404		13,337		(5,528,419	)		(4,405,886	)		1,285,219		(1,923,459	)
	9,914,795		1,004,188		1,412,382		321,620,090			221,404,772			48,533,910		24,202,417
	48,458,628		1,063,936		6,184,934		635,990,336			446,348,142			103,559,384		227,000,405
$	151,169,182	$	5,777,610	$	18,681,060	$	2,591,030,282		$	2,221,503,749		$	269,674,903	$	446,855,831
$	5,462,453	$	1,880,382	$	5,627,331	$	486,114,922		$	351,252,586		$	46,113,904	$	268,746,331
	2,210,214		177,648		1,511,937		91,086,284			217,384,866			9,326,170		50,778,570
	142,623,134		3,498,779		11,111,027		1,670,808,048			1,149,458,856			211,311,400		85,094,748
	—		—		—		33,159,009			16,520,441			477,626		18,919,315
	779,921		187,957		379,465		132,003,296			437,308,720			2,264,474		23,316,867
	25,336		21,657		39,492		59,225,110			26,918,007			169,272		—
	68,124		11,187		11,808		118,633,613			22,660,273			12,057		—
$	151,169,182	$	5,777,610	$	18,681,060	$	2,591,030,282		$	2,221,503,749		$	269,674,903	$	446,855,831
	309,979		126,714		399,487		20,282,711			16,107,271			3,344,938		11,665,392
	147,990		12,367		118,569		5,073,765			11,282,488			814,004		2,610,053
	7,645,506		234,435		746,750		60,674,162			49,812,377			14,406,141		3,383,697
	—		—		—		1,438,574			774,347			34,860		835,841
	43,632		12,594		25,943		5,302,003			19,455,306			154,518		938,694
	1,479		1,455		2,890		2,562,899			1,271,476			12,485		—
	3,652		749		794		4,306,506			981,598			823		—
	$17.62		$14.84		$14.09		$23.97			$21.81			$13.79		$23.04
	14.93		14.36		12.75		17.95			19.27			11.46		19.45
	18.65		14.92		14.88		27.54			23.08			14.67		25.15
	—		—		—		23.05			21.33			13.70		22.64
	17.88		14.92		14.63		24.90			22.48			14.66		24.84
	17.13		14.89		13.67		23.11			21.17			13.56		—
	18.65		14.93		14.88		27.55			23.09			14.66		—

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2017

	Capital Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $12,313, $2,361, $0, $0, $0, $0, $31,343 and $0)	$	11,066,347
Dividends — affiliated issuers		8,537
Interest		2,356
Securities lending income — affiliated issuer		83,726
Total investment income		11,160,966
Expenses:
Management fees		8,633,098
Distribution and Service fees(a)		2,275,434
Transfer Agency fees(a)		1,407,078
Custody, accounting and administrative services		258,197
Professional fees		111,275
Registration fees		98,047
Printing and mailing costs		96,737
Trustee fees		18,652
Service Share fees — Service Plan		3,830
Service Share fees — Shareholder Administration Plan		3,830
Other		40,065
Total expenses		12,946,243
Less — expense reductions		(3,088,422	)
Net expenses		9,857,821
NET INVESTMENT INCOME (LOSS)		1,303,145
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $0, $6,046, $84, $202, $100,192, $69,943, $10,796 and $4,707)		65,849,893
Investments — affiliated issuers		—
Net change in unrealized gain on:
Investments — unaffiliated issuers		101,955,647
Investments — affiliated issuers		—
Net realized and unrealized gain		167,805,540
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	169,108,685

(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		Investor		Class R		Class R6
Capital Growth Fund	$	1,588,477	$	663,780	$	23,177	$	1,200,878	$	125,523	$	59,675	$	613	$	11,654	$	8,731	$	4
Concentrated Growth Fund		13,956		21,410		121		10,556		4,047		50,475		—		1,069		46		5
Dynamic U.S. Equity Fund		4,935		1,758		102		3,733		332		1,877		—		430		39		4
Flexible Cap Fund		13,614		13,724		166		10,293		2,593		3,998		—		716		63		4
Growth Opportunities Fund		1,332,846		1,066,653		298,265		1,008,310		201,791		763,492		13,579		250,037		112,772		18,923
Small/Mid Cap Growth Fund		1,250,474		2,311,899		148,700		947,011		437,181		454,297		5,984		710,310		56,251		3,670
Strategic Growth Fund		112,767		98,517		728		85,265		18,631		101,685		150		2,709		275		4
Technology Opportunities Fund		601,100		516,917		—		454,326		97,737		33,070		5,561		31,145		—		—

80 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 Fund			Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund
$	1,784,515		$	119,094		$	196,194		$	20,443,896		$	15,031,556		$	3,900,044		$	2,698,665
	2,004			503			1,439			42,985			97,325			1,970			715
	5,859			—			5,498			12,621			8,840			3,744			11,230
	455			27			3,567			719,719			572,339			41,646			49,154
	1,792,833			119,624			206,698			21,219,221			15,710,060			3,947,404			2,759,764
	1,345,166			49,704			172,346			27,784,508			22,746,249			3,111,416			4,052,183
	35,487			6,795			27,504			2,697,764			3,711,073			212,012			1,118,017
	66,198			6,415			17,667			2,368,904			2,614,704			208,719			621,839
	48,884			43,363			56,200			200,766			163,042			69,725			68,973
	103,934			83,431			86,028			85,297			74,801			114,749			115,561
	83,795			82,235			79,254			121,607			126,807			84,089			66,876
	28,752			16,464			25,931			111,445			217,980			25,219			76,967
	16,284			17,364			17,384			21,355			20,925			17,822			17,968
	—			—			—			84,868			37,403			940			34,757
	—			—			—			84,868			37,403			940			34,757
	11,081			8,084			7,772			84,236			117,870			17,261			17,706
	1,739,581			313,855			490,086			33,645,618			29,868,257			3,862,892			6,225,604
	(585,296	)		(247,874	)		(311,564	)		(2,653,468	)		(3,516,096	)		(1,219,567	)		(449,386	)
	1,154,285			65,981			178,522			30,992,150			26,352,161			2,643,325			5,776,218
	638,548			53,643			28,176			(9,772,929	)		(10,642,101	)		1,304,079			(3,016,454	)
	13,025,972			1,424,777			1,505,809			393,054,686			259,155,327			58,561,041			27,226,851
	—			—			—			—			(5,076,804	)		—			—
	8,307,250			(486,767	)		1,684,947			(32,271,065	)		37,263,155			(1,626,503	)		80,622,920
	—			—			—			—			3,346,996			—			—
	21,333,222			938,010			3,190,756			360,783,621			294,688,674			56,934,538			107,849,771
$	21,971,770		$	991,653		$	3,218,932		$	351,010,692		$	284,046,573		$	58,238,617		$	104,833,317

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets

	Capital Growth Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income (loss)	$	1,303,145		$	1,001,228
Net realized gain (loss)		65,849,893			12,702,788
Net change in unrealized gain (loss)		101,955,647			32,983,438
Net increase (decrease) in net assets resulting from operations		169,108,685			46,687,454
Distributions to shareholders:
From net investment income
Class A Shares		(351,955	)		—
Institutional Shares		(602,702	)		(262,248	)
Service Shares		—			—
Investor Shares		(15,368	)		(3,425	)
Class R Shares		—			—
Class R6 Shares		(45	)		(18	)
From net realized gains
Class A Shares		(8,263,004	)		(53,960,173	)
Class C Shares		(1,166,606	)		(7,608,296	)
Institutional Shares		(1,734,258	)		(13,105,149	)
Service Shares		(21,688	)		(152,819	)
Investor Shares		(59,705	)		(374,339	)
Class R Shares		(48,146	)		(304,242	)
Class R6 Shares		(123	)		(712	)
Total distributions to shareholders		(12,263,600	)		(75,771,421	)
From share transactions:
Proceeds from sales of shares		53,323,647			34,992,956
Proceeds received in connection with merger		—			—
Reinvestment of distributions		11,586,016			71,646,769
Cost of shares redeemed		(153,503,624	)		(155,817,837	)
Net decrease in net assets resulting from share transactions		(88,593,961	)		(49,178,112	)
TOTAL INCREASE (DECREASE)		68,251,124			(78,262,079	)
Net assets:
Beginning of year		849,810,932			928,073,011
End of year	$	918,062,056		$	849,810,932
Undistributed net investment income	$	1,308,106		$	979,312

82 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, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	638,548		$	600,808		$	53,643		$	104,373
	13,025,972			(2,449,540	)		1,424,777			(63,632	)
	8,307,250			9,687,706			(486,767	)		332,852
	21,971,770			7,838,974			991,653			373,593
	(11,087	)		—			(10,370	)		(17,622	)
	(751,721	)		(373,404	)		(57,578	)		(103,664	)
	—			—			—			—
	(2,033	)		(483	)		(1,491	)		(2,981	)
	—			—			—			—
	(63	)		(26	)		(101	)		(102	)
	(23,848	)		(842,410	)		(326	)		(290,672	)
	(10,841	)		(395,561	)		(23	)		(33,918	)
	(508,883	)		(16,282,694	)		(796	)		(976,319	)
	—			—			—			—
	(1,669	)		(36,485	)		(31	)		(40,105	)
	(104	)		(3,308	)		(3	)		(5,478	)
	(40	)		(1,002	)		(2	)		(901	)
	(1,310,289	)		(17,935,373	)		(70,721	)		(1,471,762	)
	4,745,172			6,131,931			2,329,929			1,218,198
	16,473,232			—			—			—
	1,290,974			17,572,644			70,721			1,161,930
	(36,067,794	)		(36,526,581	)		(4,802,428	)		(9,246,741	)
	(13,558,416	)		(12,822,006	)		(2,401,778	)		(6,866,613	)
	7,103,065			(22,918,405	)		(1,480,846	)		(7,964,782	)
	144,066,117			166,984,522			7,258,456			15,223,238
$	151,169,182		$	144,066,117		$	5,777,610		$	7,258,456
$	481,013		$	609,650		$	39,404		$	55,441

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Flexible Cap Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income (loss)	$	28,176		$	(13,099	)
Net realized gain (loss)		1,505,809			193,770
Net change in unrealized gain (loss)		1,684,947			596,395
Net increase (decrease) in net assets resulting from operations		3,218,932			777,066
Distributions to shareholders:
From net investment income
Class A Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Investor Shares		—			—
Class R Shares		—			—
Class R6 Shares		—			—
From net realized gains
Class A Shares		(5,826	)		(458,035	)
Class C Shares		(1,496	)		(116,932	)
Institutional Shares		(9,494	)		(497,675	)
Service Shares		—			—
Investor Shares		(198	)		(13,475	)
Class R Shares		(27	)		(2,254	)
Class R6 Shares		(10	)		(544	)
Total distributions to shareholders		(17,051	)		(1,088,915	)
From share transactions:
Proceeds from sales of shares		3,771,805			3,195,796
Reinvestment of distributions		17,051			1,088,915
Cost of shares redeemed		(5,285,565	)		(4,728,552	)
Net decrease in net assets resulting from share transactions		(1,496,709	)		(443,841	)
TOTAL INCREASE (DECREASE)		1,705,172			(755,690	)
Net assets:
Beginning of year		16,975,888			17,731,578
End of year	$	18,681,060		$	16,975,888
Undistributed (distributions in excess of) net investment income (loss)	$	13,337		$	(5,278	)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Growth Opportunities Fund						Small/Mid Cap Growth Fund
For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	(9,772,929	)	$	(9,095,539	)	$	(10,642,101	)	$	(16,317,215	)
	393,054,686			143,274,021			254,078,523			52,255,039
	(32,271,065	)		(51,072,627	)		40,610,151			(71,634,818	)
	351,010,692			83,105,855			284,046,573			(35,696,994	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(14,410,877	)		(97,819,695	)		(22,115,735	)		(33,875,139	)
	(3,935,680	)		(23,532,032	)		(9,352,469	)		(10,986,288	)
	(45,399,922	)		(309,058,207	)		(37,610,927	)		(47,806,278	)
	(939,914	)		(5,746,888	)		(484,480	)		(475,742	)
	(3,279,388	)		(18,674,509	)		(10,342,325	)		(10,051,807	)
	(1,600,130	)		(9,066,946	)		(1,149,251	)		(1,254,158	)
	(2,386,639	)		(1,081,229	)		(610,048	)		(313	)
	(71,952,550	)		(464,979,506	)		(81,665,235	)		(104,449,725	)
	603,609,908			664,433,721			686,406,541			1,008,705,061
	64,113,934			390,089,513			73,298,159			93,324,637
	(1,557,638,716	)		(2,055,513,321	)		(1,349,413,511	)		(1,151,579,076	)
	(889,914,874	)		(1,000,990,087	)		(589,708,811	)		(49,549,378	)
	(610,856,732	)		(1,382,863,738	)		(387,327,473	)		(189,696,097	)
	3,201,887,014			4,584,750,752			2,608,831,222			2,798,527,319
$	2,591,030,282		$	3,201,887,014		$	2,221,503,749		$	2,608,831,222
$	(5,528,419	)	$	(7,887,321	)	$	(4,405,886	)	$	(10,953,820	)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Strategic Growth Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income (loss)	$	1,304,079		$	2,040,512
Net realized gain (loss)		58,561,041			1,548,451
Net change in unrealized gain (loss)		(1,626,503	)		21,597,125
Net increase (decrease) in net assets resulting from operations		58,238,617			25,186,088
Distributions to shareholders:
From net investment income
Class A Shares		(143,097	)		(72,760	)
Institutional Shares		(1,865,022	)		(1,396,604	)
Service Shares		(1,064	)		(299	)
Investor Shares		(4,837	)		(2,572	)
Class R Shares		(579	)		(106	)
Class R6 Shares		(71	)		(42	)
From net realized gains
Class A Shares		(1,309,232	)		(2,662,084	)
Class C Shares		(359,532	)		(747,201	)
Institutional Shares		(7,706,675	)		(18,504,227	)
Service Shares		(8,931	)		(12,976	)
Investor Shares		(24,506	)		(47,249	)
Class R Shares		(4,139	)		(4,036	)
Class R6 Shares		(285	)		(516	)
Total distributions to shareholders		(11,427,970	)		(23,450,672	)
From share transactions:
Proceeds from sales of shares		58,640,340			110,866,442
Reinvestment of distributions		11,138,138			22,818,629
Cost of shares redeemed		(200,254,330	)		(166,077,206	)
Net decrease in net assets resulting from share transactions		(130,475,852	)		(32,392,135	)
TOTAL INCREASE (DECREASE)		(83,665,205	)		(30,656,719	)
Net assets:
Beginning of year		353,340,108			383,996,827
End of year	$	269,674,903		$	353,340,108
Undistributed net investment income	$	1,285,219		$	2,008,192

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Technology Opportunities Fund
For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	(3,016,454	)	$	(2,695,009	)
	27,226,851			18,604,630
	80,622,920			31,771,257
	104,833,317			47,680,878
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	(10,972,102	)		(21,931,579	)
	(2,857,031	)		(5,298,231	)
	(3,662,504	)		(6,969,643	)
	(563,605	)		(975,553	)
	(412,820	)		(511,029	)
	—			—
	—			—
	(18,468,062	)		(35,686,035	)
	101,121,736			64,248,588
	16,881,342			32,420,710
	(145,124,804	)		(133,609,474	)
	(27,121,726	)		(36,940,176	)
	59,243,529			(24,945,333	)
	387,612,302			412,557,635
$	446,855,831		$	387,612,302
$	(1,923,459	)	$	(1,944,623	)

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

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,
2017 - A	$	24.15	$	0.04		$	5.07		$	5.11		$	(0.01	)	$	(0.33	)	$	(0.34	)
2017 - C		18.68		(0.12	)		3.90			3.78			—			(0.33	)		(0.33	)
2017 - Institutional		26.35		0.15			5.54			5.69			(0.11	)		(0.33	)		(0.44	)
2017 - Service		23.40		—			4.93			4.93			—			(0.33	)		(0.33	)
2017 - Investor(g)		24.48		0.11			5.13			5.24			(0.08	)		(0.33	)		(0.41	)
2017 - R		23.44		(0.03	)		4.93			4.90			—			(0.33	)		(0.33	)
2017 - R6		26.34		0.16			5.55			5.71			(0.12	)		(0.33	)		(0.45	)
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 - Investor(g)		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 - Investor(g)		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 - Investor(g)		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 - Investor(g)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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.

(g) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

88 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)
$	28.92		21.47	%	$	671,371		1.15	%		1.51	%		0.14	%			48	%
	22.13		20.59			62,701		1.90			2.26			(0.61	)			48
	31.60		21.96			165,948		0.75			1.11			0.54				48
	28.00		21.36			1,437		1.25			1.61			0.02				48
	29.31		21.77			8,496		0.90			1.26			0.43				48
	28.01		21.19			8,093		1.40			1.77			(0.10	)			48
	31.60		21.99			16		0.75			1.10			0.56				48
	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

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

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,
2017 - A	$	15.06	$	0.02		$	2.64		$	2.66		$	(0.03	)	$	(0.07	)	$	(0.10	)
2017 - C		12.84		(0.08	)		2.24			2.16			—			(0.07	)		(0.07	)
2017 - Institutional		15.94		0.09			2.78			2.87			(0.09	)		(0.07	)		(0.16	)
2017 - Investor(i)		15.28		0.07			2.67			2.74			(0.07	)		(0.07	)		(0.14	)
2017 - R		14.65		(0.02	)		2.57			2.55			—			(0.07	)		(0.07	)
2017 - R6		15.95		0.13			2.74			2.87			(0.10	)		(0.07	)		(0.17	)
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 - Investor(i)		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 - Investor(i)		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 - Investor(i)		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 - Investor(i)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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. On July 28, 2017, Goldman Sachs Concentrated Growth Fund acquired all of the net assets of Goldman Sachs Focused Growth Fund pursuant to an Agreement and Plan of Reorganization. Portfolio turnover excludes purchases and sales of securities by Goldman Sachs Focused Growth Fund (acquired fund) prior to the merger date.

(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.

(i) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

90 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)
$	17.62		17.75	%	$	5,462		1.20	%		1.65	%		0.11	%		54	%
	14.93		16.88			2,210		1.95			2.40			(0.61	)		54
	18.65		18.22			142,623		0.82			1.26			0.51			54
	17.88		18.14			780		0.95			1.41			0.45			54
	17.13		17.46			25		1.45			1.91			(0.14	)		54
	18.65		18.17			68		0.82			1.32			0.74			54
	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

The accompanying notes are an integral part of these financial statements. 91

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,
2017 - A	$	13.08	$	0.07		$	1.76		$	1.83		$	(0.07	)	$	—	(d)	$	(0.07	)
2017 - C		12.69		(0.02	)		1.69			1.67			—			—	(d)		—	(d)
2017 - Institutional		13.17		0.12			1.77			1.89			(0.14	)		—	(d)		(0.14	)
2017 - Investor(f)		13.16		0.11			1.76			1.87			(0.11	)		—	(d)		(0.11	)
2017 - R		13.09		0.04			1.76			1.80			—			—	(d)		—	(d)
2017 - R6		13.17		0.13			1.77			1.90			(0.14	)		—	(d)		(0.14	)
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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

92 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)
$	14.84		14.06	%	$	1,880		1.17	%		4.64	%		0.53	%		77	%
	14.36		13.18			178		1.92			5.38			(0.18	)		77
	14.92		14.43			3,499		0.79			4.28			0.88			77
	14.92		14.27			188		0.92			4.47			0.78			77
	14.89		13.77			22		1.41			4.88			0.30			77
	14.93		14.52			11		0.77			4.20			0.95			77
	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	(e)		1.65	(e)		1.08	(e)		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

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS FLEXIBLE CAP 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,
2017 - A	$	11.74	$	—	(d)	$	2.36		$	2.36		$	—		$	(0.01	)	$	(0.01	)
2017 - C		10.71		(0.09	)		2.14			2.05			—			(0.01	)		(0.01	)
2017 - Institutional		12.35		0.05			2.49			2.54			—			(0.01	)		(0.01	)
2017 - Investor(i)		12.16		0.05			2.43			2.48			—			(0.01	)		(0.01	)
2017 - R		11.42		(0.03	)		2.29			2.26			—			(0.01	)		(0.01	)
2017 - R6		12.35		0.05			2.49			2.54			—			(0.01	)		(0.01	)
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 - Investor(i)		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 - Investor(i)		13.53		—	(d)(e)		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		—	(d)(e)		(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 - Investor(i)		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 - Investor(i)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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% per share.

(h) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.20% of average net assets.

(i) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

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

GOLDMAN SACHS FLEXIBLE CAP 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)
$	14.09		20.14	%	$	5,627		1.20	%		3.01	%		(0.01	)%		47	%
	12.75		19.18			1,512		1.95			3.76			(0.75	)		47
	14.88		20.61			11,111		0.82			2.62			0.38			47
	14.63		20.43			379		0.95			2.83			0.35			47
	13.67		19.83			39		1.45			3.28			(0.23	)		47
	14.88		20.61			12		0.82			2.61			0.39			47
	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

The accompanying notes are an integral part of these financial statements. 95

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			Distributions to shareholders from net realized gains
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - A	$	21.70	$	(0.12	)	$	2.94		$	2.82		$	(0.55	)
2017 - C		16.52		(0.22	)		2.20			1.98			(0.55	)
2017 - Institutional		24.76		(0.05	)		3.38			3.33			(0.55	)
2017 - Service		20.92		(0.15	)		2.83			2.68			(0.55	)
2017 - Investor(h)		22.46		(0.07	)		3.06			2.99			(0.55	)
2017 - R		20.99		(0.17	)		2.84			2.67			(0.55	)
2017 - R6		24.77		(0.04	)		3.37			3.33			(0.55	)
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 - Investor(h)		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 - Investor(h)		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 - Investor(h)		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 - Investor(h)		24.19		(0.05	)(g)		4.61			4.56			(1.65	)
2013 - R		23.59		(0.17	)(g)		4.48			4.31			(1.65	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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.

(h) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

96 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)
$	23.97		13.40	%	$	486,115		1.30	%		1.43	%		(0.56	)%		61	%
	17.95		12.49			91,086		2.05			2.18			(1.32	)		61
	27.54		13.81			1,670,808		0.95			1.03			(0.21	)		61
	23.05		13.22			33,159		1.45			1.53			(0.71	)		61
	24.90		13.71			132,003		1.05			1.18			(0.31	)		61
	23.11		13.13			59,225		1.55			1.68			(0.81	)		61
	27.55		13.80			118,634		0.93			1.01			(0.18	)		61
	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

The accompanying notes are an integral part of these financial statements. 97

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,
2017 - A	$	19.85	$	(0.12	)(d)	$	2.77		$	2.65		$	(0.69	)
2017 - C		17.75		(0.24	)(d)		2.45			2.21			(0.69	)
2017 - Institutional		20.89		(0.05	)(d)		2.93			2.88			(0.69	)
2017 - Service		19.46		(0.14	)(d)		2.70			2.56			(0.69	)
2017 - Investor(j)		20.39		(0.08	)(d)		2.86			2.78			(0.69	)
2017 - R		19.34		(0.17	)(d)		2.69			2.52			(0.69	)
2017 - R6		20.89		(0.04	)(d)		2.93			2.89			(0.69	)
2016 - A		20.72		(0.14	)(e)		—			(0.14	)		(0.73	)
2016 - C		18.74		(0.25	)(e)		(0.01	)		(0.26	)		(0.73	)
2016 - Institutional		21.69		(0.07	)(e)		—			(0.07	)		(0.73	)
2016 - Service		20.35		(0.16	)(e)		—			(0.16	)		(0.73	)
2016 - Investor(j)		21.21		(0.09	)(e)		—			(0.09	)		(0.73	)
2016 - R		20.26		(0.18	)(e)		(0.01	)		(0.19	)		(0.73	)
2016 - R6		21.69		(0.06	)(e)		(0.01	)		(0.07	)		(0.73	)
2015 - A		20.90		(0.18	)(f)		1.71			1.53			(1.71	)
2015 - C		19.20		(0.31	)(f)		1.56			1.25			(1.71	)
2015 - Institutional		21.71		(0.10	)(f)		1.79			1.69			(1.71	)
2015 - Service		20.58		(0.20	)(f)		1.68			1.48			(1.71	)
2015 - Investor(j)		21.30		(0.13	)(f)		1.75			1.62			(1.71	)
2015 - R		20.51		(0.23	)(f)		1.69			1.46			(1.71	)
2015 - R6 (Commenced July 31, 2015)		23.47		(0.01	)(f)		(1.77	)		(1.78	)		—
2014 - A		18.63		(0.16	)(h)		3.43			3.27			(1.00	)
2014 - C		17.31		(0.29	)(h)		3.18			2.89			(1.00	)
2014 - Institutional		19.25		(0.09	)(h)		3.55			3.46			(1.00	)
2014 - Service		18.38		(0.18	)(h)		3.38			3.20			(1.00	)
2014 - Investor(j)		18.93		(0.12	)(h)		3.49			3.37			(1.00	)
2014 - R		18.35		(0.21	)(h)		3.37			3.16			(1.00	)
2013 - A		15.52		(0.11	)(i)		3.99			3.88			(0.77	)
2013 - C		14.58		(0.23	)(i)		3.73			3.50			(0.77	)
2013 - Institutional		15.95		(0.06	)(i)		4.13			4.07			(0.77	)
2013 - Service		15.34		(0.13	)(i)		3.94			3.81			(0.77	)
2013 - Investor(j)		15.72		(0.08	)(i)		4.06			3.98			(0.77	)
2013 - R		15.34		(0.15	)(i)		3.93			3.78			(0.77	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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 0.14% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(g) Annualized.

(h) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(i) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.14% of average net assets.

(j) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

98 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)
$	21.81		13.78	%	$	351,253		1.29	%		1.46	%		(0.62	)%(d)		60	%
	19.27		12.98			217,385		2.04			2.21			(1.36	)(d)		60
	23.08		14.21			1,149,459		0.92			1.06			(0.24	)(d)		60
	21.33		13.59			16,520		1.42			1.56			(0.73	)(d)		60
	22.48		14.06			437,309		1.04			1.21			(0.36	)(d)		60
	21.17		13.47			26,918		1.54			1.71			(0.86	)(d)		60
	23.09		14.26			22,660		0.90			1.04			(0.18	)(d)		60
	19.85		(0.56	)		736,221		1.31			1.45			(0.73	)(e)		67
	17.75		(1.34	)		265,282		2.06			2.20			(1.48	)(e)		67
	20.89		(0.21	)		1,235,282		0.93			1.05			(0.35	)(e)		67
	19.46		(0.67	)		13,956		1.43			1.55			(0.85	)(e)		67
	20.39		(0.31	)		313,812		1.06			1.20			(0.48	)(e)		67
	19.34		(0.83	)		34,493		1.56			1.70			(0.98	)(e)		67
	20.89		(0.21	)		9,785		0.92			1.04			(0.28	)(e)		67
	20.72		7.67			906,362		1.33			1.45			(0.85	)(f)		47
	18.74		6.84			268,384		2.08			2.20			(1.60	)(f)		47
	21.69		8.15			1,355,322		0.93			1.05			(0.45	)(f)		47
	20.35		7.54			12,695		1.42			1.55			(0.95	)(f)		47
	21.21		7.97			221,058		1.08			1.20			(0.60	)(f)		47
	20.26		7.46			34,697		1.58			1.70			(1.10	)(f)		47
	21.69		(7.58	)		9		0.92	(g)		1.05	(g)		(0.34	)(f)(g)		47
	20.9		17.97			741,254		1.33			1.48			(0.82	)(h)		43
	19.2		17.11			221,451		2.08			2.23			(1.57	)(h)		43
	21.71		18.39			1,077,769		0.93			1.08			(0.42	)(h)		43
	20.58		17.83			8,692		1.43			1.58			(0.92	)(h)		43
	21.3		18.22			171,779		1.08			1.23			(0.57	)(h)		43
	20.51		17.63			34,118		1.58			1.73			(1.07	)(h)		43
	18.63		26.18			592,798		1.34			1.49			(0.68	)(i)		37
	17.31		25.23			150,744		2.09			2.24			(1.44	)(i)		37
	19.25		26.68			725,662		0.94			1.09			(0.32	)(i)		37
	18.38		26.02			8,495		1.44			1.59			(0.77	)(i)		37
	18.93		26.49			93,255		1.09			1.24			(0.45	)(i)		37
	18.35		25.82			24,420		1.59			1.74			(0.93	)(i)		37

The accompanying notes are an integral part of these financial statements. 99

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,
2017 - A	$	11.91	$	0.02		$	2.26		$	2.28		$	(0.04	)	$	(0.36	)	$	(0.40	)
2017 - C		10.00		(0.06	)		1.88			1.82			—			(0.36	)		(0.36	)
2017 - Institutional		12.64		0.07			2.40			2.47			(0.08	)		(0.36	)		(0.44	)
2017 - Service		11.85		0.01			2.24			2.25			(0.04	)		(0.36	)		(0.40	)
2017 - Investor(h)		12.63		0.06			2.40			2.46			(0.07	)		(0.36	)		(0.43	)
2017 - R		11.75		(0.01	)		2.23			2.22			(0.05	)		(0.36	)		(0.41	)
2017 - R6		12.63		0.08			2.40			2.48			(0.09	)		(0.36	)		(0.45	)
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 - Investor(h)		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		—	(d)(e)		0.42			0.42			—			(2.08	)		(2.08	)
2015 - Investor(h)		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 - Investor(h)		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 - Investor(h)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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.

(h) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

100 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)
$	13.79		19.79	%	$	46,114		1.15	%		1.55	%		0.15	%		54	%
	11.46		18.89			9,326		1.90			2.30			(0.60	)		54
	14.67		20.29			211,311		0.75			1.14			0.51			54
	13.70		19.66			478		1.25			1.65			0.09			54
	14.66		20.15			2,264		0.90			1.30			0.48			54
	13.56		19.56			169		1.40			1.80			(0.07	)		54
	14.66		20.33			12		0.75			1.14			0.57			54
	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

The accompanying notes are an integral part of these financial statements. 101

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,
2017 - A	$	18.73	$	(0.15	)	$	5.37	$	5.22	$	(0.91	)
2017 - C		16.07		(0.25	)		4.54		4.29		(0.91	)
2017 - Institutional		20.29		(0.07	)		5.84		5.77		(0.91	)
2017 - Service		18.44		(0.16	)		5.27		5.11		(0.91	)
2017 - Investor(f)		20.08		(0.10	)		5.77		5.67		(0.91	)
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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		14.30		(0.09	)		1.80		1.71		—

(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 impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares.

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

(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.

(f) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

102 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)
$	23.04		29.17	%	$	268,746		1.42	%		1.53	%		(0.74	)%		19	%
	19.45		28.18			50,779		2.17			2.28			(1.49	)		19
	25.15		29.66			85,095		1.02			1.13			(0.34	)		19
	22.64		29.03			18,919		1.51			1.63			(0.83	)		19
	24.84		29.46			23,317		1.16			1.28			(0.46	)		19
	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

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

August 31, 2017

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, Investor, R and R6	Diversified
Concentrated Growth, Dynamic U.S. Equity and Flexible Cap*	A, C, Institutional, Investor, R and R6	Diversified
Technology Opportunities	A, C, Institutional, Service and Investor	Diversified

* Formerly known as Goldman Sachs Flexible Cap Growth Fund. Effective August 31, 2017, the Fund changed its name to the Goldman Sachs Flexible Cap Fund.

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

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

Pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) approved by the Trust’s Board of Trustees, all of the assets and liabilities of the Goldman Sachs Focused Growth Fund (the “Acquired Fund”) were transferred to the Goldman Sachs Concentrated Growth Fund (the “Survivor Fund”) as of the close of business on July 28, 2017. (the “Reorganization”). As part of the Reorganization, holders of the Acquired Fund’s Class A, Class C, Institutional, Investor and Class R received the Survivor Fund’s Class A, Class C, Institutional, Investor and Class R shares, respectively in an amount equal to the aggregate net asset value of their investment in the Acquired Fund. The exchange was a tax-free event to shareholders.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the

104

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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

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

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

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

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

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.

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 valued using available market quotations as provided by a third party pricing vendor or broker. 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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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, 2017:

CAPITAL GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	12,664,612	$	—	$	—
North America		898,824,350		—		—
Investment Company		2,846,511		—		—
Securities Lending Reinvestment Vehicle		381,393		—		—
Total	$	914,716,866	$	—	$	—
CONCENTRATED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	150,528,931	$	—	$	—
Investment Company		84		—		—
Total	$	150,529,015	$	—	$	—
DYNAMIC U.S. EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	5,515,865	$	—	$	—
Investment Company		218,033		—		—
Total	$	5,733,898	$	—	$	—

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

FLEXIBLE CAP
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	208,752	$	—	$	—
North America		17,651,013		—		—
Investment Company		619,814		—		—
Securities Lending Reinvestment Vehicle		323,320		—		—
Total	$	18,802,899	$	—	$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	41,702,154	$	—	$	—
North America		2,510,025,179		—		—
Investment Company		7,868,408		—		—
Total	$	2,559,595,741	$	—	$	—
SMALL/MID CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	16,714,143	$	—	$	—
Europe		76,422,971		—		—
North America		2,073,465,367		—		—
Investment Company		24,263,812		—		—
Securities Lending Reinvestment Vehicle		17,851,259		—		—
Total	$	2,208,717,552	$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,448,748	$	—	$	—
North America		262,204,947		—		—
Investment Company		58		—		—
Total	$	266,653,753	$	—	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

TECHNOLOGY OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	8,964,905	$	—	$	—
North America		436,372,956		—		—
Investment Company		15		—		—
Securities Lending Reinvestment Vehicle		2,637,072		—		—
Total	$	447,974,948	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table. The Funds utilize fair value model prices provided by an independent fair value service for 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, 2017 , contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
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		1.00			0.90			0.86			0.84			0.82			1.00			0.78	#
Growth Opportunities		1.00			1.00			0.90			0.86			0.84			0.97			0.90	#
Small/Mid Cap Growth		1.00			1.00			0.90			0.86			0.84			0.98			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			0.97	#^

# GSAM has agreed to waive a portion of its management fee in order to achieve the net 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 April 28, 2018, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

* Following the reorganization of the Goldman Sachs Focused Growth Fund with and into the Concentrated Growth Fund, GSAM has agreed to increase the management fee waiver in place for the Concentrated Growth Fund by 0.02% in order to achieve an effective management fee rate of 0.76% as an annual percentage rate of the average daily net assets of the Concentrated Growth Fund. This arrangement will remain in effect through at least July 28, 2018, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

^ Effective December 29, 2016, GSAM elected to implement a management fee waiver of 5 basis points on management fees charged to the first $1 billion in net assets.

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Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended August 31, 2017, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Capital Growth	$	3,618
Concentrated Growth		759
Dynamic US Equity		123
Flexible Cap		303
Growth Opportunities		13,703
Small/Mid-Cap Growth		21,968
Strategic Growth		817
Technology Opportunities		212

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Services Shares of the Funds, as set forth below.

	Distribution and Service Plan Rates
	Class A*			Class C			Class R*			Service
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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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, 2017, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Capital Growth	$	16,006	$	2,321
Concentrated Growth		1,471		—
Dynamic U.S. Equity		741		—
Flexible Cap		2,447		—
Growth Opportunities		14,106		753
Small/Mid Cap Growth		55,773		—
Strategic Growth		5,701		—
Technology Opportunities		17,199		671

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 28, 2017, Goldman Sachs charged transfer agency fees at the rates of 0.19% of the average daily net assets of Class A, Class C, Investor and Class R Shares and 0.02% of the average daily net assets of Class R6 Shares.

Goldman Sachs has 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, Investor, and Class R Shares of the Growth Opportunities Fund. This arrangement will remain in effect through at least April 28, 2018, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Concentrated Growth, Dynamic U.S. Equity, Flexible Cap and Small/Mid Cap Growth Funds. This waiver was effective on December 29, 2016 for the Concentrated Growth, Dynamic U.S. Equity, and Flexible Cap Funds. This arrangement will remain in effect through at least April 28, 2018, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

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Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, expenses of shareholder meetings, litigation and indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds are 0.004%, 0.004%, 0.084%, 0.004%, 0.014%, 0.064%, 0.004%, and 0.004%, respectively. Prior to December 29, 2016, the Other Expense limitation for Technology Opportunities Fund was 0.034%. These Other Expense limitations will remain in place through at least April 28, 2018, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended August 31, 2017, 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	$	2,507,216	$	260	$	580,946	$	3,088,422
Concentrated Growth		296,696		1,697		286,903		585,296
Dynamic U.S. Equity		123		489		247,262		247,874
Flexible Cap		38,219		1,465		271,880		311,564
Growth Opportunities		2,013,702		416,151		223,615		2,653,468
Small/Mid Cap Growth		3,174,537		341,559		—		3,516,096
Strategic Growth		903,127		19		316,421		1,219,567
Technology Opportunities		140,004		100		309,282		449,386

G.  Line of Credit Facility — As of August 31, 2017, 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. 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, 2017, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the fiscal year ended August 31, 2017, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Funds.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2017:

Name of Affiliated Issuer*	Beginning Value as of August 31, 2016	Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on sales of Affiliated Issuer			Net Change in Unrealized Appreciation (Depreciation)			Ending Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
Corium International, Inc.	9,218,322		—		(4,768,704	)		(8,232,070	)		3,782,452			—		—		—
M/I Homes, Inc	28,904,359		4,095,361		(16,300,905	)		3,155,266			(435,456	)		19,418,625		789,375		—

* Security was no longer affiliated as of August 31, 2017.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares for the fiscal year ended August 31, 2017:

Fund	Market Value as of August 31, 2016		Purchases at Cost		Proceeds from Sales			Market Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
Capital Growth	$	7,550,880	$	27,719,008		(32,423,377	)	$	2,846,511		2,846,511	$	8,537
Concentrated Growth		—		22,760,303		(22,760,219	)		84		84		2,004
Dynamic U.S. Equity		—		3,586,400		(3,368,367	)		218,033		218,033		503
Flexible Cap		—		4,015,562		(3,395,748	)		619,814		619,814		1,439
Growth Opportunities		651		586,502,914		(578,635,157	)		7,868,408		7,868,408		42,985
Small/Mid Cap Growth		—		574,283,005		(550,019,193	)		24,263,812		24,263,812		97,325
Strategic Growth		—		28,526,927		(28,526,869	)		58		58		1,970
Technology Opportunities		—		10,634,365		(10,634,350	)		15		15		715

As of August 31, 2017, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class C, Institutional, Investor, Class R and Class R6 Shares of the following funds:

Fund	Class C			Institutional			Investor			Class R			Class R6
Capital Growth		—	%		—	%		—	%		—	%		75	%
Concentrated Growth		—			—			—			72			17
Dynamic U.S. Equity		12			24			12			100			100
Flexible Cap		—			—			7			60			100
Strategic Growth		—			—			—			—			100

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Notes to Financial Statements (continued)

August 31, 2017

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, 2017, were as follows:

Fund	Purchases		Sales and Maturities
Capital Growth	$	411,603,919	$	507,189,764
Concentrated Growth		72,489,279		100,927,577
Dynamic U.S. Equity		5,304,821		7,974,943
Flexible Cap		7,933,309		9,924,310
Growth Opportunities		1,729,195,749		2,694,305,460
Small/Mid Cap Growth		1,373,216,754		2,076,353,959
Strategic Growth		163,216,020		297,250,521
Technology Opportunities		76,265,721		112,727,797

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash and/or U.S. Treasury securities collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Capital Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash and/or U.S. Treasury securities collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash and/or U.S. Treasury securities collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral is at least equal to the value of the cash and/or U.S. Treasury securities received. The amounts of the Funds’ overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2017 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

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6. SECURITIES LENDING (continued)

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the Fiscal year ended August 31, 2017, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund For the fiscal year ended August 31, 2017:

Fund	Beginning Value as of 31-Oct-16		Purchases at Cost		Proceeds From Sales		Ending value as of 31-Aug-17		Shares of 31-Aug-17		Dividend Income
Capital Growth	$	—	$	39,395,983	$	39,014,589	$	381,393		381,393	$	83,726
Flexible Cap		—		3,200,968		2,877,648		323,320		323,320		3,567
Growth Opportunities		—		195,858,034		195,858,034		—		—		719,719
Small/Mid Cap Growth		—		462,450,213		444,598,954		17,851,259		17,851,259		572,339
Strategic Growth		—		16,589,199		16,589,199		—		—		41,646
Technology Opportunities		—		29,803,303		27,166,232		2,637,071		2,637,071		49,154

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	Capital Growth		Concentrated Growth		Dynamic U.S. Equity		Flexible Cap		Growth Opportunities		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
Distribution paid from:
Ordinary income	$	970,070	$	764,904	$	69,540	$	—	$	—	$	—	$	2,014,768	$	—
Net long-term capital gains		11,293,530		545,385		1,181		17,051		71,952,550		81,665,235		9,413,202		18,468,062
Total taxable distributions	$	12,263,600	$	1,310,289	$	70,721	$	17,051	$	71,952,550	$	81,665,235	$	11,427,970	$	18,468,062

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 Opportunities		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
Distribution paid from:
Ordinary income	$	4,712,785	$	3,626,144	$	331,071	$	183,465	$	—	$	19,672,456	$	4,324,429	$	—
Net long-term capital gains		71,058,636		14,309,229		1,140,691		905,450		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	$	464,979,506	$	104,449,725	$	23,450,672	$	35,686,035

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2017

7. TAX INFORMATION (continued)

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

	Capital Growth		Concentrated Growth		Dynamic U.S. Equity		Flexible Cap		Growth Opportunities			Small/Mid Cap Growth			Strategic Growth		Technology Opportunities
Undistributed ordinary income — net	$	9,868,578	$	472,629	$	39,180	$	14,465	$	—		$	—		$	8,297,376	$	—
Undistributed long-term capital gains		55,306,355		10,057,335		1,013,668		1,461,132		333,975,990			230,113,676			42,141,931		24,880,960
Total undistributed earnings	$	65,174,933	$	10,529,964	$	1,052,848	$	1,475,597	$	333,975,990		$	230,113,676		$	50,439,307	$	24,880,960
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)	$	—	$	—	$	—	$	—	$	(6,459,100	)	$	(6,604,381	)	$	—	$	(2,387,152	)
Unrealized gains (losses) — net		328,956,826		48,324,472		1,054,680		6,135,056		624,565,117			439,837,733			102,939,206		226,785,555
Total accumulated earnings (losses) net	$	394,131,759	$	58,854,436	$	2,107,528	$	7,610,653	$	952,082,007		$	663,347,028		$	153,378,513	$	249,279,363

As of August 31, 2017, 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 Opportunities			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities
Tax Cost	$	585,760,040		$	102,204,543		$	4,679,218		$	12,667,843		$	1,935,030,624		$	1,768,879,819		$	163,714,547		$	221,189,393
Gross unrealized gain		335,006,668			49,206,538			1,213,235			6,204,312			646,258,109			474,418,754			105,110,336			228,186,896
Gross unrealized loss		(6,049,842	)		(882,066	)		(158,555	)		(69,256	)		(21,692,992	)		(34,581,021	)		(2,171,130	)		(1,401,341	)
Net unrealized gains (losses)	$	328,956,826		$	48,324,472		$	1,054,680		$	6,135,056		$	624,565,117		$	439,837,733		$	102,939,206		$	226,785,555

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of underlying fund investments, and partnership investments.

Fund	Paid-in-Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Capital Growth	$	—		$	4,281		$	(4,281	)
Concentrated Growth		41,890			(39,609	)		(2,281	)
Dynamic U.S. Equity		—			140			(140	)
Flexible Cap		—			9,561			(9,561	)
Growth Opportunities		24,661,951			(36,793,782	)		12,131,831
Small/Mid Cap Growth		(14,548,292	)		(2,641,743	)		17,190,035
Strategic Growth		—			12,382			(12,382	)
Technology Opportunities		(2,100,071	)		(937,547	)		3,037,618

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

7. TAX INFORMATION (continued)

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 fund acquisition, net operating losses, redemptions utilized as distributions, dividend re-designations and the differences in the tax treatment of the underlying fund investments.

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

8. OTHER RISKS

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

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.

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions 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 — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period 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.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2017

9. INDEMNIFICATIONS (continued)

the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

Mergers and Reorganizations — At a meeting held on May 19-20, 2017, the Board of Trustees of the Trust approved the Reorganization Agreement providing for the tax-free acquisition by the Goldman Sachs Concentrated Growth Fund (“Survivor Fund”) of the assets and liabilities of the Goldman Sachs Focused Growth Fund (“Acquired Fund”). The acquisition was completed as of the close of business on July 28, 2017.

The reorganization was recommended by the Funds’ investment adviser in connection with an effort to optimize the Goldman Sachs Funds and eliminate overlapping products.

Pursuant to the Reorganization Agreement, the assets and liabilities of the Acquired Fund were transferred in exchange for the Survivor Fund’s Class A, Class C, Institutional, Class Investor Shares and Class R Shares, which were then redistributed to the Acquired Fund’s shareholders, in a tax-free exchange as follows:

Acquired Fund/Survivor Fund	Exchanged Shares of Survivor Fund Issued		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of July 28, 2017
Focused Growth, Class A/ Concentrated Growth, Class A		11,969	$	209,101		13,637
Focused Growth, Class C/ Concentrated Growth, Class C		14,381		213,126		14,355
Focused Growth, Class Institutional/ Concentrated Growth, Class Institutional		860,061		15,902,538		1,026,586
Focused Growth, Class Investor/ Concentrated Growth, Class Investor		3,740		66,267		4,286
Focused Growth, Class R/ Concentrated Growth, Class R		1,138		19,335		1,268
Focused Growth, Class R6/ Concentrated Growth, Class R6		3,400		62,865		4,058

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

Acquired Fund/Survivor Fund	Survivor Fund’s Aggregate Net Assets before acquisition		Acquired Fund’s Aggregate Net Assets before acquisition		Survivor Fund’s Aggregate Net Assets Immediately after acquisition		Acquired Fund’s Unrealized Appreciation#
Focused Growth/ Concentrated Growth	$	135,662,493	$	16,473,232	$	152,135,725	$	3,269,678

# The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized appreciation and future realized gain or loss of those acquired assets.

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10. OTHER MATTERS (continued)

Assuming the acquisition had been completed on September 1, 2016, the Fund’s pro-forma results of operations for the year ended August 31, 2017 are as follows:

Net investment income	$	768,829	(a)
Net realized and unrealized gain on investments	$	23,258,319	(b)
Net increase in net assets from operations	$	24,027,148

Because the combined investment funds have been managed as a single integrated fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s Statement of Operations since July 28, 2017.

(a) $638,548 net investment income as reported at August 31, 2017, plus $99,860 from Acquired Fund pre-merger net investment income, plus $26,001 in lower net advisory fees, plus $4,420 of pro-forma eliminated other expenses.

(b) $48,458,628 unrealized appreciation as reported at August 31, 2017, minus $40,559,275 pro-forma August 31, 2016 unrealized depreciation, plus $13,025,972 net realized gain as reported at August 31 2017, plus $2,332,994 in net realized gain from Acquired Fund pre-merger.

11. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2017

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Capital Growth Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		730,413		$	19,345,431			664,254		$	15,685,065
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		342,923			8,210,400			2,165,893			51,418,306
Shares redeemed		(3,951,439	)		(101,849,606	)		(3,725,446	)		(88,186,013	)
		(2,878,103	)		(74,293,775	)		(895,299	)		(21,082,642	)
Class C Shares
Shares sold		267,217			5,342,666			249,049			4,603,944
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		57,361			1,056,008			372,429			6,878,768
Shares redeemed		(1,182,494	)		(23,978,382	)		(771,189	)		(14,309,764	)
		(857,916	)		(17,579,708	)		(149,711	)		(2,827,052	)
Institutional Shares
Shares sold		653,327			18,523,159			435,916			11,486,482
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		83,334			2,181,053			485,148			12,546,206
Shares redeemed		(853,052	)		(23,800,378	)		(2,024,093	)		(49,724,048	)
		(116,391	)		(3,096,166	)		(1,103,029	)		(25,691,360	)
Service Shares
Shares sold		10,672			272,764			6,962			162,356
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		870			20,175			5,946			136,873
Shares redeemed		(26,953	)		(702,157	)		(25,655	)		(593,276	)
		(15,411	)		(409,218	)		(12,747	)		(294,047	)
Investor Shares
Shares sold		181,091			4,753,841			53,124			1,326,280
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		3,091			75,073			15,717			377,764
Shares redeemed		(69,852	)		(1,851,953	)		(45,766	)		(1,054,398	)
		114,330			2,976,961			23,075			649,646
Class R Shares
Shares sold		192,857			5,081,740			73,489			1,728,829
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		1,858			43,139			12,478			288,122
Shares redeemed		(52,946	)		(1,321,148	)		(83,452	)		(1,950,338	)
		141,769			3,803,731			2,515			66,613
Class R6 Shares
Shares sold		130			4,046			—			—
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		6			168			28			730
Shares redeemed		—			—			—			—
		136			4,214			28			730
NET DECREASE		(3,611,586	)	$	(88,593,961	)		(2,135,168	)	$	(49,178,112	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Concentrated Growth Fund												Dynamic U.S. Equity Fund
For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	35,414		$	581,983			52,192		$	821,213			43,292		$	607,319			12,607		$	162,541
	11,969			209,101			—			—			—			—			—			—
	1,772			26,307			45,827			684,660			789			10,696			23,802			308,204
	(175,677	)		(2,797,132	)		(119,056	)		(1,736,160	)		(79,777	)		(1,106,012	)		(95,770	)		(1,210,967	)
	(126,522	)		(1,979,741	)		(21,037	)		(230,287	)		(35,696	)		(487,997	)		(59,361	)		(740,222	)
	14,042			190,404			31,025			409,544			9,430			123,911			4,026			49,591
	14,381			213,126			—			—			—			—			—			—
	594			7,494			20,916			267,936			2			23			2,696			33,918
	(51,727	)		(721,732	)		(137,702	)		(1,784,637	)		(12,450	)		(161,341	)		(17,511	)		(219,594	)
	(22,710	)		(310,708	)		(85,761	)		(1,107,157	)		(3,018	)		(37,407	)		(10,789	)		(136,085	)
	224,592			3,678,152			296,640			4,728,852			97,118			1,362,329			48,423			656,390
	860,062			15,902,538			—			—			—			—			—			—
	79,695			1,253,285			1,049,110			16,578,987			4,295			58,374			59,033			770,241
	(1,975,171	)		(32,387,904	)		(2,109,806	)		(32,916,814	)		(228,010	)		(3,297,706	)		(521,192	)		(6,696,086	)
	(810,822	)		(11,553,929	)		(764,056	)		(11,608,975	)		(126,597	)		(1,877,003	)		(413,736	)		(5,269,455	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	19,700			317,334			11,110			165,677			16,901			236,370			28,181			344,243
	3,740			66,267			—			—			—			—			—			—
	246			3,701			2,439			36,968			112			1,522			3,311			43,086
	(9,604	)		(156,239	)		(5,059	)		(76,091	)		(16,262	)		(237,369	)		(76,845	)		(1,011,626	)
	14,082			231,063			8,490			126,554			751			523			(45,353	)		(624,297	)
	(910	)		(15,835	)		461			6,645			—			—			428			5,433
	1,138			19,335			—			—			—			—			—			—
	6			84			211			3,065			1			3			424			5,478
	(288	)		(4,715	)		(876	)		(12,879	)		—			—			(7,899	)		(108,468	)
	(54	)		(1,131	)		(204	)		(3,169	)		1			3			(7,047	)		(97,557	)
	(370	)		(6,866	)		—			—			—			—			—			—
	3,400			62,865			—			—			—			—			—			—
	7			103			65			1,028			7			103			77			1,003
	(4	)		(72	)		—			—			—			—			—			—
	3,033			56,030			65			1,028			7			103			77			1,003
	(942,993	)	$	(13,558,416	)		(862,503	)	$	(12,822,006	)		(164,552	)	$	(2,401,778	)		(536,209	)	$	(6,866,613	)

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Notes to Financial Statements (continued)

August 31, 2017

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Flexible Cap Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		66,603		$	845,733			136,627		$	1,598,220
Reinvestment of distributions		500			5,826			40,108			458,035
Shares redeemed		(172,497	)		(2,115,900	)		(263,936	)		(2,915,077	)
		(105,394	)		(1,264,341	)		(87,201	)		(858,822	)
Class C Shares
Shares sold		30,505			345,757			36,060			382,842
Reinvestment of distributions		141			1,496			11,168			116,932
Shares redeemed		(49,741	)		(542,288	)		(73,393	)		(766,608	)
		(19,095	)		(195,035	)		(26,165	)		(266,834	)
Institutional Shares
Shares sold		156,495			2,027,089			93,234			1,069,282
Reinvestment of distributions		774			9,494			41,542			497,675
Shares redeemed		(165,736	)		(2,168,710	)		(69,689	)		(843,461	)
		(8,467	)		(132,127	)		65,087			723,496
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Investor Shares
Shares sold		42,544			544,209			11,548			134,523
Reinvestment of distributions		16			198			1,142			13,475
Shares redeemed		(32,853	)		(445,459	)		(17,043	)		(195,238	)
		9,707			98,948			(4,353	)		(47,240	)
Class R Shares
Shares sold		791			9,017			973			10,929
Reinvestment of distributions		2			27			203			2,254
Shares redeemed		(1,157	)		(13,208	)		(749	)		(8,168	)
		(364	)		(4,164	)		427			5,015
Class R6 Shares
Shares sold		—			—			—			—
Reinvestment of distributions		1			10			46			544
Shares redeemed		—			—			—			—
		1			10			46			544
NET DECREASE		(123,612	)	$	(1,496,709	)		(52,159	)	$	(443,841	)

122

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Opportunities Fund												Small/Mid Cap Growth Fund
For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016						For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	3,948,841		$	86,976,946			5,188,410		$	109,990,949			3,797,922		$	75,715,396			13,059,932		$	248,962,765
	616,532			12,830,026			4,305,749			89,085,946			1,063,586			20,548,483			1,658,772			32,113,835
	(13,363,194	)		(292,738,087	)		(20,121,034	)		(429,709,764	)		(25,848,187	)		(513,599,609	)		(21,364,280	)		(402,785,510	)
	(8,797,821	)		(192,931,115	)		(10,626,875	)		(230,632,869	)		(20,986,679	)		(417,335,730	)		(6,645,576	)		(121,708,910	)
	327,692			5,350,331			962,529			15,367,206			1,040,863			18,593,918			3,947,819			67,860,295
	201,442			3,156,597			1,130,439			17,894,856			486,596			8,349,983			552,467			9,612,934
	(3,253,166	)		(53,741,818	)		(3,185,261	)		(51,807,187	)		(5,194,599	)		(91,887,203	)		(3,869,475	)		(65,440,359	)
	(2,724,032	)		(45,234,890	)		(1,092,293	)		(18,545,125	)		(3,667,140	)		(64,943,302	)		630,811			12,032,870
	12,716,492			318,354,392			18,570,813			439,755,390			12,957,008			275,379,906			23,356,509			467,210,062
	1,689,189			40,287,147			10,632,111			250,386,206			1,573,154			32,076,604			1,970,711			40,044,852
	(40,983,720	)		(1,038,080,205	)		(60,682,704	)		(1,450,641,387	)		(23,856,792	)		(500,218,708	)		(28,679,407	)		(559,510,889	)
	(26,578,039	)		(679,438,666	)		(31,479,780	)		(760,499,791	)		(9,326,630	)		(192,762,198	)		(3,352,187	)		(52,255,975	)
	125,857			2,635,331			212,601			4,302,039			287,704			5,645,566			281,592			5,278,687
	36,199			725,434			224,585			4,484,961			20,720			392,014			20,051			380,769
	(512,580	)		(10,732,449	)		(772,840	)		(15,380,698	)		(251,303	)		(4,950,109	)		(208,125	)		(3,881,601	)
	(350,524	)		(7,371,684	)		(335,654	)		(6,593,698	)		57,121			1,087,471			93,518			1,777,855
	2,311,524			51,977,934			1,654,412			36,014,147			14,003,481			288,091,753			10,006,149			196,523,636
	151,961			3,279,315			873,457			18,674,509			520,109			10,339,759			506,347			10,050,989
	(3,212,330	)		(72,743,080	)		(3,491,281	)		(76,158,982	)		(10,461,903	)		(215,173,618	)		(5,540,314	)		(106,415,747	)
	(748,845	)		(17,485,831	)		(963,412	)		(21,470,326	)		4,061,687			83,257,894			4,972,182			100,158,878
	606,539			13,007,450			660,335			13,556,973			389,436			7,641,743			666,389			12,300,998
	72,078			1,448,776			423,033			8,481,806			52,223			981,268			59,341			1,120,945
	(1,121,497	)		(23,899,233	)		(1,424,623	)		(29,193,359	)		(954,048	)		(18,569,971	)		(654,691	)		(12,142,962	)
	(442,880	)		(9,443,007	)		(341,255	)		(7,154,580	)		(512,389	)		(9,946,960	)		71,039			1,278,981
	4,994,842			125,307,524			1,874,647			45,447,017			720,880			15,338,259			537,717			10,568,618
	100,027			2,386,639			45,912			1,081,229			29,904			610,048			16			313
	(2,599,791	)		(65,703,844	)		(109,482	)		(2,621,944	)		(237,520	)		(5,014,293	)		(69,825	)		(1,402,008	)
	2,495,078			61,990,319			1,811,077			43,906,302			513,264			10,934,014			467,908			9,166,923
	(37,147,063	)	$	(889,914,874	)		(43,028,192	)	$	(1,000,990,087	)		(29,860,766	)	$	(589,708,811	)		(3,762,305	)	$	(49,549,378	)

123

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

August 31, 2017

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Growth Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		800,544		$	9,730,490			823,979		$	9,618,983
Reinvestment of distributions		118,583			1,364,885			219,495			2,569,040
Shares redeemed		(1,445,808	)		(17,905,833	)		(970,584	)		(11,223,910	)
		(526,681	)		(6,810,458	)		72,890			964,113
Class C Shares
Shares sold		84,221			875,616			162,871			1,581,949
Reinvestment of distributions		29,118			278,952			55,139			544,217
Shares redeemed		(410,008	)		(4,226,604	)		(211,544	)		(2,076,408	)
		(296,669	)		(3,072,036	)		6,466			49,758
Institutional Shares
Shares sold		3,641,772			46,202,866			8,220,144			99,417,986
Reinvestment of distributions		772,278			9,454,373			1,582,533			19,641,430
Shares redeemed		(13,344,676	)		(177,635,831	)		(12,531,831	)		(152,494,532	)
		(8,930,626	)		(121,978,592	)		(2,729,154	)		(33,435,116	)
Service Shares
Shares sold		14,693			181,127			5,667			65,578
Reinvestment of distributions		873			9,995			1,139			13,275
Shares redeemed		(3,658	)		(46,981	)		(5,357	)		(64,372	)
		11,908			144,141			1,449			14,481
Investor Shares
Shares sold		115,400			1,539,553			13,080			164,860
Reinvestment of distributions		2,398			29,343			4,008			49,728
Shares redeemed		(28,917	)		(393,178	)		(16,658	)		(204,493	)
		88,881			1,175,718			430			10,095
Class R Shares
Shares sold		9,245			110,688			1,497			17,086
Reinvestment of distributions		21			234			33			381
Shares redeemed		(3,700	)		(45,903	)		(1,162	)		(13,491	)
		5,566			65,019			368			3,976
Class R6 Shares
Shares sold		—			—			—			—
Reinvestment of distributions		30			356			44			558
Shares redeemed		—			—			—			—
		30			356			44			558
NET DECREASE		(9,647,591	)	$	(130,475,852	)		(2,647,507	)	$	(32,392,135	)

124

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Technology Opportunities Fund
For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
Shares			Dollars			Shares			Dollars
	2,122,974		$	42,750,908			1,770,746		$	31,374,570
	561,198			10,202,588			1,154,064			20,565,422
	(3,463,681	)		(68,197,564	)		(4,430,997	)		(75,088,065	)
	(779,509	)		(15,244,068	)		(1,506,187	)		(23,148,073	)
	242,799			4,110,605			311,683			4,754,165
	155,295			2,396,207			282,440			4,341,104
	(1,075,976	)		(18,697,895	)		(717,473	)		(10,769,123	)
	(677,882	)		(12,191,083	)		(123,350	)		(1,673,854	)
	1,178,660			25,315,518			1,051,764			19,886,091
	169,963			3,363,564			318,400			6,126,021
	(2,093,144	)		(45,000,118	)		(2,053,226	)		(39,107,713	)
	(744,521	)		(16,321,036	)		(683,062	)		(13,095,601	)
	542,582			10,844,901			378,536			6,613,636
	28,325			506,163			49,979			877,134
	(341,783	)		(6,700,203	)		(405,820	)		(6,930,197	)
	229,124			4,650,861			22,695			560,573
	877,816			18,099,804			83,801			1,620,126
	21,094			412,820			26,798			511,029
	(295,943	)		(6,529,024	)		(94,969	)		(1,714,376	)
	602,967			11,983,600			15,630			416,779
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(1,369,821	)	$	(27,121,726	)		(2,274,274	)	$	(36,940,176	)

125

Report of Independent Registered Public Accounting Firm

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

the Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Dynamic U.S. Equity Fund, Goldman Sachs Flexible Cap Fund (formerly Goldman Sachs Flexible Cap 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:

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 Fund (formerly Goldman Sachs Flexible Cap 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, as of August 31, 2017, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented therein, 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 as of August 31, 2017 by correspondence with the custodian, 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 24, 2017

126

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, 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, Investor, 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, 2017 through August 31, 2017, which represents a period of 184 days in a 365-day year.

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

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

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

	Capital Growth Fund							Concentrated Growth Fund							Dynamic U.S. Equity Fund							Flexible Cap Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Class A
Actual	$	1,000.00	$	1,116.2		$	6.13	$	1,000.00	$	1,102.60		$	6.31	$	1,000.00	$	1,040.70		$	5.81	$	1,000.00	$	1,118.30		$	6.35
Hypothetical 5% return		1,000.00		1,019.41	+		5.85		1,000.00		1,019.21	+		6.06		1,000.00		1,019.51	+		5.75		1,000.00		1,019.21	+		6.06
Class C
Actual		1,000.00		1,112.10			10.11		1,000.00		1,098.60			10.26		1,000.00		1,036.80			9.65		1,000.00		1,113.50			10.33
Hypothetical 5% return		1,000.00		1,015.63	+		9.65		1,000.00		1,015.43	+		9.86		1,000.00		1,015.73	+		9.55		1,000.00		1,015.43	+		9.86
Institutional
Actual		1,000.00		1,118.60			4.01		1,000.00		1,104.90			4.35		1,000.00		1,042.60			3.86		1,000.00		1,119.60			4.38
Hypothetical 5% return		1,000.00		1,021.42	+		3.82		1,000.00		1,021.07	+		4.18		1,000.00		1,021.42	+		3.82		1,000.00		1,021.07	+		4.18
Service
Actual		1,000.00		1,116.00			6.67		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.90	+		6.36		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Investor
Actual		1,000.00		1,117.80			4.80		1,000.00		1,105.10			4.99		1,000.00		1,041.90			4.58		1,000.00		1,119.40			5.02
Hypothetical 5% return		1,000.00		1,020.67	+		4.58		1,000.00		1,020.47	+		4.79		1,000.00		1,020.72	+		4.53		1,000.00		1,020.47	+		4.79
Class R
Actual		1,000.00		1,115.00			7.46		1,000.00		1,101.60			7.63		1,000.00		1,039.80			7.04		1,000.00		1,116.80			7.68
Hypothetical 5% return		1,000.00		1,018.15	+		7.12		1,000.00		1,017.95	+		7.32		1,000.00		1,018.30	+		6.97		1,000.00		1,017.95	+		7.32
Class R6
Actual		1,000.00		1,118.60			4.01		1,000.00		1,104.90			4.30		1,000.00		1,042.60			3.71		1,000.00		1,119.60			4.33
Hypothetical 5% return		1,000.00		1,021.42	+		3.82		1,000.00		1,021.12	+		4.13		1,000.00		1,021.58	+		3.67		1,000.00		1,021.12	+		4.13

127

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited) (continued)

	Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Class A
Actual	$	1,000.00	$	1,099.50		$	6.88	$	1,000.00	$	1,087.80		$	6.74	$	1,000.00	$	1,113.00		$	6.12	$	1,000.00	$	1,176.10		$	7.62
Hypothetical 5% return		1,000.00		1,018.65	+		6.61		1,000.00		1,018.75	+		6.51		1,000.00		1,019.41	+		5.85		1,000.00		1,018.20	+		7.07
Class C
Actual		1,000.00		1,095.20			10.83		1,000.00		1,083.80			10.66		1,000.00		1,108.30			10.10		1,000.00		1,171.70			11.71
Hypothetical 5% return		1,000.00		1,014.87	+		10.41		1,000.00		1,014.97	+		10.31		1,000.00		1,015.63	+		9.65		1,000.00		1,014.42	+		10.87
Institutional
Actual		1,000.00		1,101.20			5.03		1,000.00		1,090.20			4.85		1,000.00		1,114.70			4.00		1,000.00		1,178.50			5.44
Hypothetical 5% return		1,000.00		1,020.42	+		4.84		1,000.00		1,020.57	+		4.69		1,000.00		1,021.42	+		3.82		1,000.00		1,020.21	+		5.04
Service
Actual		1,000.00		1,098.70			7.67		1,000.00		1,086.60			7.47		1,000.00		1,112.00			6.65		1,000.00		1,176.10			8.17
Hypothetical 5% return		1,000.00		1,017.90	+		7.38		1,000.00		1,018.05	+		7.22		1,000.00		1,018.90	+		6.36		1,000.00		1,017.69	+		7.58
Investor
Actual		1,000.00		1,100.80			5.56		1,000.00		1,089.10			5.42		1,000.00		1,114.00			4.80		1,000.00		1,177.80			6.26
Hypothetical 5% return		1,000.00		1,019.91	+		5.35		1,000.00		1,020.01	+		5.24		1,000.00		1,020.67	+		4.58		1,000.00		1,019.46	+		5.80
Class R
Actual		1,000.00		1,097.90			8.20		1,000.00		1,086.20			8.05		1,000.00		1,111.50			7.45		N/A		N/A			—
Hypothetical 5% return		1,000.00		1,017.39	+		7.88		1,000.00		1,017.49	+		7.78		1,000.00		1,018.15	+		7.12		N/A		N/A			N/A
Class R6
Actual		1,000.00		1,101.60			4.93		1,000.00		1,090.20			4.74		1,000.00		1,114.80			3.94		N/A		N/A			—
Hypothetical 5% return		1,000.00		1,020.52	+		4.74		1,000.00		1,020.67	+		4.58		1,000.00		1,021.47	+		3.77		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, 2017. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Capital Growth		1.15	%		1.90	%		0.75	%		1.25	%		0.90	%		1.40	%		0.75	%
Concentrated Growth		1.19			1.94			0.82			N/A			0.94			1.44			0.81
Dynamic U.S. Equity		1.13			1.88			0.75			N/A			0.89			1.37			0.72
Flexible Cap		1.19			1.94			0.82			N/A			0.94			1.44			0.81
Growth Opportunities		1.30			2.05			0.95			1.45			1.05			1.55			0.93
Small/Mid Cap Growth		1.28			2.03			0.92			1.42			1.03			1.53			0.90
Strategic Growth		1.15			1.90			0.75			1.25			0.90			1.40			0.74
Technology Opportunities		1.39			2.14			0.99			1.49			1.14			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.

128

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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 Fund (formerly, Goldman Sachs Flexible Cap 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, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and, (in the case of the Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, and Strategic Growth Funds), a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

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

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

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

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

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

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

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

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

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

(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 administrative services provided under the Management Agreement; and

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

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

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 to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2016, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2017. 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, Growth Opportunities, Small/Mid Cap Growth, and Strategic Growth 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 second quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods ended March 31, 2017, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended April 30, 2017. They noted that the Concentrated Growth Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods ended March 31, 2017, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended April 30, 2017. They also noted that they had approved the reorganization of the Goldman Sachs Focused Growth Fund into the Concentrated Growth Fund, effective in July 2017. The Trustees noted that the Dynamic U.S. Equity Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the one-year period and in the third quartile for the three- and five-year periods ended March 31, 2017, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three- and five-year periods ended April 30, 2017. The Trustees noted that the Flexible Cap Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2017. They also noted that they had approved the repositioning of the Flexible Cap Fund and changing the Fund’s name, effective in August 2017. The Trustees noted that the Growth Opportunities Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the ten-year period, in the third quartile for the five-year period, and in the fourth 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, 2017. 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 one-, five-, and ten-year periods and placed in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed the Fund’s benchmark for the one-, three-, and five-year periods ended March 31, 2017. They observed that the Strategic Growth Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period ended March 31, 2017, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended April 30, 2017. They observed that the Technology Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and ten-year periods and in the third quartile for the 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, 2017.

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

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.

With respect to the Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds, the Trustees noted that the management fee breakpoint schedules were being reduced at all asset levels. In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2016 and 2015, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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

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 Fund
First $1 billion		1.00	%		1.00	%		0.70	%		1.00	%
Next $1 billion		0.90			0.90			0.63			0.90
Next $3 billion		0.80			0.86			0.60			0.86
Next $3 billion		0.80			0.84			0.59			0.84
Over $8 billion		0.80			0.82			0.58			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 undertakings to waive a portion of its management fee (with respect to the Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Concentrated Growth, Dynamic U.S. Equity, Flexible Cap, Growth Opportunities and Small/Mid Cap Growth Funds’ Class A, Class C, Investor (formerly Class IR Shares), Class R, and Class T Shares, as applicable. 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 Growth Opportunities and Small/Mid Cap Growth Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) 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, 2018.

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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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

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Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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.

138

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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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.

139

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Goldman Sachs Trust — Fundamental Equity Growth Funds — Tax Information (Unaudited)

For the year ended August 31, 2017, 100%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, and Strategic Growth Funds, 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 Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds, designate $11,293,530, $545,385, $1,181, $17,051, $102,518,841, $81,665,235, $9,413,202, and $18,468,062, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2017.

For the year ended August 31, 2017, 100%, 100%, 100%, and 100%, of the dividends paid from net investment company taxable income by the Capital Growth, Concentrated Growth, Dynamic U.S. Equity and Strategic Growth Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

140

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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

The Funds 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. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of August 31, 2017 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2016 Goldman Sachs. All rights reserved. 107520-OTU-631873 EQGRWAR-17/118k

Goldman Sachs Funds

Annual Report	August 31, 2017
	Fundamental Equity Value Funds
	Equity Income*
	Focused Value
	Large Cap Value
	Mid Cap Value
	Small Cap Value
	Small/Mid Cap Value

*Effective after the close of business on June 20, 2017, the Goldman Sachs Growth & Income Fund was renamed the Goldman Sachs Equity Income Fund.

Goldman Sachs Fundamental Equity Value Funds

∎ EQUITY INCOME

∎ FOCUSED VALUE

∎ LARGE CAP VALUE

∎ MID CAP VALUE

∎ SMALL CAP VALUE

∎ 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	62
Financial Highlights	70
Notes to Financial Statements	82
Report of Independent Registered Public Accounting Firm	101
Other Information	102

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:

∎ Meetings with management teams and on-site company visits

∎ Industry-specific, proprietary financial and valuation models

∎ Assessment of management quality

∎ Analysis of each company’s competitive position and industry dynamics

∎ Interviews with competitors, suppliers and customers

We seek to invest in companies when we believe:

∎ Market uncertainty exists

∎ Their economic value is not recognized by the market

We seek to buy companies with quality characteristics. For us, this means companies that have:

∎ Sustainable operating earnings, or competitive advantage

∎ Excellent stewardship of capital

∎ Capability to earn above their cost of capital

∎ Strong or improving balance sheets and cash flow

Value portfolios that strive to offer:

∎ Capital appreciation potential as each company’s true value is recognized in the marketplace

∎ 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, 2017 (the “Reporting Period”), despite unexpected political events both domestically and abroad and three Federal Reserve (“Fed”) interest rate hikes. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 16.23%. The Russell 3000^® Index generated a return of 16.06%.

As the Reporting Period began in early September 2016, U.S. and international equities alike fell as the European Central Bank disappointed markets with its lack of commitment to extend quantitative easing. However, there was a subsequent rebound following the Fed’s decision in September 2016 to leave interest rates unchanged. In October 2016, a combination of hawkish Fed commentary and mounting strong U.S. economic data led to increased market pricing for a December 2016 interest rate hike. (Hawkish commentary tends to suggest higher interest rates; opposite of dovish.) U.S. Gross Domestic Product (“GDP”) increased by 3.5% on an annualized basis for the third quarter of 2016, above consensus expectations and the strongest growth rate in two years. Following the unexpected results of the November 2016 U.S. presidential elections, U.S. equities quickly reversed a short-lived sell-off and surged on anticipation of a pro-growth effect of the incoming Administration’s fiscal stimulus plan. The Fed raised rates 0.25% in December 2016, for the first time in a year but as had largely been anticipated, and set a more hawkish hike path for 2017, causing equities to decline, albeit modestly, following the announcement.

U.S. equities rallied significantly in the first two months of 2017 before declining in March. In January 2017, markets rallied to new highs on the prospect of deregulation following executive orders on oil pipelines and on optimism around infrastructure spending after a $1 trillion proposal from Senate Democrats. Despite political uncertainty and protectionism concerns, U.S. equities continued to rally in February 2017 driven by risk-on sentiment owing to potential U.S. tax reform and deregulation as well as by stronger economic data. In March 2017, the Fed raised interest rates for the third time since the 2007-2009 global financial crisis and maintained projections for three additional interest rate increases before the end of 2017. However, a seemingly cautious stance on the future path of monetary tightening from Fed Chair Janet Yellen and the presence of a dissenter on the Fed committee led to a dovish market reaction. Political risks subsequently drove U.S. equities lower in the wake of House Republicans’ struggle to schedule a vote on health care.

U.S. equities declined in April 2017, as Fed minutes suggested stocks were overvalued, but then rebounded on strong first quarter 2017 earnings reports and receding European political risk following the French presidential election. Although the labor market remained strong, economic activity and inflation data appeared to be moderating during the second quarter of 2017. Core inflation softened to 1.7% year-over-year in May 2017, marking a third consecutive month of weakness, while core personal consumption expenditure (“PCE”) remained below the Fed’s 2% target at just 1.4% year over year. In addition, market expectations for pro-growth U.S. fiscal policy were dampened by domestic political developments. Nonetheless, the Fed proceeded to raise the federal funds rate by 25 basis points in June 2017, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. (A basis point is 1/100th of a percentage point.) The results of the Fed’s 2017 Comprehensive Capital Analysis and Review (“CCAR”) stress test for banks were encouraging, with improving payout ratios.

2

MARKET REVIEW

U.S. equities gained in July 2017. The Institute for Supply Management (“ISM”) manufacturing index rose in June 2017 to 57.8, the highest level in nearly three years. However, inflation dynamics remained weaker. The core consumer price index (“CPI”) was still soft in June 2017, rising 1.7% year over year and 0.1% month over month. Fed Chair Yellen’s assessment during her Congressional testimony that the federal funds rate was close to its neutral policy rate was interpreted dovishly by markets. The Fed kept its monetary policy unchanged in July 2017, as had been widely expected. The Fed’s statement included an upgrade to its assessment of job growth as well as an acknowledgment that inflation was “below” target. This compares with its prior view, which noted inflation was “somewhat below” its 2% target, a shift that resulted in a mildly dovish market reaction. The Fed also stated it expected its balance sheet normalization to begin “relatively soon.” (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

U.S. equities were roughly flat in August 2017. U.S. economic activity continued to be strong, with several surveys on consumer sentiment and manufacturing showing unexpectedly positive results. This remained in contrast to subdued inflation, which was unexpectedly below estimated levels for the fifth consecutive month in July 2017, albeit largely due to idiosyncratic factors. The Fed’s minutes suggested increased concerns on inflation, highlighting that “many participants” saw “some likelihood that inflation may remain below 2 percent for longer than expected.” Hurricane Harvey caused extensive flooding and damages in Texas and Louisiana and significantly impacted refinery operations, resulting in a surge in gasoline prices.

For the Reporting Period overall, information technology and financials were the best performing sectors in the S&P 500 Index by a wide margin. The weakest performing sectors in the S&P 500 Index were energy and telecommunication services, the only two to post a negative absolute return, followed by consumer staples and real estate, which were comparatively weak but generated positive returns during the Reporting Period.

Within the U.S. equity market, all capitalization segments posted positive returns, but large-cap stocks, as measured by the Russell 1000^® Index, performed best, followed by small-cap stocks, as measured by the Russell 2000^® Index, and then mid-cap stocks, as measured by the Russell Midcap^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Looking Ahead

At the end of the Reporting Period, we were cautiously optimistic with respect to pro-growth policy actions and their ability to spur a more accommodative operating environment. In our view, most companies will likely benefit from aggressive fiscal policy, including lower taxes and increased spending, and from a less restrictive regulatory environment. We were also encouraged by strong first and second quarter 2017 reporting seasons by companies, as sales, margins, and earnings all exceeded consensus expectations. Aggregate S&P 500 Index earnings growth of 13.5% on a year-over-year basis for the Reporting Period represented the strongest rate of growth since 2011. Earnings in most markets across the world surpassed consensus estimates as well. All else being equal, we believe broadening global economic growth should be supportive of a continuation in corporate earnings growth and equity market appreciation. While our return expectations for the U.S. equity market remains relatively muted given what we perceive to be rather full valuations, we believe U.S. equities are still more attractive than most other asset classes and can continue to be driven by earnings growth in the absence of

3

MARKET REVIEW

multiple expansion (Multiple expansion is an increase in the price/earnings ratio, or multiple, of a stock or group of stocks). Additionally, after several years of thematic-driven markets, we were excited at the end of the Reporting Period about lower correlations at the stock level. We believe an active investment approach is poised to benefit in this type of market environment.

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 seeking 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. We remain focused on the long-term performance of the Funds.

As always, deep research resources, a prospective investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

4

PORTFOLIO RESULTS

Goldman Sachs Equity Income Fund

Portfolio Composition

Under normal circumstances, the Fund invests at least 80% of its net assets in equity investments that the Goldman Sachs Value Equity Investment Team 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 net assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 20% of its total net assets in fixed income securities, such as government, corporate and bank debt obligations, which the Investment Adviser believes offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Effective after the close of business June 20, 2017, the Goldman Sachs Growth and Income Fund was re-named the Goldman Sachs Equity Income Fund (the “Fund”) and certain of its strategies differed). Below, the Goldman Sachs Value Equity Investment Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 9.93%, 9.10%, 10.38%, 9.84%, 10.21%, 9.68% and 10.39%, respectively. These returns compare to the 11.58% 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 sector allocation overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Stock selection as a whole contributed positively, albeit 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 industrials, consumer discretionary and telecommunication services, wherein stock selection proved challenging. Effective stock selection in the energy, information technology and consumer staples sectors helped the Fund’s relative results most.

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 diversified industrial business General Electric, U.S.-based media conglomerate Viacom and wireless telecommunications provider Verizon Communications.

General Electric’s shares fell as the stock was pressured by weakness in power and oil & gas end-markets. Despite mixed earnings results due to lower margins and cash flow, we remained constructive at the end of the Reporting Period on General Electric’s prospects due to a strong backlog and a high exposure to service revenues. Additionally, we believe restructuring and working capital actions taken by its management have the potential to improve the company’s margins and cash flow. In our view, General Electric’s strong market position and product technology situate the company well for future growth.

We believe Viacom’s stock came under pressure due to broader investor concerns around traditional cable television subscriber losses. This pervasive theme distracted from the company’s first quarter 2017 earnings results, which came in well above consensus expectations due to strength within Media Networks and Paramount Pictures. At the end of the Reporting Period, we continued to believe in Viacom’s turnaround strategy under recently appointed Chief Executive

5

PORTFOLIO RESULTS

Officer, Bob Bakish. Further, in our view, the company’s underlying fundamentals have been strengthening. Additionally, we believe Paramount is a rare asset within the media industry and was not being fully appreciated by investors at valuations seen at the end of the Reporting Period.

Verizon Communications experienced weakness after the company began offering an unlimited plan to its mobile subscribers and reduced its long-range forecasts for revenue growth. Additionally, with consolidation within cable and wireless operators accelerating, we believed there was heightened risk around Verizon Communications overpaying for an acquisition. With these two risks introduced, we believed the stock was no longer as attractively valued and so we opted to trim the position.

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 global financial services company Bank of America, natural and organic foods supermarket Whole Foods Market and software and hardware services provider Microsoft.

Bank of America’s shares, like the financials sector broadly, rose sharply following the U.S. presidential election as investor sentiment around the sector, and banks in particular, improved. Sentiment improved as investors anticipated both a more attractive regulatory environment and increases in interest rates. Additionally, on a more company-specific level, the stock price of Bank of America strengthened after the company reported revenue and earnings that exceeded consensus expectations, largely due to improved trading and investment banking growth. At the end of the Reporting Period, we believed shares of Bank of America remained attractively valued given rising U.S. interest rates and an improving U.S. economy. In our view, Bank of America’s management is committed to bettering execution, growing margins and returning capital to shareholders. However, in light of recent outperformance, we slightly moderated the Fund’s position to better reflect what we saw as the stock’s risk/return profile.

At the end of June 2017, Amazon announced its intention to acquire Whole Foods Market at a large premium, which caused Whole Foods Market’s stock price to spike. We believed Whole Foods Market was a market leader in one of the most attractive segments of food retailers, i.e. natural organic, with a strong balance sheet and free cash flow that was trading at an attractive valuation. Despite increased competition, we also were optimistic that the company was taking the necessary steps to address its challenges to reaccelerate growth and profitability. We believe Amazon’s acquisition validated our investment thesis that Whole Foods Market is a valuable strategic asset. Following the news and subsequent rise in stock price, we decided to exit the Fund’s position and allocate the capital to other opportunities.

Shares of Microsoft rose primarily due to Azure gaining market share in the structurally growing cloud computing market. (Microsoft Azure is a growing collection of integrated cloud services that developers and information technology professionals use to build, deploy and manage applications through Microsoft’s global network of datacenters.) Additionally, we believe strength in Microsoft’s operating expense management has helped its earnings per share growth. At the end of the Reporting Period, we believed Microsoft was in a strong position to capture market share in enterprise technology budgets due to its commercial cloud business. We were also constructive on its revenue and earnings growth potential, as it could, in our view, contribute positively to the stock’s performance.

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 Fund position in American International Group, an insurance company based in New York. We believe its new Chief Executive Officer’s initiatives and capabilities may well serve as a positive catalyst and lead to margin improvement. We established the Fund position in the company because of what we considered to be its attractive valuation and our belief in the upcoming inflection in its fundamentals. Additionally, we believe the company’s newly upgraded financial strength rating could be accretive to its earnings over time.

We established a Fund position in Emerson Electric, a global diversified technology and engineering company. We believe Emerson Electric’s restructuring efforts have resulted in a simplified business model with the potential for improved margins and higher organic growth over time. We are also positive on the company’s recent acquisition of Pentair’s valves and controls business, which, in our view, may be accretive to its earnings. Furthermore, we feel the

6

PORTFOLIO RESULTS

company has a strong balance sheet and robust free cash flow generation.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in global financial services corporation American Express. We had originally initiated a position in the company because we believed concerns regarding credit and longer-term secular headwinds were overblown, leading to an excessively depressed valuation. While we continue to view American Express as a high quality company with good long-term growth potential, its stock approached our price target after strong first quarter 2017 results, and so we sold the position in favor of what we considered to be more compelling investment 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 allocations compared to the Russell Index in consumer staples, energy, financials, industrials, information technology and materials increased. The Fund’s exposure to consumer discretionary, health care and utilities decreased compared to the Russell Index as did its position in cash.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the Russell Index in the information technology, consumer staples and industrials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary, utilities and real estate and was rather neutrally weighted to the Russell Index in financials, health care, energy, telecommunication services and materials.

7

FUND BASICS

Equity Income Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Class A		9.93	%		11.58	%
Class C		9.10			11.58
Institutional		10.38			11.58
Service		9.84			11.58
Investor		10.21			11.58
Class R		9.68			11.58
Class R6		10.39			11.58

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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		6.89	%		11.49	%		3.48	%		6.92	%	2/5/93
Class C		11.24			11.91			3.29			3.29		8/15/97
Institutional		13.60			13.21			4.47			6.20		6/3/96
Service		13.01			12.65			3.96			5.75		3/6/96
Investor		13.40			13.04			N/A			5.02		11/30/07
Class R		12.86			12.48			N/A			4.51		11/30/07
Class R6		13.57			N/A			N/A			6.43		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 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, 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		1.14	%		1.27	%
Class C		1.89			2.02
Institutional		0.74			0.87
Service		1.24			1.37
Investor		0.89			1.02
Class R		1.39			1.52
Class R6		0.74			0.87

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Wells Fargo & Co.		5.0	%	Banks
Pfizer, Inc.		4.9		Pharmaceuticals
Exxon Mobil Corp.		4.8		Oil, Gas & Consumable Fuels
Bank of America Corp.		4.6		Banks
General Electric Co.		4.4		Industrial Conglomerates
Cisco Systems, Inc.		3.6		Communications Equipment
The Procter & Gamble Co.		3.4		Household Products
Johnson & Johnson		3.3		Pharmaceuticals
American International Group, Inc.		2.7		Insurance
Abbott Laboratories		2.7		Health Care Equipment & Supplies

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, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.4% of the Fund’s net assets as of August 31, 2017. 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 EQUITY INCOME FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on September 1, 2007 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, Investor, 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.

Equity Income Fund’s 10 Year Performance

Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 5, 1993)
Excluding sales charges	9.93%	11.89%	4.49%	7.11%
Including sales charges	3.89%	10.64%	3.90%	6.86%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	9.10%	11.05%	3.71%	3.24%
Including contingent deferred sales charges	8.09%	11.05%	3.71%	3.24%
Institutional Class (Commenced June 3, 1996)	10.38%	12.35%	4.90%	6.14%
Service Class (Commenced March 6, 1996)	9.84%	11.79%	4.39%	5.69%
Investor (Commenced November 30, 2007)	10.21%	12.17%	N/A	4.91%
Class R (Commenced November 30, 2007)	9.68%	11.62%	N/A	4.40%
Class R6 (Commenced July 31, 2015)	10.39%	N/A	N/A	5.82%

11

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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 13.42%, 12.64%, 13.79%, 13.65%, 13.08% and 13.91%, respectively. These returns compare to the 11.58% 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 outperformed the Russell Index due primarily to effective stock selection as a whole. Sector allocation overall detracted, albeit modestly, 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 Stock selection was most effective in financials, information technology and consumer staples, which helped the Fund’s performance relative to the Russell Index. The sector that most meaningfully detracted from the Fund’s relative results during the Reporting Period was utilities, where having an underweight to the sector, which outpaced the Russell Index during the Reporting period, hurt. Further, stock selection was challenged in the industrials and telecommunication services sectors, which dampened relative results.

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 global financial services company Bank of America, investment banking products and services provider Morgan Stanley and enterprise information management software provider Oracle.

Financial companies broadly rose following the U.S. presidential election as investor sentiment around the sector, and banks in particular, improved. Sentiment improved as investors anticipated both a more attractive regulatory environment and increases in interest rates.

Additionally, on a more company-specific level, the stock price of Bank of America strengthened after the company reported revenue and earnings that exceeded consensus expectations, largely due to improved trading and investment banking growth. At the end of the Reporting Period, we believed shares of Bank of America remained attractively valued given rising U.S. interest rates and an improving U.S. economy. In our view, its management is committed to bettering execution, growing margins and returning capital to shareholders. However, in light of recent outperformance, we

12

PORTFOLIO RESULTS

slightly moderated the Fund’s position to better reflect what we see as the stock’s risk/return profile.

During the first two quarters of 2017, Morgan Stanley’s fixed income, currencies and commodities business delivered solid revenue numbers that indicated the strength of its trading franchise. In our view, Morgan Stanley has been emerging from a period of significant change in its business mix, a restructuring of its expense base and an improvement in its capital levels. In addition, we believe we have seen increased capital returns because of the company’s high capital levels and earnings generation. At the end of the Reporting Period, we maintained our conviction in the company’s management team and its future prospects.

Oracle was a new purchase for the Fund during the Reporting Period. Oracle’s stock price rose sharply after the company reported strong growth in its cloud computing business as well as earnings that exceeded consensus expectations. Further, we were encouraged by its management’s 2018 revenue expectations. At the end of the Reporting Period, we believed Oracle may become a powerful player in cloud computing, as it transitions its existing customer base from on-premise to cloud computing platforms. As investors come to better appreciate this transition, we believe there may be multiple expansion for the company. Its margins, in our view, also have upside potential as more customers transition given the large fixed investment Oracle has made in cloud computing.

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, U.S.-based media conglomerate Viacom and diversified industrial business General Electric.

Much of the decline in Southwestern Energy’s stock price came as the company announced disappointing earnings that fell below market estimates. In February 2017, its earnings per share came in lower than market consensus due to higher costs and declining production across all three regions in which the company operates. The company did, however, provide strong guidance moving forward and also announced an increase in capital expenditures. During the second calendar quarter, Southwestern Energy’s stock experienced weakness as the price of natural gas was pressured. Market volatility also continued to plague the stock. Despite the decline in the company’s share price, we believed at the end of the Reporting Period that our thesis on demand drivers within natural gas remained intact, even with potential macro headwinds. We also continued to see upside potential for Southwestern Energy given what we view as the company’s high quality assets, specifically in the Marcellus, Fayetteville and Utica shales. We remained encouraged by its management team’s focus on cutting costs and divesting assets as it seeks to reduce debt and believed Southwestern Energy was one of the most attractively valued companies among its peers.

We believe Viacom’s stock came under pressure due to broader investor concerns around traditional cable television subscriber losses. This pervasive theme distracted from the company’s first quarter 2017 earnings results, which came in well above consensus expectations due to strength within Media Networks and Paramount Pictures. At the end of the Reporting Period, we continued to believe in Viacom’s turnaround strategy under recently appointed Chief Executive Officer, Bob Bakish. Further, in our view, the company’s underlying fundamentals have been strengthening. Additionally, we believe Paramount is a rare asset within the media industry and was not being fully appreciated by investors at valuations seen at the end of the Reporting Period.

General Electric’s shares fell as the stock was pressured by weakness in power and oil & gas end-markets. Despite mixed earnings results due to lower margins and cash flow, we remained constructive on General Electric’s future prospects due to a strong backlog and a high exposure to service revenues. Additionally, we believe restructuring and working capital actions taken by its management have the potential to improve the company’s margins and cash flow. In our view, General Electric’s strong market position and product technology could situate the company well for growth looking ahead.

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 initiated a Fund position in Exxon Mobil during the Reporting Period. Exxon Mobil is the largest integrated oil company based on reserves and market capitalization. We believe the company has an integrated business model and competitive advantages

13

PORTFOLIO RESULTS

that have helped produce industry-leading returns. In our view, the company has potential to grow production with moderating capital expenditures following an investment phase and has strong free cash flow generation that appears to support ongoing shareholder distributions. We are constructive on its management team, its focus on efficiency and its balance sheet, which we believe provide financial flexibility.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in Verizon Communications, a leading provider of wireless telecommunications in the U.S., after the company began offering an unlimited plan to its mobile subscribers and reduced its long-range forecasts for revenue growth. Additionally, with consolidation within cable and wireless operators accelerating, we believed there was heightened risk around Verizon Communications overpaying for an acquisition. With these two risks introduced, we believed the stock was no longer attractively valued and so we opted to sell the position.

We eliminated the Fund’s position in information technology giant Apple. We had originally entered the position due to what we saw as the company’s low cost smart phone opportunity, distribution expansion, buy-back efforts and customer lock-in benefits. However, we believe consensus expectations for unit growth in 2018 are aggressive and that the company’s strong performance may have reached its peak for the cycle. While we continue to view Apple as a high quality company with good long-term growth potential, we exited the position in favor of what we believe are more compelling investment 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 allocations compared to the Russell Index in energy, financials, industrials and information technology increased. The Fund’s exposure to the consumer discretionary, consumer staples, health care and telecommunication services sectors decreased compared to the Russell Index. The Fund completely eliminated its exposure to the utilities sector and decreased its position in cash.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund was overweighted in information technology, consumer discretionary, industrials, financials and health care relative to the Russell Index. On the same date, the Fund was underweighted in consumer staples, and telecommunication services and was rather neutrally weighted to the Russell Index in energy. The Fund had no allocation to materials, utilities and real estate at the end of August 2017.

14

FUND BASICS

Focused Value Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Class A		13.42	%		11.58	%
Class C		12.64			11.58
Institutional		13.79			11.58
Investor		13.65			11.58
Class R		13.08			11.58
Class R6		13.91			11.58

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 6/30/17	One Year			Since Inception			Inception Date
Class A		13.98	%		3.76	%	7/31/15
Class C		18.72			6.07		7/31/15
Institutional		21.16			7.30		7/31/15
Investor		20.89			7.14		7/31/15
Class R		20.42			6.63		7/31/15
Class R6		21.18			7.32		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 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Investor, Class 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	%		7.70	%
Class C		1.88			8.45
Institutional		0.73			7.30
Investor		0.88			7.45
Class R		1.38			7.95
Class R6		0.71			7.28

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
General Electric Co.		5.1	%	Industrial Conglomerates
Exxon Mobil Corp.		4.9		Oil, Gas & Consumable Fuels
Bank of America Corp.		4.8		Banks
Oracle Corp.		4.7		Software
Wells Fargo & Co.		4.7		Banks
Alphabet, Inc. Class A		4.6		Internet Software & Services
The Procter & Gamble Co.		3.9		Household Products
Liberty Global PLC Series C		3.9		Media
Allergan PLC		3.8		Pharmaceuticals
Pfizer, Inc.		3.8		Pharmaceuticals

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, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.9% of the Fund’s net assets as of August 31, 2017. 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 FOCUSED VALUE FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, 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, Investor, 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, 2017.

Average Annual Total Return through August 31, 2017	One Year	Since Inception
Class A (Commenced July 31, 2015)
Excluding sales charges	13.42%	5.83%
Including sales charges	7.13%	3.01%
Class C (Commenced July 31, 2015)
Excluding sales charges	12.64%	5.06%
Including sales charges	11.63%	5.06%
Institutional Class (Commenced July 31, 2015)	13.79%	6.23%
Investor (Commenced July 31, 2015)	13.65%	6.09%
Class R (Commenced July 31, 2015)	13.08%	5.57%
Class R6 (Commenced July 31, 2015)	13.91%	6.29%

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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 the time of purchase) in a diversified portfolio of equity investments in large-cap U.S. 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 Goldman Sachs Value Equity Investment Team 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 of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 20% of its total 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 9.04%, 8.18%, 9.41%, 8.80%, 9.26%, 8.73% and 9.63%, respectively.

These returns compare to the 11.58% 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 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 Detracting most from the Fund’s performance relative to the Russell Index were industrials, consumer discretionary and energy, wherein stock selection was comparatively weak. Having an allocation to cash during a Reporting Period when the Russell Index rallied further dampened the Fund’s relative results. Effective stock selection in the financials, health care and information technology sectors contributed most 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 companies Southwestern Energy and Range Resources and in diversified industrial business General Electric.

Much of the decline in Southwestern Energy’s stock price came as the company announced disappointing earnings that fell below market estimates. In February 2017, its earnings per share came in lower than market consensus due to higher costs and declining production across all three regions in which the company operates. The company did, however, provide strong guidance moving forward and also announced an increase in capital expenditures. During the second calendar quarter, Southwestern Energy’s stock experienced weakness as the price of natural gas was pressured. Market volatility also continued to plague the stock. Despite the decline in the company’s share price, we believed at the end of the Reporting Period that our thesis on demand drivers within natural gas remained intact, even with potential macro

19

PORTFOLIO RESULTS

headwinds. We also continued to see upside potential for Southwestern Energy given what we view as the company’s high quality assets, specifically in the Marcellus, Fayetteville and Utica shales. We remained encouraged by its management team’s focus on cutting costs and divesting assets as it seeks to reduce debt and believed Southwestern Energy was one of the most attractively valued companies among its peers.

Range Resources’ stock was pressured by investors’ concerns about increased oil production, which has the potential to increase supply of associated gas and thus lower gas prices. In our view, however, the long-term demand drivers of natural gas, such as coal plant retirements, liquid natural gas exports and industrial/electricity generation, remain intact. Range Resources, we believe, has a strong asset base in the Appalachian and Midcontinent regions, which its management has indicated could experience significant production growth in 2018. At the end of the Reporting Period, we were also positive on Range Resources’ acquisition of Memorial Resource Development, which should help diversify its assets.

General Electric’s shares fell as the stock was pressured by weakness in power and oil & gas end-markets. Despite mixed earnings results due to lower margins and cash flow, we remained constructive on General Electric’s prospects due to a strong backlog and a high exposure to service revenues. Additionally, we believe restructuring and working capital actions taken by its management have the potential to improve the company’s margins and cash flow. In our view, General Electric’s strong market position and product technology could situate the company well future growth.

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 global financial services company Bank of America, U.S.-based pharmaceutical company Vertex Pharmaceuticals and telecommunications and digital entertainment services provider AT&T.

Bank of America’s shares, like the financials sector broadly, rose sharply following the U.S. presidential election as investor sentiment around the sector, and banks in particular, improved. Sentiment improved as investors anticipated both a more attractive regulatory environment and increases in interest rates. Additionally, on a more company-specific level, the stock price of Bank of America strengthened after the company reported revenue and earnings that exceeded consensus expectations, largely due to improved trading and investment banking growth. At the end of the Reporting Period, we believed shares of Bank of America remained attractively valued given rising U.S. interest rates and an improving U.S. economy. In our view, its management is committed to bettering execution, growing margins and returning capital to shareholders. However, in light of recent outperformance, we slightly moderated the Fund’s position to better reflect what we see as the stock’s risk/return profile.

Vertex Pharmaceuticals announced earnings in January 2017 that were better than market estimates on earnings per share and total revenue. Most of the movement in the stock, however, occurred later in the first calendar quarter when its share price spiked as the company announced the successful clinical trial of one of its next-generation cystic fibrosis pipeline drugs. Its shares also rose after the company reported fourth quarter 2016 earnings that exceeded consensus expectations and raised 2017 guidance. Additionally, Vertex Pharmaceuticals sold its cancer research pipeline for $230 million. Investors viewed this positively given the possibility of royalties on future sales. At the end of the Reporting Period, we believed Vertex Pharmaceuticals was likely to continue to expand its reach into the cystic fibrosis market through its next-generation pipeline drugs. In our view, the stock was trading at a compelling valuation, and the company was well insulated relative to its peer group if regulatory changes are made to the broader health care sector. However, following the stock’s recent strong performance, we moderated the Fund’s position to better reflect what we saw as the stock’s then-current risk/reward profile.

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PORTFOLIO RESULTS

We believe AT&T performed well as investors generally appeared to agree that the company is better positioned strategically after its acquisitions of DirecTV, an American direct broadcast satellite service provider; Time Warner Cable, a global leader in media and entertainment; and the 5G wireless spectrum gained in recent auctions. Furthermore, at the end of the Reporting Period, we believed AT&T’s 5%-plus dividend was well positioned and that the company could potentially be a beneficiary from any changes to tax legislation.

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 Fund position in American International Group, an insurance company based in New York. We believe its new Chief Executive Officer’s initiatives and capabilities may well serve as a positive catalyst and lead to margin improvement. We established the Fund position in the company because of what we considered to be its attractive valuation and our belief in the upcoming inflection in its fundamentals. Additionally, we believe the company’s new financial strength rating could be accretive to its earnings over time.

We established a Fund position in Liberty Global, an international broadband company. We initiated a position in the company due to what we view as its strong cable TV business model and earnings before interest, taxes, depreciation and amortization (“EBITDA”) acceleration in 2018. We are also constructive on its management team and its ability to create value and divest assets. In our view, its free cash flow should improve once cash flow demand from Project Lightning in the U.K. declines, allowing for increased share buybacks. (Project Lightning, launched in February 2016, is the single largest investment in broadband digital infrastructure in the U.K. in more than a decade.) Additionally, we believe the company was attractively valued at the time of purchase relative to private market value and peers.

Conversely, we exited the Fund’s position in Verizon Communications, a leading provider of wireless telecommunications in the U.S., after the company began offering an unlimited plan to its mobile subscribers and reduced its long-range forecasts for revenue growth. Additionally, with consolidation within cable and wireless operators accelerating, we believed there was heightened risk around Verizon Communications overpaying for an acquisition. With these two risks introduced, we believed the stock was no longer attractively valued and so we opted to sell the position.

We sold the Fund’s position in United Technologies, an industrial conglomerate. We originally initiated a position in the company due to our view that its shares were undervalued given future growth and margin expansion opportunities for the company. Additionally, we were constructive on its new management team and its focus on cost cutting efforts, divestitures and share repurchases. As our investment thesis was realized and as its shares approached our price target, we exited the position in favor of opportunities that we believed to have better 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, energy, financials and industrials increased. The Fund’s exposure to health care and utilities decreased compared to the Russell Index.

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PORTFOLIO RESULTS

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the Russell Index in the industrials, information technology, consumer discretionary, and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer staples, real estate and utilities and was rather neutrally weighted to the Russell Index in financials, energy, materials and telecommunication services.

22

FUND BASICS

Large Cap Value Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Class A		9.04	%		11.58	%
Class C		8.18			11.58
Institutional		9.41			11.58
Service		8.80			11.58
Investor		9.26			11.58
Class R		8.73			11.58
Class R6		9.63			11.58

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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		9.50	%		11.47	%		3.85	%		5.75	%	12/15/99
Class C		14.03			11.90			3.67			5.29		12/15/99
Institutional		16.30			13.17			4.85			6.50		12/15/99
Service		15.76			12.62			4.33			6.00		12/15/99
Investor		16.20			13.02			N/A			5.32		11/30/07
Class R		15.66			12.46			N/A			4.82		11/30/07
Class R6		16.53			N/A			N/A			6.14		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Instiutional, Service, Investor, 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.

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FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.12	%		1.23	%
Class C		1.87			1.98
Institutional		0.79			0.83
Service		1.29			1.33
Investor		0.87			0.98
Class R		1.37			1.48
Class R6		0.77			0.81

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Wells Fargo & Co.		4.8	%	Banks
Exxon Mobil Corp.		4.8		Oil, Gas & Consumable Fuels
Bank of America Corp.		4.8		Banks
General Electric Co.		3.6		Industrial Conglomerates
Pfizer, Inc.		3.5		Pharmaceuticals
JPMorgan Chase & Co.		3.3		Banks
Allergan PLC		3.3		Pharmaceuticals
Oracle Corp.		3.0		Software
MetLife, Inc.		2.9		Insurance
The Procter & Gamble Co.		2.9		Household Products

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

24

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.0% of the Fund’s net assets as of August 31, 2017. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

25

GOLDMAN SACHS LARGE CAP VALUE FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced December 15, 1999)
Excluding sales charges	9.04%	11.49%	4.62%	5.92%
Including sales charges	3.02%	10.23%	4.03%	5.58%
Class C (Commenced December 15, 1999)
Excluding contingent deferred sales charges	8.18%	10.65%	3.84%	5.12%
Including contingent deferred sales charges	7.17%	10.65%	3.84%	5.12%
Institutional Class (Commenced December 15, 1999)	9.41%	11.91%	5.03%	6.33%
Service Class (Commenced December 15, 1999)	8.80%	11.36%	4.51%	5.83%
Investor (Commenced November 30, 2007)	9.26%	11.76%	N/A	5.04%
Class R (Commenced November 30, 2007)	8.73%	11.21%	N/A	4.54%
Class R6 (Commenced July 31, 2015)	9.63%	N/A	N/A	4.77%

26

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 the time of purchase) 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 stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its total 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 total 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 9.66%, 8.86%, 10.12%, 9.56%, 9.94%, 9.40% and 10.13%, respectively. These returns compare to the 10.82% 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 solid positive absolute returns, but sector allocation overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Stock selection as a whole also detracted, albeit more modestly, from the Fund’s 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 real estate, industrials and consumer discretionary. Stock selection and having an underweighted allocation to utilities, which outpaced the Russell Index during the Reporting Period, also hurt. Having a position in cash during a Reporting Period when the Russell Index rallied further dampened relative results. Partially offsetting these detractors was effective stock selection in the information technology, financials and materials sectors, which 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 DDR, Brixmor Property Group and Federal Realty Investment Trust.

DDR, an owner and manager of retail shopping centers in the U.S. and Puerto Rico, was the top detractor from the Fund’s relative results during the Reporting Period. We believe the majority of its stock’s underperformance of the Russell Index during the Reporting Period can be attributed to market concerns around store closures and retailer bankruptcies, resulting from disappointing retail sales. Despite its underperformance, we believed at the end of the Reporting Period that the company’s fundamentals remained healthy and its high quality tenant base provided it with an advantage relative to its peers. Further, we maintained a high level of conviction in its new management team and its extensive experience and deep relationships in the strip mall/retail park space.

Brixmor Property Group, an owner of grocery-anchored community shopping centers, was also a significant detractor

27

PORTFOLIO RESULTS

from the Fund’s relative results during the Reporting Period. We believe its underperformance of the Russell Index was largely due to investor concerns about store closures within the industry, resulting from disappointing retail sales. In our view, these fears are overblown, especially given Brixmor Property Group’s base in high quality grocery-anchored shopping centers. Overall, at the end of the Reporting Period, we remained positive on Brixmor Property Group’s long-term growth potential as well as its portfolio of assets. Fundamentals in the industry remained healthy, in our view, as supply, relative to historical levels, was low, and demand was still strong. Finally, we were encouraged by its management’s focus on high return redevelopment projects and on improving the company’s balance sheet.

Federal Realty Investment Trust is a real estate investment trust (“REIT”) that engages in the ownership, operation and redevelopment of high quality retail-based properties located primarily in major coastal markets. We believe its underperformance of the Russell Index during the Reporting Period can be attributed to market concerns about a rising e-commerce environment and anchor vacancies within the retail space. Its shares also declined after the company reported weak third quarter 2016 earnings. Despite a challenging retail environment, we remained constructive at the end of the Reporting Period on the company’s commitment to align its portfolio with the changing consumer. Additionally, we remained attracted to what we see as the company’s strong management team, as it continues to divest unprofitable assets and allocate capital to opportunities with greater upside 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 IAC/InterActive (“IAC”), SLM and Marvell Technology Group.

IAC is a leading media and Internet company. Its outperformance of the Russell Index was primarily driven by the company’s announcement to merge its Home Advisor subsidiary into Angie’s List to create ANGI HomeServices, an online home services company with industry-leading market share. In addition to gaining significant market share in a growing industry, the deal allows IAC to preserve Angie’s Lists’ public company status, essentially resulting in a public listing of HomeAdvisor. IAC’s shares also rose after the company reported strong first quarter 2017 earnings results in all five of its business segments. In our view, the stock was trading at a compelling valuation and was well positioned to benefit from a rapidly growing home services segment. However, given its stock’s recent strong performance, we opted to sell the position and allocate proceeds to what we viewed as investment opportunities with more compelling upside potential.

SLM, a company that provides funding and servicing for student loans, commonly known as Sallie Mae, was also a top positive contributor to the Fund’s results during the Reporting Period. We had invested in SLM because we felt the company had strong and highly visible growth, a dominant position in a market with high barriers to entry and a new Chief Executive Officer with a track record of success at other companies. Despite solid performance at SLM, perceived political risk weighed heavily on the stock ahead of the U.S. presidential elections. Its shares subsequently spiked following the election results, and sentiment continued to improve as investors anticipated a more attractive regulatory environment for SLM. Despite its recent strong performance, at the end of the Reporting Period, we continued to see upside potential for the company and opportunities for future growth.

Marvell Technology Group is a company specializing in the design of semiconductors used in storage and networking devices. We believe the company was trading at an attractive valuation during the Reporting Period. We also believed the declining hard-disk drive storage market provided an opportunity for the company to increase its market share as competitors exited the arena. At the end of the Reporting Period, we remained constructive on its management team’s commitment to divesting lower-margin businesses while also introducing higher-margin products into its list of offerings.

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 SunTrust Banks, a bank holding company based in Atlanta, Georgia. We are positive on what we consider to be SunTrust Banks’ attractive relative valuation and its broad footprint in the fast-growing southeastern U.S. We also are encouraged by its management’s execution on plans to improve its capital efficiency.

We established a Fund position in Newell Brands, a leading global consumer goods company. We are constructive on the

28

PORTFOLIO RESULTS

company’s business model and its management team’s track record of execution and value creation. We believe Newell Brands was attractively valued at the time of our purchase given what we view as the strength of its franchise and the potential for further realization of cost and growth synergies from its acquisition of Jarden in 2015.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Pentair, a diversified industrial company. We were positive on Pentair’s plan to improve margins and operational efficiency. Additionally, in our view, the sale of its valves and controls business improved the company’s capital structure and resulted in a simpler business model with high quality construction and water businesses, areas we viewed as the most compelling for growth. Following the U.S. election results, however, we became increasingly concerned that U.K.-based Pentair could be negatively affected by proposed changes to the U.S. tax code. We chose to transition the capital from the sale of Pentair to industrials companies with higher U.S. exposure.

We eliminated the Fund’s position in Centene, a health care insurance and services company. We had been positive on the company’s attractive valuation and potential opportunities for future growth, as states continue to outsource Medicaid. Additionally, we were positive on the potential synergies from the company’s acquisition of Health Net. Following the U.S. election results, however, its shares dropped, as investors became wary of possible changes to Medicaid and the Affordable Care Act and the subsequent negative effect on Centene, which has exposure to both. In light of increased uncertainty regarding health care reform, we decided to exit the Fund’s position in favor of another opportunity we felt provided greater 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 consumer discretionary, consumer staples, financials, information technology and materials increased. The Fund’s exposure to the health care sector decreased compared 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 2017?

A At the end of August 2017, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary, consumer staples and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in real estate, financials and utilities and was rather neutrally weighted to the Russell Index in energy, health care, industrials, materials and telecommunication services.

29

FUND BASICS

Mid Cap Value Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell Midcap Value Index2
Class A		9.66	%		10.82	%
Class C		8.86			10.82
Institutional		10.12			10.82
Service		9.56			10.82
Investor		9.94			10.82
Class R		9.40			10.82
Class R6		10.13			10.82

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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		7.14	%		10.57	%		4.98	%		8.37	%	8/15/97
Class C		11.54			11.00			4.79			7.88		8/15/97
Institutional		13.84			12.28			6.00			10.87		8/1/95
Service		13.26			11.72			5.48			8.70		7/18/97
Investor		13.66			12.11			N/A			6.91		11/30/07
Class R		13.11			11.56			N/A			12.59		1/6/09
Class R6		13.85			N/A			N/A			4.19		7/31/15

³  The Standardized Total Returns are average annual total returns 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 (1.00% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, 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.

30

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.16	%		1.16	%
Class C		1.91			1.91
Institutional		0.76			0.76
Service		1.26			1.26
Investor		0.91			0.91
Class R		1.41			1.41
Class R6		0.74			0.74

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights of this report. The expense ratios of the Fund do not have a fee waiver and expense limitation. The Net and Gross expense ratios will be the same.

TOP TEN HOLDINGS AS OF 8/31/175
Holding	% of Net Assets			Line of Business
PG&E Corp.		2.2	%	Electric Utilities
SunTrust Banks, Inc.		2.1		Banks
Citizens Financial Group, Inc.		2.0		Banks
Molson Coors Brewing Co. Class B		2.0		Beverages
Marvell Technology Group Ltd.		1.9		Semiconductors & Semiconductor Equipment
Stanley Black & Decker, Inc.		1.9		Machinery
Pinnacle West Capital Corp.		1.8		Electric Utilities
Newell Brands, Inc.		1.8		Household Durables
EQT Corp.		1.8		Oil, Gas & Consumable Fuels
Huntington Bancshares, Inc.		1.7		Banks

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

31

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of August 31, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.9% of the Fund’s net assets as of August 31, 2017. 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.stments.

32

GOLDMAN SACHS MID CAP VALUE FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 15, 1997)
Excluding sales charges	9.66%	10.88%	6.23%	8.60%
Including sales charges	3.63%	9.64%	5.63%	8.30%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	8.86%	10.05%	5.43%	7.81%
Including contingent deferred sales charges	7.86%	10.05%	5.43%	7.81%
Institutional Class (Commenced August 1, 1995)	10.12%	11.33%	6.66%	10.79%
Service Class (Commenced July 18, 1997)	9.56%	10.78%	6.12%	8.62%
Investor (Commenced November 30, 2007)	9.94%	11.16%	N/A	6.79%
Class R (Commenced January 6, 2009)	9.40%	10.60%	N/A	12.33%
Class R6 (Commenced July 31, 2015)	10.13%	N/A	N/A	3.91%

33

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 the time of purchase) 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 total 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 11.56%, 10.72%, 12.00%, 11.44%, 11.84%, 11.28% and 12.03%, respectively. These returns compare to the 13.47% 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 solid double-digit 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 contributed positively, albeit modestly, to the Fund’s 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 energy, materials and health care sectors. Having a position in cash during a Reporting Period when the Russell Index rallied also hurt performance. Effective stock selection in the consumer discretionary and utilities sectors helped the Fund’s performance most relative to the Russell Index. Having no exposure to telecommunication services, which was the second-weakest sector in 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 food manufacturer TreeHouse Foods, shopping center and retail real estate investment trust (“REIT”) Acadia Realty Trust and digital printing company Electronics for Imaging.

Shares of TreeHouse Foods, a supplier of private label food and beverage products, declined after the company reported mixed second quarter 2016 earnings and announced the retirement of its Chief Financial Officer. At the end of 2016, we exited the Fund’s position. We had originally initiated a position in its stock due to our view that the company would make operational improvements and that its acquisition of ConAgra’s private brands business could generate substantial synergies. However, the ConAgra deal has proven to be more difficult than we anticipated from an integration perspective. Additionally, in the event food inflation increases, it could be more difficult for TreeHouse Foods to pass along cost increases to consumers relative to branded food peers.

34

PORTFOLIO RESULTS

Acadia Realty Trust, a REIT that specializes in management and leasing of shopping center and retail properties, faced headline risk and poor sentiment toward brick and mortar retail as did the broader retail REIT market. What we view as the extreme discount to which the REIT declined overlooks, in our opinion, the quality of its properties, including prime locations and favorable demographics, and does not account for the shift of demand from traditional retailers to low cost, fitness and native online retailers. Despite market headwinds, at the end of the Reporting Period, Acadia Realty Trust remained a high conviction name that holds what we consider to be valuable properties.

In October 2016 and April 2017, Electronics for Imaging reported mixed quarterly results that caused its stock price to decline. However, the majority of its weak performance occurred at the beginning of August 2017 when the company indefinitely postponed the release of its June 2017 quarterly results, as there was an issue stemming from the timing of revenue recognition. While the company announced there was no material aggregate misstatement, the uncertainty surrounding the situation caused its stock price to plummet. We believe the sell-off was largely an overreaction, but we opted to sell the Fund’s position in the company given the persistent uncertainty as to when the company may release a report on internal controls.

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 global transportation company XPO Logistics, electronic design company Mentor Graphics and property and casualty insurance and reinsurance company Endurance Specialty Holdings.

XPO Logistics differentiated itself from its peers by delivering strong organic growth and margin improvement during the first quarter of 2017. At the end of the Reporting Period, we believed XPO Logistics had further cost reduction opportunities to undertake that could lead to further margin expansion. Additionally, we viewed the company as well positioned to demonstrate consistent organic growth as a result of its exposure to secular growth in e-commerce and outsourced logistics. Finally, the stock was trading at the end of the Reporting Period at what we considered to be an attractive valuation relative to its margin expansion and organic growth potential.

Mentor Graphics is a software provider of automated electronic design and analysis. We had originally initiated the Fund position in Mentor Graphics when the stock was trading at what we viewed as a discount following a challenging period for the company due to increased competition. Shares of Mentor Graphics rose sharply after its announcement that Siemens agreed to acquire the company for $4.5 billion in cash or $37.25 per share, a significant premium over the previous closing price. After the acquisition announcement, we sold the Fund’s position in Mentor Graphics.

Endurance Specialty Holdings saw its stock price rise sharply in the fourth quarter of 2016 after the company reached an agreement to sell itself to a Japanese insurer at a 43% premium relative to its previous closing price. We had originally initiated a position in Endurance Specialty Holdings based on our positive view of its management team’s turnaround strategy. In particular, we were constructive on its efforts to enhance the company’s earnings profile by shifting its mix toward the insurance segment. Additionally, we held a positive view on the company’s then-recently appointed Chief Executive Officer and the tenured team of insurance underwriters that he recruited to the company. Following the announcement of the acquisition, we exited the Fund’s position in Endurance Specialty Holdings and used the proceeds to add to investments with what we viewed as more attractive risk-adjusted upside potential.

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 Hilton Grand Vacations, a real estate company involved in vacation lodges, condominiums and resorts. We believe the fundamental backdrop in the timeshare industry is compelling following a period of consolidation. We are attracted to Hilton Grand Vacations in particular because it is one of the few timeshare companies that has been able to generate net owner growth. As a result, we believe there are significant opportunities to realize profits from secondary timeshare sales. Finally, we believe the company is less constrained from a capital allocation perspective following its spin-off from the Hilton parent company.

We established a Fund position in MGIC Investment, a company that provides private mortgage insurance in the U.S.

35

PORTFOLIO RESULTS

We expect the company, which we see as well managed, to benefit from a broadening of the housing market. In our view, the company has a strong balance sheet, based on both its reserves and capital levels.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Intersil, a semiconductor manufacturer, as a result of an acquisition. At the time of the Fund’s purchase, we had believed Intersil was under-earning relative to its peers, which led to what we considered to be an attractive valuation. We were also constructive on the company’s plan to reallocate research and development spending to its higher margin businesses. Intersil was a long-term holding of the Fund, and we were encouraged by improving operating margins and successful new product launches as a result of its increased research and development investment. Its shares spiked after Renesas Electronic, a Japanese automotive chip manufacturer, announced the acquisition of Intersil at a significant premium, and so we sold the Fund’s shares in the company.

We sold the Fund’s position in PrivateBancorp, a bank that provides middle market commercial banking, investment management services, and small and private banking solutions. We exited the Fund’s position in early June 2017 when it was a target of an acquisition by Canadian Imperial Bank of Commerce.

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 and industrials increased and its allocations compared to the Russell Index in health care, information technology and real estate decreased.

Q How was the Fund positioned relative to its benchmark index at the end of August 2017?

A At the end of August 2017, the Fund was overweighted in industrials and materials and underweighted in real estate, utilities and health care relative to the Russell Index. The Fund was rather neutrally weighted in financials, consumer discretionary, information technology, energy and consumer staples relative to the Russell Index at the end of August 2017. The Fund had no allocation to telecommunication services at the end of the Reporting Period.

36

FUND BASICS

Small Cap Value Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 2000 Value Index2
Class A		11.56	%		13.47	%
Class C		10.72			13.47
Institutional		12.00			13.47
Service		11.44			13.47
Investor		11.84			13.47
Class R		11.28			13.47
Class R6		12.03			13.47

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 6/30/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		13.77	%		12.60	%		7.30	%		10.46	%	10/22/92
Class C		18.44			13.03			7.11			8.61		8/15/97
Institutional		20.85			14.33			8.35			9.88		8/15/97
Service		20.25			13.77			7.81			9.33		8/15/97
Investor		20.68			14.16			N/A			9.66		11/30/07
Class R		20.10			13.60			N/A			9.12		11/30/07
Class R6		20.88			N/A			N/A			9.55		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 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, 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.

37

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.37	%		1.41	%
Class C		2.12			2.16
Institutional		0.97			1.01
Service		1.47			1.51
Investor		1.12			1.16
Class R		1.62			1.66
Class R6		0.95			1.00

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Black Hills Corp.		1.4	%	Multi-Utilities
Pebblebrook Hotel Trust		1.3		Equity Real Estate Investment
				Trusts (REITs)
Portland General Electric Co.		1.1		Electric Utilities
Pinnacle Financial Partners, Inc.		1.0		Banks
Acadia Realty Trust		1.0		Equity Real Estate Investment
				Trusts (REITs)
CyrusOne, Inc.		1.0		Equity Real Estate Investment
				Trusts (REITs)
Chesapeake Lodging Trust		1.0		Equity Real Estate Investment
				Trusts (REITs)
Webster Financial Corp.		0.9		Banks
XPO Logistics, Inc.		0.9		Air Freight & Logistics
Hilton Grand Vacations, Inc.		0.9		Hotels, Restaurants & Leisure

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, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.5% of the Fund’s net assets as of August 31, 2017. 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, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on September 1, 2007 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, Investor, 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, 2007 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced October 22, 1992)
Excluding sales charges	11.56%	12.81%	8.26%	10.60%
Including sales charges	5.41%	11.54%	7.65%	10.35%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	10.72%	11.97%	7.46%	8.49%
Including contingent deferred sales charges	9.68%	11.97%	7.46%	8.49%
Institutional Class (Commenced August 15, 1997)	12.00%	13.26%	8.70%	9.76%
Service Class (Commenced August 15, 1997)	11.44%	12.69%	8.16%	9.21%
Investor (Commenced November 30, 2007)	11.84%	13.09%	N/A	9.41%
Class R (Commenced November 30, 2007)	11.28%	12.53%	N/A	8.87%
Class R6 (Commenced July 31, 2015)	12.03%	N/A	N/A	8.40%

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 indexes was between $36.4 million and $43.5 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, 2017 (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, Investor, R and R6 Shares generated average annual total returns, without sales charges, of 11.30%, 10.48%, 11.71%, 11.52%, 11.06% and 11.80%, respectively. These returns compare to the 11.12% 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 Most share classes of the Fund outperformed the Russell Index during the Reporting Period due primarily to effective stock selection overall. Sector allocation as a whole also contributed positively, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Effective stock selection in the information technology and consumer discretionary sectors helped the Fund’s performance most relative to the Russell Index. Having no exposure to telecommunication services, which was the weakest sector in the Russell Index during the Reporting Period, also buoyed the Fund’s relative results. The sectors that detracted most from the Fund’s relative results during the Reporting Period were energy, real estate and materials, wherein stock selection proved challenging. Having an allocation to cash during a period when the Russell Index rallied also hurt performance.

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 leading media and Internet company IAC/InterActive (“IAC”), global transportation company XPO Logistics and property and casualty insurance and reinsurance company Endurance Specialty Holdings.

IAC’s outperformance of the Russell Index was primarily driven by the company’s announcement to merge its Home Advisor subsidiary into Angie’s List to create ANGI HomeServices, an online home services company with industry-leading market share. In addition to gaining significant market share in a growing industry, the deal allows IAC to preserve Angie’s Lists’ public company status, essentially resulting in a public listing of HomeAdvisor. IAC’s shares also rose after the company reported strong first quarter 2017 earnings results in all five of its business segments. In our view, the stock was trading at a compelling valuation and was well positioned to benefit from a rapidly growing home services

41

FUND BASICS

segment. At the end of the Reporting Period, we remained positive on the company due to what we viewed as its attractive valuation and capital allocation track record.

XPO Logistics differentiated itself from its peers by delivering strong organic growth and margin improvement during the first quarter of 2017. At the end of the Reporting Period, we believed XPO Logistics had further cost reduction opportunities to undertake that could lead to further margin expansion. Additionally, we viewed the company as well positioned to demonstrate consistent organic growth as a result of its exposure to secular growth in e-commerce and outsourced logistics. Finally, the stock was trading at the end of the Reporting Period at what we considered to be an attractive valuation relative to its margin expansion and organic growth potential.

Endurance Specialty Holdings saw its stock price rise sharply in the fourth quarter of 2016 after the company reached an agreement to sell itself to a Japanese insurer at a 43% premium relative to its previous closing price. We had originally initiated a position in Endurance Specialty Holdings based on our positive view of its management team’s turnaround strategy. In particular, we were constructive on its efforts to enhance the company’s earnings profile by shifting its mix toward the insurance segment. Additionally, we held a positive view on the company’s then-recently appointed Chief Executive Officer and the tenured team of insurance underwriters that he recruited to the company. Following the announcement of the acquisition, we exited the Fund’s position in Endurance Specialty Holdings and used the proceeds to add investments with what we viewed as more attractive risk-adjusted upside potential.

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 Brixmor Property Group, Federal Realty Investment Trust and Taubman Centers.

Brixmor Property Group, an owner of grocery-anchored community shopping centers, was the top detractor from the Fund’s relative results during the Reporting Period. We believe its underperformance of the Russell Index was largely due to investor concerns about store closures within the industry, resulting from disappointing retail sales. In our view, these fears are overblown, especially given Brixmor Property Group’s base in high quality grocery-anchored shopping centers. Overall, at the end of the Reporting Period, we remained positive on Brixmor Property Group’s long-term growth potential as well as its portfolio of assets. Fundamentals in the industry remained healthy, in our view, as supply, relative to historical levels, was low, and demand was still strong. Finally, we were encouraged by its management’s focus on high return redevelopment projects and on improving the company’s balance sheet.

Federal Realty Investment Trust is a real estate investment trust (“REIT”) that engages in the ownership, operation and redevelopment of high quality retail-based properties located primarily in major coastal markets. We believe its underperformance of the Russell Index during the Reporting Period can be attributed to market concerns about a rising e-commerce environment and anchor vacancies within the retail space. Its shares also declined after the company reported weak third quarter 2016 earnings. Despite a challenging retail environment, we remained constructive at the end of the Reporting Period on the company’s commitment to align its portfolio with the changing consumer. Additionally, we remained attracted to what we see as the company’s strong management team, as it continues to divest unprofitable assets and allocate capital to opportunities with greater upside potential.

Taubman Centers is a REIT engaged in the development and management of regional shopping centers. The broader retail REIT market segment, especially those with exposure to shopping malls, faced challenges of elevated tenant bankruptcies, store closure and rising leasing capital expenditures. Taubman Centers has also faced these challenges and revised down its occupancy and lease space during the second quarter of 2017. Given these headwinds, we opted to reduce the Fund’s exposure to the retail REIT market segment and sold the Fund’s position in Taubman Centers by the end of the Reporting Period.

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 United Rentals, the largest equipment rental company in the U.S. We had bought United Rentals soon after the U.S. presidential elections on the back of expectations of an industrial economic recovery following eight quarters of negative industrial growth in the U.S. We

42

FUND BASICS

believe the company’s broad-based exposure to the construction end-markets could benefit from any infrastructure plans that may be enacted. Utilization and pricing had been weak for the company in 2016, and we anticipate these trends to reach an inflection point in the coming quarter, which could drive earnings and margin expansion. In addition, we believe the company’s unlevered balance sheet makes it attractive for possible merger and acquisition opportunities.

We established a Fund position in Hilton Grand Vacations, a real estate company involved in vacation lodges, condominiums and resorts. We believe the fundamental backdrop in the timeshare industry is compelling following a period of consolidation. We are attracted to Hilton Grand Vacations in particular because it is one of the few timeshare companies that has been able to generate net owner growth. As a result, we believe there are significant opportunities to realize profits from secondary timeshare sales. Finally, we believe the company is less constrained from a capital allocation perspective following its spin-off from the Hilton parent company.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Post Properties, a REIT that develops and operates multifamily apartment communities in the U.S. Its stock was a top contributor to the Fund’s relative results during the third quarter of 2016 after it was announced that Mid-America Apartment Communities was acquiring Post Properties in an all-stock deal valued at $17 billion. We are positive on this transaction given the opportunity for substantial operating synergies. Additionally, we believe the scale of the combined company may allow for stronger pricing power and more stable rent growth. We exited the Fund’s position in Post Properties when the deal closed in December 2016, though the Fund maintained high conviction in the combined company through its position in Mid-America Apartment Communities, an owner and operator of apartments across the Sunbelt region.

We sold the Fund’s position in Care Capital Properties, an owner of triple-net leased properties focused on post-acute care and skilled nursing facilities. (A triple net lease is a lease agreement that designates the lessee, which is the tenant, as being solely responsible for all the costs relating to the asset being leased, in addition to the rent fee applied under the lease. The structure of this type of lease requires the lessee to pay the net amount for three types of costs, including net real estate taxes on the leased asset, net building insurance and net common area maintenance.) Earlier in the Reporting Period, Sabra Health Care announced it had reached an agreement with Care Capital Properties to merge in an all-stock deal. In July 2017, shares of Care Capital Properties declined following news that multiple investors in Sabra Health Care would not be voting to support the merger with Care Capital Properties due to concerns about changes in the health care system that could reduce demand for the properties in Care Capital Properties’ portfolio. Further, Institutional Shareholder Services, a prominent shareholder advisory firm, recommended that shareholders vote against the deal, adding fuel to arguments leveled by dissident shareholders. We exited the Fund’s position in Care Capital Properties prior to the merger closing, as we were a bit concerned that the deal may not go through and that Care Capital Properties’ shares might decline further as a result.

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 industrials and materials increased and its allocations compared to the Russell Index in consumer discretionary, consumer staples and health care decreased. 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 2017?

A At the end of August 2017, the Fund was overweighted in the industrials, materials and information technology sectors relative to the Russell Index. On the same date, the Fund had underweighted positions compared to the Russell Index in real estate, consumer staples and consumer discretionary and was rather neutrally weighted to the Russell Index in the remaining sectors of the Russell Index, with the exception of telecommunication services, in which the Fund held no position at the end of the Reporting Period.

43

FUND BASICS

Small/Mid Cap Value Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			Russell 2500 Value Index2
Class A		11.30	%		11.12	%
Class C		10.48			11.12
Institutional		11.71			11.12
Investor		11.52			11.12
Class R		11.06			11.12
Class R6		11.80			11.12

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 6/30/17	One Year			Since Inception			Inception Date
Class A		10.51	%		5.58	%	1/31/14
Class C		15.15			6.59		1/31/14
Institutional		17.44			7.82		1/31/14
Investor		17.26			7.62		1/31/14
Class R		16.71			7.09		1/31/14
Class R6		17.54			7.08		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 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Investor, Class 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		1.26	%		2.25	%
Class C		2.01			2.99
Institutional		0.87			1.84
Investor		1.01			2.03
Class R		1.52			2.50
Class R6		0.88			1.90

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 April 28, 2018, 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 8/31/175
Holding	% of Net Assets			Line of Business
Mid-America Apartment		2.9	%	Equity Real Estate Investment
Communities, Inc.				Trusts (REITs)
Pinnacle West Capital Corp.		1.4		Electric Utilities
Federal Realty Investment Trust		1.3		Equity Real Estate Investment
				Trusts (REITs)
Atmos Energy Corp.		1.3		Gas Utilities
American Financial Group, Inc.		1.3		Insurance
XPO Logistics, Inc.		1.2		Air Freight & Logistics
Steel Dynamics, Inc.		1.2		Metals & Mining
Pebblebrook Hotel Trust		1.2		Equity Real Estate Investment
				Trusts (REITs)
East West Bancorp, Inc.		1.2		Banks
E*TRADE Financial Corp.		1.2		Capital Markets

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, 2017

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets as of August 31, 2017. 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, 2017

The following graph shows the value, as of August 31, 2017, 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, Investor, 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, 2017.

Average Annual Total Return through August 31, 2017	One Year	Since Inception
Class A (Commenced January 31, 2014)
Excluding sales charges	11.30%	6.97%
Including sales charges	5.19%	5.30%
Class C (Commenced January 31, 2014)
Excluding contingent deferred sales charges	10.48%	6.22%
Including contingent deferred sales charges	9.48%	6.22%
Institutional Class (Commenced January 31, 2014)	11.71%	7.46%
Investor (Commenced January 31, 2014)	11.52%	7.25%
Class R (Commenced January 31, 2014)	11.06%	6.74%
Class R6 (Commenced July 31, 2015)	11.80%	6.53%

47

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 98.6%
Air Freight & Logistics – 2.1%
	71,159	United Parcel Service, Inc. Class B	$	8,137,743
					��
Automobiles – 0.6%
	60,731	General Motors Co.		2,219,111
Banks – 15.1%
	741,700	Bank of America Corp.		17,719,213
	131,746	BB&T Corp.		6,072,173
	106,162	JPMorgan Chase & Co.		9,649,064
	104,708	SunTrust Banks, Inc.		5,769,411
	377,721	Wells Fargo & Co.		19,290,212
				58,500,073
Beverages – 2.2%
	33,624	Anheuser-Busch InBev SA ADR		3,980,073
	51,217	Molson Coors Brewing Co. Class B		4,596,726
				8,576,799
Capital Markets – 3.1%
	133,236	AllianceBernstein Holding LP		3,124,384
	290,182	Deutsche Bank AG		4,640,010
	93,023	Morgan Stanley		4,232,547
				11,996,941
Chemicals – 2.4%
	110,813	E.I. du Pont de Nemours & Co.		9,300,535
Communications Equipment – 3.6%
	434,864	Cisco Systems, Inc.		14,006,969
Consumer Finance – 1.3%
	62,272	Capital One Financial Corp.		4,957,474
Diversified Telecommunication Services – 4.0%
	326,936	CenturyLink, Inc.(a)		6,447,178
	190,092	Verizon Communications, Inc.		9,118,713
				15,565,891
Electric Utilities – 3.8%
	61,916	Duke Energy Corp.		5,405,267
	120,693	FirstEnergy Corp.		3,932,178
	60,020	Pinnacle West Capital Corp.		5,399,999
				14,737,444
Electrical Equipment – 2.0%
	134,021	Emerson Electric Co.		7,912,600
Energy Equipment & Services – 0.4%
	26,531	Schlumberger Ltd.		1,684,984
Equity Real Estate Investment Trusts (REITs) – 2.6%
	428,316	DDR Corp.		4,146,099
	94,117	RLJ Lodging Trust		1,899,281
	24,844	Simon Property Group, Inc.		3,896,781
				9,942,161
Food & Staples Retailing – 2.3%
	113,504	Wal-Mart Stores, Inc.		8,861,257
Common Stocks – (continued)
Food Products – 1.0%
	99,897	Mondelez International, Inc. Class A		4,061,812
Health Care Equipment & Supplies – 2.7%
	203,394	Abbott Laboratories		10,360,890
Household Products – 3.4%
	143,807	The Procter & Gamble Co.		13,269,072
Industrial Conglomerates – 4.4%
	701,746	General Electric Co.		17,227,864
Insurance – 6.1%
	172,780	American International Group, Inc.		10,449,734
	51,241	Brighthouse Financial, Inc.*		2,924,324
	216,819	MetLife, Inc.		10,153,634
				23,527,692
Media – 2.3%
	78,293	DISH Network Corp. Class A*		4,485,406
	154,779	Viacom, Inc. Class B		4,426,679
				8,912,085
Metals & Mining – 0.7%
	51,830	Nucor Corp.		2,856,351
Oil, Gas & Consumable Fuels – 9.5%
	172,613	BP PLC ADR		5,994,849
	38,630	Chevron Corp.		4,157,361
	180,568	ConocoPhillips		7,883,599
	245,663	Exxon Mobil Corp.		18,751,457
				36,787,266
Personal Products – 1.1%
	68,919	Unilever NV		4,100,681
Pharmaceuticals – 11.2%
	100,074	Bristol-Myers Squibb Co.		6,052,476
	95,895	Johnson & Johnson		12,693,621
	89,275	Merck & Co., Inc.		5,701,102
	557,834	Pfizer, Inc.		18,921,729
				43,368,928
Road & Rail – 1.1%
	38,933	Union Pacific Corp.		4,099,645
Semiconductors & Semiconductor Equipment – 1.7%
	377,649	Marvell Technology Group Ltd.		6,763,694
Software – 4.2%
	106,668	Microsoft Corp.		7,975,566
	162,490	Oracle Corp.		8,178,122
				16,153,688
Technology Hardware, Storage & Peripherals – 1.8%
	42,512	Apple, Inc.		6,971,968
Textiles, Apparel & Luxury Goods – 1.0%
	93,919	Coach, Inc.		3,916,422

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

GOLDMAN SACHS EQUITY INCOME FUND

Shares		Description	Value
Common Stocks – (continued)
Tobacco – 0.9%
	54,065	Altria Group, Inc.	$	3,427,721
	TOTAL COMMON STOCKS
	(Cost $343,474,445)		$	382,205,761

Shares		Distribution Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,642	0.927%	$	4,642
	(Cost $4,642)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $343,479,087)		$	382,210,403
Securities Lending Reinvestment Vehicle(b) – 1.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,493,780	0.927%	$	5,493,780
	(Cost $5,493,780)
	TOTAL INVESTMENTS – 100.0%
	(Cost $348,972,867)		$	387,704,183
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%			112,071
	NET ASSETS – 100.0%		$	387,816,254

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

Investment Abbreviations:
ADR	—American Depositary Receipt
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 97.8%
Aerospace & Defense – 2.2%
	2,206	Textron, Inc.	$	108,292
Airlines* – 2.8%
	6,944	JetBlue Airways Corp.		137,561
Automobiles – 3.4%
	5,516	Volkswagen AG ADR		170,665
Banks – 17.3%
	10,020	Bank of America Corp.		239,378
	2,493	Citizens Financial Group, Inc.		82,593
	1,684	JPMorgan Chase & Co.		153,059
	2,704	SunTrust Banks, Inc.		148,990
	4,633	Wells Fargo & Co.		236,607
				860,627
Biotechnology* – 2.6%
	943	Celgene Corp.		131,011
Capital Markets – 1.5%
	1,612	Morgan Stanley		73,346
Diversified Telecommunication Services(a) – 2.0%
	4,980	CenturyLink, Inc.		98,206
Electrical Equipment – 2.8%
	2,371	Emerson Electric Co.		139,984
Health Care Equipment & Supplies – 2.4%
	2,352	Abbott Laboratories		119,811
Household Products – 3.9%
	2,129	The Procter & Gamble Co.		196,443
Industrial Conglomerates – 5.2%
	10,444	General Electric Co.		256,400
Insurance – 8.1%
	2,443	American International Group, Inc.		147,753
	1,793	Brighthouse Financial, Inc.*		102,326
	3,322	MetLife, Inc.		155,569
				405,648
Internet Software & Services* – 7.2%
	241	Alphabet, Inc. Class A		230,213
	3,065	Yelp, Inc.		130,569
				360,782
Media – 7.9%
	2,019	DISH Network Corp. Class A*		115,668
	5,828	Liberty Global PLC Series C*		192,499
	3,068	Viacom, Inc. Class B		87,745
				395,912
Oil, Gas & Consumable Fuels – 10.6%
	1,667	ConocoPhillips		72,781
	1,461	EQT Corp.		91,079
	3,173	Exxon Mobil Corp.		242,195
	22,093	Southwestern Energy Co.*		120,407
				526,462
Common Stocks – (continued)
Pharmaceuticals – 10.8%
	818	Allergan PLC		187,715
	2,728	Bristol-Myers Squibb Co.		164,989
	5,518	Pfizer, Inc.		187,171
				539,875
Semiconductors & Semiconductor Equipment – 2.3%
	6,407	Marvell Technology Group Ltd.		114,749
Software – 4.8%
	4,704	Oracle Corp.		236,752
	TOTAL COMMON STOCKS
	(Cost $4,711,940)		$	4,872,526

Shares		Distribution Rate	Value
Investment Company(b) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	61,761	0.927%	$	61,761
	(Cost $61,761)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $4,773,701)		$	4,934,287
Securities Lending Reinvestment Vehicle(b) – 1.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	95,910	0.927%	$	95,910
	(Cost $95,910)
	TOTAL INVESTMENTS – 100.9%
	(Cost $4,869,611)		$	5,030,197
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(45,339	)
	NET ASSETS – 100.0%		$	4,984,858

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

Investment Abbreviations:
ADR	—American Depositary Receipt
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, 2017

Shares		Description	Value
Common Stocks – 96.9%
Aerospace & Defense – 1.1%
	187,471	Textron, Inc.	$	9,202,951
Air Freight & Logistics – 0.8%
	97,358	C.H. Robinson Worldwide, Inc.		6,876,396
Airlines* – 0.8%
	328,426	JetBlue Airways Corp.		6,506,119
Automobiles – 1.0%
	271,752	Volkswagen AG ADR		8,408,007
Banks – 15.1%
	1,708,329	Bank of America Corp.		40,811,980
	185,214	Citizens Financial Group, Inc.		6,136,140
	312,136	JPMorgan Chase & Co.		28,370,041
	225,310	SunTrust Banks, Inc.		12,414,581
	807,571	Wells Fargo & Co.		41,242,651
				128,975,393
Beverages – 1.0%
	68,840	Anheuser-Busch InBev SA ADR		8,148,591
Biotechnology* – 1.9%
	99,807	BioMarin Pharmaceutical, Inc.		9,001,593
	28,932	Celgene Corp.		4,019,523
	22,065	Vertex Pharmaceuticals, Inc.		3,542,315
				16,563,431
Capital Markets – 2.0%
	691,803	Deutsche Bank AG		11,061,930
	137,741	Morgan Stanley		6,267,215
				17,329,145
Chemicals – 1.9%
	195,252	E.I. du Pont de Nemours & Co.		16,387,500
Communications Equipment – 2.7%
	712,793	Cisco Systems, Inc.		22,959,063
Consumer Finance – 1.7%
	187,072	Capital One Financial Corp.		14,892,802
Containers & Packaging – 0.9%
	197,923	Ball Corp.		7,914,941
Diversified Telecommunication Services – 2.2%
	236,691	AT&T, Inc.		8,866,445
	501,612	CenturyLink, Inc.(a)		9,891,788
				18,758,233
Electric Utilities – 1.3%
	173,018	FirstEnergy Corp.		5,636,927
	83,766	PG&E Corp.		5,895,451
				11,532,378
Electrical Equipment – 1.9%
	276,636	Emerson Electric Co.		16,332,589
Common Stocks – (continued)
Energy Equipment & Services – 0.7%
	154,674	Halliburton Co.		6,027,646
Equity Real Estate Investment Trusts (REITs) – 2.6%
	789,213	DDR Corp.		7,639,582
	51,116	Simon Property Group, Inc.		8,017,545
	87,980	Vornado Realty Trust		6,553,630
				22,210,757
Food & Staples Retailing – 0.7%
	72,070	CVS Health Corp.		5,573,894
Food Products – 1.0%
	204,705	Mondelez International, Inc. Class A		8,323,305
Health Care Equipment & Supplies – 2.3%
	377,859	Abbott Laboratories		19,248,137
Health Care Providers & Services – 1.1%
	56,949	Aetna, Inc.		8,980,857
Household Durables – 1.2%
	215,399	Newell Brands, Inc.		10,399,464
Household Products – 2.9%
	269,894	The Procter & Gamble Co.		24,903,119
Industrial Conglomerates – 3.6%
	1,265,865	General Electric Co.		31,076,986
Insurance – 6.8%
	378,626	American International Group, Inc.		22,899,300
	177,811	Brighthouse Financial, Inc.*		10,147,674
	532,243	MetLife, Inc.		24,924,940
				57,971,914
Internet Software & Services* – 2.0%
	17,975	Alphabet, Inc. Class A		17,170,439
IT Services – 0.6%
	47,369	Visa, Inc. Class A		4,903,639
Machinery* – 0.9%
	54,559	WABCO Holdings, Inc.		7,835,764
Media – 3.7%
	117,425	DISH Network Corp. Class A*		6,727,278
	518,043	Liberty Global PLC Series C*		17,110,961
	274,920	Viacom, Inc. Class B		7,862,712
				31,700,951
Metals & Mining – 0.9%
	144,650	Nucor Corp.		7,971,661
Oil, Gas & Consumable Fuels – 8.9%
	373,830	BP PLC ADR		12,983,116
	248,972	ConocoPhillips		10,870,118
	537,553	Exxon Mobil Corp.		41,031,420
	1,986,341	Southwestern Energy Co.*		10,825,558
				75,710,212

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Personal Products – 1.9%
	496,576	Coty, Inc. Class A	$	8,233,230
	127,321	Unilever NV		7,575,600
				15,808,830
Pharmaceuticals – 10.1%
	121,394	Allergan PLC		27,857,495
	249,893	Bristol-Myers Squibb Co.		15,113,529
	67,652	Johnson & Johnson		8,955,095
	69,314	Merck & Co., Inc.		4,426,392
	878,556	Pfizer, Inc.		29,800,620
				86,153,131
Road & Rail – 1.3%
	108,122	Kansas City Southern		11,183,058
Semiconductors & Semiconductor Equipment – 0.5%
	56,298	Texas Instruments, Inc.		4,662,600
Software – 3.8%
	516,440	Oracle Corp.		25,992,425
	225,273	Symantec Corp.		6,753,685
				32,746,110
Specialty Retail – 1.3%
	31,378	The Home Depot, Inc.		4,702,621
	88,431	The TJX Cos., Inc.		6,393,561
				11,096,182
Textiles, Apparel & Luxury Goods – 1.0%
	203,979	Coach, Inc.		8,505,924
Wireless Telecommunication Services* – 0.8%
	107,003	T-Mobile US, Inc.		6,924,164
	TOTAL COMMON STOCKS
	(Cost $724,685,585)		$	827,876,283

Shares		Distribution Rate	Value
Investment Company(b) – 1.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,928,930	0.927%	$	11,928,930
	(Cost $11,928,930)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $736,614,515)		$	839,805,213
Securities Lending Reinvestment Vehicle(b) – 1.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,376,426	0.927%		8,376,426
	(Cost $8,376,426)
	TOTAL INVESTMENTS – 99.3%
	(Cost $744,990,941)		$	848,181,639
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			6,026,527
	NET ASSETS – 100.0%		$	854,208,166

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

Investment Abbreviations:
ADR	—American Depositary Receipt
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, 2017

Shares		Description	Value
Common Stocks – 100.1%
Aerospace & Defense – 1.4%
	208,217	L3 Technologies, Inc.	$	37,787,221
Air Freight & Logistics* – 0.9%
	377,262	XPO Logistics, Inc.		23,088,434
Airlines* – 1.4%
	1,928,509	JetBlue Airways Corp.		38,203,763
Banks – 7.9%
	1,618,968	Citizens Financial Group, Inc.		53,636,410
	1,234,825	First Horizon National Corp.		21,251,338
	3,618,738	Huntington Bancshares, Inc.		45,559,911
	256,096	Signature Bank*		32,867,361
	1,024,382	SunTrust Banks, Inc.		56,443,448
				209,758,468
Beverages – 2.0%
	589,020	Molson Coors Brewing Co. Class B		52,864,545
Biotechnology* – 2.3%
	120,254	Alexion Pharmaceuticals, Inc.		17,125,372
	328,471	BioMarin Pharmaceutical, Inc.		29,624,800
	85,737	Vertex Pharmaceuticals, Inc.		13,764,218
				60,514,390
Capital Markets – 2.1%
	198,196	Ameriprise Financial, Inc.		27,452,128
	700,365	E*TRADE Financial Corp.*		28,721,969
				56,174,097
Chemicals – 1.4%
	386,370	Celanese Corp. Series A		37,485,617
Communications Equipment – 1.5%
	869,611	Juniper Networks, Inc.		24,114,313
	1,586,678	Viavi Solutions, Inc.*		15,930,247
				40,044,560
Construction & Engineering – 1.3%
	613,516	Jacobs Engineering Group, Inc.		33,430,487
Construction Materials – 1.0%
	128,048	Martin Marietta Materials, Inc.		27,144,896
Consumer Finance – 2.3%
	1,949,665	SLM Corp.*		19,828,093
	1,328,355	Synchrony Financial		40,900,051
				60,728,144
Containers & Packaging – 1.5%
	983,184	Ball Corp.		39,317,528
Distributors* – 1.0%
	754,925	LKQ Corp.		26,158,151
Diversified Telecommunication Services(a) – 1.4%
	1,830,525	CenturyLink, Inc.		36,097,953
Electric Utilities – 6.0%
	335,151	Edison International		26,872,407
Common Stocks – (continued)
Electric Utilities – (continued)
	739,336	FirstEnergy Corp.		24,087,567
	846,228	PG&E Corp.		59,557,527
	538,914	Pinnacle West Capital Corp.		48,486,092
				159,003,593
Electrical Equipment – 0.9%
	393,051	AMETEK, Inc.		24,860,476
Electronic Equipment, Instruments & Components* – 0.6%
	777,194	VeriFone Systems, Inc.		15,365,125
Equity Real Estate Investment Trusts (REITs) – 11.7%
	240,507	Alexandria Real Estate Equities, Inc.		29,175,904
	329,584	Boston Properties, Inc.		39,747,830
	1,343,944	Brixmor Property Group, Inc.		25,158,632
	251,642	CyrusOne, Inc.		15,860,995
	3,046,421	DDR Corp.		29,489,355
	597,927	Equity Residential Properites Trust		40,150,798
	130,275	Federal Realty Investment Trust		16,535,806
	623,537	Hudson Pacific Properties, Inc.		20,576,721
	340,719	Mid-America Apartment Communities, Inc.		36,272,945
	974,276	RLJ Lodging Trust		19,660,890
	512,191	Vornado Realty Trust		38,153,108
				310,782,984
Food & Staples Retailing* – 1.7%
	1,644,577	US Foods Holding Corp.		45,143,639
Food Products – 0.9%
	777,194	Conagra Brands, Inc.		25,227,717
Gas Utilities – 1.2%
	355,193	Atmos Energy Corp.		31,271,192
Health Care Equipment & Supplies – 1.3%
	300,634	Zimmer Biomet Holdings, Inc.		34,353,447
Health Care Providers & Services – 2.7%
	368,555	Acadia Healthcare Co., Inc.*		17,299,972
	380,803	Cardinal Health, Inc.		25,688,970
	180,381	Laboratory Corp. of America Holdings*		28,296,368
				71,285,310
Hotels, Restaurants & Leisure – 1.2%
	945,326	MGM Resorts International		31,157,945
Household Durables – 3.0%
	43,425	Mohawk Industries, Inc.*		10,991,736
	999,885	Newell Brands, Inc.		48,274,448
	534,460	Toll Brothers, Inc.		20,822,562
				80,088,746
Insurance – 5.5%
	399,732	Arch Capital Group Ltd.*		38,909,913
	356,307	Brighthouse Financial, Inc.*		20,334,440
	517,758	The Hartford Financial Services Group, Inc.		27,995,175

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	410,866	The Progressive Corp.	$	19,097,052
	439,816	Unum Group		21,190,335
	268,344	W.R. Berkley Corp.		17,882,444
				145,409,359
Internet & Direct Marketing Retail – 1.3%
	227,255	Expedia, Inc.		33,715,552
Internet Software & Services* – 1.4%
	458,745	GoDaddy, Inc. Class A		20,560,951
	416,434	Yelp, Inc.		17,740,088
				38,301,039
IT Services – 0.8%
	241,621	DXC Technology Co.		20,537,785
Machinery – 4.7%
	351,853	Stanley Black & Decker, Inc.		50,666,832
	455,405	Terex Corp.		17,555,863
	791,669	Trinity Industries, Inc.		22,831,734
	492,149	Wabtec Corp.(a)		34,730,955
				125,785,384
Media – 4.5%
	918,603	Discovery Communications, Inc. Class A*		20,402,173
	454,291	DISH Network Corp. Class A*		26,026,331
	226,032	Liberty Broadband Corp. Class C*		22,949,029
	639,125	Liberty Media Corp-Liberty Formula One Class C*(a)		25,117,612
	828,413	Viacom, Inc. Class B		23,692,612
				118,187,757
Metals & Mining – 2.3%
	1,645,691	Freeport-McMoRan, Inc.*		24,323,313
	1,071,147	Steel Dynamics, Inc.		36,901,014
				61,224,327
Mortgage Real Estate Investment Trusts (REITs) – 0.9%
	1,048,878	Starwood Property Trust, Inc.		23,295,580
Multi-Utilities – 1.5%
	326,244	SCANA Corp.		19,698,613
	182,608	Sempra Energy		21,534,961
				41,233,574
Oil, Gas & Consumable Fuels – 7.4%
	321,790	Andeavor		32,227,269
	318,449	Cheniere Energy, Inc.*		13,626,433
	768,286	EQT Corp.		47,894,949
	1,598,926	Parsley Energy, Inc. Class A*		40,053,096
	635,785	RSP Permian, Inc.*		19,950,933
	1,037,743	The Williams Cos., Inc.		30,852,100
	1,257,094	WPX Energy, Inc.*		12,558,369
				197,163,149
Common Stocks – (continued)
Personal Products* – 1.2%
	409,753	Edgewell Personal Care Co.		31,116,643
Road & Rail – 1.1%
	296,909	Old Dominion Freight Line, Inc.		29,661,209
Semiconductors & Semiconductor Equipment – 3.6%
	2,849,339	Marvell Technology Group Ltd.		51,031,662
	361,874	Mellanox Technologies Ltd.*(a)		16,989,984
	360,761	Qorvo, Inc.*		26,414,920
				94,436,566
Specialty Retail – 1.2%
	201,536	Burlington Stores, Inc.*		17,559,832
	367,566	L Brands, Inc.		13,313,240
				30,873,072
Textiles, Apparel & Luxury Goods – 2.1%
	761,606	Coach, Inc.		31,758,970
	188,175	PVH Corp.		23,689,351
				55,448,321
	TOTAL COMMON STOCKS
	(Cost $2,455,404,956)		$	2,653,727,745

Shares		Distribution Rate	Value
Investment Company(b) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,199,933	0.927%	$	3,199,933
	(Cost $3,199,933)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,458,604,889)		$	2,656,927,678
Securities Lending Reinvestment Vehicle(b) – 1.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,158,515	0.927%	$	50,158,515
	(Cost $ 50,158,515)
	TOTAL INVESTMENTS – 102.1%
	(Cost $2,508,763,404)		$	2,707,086,193
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.1)%			(55,009,674	)
	NET ASSETS – 100.0%		$	2,652,076,519

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.4%
Aerospace & Defense – 2.7%
	251,464	Curtiss-Wright Corp.	$	24,346,744
	436,799	Esterline Technologies Corp.*		37,302,635
	920,718	KLX, Inc.*		44,139,221
	695,774	Mercury Systems, Inc.*		33,571,096
	493,294	Moog, Inc. Class A*		37,865,247
				177,224,943
Air Freight & Logistics – 1.2%
	333,665	Forward Air Corp.		17,340,570
	985,237	XPO Logistics, Inc.*		60,296,504
				77,637,074
Airlines – 0.3%
	566,550	SkyWest, Inc.		19,659,285
	69,637	Spirit Airlines, Inc.*		2,371,140
				22,030,425
Auto Components – 0.8%
	91,668	Cooper Tire & Rubber Co.		3,080,045
	1,693,378	Dana, Inc.		40,759,608
	197,302	Standard Motor Products, Inc.		8,701,018
				52,540,671
Automobiles(a) – 0.3%
	482,395	Winnebago Industries, Inc.		17,438,579
Banks – 18.9%
	634,408	Ameris Bancorp		27,945,672
	970,518	BancorpSouth, Inc.		28,193,548
	963,853	Banner Corp.		53,127,577
	1,613,033	Boston Private Financial Holdings, Inc.		23,711,585
	1,361,725	Brookline Bancorp, Inc.		19,540,754
	233,501	Bryn Mawr Bank Corp.		9,561,866
	1,536,692	CenterState Banks, Inc.		37,602,853
	1,192,022	CoBiz Financial, Inc.		20,323,975
	1,305,102	Columbia Banking System, Inc.		48,510,641
	680,738	Community Bank System, Inc.		35,030,778
	883,800	ConnectOne Bancorp, Inc.		20,150,640
	307,271	CU Bancorp*		10,954,211
	2,267,326	CVB Financial Corp.		46,933,648
	942,237	First Financial Bankshares, Inc.(a)		37,736,592
	1,023,147	First Merchants Corp.		40,178,983
	1,376,472	First Midwest Bancorp, Inc.		29,016,030
	754,258	Flushing Financial Corp.		20,621,414
	1,209,183	Glacier Bancorp, Inc.		40,156,967
	1,242,516	Great Western Bancorp, Inc.		44,631,175
	516,989	Guaranty Bancorp		13,338,316
	640,786	Heritage Financial Corp.		16,756,554
	1,132,053	Home BancShares, Inc.		26,388,155
	563,658	Independent Bank Corp.		39,061,499
	449,954	Independent Bank Group, Inc.		25,039,940
	584,190	Lakeland Financial Corp.		25,388,897
	1,380,111	LegacyTexas Financial Group, Inc.		49,670,195
	1,263,467	MB Financial, Inc.		50,248,083
	238,890	National Commerce Corp.*		9,495,878
Common Stocks – (continued)
Banks – (continued)
	142,737	PacWest Bancorp		6,444,576
	1,054,495	Pinnacle Financial Partners, Inc.		65,589,589
	521,344	Prosperity Bancshares, Inc.		31,150,304
	1,077,715	Renasant Corp.		42,925,388
	426,055	Sandy Spring Bancorp, Inc.		16,432,941
	586,267	South State Corp.		48,220,461
	816,537	State Bank Financial Corp.		21,940,349
	625,414	Texas Capital Bancshares, Inc.*		46,436,990
	480,194	The First of Long Island Corp.		12,845,190
	319,497	Towne Bank		9,808,558
	443,001	TriCo Bancshares		15,761,976
	1,294,030	Webster Financial Corp.		60,405,320
				1,227,278,068
Building Products* – 0.8%
	108,085	American Woodmark Corp.		8,949,438
	810,832	Gibraltar Industries, Inc.		23,716,836
	239,002	Patrick Industries, Inc.		17,686,148
				50,352,422
Capital Markets – 1.3%
	419,787	Golub Capital BDC, Inc.		7,803,840
	1,614,895	OM Asset Management PLC		22,818,466
	876,315	Stifel Financial Corp.		41,844,041
	624,631	Virtu Financial, Inc. Class A(a)		11,212,127
				83,678,474
Chemicals – 2.3%
	254,800	GCP Applied Technologies, Inc.*		7,198,100
	628,436	Minerals Technologies, Inc.		40,219,904
	530,812	Olin Corp.		17,108,071
	152,477	Quaker Chemical Corp.		21,227,848
	321,499	Trinseo SA		21,508,283
	2,191,594	Tronox Ltd. Class A		45,344,080
				152,606,286
Commercial Services & Supplies – 1.5%
	794,604	ABM Industries, Inc.		35,304,256
	822,793	Advanced Disposal Services, Inc.*		19,615,385
	818,644	Mobile Mini, Inc.		24,763,981
	345,634	US Ecology, Inc.		17,765,587
				97,449,209
Communications Equipment* – 1.7%
	1,024,526	Extreme Networks, Inc.		11,710,332
	664,007	Finisar Corp.		16,035,769
	1,285,160	NetScout Systems, Inc.		42,088,990
	3,928,283	Viavi Solutions, Inc.		39,439,962
				109,275,053
Construction & Engineering – 0.9%
	535,775	EMCOR Group, Inc.		35,382,581
	417,881	Granite Construction, Inc.		23,079,568
				58,462,149

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Construction Materials – 1.1%
	346,754	Eagle Materials, Inc.	$	33,721,826
	1,191,240	Summit Materials, Inc. Class A*		35,189,230
				68,911,056
Containers & Packaging* – 0.5%
	615,629	Berry Global Group, Inc.		34,622,975
Diversified Consumer Services – 0.1%
	195,245	Adtalem Global Education, Inc.		6,677,379
Electric Utilities – 2.7%
	541,110	IDACORP, Inc.		48,147,968
	1,339,413	PNM Resources, Inc.		56,791,111
	1,519,476	Portland General Electric Co.		72,190,305
				177,129,384
Electrical Equipment* – 0.2%
	909,687	Thermon Group Holdings, Inc.		15,028,029
Electronic Equipment, Instruments & Components – 3.2%
	516,954	Anixter International, Inc.*		38,151,205
	956,249	CTS Corp.		21,515,603
	595,931	II-VI, Inc.*		21,364,126
	306,555	OSI Systems, Inc.*		25,462,458
	478,380	SYNNEX Corp.		57,219,032
	427,221	Tech Data Corp.*		47,118,204
				210,830,628
Energy Equipment & Services* – 0.6%
	463,402	Basic Energy Services, Inc.		6,598,845
	773,835	C&J Energy Services, Inc.		19,547,072
	572,294	NCS Multistage Holdings, Inc.		11,308,529
				37,454,446
Equity Real Estate Investment Trusts (REITs) – 8.1%
	2,190,390	Acadia Realty Trust		62,842,289
	2,406,896	Chesapeake Lodging Trust		61,592,469
	2,443,965	Columbia Property Trust, Inc.		51,323,265
	986,541	CyrusOne, Inc.		62,181,679
	876,765	Hudson Pacific Properties, Inc.		28,933,245
	734,060	Life Storage, Inc.		54,019,475
	582,219	National Health Investors, Inc.		46,682,319
	2,466,031	Pebblebrook Hotel Trust		82,833,981
	223,679	PS Business Parks, Inc.		30,221,270
	1,242,799	RLJ Lodging Trust		25,079,684
	471,858	Terreno Realty Corp.		17,104,853
				522,814,529
Food & Staples Retailing – 0.2%
	429,219	SpartanNash Co.		10,575,956
Food Products – 1.8%
	1,329,116	Snyder’s-Lance, Inc.		47,210,200
	710,997	The Hain Celestial Group, Inc.*		28,596,300
	3,266,014	The Simply Good Foods Co.*		38,702,266
				114,508,766
Common Stocks – (continued)
Gas Utilities – 1.8%
	163,746	Chesapeake Utilities Corp.		13,009,620
	1,235,868	New Jersey Resources Corp.		53,945,638
	1,463,175	South Jersey Industries, Inc.		52,498,719
				119,453,977
Health Care Equipment & Supplies – 2.4%
	637,213	CONMED Corp.		31,605,765
	884,191	Halyard Health, Inc.*		40,045,010
	123,550	ICU Medical, Inc.*		21,540,943
	610,821	Integra LifeSciences Holdings Corp.*		31,145,763
	455,861	Quidel Corp.*		15,927,783
	575,819	Wright Medical Group NV*(a)		17,044,242
				157,309,506
Health Care Providers & Services – 1.4%
	645,605	Acadia Healthcare Co., Inc.*		30,304,699
	379,909	Almost Family, Inc.*		18,501,568
	433,139	American Renal Associates Holdings, Inc.*(a)		6,206,882
	536,599	AMN Healthcare Services, Inc.*		20,041,973
	1,578,574	Kindred Healthcare, Inc.		12,786,449
				87,841,571
Health Care Technology* – 0.8%
	2,713,162	Allscripts Healthcare Solutions, Inc.		35,650,949
	1,077,830	HMS Holdings Corp.		19,099,147
				54,750,096
Hotels, Restaurants & Leisure – 3.3%
	1,166,030	Boyd Gaming Corp.		30,829,833
	335,100	Del Taco Restaurants, Inc.*		4,718,208
	1,512,035	Extended Stay America, Inc.		29,620,766
	1,631,351	Hilton Grand Vacations, Inc.*		59,136,474
	196,627	ILG, Inc.		5,190,953
	263,867	Marriott Vacations Worldwide Corp.		30,703,564
	558,006	Red Rock Resorts, Inc. Class A		12,610,936
	133,722	Vail Resorts, Inc.		30,481,930
	339,206	Wingstop, Inc.		10,993,666
				214,286,330
Household Durables* – 1.1%
	255,276	Meritage Homes Corp.		10,389,733
	577,388	Taylor Morrison Home Corp. Class A		11,674,785
	606,973	TopBuild Corp.		36,023,848
	447,096	William Lyon Homes Class A		10,725,833
				68,814,199
Household Products(a) – 0.2%
	103,543	Spectrum Brands Holdings, Inc.		11,385,588
Insurance – 4.4%
	346,775	AMERISAFE, Inc.		18,656,495
	2,548,688	CNO Financial Group, Inc.		56,963,177
	115,686	Enstar Group Ltd.*		24,010,629

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	507,398	James River Group Holdings Ltd.	$	20,235,032
	588,525	Kinsale Capital Group, Inc.		22,275,671
	775,117	Maiden Holdings Ltd.		5,619,598
	642,644	National General Holdings Corp.		11,034,198
	388,415	Primerica, Inc.		29,733,168
	535,924	ProAssurance Corp.		28,537,953
	529,415	RLI Corp.		28,334,291
	775,546	Selective Insurance Group, Inc.		39,087,519
				284,487,731
Internet Software & Services* – 0.5%
	854,176	Cornerstone OnDemand, Inc.		29,879,076
IT Services – 0.4%
	703,996	Convergys Corp.		16,543,906
	190,740	DST Systems, Inc.		9,790,684
				26,334,590
Machinery – 4.3%
	455,699	CIRCOR International, Inc.		21,882,666
	1,639,224	Federal Signal Corp.		30,637,096
	789,835	ITT, Inc.		31,877,741
	602,850	Kennametal, Inc.		21,099,750
	150,472	RBC Bearings, Inc.*		16,592,547
	1,393,327	Rexnord Corp.*		33,272,649
	176,966	Standex International Corp.		16,891,405
	249,765	Tennant Co.		15,223,177
	758,625	Terex Corp.		29,244,994
	105,440	The Greenbrier Cos., Inc.(a)		4,523,376
	1,316,853	TriMas Corp.*		31,867,843
	420,335	Watts Water Technologies, Inc. Class A		25,934,669
				279,047,913
Media – 1.8%
	1,230,184	Live Nation Entertainment, Inc.*		49,158,153
	309,061	MSG Networks, Inc. Class A*		6,629,358
	649,452	Nexstar Media Group, Inc. Class A		39,097,010
	1,422,988	WideOpenWest, Inc.*		22,824,728
				117,709,249
Metals & Mining – 2.0%
	1,113,806	AK Steel Holding Corp.*(a)		6,237,314
	209,079	Allegheny Technologies, Inc.(a)		4,355,116
	87,999	Carpenter Technology Corp.		3,566,600
	616,966	Century Aluminum Co.*		12,043,176
	1,612,919	Cleveland-Cliffs, Inc.*		13,484,003
	2,086,951	Commercial Metals Co.		39,422,504
	1,879,075	Hecla Mining Co.		9,921,516
	201,172	Kaiser Aluminum Corp.		19,376,887
	155,451	Royal Gold, Inc.		14,500,469
	971,385	Ryerson Holding Corp.*		8,353,911
				131,261,496
Mortgage Real Estate Investment Trusts (REITs) – 2.6%
	1,464,686	Blackstone Mortgage Trust, Inc. Class A		45,917,906
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
	1,797,286	Granite Point Mortgage Trust, Inc.*		34,400,054
	1,961,723	PennyMac Mortgage Investment Trust		33,918,191
	5,047,760	Two Harbors Investment Corp.		51,638,585
				165,874,736
Multi-Utilities – 1.4%
	1,288,535	Black Hills Corp.		90,687,093
Oil, Gas & Consumable Fuels – 5.1%
	4,811,184	Callon Petroleum Co.*		49,843,866
	1,076,189	CONSOL Energy, Inc.*		15,658,550
	2,090,085	Golar LNG Ltd.(a)		45,313,043
	1,298,871	Jagged Peak Energy, Inc.*(a)		16,638,537
	2,033,981	Oasis Petroleum, Inc.*		14,848,061
	693,751	PDC Energy, Inc.*		27,285,227
	1,626,394	Rice Energy, Inc.*		44,498,140
	1,835,941	RSP Permian, Inc.*		57,611,829
	2,604,645	SRC Energy, Inc.*		20,550,649
	3,720,766	WPX Energy, Inc.*		37,170,452
				329,418,354
Paper & Forest Products – 0.3%
	636,219	KapStone Paper & Packaging Corp.		14,232,219
	394,326	Mercer International, Inc.		4,357,302
				18,589,521
Pharmaceuticals* – 0.3%
	740,857	Impax Laboratories, Inc.		16,039,554
	130,517	Prestige Brands Holdings, Inc.		6,618,517
				22,658,071
Professional Services* – 0.5%
	685,021	On Assignment, Inc.		32,675,502
Real Estate Management & Development – 0.6%
	1,975,987	Kennedy-Wilson Holdings, Inc.		38,136,549
Road & Rail – 1.6%
	95,278	ArcBest Corp.		2,829,757
	1,008,806	Knight Transportation, Inc.(a)		39,393,874
	940,242	Marten Transport Ltd.		16,125,150
	559,531	Saia, Inc.*		31,641,478
	454,431	Swift Transportation Co.*		12,746,790
				102,737,049
Semiconductors & Semiconductor Equipment – 1.9%
	1,156,905	Cree, Inc.*		28,147,499
	1,920,106	Cypress Semiconductor Corp.(a)		26,286,251
	1,588,480	Entegris, Inc.*		40,426,816
	691,263	Semtech Corp.*		25,991,489
				120,852,055
Software* – 1.7%
	756,546	Bottomline Technologies de, Inc.		22,930,909
	586,492	CommVault Systems, Inc.		35,805,337
	1,377,211	Verint Systems, Inc.		54,675,277
				113,411,523

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – 2.2%
	119,442	Abercrombie & Fitch Co. Class A	$	1,521,691
	1,523,059	American Eagle Outfitters, Inc.		18,200,555
	358,387	Boot Barn Holdings, Inc.*		2,902,935
	401,562	Burlington Stores, Inc.*		34,988,097
	336,851	Lithia Motors, Inc. Class A		36,379,908
	3,897,825	Office Depot, Inc.		16,721,669
	643,257	Party City Holdco, Inc.*(a)		8,973,435
	217,239	The Children’s Place, Inc.		23,059,920
				142,748,210
Textiles, Apparel & Luxury Goods – 0.4%
	181,485	Columbia Sportswear Co.		10,397,276
	491,654	Wolverine World Wide, Inc.		12,930,500
				23,327,776
Thrifts & Mortgage Finance – 2.6%
	4,677,750	MGIC Investment Corp.*		53,560,237
	852,766	OceanFirst Financial Corp.		21,285,039
	397,818	Oritani Financial Corp.		6,384,979
	1,088,230	Provident Financial Services, Inc.		27,042,516
	1,207,725	Washington Federal, Inc.		37,741,406
	526,271	WSFS Financial Corp.		23,524,314
				169,538,491
Trading Companies & Distributors – 2.6%
	1,206,819	Beacon Roofing Supply, Inc.*		56,841,175
	1,289,997	Foundation Building Materials, Inc.*		16,847,361
	608,725	Herc Holdings, Inc.*(a)		25,700,370
	567,533	Kaman Corp.		27,831,818
	1,401,950	Univar, Inc.*		39,549,009
				166,769,733
	TOTAL COMMON STOCKS
	(Cost $5,181,842,551)		$	6,444,512,486
Exchange Traded Funds – 0.3%
	167,255	iShares Russell 2000 Value ETF (Cost $19,259,095)	$	19,431,686
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $5,201,101,646)		$	6,463,944,172
Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle(b) – 1.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	93,690,576	0.927%		93,690,576
	(Cost $93,690,576)
	TOTAL INVESTMENTS – 101.2%
	(Cost $5,294,792,222)		$	6,557,634,748
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.2)%			(76,678,276	)
	NET ASSETS – 100.0%		$	6,480,956,472

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

Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.1%
Aerospace & Defense – 1.6%
	3,545	Curtiss-Wright Corp.	$	343,227
	3,580	Huntington Ingalls Industries, Inc.		765,977
	12,635	KLX, Inc.*		605,722
				1,714,926
Air Freight & Logistics* – 1.2%
	22,149	XPO Logistics, Inc.		1,355,519
Airlines – 0.5%
	5,019	JetBlue Airways Corp.*		99,426
	12,838	SkyWest, Inc.		445,479
	1,158	Spirit Airlines, Inc.*		39,430
				584,335
Automobiles – 0.3%
	2,984	Thor Industries, Inc.		324,182
Banks – 11.7%
	10,179	Bank of Hawaii Corp.		795,285
	11,828	Bank of the Ozarks, Inc.		508,131
	9,090	BOK Financial Corp.		731,563
	14,847	Commerce Bancshares, Inc.		816,437
	23,129	East West Bancorp, Inc.		1,280,653
	5,581	First Republic Bank		541,636
	15,864	Glacier Bancorp, Inc.		526,843
	18,250	Home BancShares, Inc.		425,408
	10,354	MB Financial, Inc.		411,779
	18,566	PacWest Bancorp		838,255
	13,162	Pinnacle Financial Partners, Inc.		818,676
	11,407	Prosperity Bancshares, Inc.		681,568
	8,213	Signature Bank*		1,054,056
	8,669	South State Corp.		713,025
	24,849	Synovus Financial Corp.		1,046,640
	7,756	Texas Capital Bancshares, Inc.*		575,883
	21,444	Webster Financial Corp.		1,001,006
				12,766,844
Building Products – 0.6%
	3,931	Fortune Brands Home & Security, Inc.		245,805
	13,478	JELD-WEN Holding, Inc.*		411,349
				657,154
Capital Markets – 2.0%
	30,815	E*TRADE Financial Corp.*		1,263,723
	18,566	OM Asset Management PLC		262,338
	10,845	Stifel Financial Corp.		517,849
	9,757	Virtu Financial, Inc. Class A		175,138
				2,219,048
Chemicals – 2.9%
	28,464	Huntsman Corp.		756,289
	3,967	Ingevity Corp.*		249,802
	6,857	Minerals Technologies, Inc.		438,848
	13,513	Olin Corp.		435,524
	7,476	The Chemours Co.		366,847
	11,758	Westlake Chemical Corp.		904,308
				3,151,618
Commercial Services & Supplies – 0.4%
	6,879	Waste Connections, Inc.		458,760
Common Stocks – (continued)
Communications Equipment* – 1.3%
	16,566	ARRIS International PLC		461,529
	17,619	CommScope Holding Co., Inc.		582,484
	13,162	NetScout Systems, Inc.		431,055
				1,475,068
Construction & Engineering – 1.1%
	12,881	Jacobs Engineering Group, Inc.		701,885
	3,545	Valmont Industries, Inc.		508,885
				1,210,770
Construction Materials – 1.0%
	5,651	Eagle Materials, Inc.		549,560
	112	Martin Marietta Materials, Inc.		23,743
	16,476	Summit Materials, Inc. Class A*		486,701
				1,060,004
Containers & Packaging – 0.8%
	9,967	Ardagh Group SA		207,214
	12,284	Berry Global Group, Inc.*		690,852
				898,066
Electric Utilities – 2.9%
	24,392	Alliant Energy Corp.		1,042,514
	7,617	IDACORP, Inc.		677,761
	16,671	Pinnacle West Capital Corp.		1,499,890
				3,220,165
Electrical Equipment – 0.5%
	5,265	Hubbell, Inc.		593,839
Electronic Equipment, Instruments & Components – 1.8%
	20,742	Keysight Technologies, Inc.*		847,518
	5,721	SYNNEX Corp.		684,289
	3,686	Tech Data Corp.*		406,529
				1,938,336
Energy Equipment & Services – 0.2%
	13,864	Patterson-UTI Energy, Inc.		221,408
Equity Real Estate Investment Trusts (REITs) – 11.5%
	60,646	Brixmor Property Group, Inc.		1,135,293
	44,503	Columbia Property Trust, Inc.		934,563
	51,557	Empire State Realty Trust, Inc. Class A		1,049,185
	11,617	Federal Realty Investment Trust		1,474,546
	21,339	Highwoods Properties, Inc.		1,114,536
	5,581	Life Storage, Inc.		410,706
	29,902	Mid-America Apartment Communities, Inc.		3,183,367
	9,698	National Health Investors, Inc.		777,585
	38,466	Pebblebrook Hotel Trust		1,292,073
	3,089	PS Business Parks, Inc.		417,355
	36,255	RLJ Lodging Trust		731,626
				12,520,835
Food & Staples Retailing* – 0.4%
	16,063	US Foods Holding Corp.		440,929

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Food Products – 1.0%
	913	Pinnacle Foods, Inc.	$	54,150
	10,494	Snyder’s-Lance, Inc.		372,747
	17,128	The Hain Celestial Group, Inc.*		688,888
				1,115,785
Gas Utilities – 2.0%
	16,426	Atmos Energy Corp.		1,446,145
	15,794	New Jersey Resources Corp.		689,408
				2,135,553
Health Care Equipment & Supplies – 1.8%
	4,528	Hill-Rom Holdings, Inc.		348,475
	7,020	NuVasive, Inc.*		438,610
	7,160	STERIS PLC		624,065
	2,555	Teleflex, Inc.		541,021
				1,952,171
Health Care Providers & Services – 1.9%
	21,128	Acadia Healthcare Co., Inc.*		991,748
	11,652	Envision Healthcare Corp.*		610,681
	6,002	MEDNAX, Inc.*		269,190
	6,739	Patterson Cos., Inc.		259,452
				2,131,071
Health Care Technology* – 0.6%
	27,516	Allscripts Healthcare Solutions, Inc.		361,560
	2,317	athenahealth, Inc.		326,535
				688,095
Hotels, Restaurants & Leisure – 2.7%
	28,779	Hilton Grand Vacations, Inc.*		1,043,239
	8,143	ILG, Inc.		214,975
	2,423	Marriott Vacations Worldwide Corp.		281,940
	28,850	MGM Resorts International		950,896
	1,931	Vail Resorts, Inc.		440,172
				2,931,222
Household Durables – 0.5%
	15,969	D.R. Horton, Inc.		577,279
Household Products(a) – 0.2%
	2,141	Spectrum Brands Holdings, Inc.		235,424
Industrial Conglomerates – 0.9%
	10,179	Carlisle Cos., Inc.		963,849
Insurance – 6.7%
	13,933	American Financial Group, Inc.		1,418,519
	11,723	Arch Capital Group Ltd.*		1,141,117
	31,306	CNO Financial Group, Inc.		699,689
	6,353	Primerica, Inc.		486,322
	11,828	ProAssurance Corp.		629,841
	7,721	The Hanover Insurance Group, Inc.		758,048
	11,442	Torchmark Corp.		880,691
	6,488	Validus Holdings Ltd.		325,373
	14,004	W.R. Berkley Corp.		933,226
				7,272,826
Common Stocks – (continued)
Internet & Direct Marketing Retail* – 1.1%
	12,214	Liberty Expedia Holdings, Inc. Class A		667,984
	8,213	Liberty Ventures Series A		505,592
				1,173,576
Internet Software & Services* – 0.8%
	13,829	Cornerstone OnDemand, Inc.		483,738
	3,072	IAC/InterActiveCorp.		348,703
				832,441
IT Services – 1.7%
	11,477	Booz Allen Hamilton Holding Corp.		391,481
	10,916	DST Systems, Inc.		560,318
	10,494	Leidos Holdings, Inc.		612,010
	4,493	Total System Services, Inc.		310,556
				1,874,365
Leisure Products – 0.4%
	7,968	Brunswick Corp.		418,161
Life Sciences Tools & Services – 0.7%
	11,126	PerkinElmer, Inc.		745,331
Machinery – 4.5%
	26,954	Colfax Corp.*		1,074,926
	14,671	Flowserve Corp.		576,277
	16,461	ITT, Inc.		664,366
	18,496	Terex Corp.		713,021
	35,729	Trinity Industries, Inc.		1,030,424
	13,617	Xylem, Inc.		845,207
				4,904,221
Media – 1.9%
	3,790	Liberty Broadband Corp. Class C*		384,799
	23,445	Live Nation Entertainment, Inc.*		936,862
	12,319	Nexstar Media Group, Inc. Class A		741,604
				2,063,265
Metals & Mining – 3.1%
	15,302	Alcoa Corp.		671,452
	25,270	Commercial Metals Co.		477,350
	3,790	Reliance Steel & Aluminum Co.		274,472
	5,475	Royal Gold, Inc.		510,708
	39,097	Steel Dynamics, Inc.		1,346,891
	5,334	United States Steel Corp.(a)		141,938
				3,422,811
Mortgage Real Estate Investment Trusts (REITs) – 1.7%
	37,483	PennyMac Mortgage Investment Trust		648,081
	22,567	Starwood Property Trust, Inc.		501,213
	71,738	Two Harbors Investment Corp.		733,880
				1,883,174
Multi-Utilities – 1.3%
	13,302	CMS Energy Corp.		645,679
	11,687	Vectren Corp.		766,784
				1,412,463

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)
Multiline Retail – 0.5%
	14,355	Kohl’s Corp.	$	571,042
Oil, Gas & Consumable Fuels – 6.4%
	7,546	Andeavor		755,732
	41,835	Callon Petroleum Co.*		433,411
	12,846	Cheniere Energy, Inc.*		549,680
	13,372	EQT Corp.		833,610
	25,305	Golar LNG Ltd.		548,612
	37,694	Parsley Energy, Inc. Class A*		944,235
	14,284	Plains GP Holdings LP Class A		321,104
	29,201	RSP Permian, Inc.*		916,327
	19,233	Targa Resources Corp.		857,215
	80,651	WPX Energy, Inc.*		805,704
				6,965,630
Personal Products* – 0.4%
	5,300	Edgewell Personal Care Co.		402,482
Pharmaceuticals* – 0.3%
	7,968	Catalent, Inc.		328,999
Real Estate Management & Development – 0.5%
	27,656	Kennedy-Wilson Holdings, Inc.		533,761
Road & Rail – 2.0%
	23,725	Knight Transportation, Inc.(a)		926,461
	3,088	Landstar System, Inc.		288,265
	7,933	Old Dominion Freight Line, Inc.		792,507
	7,719	Swift Transportation Co.*		216,518
				2,223,751
Semiconductors & Semiconductor Equipment – 2.7%
	60,822	Cypress Semiconductor Corp.		832,653
	64,402	Marvell Technology Group Ltd.		1,153,440
	5,265	Microchip Technology, Inc.		457,002
	14,355	Versum Materials, Inc.		530,130
				2,973,225
Software – 2.1%
	46,082	Nuance Communications, Inc.*		740,538
	19,479	SS&C Technologies Holdings, Inc.		754,032
	20,321	Verint Systems, Inc.*		806,743
				2,301,313
Specialty Retail – 1.5%
	30,233	American Eagle Outfitters, Inc.		361,284
	9,231	Burlington Stores, Inc.*		804,297
	3,370	Lithia Motors, Inc. Class A		363,960
	18,530	Office Depot, Inc.		79,494
				1,609,035
Textiles, Apparel & Luxury Goods – 0.4%
	5,230	Carter’s, Inc.		453,493
Thrifts & Mortgage Finance – 1.0%
	55,382	MGIC Investment Corp.*		634,124
	14,039	Washington Federal, Inc.		438,719
				1,072,843
Common Stocks – (continued)
Trading Companies & Distributors* – 2.5%
	13,907	Beacon Roofing Supply, Inc.		655,020
	9,687	United Rentals, Inc.		1,143,647
	33,377	Univar, Inc.		941,565
				2,740,232
Water Utilities – 0.6%
	20,918	Aqua America, Inc.		698,661
	TOTAL COMMON STOCKS
	(Cost $104,538,945)		$	108,419,356

Shares		Distribution Rate	Value
Investment Companies(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	39	0.927%	$	39
	(Cost $39)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $104,538,984)		$	108,419,395
Securities Lending Reinvestment Vehicle(b) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	952,271	0.927%	$	952,271
	(Cost $952,271)
	TOTAL INVESTMENTS – 100.0%
	(Cost $105,491,255)		$	109,371,666
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%			(31,177	)
	NET ASSETS – 100.0%		$	109,340,489

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

August 31, 2017

	Equity Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $343,474,445, $4,711,940, $724,685,585, $2,455,404,956, $5,201,101,646 and $104,538,945)	$	382,205,761
Investments of affiliated issuers, at value (cost $4,642, $61,761, $11,928,930, $3,199,933, $0 and $39)		4,642
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $5,493,780, $95,910, $8,376,426, $50,158,515, $93,690,576 and $952,271) (a)		5,493,780
Cash		4,473,825
Receivables:
Dividends and interest		1,679,083
Reimbursement from investment adviser		79,088
Foreign tax reclaims		41,050
Fund shares sold		8,069
Securities lending income		1,817
Investments sold		—
Other assets		973
Total assets		393,988,088
Liabilities:
Payables:
Payable upon return of securities loaned		5,493,780
Management fees		228,042
Fund shares redeemed		177,073
Distribution and Service fees and Transfer Agency fees		141,933
Investments purchased		4,642
Payable from investment adviser		—
Accrued expenses		126,364
Total liabilities		6,171,834
Net Assets:
Paid-in capital		433,516,978
Undistributed net investment income		1,610,857
Accumulated net realized gain (loss)		(86,042,897	)
Net unrealized gain		38,731,316
NET ASSETS	$	387,816,254
Net Assets:
Class A	$	327,650,049
Class C		18,460,354
Institutional		37,414,964
Service		85,568
Investor		2,623,081
Class R		1,570,982
Class R6		11,256
Total Net Assets	$	387,816,254
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		9,316,316
Class C		551,042
Institutional		1,046,108
Service		2,425
Investor		74,685
Class R		44,915
Class R6		315
Net asset value, offering and redemption price per share:(b)
Class A		$35.17
Class C		33.50
Institutional		35.77
Service		35.28	(c)
Investor		35.12
Class R		34.98
Class R6		35.76	(c)

(a) Includes loaned securities having a market value of $5,355,584, $93,886, $8,169,021, $48,940,898, $91,404,781 and $929,329 for the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $37.22, $11.75, $18.25, $40.50, $59.93 and $13.09, 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.

(c) Net asset value may not recalculate due to rounding of fractional shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Focused Value Fund		Large Cap Value Fund			Mid Cap Value Fund		Small Cap Value Fund		Small/Mid Cap Value Fund
$	4,872,526	$	827,876,283		$	2,653,727,745	$	6,463,944,172	$	108,419,356
	61,761		11,928,930			3,199,933		—		39
	95,910		8,376,426			50,158,515		93,690,576		952,271
	74,971		12,896,816			40,162,280		27,332,782		969,381
	14,061		2,841,439			4,018,285		3,345,537		114,133
	14,622		31,079			—		142,888		—
	320		58,868			—		—		—
	—		93,042			304,603		10,771,988		251,186
	17		1,637			12,600		36,170		520
	—		—			1,385,299		58,533,389		734,074
	32		2,289			10,511		24,708		146
	5,134,220		864,106,809			2,752,979,771		6,657,822,210		111,441,106
	95,910		8,376,426			50,158,515		93,690,576		952,271
	2,815		553,062			1,701,644		4,944,950		74,045
	—		680,065			26,985,558		7,975,670		1,288
	247		111,512			506,589		621,033		5,239
	95		625			21,220,899		69,344,280		955,135
	—		—			—		—		2,134
	50,295		176,953			330,047		289,229		110,505
	149,362		9,898,643			100,903,252		176,865,738		2,100,617
	4,472,443		682,447,259			2,212,852,564		4,649,176,383		101,862,146
	42,096		9,924,598			7,044,108		10,760,962		614,163
	309,733		58,645,611			233,857,058		558,176,601		2,983,769
	160,586		103,190,698			198,322,789		1,262,842,526		3,880,411
$	4,984,858	$	854,208,166		$	2,652,076,519	$	6,480,956,472	$	109,340,489
$	50,081	$	153,608,104		$	851,680,910	$	851,496,722	$	1,497,035
	48,457		39,402,761			102,928,124		37,356,837		1,126,474
	4,801,643		645,551,892			1,424,886,244		4,393,986,300		42,084,747
	—		2,913,732			87,437,905		145,996,126		—
	28,290		6,516,488			77,445,580		168,986,071		3,249,585
	27,995		6,204,165			34,193,172		124,039,144		131,194
	28,392		11,024			73,504,584		759,095,272		61,251,454
	$4,984,858	$	854,208,166		$	2,652,076,519	$	6,480,956,472	$	109,340,489
	4,512		8,905,973			22,254,282		15,035,400		121,012
	4,386		2,386,586			2,967,773		839,512		92,779
	430,957		37,065,071			36,837,646		72,288,445		3,367,049
	—		169,958			2,324,699		2,652,416		—
	2,542		377,083			2,061,608		3,000,490		261,133
	2,525		367,965			917,079		2,230,953		10,627
	2,547		632			1,901,063		12,490,690		4,897,988
	$11.10		$17.25			$38.27		$56.63		$12.37
	11.05		16.51			34.68		44.50		12.14
	11.14		17.42			38.68		60.78		12.50
	—		17.14			37.61		55.04		—
	11.13		17.28			37.57		56.32		12.44
	11.09		16.86			37.28		55.60		12.35
	11.15		17.45	(c)		38.66		60.77		12.51

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2017

	Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $5,114, $422, $94,609, $63,703, $3,294 and $1,735)	$	11,815,265
Dividends — affiliated issuers		25,901
Interest		15,511
Securities lending income — affiliated issuer		7,060
Total investment income		11,863,737
Expenses:
Management fees		2,858,150
Distribution and Service fees(a)		1,090,700
Transfer Agency fees(a)		717,890
Professional fees		112,000
Registration fees		101,077
Printing and mailing costs		86,647
Custody, accounting and administrative services		74,180
Trustee fees		17,994
Service Share fees — Service Plan		658
Service Share fees — Shareholder Administration Plan		658
Other		27,652
Total expenses		5,087,606
Less — expense reductions		(451,004	)
Net expenses		4,636,602
NET INVESTMENT INCOME		7,227,135
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $21,282, $119, $134,714, $187,759, $333,569 and $1,201)		33,457,057
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(1,659,812	)
Net realized and unrealized gain		31,797,245
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,024,380

(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		Investor		Class R
Equity Income	$	867,742	$	215,293	$	7,665	$	656,309	$	40,726	$	14,423	$	4	$	105	$	3,425	$	2,898
Focused Value		99		394		134		75		73		1,477		6		—		51		51
Large Cap Value		457,640		424,768		34,218		346,303		80,323		318,842		14,635		1,289		9,727		12,942
Mid Cap Value		2,679,893		1,257,244		191,043		2,028,423		237,873		983,115		54,843		42,092		351,860		72,265
Small Cap Value		2,318,774		447,058		646,591		1,754,005		84,579		1,844,619		117,657		54,425		336,764		244,508
Small/Mid Cap Value		3,098		9,954		649		2,341		1,881		17,015		6,013		—		5,754		245

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Focused Value Fund			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
$	80,775		$	24,805,353		$	71,365,288		$	106,550,241		$	1,350,593
	537			48,299			206,627			65,946			2,456
	67			13,866			31,265			11,253			1,026
	122			10,244			94,694			336,886			4,670
	81,501			24,877,762			71,697,874			106,964,326			1,358,745
	28,892			8,234,934			30,301,556			60,581,462			638,017
	627			916,626			4,128,180			3,412,423			13,701
	1,733			784,061			3,770,471			4,436,557			33,249
	82,969			120,867			79,214			80,864			78,617
	87,786			95,208			152,200			220,609			82,571
	23,931			49,136			328,127			258,132			21,836
	33,073			122,137			274,948			387,875			65,968
	17,363			19,190			23,182			26,990			17,436
	—			8,056			263,075			340,156			—
	—			8,056			263,075			340,156			—
	9,909			42,415			100,652			140,292			10,809
	286,283			10,400,686			39,684,680			70,225,516			962,204
	(257,339	)		(531,595	)		(68,737	)		(2,279,873	)		(312,484	)
	28,944			9,869,091			39,615,943			67,945,643			649,720
	52,557			15,008,671			32,081,931			39,018,683			709,025
	477,994			149,879,990			906,847,744			753,390,574			4,700,498
	(66,919	)		(58,122,597	)		(481,033,601	)		(78,347,827	)		(19,800	)
	411,075			91,757,393			425,814,143			675,042,747			4,680,698
$	463,632		$	106,766,064		$	457,896,074		$	714,061,430		$	5,389,723

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets

	Equity Income Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income	$	7,227,135		$	9,129,312
Net realized gain (loss)		33,457,057			(1,546,227	)
Net change in unrealized gain (loss)		(1,659,812	)		27,651,809
Net increase in net assets resulting from operations		39,024,380			35,234,894
Distributions to shareholders:
From net investment income
Class A Shares		(5,822,762	)		(7,510,203	)
Class C Shares		(214,913	)		(341,165	)
Institutional Shares		(728,388	)		(727,273	)
Service Shares		(3,815	)		(5,397	)
Investor Shares		(31,786	)		(12,891	)
Class R Shares		(21,663	)		(24,426	)
Class R6 Shares		(221	)		(234	)
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Investor Shares		—			—
Class R Shares		—			—
Class R6 Shares		—			—
Total distributions to shareholders		(6,823,548	)		(8,621,589	)
From share transactions:
Proceeds from sales of shares		31,513,018			20,994,089
Reinvestment of distributions		6,658,236			8,417,238
Cost of shares redeemed		(97,892,013	)		(64,767,655	)
Net increase (decrease) in net assets resulting from share transactions		(59,720,759	)		(35,356,328	)
TOTAL INCREASE (DECREASE)		(27,519,927	)		(8,743,023	)
Net assets:
Beginning of year		415,336,181			424,079,204
End of year	$	387,816,254		$	415,336,181
Undistributed net investment income	$	1,610,857		$	1,894,053

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Focused Value Fund						Large Cap Value Fund
For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	52,557		$	47,668		$	15,008,671		$	23,490,510
	477,994			(162,280	)		149,879,990			(79,500,175	)
	(66,919	)		366,284			(58,122,597	)		155,911,654
	463,632			251,672			106,766,064			99,901,989
	(365	)		(81	)		(3,168,556	)		(1,835,132	)
	(80	)		(9	)		(479,583	)		(16,247	)
	(45,341	)		(13,283	)		(15,369,112	)		(10,860,853	)
	—			—			(46,424	)		(27,148	)
	(317	)		(105	)		(60,284	)		(63,987	)
	(198	)		(57	)		(99,802	)		(44,370	)
	(359	)		(122	)		(2,620,640	)		(1,585,777	)
	—			—			—			(20,098,855	)
	—			—			—			(3,706,735	)
	—			—			—			(77,563,606	)
	—			—			—			(354,118	)
	—			—			—			(531,543	)
	—			—			—			(683,585	)
	—			—			—			(10,757,503	)
	(46,660	)		(13,657	)		(21,844,401	)		(128,129,459	)
	1,234,469			1,241,520			362,065,594			315,581,215
	46,660			13,656			20,260,815			120,394,537
	(43,078	)		(20,643	)		(893,886,974	)		(460,476,523	)
	1,238,051			1,234,533			(511,560,565	)		(24,500,771	)
	1,655,023			1,472,548			(426,638,902	)		(52,728,241	)
	3,329,835			1,857,287			1,280,847,068			1,333,575,309
$	4,984,858		$	3,329,835		$	854,208,166		$	1,280,847,068
$	42,096		$	36,199		$	9,924,598		$	18,222,853

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)

	Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income	$	32,081,931		$	85,311,197
Net realized gain (loss)		906,847,744			(616,500,387	)
Net change in unrealized gain (loss)		(481,033,601	)		659,084,221
Net increase in net assets resulting from operations		457,896,074			127,895,031
Distributions to shareholders:
From net investment income
Class A Shares		(11,704,983	)		(5,185,015	)
Class C Shares		(608,413	)		—
Institutional Shares		(43,679,489	)		(38,827,756	)
Service Shares		(1,007,350	)		(392,088	)
Investor Shares		(2,803,522	)		(1,578,650	)
Class R Shares		(350,898	)		(58,485	)
Class R6 Shares		(5,955,039	)		(2,752,664	)
From net realized gains
Class A Shares		—			(198,998,854	)
Class C Shares		—			(20,878,172	)
Institutional Shares		—			(584,837,789	)
Service Shares		—			(24,166,112	)
Investor Shares		—			(31,136,007	)
Class R Shares		—			(4,906,942	)
Class R6 Shares		—			(37,233,452	)
Total distributions to shareholders		(66,109,694	)		(950,951,986	)
From share transactions:
Proceeds from sales of shares		749,627,451			1,696,909,879
Reinvestment of distributions		60,932,584			863,240,443
Cost of shares redeemed		(4,514,654,937	)		(4,266,756,472	)
Net increase (decrease) in net assets resulting from share transactions		(3,704,094,902	)		(1,706,606,150	)
TOTAL INCREASE (DECREASE)		(3,312,308,522	)		(2,529,663,105	)
Net assets:
Beginning of year		5,964,385,041			8,494,048,146
End of year	$	2,652,076,519		$	5,964,385,041
Undistributed net investment income	$	7,044,108		$	43,940,194

68 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, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
$	39,018,683		$	41,052,168		$	709,025		$	400,670
	753,390,574			84,626,845			4,700,498			(1,516,138	)
	(78,347,827	)		521,918,591			(19,800	)		4,624,271
	714,061,430			647,597,604			5,389,723			3,508,803
	(3,930,212	)		(2,980,112	)		(8,340	)		(434	)
	—			(9	)		(1,887	)		—
	(33,806,922	)		(30,748,151	)		(435,647	)		(61,810	)
	(405,224	)		(294,661	)		—			—
	(1,144,758	)		(951,071	)		(17,996	)		(10,063	)
	(268,369	)		(64,171	)		(338	)		—
	(3,388,115	)		(357,573	)		(99	)		(19	)
	(29,858,961	)		(44,642,227	)		—			(3,634	)
	(1,859,091	)		(3,294,839	)		—			(1,782	)
	(135,269,543	)		(194,855,378	)		—			(130,208	)
	(3,933,444	)		(6,631,448	)		—			—
	(5,441,781	)		(7,430,439	)		—			(25,440	)
	(4,176,976	)		(6,298,200	)		—			(294	)
	(12,010,906	)		(2,172,148	)		—			(48	)
	(235,494,302	)		(300,720,427	)		(464,307	)		(233,732	)
	2,157,143,285			1,486,570,672			87,159,431			29,746,543
	225,307,017			287,034,432			462,700			233,709
	(2,554,716,042	)		(1,885,709,406	)		(27,116,773	)		(16,212,125	)
	(172,265,740	)		(112,104,302	)		60,505,358			13,768,127
	306,301,388			234,772,875			65,430,774			17,043,198
	6,174,655,084			5,939,882,209			43,909,715			26,866,517
$	6,480,956,472		$	6,174,655,084		$	109,340,489		$	43,909,715
$	10,760,962		$	16,206,480		$	614,163		$	378,040

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

GOLDMAN SACHS EQUITY 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,
2017 - A	$	32.53	$	0.61	$	2.60		$	3.21		$	(0.57	)
2017 - C		31.01		0.33		2.48			2.81			(0.32	)
2017 - Institutional		33.07		0.77		2.64			3.41			(0.71	)
2017 - Service		32.53		0.57		2.61			3.18			(0.43	)
2017 - Investor(e)		32.49		0.75		2.55			3.30			(0.67	)
2017 - R		32.35		0.53		2.59			3.12			(0.49	)
2017 - R6		33.06		0.77		2.64			3.41			(0.71	)
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 - Investor(e)		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 - Investor(e)		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 - Investor(e)		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 - Investor(e)		21.64		0.38		4.97			5.35			(0.34	)
2013 - R		21.60		0.23		5.00			5.23			(0.23	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

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

GOLDMAN SACHS EQUITY 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)
$	35.17		9.93	%	$	327,650		1.13	%		1.24	%		1.77	%		43	%
	33.50		9.10			18,460		1.88			1.99			1.02			43
	35.77		10.38			37,415		0.73			0.84			2.19			43
	35.28		9.84			86		1.23			1.33			1.66			43
	35.12		10.21			2,623		0.88			1.00			2.17			43
	34.98		9.68			1,571		1.38			1.49			1.54			43
	35.76		10.39			11		0.73			0.84			2.20			43
	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

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
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,
2017 - A	$	9.89	$	0.10		$	1.22		$	1.32		$	(0.11	)
2017 - C		9.84		0.03			1.21			1.24			(0.03	)
2017 - Institutional		9.92		0.15			1.21			1.36			(0.14	)
2017 - Investor(f)		9.91		0.13			1.22			1.35			(0.13	)
2017 - R		9.88		0.07			1.22			1.29			(0.08	)
2017 - R6		9.92		0.15			1.22			1.37			(0.14	)
2016 - A		9.28		0.12			0.52			0.64			(0.03	)
2016 - C		9.28		0.05			0.51			0.56			—	(d)
2016 - Institutional		9.29		0.16			0.52			0.68			(0.05	)
2016 - Investor(f)		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	)
FOR THE PERIOD ENDED AUGUST 31,
2015 - A (Commenced July 31, 2015)		10.00		0.01			(0.73	)		(0.72	)		—
2015 - C (Commenced July 31, 2015)		10.00		—	(d)		(0.72	)		(0.72	)		—
2015 - Institutional (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—
2015 - Investor (Commenced July 31, 2015) (f)		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 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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

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)
$	11.10		13.42	%	$	50		1.13	%		7.96	%		0.95	%		126	%
	11.05		12.64			48		1.88			8.66			0.25			126
	11.14		13.79			4,802		0.73			7.40			1.39			126
	11.13		13.65			28		0.88			7.61			1.20			126
	11.09		13.08			28		1.38			8.12			0.70			126
	11.15		13.91			28		0.71			7.46			1.37			126
	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	(e)		25.55	(e)		0.97	(e)		2
	9.28		(7.20	)		23		1.89	(e)		26.30	(e)		0.21	(e)		2
	9.29		(7.10	)		1,741		0.74	(e)		25.15	(e)		1.37	(e)		2
	9.29		(7.20	)		23		0.89	(e)		25.30	(e)		1.21	(e)		2
	9.28		(7.10	)		23		1.39	(e)		25.80	(e)		0.71	(e)		2
	9.29		(7.10	)		23		0.72	(e)		25.14	(e)		1.39	(e)		2

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

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,
2017 - A	$	16.08	$	0.19		$	1.26		$	1.45		$	(0.28	)	$	—		$	(0.28	)
2017 - C		15.43		0.07			1.19			1.26			(0.18	)		—			(0.18	)
2017 - Institutional		16.25		0.25			1.27			1.52			(0.35	)		—			(0.35	)
2017 - Service		15.99		0.17			1.23			1.40			(0.25	)		—			(0.25	)
2017 - Investor(f)		16.11		0.25			1.23			1.48			(0.31	)		—			(0.31	)
2017 - R		15.73		0.15			1.22			1.37			(0.24	)		—			(0.24	)
2017 - R6		16.25		0.21			1.34			1.55			(0.35	)		—			(0.35	)
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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

74 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)
$	17.25		9.04	%	$	153,608		1.14	%		1.22	%		1.14	%		124	%
	16.51		8.18			39,403		1.89			1.97			0.41			124
	17.42		9.41			645,552		0.78			0.82			1.46			124
	17.14		8.80			2,914		1.28			1.32			1.01			124
	17.28		9.26			6,516		0.88			0.97			1.47			124
	16.86		8.73			6,204		1.39			1.47			0.90			124
	17.45		9.63			11		0.76			0.79			1.27			124
	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

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

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,
2017 - A	$	35.25	$	0.19		$	3.20		$	3.39		$	(0.37	)	$	—		$	(0.37	)
2017 - C		32.00		(0.09	)		2.92			2.83			(0.15	)		—			(0.15	)
2017 - Institutional		35.64		0.34			3.25			3.59			(0.55	)		—			(0.55	)
2017 - Service		34.63		0.15			3.15			3.30			(0.32	)		—			(0.32	)
2017 - Investor(f)		34.63		0.27			3.17			3.44			(0.50	)		—			(0.50	)
2017 - R		34.38		0.09			3.13			3.22			(0.32	)		—			(0.32	)
2017 - R6		35.64		0.36			3.22			3.58			(0.56	)		—			(0.56	)
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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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 - Investor(f)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

76 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)
$	38.27		9.66	%	$	851,681		1.17	%		1.17	%		0.51	%		124	%
	34.68		8.86			102,928		1.92			1.92			(0.25	)		124
	38.68		10.12			1,424,886		0.77			0.77			0.91			124
	37.61		9.56			87,438		1.27			1.28			0.40			124
	37.57		9.94			77,446		0.92			0.92			0.73			124
	37.28		9.40			34,193		1.42			1.43			0.25			124
	38.66		10.13			73,505		0.75			0.75			0.97			124
	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

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

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,
2017 - A	$	52.52	$	0.16		$	5.92		$	6.08		$	(0.22	)	$	(1.75	)	$	(1.97	)
2017 - C		41.75		(0.20	)		4.70			4.50			—			(1.75	)		(1.75	)
2017 - Institutional		56.20		0.41			6.34			6.75			(0.42	)		(1.75	)		(2.17	)
2017 - Service		51.10		0.09			5.77			5.86			(0.17	)		(1.75	)		(1.92	)
2017 - Investor(h)		52.23		0.29			5.90			6.19			(0.35	)		(1.75	)		(2.10	)
2017 - R		51.62		0.02			5.82			5.84			(0.11	)		(1.75	)		(1.86	)
2017 - R6		56.19		0.38			6.39			6.77			(0.44	)		(1.75	)		(2.19	)
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 - Investor(h)		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 - Investor(h)		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 - Investor(h)		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 - Investor(h)		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	)

(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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

78 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)
$	56.63		11.56	%		$	851,497		1.34	%		1.38	%		0.29	%		68	%
	44.50		10.72				37,357		2.09			2.13			(0.45	)		68
	60.78		12.00				4,393,986		0.94			0.98			0.69			68
	55.04		11.44				145,996		1.44			1.48			0.17			68
	56.32		11.84				168,986		1.09			1.13			0.53			68
	55.60		11.28				124,039		1.59			1.63			0.04			68
	60.77		12.03				759,095		0.92			0.96			0.63			68
	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

The accompanying notes are an integral part of these financial statements. 79

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,
2017 - A	$	11.18	$	0.07		$	1.19		$	1.26		$	(0.07	)	$	—		$	(0.07	)
2017 - C		11.01		(0.02	)		1.17			1.15			(0.02	)		—			(0.02	)
2017 - Institutional		11.29		0.12			1.20			1.32			(0.11	)		—			(0.11	)
2017 - Investor(g)		11.23		0.10			1.19			1.29			(0.08	)		—			(0.08	)
2017 - R		11.15		0.04			1.19			1.23			(0.03	)		—			(0.03	)
2017 - R6		11.29		0.12			1.21			1.33			(0.11	)		—			(0.11	)
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 - Investor(g)		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 - Investor(g)		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 - Investor (Commenced January 31, 2014)(g)		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 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 impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) 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.

(g) Effective before the opening of business on August 15, 2017, Class IR Shares were designated as Investor Shares.

80 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)
$	12.37		11.30	%	$	1,497		1.24	%		1.73	%		0.58	%		108	%
	12.14		10.48			1,126		1.99			2.47			(0.17	)		108
	12.50		11.71			42,085		0.84			1.35			0.97			108
	12.44		11.52			3,250		0.99			1.48			0.82			108
	12.35		11.06			131		1.49			2.00			0.32			108
	12.51		11.80			61,251		0.83			1.08			0.97			108
	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. 81

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

August 31, 2017

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, Investor, R and R6	Non-diversified
Equity Income*, Large Cap Value, Mid Cap Value, Small Cap Value	A, C, Institutional, Service, Investor, R and R6	Diversified
Small/Mid Cap Value	A, C, Institutional, Investor, R and R6	Diversified

* Formerly the Goldman Sachs Growth & Income Fund. Effective after the close of business on June 20, 2017, the Fund changed its name to the Goldman Sachs Equity Income Fund.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, 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, 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain 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), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency, and Service and Shareholder Administration fees.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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 income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Equity Income	Quarterly	Annually
Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value	Annually	Annually

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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.  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.

F.  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

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

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

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

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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’ 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 on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2017:

EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	18,715,613	$	—	$	—
North America		363,490,148		—		—
Investment Company		4,642		—		—
Securities Lending Reinvestment Vehicle		5,493,780		—		—
Total	$	387,704,183	$	—	$	—
FOCUSED VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	363,164	$	—	$	—
North America		4,509,362		—		—
Investment Company		61,761		—		—
Securities Lending Reinvestment Vehicle		95,910		—		—
Total	$	5,030,197	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	65,288,205	$	—	$	—
North America		762,588,078		—		—
Investment Company		11,928,930		—		—
Securities Lending Reinvestment Vehicle		8,376,426		—		—
Total	$	848,181,639	$	—	$	—

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	16,989,984	$	—	$	—
North America		2,636,737,761		—		—
Investment Company		3,199,933		—		—
Securities Lending Reinvestment Vehicle		50,158,515		—		—
Total	$	2,707,086,193	$	—	$	—
SMALL CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	39,862,708	$	—	$	—
North America		6,404,649,778		—		—
Exchange Traded Fund		19,431,686		—		—
Securities Lending Reinvestment Vehicle		93,690,576		—		—
Total	$	6,557,634,748	$	—	$	—
SMALL/MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,093,617	$	—	$	—
North America		107,325,739		—		—
Investment Company		39		—		—
Securities Lending Reinvestment Vehicle		952,271		—		—
Total	$	109,371,666	$	—	$	—

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2017, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion			Effective Rate
Equity Income		0.70	%		0.63	%		0.60	%		0.59	%		0.58	%		0.70	%		0.69	%*
Focused Value		0.75			0.68			0.64			0.63			0.62			0.75			0.69	*
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.74			0.74
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.71			0.71
Small Cap Value		1.00			1.00			0.90			0.86			0.84			0.92			0.90	*
Small/Mid Cap Value		0.85			0.85			0.77			0.73			0.71			0.85			0.80	*

* GSAM has agreed to waive a portion of its management fee in order to achieve net management fee rates, as set forth in the Funds’ most recent prospectuses. These waivers will be effective through at least April 28, 2018, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

The Funds invest in Institutional Shares of Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2017, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Equity Income	$    6,820
Focused Value	151
Large Cap Value	15,720
Mid Cap Value	68,210
Small Cap Value	27,881
Small/Mid Cap Value	716

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

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Services Shares of the Funds, as set forth below.

	Distribution and Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service 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, 2017, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	16,368	$	—
Focused Value		76		—
Large Cap Value		8,724		1,265
Mid Cap Value		46,234		26
Small Cap Value		6,665		1
Small/Mid Cap Value		1,402		—

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 28, 2017, the annual rates were as follows: 0.19% of the average daily net assets of Class A, Class C, Investor and Class R Shares and 0.02% of the average daily net assets of Class R6 Shares.

Effective December 29, 2016, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.07% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Equity Income, Large Cap Value, Small Cap Value and Small/Mid Cap Value Fund. This arrangement will remain in effect through at least April 28, 2018, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Mid 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 April 28, 2018, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended August 31, 2017, 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
Equity Income	$	47,650	$	136	$	403,218	$	451,004
Focused Value		2,462		—		254,877		257,339
Large Cap Value		15,720		111,283		404,592		531,595
Mid Cap Value		68,210		—		527		68,737
Small Cap Value		1,427,882		399		851,592		2,279,873
Small/Mid Cap Value		38,247		2		274,235		312,484

G.  Line of Credit Facility — As of August 31, 2017, 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. 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, 2017, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the fiscal year ended August 31, 2017, Goldman Sachs earned $477, $321,875, $246,968 and $1,626 in brokerage commissions from portfolio transactions, on behalf of the Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from the investments by the Funds in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2017:

Fund	Market Value as of August 31, 2016		Purchases at Cost		Proceeds from Sales		Market Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
Equity Income	$	—	$	81,738,072	$	81,733,430	$	4,642		4,642	$	25,901
Focused Value		98,592		2,390,345		2,427,176		61,761		61,761		537
Large Cap Value		6,290,932		523,324,797		517,686,799		11,928,930		11,928,930		48,299
Mid Cap Value		81,376,569		2,319,804,756		2,397,981,392		3,199,933		3,199,933		206,627
Small Cap Value		1,568		702,113,352		702,114,920		—		—		65,946
Small/Mid Cap Value		—		79,726,716		79,726,677		39		39		2,456

As of August 31, 2017, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following funds:

Fund	Class A			Class C			Institutional			Investor			Class R			Class R6
Equity Income		—	%		—	%		—	%		—	%		—	%		100	%
Focused Value		56			57			44			100			100			100
Large Cap Value		—			—			—			—			—			100
Small/Mid Cap Value		—			—			—			—			8			—

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, 2017, were as follows:

Fund	Purchases		Sales and Maturities
Equity Income	$	172,444,913	$	215,782,981
Focused Value		5,981,086		4,689,257
Large Cap Value		1,337,389,465		1,842,609,305
Mid Cap Value		5,143,016,891		8,685,466,393
Small Cap Value		4,391,777,699		4,677,070,520
Small/Mid Cap Value		143,003,166		82,272,665

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

6. SECURITIES LENDING (continued)

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

Effective December 31, 2016, the Funds began lending their securities and investing the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2017 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds’ for the fiscal year ended August 31, 2017, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2017:

Fund	Market Value as of August 31, 2016		Purchases at Cost		Proceeds from Sales		Market Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income from Affiliated Securities Lending Reinvestment Vehicle
Equity Income	$	—	$	42,062,591	$	36,568,811	$	5,493,780		5,493,780	$	7,060
Focused Value		—		969,140		873,230		95,910		95,910		122
Large Cap Value		—		81,446,408		73,069,982		8,376,426		8,376,426		10,244
Mid Cap Value		—		385,977,718		335,819,203		50,158,515		50,158,515		94,694
Small Cap Value		—		731,997,196		638,306,620		93,690,576		93,690,576		336,886
Small/Mid Cap Value		—		19,369,379		18,417,108		952,271		952,271		4,670

91

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	Equity Income		Focused Value		Large Cap Value		Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Distribution paid from:
Ordinary income	$	6,823,548	$	46,660	$	21,844,401	$	66,109,694	$	42,943,600	$	464,307
Net long-term capital gains		—		—		—		—		192,550,702		—
Total taxable distributions	$	6,823,548	$	46,660	$	21,844,401	$	66,109,694	$	235,494,302	$	464,307
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	—

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

	Equity Income		Focused Value		Large Cap Value		Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Distribution paid from:
Ordinary income	$	8,621,589	$	13,657	$	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	$	8,621,589	$	13,657	$	128,129,459	$	950,951,986	$	300,720,427	$	233,732

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

	Equity Income			Focused Value		Large Cap Value		Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Undistributed ordinary income — net	$	1,465,959		$	205,975	$	34,178,540	$	6,631,097	$	102,221,329	$	612,829
Undistributed long-term capital gains		—			165,177		55,952,605		264,449,871		490,992,140		3,721,871
Total undistributed earnings	$	1,465,959		$	371,152	$	90,131,145	$	271,080,968	$	593,213,469	$	4,334,700
Capital loss carryforwards:(1)(2)
Expiring 2016	$	—		$	—	$	—	$	—	$	—	$	—
Expiring 2018		(85,961,079	)		—		—		—		—		—
Expiring 2019		—			—		—		—		—		—
Perpetual Short-Term		—			—		—		—		—		—
Total capital loss carryforwards	$	(85,961,079	)	$	—	$	—	$	—	$	—	$	—
Timing differences (Post October Loss Deferrals)	$	—		$	—	$	—	$	—	$	—	$	—
Unrealized gains (losses) — net		38,794,396			141,263		81,629,762		168,142,987		1,238,566,620		3,143,643
Total accumulated earnings (losses) net	$	(45,700,724	)	$	512,415	$	171,760,907	$	439,223,955	$	1,831,780,089	$	7,478,343

(1) Expiration occurs on August 31 of the year indicated.

(2) The Equity Income, Focused Value, Large Cap Value, Mid Cap Value and Small/Mid Cap Value Funds utilized $28,860,013, $20,098, $9,271,203, $172,712,441 and $168,549, respectively, of capital losses in the current fiscal year.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

7. TAX INFORMATION (continued)

As of August 31, 2017, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Equity Income			Focused Value			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Tax Cost	$	348,909,787		$	4,888,934		$	766,551,877		$	2,538,943,206		$	5,319,068,128		$	106,228,023
Gross unrealized gain		55,545,210			370,687			122,089,963			269,979,301			1,402,169,277			7,566,332
Gross unrealized loss		(16,750,814	)		(229,424	)		(40,460,201	)		(101,836,314	)		(163,602,657	)		(4,422,689	)
Net unrealized security gain	$	38,794,396		$	141,263		$	81,629,762		$	168,142,987		$	1,238,566,620		$	3,143,643

The difference between GAAP- basis and tax-basis unrealized gains (losses) is attributable to wash sales, differences related to the tax treatment of partnerships and underlying fund investments.

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, partnership investments and foreign currency transactions.

Fund	Paid-in-Capital		Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Equity Income	$	—	$	686,783		$	(686,783	)
Large Cap Value		8,132,978		(6,670,453	)		(1,462,525	)
Mid Cap Value		25,048,476		(22,180,153	)		(2,868,323	)
Small Cap Value		57,014,956		(55,494,355	)		(1,520,601	)
Small/Mid Cap Value		—		8,595			(8,595	)

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

8. OTHER RISKS

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

Investments in Other Investment Companies Risk — 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 a Fund to sell portfolio securities at times when it would not otherwise do so, which may

93

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

8. OTHER RISKS (continued)

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.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

94

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Equity Income Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		341,103		$	11,831,082			342,897		$	10,501,962
Reinvestment of distributions		167,005			5,719,784			242,552			7,386,341
Shares redeemed		(2,229,258	)		(76,413,259	)		(1,662,316	)		(51,415,996	)
		(1,721,150	)		(58,862,393	)		(1,076,867	)		(33,527,693	)
Class C Shares
Shares sold		50,462			1,670,712			59,369			1,746,612
Reinvestment of distributions		5,770			188,481			10,108			294,790
Shares redeemed		(226,703	)		(7,491,088	)		(157,161	)		(4,599,071	)
		(170,471	)		(5,631,895	)		(87,684	)		(2,557,669	)
Institutional Shares
Shares sold		444,262			15,248,820			248,012			7,964,100
Reinvestment of distributions		20,109			701,563			22,754			703,391
Shares redeemed		(368,114	)		(12,686,424	)		(265,314	)		(8,153,380	)
		96,257			3,263,959			5,452			514,111
Service Shares
Shares sold		2,130			73,749			1,875			55,691
Reinvestment of distributions		39			1,328			62			1,874
Shares redeemed		(9,698	)		(334,143	)		(5,024	)		(152,217	)
		(7,529	)		(259,066	)		(3,087	)		(94,652	)
Investor Shares
Shares sold		73,736			2,553,367			10,920			345,895
Reinvestment of distributions		915			31,786			423			12,891
Shares redeemed		(22,820	)		(790,860	)		(8,671	)		(261,484	)
		51,831			1,794,293			2,672			97,302
Class R Shares
Shares sold		3,953			135,288			12,666			379,829
Reinvestment of distributions		442			15,073			583			17,717
Shares redeemed		(5,136	)		(176,239	)		(6,081	)		(185,507	)
		(741	)		(25,878	)		7,168			212,039
Class R6 Shares
Reinvestment of distributions		7			221			7			234
		7			221			7			234
NET DECREASE		(1,751,796	)	$	(59,720,759	)		(1,152,339	)	$	(35,356,328	)

95

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Focused Value Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,472		$	37,456			1		$	5
Reinvestment of distributions		34			365			9			81
Shares redeemed		(1,504	)		(16,332	)		(1	)		(5	)
		2,002			21,489			9			81
Class C Shares
Shares sold		1,878			20,000			—			—
Reinvestment of distributions		7			80			1			9
		1,885			20,080			1			9
Institutional Shares
Shares sold		105,958			1,177,013			136,539			1,241,515
Reinvestment of distributions		4,273			45,341			1,471			13,283
Shares redeemed		(2,534	)		(26,746	)		(2,250	)		(20,638	)
		107,697			1,195,608			135,760			1,234,160
Investor Shares
Reinvestment of distributions		30			317			12			105
		30			317			12			105
Class R Shares
Reinvestment of distributions		19			198			6			56
		19			198			6			56
Class R6 Shares
Reinvestment of distributions		34			359			13			122
		34			359			13			122
NET INCREASE		111,667		$	1,238,051			135,801		$	1,234,533

96

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Large Cap Value Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,886,754		$	31,930,444			2,885,635		$	43,866,574
Reinvestment of distributions		181,127			3,055,620			1,381,919			21,255,786
Shares redeemed		(5,458,571	)		(92,596,706	)		(6,248,569	)		(96,897,243	)
		(3,390,690	)		(57,610,642	)		(1,981,015	)		(31,774,883	)
Class C Shares
Shares sold		313,983			5,073,733			411,235			6,024,820
Reinvestment of distributions		26,279			426,759			216,657			3,197,552
Shares redeemed		(649,429	)		(10,605,292	)		(598,844	)		(8,936,943	)
		(309,167	)		(5,104,800	)		29,048			285,429
Institutional Shares
Shares sold		17,928,749			312,568,899			8,029,852			124,203,173
Reinvestment of distributions		822,933			13,989,850			5,291,545			82,208,815
Shares redeemed		(37,401,314	)		(645,778,276	)		(20,093,530	)		(326,391,476	)
		(18,649,632	)		(319,219,527	)		(6,772,133	)		(119,979,488	)
Service Shares
Shares sold		21,477			364,341			69,996			1,054,317
Reinvestment of distributions		654			10,985			6,411			98,009
Shares redeemed		(74,189	)		(1,239,691	)		(116,934	)		(1,790,061	)
		(52,058	)		(864,365	)		(40,527	)		(637,735	)
Investor Shares
Shares sold		265,786			4,553,952			79,726			1,274,606
Reinvestment of distributions		3,571			60,284			38,678			595,530
Shares redeemed		(119,133	)		(2,010,246	)		(309,166	)		(4,895,897	)
		150,224			2,603,990			(190,762	)		(3,025,761	)
Class R Shares
Shares sold		88,110			1,450,031			82,228			1,247,761
Reinvestment of distributions		5,852			96,677			46,232			695,565
Shares redeemed		(179,311	)		(2,938,210	)		(153,436	)		(2,332,484	)
		(85,349	)		(1,391,502	)		(24,976	)		(389,158	)
Class R6 Shares
Shares sold		362,303			6,124,194			7,942,737			137,909,964
Reinvestment of distributions		154,155			2,620,640			794,300			12,343,280
Shares redeemed		(8,008,387	)		(138,718,553	)		(1,245,035	)		(19,232,419	)
		(7,491,929	)		(129,973,719	)		7,492,002			131,020,825
NET DECREASE		(29,828,601	)	$	(511,560,565	)		(1,488,363	)	$	(24,500,771	)

97

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,554,117		$	132,100,813			6,355,588		$	216,420,779
Reinvestment of distributions		285,115			10,617,685			5,591,955			185,793,826
Shares redeemed		(20,258,821	)		(749,120,345	)		(21,620,247	)		(734,771,946	)
		(16,419,589	)		(606,401,847	)		(9,672,704	)		(332,557,341	)
Class C Shares
Shares sold		135,749			4,596,304			377,449			11,755,203
Reinvestment of distributions		14,976			508,148			571,513			17,294,001
Shares redeemed		(1,591,198	)		(53,894,346	)		(1,590,480	)		(49,300,924	)
		(1,440,473	)		(48,789,894	)		(641,518	)		(20,251,720	)
Institutional Shares
Shares sold		10,788,194			403,461,978			25,105,530			849,735,755
Reinvestment of distributions		1,061,528			39,849,763			16,670,552			560,463,699
Shares redeemed		(78,473,532	)		(2,935,071,290	)		(87,925,338	)		(3,039,743,596	)
		(66,623,810	)		(2,491,759,549	)		(46,149,256	)		(1,629,544,142	)
Service Shares
Shares sold		303,331			11,099,829			721,569			24,266,187
Reinvestment of distributions		24,888			911,644			697,149			22,758,583
Shares redeemed		(2,036,528	)		(73,352,020	)		(3,199,705	)		(104,551,077	)
		(1,708,309	)		(61,340,547	)		(1,780,987	)		(57,526,307	)
Investor Shares
Shares sold		3,015,843			111,164,624			2,045,977			70,085,435
Reinvestment of distributions		76,806			2,802,661			1,001,683			32,713,762
Shares redeemed		(7,396,177	)		(272,882,410	)		(4,644,981	)		(157,407,717	)
		(4,303,528	)		(158,915,125	)		(1,597,321	)		(54,608,520	)
Class R Shares
Shares sold		204,741			7,429,211			405,682			13,700,699
Reinvestment of distributions		7,913			287,644			130,451			4,230,456
Shares redeemed		(462,168	)		(16,799,584	)		(482,052	)		(16,053,475	)
		(249,514	)		(9,082,729	)		54,081			1,877,680
Class R6 Shares
Shares sold		2,149,472			79,774,692			13,963,340			510,945,821
Reinvestment of distributions		158,716			5,955,039			1,189,720			39,986,116
Shares redeemed		(10,854,967	)		(413,534,942	)		(4,705,460	)		(164,927,737	)
		(8,546,779	)		(327,805,211	)		10,447,600			386,004,200
NET DECREASE		(99,292,002	)	$	(3,704,094,902	)		(49,340,105	)	$	(1,706,606,150	)

98

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small Cap Value Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,491,779		$	195,280,134			3,238,202		$	154,375,191
Reinvestment of distributions		526,209			30,118,450			901,558			42,559,273
Shares redeemed		(6,653,639	)		(372,070,556	)		(5,556,748	)		(264,856,085	)
		(2,635,651	)		(146,671,972	)		(1,416,988	)		(67,921,621	)
Class C Shares
Shares sold		59,570			2,626,266			85,898			3,279,343
Reinvestment of distributions		34,974			1,576,275			68,406			2,576,165
Shares redeemed		(403,022	)		(17,714,849	)		(481,475	)		(18,395,042	)
		(308,478	)		(13,512,308	)		(327,171	)		(12,539,534	)
Institutional Shares
Shares sold		21,286,708			1,270,304,794			17,427,197			886,530,469
Reinvestment of distributions		2,661,796			163,363,244			4,333,376			218,630,055
Shares redeemed		(31,317,362	)		(1,860,067,130	)		(26,928,367	)		(1,386,761,311	)
		(7,368,858	)		(426,399,092	)		(5,167,794	)		(281,600,787	)
Service Shares
Shares sold		1,105,815			59,919,977			715,838			33,131,625
Reinvestment of distributions		74,473			4,143,684			144,414			6,634,801
Shares redeemed		(862,767	)		(46,698,576	)		(1,292,420	)		(59,025,815	)
		317,521			17,365,085			(432,168	)		(19,259,389	)
Investor Shares
Shares sold		1,253,311			69,504,603			1,414,732			67,475,547
Reinvestment of distributions		115,731			6,586,539			178,553			8,381,286
Shares redeemed		(1,482,905	)		(82,500,866	)		(1,079,227	)		(51,005,223	)
		(113,863	)		(6,409,724	)		514,058			24,851,610
Class R Shares
Shares sold		651,452			35,649,530			627,785			29,542,384
Reinvestment of distributions		73,500			4,131,777			123,318			5,723,131
Shares redeemed		(867,711	)		(47,774,451	)		(1,168,739	)		(55,180,884	)
		(142,759	)		(7,993,144	)		(417,636	)		(19,915,369	)
Class R6 Shares
Shares sold		8,716,635			523,857,981			6,108,964			312,236,113
Reinvestment of distributions		250,770			15,387,048			50,143			2,529,721
Shares redeemed		(2,122,961	)		(127,889,614	)		(1,018,482	)		(50,485,046	)
		6,844,444			411,355,415			5,140,625			264,280,788
NET DECREASE		(3,407,644	)	$	(172,265,740	)		(2,107,074	)	$	(112,104,302	)

99

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

August 31, 2017

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small/Mid Cap Value Fund
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		101,511		$	1,235,192			62,953		$	638,988
Reinvestment of distributions		685			8,317			394			4,068
Shares redeemed		(82,054	)		(1,010,596	)		(13,144	)		(133,211	)
		20,142			232,913			50,203			509,845
Class C Shares
Shares sold		45,708			535,335			28,884			281,741
Reinvestment of distributions		157			1,874			172			1,759
Shares redeemed		(9,181	)		(110,712	)		(3,950	)		(36,741	)
		36,684			426,497			25,106			246,759
Institutional Shares
Shares sold		1,139,894			13,907,291			2,311,718			23,637,673
Reinvestment of distributions		35,493			434,076			18,556			192,017
Shares redeemed		(1,279,686	)		(15,855,828	)		(1,305,658	)		(13,429,411	)
		(104,299	)		(1,514,461	)		1,024,616			10,400,279
Investor Shares
Shares sold		88,468			1,098,210			477,865			5,127,405
Reinvestment of distributions		1,476			17,996			3,440			35,503
Shares redeemed		(82,326	)		(964,026	)		(239,140	)		(2,537,181	)
		7,618			152,180			242,165			2,625,727
Class R Shares
Shares sold		501			5,968			6,481			60,736
Reinvestment of distributions		28			338			28			294
Shares redeemed		(1,747	)		(20,571	)		(7,144	)		(75,581	)
		(1,218	)		(14,265	)		(635	)		(14,551	)
Class R6 Shares
Shares sold		5,630,623			70,377,435			—			—
Reinvestment of distributions		8			99			6			68
Shares redeemed		(733,547	)		(9,155,040	)		—			—
		4,897,084			61,222,494			6			68
NET INCREASE		4,856,011		$	60,505,358			1,341,461		$	13,768,127

100

Report of Independent Registered Public

Accounting Firm

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

the Goldman Sachs Focused Value Fund, Goldman Sachs Equity Income Fund (formerly 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:

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 Equity Income Fund (formerly 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, as of August 31, 2017, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented therein, 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 as of August 31, 2017 by correspondence with the custodian, 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 24, 2017

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, 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) and contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares), and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class 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, 2017 through August 31, 2017, which represents a period of 184 days in a 365-day year.

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

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

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

	Equity Income Fund							Focused Value Fund							Large Cap Value Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17(a)		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17(a)		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17(a)
Class A
Actual	$	1,000.00	$	992.30		$	5.68	$	1,000.00	$	1,024.00		$	5.76	$	1,000.00	$	991.90		$	5.62
Hypothetical 5% return		1,000.00		1,019.51	(b)		5.75		1,000.00		1,019.51	(b)		5.75		1,000.00		1,019.56	(b)		5.70
Class C
Actual		1,000.00		988.50			9.45		1,000.00		1,020.30			9.57		1,000.00		988.00			9.37
Hypothetical 5% return		1,000.00		1,015.73	(b)		9.55		1,000.00		1,015.73	(b)		9.55		1,000.00		1,015.78	(b)		9.50
Institutional
Actual		1,000.00		994.30			3.67		1,000.00		1,025.80			3.73		1,000.00		993.70			3.97
Hypothetical 5% return		1,000.00		1,021.53	(b)		3.72		1,000.00		1,021.53	(b)		3.72		1,000.00		1,021.22	(b)		4.02
Service
Actual		N/A		991.80			6.18		N/A		N/A			N/A		1,000.00		990.80			6.47
Hypothetical 5% return		N/A		1,019.00	(b)		6.26		N/A		N/A			N/A		1,000.00		1,018.70	(b)		6.56
Investor
Actual		1,000.00		993.60			4.42		1,000.00		1,024.90			4.49		1,000.00		993.10			4.37
Hypothetical 5% return		1,000.00		1,020.77	(b)		4.48		1,000.00		1,020.77	(b)		4.48		1,000.00		1,020.82	(b)		4.43
Class R
Actual		1,000.00		991.20			6.94		1,000.00		1,023.10			7.04		1,000.00		990.60			6.87
Hypothetical 5% return		1,000.00		1,018.25	(b)		7.02		1,000.00		1,018.25	(b)		7.02		1,000.00		1,018.30	(b)		6.97
Class R6
Actual		1,000.00		994.30			3.62		1,000.00		1,026.70			3.68		1,000.00		995.40			3.82
Hypothetical 5% return		1,000.00		1,021.58	(b)		3.67		1,000.00		1,021.58	(b)		3.67		1,000.00		1,021.37	(b)		3.87

102

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited) (continued)

	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17(a)		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17(a)		Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17(a)
Class A
Actual	$	1,000.00	$	1,001.60		$	5.95	$	1,000.00	$	987.80		$	6.71	$	1,000.00	$	992.00		$	6.23
Hypothetical 5% return		1,000.00		1,019.26	(b)		6.01		1,000.00		1,018.45	(b)		6.82		1,000.00		1,018.95	(b)		6.31
Class C
Actual		1,000.00		997.70			9.72		1,000.00		984.10			10.45		1,000.00		988.60			9.97
Hypothetical 5% return		1,000.00		1,015.48	(b)		9.80		1,000.00		1,014.67	(b)		10.61		1,000.00		1,015.17	(b)		10.11
Institutional
Actual		1,000.00		1,003.40			3.94		1,000.00		989.70			4.71		1,000.00		994.40			4.22
Hypothetical 5% return		1,000.00		1,021.27	(b)		3.97		1,000.00		1,020.47	(b)		4.79		1,000.00		1,020.97	(b)		4.28
Service
Actual		1,000.00		1,000.80			6.46		1,000.00		987.30			7.21		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.75	(b)		6.51		1,000.00		1,017.95	(b)		7.32		N/A		N/A			N/A
Investor
Actual		1,000.00		1,002.70			4.69		1,000.00		988.90			5.46		1,000.00		993.60			4.97
Hypothetical 5% return		1,000.00		1,020.52	(b)		4.74		1,000.00		1,019.71	(b)		5.55		1,000.00		1,020.21	(b)		5.04
Class R
Actual		1,000.00		1,000.00			7.21		1,000.00		986.50			7.96		1,000.00		992.00			7.48
Hypothetical 5% return		1,000.00		1,018.00	(b)		7.27		1,000.00		1,017.19	(b)		8.08		1,000.00		1,017.69	(b)		7.58
Class R6
Actual		1,000.00		1,003.60			3.79		1,000.00		989.70			4.66		1,000.00		995.20			4.17
Hypothetical 5% return		1,000.00		1,021.42	(b)		3.82		1,000.00		1,020.52	(b)		4.74		1,000.00		1,021.02	(b)		4.23

^(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, 2017. 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:

^(b)  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.

Fund	Class A		Class C		Institutional		Service		Investor		Class R		Class R6
Equity Income+		1.13		1.88		0.73		1.23		0.88		1.38		N/A
Focused Value+		1.13		1.88		0.73		N/A		0.88		1.38		N/A
Large Cap Value+		1.12		1.87		0.79		1.29		0.87		1.37		N/A
Mid Cap Value+		1.18		1.93		0.78		1.28		0.93		1.43		N/A
Small Cap Value+		1.34		2.09		0.94		1.44		1.09		1.59		N/A
Small/Mid Cap Value+		1.24		1.99		0.84		N/A		0.99		1.49		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.

103

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Equity Income Fund (formerly, Goldman Sachs Growth and Income Fund), Goldman Sachs Focused Value 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, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and, (in the case of the Large Cap Value, Mid Cap Value, Small Cap Value, and Small/Mid Cap Value Funds), a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

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

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

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

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

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

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

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

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

104

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

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

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

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

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

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings (rankings only with respect to the Focused Value and Small/Mid

105

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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

Cap Value Funds) compiled by the Outside Data Provider as of December 31, 2016, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2017. 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 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.

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 Equity Income Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2017. The Trustees also noted that they had approved introducing call options writing into Equity Income Fund’s strategy in June 2017. The Trustees noted that the Focused Value Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group and had outperformed the Fund’s benchmark for the one-year period ended March 31, 2017. They observed that the Large Cap Value Fund’s Institutional Shares had placed in the second quartile of the Fund’s peer group for the one- and five-year periods and in the third quartile for the 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, 2017. They noted that the Mid Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one- and ten-year periods and in the fourth quartile for the three- and five-year periods, and had underperformed the Fund’s benchmark for the one-, three-, five-, and ten-year periods ended March 31, 2017. The Trustees noted that the Small/Mid Cap Value 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- and three-year periods ended March 31, 2017. They observed that the Small Cap Value Fund’s Institutional Shares had placed in the first quartile 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, 2017.

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.

With respect to the Equity Income, Focused Value, Small Cap Value, and Small/Mid Cap Value Funds, the Trustees noted that the management fee breakpoint schedules were being reduced at certain asset levels. In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2016 and 2015, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding 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:

	Equity Income Fund			Focused Value			Large Cap Value Fund			Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
First $1 billion		0.70	%		0.75	%		0.75	%		0.75	%		1.00	%		0.85	%
Next $1 billion		0.63			0.68			0.68			0.75			1.00			0.85
Next $3 billion		0.60			0.64			0.65			0.68			0.90			0.77
Next $3 billion		0.59			0.63			0.64			0.65			0.86			0.73
Over $8 billion		0.58			0.62			0.63			0.64			0.84			0.71

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee (with respect to the Equity Income, Focused Value, Small Cap Value, and Small/Mid Cap Value Funds) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Large Cap Value Fund’s Class A, Class C, Investor (formerly Class IR Shares), Class R and Class T Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the 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; (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.

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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, 2018.

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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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	None
Roy W. Templin Age: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)

109

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
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

110

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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 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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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. Principal Accounting 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, 2017.

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

Goldman Sachs Trust — Fundamental Equity Value Funds — Tax Information (Unaudited)

For the year ended August 31, 2017, 84.75%, 100%, 90.59%, 100%, 63.42% and 100%, respectively, of the dividends paid from net investment company taxable income by the Focused Value, Equity 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, and Small Cap Value Funds designate $5,048,879, $24,435,748, and $239,740,958, respectively or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2017.

For the year ended August 31, 2017, the Focused Value, Equity Income, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds designate 100%, 100%, 100%, 100%, 100% 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.

112

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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Fund^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global In come Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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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. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of August 31, 2017 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2017 Goldman Sachs. All rights reserved. 107098-TMPL-10/2017-632033 EQVALAR-17/156K

Goldman Sachs Funds

Annual Report	August 31, 2017
	Global Managed Beta Fund

Goldman Sachs Global Managed Beta Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Index Definitions	4
Schedule of Investments	8
Financial Statements	27
Financial Highlights	30
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	43
Other Information	44

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Global Managed Beta Fund

Investment Objective

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

The Board of Trustees of Goldman Sachs Trust approved a change to the fiscal year end of the Goldman Sachs Global Managed Beta Fund (the “Fund”). Effective August 25, 2017, the Fund’s fiscal year end changed from October 31 to August 31. Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Fund’s performance and positioning for the period from November 1, 2016 through August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Institutional Shares generated a cumulative total return, without sales charges, of 17.43%. This return compares to the 17.94% cumulative total return of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) (the “Index”), during the same time period.

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

A Investor sentiment was dominated during the Reporting Period by global central bank monetary policy, geopolitical events and uncertainty about the ability of the new U.S. Administration to enact policy.

During the first part of the Reporting Period, investors were focused largely on the November 2016 U.S. presidential elections and the unexpected outcome. Markets reacted positively following the results, as the potential for significant infrastructure spending, lower taxes and lighter regulation increased expectations for economic growth and inflation. Reflecting market optimism about a continued upward trend in U.S. economic growth, the CBOE Volatility Index^® (“VIX^®”) approached its post-financial crisis low after the elections. U.S. banks and small-cap equities were among the chief beneficiaries of the “risk on” sentiment, or increased risk appetite, that emerged following the elections. In contrast, emerging markets assets (specifically, equities and currencies) struggled due to concerns about new U.S. policies that could have protectionist implications. At the end of November 2016, the Organization of the Petroleum Exporting Countries (“OPEC”) announced the most comprehensive supply cut in a decade.

The “risk on” rally, which continued into the first part of 2017, was further supported by a stream of better than consensus expected U.S. economic data, reflected in non-farm payroll numbers, purchasing managers’ indices, and consumer- and producer-sentiment gauges — which together reinforced opinions about a more positive macroeconomic picture. In addition, the U.S. inflation rate rose higher than the Federal Reserve’s (“Fed”) stated 2.0% target. These factors, along with positive survey data, led Fed policymakers, who had previously raised short-term interest rates in December 2016, to guide market expectations toward another rate hike in March 2017. As a result, the March interest rate increase caused minimal market disruption. Fed officials also said that several interest rate hikes could occur during 2017, and the minutes from the Fed’s March policy meeting indicated that balance sheet normalization might begin by the end of the calendar year. (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) However, economic data at the end of the first quarter of 2017 failed to keep up with lofty survey data. Additionally, the U.S. Administration was unsuccessful in its first attempt to pass a health care bill, raising concern about its ability to enact legislation related to taxes and infrastructure. In this environment, global stocks gave up some of their gains, with cyclical stocks generally underperforming defensive stocks. Yields fell, driving a rally in the U.S. Treasury market, and the U.S. dollar weakened. Sharp rallies followed in emerging markets assets, particularly emerging markets currencies. In Europe,

1

PORTFOLIO RESULTS

optimism about the European Central Bank’s (“ECB”) tapering of its asset purchases, as well as positive purchasing managers’ data, was well received by investors, who nevertheless remained cautious given political uncertainties surrounding the then-upcoming presidential election in France.

Investor sentiment in Europe remained pro-risk during the second calendar quarter, driven by the outcome of the French election, broadly improving global economic growth and robust corporate earnings reports. In France, the victory of the centrist candidate was viewed as positive by many market participants, leading to strong rallies in European equities and the euro. In the U.S., Fed policymakers noted that the fundamentals underpinning consumption growth remained solid despite data showing lackluster first quarter 2017 economic growth. At the Fed’s June 2017 policy meeting, it raised interest rates for the second time during the calendar year. Meanwhile, political risks centering on the U.S. Administration and the speed, or lack thereof, of its pro-growth agenda led to increased U.S. equity market volatility. Commodities, specifically crude oil, struggled due to oversupply concerns even though OPEC announced extended output cuts. Continued weakness in the U.S. dollar, easier financial conditions and a more stable macro environment pushed emerging markets assets higher, led by Chinese equities.

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

A The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of underlying asset classes that provide broad beta exposure to the global equity markets. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) While posting robust double-digit absolute gains, the Fund slightly underperformed the Index during the Reporting Period, largely because of its strategic allocation to the macro hedging strategy, which detracted as the market started pricing in Fed rate hike expectations. These losses were offset somewhat by our preference for emerging markets equities over developed markets equities during the Reporting Period, which contributed positively.

Q How was the Fund positioned at the beginning of the Reporting Period?

A In terms of its strategic allocation at the beginning of the Reporting Period, the Fund had 98.00% of its total net assets invested in equity-related investments, 1.44% in the macro hedging strategy and 0.56% in cash and cash equivalents. The Fund also maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

Q How did you tactically manage the Fund’s allocations during the Reporting Period?

A During the Reporting Period, we gradually adjusted the Fund’s strategic allocation to align it with our long-term view of asset classes. This adjustment increased the Fund’s allocations to U.S. and emerging markets equities and decreased its allocations to non-U.S. developed markets equities and associated currency hedging positions. In addition, we increased the Fund’s allocation to the macro hedging strategy to put it in line with our long-term target, as we believed it could potentially hedge the Fund’s downside risk. We also initiated a steepening position on the front, or short term, end of the U.S. interest rate yield curve, as we sought to mitigate the potential risk to the Fund and the macro hedging strategy of faster than expected Fed interest rate hikes. (In a steepening yield curve, the differential in yields between longer-term and shorter-term maturities widens. Yield curve is a spectrum of maturities.)

Additionally, at the beginning of 2017, we increased the Fund’s allocation to our factor-based diversification approach through which we seek to gain exposure to underlying asset classes rather than obtaining such exposure through capitalization-weighted indices. The factor-based diversification approach, which is expected to be a long-term strategic allocation, seeks to capture common sources of active equity returns, including, but not limited to, the Momentum, Valuation, Volatility and Quality factors. The Momentum factor seeks to identify companies whose stock prices are expected to increase or decrease (by, among other things, evaluating each company’s recent performance results). The Valuation factor seeks to identify companies whose stock prices are trading at a discount to their fundamental or intrinsic value (by, among other things, comparing each company’s book value to market value). The Volatility factor seeks to identify companies whose stock prices are expected to have a relatively lower degree of fluctuation over time. The Quality factor seeks to identify companies that are expected to generate higher returns on assets (i.e., more profitable). The factor-based diversification

2

PORTFOLIO RESULTS

approach is implemented through a separately managed account, established in January 2017, composed of individual stock positions.

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

A During the Reporting Period, equity futures were employed to express our passive investment views with greater versatility. The use of these instruments to gain exposure to the Canadian equity market and the U.S. small-cap equity market during the Reporting Period added to the Fund’s performance, as these positions generated returns similar to the asset classes they represented. In addition, the Fund employed currency forwards and interest rate options to afford greater risk management of macroeconomic and foreign exchange risks in the portfolio. The use of currency forwards had a negative impact on Fund results. The Fund’s interest rate options detracted from performance during the Reporting Period.

Q How was the Fund positioned at the end of the Reporting Period?

A In terms of its strategic allocation at the end of the Reporting Period, the Fund had 97.96% of its total net assets invested in equity-related investments, 1.79% in the macro hedging strategy and 0.25% in cash and cash equivalents. The Fund also maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

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

A At the end of the Reporting Period, we were focused on three macro themes. First, we expected a widening economic expansion in 2017, should growth in emerging markets countries continue to improve from previous weakness and should growth in the U.S. and Europe continue at a more moderate pace. Second, we believed improvements in economic growth, together with increasing U.S. inflationary pressures, may reduce investor conviction in the secular stagnation thesis, with higher bond yields a likely consequence. (Secular stagnation is a condition of negligible or no economic growth in a market-based economy.) Third, we thought investor uncertainty remained elevated because of macro risks. These risks have the potential to cause temporary pullbacks, in our opinion, which could result in range-bound returns across all asset classes and therefore require a dynamic approach to asset allocation.

At the asset class level, we considered equities relatively cheap at the end of the Reporting Period given macro conditions and low bond yields. However, we expect the valuation gap between stocks and bonds, which has already narrowed significantly, to close further as bond yields rise. That said, we believe broadening economic growth and a recovery in corporate earnings should support some upside in equities, and we expect positive but moderate returns over the medium term. At the start of 2017, we thought the market was too dovish in its expectations about Fed interest rate hikes. (Dovish implies lower interest rates; opposite of hawkish.) We also thought longer-term U.S. Treasury yields did not sufficiently reflect investor uncertainty about the Fed’s tolerance for inflation and a possible decrease in the ECB’s bond purchases. Our view was strengthened by the drop in U.S. Treasury yields late in the Reporting Period, which occurred despite strong economic growth and the hawkish drift of the Fed. We consider a rapid rise in yields to be a significant risk in the near term, and therefore, we remained more constructive on equities than on bonds at the end of the Reporting Period.

At the regional level, we had a positive outlook on emerging markets equities versus developed markets equities, which was reflected in the Fund’s strategic allocations at the end of the Reporting Period. We believe sufficient progress has been made in recent years on various fronts, including valuations, macro imbalances, dissipation of growth challenges and perceptions by investors of improvements in the emerging markets. We remained concerned about possible downside risks from higher interest rates, but we think any impact is likely to be temporary. Additionally, we believed there was sufficient government policy support to limit potential downside risks from China.

As for the Fund’s macro hedging strategy, we view it as a long term structural allocation and a capital-efficient means of diversifying the Fund’s exposure to global equities. In positioning the Fund in anticipation of Fed interest rate increases, we plan to continue monitoring the potential impact of events related to key political and monetary policy decisions in the near term.

3

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Index Definitions

The CBOE Volatility Index^® (VIX^®) is a key measure of market expectations of near-term volatility conveyed by S&P 500^® stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.

4

FUND BASICS

Global Managed Beta Fund

as of August 31, 2017

PERFORMANCE REVIEW
November 1, 2016–August 31, 2017	Fund Total Return (based on NAV)1			MSCI All Country World Index Investable Market Index2
Institutional Shares		17.43	%		17.94	%

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

²  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 8,603 constituent, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2017, 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 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Institutional Shares		18.20	%		6.17	%		4/30/2015

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

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional Shares		0.30	%		0.61	%

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 February 28, 2018, 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.

5

FUND BASICS

FUND COMPOSITION (%)⁵

⁵  Underlying sector allocations of exchange traded funds and investment companies 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 net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The Investment in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets as of August 31, 2017 and October 31, 2016. 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.

6

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on April 30, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD), 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. 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.

Global Managed Beta Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 30, 2015 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Since Inception
Institutional Shares (Commenced April 30, 2015)	16.72%	7.01%

7

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 17.2%
Aerospace & Defense – 0.3%
	376	Airbus SE	$	31,666
	635	Arconic, Inc.		16,174
	2,345	BAE Systems PLC		18,428
	1,247	CAE, Inc.		20,581
	8	Dassault Aviation SA		12,233
	87	Elbit Systems Ltd.		11,980
	395	General Dynamics Corp.		79,533
	383	Huntington Ingalls Industries, Inc.		81,947
	587	L3 Technologies, Inc.		106,529
	4,567	Leonardo SpA		77,383
	312	Lockheed Martin Corp.		95,282
	1,769	Meggitt PLC		11,849
	244	Northrop Grumman Corp.		66,419
	416	Raytheon Co.		75,716
	224	Rockwell Collins, Inc.		29,355
	2,578	Rolls-Royce Holdings PLC*		30,448
	309	Safran SA		30,004
	5,110	Singapore Technologies Engineering Ltd.		13,783
	1,825	Textron, Inc.		89,589
	366	Thales SA		40,519
	1,016	The Boeing Co.		243,495
	688	United Technologies Corp.		82,367
				1,265,280
Air Freight & Logistics – 0.1%
	1,344	C.H. Robinson Worldwide, Inc.		94,927
	4,713	Deutsche Post AG		195,709
	545	Expeditors International of Washington, Inc.		30,574
	235	FedEx Corp.		50,379
	19,495	Royal Mail PLC		99,306
	472	United Parcel Service, Inc. Class B		53,978
	817	Yamato Holdings Co. Ltd.		17,421
				542,294
Airlines – 0.1%
	3,370	ANA Holdings, Inc.		12,512
	1,497	Delta Air Lines, Inc.		70,643
	2,443	Deutsche Lufthansa AG		61,356
	9,030	International Consolidated Airlines Group SA		71,591
	329	Japan Airlines Co. Ltd.		11,328
	9,269	Qantas Airways Ltd.		42,190
	1,358	Singapore Airlines Ltd.		10,337
	1,429	Southwest Airlines Co.		74,508
	1,080	United Continental Holdings, Inc.*		66,917
				421,382
Auto Components – 0.1%
	301	Aisin Seiki Co. Ltd.		15,124
	808	BorgWarner, Inc.		37,499
	853	Bridgestone Corp.		36,594
	287	Cie Generale des Etablissements Michelin		39,149
	61	Continental AG		13,773
	216	Denso Corp.		10,473
	3,992	GKN PLC		16,452
Common Stocks – (continued)
Auto Components – (continued)
	319	Koito Manufacturing Co. Ltd.		19,884
	473	Lear Corp.		70,732
	782	Linamar Corp.		43,604
	611	Magna International, Inc.		29,401
	449	Stanley Electric Co. Ltd.		14,911
	546	Sumitomo Electric Industries Ltd.		8,543
	2,000	Sumitomo Rubber Industries Ltd.		33,170
	1,565	The Goodyear Tire & Rubber Co.		47,420
	1,643	The Yokohama Rubber Co. Ltd.		30,376
	462	Toyoda Gosei Co. Ltd.		10,765
	293	Valeo SA		19,613
				497,483
Automobiles – 0.2%
	129	Bayerische Motoren Werke AG		11,996
	334	Daimler AG		24,373
	605	Ferrari NV		69,298
	5,610	Fiat Chrysler Automobiles NV*		84,755
	8,855	Ford Motor Co.		97,671
	330	General Motors Co.		12,058
	573	Harley-Davidson, Inc.		26,937
	2,011	Honda Motor Co. Ltd.		56,328
	1,215	Isuzu Motors Ltd.		15,854
	2,667	Mazda Motor Corp.		39,174
	1,754	Nissan Motor Co. Ltd.		17,462
	3,283	Peugeot SA		69,416
	469	Subaru Corp.		16,392
	493	Suzuki Motor Corp.		24,755
	138	Tesla, Inc.*(a)		49,114
	1,536	Toyota Motor Corp.		86,483
	48	Volkswagen AG		7,421
	1,672	Yamaha Motor Co. Ltd.		47,216
				756,703
Banks – 1.2%
	607	ABN AMRO Group NV(b)		17,006
	2,841	Aozora Bank Ltd.		10,748
	4,086	Australia & New Zealand Banking Group Ltd.		95,649
	7,251	Banco Bilbao Vizcaya Argentaria SA		64,163
	22,155	Banco de Sabadell SA		48,787
	18,354	Banco Santander SA		119,622
	6,651	Bank Hapoalim BM		44,769
	8,744	Bank Leumi Le-Israel BM		45,828
	13,703	Bank of America Corp.		327,365
	3,245	Bank of Ireland Group PLC*		27,041
	1,091	Bank of Montreal		78,290
	2,440	Bank of Queensland Ltd.		24,465
	3,478	Bankia SA		16,948
	2,134	Bankinter SA		20,376
	10,677	Barclays PLC		26,405
	1,338	BB&T Corp.		61,668
	5,582	Bendigo & Adelaide Bank Ltd.		53,075
	2,026	BNP Paribas SA		154,033
	12,024	BOC Hong Kong Holdings Ltd.		61,431
	3,942	CaixaBank SA		20,396

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Banks – (continued)
	840	Canadian Imperial Bank of Commerce	$	70,570
	828	CIT Group, Inc.		37,136
	4,540	Citigroup, Inc.		308,856
	1,037	Citizens Financial Group, Inc.		34,356
	432	Comerica, Inc.		29,484
	1,620	Commerzbank AG*		20,156
	1,689	Commonwealth Bank of Australia		102,040
	4,108	Credit Agricole SA		72,505
	1,038	Danske Bank A/S		40,379
	6,479	DBS Group Holdings Ltd.		98,712
	1,536	DNB ASA		30,002
	326	East West Bancorp, Inc.		18,051
	912	Erste Groupe Bank AG*		38,571
	2,314	Fifth Third Bancorp		60,465
	404	First Republic Bank		39,208
	2,022	Hang Seng Bank Ltd.		46,630
	19,455	HSBC Holdings PLC		188,611
	2,053	Huntington Bancshares, Inc.		25,847
	6,376	ING Groep NV		113,179
	12,957	Intesa Sanpaolo SpA		43,866
	4,193	Intesa Sanpaolo SpA RSP		13,270
	602	Japan Post Bank Co. Ltd.		7,662
	5,160	JPMorgan Chase & Co.		468,992
	456	KBC Group NV		37,484
	2,258	KeyCorp		38,860
	33,607	Lloyds Banking Group PLC		27,702
	233	M&T Bank Corp.		34,451
	3,275	Mebuki Financial Group, Inc.		11,614
	1,077	Mediobanca SpA		11,079
	14,739	Mitsubishi UFJ Financial Group, Inc.		89,813
	1,771	Mizrahi Tefahot Bank Ltd.		31,563
	38,629	Mizuho Financial Group, Inc.		66,286
	2,650	National Australia Bank Ltd.		63,712
	905	National Bank of Canada		41,657
	3,004	Nordea Bank AB		40,445
	9,699	Oversea-Chinese Banking Corp. Ltd.		80,006
	1,039	People’s United Financial, Inc.		17,351
	1,012	Raiffeisen Bank International AG*		33,228
	3,128	Regions Financial Corp.		44,136
	5,755	Resona Holdings, Inc.		28,643
	1,942	Royal Bank of Canada		144,132
	9,145	Shinsei Bank Ltd.		14,624
	59	Signature Bank*		7,572
	1,440	Skandinaviska Enskilda Banken AB		18,748
	1,853	Societe Generale SA		103,660
	2,445	Standard Chartered PLC*		24,353
	1,297	Sumitomo Mitsui Financial Group, Inc.		48,292
	481	Sumitomo Mitsui Trust Holdings, Inc.		16,599
	1,033	SunTrust Banks, Inc.		56,918
	67	SVB Financial Group*		11,346
	693	Svenska Handelsbanken AB Class A		10,374
	1,053	Swedbank AB Class A		28,483
	1,438	The Bank of Nova Scotia		89,464
	659	The PNC Financial Services Group, Inc.		82,645
	2,429	The Toronto-Dominion Bank		130,441
	1,867	U.S. Bancorp		95,684
Common Stocks – (continued)
Banks – (continued)
	5,510	United Overseas Bank Ltd.		97,706
	6,486	Wells Fargo & Co.		331,240
	3,453	Westpac Banking Corp.		85,937
	342	Zions Bancorporation		14,932
				5,337,793
Beverages – 0.3%
	247	Anheuser-Busch InBev SA		29,252
	817	Asahi Group Holdings Ltd.		35,552
	1,201	Brown-Forman Corp. Class B		63,701
	1,047	Carlsberg A/S Class B		120,338
	3,179	Coca-Cola Amatil Ltd.		20,374
	1,381	Coca-Cola Bottlers Japan, Inc.		47,306
	540	Coca-Cola European Partners PLC		23,123
	711	Coca-Cola HBC AG*		24,313
	129	Constellation Brands, Inc. Class A		25,813
	2,837	Diageo PLC		94,892
	498	Dr. Pepper Snapple Group, Inc.		45,343
	999	Heineken Holding NV		98,686
	195	Heineken NV		20,465
	2,992	Kirin Holdings Co. Ltd.		67,887
	642	Molson Coors Brewing Co. Class B		57,620
	1,041	Monster Beverage Corp.*		58,109
	2,156	PepsiCo, Inc.		249,514
	178	Pernod Ricard SA		24,338
	192	Remy Cointreau SA		21,943
	1,323	Suntory Beverage & Food Ltd.		61,153
	3,171	The Coca-Cola Co.		144,439
	1,372	Treasury Wine Estates Ltd.		15,801
				1,349,962
Biotechnology – 0.3%
	1,117	AbbVie, Inc.		84,110
	582	Amgen, Inc.		103,462
	417	Biogen, Inc.*		132,005
	569	Celgene Corp.*		79,051
	613	CSL Ltd.		62,738
	3,403	Gilead Sciences, Inc.		284,865
	409	Grifols SA		11,579
	168	Incyte Corp.*		23,085
	854	Seattle Genetics, Inc.*		44,861
	1,825	Shire PLC		90,770
	80	TESARO, Inc.*		10,331
	579	United Therapeutics Corp.*		75,733
	740	Vertex Pharmaceuticals, Inc.*		118,800
				1,121,390
Building Products – 0.1%
	678	A.O. Smith Corp.		37,758
	506	Allegion PLC		39,827
	696	Asahi Glass Co. Ltd.		27,174
	517	Assa Abloy AB Class B		11,175
	753	Cie de Saint-Gobain		41,281
	472	Daikin Industries Ltd.		47,167
	879	Fortune Brands Home & Security, Inc.		54,964
	32	Geberit AG		14,627

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Building Products – (continued)
	549	Johnson Controls International PLC	$	21,735
	402	Lennox International, Inc.		66,623
	636	LIXIL Group Corp.		16,694
	1,327	Masco Corp.		48,794
	671	TOTO Ltd.		25,543
				453,362
Capital Markets – 0.5%
	12,653	3i Group PLC		158,741
	138	Ameriprise Financial, Inc.		19,114
	487	ASX Ltd.		21,202
	64	BlackRock, Inc.		26,817
	697	Brookfield Asset Management, Inc. Class A		27,567
	388	CBOE Holdings, Inc.		39,145
	2,483	CI Financial Corp.		54,363
	393	CME Group, Inc.		49,439
	554	Deutsche Boerse AG		59,271
	589	E*TRADE Financial Corp.*		24,155
	2,113	Eaton Vance Corp.		100,537
	245	Franklin Resources, Inc.		10,591
	6,534	Hargreaves Lansdown PLC		118,231
	1,716	Hong Kong Exchanges & Clearing Ltd.		46,928
	306	IGM Financial, Inc.		10,020
	616	Intercontinental Exchange, Inc.		39,837
	510	Invesco Ltd.		16,718
	2,315	Investec PLC		17,687
	270	Julius Baer Group Ltd.*		15,098
	570	London Stock Exchange Group PLC		29,129
	382	Macquarie Group Ltd.		26,437
	159	Moody’s Corp.		21,311
	2,563	Morgan Stanley		116,616
	1,095	MSCI, Inc.		125,498
	293	Nasdaq, Inc.		22,086
	2,651	Natixis SA		19,910
	2,126	Nomura Holdings, Inc.		11,829
	397	Northern Trust Corp.		35,135
	136	Partners Group Holding AG		88,225
	374	Raymond James Financial, Inc.		29,292
	1,275	S&P Global, Inc.		196,771
	2,333	SBI Holdings, Inc.		32,448
	342	Schroders PLC		14,897
	1,047	SEI Investments Co.		61,208
	9,386	Singapore Exchange Ltd.		51,957
	712	St. James’s Place PLC		10,629
	660	State Street Corp.		61,043
	548	T. Rowe Price Group, Inc.		46,229
	733	TD Ameritrade Holding Corp.		31,754
	1,708	The Bank of New York Mellon Corp.		89,294
	1,176	The Charles Schwab Corp.		46,922
	426	Thomson Reuters Corp.		19,479
	1,666	UBS Group AG*		27,450
				2,071,010
Chemicals – 0.4%
	235	Air Liquide SA		28,692
	179	Air Products & Chemicals, Inc.		26,021
Common Stocks – (continued)
Chemicals – (continued)
	504	Air Water, Inc.		9,304
	553	Akzo Nobel NV		50,526
	240	Albemarle Corp.		27,902
	1,155	Arkema SA		125,618
	3,572	Asahi Kasei Corp.		42,841
	836	Axalta Coating Systems Ltd.*		24,679
	960	BASF SE		93,118
	235	Celanese Corp. Series A		22,800
	136	Chr Hansen Holding A/S		11,716
	730	Covestro AG(b)		57,415
	389	Croda International PLC		19,345
	622	Eastman Chemical Co.		53,616
	255	Ecolab, Inc.		33,991
	170	EMS-Chemie Holding AG		116,315
	277	FMC Corp.		23,883
	8	Givaudan SA		16,357
	796	Hitachi Chemical Co. Ltd.		21,561
	3,334	Incitec Pivot Ltd.		8,845
	97	International Flavors & Fragrances, Inc.		13,274
	590	Johnson Matthey PLC		21,110
	763	JSR Corp.		14,862
	311	Kansai Paint Co. Ltd.		7,907
	352	Koninklijke DSM NV		26,718
	2,094	Kuraray Co. Ltd.		39,783
	373	LANXESS AG		27,855
	157	Linde AG		30,145
	773	LyondellBasell Industries NV Class A		70,026
	2,992	Mitsubishi Chemical Holdings Corp.		27,887
	1,891	Mitsubishi Gas Chemical Co., Inc.		47,011
	3,375	Mitsui Chemicals, Inc.		20,215
	658	Monsanto Co.		77,118
	286	Nippon Paint Holdings Co. Ltd.		9,776
	740	Nissan Chemical Industries Ltd.		24,819
	248	Nitto Denko Corp.		21,880
	2,526	Orica Ltd.		40,997
	357	PPG Industries, Inc.		37,242
	207	Praxair, Inc.		27,229
	338	Shin-Etsu Chemical Co. Ltd.		29,939
	6	Sika AG		42,578
	184	Solvay SA		26,708
	1,256	Sumitomo Chemical Co. Ltd.		7,539
	161	Symrise AG		11,777
	749	Teijin Ltd.		15,216
	1,713	The Dow Chemical Co.		114,171
	202	The Sherwin-Williams Co.		68,533
	994	Toray Industries, Inc.		9,476
	873	Tosoh Corp.		10,263
	473	Umicore SA		35,315
	120	W.R. Grace & Co.		8,578
				1,780,492
Commercial Services & Supplies – 0.1%
	517	Cintas Corp.		69,800
	699	Dai Nippon Printing Co. Ltd.		8,256
	2,782	G4S PLC		10,191
	410	ISS A/S		15,958

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
	618	Park24 Co. Ltd.	$	14,872
	816	Republic Services, Inc.		53,236
	3,078	Rollins, Inc.		136,694
	180	Secom Co. Ltd.		13,359
	2,275	Securitas AB Class B		37,422
	256	Societe BIC SA		30,752
	290	Stericycle, Inc.*		20,848
	3,263	Toppan Printing Co. Ltd.		32,688
	813	Waste Connections, Inc.		54,219
	831	Waste Management, Inc.		64,078
				562,373
Communications Equipment – 0.1%
	138	Arista Networks, Inc.*		24,309
	5,323	Cisco Systems, Inc.		171,454
	748	CommScope Holding Co., Inc.*		24,729
	864	F5 Networks, Inc.*		103,144
	371	Harris Corp.		45,596
	1,110	Juniper Networks, Inc.		30,780
	493	Motorola Solutions, Inc.		43,443
	11,012	Telefonaktiebolaget LM Ericsson Class B		64,580
				508,035
Construction & Engineering – 0.2%
	2,794	ACS Actividades de Construccion y Servicios SA		105,763
	865	Boskalis Westminster		28,271
	173	Bouygues SA		7,848
	1,380	CIMIC Group Ltd.		46,196
	740	Eiffage SA		76,457
	404	Ferrovial SA		9,219
	2,836	Fluor Corp.		109,384
	267	HOCHTIEF AG		47,111
	2,254	Jacobs Engineering Group, Inc.		122,820
	3,832	Kajima Corp.		35,182
	2,126	Obayashi Corp.		25,088
	2,345	Shimizu Corp.		24,232
	480	Skanska AB Class B		10,848
	211	SNC-Lavalin Group, Inc.		9,217
	2,915	Taisei Corp.		29,249
	519	Vinci SA		47,753
				734,638
Construction Materials – 0.1%
	2,674	Boral Ltd.		14,232
	1,961	CRH PLC		68,490
	4,023	Fletcher Building Ltd.		23,632
	255	HeidelbergCement AG		24,489
	475	Imerys SA		41,762
	3,080	James Hardie Industries PLC		43,446
	127	LafargeHolcim Ltd.*		7,473
	5,781	Taiheiyo Cement Corp.		22,294
				245,818
Consumer Finance – 0.1%
	3,227	Ally Financial, Inc.		72,930
	1,860	American Express Co.		160,146
Common Stocks – (continued)
Consumer Finance – (continued)
	1,073	Capital One Financial Corp.		85,422
	762	Credit Saison Co. Ltd.		13,792
	1,145	Discover Financial Services		67,498
	4,122	Navient Corp.		54,410
	2,507	Provident Financial PLC		28,659
	1,351	Synchrony Financial		41,597
				524,454
Containers & Packaging – 0.1%
	1,256	Amcor Ltd.		16,132
	172	Avery Dennison Corp.		16,213
	260	Ball Corp.		10,397
	888	Crown Holdings, Inc.*		52,418
	455	International Paper Co.		24,511
	373	Packaging Corp. of America		41,929
	363	Sealed Air Corp.		16,110
	960	Toyo Seikan Group Holdings Ltd.		15,821
	1,868	WestRock Co.		106,308
				299,839
Distributors – 0.0%
	826	Genuine Parts Co.		68,417
	1,485	Jardine Cycle & Carriage Ltd.		43,807
	412	LKQ Corp.*		14,276
				126,500
Diversified Consumer Services – 0.0%
	311	Benesse Holdings, Inc.		11,960
	4,458	H&R Block, Inc.		119,207
				131,167
Diversified Financial Services – 0.2%
	2,821	AMP Ltd.		11,461
	1,637	Berkshire Hathaway, Inc. Class B*		296,559
	2,342	Challenger Ltd.		23,417
	409	Eurazeo SA		33,826
	1,068	EXOR NV		68,635
	120	Groupe Bruxelles Lambert SA		12,215
	1,442	Industrivarden AB Class C		34,178
	691	Investor AB Class B		32,326
	252	Kinnevik AB Class B		7,586
	617	L E Lundbergforetagen AB Class B		47,805
	1,886	Leucadia National Corp.		44,660
	4,146	Mitsubishi UFJ Lease & Finance Co. Ltd.		20,972
	1,648	Onex Corp.		131,774
	1,974	ORIX Corp.		31,637
	316	Pargesa Holding SA		25,618
	1,328	Standard Life Aberdeen PLC		7,380
	143	Wendel SA		22,673
				852,722
Diversified Telecommunication Services – 0.2%
	7,912	AT&T, Inc.		296,384
	301	BCE, Inc.		14,327
	32,566	Bezeq The Israeli Telecommunication Corp. Ltd.		47,977

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	2,154	BT Group PLC	$	8,136
	499	CenturyLink, Inc.(a)		9,840
	3,789	Deutsche Telekom AG		68,524
	299	Elisa Oyj		13,064
	2,865	Koninklijke KPN NV		10,133
	682	Level 3 Communications, Inc.*		37,121
	1,097	Nippon Telegraph & Telephone Corp.		54,613
	802	Orange SA		13,617
	69,739	PCCW Ltd.		38,927
	283	Proximus SADP		9,978
	3,570	Singapore Telecommunications Ltd.		9,784
	6,705	Spark New Zealand Ltd.		18,864
	31	Swisscom AG		15,647
	3,534	TDC A/S		21,081
	46,173	Telecom Italia SpA*		44,307
	52,947	Telecom Italia SpA RSP		41,171
	4,219	Telefonica SA		45,517
	596	Telenor ASA		12,063
	2,026	Telia Co. AB		9,668
	6,753	Telstra Corp. Ltd.		19,707
	413	TELUS Corp.		14,952
	4,108	Verizon Communications, Inc.		197,061
	624	Zayo Group Holdings, Inc.*		21,322
				1,093,785
Electric Utilities – 0.3%
	746	Alliant Energy Corp.		31,884
	468	American Electric Power Co., Inc.		34,459
	12,240	AusNet Services		16,946
	998	Chubu Electric Power Co., Inc.		13,056
	1,290	CK Infrastructure Holdings Ltd.		11,702
	3,125	CLP Holdings Ltd.		33,016
	7,473	Contact Energy Ltd.		30,005
	192	DONG Energy A/S(b)		10,005
	595	Duke Energy Corp.		51,944
	509	Edison International		40,812
	10,837	EDP – Energias de Portugal SA		41,664
	312	Emera, Inc.		11,983
	1,902	Endesa SA		45,956
	5,314	Enel SpA		32,194
	273	Entergy Corp.		21,613
	566	Eversource Energy		35,658
	2,255	Exelon Corp.		85,397
	1,639	FirstEnergy Corp.		53,399
	498	Fortis, Inc.		18,221
	785	Fortum Oyj		14,097
	32,782	HK Electric Investments & HK Electric Investments Ltd.(b)		30,088
	772	Hydro One Ltd.(b)		14,324
	8,217	Iberdrola SA		67,232
	857	Kyushu Electric Power Co., Inc.		10,075
	6,793	Mercury NZ Ltd.		16,778
	676	NextEra Energy, Inc.		101,745
	795	OGE Energy Corp.		28,397
	660	PG&E Corp.		46,451
	387	Pinnacle West Capital Corp.		34,818
Common Stocks – (continued)
Electric Utilities – (continued)
	1,199	Power Assets Holdings Ltd.		10,578
	989	PPL Corp.		38,808
	1,123	SSE PLC		20,698
	3,154	Terna Rete Elettrica Nazionale SpA		18,637
	747	The Chugoku Electric Power Co., Inc.		8,613
	2,945	The Kansai Electric Power Co., Inc.		41,295
	809	The Southern Co.		39,042
	769	Tohoku Electric Power Co., Inc.		10,521
	8,177	Tokyo Electric Power Co. Holdings., Inc*		33,111
	753	Westar Energy, Inc.		38,636
	756	Xcel Energy, Inc.		37,422
				1,281,280
Electrical Equipment – 0.1%
	1,806	ABB Ltd.		41,788
	272	Acuity Brands, Inc.		48,087
	243	AMETEK, Inc.		15,370
	1,548	Eaton Corp. PLC		111,084
	757	Emerson Electric Co.		44,693
	3,499	Fuji Electric Co. Ltd.		19,304
	324	Legrand SA		22,723
	2,068	Mitsubishi Electric Corp.		30,600
	403	Nidec Corp.		45,707
	93	OSRAM Licht AG		7,639
	2,580	Prysmian SpA		81,324
	226	Rockwell Automation, Inc.		37,078
	523	Schneider Electric SE*		42,175
	1,025	Sensata Technologies Holding NV*		45,777
	191	Vestas Wind Systems A/S		17,407
				610,756
Electronic Equipment, Instruments & Components – 0.2%
	469	Alps Electric Co. Ltd.		12,897
	822	Amphenol Corp. Class A		66,533
	272	Arrow Electronics, Inc.*		21,605
	478	Avnet, Inc.		18,436
	531	CDW Corp.		33,676
	2,085	Corning, Inc.		59,965
	5,067	Flex Ltd.*		82,440
	573	FLIR Systems, Inc.		21,774
	563	Hamamatsu Photonics KK		17,434
	284	Hexagon AB Class B		13,946
	126	Hirose Electric Co. Ltd.		17,455
	613	Hitachi High-Technologies Corp.		21,893
	3,487	Hitachi Ltd.		24,003
	159	Ingenico Group SA		15,772
	140	Keyence Corp.		72,990
	394	Kyocera Corp.		23,656
	49	Murata Manufacturing Co. Ltd.		7,506
	547	Nippon Electric Glass Co. Ltd.		20,819
	896	Omron Corp.		45,046
	564	TE Connectivity Ltd.		44,894
	821	Trimble, Inc.*		31,756
	1,225	Yaskawa Electric Corp.		37,131
	2,373	Yokogawa Electric Corp.		37,006
				748,633

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Energy Equipment & Services – 0.1%
	292	Halliburton Co.	$	11,379
	2,357	National Oilwell Varco, Inc.		72,289
	17,838	Saipem SpA*		66,312
	592	Schlumberger Ltd.		37,598
	1,579	TechnipFMC PLC*		40,786
				228,364
Equity Real Estate Investment Trusts (REITs) – 0.3%
	288	Alexandria Real Estate Equities, Inc.		34,937
	488	American Tower Corp.		72,248
	3,922	Ascendas Real Estate Investment Trust		7,700
	103	AvalonBay Communities, Inc.		19,336
	98	Boston Properties, Inc.		11,819
	1,106	Camden Property Trust		98,965
	9,747	CapitaLand Commercial Trust		12,523
	625	Colony NorthStar, Inc. Class A		8,194
	188	Crown Castle International Corp.		20,387
	8	Daiwa House REIT Investment Corp.		19,561
	1,957	Dexus		14,955
	526	Digital Realty Trust, Inc.		62,247
	547	Duke Realty Corp.		16,257
	115	Equinix, Inc.		53,867
	272	Equity Residential		18,265
	77	Essex Property Trust, Inc.		20,480
	141	Extra Space Storage, Inc.		10,946
	91	Federal Realty Investment Trust		11,551
	121	Fonciere Des Regions		11,970
	77	Gecina SA		11,999
	401	GGP, Inc.		8,321
	3,897	Goodman Group		25,752
	683	H&R Real Estate Investment Trust		11,683
	1,989	Hammerson PLC		14,445
	316	HCP, Inc.		9,420
	5,640	Host Hotels & Resorts, Inc.		102,197
	127	ICADE		11,291
	3,328	Intu Properties PLC		10,722
	259	Iron Mountain, Inc.		10,210
	4	Japan Prime Realty Investment Corp.		14,372
	3	Japan Real Estate Investment Corp.		15,555
	6	Japan Retail Fund Investment Corp.		11,039
	449	Kimco Realty Corp.		8,809
	260	Klepierre SA		10,481
	981	Land Securities Group PLC		12,824
	828	Liberty Property Trust		35,273
	5,195	Link REIT		42,915
	100	Mid-America Apartment Communities, Inc.		10,646
	7,473	Mirvac Group		13,823
	218	National Retail Properties, Inc.		9,119
	3	Nippon Building Fund, Inc.		15,964
	6	Nippon Prologis REIT, Inc.		13,036
	12	Nomura Real Estate Master Fund, Inc.		15,860
	720	Prologis, Inc.		45,619
	81	Public Storage		16,632
	218	Realty Income Corp.		12,548
	158	Regency Centers Corp.		10,162
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	582	RioCan Real Estate Investment Trust		11,092
	159	SBA Communications Corp.*		24,414
	4,918	Scentre Group		15,126
	3,570	Segro PLC		24,863
	144	Simon Property Group, Inc.		22,586
	514	SL Green Realty Corp.		49,539
	384	Smart Real Estate Investment Trust		9,357
	5,942	Stockland		20,961
	1,399	The British Land Co. PLC		11,085
	3,043	The GPT Group		12,124
	163	The Macerich Co.		8,601
	273	UDR, Inc.		10,598
	57	Unibail-Rodamco SE		14,500
	11	United Urban Investment Corp.		16,600
	281	Ventas, Inc.		19,232
	6,258	VEREIT, Inc.		52,817
	4,521	Vicinity Centres		9,428
	240	Vornado Realty Trust		17,878
	308	Welltower, Inc.		22,552
	1,545	Westfield Corp.		9,138
	446	Weyerhaeuser Co.		14,544
				1,453,960
Food & Staples Retailing – 0.5%
	1,024	AEON Co. Ltd.		15,119
	829	Alimentation Couche-Tard, Inc. Class B		39,586
	837	Carrefour SA		16,884
	386	Casino Guichard Perrachon SA		21,940
	392	Colruyt SA		21,767
	767	Costco Wholesale Corp.		120,220
	2,308	CVS Health Corp.		178,501
	12,250	Distribuidora Internacional de Alimentacion SA		77,596
	7,818	Empire Co. Ltd.		131,411
	350	FamilyMart UNY Holdings Co. Ltd.		18,965
	712	George Weston Ltd.		61,881
	295	ICA Gruppen AB		11,763
	16,640	J Sainsbury PLC		50,653
	2,421	Jeronimo Martins SGPS SA		48,334
	4,453	Koninklijke Ahold Delhaize NV		80,050
	732	Lawson, Inc.		49,217
	1,053	Loblaw Cos. Ltd.		57,113
	572	METRO AG*		11,181
	739	Metro, Inc.		24,394
	265	Seven & i Holdings Co. Ltd.		10,515
	1,130	Sundrug Co. Ltd.		46,863
	2,595	Sysco Corp.		136,679
	30,154	Tesco PLC*		70,457
	734	The Jean Coutu Group PJC, Inc. Class A		13,090
	3,819	The Kroger Co.		83,522
	555	Tsuruha Holdings, Inc.		66,116
	4,570	Wal-Mart Stores, Inc.		356,780
	2,240	Walgreens Boots Alliance, Inc.		182,560
	2,335	Wesfarmers Ltd.		79,159
	30,733	William Morrison Supermarkets PLC		97,716
	6,159	Woolworths Ltd.		127,379
				2,307,411

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Food Products – 0.5%
	474	Ajinomoto Co., Inc.	$	9,362
	3,353	Archer-Daniels-Midland Co.		138,546
	184	Associated British Foods PLC		7,915
	35	Barry Callebaut AG*		50,338
	2,102	Bunge Ltd.		156,872
	1,333	Calbee, Inc.		45,566
	1,369	Campbell Soup Co.		63,248
	2	Chocoladefabriken Lindt & Spruengli AG		11,471
	2,155	Conagra Brands, Inc.		69,951
	1,218	Danone SA		95,960
	629	General Mills, Inc.		33,501
	106,622	Golden Agri-Resources Ltd.		31,060
	475	Hormel Foods Corp.		14,602
	1,015	Ingredion, Inc.		125,677
	329	Kellogg Co.		21,536
	267	Kerry Group PLC Class A		24,865
	431	Kikkoman Corp.		13,495
	4,320	Marine Harvest ASA*		85,816
	396	McCormick & Co., Inc.		37,672
	558	MEIJI Holdings Co. Ltd.		44,453
	637	Mondelez International, Inc. Class A		25,900
	2,575	Nestle SA		218,298
	1,664	NH Foods Ltd.		48,810
	1,038	Nisshin Seifun Group, Inc.		18,027
	148	Nissin Foods Holdings Co. Ltd.		9,126
	1,080	Orkla ASA		11,089
	1,729	Saputo, Inc.		58,374
	3,502	Tate & Lyle PLC		30,922
	904	The Hershey Co.		94,848
	759	The J.M. Smucker Co.		79,513
	371	The Kraft Heinz Co.		29,958
	229	Toyo Suisan Kaisha Ltd.		8,465
	2,344	Tyson Foods, Inc. Class A		148,375
	90,939	WH Group Ltd.(b)		95,317
	128	Yakult Honsha Co. Ltd.		8,865
	3,614	Yamazaki Baking Co. Ltd.		68,498
				2,036,291
Gas Utilities – 0.1%
	1,599	APA Group		11,274
	233	Atmos Energy Corp.		20,513
	426	Gas Natural SDG SA		10,365
	17,472	Hong Kong & China Gas Co. Ltd.		33,080
	7,441	Osaka Gas Co. Ltd.		29,128
	2,262	Toho Gas Co. Ltd.		14,929
	5,267	Tokyo Gas Co. Ltd.		27,925
	1,775	UGI Corp.		87,703
				234,917
Health Care Equipment & Supplies – 0.4%
	1,390	Abbott Laboratories		70,807
	1,025	Align Technology, Inc.*		181,158
	843	Baxter International, Inc.		52,300
	291	Becton Dickinson & Co.		58,037
	843	Boston Scientific Corp.*		23,225
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	372	C.R. Bard, Inc.		119,341
	1,106	Cochlear Ltd.		137,760
	490	Coloplast A/S Class B		40,157
	2,821	ConvaTec Group PLC*(b)		10,466
	639	Danaher Corp.		53,305
	287	DENTSPLY SIRONA, Inc.		16,236
	1,396	DexCom, Inc.*		104,156
	547	Edwards Lifesciences Corp.*		62,172
	141	Essilor International SA		17,808
	2,645	Getinge AB Class B		49,168
	404	Hologic, Inc.*		15,594
	1,432	Hoya Corp.		82,066
	955	IDEXX Laboratories, Inc.*		148,436
	53	Intuitive Surgical, Inc.*		53,247
	2,669	Koninklijke Philips NV		101,219
	791	Medtronic PLC		63,770
	848	Olympus Corp.		29,364
	203	ResMed, Inc.		15,749
	5,091	Smith & Nephew PLC		92,097
	82	Sonova Holding AG		13,864
	126	Straumann Holding AG		80,904
	547	Stryker Corp.		77,329
	576	Sysmex Corp.		35,648
	129	Teleflex, Inc.		27,316
	318	Terumo Corp.		12,304
	161	The Cooper Cos., Inc.		40,384
	219	Varian Medical Systems, Inc.*		23,269
	396	William Demant Holding A/S*		10,487
	219	Zimmer Biomet Holdings, Inc.		25,025
				1,944,168
Health Care Providers & Services – 0.4%
	738	Aetna, Inc.		116,383
	2,573	Alfresa Holdings Corp.		48,520
	415	AmerisourceBergen Corp.		33,304
	551	Anthem, Inc.		108,018
	234	Cardinal Health, Inc.		15,786
	1,043	Centene Corp.*		92,670
	477	Cigna Corp.		86,843
	645	DaVita, Inc.*		37,771
	240	Envision Healthcare Corp.*		12,578
	1,283	Express Scripts Holding Co.*		80,598
	230	Fresenius Medical Care AG & Co. KGaA		21,576
	161	Fresenius SE & Co. KGaA		13,665
	445	HCA Healthcare, Inc.*		35,004
	472	Henry Schein, Inc.*		81,977
	411	Humana, Inc.		105,882
	386	Laboratory Corp. of America Holdings*		60,552
	358	McKesson Corp.		53,453
	4,804	Mediclinic International PLC		47,583
	997	Medipal Holdings Corp.		17,599
	339	MEDNAX, Inc.*		15,204
	718	Miraca Holdings, Inc.		32,693
	204	Patterson Cos., Inc.		7,854
	494	Quest Diagnostics, Inc.		53,525
	159	Ramsay Health Care Ltd.		8,638

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – (continued)
	688	Sonic Healthcare Ltd.	$	11,982
	868	Suzuken Co. Ltd.		31,640
	1,471	UnitedHealth Group, Inc.		292,582
	249	Universal Health Services, Inc. Class B		26,924
				1,550,804
Health Care Technology – 0.0%
	414	Cerner Corp.*		28,061
	598	M3, Inc.		15,567
	183	Veeva Systems, Inc. Class A*		10,888
				54,516
Hotels, Restaurants & Leisure – 0.4%
	2,697	Aramark		109,741
	4,571	Aristocrat Leisure Ltd.		76,970
	1,238	Carnival Corp.		86,016
	388	Carnival PLC		26,997
	3,547	Compass Group PLC		75,848
	659	Darden Restaurants, Inc.		54,097
	799	Domino’s Pizza, Inc.		145,626
	3,738	Flight Centre Travel Group Ltd.		144,007
	3,397	Galaxy Entertainment Group Ltd.		21,404
	17,779	Genting Singapore PLC		15,572
	1,163	Hilton Worldwide Holdings, Inc.		74,816
	710	InterContinental Hotels Group PLC		35,420
	513	Las Vegas Sands Corp.		31,914
	577	Marriott International, Inc. Class A		59,766
	970	McDonald’s Corp.		155,171
	1,055	McDonald’s Holdings Co. Japan Ltd.		46,895
	515	Melco Resorts & Entertainment Ltd. ADR		11,304
	1,425	Merlin Entertainments PLC(b)		8,501
	7,743	MGM China Holdings Ltd.		15,558
	1,229	MGM Resorts International		40,508
	273	Norwegian Cruise Line Holdings Ltd.*		16,232
	276	Oriental Land Co. Ltd.		20,755
	280	Restaurant Brands International, Inc.		17,092
	856	Royal Caribbean Cruises Ltd.		106,538
	5,931	Shangri-La Asia Ltd.		9,946
	148,532	SJM Holdings Ltd.		129,852
	159	Sodexo SA		18,561
	1,267	Starbucks Corp.		69,508
	4,070	Tabcorp Holdings Ltd.		13,311
	132	Vail Resorts, Inc.		30,089
	1,235	Whitbread PLC		60,034
	812	Wyndham Worldwide Corp.		80,940
	7,900	Wynn Macau Ltd.		17,410
	143	Wynn Resorts Ltd.		19,875
	1,057	Yum! Brands, Inc.		81,199
				1,927,473
Household Durables – 0.2%
	10,047	Barratt Developments PLC		81,395
	317	Berkeley Group Holdings PLC		15,360
	384	D.R. Horton, Inc.		13,882
	1,338	Electrolux AB Series B		48,681
Common Stocks – (continued)
Household Durables – (continued)
	191	Garmin Ltd.		9,836
	1,644	Husqvarna AB Class B		16,595
	444	Leggett & Platt, Inc.		20,411
	559	Lennar Corp. Class A		28,934
	48	Mohawk Industries, Inc.*		12,150
	264	Newell Brands, Inc.		12,746
	1,363	Nikon Corp.		22,468
	11	NVR, Inc.*		29,929
	2,158	Panasonic Corp.		28,766
	842	Persimmon PLC		28,995
	895	PulteGroup, Inc.		23,109
	119	Rinnai Corp.		10,344
	464	SEB SA		84,279
	1,262	Sekisui Chemical Co. Ltd.		23,564
	610	Sekisui House Ltd.		10,561
	5,232	Sharp Corp.*		15,700
	2,113	Sony Corp.		83,608
	8,939	Taylor Wimpey PLC		23,226
	7,948	Techtronic Industries Co. Ltd.		41,181
	600	Toll Brothers, Inc.		23,376
	161	Whirlpool Corp.		27,631
				736,727
Household Products – 0.2%
	661	Church & Dwight Co., Inc.		33,162
	2,338	Colgate-Palmolive Co.		167,494
	309	Essity AB*		8,579
	388	Henkel AG & Co. KGaA		49,129
	687	Kimberly-Clark Corp.		84,700
	5,214	Lion Corp.		103,936
	400	Reckitt Benckiser Group PLC		37,932
	544	Spectrum Brands Holdings, Inc.(a)		59,818
	757	The Clorox Co.		104,867
	2,647	The Procter & Gamble Co.		244,239
	1,208	Unicharm Corp.		28,440
				922,296
Independent Power and Renewable Electricity Producers – 0.0%
	11,969	AES Corp.		132,138
	10,375	Meridian Energy Ltd.		21,985
				154,123
Industrial Conglomerates – 0.2%
	1,063	3M Co.		217,192
	1,601	CK Hutchison Holdings Ltd.		20,990
	111	DCC PLC		10,121
	4,666	General Electric Co.		114,550
	919	Honeywell International, Inc.		127,070
	255	Jardine Matheson Holdings Ltd.		16,772
	727	Jardine Strategic Holdings Ltd.		31,918
	1,875	Keihan Holdings Co. Ltd.		11,314
	7,832	NWS Holdings Ltd.		15,074
	140	Roper Technologies, Inc.		32,293
	800	Siemens AG		104,727
	1,977	Smiths Group PLC		39,507
				741,528

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Insurance – 0.8%
	4,756	Admiral Group PLC	$	118,815
	1,294	Aegon NV		7,399
	908	Aflac, Inc.		74,955
	323	Ageas		14,995
	11,449	AIA Group Ltd.		88,178
	56	Alleghany Corp.*		31,515
	604	Allianz SE		129,453
	363	American Financial Group, Inc.		36,957
	647	American International Group, Inc.		39,131
	798	Aon PLC		111,050
	424	Arch Capital Group Ltd.*		41,272
	442	Arthur J. Gallagher & Co.		25,592
	1,452	Assicurazioni Generali SpA		26,046
	579	Assurant, Inc.		54,826
	373	Athene Holding Ltd. Class A*		19,959
	4,146	Aviva PLC		28,036
	1,957	AXA SA		56,742
	715	Axis Capital Holdings Ltd.		43,072
	181	Baloise Holding AG		28,845
	442	Brighthouse Financial, Inc.*		25,225
	553	Chubb Ltd.		78,205
	357	Cincinnati Financial Corp.		27,432
	1,380	CNP Assurances		32,031
	1,225	Dai-ichi Life Holdings, Inc.		19,589
	2,108	Direct Line Insurance Group PLC		10,360
	212	Everest Re Group Ltd.		53,526
	732	FNF Group		35,312
	661	Gjensidige Forsikring ASA		11,567
	1,039	Great-West Lifeco, Inc.		28,780
	74	Hannover Rueck SE		8,977
	1,301	Industrial Alliance Insurance & Financial Services, Inc.		55,832
	4,952	Insurance Australia Group Ltd.		25,271
	280	Intact Financial Corp.		23,082
	747	Japan Post Holdings Co. Ltd.		9,276
	6,978	Legal & General Group PLC		23,498
	723	Lincoln National Corp.		49,063
	635	Loews Corp.		29,578
	4,245	Manulife Financial Corp.		83,387
	6,669	Mapfre SA		23,643
	19	Markel Corp.*		19,988
	1,604	Marsh & McLennan Cos., Inc.		125,240
	14,527	Medibank Pvt. Ltd.		35,167
	1,145	MetLife, Inc.		53,620
	691	MS&AD Insurance Group Holdings, Inc.		22,762
	238	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		49,156
	741	NN Group NV		29,420
	3,548	Old Mutual PLC		9,530
	3,802	Poste Italiane SpA(b)		27,648
	2,134	Power Corp. of Canada		52,156
	1,872	Power Financial Corp.		50,535
	826	Principal Financial Group, Inc.		51,642
	1,042	Prudential Financial, Inc.		106,367
	1,856	Prudential PLC		43,568
	5,593	QBE Insurance Group Ltd.		46,447
Common Stocks – (continued)
Insurance – (continued)
	574	Reinsurance Group of America, Inc.		77,174
	229	RenaissanceRe Holdings Ltd.		31,868
	3,319	RSA Insurance Group PLC		28,616
	400	Sampo Oyj Class A		21,118
	687	SCOR SE		28,760
	653	Sompo Holdings, Inc.		24,526
	2,083	Sun Life Financial, Inc.		79,984
	4,549	Suncorp Group Ltd.		47,238
	99	Swiss Life Holding AG*		35,442
	439	Swiss Re AG		39,750
	880	T&D Holdings, Inc.		11,982
	792	The Allstate Corp.		71,676
	1,003	The Hartford Financial Services Group, Inc.		54,232
	1,246	The Progressive Corp.		57,914
	589	The Travelers Cos., Inc.		71,375
	341	Tokio Marine Holdings, Inc.		13,579
	550	Torchmark Corp.		42,334
	385	Tryg A/S		8,907
	7,462	UnipolSai Assicurazioni SpA		16,958
	1,380	Unum Group		66,488
	630	W.R. Berkley Corp.		41,983
	117	Willis Towers Watson PLC		17,371
	926	XL Group Ltd.		37,929
	189	Zurich Insurance Group AG		56,567
				3,337,489
Internet & Direct Marketing Retail – 0.3%
	647	Amazon.com, Inc.*		634,448
	413	Expedia, Inc.		61,273
	2,908	Liberty Interactive Corp. QVC Group Class A*		64,325
	969	Netflix, Inc.*		169,294
	4,940	Start Today Co. Ltd.		153,783
	98	The Priceline Group, Inc.*		181,504
	1,743	TripAdvisor, Inc.*(a)		74,478
	1,629	Zalando SE*(b)		77,237
				1,416,342
Internet Software & Services – 0.5%
	1,118	Akamai Technologies, Inc.*		52,714
	474	Alphabet, Inc. Class A*		452,784
	497	Alphabet, Inc. Class C*		466,847
	20,824	Auto Trader Group PLC(b)		95,272
	80	CoStar Group, Inc.*		22,929
	506	DeNA Co. Ltd.		10,816
	2,558	eBay, Inc.*		92,420
	3,507	Facebook, Inc. Class A*		603,099
	4,887	Kakaku.com, Inc.		60,921
	179	MercadoLibre, Inc.		46,266
	2,269	Mixi, Inc.		121,195
	440	Shopify, Inc. Class A*		48,625
	1,273	Twitter, Inc.*		21,526
	231	United Internet AG		13,728
	333	VeriSign, Inc.*		34,549
	1,729	Yahoo Japan Corp.		7,938
	498	Zillow Group, Inc. Class C*		19,731
				2,171,360

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
IT Services – 0.5%
	1,468	Accenture PLC Class A	$	191,956
	368	Alliance Data Systems Corp.		82,984
	577	Amadeus IT Group SA		35,821
	1,565	Atos SE		241,394
	582	Automatic Data Processing, Inc.		61,966
	498	Broadridge Financial Solutions, Inc.		38,909
	711	Capgemini SE		78,823
	978	Cognizant Technology Solutions Corp. Class A		69,213
	1,248	Computershare Ltd.		13,965
	1,108	DXC Technology Co.		94,180
	1,436	Fidelity National Information Services, Inc.		133,433
	392	Fiserv, Inc.*		48,494
	78	FleetCor Technologies, Inc.*		11,214
	9,379	Fujitsu Ltd.		69,525
	609	Gartner, Inc.*		73,439
	118	Global Payments, Inc.		11,268
	1,536	International Business Machines Corp.		219,694
	270	Jack Henry & Associates, Inc.		27,829
	535	Leidos Holdings, Inc.		31,201
	1,262	MasterCard, Inc. Class A		168,225
	242	Nomura Research Institute Ltd.		9,423
	3,340	NTT Data Corp.		36,071
	204	Obic Co. Ltd.		12,797
	117	Otsuka Corp.		7,754
	823	Paychex, Inc.		46,936
	1,234	PayPal Holdings, Inc.*		76,113
	1,087	Sabre Corp.		20,044
	1,303	The Western Union Co.		24,653
	1,217	Total System Services, Inc.		84,119
	419	Vantiv, Inc. Class A*		29,619
	1,476	Visa, Inc. Class A		152,795
	6,224	Worldpay Group PLC(b)		33,585
				2,237,442
Leisure Products – 0.0%
	1,179	Bandai Namco Holdings, Inc.		39,571
	725	Hasbro, Inc.		71,231
	470	Mattel, Inc.		7,623
	362	Sankyo Co. Ltd.		11,821
	1,145	Sega Sammy Holdings, Inc.		16,473
				146,719
Life Sciences Tools & Services – 0.1%
	352	Agilent Technologies, Inc.		22,781
	26	Eurofins Scientific SE		14,867
	248	Illumina, Inc.*		50,706
	65	Lonza Group AG*		16,479
	239	Mettler-Toledo International, Inc.*		144,616
	1,208	QIAGEN NV*		38,971
	1,033	Quintiles IMS Holdings, Inc.*		99,199
	540	Thermo Fisher Scientific, Inc.		101,056
	245	Waters Corp.*		44,953
				533,628
Common Stocks – (continued)
Machinery – 0.3%
	1,010	AGCO Corp.		69,135
	368	Alfa Laval AB		8,339
	321	ANDRITZ AG		17,480
	1,299	Atlas Copco AB Class A		50,963
	899	Atlas Copco AB Class B		32,104
	609	Caterpillar, Inc.		71,551
	5,235	CNH Industrial NV		59,463
	454	Cummins, Inc.		72,359
	397	Deere & Co.		46,024
	281	Dover Corp.		23,851
	185	FANUC Corp.		35,942
	497	Fortive Corp.		32,290
	921	Hitachi Construction Machinery Co. Ltd.		25,966
	104	IDEX Corp.		12,228
	6,116	IHI Corp.*		20,252
	654	Illinois Tool Works, Inc.		89,932
	662	IMI PLC		9,720
	1,203	Ingersoll-Rand PLC		102,724
	170	KION Group AG		15,529
	1,466	Komatsu Ltd.		39,564
	228	Kone Oyj Class B		12,373
	586	Kubota Corp.		10,137
	428	Kurita Water Industries Ltd.		12,323
	334	Makita Corp.		13,429
	198	MAN SE		22,232
	463	MINEBEA MITSUMI, Inc.		7,610
	358	Nabtesco Corp.		12,536
	799	NSK Ltd.		9,470
	281	PACCAR, Inc.		18,639
	351	Parker-Hannifin Corp.		56,472
	666	Pentair PLC		41,325
	2,397	Sandvik AB		39,630
	128	Schindler Holding AG		27,178
	591	SKF AB Class B		11,814
	223	Snap-on, Inc.		32,908
	244	Stanley Black & Decker, Inc.		35,136
	2,053	Sumitomo Heavy Industries Ltd.		15,309
	218	The Middleby Corp.*		26,531
	360	THK Co. Ltd.		12,016
	2,428	Volvo AB Class B		41,500
	55	WABCO Holdings, Inc.*		7,899
	133	Wabtec Corp.(a)		9,386
	250	Wartsila Oyj Abp		17,254
	299	Xylem, Inc.		18,559
	40,723	Yangzijiang Shipbuilding Holdings Ltd.		45,008
				1,392,090
Marine – 0.0%
	4	AP Moller – Maersk A/S Class B		8,262
	697	Kuehne & Nagel International AG		126,311
	6,380	Mitsui OSK Lines Ltd.		20,479
				155,052
Media – 0.3%
	336	Altice NV Class A*		7,751
	186	Axel Springer SE		11,525

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Media – (continued)
	247	Charter Communications, Inc. Class A*	$	98,439
	5,000	Comcast Corp. Class A		203,050
	600	Discovery Communications, Inc. Class A*		13,326
	752	Discovery Communications, Inc. Class C*		15,800
	1,080	Eutelsat Communications SA		31,402
	271	GEDI Gruppo Editoriale SpA*		232
	971	Hakuhodo DY Holdings, Inc.		13,208
	5,806	I-CABLE Communications Ltd.*		216
	422	Liberty Broadband Corp. Class C*		42,846
	826	Liberty Global PLC Class A*		28,084
	1,092	Liberty Global PLC Series C*		36,069
	800	Liberty Media Corp.-Liberty SiriusXM Class A*		35,760
	979	Liberty Media Corp.-Liberty SiriusXM Class C*		43,673
	3,025	News Corp. Class A		40,444
	442	Omnicom Group, Inc.		31,992
	252	ProSiebenSat.1 Media SE		8,453
	546	Publicis Groupe SA		36,846
	641	RTL Group*		48,710
	2,435	Schibsted ASA Class A		59,165
	2,599	Schibsted ASA Class B		59,545
	374	Scripps Networks Interactive, Inc. Class A		32,033
	738	Shaw Communications, Inc. Class B		16,465
	3,053	Sirius XM Holdings, Inc.(a)		17,555
	177	Telenet Group Holding NV*		11,988
	536	The Interpublic Group of Cos., Inc.		10,795
	1,445	The Walt Disney Co.		146,234
	984	Time Warner, Inc.		99,482
	306	Toho Co. Ltd.		11,375
	696	Twenty-First Century Fox, Inc. Class A		19,203
	337	Twenty-First Century Fox, Inc. Class B		9,133
	1,223	Viacom, Inc. Class B		34,978
	418	Vivendi SA		9,589
	1,755	WPP PLC		32,006
				1,317,372
Metals & Mining – 0.3%
	14,505	Alumina Ltd.		24,497
	5,057	Anglo American PLC		92,050
	834	Antofagasta PLC		11,181
	1,209	ArcelorMittal*		32,213
	1,528	Barrick Gold Corp.		27,519
	2,563	BHP Billiton Ltd.		55,794
	1,688	BHP Billiton PLC		32,135
	5,206	BlueScope Steel Ltd.		45,061
	933	Boliden AB		32,652
	10,919	Fortescue Metals Group Ltd.		52,537
	5,095	Freeport-McMoRan, Inc.*		75,304
	34,921	Glencore PLC*		162,748
	670	Hitachi Metals Ltd.		8,951
	741	JFE Holdings, Inc.		14,612
	4,175	Kinross Gold Corp.*		19,024
	526	Maruichi Steel Tube Ltd.		15,569
Common Stocks – (continued)
Metals & Mining – (continued)
	496	Mitsubishi Materials Corp.		17,826
	1,655	Newcrest Mining Ltd.		30,336
	2,096	Newmont Mining Corp.		80,361
	1,182	Nippon Steel & Sumitomo Metal Corp.		28,218
	1,377	Norsk Hydro ASA		9,942
	155	Nucor Corp.		8,542
	497	Rio Tinto Ltd.		26,945
	1,442	Rio Tinto PLC		70,040
	37,524	South32 Ltd.		87,802
	1,093	Steel Dynamics, Inc.		37,654
	2,227	Teck Resources Ltd. Class B		55,427
	285	voestalpine AG		14,790
				1,169,730
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	3,606	AGNC Investment Corp.		77,673
	5,679	Annaly Capital Management, Inc.		70,988
				148,661
Multi-Utilities – 0.2%
	2,168	AGL Energy Ltd.		41,432
	586	Ameren Corp.		35,154
	413	Atco Ltd. Class I		15,217
	362	Canadian Utilities Ltd. Class A		11,283
	1,546	CenterPoint Energy, Inc.		45,793
	16,088	Centrica PLC		41,582
	626	CMS Energy Corp.		30,386
	550	Consolidated Edison, Inc.		46,348
	719	Dominion Energy, Inc.		56,636
	397	DTE Energy Co.		44,591
	3,343	E.ON SE		37,834
	806	Engie SA		13,459
	272	Innogy SE(b)		11,998
	2,482	National Grid PLC		31,283
	615	NiSource, Inc.		16,525
	476	Public Service Enterprise Group, Inc.		22,296
	2,581	RWE AG*		64,456
	428	SCANA Corp.		25,843
	265	Sempra Energy		31,251
	500	Suez		9,486
	510	Veolia Environnement SA		11,957
	477	WEC Energy Group, Inc.		31,110
				675,920
Multiline Retail – 0.2%
	67	Canadian Tire Corp. Ltd. Class A		7,930
	1,169	Dollar General Corp.		84,823
	498	Dollar Tree, Inc.*		39,661
	1,284	Dollarama, Inc.		126,544
	3,516	Harvey Norman Holdings Ltd.		11,425
	2,783	Kohl’s Corp.		110,708
	3,746	Macy’s, Inc.		77,804
	20,560	Marks & Spencer Group PLC		85,123
	1,854	Next PLC		99,084
	2,324	Nordstrom, Inc.(a)		103,697
	381	Ryohin Keikaku Co. Ltd.		105,822

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Multiline Retail – (continued)
	1,380	Takashimaya Co. Ltd.	$	12,664
	2,071	Target Corp.		112,932
				978,217
Oil, Gas & Consumable Fuels – 0.5%
	947	Andeavor		94,842
	13,484	BP PLC		77,889
	1,573	Caltex Australia Ltd.		41,833
	3,149	Cameco Corp.		31,572
	6,161	Cenovus Energy, Inc.		48,203
	1,831	Chevron Corp.		197,052
	446	ConocoPhillips		19,472
	480	Enagas SA		14,159
	623	Enbridge, Inc.		24,905
	1,144	Eni SpA		17,968
	187	EOG Resources, Inc.		15,893
	3,620	Exxon Mobil Corp.		276,315
	802	Galp Energia SGPS SA		13,286
	2,681	HollyFrontier Corp.		83,942
	4,399	Husky Energy, Inc.*		51,467
	1,635	Idemitsu Kosan Co. Ltd.		39,937
	1,547	Imperial Oil Ltd.		45,664
	594	Inter Pipeline Ltd.		10,879
	7,964	JXTG Holdings, Inc.		38,573
	646	Kinder Morgan, Inc.		12,487
	3,067	Marathon Oil Corp.		34,105
	1,007	Marathon Petroleum Corp.		52,817
	2,958	Murphy Oil Corp.		67,028
	349	Occidental Petroleum Corp.		20,835
	1,091	OMV AG		62,765
	268	ONEOK, Inc.		14,515
	4,769	Origin Energy Ltd.*		29,111
	418	Pembina Pipeline Corp.		13,473
	367	Phillips 66		30,758
	5,459	Repsol SA		93,932
	4,305	Royal Dutch Shell PLC Class A		118,641
	3,846	Royal Dutch Shell PLC Class B		107,344
	5,100	Santos Ltd.*		15,355
	2,441	Showa Shell Sekiyu K.K.		26,775
	3,898	Snam SpA		18,992
	1,123	Statoil ASA		21,251
	629	Suncor Energy, Inc.		19,710
	1,137	The Williams Cos., Inc.		33,803
	1,411	TOTAL SA		73,213
	688	TransCanada Corp.		34,936
	2,659	Valero Energy Corp.		181,078
	1,548	Veresen, Inc.		21,805
	490	Woodside Petroleum Ltd.		11,276
				2,259,856
Paper & Forest Products – 0.0%
	1,303	Mondi PLC		35,604
	4,753	Oji Holdings Corp.		24,952
	3,139	Stora Enso Oyj Class R		41,261
	3,253	UPM-Kymmene Oyj		84,678
	514	West Fraser Timber Co. Ltd.		26,668
				213,163
Common Stocks – (continued)
Personal Products – 0.3%
	808	Beiersdorf AG		86,347
	1,476	Kao Corp.		92,273
	998	Kose Corp.		125,398
	652	L’Oreal SA		137,742
	3,148	Pola Orbis Holdings, Inc.		101,070
	2,986	Shiseido Co. Ltd.		123,720
	1,541	The Estee Lauder Cos., Inc. Class A		164,871
	2,021	Unilever NV		120,319
	2,727	Unilever PLC		159,106
				1,110,846
Pharmaceuticals – 0.7%
	98	Allergan PLC		22,489
	4,261	Astellas Pharma, Inc.		53,822
	952	AstraZeneca PLC		55,814
	1,397	Bayer AG		179,059
	2,189	Bristol-Myers Squibb Co.		132,391
	737	Daiichi Sankyo Co. Ltd.		17,446
	1,448	Eli Lilly & Co.		117,708
	7,225	GlaxoSmithKline PLC		143,342
	139	H. Lundbeck A/S		8,870
	813	Ipsen SA		109,372
	174	Jazz Pharmaceuticals PLC*		25,989
	3,307	Johnson & Johnson		437,748
	3,026	Mallinckrodt PLC*		124,308
	2,460	Merck & Co., Inc.		157,096
	459	Merck KGaA		50,462
	1,084	Mitsubishi Tanabe Pharma Corp.		26,739
	4,578	Mylan NV*		144,115
	1,128	Novartis AG		95,098
	1,869	Novo Nordisk A/S Class B		89,058
	1,654	Orion Oyj Class B		78,312
	456	Otsuka Holdings Co. Ltd.		18,381
	1,089	Perrigo Co. PLC		85,987
	5,423	Pfizer, Inc.		183,948
	793	Recordati SpA		34,011
	723	Roche Holding AG		183,693
	867	Sanofi		84,533
	1,686	Sumitomo Dainippon Pharma Co. Ltd.		23,015
	152	Taisho Pharmaceutical Holdings Co. Ltd.		11,901
	642	Takeda Pharmaceutical Co. Ltd.		35,602
	811	Taro Pharmaceutical Industries Ltd.*(a)		85,025
	7,696	Teva Pharmaceutical Industries Ltd. ADR		122,059
	3,255	Valeant Pharmaceuticals International, Inc.*		43,765
	1,294	Zoetis, Inc.		81,134
				3,062,292
Professional Services – 0.2%
	657	Adecco Group AG		47,621
	512	Bureau Veritas SA		12,172
	5,699	Capita PLC		47,829
	109	Equifax, Inc.		15,529
	1,741	Experian PLC		35,008
	519	IHS Markit Ltd.*		24,310
	323	Intertek Group PLC		21,372

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Professional Services – (continued)
	798	ManpowerGroup, Inc.	$	88,985
	329	Nielsen Holdings PLC		12,782
	862	Randstad Holding NV		50,398
	7,647	Recruit Holdings Co. Ltd.		152,401
	1,573	RELX NV		33,033
	2,132	RELX PLC		46,619
	2,578	Robert Half International, Inc.		116,783
	591	SEEK Ltd.		7,883
	41	SGS SA		91,517
	190	Verisk Analytics, Inc.*		15,399
	1,240	Wolters Kluwer NV		54,173
				873,814
Real Estate Management & Development – 0.2%
	155	Azrieli Group Ltd.		8,941
	11,727	CapitaLand Ltd.		32,772
	1,192	CBRE Group, Inc. Class A*		43,007
	6,299	Cheung Kong Property Holdings Ltd.		55,430
	1,459	City Developments Ltd.		12,627
	258	Daito Trust Construction Co. Ltd.		45,715
	460	Daiwa House Industry Co. Ltd.		16,087
	182	Deutsche Wohnen SE		7,735
	792	First Capital Realty, Inc.		12,869
	6,630	Global Logistic Properties Ltd.		15,856
	5,214	Hang Lung Group Ltd.		19,672
	5,502	Hang Lung Properties Ltd.		13,415
	1,368	Henderson Land Development Co. Ltd.		8,497
	2,422	Hongkong Land Holdings Ltd.		17,970
	882	Jones Lang LaSalle, Inc.		107,525
	10,491	Kerry Properties Ltd.		41,643
	2,061	LendLease Group		27,242
	25,527	New World Development Co. Ltd.		34,937
	5,154	Sino Land Co. Ltd.		8,929
	2,026	Sun Hung Kai Properties Ltd.		33,859
	1,435	Swire Pacific Ltd. Class A		14,615
	4,709	Swire Properties Ltd.		16,339
	155	Swiss Prime Site AG*		14,024
	3,680	The Wharf Holdings Ltd.		35,106
	4,344	Tokyu Fudosan Holdings Corp.		25,920
	1,468	UOL Group Ltd.		8,870
	341	Vonovia SE		14,424
	8,975	Wheelock & Co. Ltd.		67,245
				761,271
Road & Rail – 0.1%
	29	AMERCO		10,823
	7,423	Aurizon Holdings Ltd.		29,240
	699	Canadian National Railway Co.		56,659
	241	Central Japan Railway Co.		40,863
	1,040	CSX Corp.		52,208
	196	DSV A/S		13,913
	173	East Japan Railway Co.		15,882
	319	Hankyu Hanshin Holdings, Inc.		12,165
	290	J.B. Hunt Transport Services, Inc.		28,678
	148	Kansas City Southern		15,308
	2,587	Keikyu Corp.		27,500
Common Stocks – (continued)
Road & Rail – (continued)
	1,113	Keio Corp.		9,262
	280	Keisei Electric Railway Co. Ltd.		7,634
	3,600	Kintetsu Group Holdings Co. Ltd.		13,604
	340	Kyushu Railway Co.		10,650
	5,493	MTR Corp. Ltd.		32,151
	2,395	Nagoya Railroad Co. Ltd.		10,726
	8,968	Nippon Express Co. Ltd.		61,889
	355	Norfolk Southern Corp.		42,785
	2,305	Tobu Railway Co. Ltd.		12,756
	807	Union Pacific Corp.		84,977
	306	West Japan Railway Co.		22,256
				611,929
Semiconductors & Semiconductor Equipment – 0.4%
	4,004	Advanced Micro Devices, Inc.*		52,052
	966	Analog Devices, Inc.		80,825
	3,501	Applied Materials, Inc.		157,965
	1,620	ASM Pacific Technology Ltd.		20,077
	505	ASML Holding NV		78,843
	445	Broadcom Ltd.		112,171
	43	Disco Corp.		7,720
	1,082	Infineon Technologies AG		24,988
	9,185	Intel Corp.		322,118
	668	KLA-Tencor Corp.		62,585
	607	Lam Research Corp.		100,750
	1,382	Marvell Technology Group Ltd.		24,752
	389	Maxim Integrated Products, Inc.		18,151
	512	Microchip Technology, Inc.		44,442
	960	Micron Technology, Inc.*		30,691
	1,054	NVIDIA Corp.		178,590
	122	NXP Semiconductors NV*		13,781
	892	Qorvo, Inc.*		65,312
	580	QUALCOMM, Inc.		30,317
	162	Rohm Co. Ltd.		12,613
	607	Skyworks Solutions, Inc.		63,953
	1,216	STMicroelectronics NV		21,149
	2,550	Texas Instruments, Inc.		211,191
	374	Tokyo Electron Ltd.		52,674
	488	Xilinx, Inc.		32,237
				1,819,947
Software – 0.8%
	1,263	Activision Blizzard, Inc.		82,802
	904	Adobe Systems, Inc.*		140,265
	296	ANSYS, Inc.*		38,131
	507	Autodesk, Inc.*		58,031
	1,785	CA, Inc.		59,226
	4,523	Cadence Design Systems, Inc.*		177,709
	750	CDK Global, Inc.		48,375
	221	Check Point Software Technologies Ltd.*		24,723
	1,323	Citrix Systems, Inc.*		103,472
	253	Constellation Software, Inc.		140,679
	258	Dassault Systemes SE		25,413
	2,323	Dell Technologies, Inc. Class V*		174,062
	820	Electronic Arts, Inc.*		99,630
	826	Fortinet, Inc.*		31,553

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	1,112	Gemalto NV	$	60,129
	1,251	Intuit, Inc.		176,954
	141	Konami Holdings Corp.		7,352
	975	LINE Corp.*		34,463
	10,824	Microsoft Corp.		809,311
	306	Nexon Co. Ltd.*		7,646
	137	Nice Ltd.		10,745
	74	Nintendo Co. Ltd.		24,681
	6,060	Nuance Communications, Inc.*		97,384
	4,412	Oracle Corp.		233,831
	749	Red Hat, Inc.*		80,518
	652	salesforce.com, Inc.*		62,260
	934	SAP SE		98,025
	746	ServiceNow, Inc.*		86,678
	670	Splunk, Inc.*		44,950
	499	SS&C Technologies Holdings, Inc.		19,316
	1,726	Symantec Corp.		51,746
	1,327	Synopsys, Inc.*		106,717
	10,272	The Sage Group PLC		92,004
	533	VMware, Inc. Class A*(a)		57,617
				3,366,398
Specialty Retail – 0.6%
	280	ABC-Mart, Inc.		14,407
	350	Advance Auto Parts, Inc.		34,265
	864	AutoNation, Inc.*		39,200
	165	AutoZone, Inc.*		87,193
	4,275	Bed Bath & Beyond, Inc.		117,947
	3,170	Best Buy Co., Inc.		172,004
	3,606	Dick’s Sporting Goods, Inc.		95,054
	5,130	Dixons Carphone PLC		11,520
	85	Dufry AG*		13,107
	170	Fast Retailing Co. Ltd.		48,625
	2,876	Foot Locker, Inc.		101,322
	5,325	Hennes & Mauritz AB Class B		134,938
	684	Hikari Tsushin, Inc.		84,757
	2,795	Industria de Diseno Textil SA		106,317
	16,408	Kingfisher PLC		63,401
	2,243	L Brands, Inc.		81,241
	1,876	Lowe’s Cos., Inc.		138,618
	723	Nitori Holdings Co. Ltd.		111,741
	439	O’Reilly Automotive, Inc.*		86,101
	2,138	Ross Stores, Inc.		124,966
	143	Shimamura Co. Ltd.		17,471
	903	Signet Jewelers Ltd.(a)		56,952
	13,806	Staples, Inc.		141,028
	5,394	The Gap, Inc.		127,406
	2,223	The Home Depot, Inc.		333,161
	2,008	The TJX Cos., Inc.		145,178
	769	Tiffany & Co.		70,287
	1,621	Tractor Supply Co.		96,466
	344	Ulta Salon, Cosmetics & Fragrance, Inc.*		76,027
	951	USS Co. Ltd.		18,705
	6,591	Yamada Denki Co. Ltd.		35,688
				2,785,093
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 0.4%
	8,708	Apple, Inc.		1,428,112
	2,837	Brother Industries Ltd.		67,302
	1,156	Canon, Inc.		40,520
	1,078	FUJIFILM Holdings Corp.		42,412
	1,358	Hewlett Packard Enterprise Co.		24,525	��
	3,269	HP, Inc.		62,373
	6,164	Konica Minolta, Inc.		49,194
	692	NetApp, Inc.		26,753
	504	Seagate Technology PLC		15,891
	547	Seiko Epson Corp.		14,037
	732	Western Digital Corp.		64,614
	2,123	Xerox Corp.		68,509
				1,904,242
Textiles, Apparel & Luxury Goods – 0.5%
	860	adidas AG		193,150
	1,656	Asics Corp.		24,971
	6,327	Burberry Group PLC		147,073
	399	Cie Financiere Richemont SA		35,668
	2,656	Coach, Inc.		110,755
	308	Hermes International		162,922
	1,398	HUGO BOSS AG		118,528
	100	Kering		37,513
	17,142	Li & Fung Ltd.		7,743
	1,797	Lululemon Athletica, Inc.*		103,417
	1,882	Luxottica Group SpA		108,470
	496	LVMH Moet Hennessy Louis Vuitton SE		130,284
	3,401	Michael Kors Holdings Ltd.*		143,590
	2,613	NIKE, Inc. Class B		137,993
	257	Pandora A/S		27,339
	623	PVH Corp.		78,430
	1,563	Ralph Lauren Corp.		137,372
	205	The Swatch Group AG		25,876
	3,776	Under Armour, Inc. Class A*(a)		60,982
	4,763	Under Armour, Inc. Class C*(a)		71,921
	1,895	VF Corp.		119,139
				1,983,136
Thrifts & Mortgage Finance – 0.0%
	838	New York Community Bancorp, Inc.		10,098
Tobacco – 0.1%
	2,185	Altria Group, Inc.		138,529
	2,003	British American Tobacco PLC		124,957
	1,089	Imperial Brands PLC		45,050
	552	Japan Tobacco, Inc.		18,909
	2,339	Philip Morris International, Inc.		273,499
	1,233	Swedish Match AB		43,992
				644,936
Trading Companies & Distributors – 0.2%
	180	AerCap Holdings NV*		9,054
	190	Brenntag AG		10,084
	478	Bunzl PLC		14,287
	2,442	Fastenal Co.		104,200
	1,602	Ferguson PLC		95,400

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	1,285	Finning International, Inc.	$	29,399
	856	HD Supply Holdings, Inc.*		28,505
	3,060	Itochu Corp.		49,969
	5,278	Marubeni Corp.		34,347
	1,836	MISUMI Group, Inc.		47,159
	2,607	Mitsubishi Corp.		60,314
	4,376	Mitsui & Co. Ltd.		65,493
	2,680	Rexel SA		40,062
	4,238	Sumitomo Corp.		60,030
	1,167	Toyota Tsusho Corp.		35,910
	399	Travis Perkins PLC		7,765
	381	United Rentals, Inc.*		44,981
	739	W.W. Grainger, Inc.		120,139
				857,098
Transportation Infrastructure – 0.0%
	805	Abertis Infraestructuras SA		16,293
	189	Aena SA(b)		36,970
	153	Aeroports de Paris		27,285
	580	Atlantia SpA		18,675
	179	Fraport AG Frankfurt Airport Services Worldwide		17,680
	1,389	Kamigumi Co. Ltd.		15,380
	267	Macquarie Infrastructure Corp.		19,886
	1,339	Sydney Airport		7,887
	1,496	Transurban Group		14,502
				174,558
Water Utilities – 0.0%
	334	American Water Works Co., Inc.		27,021
	588	Severn Trent PLC		17,249
	1,441	United Utilities Group PLC		16,949
				61,219
Wireless Telecommunication Services – 0.1%
	1,077	KDDI Corp.		29,056
	824	NTT DOCOMO, Inc.		19,115
	413	Rogers Communications, Inc. Class B		21,560
	810	SoftBank Group Corp.		65,943
	1,735	Sprint Corp.*		14,314
	16,649	StarHub Ltd.		32,058
	814	T-Mobile US, Inc.*		52,674
	652	Tele2 AB Class B		7,593
	23,877	Vodafone Group PLC		68,329
				310,642
	TOTAL COMMON STOCKS
	(Cost $69,712,595)		$	76,100,289
Shares		Rate	Value
Preferred Stocks – 0.0%
Automobiles – 0.0%
	Volkswagen AG
	61	2.151%	$	9,114
	(Cost $9,397)
Chemicals – 0.0%
	FUCHS PETROLUB SE
	1,468	2.183		81,729
	(Cost $67,460)
	TOTAL PREFERRED STOCKS
	(Cost $76,857)		$	90,843
Units		Expiration Date	Value
Right* – 0.0%
	Getinge AB
	2,645	09/14/17		979
	(Cost $0)
Shares		Description	Value
Exchange Traded Funds – 68.4%
	1,544,563	iShares Core MSCI Emerging Markets ETF		83,421,848
	1,075,562	iShares MSCI EAFE ETF		71,955,098
	478,865	iShares MSCI EAFE Small-Cap ETF		28,846,827
	520,539	Vanguard S&P 500 ETF		118,318,515
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $254,946,116)		$	302,542,288
Shares		Distribution Rate	Value
Investment Company(c) – 7.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	33,972,216	0.927%	$	33,972,216
	(Cost $33,972,216)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $358,707,784)		$	412,706,615
Securities Lending Reinvestment Vehicle(c) – 0.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	635,996	0.927%		635,996
	(Cost $635,996)
	TOTAL INVESTMENTS – 93.5%
	(Cost $359,343,780)		$	413,342,611
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.5%			28,727,956
	NET ASSETS – 100.0%		$	442,070,567

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $525,832, which represents approximately 0.1% of net assets as of August 31, 2017.
(c)	Represents an Affiliated fund.

Currency Legend
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ADR	—American Depositary Receipt
ETF	—Exchange Traded Fund
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Morgan Stanley & Co. International PLC	AUD	2,410,000	USD	1,824,216	$	1,915,371		09/20/17	$	91,155
	CHF	2,580,000	USD	2,661,204		2,694,004		09/20/17		32,800
	DKK	2,940,000	USD	443,057		471,127		09/20/17		28,070
	EUR	7,650,000	USD	8,568,467		9,116,696		09/20/17		548,229
	GBP	3,775,000	USD	4,831,853		4,884,837		09/20/17		52,984
	JPY	675,000,000	USD	6,112,110		6,145,686		09/20/17		33,577
	NOK	1,450,000	USD	170,681		186,989		09/20/17		16,309
	SEK	7,650,000	USD	878,959		963,868		09/20/17		84,910
	SGD	470,000	USD	340,203		346,661		09/20/17		6,459
	USD	15,996,885	GBP	12,340,000		15,967,917		09/20/17		28,968
	USD	2,854,038	HKD	22,190,000		2,837,175		09/20/17		16,863
	USD	226,629	ILS	800,000		223,376		09/20/17		3,253
	USD	20,726,239	JPY	2,274,000,000		20,704,135		09/20/17		22,104
	USD	143,621	NZD	200,000		143,546		09/20/17		75
TOTAL									$	965,756

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC	HKD	6,630,000	USD	851,871	$	847,700		09/20/17	$	(4,170	)
	ILS	240,000	USD	68,269		67,013		09/20/17		(1,256	)
	NZD	60,000	USD	43,185		43,064		09/20/17		(121	)
	USD	6,113,362	AUD	8,110,000		6,445,502		09/20/17		(332,140	)
	USD	230,455	CAD	290,780		232,866		09/05/17		(2,411	)
	USD	1,843,925	CAD	2,480,000		1,986,394		09/20/17		(142,470	)
	USD	8,015,618	CHF	7,690,000		8,029,804		09/20/17		(14,185	)
	USD	1,571,652	DKK	10,340,000		1,656,955		09/20/17		(85,303	)
	USD	28,710,161	EUR	25,420,000		30,293,649		09/20/17		(1,583,488	)
	USD	548,375	NOK	4,650,000		599,656		09/20/17		(51,281	)
	USD	2,598,362	SEK	22,500,000		2,834,907		09/20/17		(236,545	)
	USD	1,137,495	SGD	1,570,000		1,157,996		09/20/17		(20,502	)
TOTAL									$	(2,473,872	)

FUTURES CONTRACTS — At August 31, 2017, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 Mini Index		621	09/15/17	$	43,606,620	$	(564,576	)
S&P Toronto Stock Exchange 60 Index		74	09/14/17		10,560,000		(183,526	)
TOTAL						$	(748,102	)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

August 31, 2017

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — For the fiscal ended August 31, 2017 the Fund had the following purchased options:

OPTIONS ON FUTURES CONTRACTS

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased Options Contracts:
Calls:
Eurodollar Futures	Credit Suisse International (London)		98.00 USD		09/18/17	USD	1,709	$	4,272,500	$	2,894,619	$	2,655,098	$	239,521
Eurodollar Futures	Credit Suisse International (London)		97.00 USD		12/18/17	USD	1,221		3,052,500		4,838,212		4,406,858		431,354
Eurodollar Futures	Credit Suisse International (London)		97.88 USD		12/18/17	USD	1,517		3,792,500		2,692,675		2,298,342		394,333
Eurodollar Futures	Credit Suisse International (London)		97.75 USD		03/19/18	USD	440		1,100,000		869,000		595,016		273,984
Eurodollar Futures	Credit Suisse International (London)		98.38 USD		03/19/18	USD	71		177,500		33,725		116,722		(82,997	)
Eurodollar Futures	Credit Suisse International (London)		98.25 USD		06/18/18	USD	33		82,500		22,688		31,426		(8,738	)
Eurodollar Futures	Credit Suisse International (London)		98.38 USD		06/18/18	USD	99		247,500		45,787		178,261		(132,474	)
Eurodollar Futures	Credit Suisse International (London)		98.13 USD		09/17/18	USD	80		200,000		73,000		89,185		(16,185	)
Eurodollar Futures	Credit Suisse International (London)		98.25 USD		09/17/18	USD	112		280,000		75,600		229,174		(153,574	)
Eurodollar Futures	Credit Suisse International (London)		98.00 USD		12/17/18	USD	104		260,000		112,450		130,240		(17,790	)
Eurodollar Futures	Credit Suisse International (London)		98.13 USD		12/17/18	USD	120		300,000		102,000		266,792		(164,792	)
Eurodollar Futures	Credit Suisse International (London)		99.00 USD		12/17/18	USD	3,240		8,100,000		202,500		250,484,		(47,984	)
Eurodollar Futures	Credit Suisse International (London)		97.88 USD		03/18/19	USD	99		247,500		131,794		143,779		(11,985	)
Eurodollar Futures	Credit Suisse International (London)		98.00 USD		03/18/19	USD	141		352,500		154,219		296,584		(142,365	)
Eurodollar Futures	Credit Suisse International (London)		99.00 USD		03/18/19	USD	1,873		4,682,500		175,594		191,627		(16,033	)
Eurodollar Futures	Credit Suisse International (London)		97.75 USD		06/17/19	USD	166		415,000		261,450		357,870		(96,420	)
Eurodollar Futures	Credit Suisse International (London)		99.00 USD		06/17/19	USD	614		1,535,000		76,750		78,168		(1,418	)
Total Calls							11,639	$	29,097,500	$	12,762,063	$	12,315,626	$	446,437
Puts:
Eurodollar Futures	Credit Suisse International (London)		100.00 USD		03/16/20	USD	1,221	$	3,052,500	$	5,555,550	$	7,377,298	$	(1,821,748	)
Total purchased options contracts							12,860	$	32,150,000	$	18,317,613	$	19,692,924	$	(1,375,311	)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Assets and Liabilities

August 31, 2017

Assets:
Investments of unaffiliated issuers, at value (cost $324,735,568)(a)	$	378,734,399
Investments of affiliated issuers, at value (cost $33,972,216)		33,972,216
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $635,996)		635,996
Cash		6,870,954
Foreign currencies, at value (cost $260,575)		264,696
Purchased options, at value (proceeds received $19,692,924)		18,317,613
Unrealized gain on forward foreign currency exchange contracts		965,756
Variation margin on certain derivative contracts		452,520
Receivables:
Collateral on certain derivative contracts(b)		5,621,002
Investments sold		2,091,921
Dividends		171,289
Fund shares sold		100,000
Foreign tax reclaims		23,292
Reimbursement from investment adviser		4,562
Securities lending income		804
Other assets		472
Total assets		448,227,492
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		2,473,872
Payables:
Investments purchased		2,901,638
Payable upon return of securities loaned		635,996
Transfer Agency fees		7,429
Accrued expenses		137,990
Total liabilities		6,156,925
Net Assets:
Paid-in capital		377,644,700
Undistributed net investment income		3,167,595
Accumulated net realized gain		10,885,032
Net unrealized gain		50,373,240
NET ASSETS	$	442,070,567
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		39,017,202
Institutional		11.33

(a) Includes loaned securities having a market value of $620,617.

(b) Includes amounts segregated for initial margin requirements and/or collateral on futures and forward foreign currency exchange contracts transactions of $2,801,002 and $2,820,000, respectively.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statements of Operations

	For the Period November 1, 2016 – August 31, 2017(a)			For the Fiscal Year ended October 31, 2016
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $54,602)	$	5,982,986		$	2,893,889
Dividends — affiliated issuers		166,779			29,238
Interest — unaffiliated issuers		14,243			—
Securities lending income — affiliated issuer		11,308			—
Total investment income		6,175,316			2,923,127
Expenses:
Management fees		1,021,334			424,841
Professional fees		100,928			87,876
Custody, accounting and administrative services		130,434			55,703
Transfer Agency fees		68,089			28,323
Printing and mailing costs		49,217			28,234
Registration fees		23,318			28,330
Trustee fees		14,948			21,625
Other		19,716			2,064
Total expenses		1,427,984			676,996
Less — expense reductions		(1,063,057	)		(443,298	)
Net expenses		364,927			233,698
NET INVESTMENT INCOME		5,810,389			2,689,429
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		9,331,147			(2,431,261	)
Purchased options		(1,105,972	)		(127,833	)
Futures contracts		3,795,290			1,927,543
Forward foreign currency exchange contracts		235,645			(555,197	)
Foreign currency transactions		(27,451	)		(1,649	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		48,481,984			3,365,327
Purchased options		(1,012,533	)		(467,036	)
Futures contracts		(109,438	)		(1,035,352	)
Forward foreign currency exchange contracts		(2,784,820	)		1,130,821
Foreign currency translation		7,626			(1,688	)
Net realized and unrealized gain		56,811,478			1,803,675
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	62,621,867		$	4,493,104

(a) The Fund changed its fiscal year end from October 31 to August 31.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statements of Changes in Net Assets

	For the Period November 1, 2016 – August 31, 2017*			For the Fiscal Year Ended October 31, 2016			For the Period Ended October 31,  2015(a)
From operations:
Net investment income	$	5,810,389		$	2,689,429		$	298,117
Net realized gain (loss)		12,228,659			(1,188,397	)		(16,536	)
Net change in unrealized gain		44,582,819			2,992,072			2,798,349
Net increase in net assets resulting from operations		62,621,867			4,493,104			3,079,930
Distributions to shareholders:
From net investment income		(3,930,110	)		(1,511,756	)		—
From net realized gains		—			(327,168	)		—
Total distributions to shareholders		(3,930,110	)		(1,838,924	)		—
From share transactions:
Proceeds from sales of shares		410,869,272			44,950,010			136,000,015
Reinvestment of distributions		3,930,110			1,838,924			—
Cost of shares redeemed		(175,666,473	)		(42,181,348	)		(2,095,810	)
Net increase in net assets resulting from share transactions		239,132,909			4,607,586			133,904,205
TOTAL INCREASE		297,824,666			7,261,766			136,984,135
Net assets:
Beginning of year		144,245,901			136,984,135			—
End of year	$	442,070,567		$	144,245,901		$	136,984,135
Undistributed net investment income	$	3,167,595		$	1,076,187		$	455,975

 * The Fund changed its fiscal year end from October 31 to August 31.

(a) Commenced operations April 30, 2015.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 PERIOD NOVEMBER 1, 2016 – AUGUST 31,*
2017 - Institutional Shares	$	9.84	$	0.15	$	1.54		$	1.69		$	(0.20	)	$	—		$	(0.20	)
FOR THE FISCAL YEAR ENDED OCTOBER 31,
2016 - Institutional Shares		9.68		0.18		0.11			0.29			(0.11	)		(0.02	)		(0.13	)
FOR THE PERIOD ENDED OCTOBER 31,
2015 - Institutional Shares (Commenced April 30, 2015)		10.00		0.05		(0.37	)		(0.32	)		—			—			—

 * The Fund changed its fiscal year end from October 31 to August 31.

(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 impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Expense ratios exclude the expenses of the other investment companies and exchange traded funds in which the Fund invests.

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

(e) Annualized.

(f) Portfolio Turnover rounds to less than 0.5%.

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

GOLDMAN SACHS GLOBAL MANAGED BETA 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 to average net assets			Portfolio turnover rate(d)
$	11.33		17.43	%	$	442,071		0.10	%(e)		0.42	%(e)		1.71	%(e)		44	%
	9.84		3.08			144,246		0.17			0.48			1.90			37
	9.68		(3.20	)		136,984		0.37	(e)		0.68	(e)		1.04	(e)		—	(f)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements

August 31, 2017

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Global Managed Beta Fund (the “Fund”) is a diversified fund that currently offers one class of shares — Institutional Shares. Effective August 25, 2017, the Fund changed its fiscal year end from October 31 to August 31. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, Goldman, Sachs & Co.) (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund 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.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the 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 Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

32

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. 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.

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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.

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

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security 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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, 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 Fund if any, is noted in the Schedule of Investments.

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

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

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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 Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. 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 Fund’s investments and derivatives classified in the fair value hierarchy as of August 31, 2017:

GLOBAL MANAGED BETA
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	100,874			$        —
Asia		415,615			9,402,957			—
Australia and Oceania		16,778			2,371,262			—
Europe		1,166,649			16,858,321			—
North America		45,683,462			117,767			—
South America		46,266			11,181			—
Rights		—			979
Exchange Traded Funds		302,542,288			—			—
Investment Company		33,972,216			—			—
Securities Lending Reinvestment Vehicle		635,996			—			—
Total	$	384,479,270		$	28,863,341		$	—
Derivative Type
Assets
Options Purchased	$	18,317,613		$	—		$	—
Forward Foreign Currency Exchange Contracts(b)		—			965,756			—
Total	$	18,317,613		$	965,756		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(2,473,872	)	$	—
Futures Contracts		(748,102	)		—			—
Total	$	(748,102	)	$	(2,473,872	)	$	—

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

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

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

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2017

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of August 31, 2017. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	18,317,613	—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		965,756	Payable for unrealized loss on forward foreign currency exchange contracts		(2,473,872)
Equity	—		—	Variation margin on certain derivative contracts		(748,102)	(a)
Total		$	19,283,369		$	(3,221,974)

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

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the period ended August 31, 2017. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in  Unrealized Gain (Loss)	Average Number of Contracts(a)
Interest	Net realized gain (loss) from purchased options/Net unrealized gain (loss) on purchased options	$	(1,105,972)	$(1,012,533)		19
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/ Net unrealized gain (loss) on forward foreign currency exchange contracts		235,645	(2,784,820)		40
Equity	Net unrealized gain (loss) on futures contracts/Net unrealized gain (loss) on futures contracts		3,795,290	(109,438)		700
Total		$	2,924,963	$(3,906,791)		759

(a) Average number of contracts is based on the average of month end balances for the period ended August 31, 2017.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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4. INVESTMENTS IN DERIVATIVES (continued)

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 Fund and the counterparty. Additionally, the Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund 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 Fund, 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.30% of the Fund’s average daily net assets.

GSAM has agreed to waive all management fees payable by the Fund, except those management fees it earns from the Fund’s investment of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”). This arrangement will remain in place through at least February 28, 2018 and prior to such date GSAM may not terminate this arrangement without the approval of the Trustees. For the period ended August 31, 2017, GSAM waived $1,021,334 in management fees.

B.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rates of 0.02% of the average daily net assets of the Institutional Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund are 0.204%. For the period ended August 31, 2017, the Fund did not have any other expense reimbursements from GSAM.

The Fund invests in Institutional Shares of the Government Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to reduce or limit “Other Expenses” in an amount equal to the management fee it earns as an investment adviser

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Notes to Financial Statements (continued)

August 31, 2017

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

to any of the affiliated money market funds in which the Fund invests. For the period ended August 31, 2017, GSAM waived $41,723 of the Fund’s management fee.

These Other Expense limitations will remain in place through at least February 28, 2018, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

D.  Line of Credit Facility — As of August 31, 2017, the Fund 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. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the period ended August 31, 2017, the Fund did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — The table below shows the transaction in and earnings from investments in the Underlying Fund for the period ended August 31, 2017:

Underlying Funds	Beginning value as of October 31, 2016		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
Goldman Sachs Financial Square Government Fund	$	18,075,352	$	138,986,179	$	(123,089,315	)	$	33,972,216		33,972,216	$	166,779

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended August 31, 2017, were $ 375,444,999 and $165,601,142 respectively.

7. SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at its last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Effective December 31, 2016, the Global Managed Beta began lending its securities and investing the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

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7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of the cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2017 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned by the Fund for the period ended August 31, 2017, are reported under Investment Income on the Statement of Operations.

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

Beginning value as of October 31, 2016		Purchases at Cost		Proceeds from Sales		Ending value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
	—	$	175,736,866	$	175,100,870	$	635,996		635,996	$	11,308

8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2017 was as follows:

Distribution paid from:
Ordinary income	$	3,930,110
Net long-term capital gains		—
Total taxable distributions	$	3,930,110

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

Distribution paid from:
Ordinary income	$	1,642,993
Net long-term capital gains		195,931
Total taxable distributions	$	1,838,924

There were no distributions paid during the period ended October 31, 2015.

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	11,935,814
Undistributed long-term capital gains		1,107,140
Total undistributed earnings	$	13,042,954
Capital loss carryforwards:(1)(2)
Timing differences (Straddle Deferral)	$	(46,343	)
Unrealized gains (losses) — net		51,429,256
Total accumulated earnings (losses) net	$	64,425,867

(1) Expiration occurs on August 31 of the year indicated.

(2) The Fund utilized $113,474 of capital losses in the current fiscal year.

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

August 31, 2017

8. TAX INFORMATION (continued)

As of August 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	358,287,764
Gross unrealized gain		57,084,282
Gross unrealized loss		(5,655,026	)
Net unrealized gains (losses)	$	51,429,256

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 and options contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of foreign currency transactions, and passive foreign investment company investments.

Accumulated Net Realized Gain (Loss)	Undistributed Net Investment Income (Loss)
$(211,129)	$211,129

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.

9. OTHER RISKS

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

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

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

9. OTHER RISKS (continued)

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

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

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

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

Sector Risk — To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

10. INDEMNIFICATIONS

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

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Notes to Financial Statements (continued)

August 31, 2017

11. 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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Period Ended August 31, 2017(a)						For the Period Ended October 31, 2016						For the Period Ended October 31, 2015(b)
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		39,914,366			410,869,272			4,638,241			44,950,010			14,383,148			136,000,015
Reinvestment of distributions		393,011			3,930,110			195,312			1,838,924			—			—
Shares redeemed		(15,947,066	)		(175,666,473	)		(4,329,302	)		(42,181,348	)		(230,508	)		(2,095,810	)
NET INCREASE		24,360,311		$	239,132,909			504,251		$	4,607,586			14,152,640		$	133,904,205

(a) The Fund changed its fiscal year end from October 31 to August 31.

(b) Commenced operations April 30, 2015.

42

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

Goldman Sachs Trust and Shareholders of the Goldman Sachs Global Managed Beta 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 Global Managed Beta Fund (the “Fund”), a fund of the Goldman Sachs Trust, as of August 31, 2017, and the results of its operations for the periods November 1, 2016 to August 31, 2017 and November 1, 2015 to October 31, 2016, the changes in its net assets for the periods November 1, 2016 to August 31, 2017, November 1, 2015 to October 31, 2016, and April 30, 2015 (commencement of operations) to October 31, 2015 and the financial highlights for each of the periods presented therein, 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 Fund’s 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 as of August 31, 2017 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 24, 2017

43

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Fund Expenses — Six Month Period Ended August, 31,  2017 (Unaudited)

As a shareholder of Institutional Shares of the Fund, you incur ongoing costs and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2017 through August 31, 2017, which represents a period of 184 days out of a 365 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 Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	GLOBAL MANAGED BETA FUND
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Institutional
Actual		1,000.00		1,084.20			0.58
Hypothetical 5% return		1,000.00		1,024.65	+		0.56

* 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, 2017. 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 ratio for the period was 0.14%

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

44

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Managed Beta Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

45

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

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

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2016. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. They observed that the Fund had placed in the first quartile of its peer group for the one-year period ended December 31, 2016 and had underperformed its benchmark index by 0.06% for the one-year period ended April 30, 2017. As part of this review, the Trustees considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

46

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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 Fund’s risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s 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 Fund.

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 Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2016 and 2015, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees considered that the Fund is offered to the Investment Adviser’s institutional clients as part of an investment model whereby the Fund and other funds act as core “building blocks” with which the client and the Investment Adviser form an investment strategy for the client’s portfolio. The Trustees considered the Investment Adviser’s representations that its clients benefit from this investment model with increased liquidity, increased investment oversight, access to new investment strategies, economies of scale, and reduced complexity in managing client portfolios. The Trustees considered the Investment Adviser’s undertaking to waive the management fees payable by the Fund. In this regard, the Trustees noted that, pursuant to the model, clients pay a single management fee for the Investment Adviser’s management of their accounts, and that fund-level management fees are waived in order to avoid charging two layers of management fees.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the

47

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (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 Fund; and (g) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2018.

48

GOLDMAN SACHS GLOBAL MANAGED BETA 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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	None

49

GOLDMAN SACHS GLOBAL MANAGED BETA 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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

50

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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 Fund’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.

51

GOLDMAN SACHS GLOBAL MANAGED BETA 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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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

Goldman Sachs Trust — Global Managed Beta Fund — Tax Information (Unaudited)

For the year ended August 31, 2017, 17.91%, of the dividends paid from net investment company taxable income by the Global Managed Beta Fund, qualify for the dividends received deduction available to corporations.

From distributions paid during the fiscal year ended August 31, 2017, the total amount of income received by the Global Managed Beta Fund from sources within foreign countries and possessions of the United States was $0.1243 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Global Managed Beta Fund was 56.58%. The total amount of taxes paid by the Global Managed Beta Fund to such countries was $0.0089.

For the year ended August 31, 2017, 71.99% of the dividends paid from net investment company taxable income by the Global Managed Beta Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

52

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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

∎ Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

∎ Municipal and Tax-Free

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how 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 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

The Fund 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 Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’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 (for Institutional Shareholders).

Fund holdings and allocations shown are as of August 31, 2017 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.

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.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

© 2017 Goldman Sachs. All rights reserved. 107199-TMPL-10/2017-629365 MGDBETAAR-17 / 165

Goldman Sachs Funds

Annual Report	August 31, 2017
	Global Tax-Aware Equity Portfolios
	Enhanced Dividend Global Equity Portfolio
	Tax-Advantaged Global Equity Portfolio

Goldman Sachs Global Tax-Aware Equity Portfolios

∎ ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

∎ TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

TABLE OF CONTENTS
Market Review	1
Portfolio Management Discussion and Performance Summaries	6
Index Definitions	18
Schedules of Investments	19
Financial Statements	23
Financial Highlights	26
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	44
Other Information	45

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

During the 12 months ended August 31, 2017 (the “Reporting Period”), U.S. and international equities posted strong gains overall despite unexpected geopolitical events and shifting global central bank monetary policy. Within the broad U.S. fixed income market, spread, or non-government bond, sectors generally produced positive returns as interest rates rose and investors’ risk appetite increased.

Equity Markets

When the Reporting Period began in early September 2016, U.S. and international equities alike fell as the European Central Bank (“ECB”) disappointed markets with its lack of commitment to extend quantitative easing. Later in the month, the Federal Reserve (the “Fed”) left its monetary policy unchanged, and the Bank of Japan (“BoJ”) introduced a 0% target for its 10-year government bond yield to exercise “yield curve control.” (The yield curve control framework is designed to steepen Japan’s government bond yield curve and alleviate the impact on financial institutions of low longer-term rates. Yield curve is a spectrum of maturities.) U.S. and international equities rebounded following the Fed and BoJ decisions, which the markets appeared to view as generally benign. In October 2016, a combination of hawkish Fed commentary and mounting strong U.S. economic data led to increased market pricing for a December 2016 interest rate hike. (Hawkish tends to suggest higher interest rates; opposite of dovish.) The U.S. Department of Commerce announced the U.S. Gross Domestic Product (“GDP”) increased by 3.5% on an annualized basis for the third quarter of 2016, above consensus expectations and the strongest growth rate in two years. Meanwhile, ECB minutes stressed a commitment to ongoing monthly bond-buying of 80 billion euros through at least March 2017, helping to dispel market concerns about potential tapering. The U.K.’s first official GDP growth figure since the Brexit referendum, the U.K.’s June 2016 vote to leave the European Union, was more robust than consensus expected at 0.5%. Japanese equities enjoyed strong performance owing to weakness in the Japanese yen, as BoJ governor Haruhiko Kuroda stated there was room for further easing if necessary to achieve the BoJ’s 2% inflation target. Following the unexpected results of the November 2016 U.S. elections, U.S. and international equities rallied on anticipation of a pro-growth effect of the incoming Administration’s fiscal stimulus plan, though international equities recorded a modest decline for the month overall. The Fed raised rates 25 basis points in December 2016, for the first

1

MARKET REVIEW

time in a year but as had largely been anticipated, and set a more hawkish rate hike path for 2017. (A basis point is 1/100th of a percentage point.) Although U.S. equities declined modestly after the announcement, they advanced for December 2016 overall. International equities also posted solid gains during the month, which was highlighted by the resignation of Italy’s prime minister after Italian voters’ rejection of that nation’s constitutional reform referendum and the ECB’s decision to slow its monthly pace of quantitative easing while extending the program to the end of 2017.

U.S. and international equities rallied significantly in January 2017 on the prospect of U.S. deregulation following presidential executive orders on oil pipelines and on optimism around infrastructure spending after a $1 trillion proposal from Senate Democrats. Despite political uncertainty and protectionism concerns, U.S. and international equities continued to rally in February 2017 driven by “risk on” sentiment, or increased risk appetite, owing to potential U.S. tax reform and deregulation as well as by stronger economic data. In March 2017, the Fed raised interest rates for the third time since the 2007-2009 global financial crisis and maintained projections for three additional interest rate increases before the end of 2017. However, a seemingly cautious stance on the future path of monetary tightening from Fed Chair Janet Yellen and the presence of a dissenter on the Fed committee led to a dovish market reaction and the appreciation of the Japanese yen, despite the BoJ maintaining its policy rate. Meanwhile, the ECB kept monetary policy unchanged at its March 2017 meeting but revised its economic growth and inflation forecasts upward. International equity markets interpreted the positive economic assessment as hawkish, sparking concerns around the sequencing of the ECB’s policy steps — namely, whether interest rates might rise before quantitative easing ends.

U.S. equities declined in April 2017, as Fed minutes suggested stocks were overvalued, but then rebounded on strong first quarter 2017 earnings reports and receding European political risk following the French presidential election. Although the U.S. labor market remained strong, economic activity and inflation data appeared to be moderating during the second quarter of 2017. Core inflation softened to 1.7% year-over-year in May 2017, marking a third consecutive month of weakness, while core personal consumption expenditure (“PCE”) remained below the Fed’s 2% target at just 1.4% year over year. In addition, market expectations for pro-growth U.S. fiscal policy were dampened by domestic political developments. Nonetheless, the Fed proceeded to raise the targeted federal funds rate by 25 basis points in June 2017, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. The results of the Fed’s 2017 Comprehensive Capital Analysis and Review (“CCAR”) stress test for banks were encouraging, with improving payout ratios. As for international equities, the markets were buoyed during the second calendar quarter by receding political risk, as the centrist candidate defeated the nationalist candidate in the French election and successfully secured a parliamentary majority. Political risk also declined in Italy, as the anti-establishment Five Star Movement saw a setback in local elections, and expectations for parliamentary elections this year declined. However, market optimism for pro-growth U.S. fiscal policy was dampened by political developments. Strong first quarter 2017 corporate earnings results, with double-digit growth across virtually all major developed market regions, were supportive for international equity markets. In June 2017, European markets reacted hawkishly to ECB President Mario Draghi’s optimistic outlook for recovering inflation and his cautious reference to tapering of asset purchases. Japanese equities saw a temporary pull-back in June 2017, as market sentiment deteriorated and as the Japanese yen strengthened immediately after the Fed’s June rate hike.

2

MARKET REVIEW

U.S. and international equities gained in July 2017. At the beginning of the month, the Institute for Supply Management (“ISM”) reported its manufacturing index had risen to 57.8% during June 2017, the highest level in nearly three years. However, inflation dynamics remained weak. The core consumer price index (“CPI”) stayed soft in June 2017, rising 1.7% year over year and 0.1% month over month. Fed Chair Yellen’s assessment during her Congressional testimony that the federal funds rate was close to its neutral policy rate was interpreted dovishly by markets. The Fed kept its monetary policy unchanged in July 2017, as had been widely expected. The Fed’s statement included an upgrade to its assessment of job growth as well as an acknowledgment that inflation was “below” target. This compares with its prior view, which noted inflation was “somewhat below” its 2% target, a shift that resulted in a mildly dovish market reaction. The Fed also stated it expected its balance sheet normalization to begin “relatively soon.” (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) The dovish market reaction, combined with ongoing political turmoil in Washington, D.C., added to U.S. dollar weakness. At the same time, market expectations of asset purchase tapering by the ECB continued to support the euro, despite ECB President Draghi’s cautious and mildly dovish tone at the July 2017 policy meeting. The BoJ maintained its monetary policy during the month, pushing back the timeframe for achieving its 2% inflation target from 2018 to 2019, as slow wage growth continued to cloud the inflation outlook.

U.S. and international equities were roughly flat in August 2017. U.S. economic activity continued to be strong, with several surveys on consumer sentiment and manufacturing surprising positively. This was in contrast to subdued inflation. Minutes from the Fed’s July policy meeting suggested increased concerns on inflation, highlighting that “many participants” saw “some likelihood that inflation may remain below 2% for longer than expected.” Hurricane Harvey caused extensive flooding and damage in Texas and Louisiana and significantly impacted refinery operations, resulting in a surge in gasoline prices. In Europe, economic growth picked up to an annualized rate of 2.1% in the second calendar quarter from 1.9% in the first calendar quarter. However, economic activity indicators appeared to be moderating, though at relatively robust levels. The Japanese yen strengthened as risk sentiment deteriorated amid escalating geopolitical tensions between U.S. and North Korea, creating headwinds for Japanese equities. Contrary to the expectations of some market participants, the Fed’s Jackson Hole Economic Policy Symposium toward the end of the month provided no indication of the monetary policy outlooks of either Fed Chair Yellen or ECB President Draghi. This buoyed Japanese equities, as did moderating geopolitical risks and encouraging U.S. economic data.

Fixed Income Markets

When the Reporting Period began in September 2016, spread sectors outperformed U.S. Treasury securities. The Fed kept the target range for the federal funds rate unchanged at its September 2016 policy meeting after a summer of speeches by Fed officials that fluctuated between dovish and hawkish tones. The ECB also left its monetary policy unchanged during the month, while the BoJ extended its quantitative and qualitative monetary easing framework to include “yield curve control.”

In the fourth quarter of 2016, spread sectors advanced, generally outpacing U.S. Treasury securities. In early November 2016, the results of the U.S. Presidential election led to a change in investor expectations for future monetary, fiscal and regulatory policy. More specifically, investors appeared to anticipate fiscal stimulus, a looser regulatory agenda and a faster pace of Fed monetary policy tightening. After the U.S. election, global interest rates rose and the U.S. dollar strengthened versus other developed markets and emerging markets currencies.

3

MARKET REVIEW

Meanwhile, the U.S. economy continued to strengthen, with strong jobs growth and increased consumer spending reported. In December 2016, the Fed raised the targeted federal funds rate 25 basis points to a range of between 0.50% and 0.75% . The rate hike resulted in a further rise in U.S. Treasury yields, with a notable increase in shorter-term yields, and additional appreciation in the U.S. dollar. In Europe, the ECB announced it would reduce its monthly pace of asset purchases starting in April 2017 but stated it would extend its quantitative easing program to the end of 2017. On the political front, Italy voted to reject constitutional reforms, while the outcome of Austria’s election defied the populist tide that had claimed victories in the U.K. and U.S. during 2016. Crude oil prices rose following an agreement by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC producers to cut production, which provided support for energy issuers within the corporate credit market as well as for oil-exporting emerging economies.

During the first quarter of 2017, spread sectors provided mixed results versus U.S. Treasuries, but posted gains overall. Investors focused on the prospect of pro-growth policies from the new U.S. Administration, which we believe helped boost business and consumer sentiment to near record levels. Investors also evaluated the positive impact of earlier fiscal stimulus in China. Global purchasing managers’ indices pointed to solid and synchronized global expansion, led by developed markets, most notably the U.S. In Europe, economic data strengthened and political risk remained contained, as markets weathered the official start of Brexit negotiations. Monetary policy presented few surprises during the first calendar quarter, as the ECB, BoJ and Bank of England (“BoE”) kept their respective monetary policies unchanged. In March 2017, the ECB raised its economic growth and inflation forecast, while the Fed raised its target range for the federal funds rate by 25 basis points. Minutes from the meeting raised expectations that Fed balance sheet normalization would begin in 2017. Despite the Fed’s monetary policy tightening, U.S. financial conditions eased and the U.S. dollar weakened versus both developed and emerging markets currencies during the first calendar quarter.

In the second quarter of 2017, spread sectors generally recorded positive returns, though with mixed results relative to U.S. Treasuries. Political developments led to temporary bouts of volatility early in the quarter, driving weakness in Brazilian, U.S. and U.K. fixed income assets as well as a credit rating downgrade of South Africa’s sovereign debt. Political risks receded in May 2017 on the centrist candidate’s victory in the French presidential election, which was supportive of French and European peripheral bonds broadly. On the economic front, U.S. core inflation weakened for the third consecutive month in May 2017, casting uncertainty over the pace of Fed monetary tightening. Nonetheless, comments included in minutes from the Fed’s May and June 2017 policy meetings suggested an announcement about how and when the Fed would begin reducing the size of its balance sheet would be made sooner than the markets had previously anticipated. In Europe, economic data continued to surprise to the upside. At its June 2017 policy meeting, the ECB provided an optimistic assessment of the risks to growth, but revised downward its medium-term inflation forecasts. The ECB, BoJ and BoE left their respective monetary policies unchanged during the second calendar quarter, while the Fed raised interest rates for the second time in 2017 and the fourth time in a decade at its June 2017 policy meeting. As the quarter came to an end, a string of comments from global central bankers triggered a hawkish market reaction. Global interest rates rose as the market anticipated a faster than expected pace of monetary policy tightening by the BoE, ECB and Bank of Canada. During the second quarter of 2017, the U.S. dollar continued to weaken versus many global currencies.

In July 2017, spread sectors broadly advanced, outperforming U.S. Treasury securities. The Fed kept its monetary policy unchanged, though policymakers noted that balance sheet

4

MARKET REVIEW

normalization would begin “relatively soon.” U.S. financial conditions continued to ease despite previous Fed rate hikes, while European financial conditions tightened on raised expectations for the potential withdrawal of the ECB’s accommodative monetary policy. In the U.S., second quarter 2017 GDP increased at an annualized rate of 2.6%, contrasting with inflation, which was subdued. In Europe, economic data continued to strengthen, but inflation remained below the ECB’s target and forecast. The U.S. dollar weakened relative to many global currencies.

During August 2017, spread sectors generally lagged U.S. Treasuries due to bouts of “risk off” sentiment, or increased risk aversion, amid rising geopolitical risks. In the U.S., limited progress on the Administration’s pro-growth fiscal policy measures, concerns about September 2017 debt limit and spending bill deadlines, and geopolitical uncertainty pushed down U.S. government bond yields. Second quarter 2017 U.S. GDP was revised up to an annualized rate 3.0% and the ISM manufacturing index rose to a six-year high in August 2017. In Europe, economic data was generally positive, driving appreciation of the euro against the U.S. dollar. In Japan, second quarter 2017 GDP was revised down sharply from a preliminary annualized reading of 4% to 2.8%.

Looking Ahead

At the end of the Reporting Period, we believed global economic growth was in the midst of a synchronized upswing, led by developed markets with support from recovery in emerging economies. In the U.S. the labor market continued to tighten and financial conditions remained easy. Regarding Europe, economic growth surprises have driven our growth outlook for 2017 higher. In 2018, we expect to see modest slowing in several world economies, but we do not think such slowing will end the global expansion cycle, and we expect growth to remain above trend overall.

Inflation generally remained soft at the end of the Reporting Period, despite tight labor markets in some economies, most notably the U.S. We think global factors, such as labor mobility, are subduing inflationary pressures. In the U.S., we think recent soft economic data have interrupted, not derailed, the gradual rising trend in core inflation and wages. In the Europe and Japan, we think structural challenges may continue to constrain wages and core inflation.

Regarding central bank policy, we believe the agenda is increasingly dominated by quantitative tightening, with the U.S. leading the way. In September 2017, we expect the Fed to formally unveil its plan for scaling down the size of its balance sheet and think implementation could begin in October 2017, with balance sheet normalization likely to span multiple years, in our view. In Europe, we think the ECB will likely increase communication about its strategy for tapering asset purchases starting in 2018. That said, we see the possibility that purchases could continue into 2019 due to recent currency strength weighing on an already-subdued inflation outlook. As for interest-rate policy, we expect one further rate hike by the Fed in 2017, providing inflation data improves and financial conditions do not tighten materially. We do not see rate hikes in Europe or Japan in the near term.

On the political front, market reaction to heighted geopolitical risk on the Korean Peninsula was relatively contained during the Reporting Period. In the U.S., we believe low expectations regarding the Administration’s ability to implement its pro-growth agenda creates potential for positive market surprises. We think there is a chance the Administration will press ahead with fiscal proposals during the fall of 2017. In Europe, we believe political risk could increase ahead of several upcoming events, including the Catalan Independence Referendum in Spain and elections in Austria and Italy. We expect continued uncertainty around the eventual Brexit outcome.

5

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, 2017 (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 12.25% and 12.66%, respectively. These returns compare to the 15.34% 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 17.08% and 0.49% for the MSCI All Country World Index (ACWI) Investable Market Index^® (“MSCI ACWI IMI”) and Bloomberg Barclays U.S. Aggregate Bond Index, 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’s strategic weightings detracted from its performance versus the EDGE Composite Index. Our tactical asset allocation decisions (“tactical tilts”) contributed positively. The overall performance of the Underlying Funds hurt the Portfolio’s relative results.

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 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 added to 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 strategic asset allocation decisions (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement tactical tilts.

During the Reporting Period, the Portfolio was invested in six of the seven Underlying Strategic Funds, four of which underperformed 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 these Underlying Strategic Funds that underperformed 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 the Goldman Sachs MLP Energy Infrastructure Fund also underperformed their respective benchmark indices during the Reporting Period.

The Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Small Cap Equity Insights outperformed their respective benchmark indices during the Reporting Period.

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index by more than 119 basis points¹ during the Reporting Period. (A basis point is 1/100th of a percent.)

¹  Performance quoted is for Institutional Shares.

6

PORTFOLIO RESULTS

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 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. and international equity markets advanced during the Reporting Period, the call writing strategies of the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund detracted from performance.

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

A During the Reporting Period, the Portfolio 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. Overall, the Portfolio’s strategic weightings detracted from performance, but its holdings of S&P 500 Index futures contributed positively. The Portfolio also used forward foreign currency exchange contracts to express views on particular currencies, which had a negative impact on results. 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 No significant changes were made within the Portfolio during the Reporting Period.

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.

7

FUND BASICS

Enhanced Dividend Global Equity Portfolio

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Portfolio Total Return (based on NAV)1			EDGE Composite Index2			MSCI ACWI IMI3			Bloomberg Barclays U.S. Aggregate Bond Index4
Class A		12.25	%		15.34	%		17.08	%		0.49	%
Institutional		12.66			15.34			17.08			0.49

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 MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 8,603 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2017, 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 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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.

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Five Years			Since Inception			Inception Date
Class A		8.11	%		7.73	%		4.77	%	4/30/08
Institutional		14.94			9.42			5.86	%	4/30/08

⁵ 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. 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.

8

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.37	%		1.48	%
Institutional		0.97			1.08

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, 2017, 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 6/30/177
Class A Shares	One Year			Five Years			Since Inception (4/30/08)
Returns before taxes*		8.11	%		7.73	%		4.77	%
Returns after taxes on distributions**		7.41			6.54			3.93
Returns after taxes on distributions*** and sale of Portfolio shares		4.98			5.92			3.68

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.

9

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS^8,9

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.

⁹  Represents affiliated Funds.

10

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, 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”) (Net, USD, Unhedged), 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, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Since Inception
Class A (Commenced April 30, 2008)
Excluding sales charges	12.25%	8.76%	5.53%
Including sales charges	6.09%	7.53%	4.89%
Institutional Class (Commenced April 30, 2008)	12.66%	9.21%	5.96%

11

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, 2017 (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 15.23% and 15.74%, respectively. These returns compare to the 15.34% 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 17.08% and 0.49% for the MSCI All Country World Index (ACWI) Investable Market Index^® (“MSCI ACWI IMI”) and the Bloomberg Barclays U.S. Aggregate Bond Index, 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’s performance was hampered by its strategic weightings. It benefited from our tactical asset allocation decisions (“tactical tilts”). The overall performance of the Underlying Funds also added to the Portfolio’s performance 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 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 contributed positively to 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 strategic asset allocation decisions (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement tactical tilts.

During the Reporting Period, the Portfolio was invested in five of the 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. Tax-Managed Equity Fund and the Goldman Sachs International Tax-Managed Equity Fund — are those in which the Portfolio held its largest weightings. In addition, the Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Small Cap Insights Fund outperformed their respective benchmark indices.

The Goldman Sachs MLP Energy Infrastructure Fund underperformed its benchmark index during the Reporting Period.

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index by more than 119 basis points¹ during the Reporting Period. (A basis point is 1/100th of a percent.)

¹  Performance quoted is for Institutional Shares.

12

PORTFOLIO RESULTS

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

A During the Reporting Period, the Portfolio 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. Overall, the Portfolio’s strategic weightings detracted from performance, but its holdings of S&P 500 Index futures contributed positively. The Portfolio also used forward foreign currency exchange contracts to express views on particular currencies, which had a negative impact on results. 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 No significant changes were made within the Portfolio during the Reporting Period.

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.

13

FUND BASICS

Tax-Advantaged Global Equity Portfolio

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Portfolio Total Return (based on NAV)1			TAG Composite Index2			MSCI ACWI IMI3			Bloomberg Barclays U.S. Aggregate Bond Index4
Class A		15.23	%		15.34	%		17.08	%		0.49	%
Institutional		15.74			15.34			17.08			0.49

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 MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 8,603 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2017, 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 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Five Years			Since Inception			Inception Date
Class A		10.35	%		9.86	%		5.36	%		4/30/08
Institutional		17.33			11.55			6.44			4/30/08

⁵ 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. 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.

14

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.36	%		1.44	%
Institutional		0.96			1.04

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, 2017, 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 6/30/177
Class A Shares	One Year			Five Years			Since Inception (4/30/08)
Returns before taxes*		10.35	%		9.86	%		5.36	%
Returns after taxes on distributions**		10.21			9.32			4.95
Returns after taxes on distributions*** and sale of Portfolio shares		6.01			7.72			4.19

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 WEIGHTINGS^8,9

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.

⁹  Represents affiliated Funds.

16

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, 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”) (Net, USD, Unhedged), 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, 2017.

Average Annual Total Return through August 31, 2017	One Year	Five Years	Since Inception
Class A (Commenced April 30, 2008)
Excluding sales charges	15.23%	10.83%	6.14%
Including sales charges	8.91%	9.58%	5.51%
Institutional Class (Commenced April 30, 2008)	15.74%	11.26%	6.57%

17

MARKET REVIEW

Index Definitions

The EDGE Composite Index is a blend of 90% MSCI All Country World Index (“ACWI”) Investable Market Index^® (“MSCI ACWI IMI”) and 10% Bloomberg Barclays U.S. Aggregate Bond Index.

The TAG Composite Index is a blend of 90% MSCI ACWI IMI and 10% Bloomberg Barclays U.S. Aggregate Bond Index.

The MSCI All Country World Index (“ACWI”) Investable Market Index^® (“MSCI ACWI IMI”) captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. The MSCI ACWI IMI is comprehensive, covering approximately 99% the global equity investment opportunity set. 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 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged, broad-based index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes U.S. Treasury, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-through securities), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

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, 2017

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 98.4%
Equity – 98.4%
	21,109,645	Goldman Sachs U.S. Equity Dividend and Premium Fund	$	272,525,512
	21,357,745	Goldman Sachs International Equity Dividend and Premium Fund		157,193,002
	6,254,679	Goldman Sachs Tactical Tilt Overlay Fund		60,858,023
	2,196,614	Goldman Sachs Small Cap Equity Insights Fund		52,037,790
	3,723,770	Goldman Sachs Emerging Markets Equity Insights Fund		39,993,290
	3,739,688	Goldman Sachs MLP Energy Infrastructure Fund		27,449,308
	2,036,620	Goldman Sachs International Small Cap Insights Fund		26,190,930
	TOTAL INVESTMENTS – 98.4%
	(Cost $526,075,822)		$	636,247,855
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			10,041,735
	NET ASSETS – 100.0%		$	646,289,590

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.

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, 2017

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2017, 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	14,972,015	GBP	11,549,415		09/20/17		14,942,141		29,874
	USD	19,233,950	JPY	2,110,272,100		09/20/17		19,208,682		25,268
TOTAL										55,142

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value ($)		Unrealized Loss ($)
Morgan Stanley Co., Inc.	USD	6,098,257	AUD	8,089,962		09/20/17		6,430,023		(331,766	)
	USD	7,328,552	CHF	7,030,844		09/20/17		7,338,988		(10,436	)
	USD	26,410,892	EUR	23,384,225		09/20/17		27,859,742		(1,448,850	)
TOTAL										(1,791,052	)

FUTURES CONTRACTS — At August 31, 2017, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount ($)		Unrealized Appreciation/ (Depreciation) ($)
Long position contracts:
S&P 500 E-Mini Index	51		09/15/2017		6,298,755		81,752

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

August 31, 2017

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 99.0%
Equity – 99.0%
	53,386,683	Goldman Sachs U.S. Tax-Managed Equity Fund	$	1,120,052,606
	52,167,440	Goldman Sachs International Tax-Managed Equity Fund		539,411,330
	21,355,146	Goldman Sachs Tactical Tilt Overlay Fund		207,785,574
	12,724,174	Goldman Sachs Emerging Markets Equity Insights Fund		136,657,630
	12,748,126	Goldman Sachs MLP Energy Infrastructure Fund		93,571,247
	6,958,587	Goldman Sachs International Small Cap Insights Fund		89,487,425
	TOTAL INVESTMENTS – 99.0%
	(Cost $1,604,819,975)		$	2,186,965,812
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			21,476,672
	NET ASSETS – 100.0%		$	2,208,442,484

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.

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, 2017

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2017, 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	51,066,195	GBP	39,411,169		09/20/17		50,988,491		77,704
	USD	66,518,790	JPY	7,289,154,282		09/20/17		66,349,286		169,504
TOTAL										247,208

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value ($)		Unrealized Loss ($)
Morgan Stanley Co., Inc.	USD	20,183,532	AUD	26,774,774		09/20/17		21,280,992		(1,097,460	)
	USD	24,966,423	CHF	23,972,984		09/20/17		25,023,659		(57,236	)
	USD	90,035,216	EUR	79,803,958		09/20/17		95,077,671		(5,042,455	)
TOTAL										(6,197,151	)

FUTURES CONTRACTS — At August 31, 2017, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount ($)		Unrealized Appreciation/ (Depreciation) ($)
Long position contracts:
S&P 500 E-Mini Index	169		09/15/2017		20,872,345		270,904

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, 2017

		Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
	Assets:
	Investments in affiliated Underlying Funds, at value (cost $526,075,822 and $1,604,819,975)	$	636,247,855		$	2,186,965,812
	Cash		5,918,264			17,339,874
	Receivables:
	Portfolio shares sold		4,943,951			2,942,560
	Collateral on certain derivative contracts(a)		2,480,000			7,960,000
	Reimbursement from investment adviser		18,611			33,672
	Investments sold		—			2,123,573
	Unrealized gain on forward foreign currency exchange contracts		55,142			247,208
	Variation margin on futures		36,468			120,838
	Other assets		932			3,266
	Total assets		649,701,223			2,217,736,803
	Liabilities:
	Unrealized loss on forward foreign currency exchange contracts		1,791,052			6,197,151
	Payables:
	Portfolio shares redeemed		1,240,371			2,784,001
	Investments purchased		250,411			—
	Management fees		43,262			148,735
	Distribution and Service fees and Transfer Agency fees		24,638			74,568
	Accrued expenses		61,899			89,864
	Total liabilities		3,411,633			9,294,319
	Net Assets:
	Paid-in capital		552,689,478			1,690,482,025
	Undistributed net investment income		1,083,264			2,484,185
��	Accumulated net realized loss		(16,001,027	)		(60,990,524	)
	Net unrealized gain		108,517,875			576,466,798
	NET ASSETS	$	646,289,590		$	2,208,442,484
	Net Assets:
	Class A	$	9,289,479		$	615,404
	Institutional		637,000,111			2,207,827,080
	Total Net Assets	$	646,289,590		$	2,208,442,484
	Shares outstanding $0.001 par value (unlimited shares authorized):
	Class A		794,283			41,627
	Institutional		53,993,800			149,940,434
	Net asset value, offering and redemption price per share(b)
	Class A	$	11.70		$	14.78
	Institutional		11.80			14.72

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

Portfolio	Forwards		Futures
Enhanced Dividend Global Equity	$	2,030,000	$	450,000
Tax-Advantaged Global Equity		6,970,000		990,000

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios is $12.38 and $15.64, 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, 2017

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from affiliated Underlying Funds	$	11,862,835		$	27,888,414
Expenses:
Management fees		863,275			3,003,400
Transfer Agency fees(a)		241,420			801,734
Custody, accounting and administrative services		91,000			248,832
Professional fees		60,409			60,409
Registration fees		53,938			55,744
Printing and mailing costs		26,233			44,292
Distribution and Service fees — Class A Shares		18,834			1,386
Trustee fees		18,720			21,826
Other		19,720			69,755
Total expenses		1,393,549			4,307,378
Less — expense reductions		(596,247	)		(1,633,511	)
Net expenses		797,302			2,673,867
NET INVESTMENT INCOME		11,065,533			25,214,547
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		(1,003,510	)		(4,249,665	)
Futures contracts		895,430			3,106,926
Forward foreign currency exchange contracts		1,304,729			4,885,606
Foreign currency transactions		(56	)		(169	)
Capital gain distributions from affiliated Underlying Funds		8,161,937			—
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		49,746,340			270,313,000
Futures contracts		(116,420	)		(424,230	)
Forward foreign currency exchange contracts		(2,087,355	)		(7,299,059	)
Net realized and unrealized gain		56,901,095			266,332,409
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	67,966,628		$	291,546,956

(a) Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Portfolio	Class A		Institutional
Enhanced Dividend Global Equity	$	14,226	$	227,194
Tax-Advantaged Global Equity		1,047		800,687

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, 2017			For the Fiscal Year Ended August 31, 2016			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income		$	11,065,533		$	7,274,603		$	25,214,547		$	15,969,302
Net realized gain (loss)			9,358,530			(3,065,544	)		3,742,698			(42,049,388	)
Net change in unrealized gain			47,542,565			31,435,529			262,589,711			118,927,022
Net increase in net assets resulting from operations			67,966,628			35,644,588			291,546,956			92,846,936
Distributions to shareholders:
From net investment income
Class A Shares			(132,791	)		(72,552	)		(3,269	)		(9,103	)
Institutional Shares			(11,362,300	)		(14,729,798	)		(21,198,986	)		(30,328,763	)
From net realized gains
Class A Shares			(41,151	)		(64,848	)		—			(4,676	)
Institutional Shares			(3,506,959	)		(13,622,832	)		—			(12,749,009	)
Total distributions to shareholders			(15,043,201	)		(28,490,030	)		(21,202,255	)		(43,091,551	)
From share transactions:
Proceeds from sales of shares			118,289,334			137,088,130			311,048,414			357,491,366
Reinvestment of distributions			15,008,368			28,464,540			21,200,470			43,074,642
Cost of shares redeemed	��		(52,769,501	)		(85,794,058	)		(211,652,542	)		(334,588,511	)
Net increase in net assets resulting from share transactions			80,528,201			79,758,612			120,596,342			65,977,497
TOTAL INCREASE			133,451,628			86,913,170			390,941,043			115,732,882
Net assets:
Beginning of year			512,837,962			425,924,792			1,817,501,441			1,701,768,559
End of year		$	646,289,590		$	512,837,962		$	2,208,442,484		$	1,817,501,441
Undistributed (distributions in excess of) net investment income		$	1,083,264		$	2		$	2,484,185		$	(1,527,938	)

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,
2017 - A	$	10.68	$	0.17	$	1.12		$	1.29		$	(0.20	)	$	(0.07	)	$	(0.27	)
2017 - Institutional		10.76		0.22		1.12			1.34			(0.23	)		(0.07	)		(0.30	)
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	)

(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)
$	11.70		12.25	%	$	9,289		0.53	%		0.63	%		1.54	%		8	%
	11.80		12.66			637,000		0.13			0.24			1.93			8
	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

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,
2017 - A	$	12.91	$	0.11	$	1.85		$	1.96		$	(0.09	)	$	—		$	(0.09	)
2017 - Institutional		12.86		0.17		1.84			2.01			(0.15	)		—			(0.15	)
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	)

(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)
$	14.78		15.23	%	$	615		0.53	%		0.61	%		0.80	%		8	%
	14.72		15.74			2,207,827		0.13			0.21			1.26			8
	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

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, 2017

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. LLC (formerly, 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 acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded 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 valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income. 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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP Fund”) records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. 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. 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.

30

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Enhanced Dividend Global Equity	Quarterly	Annually
Tax-Advantaged Global Equity	Annually	Annually

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each 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 a Portfolio 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

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

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

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

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

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.

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the portfolios and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules of 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 a 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 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, 2017:

ENHANCED DIVIDEND GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Equity Funds	$	636,247,855	$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	55,142		$	—
Futures Contracts		81,752		—			—
Total	$	81,752	$	55,142		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(1,791,052	)	$	—
TAX-ADVANTAGED GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Equity Funds	$	2,186,965,812	$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	247,208		$	—
Futures Contracts		270,904		—			—
Total	$	270,904	$	247,208		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(6,197,151	)	$	—

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

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

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Notes to Financial Statements (continued)

August 31, 2017

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of August 31, 2017. 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	$	55,142		Payable for unrealized loss on forward foreign currency exchange contracts	$	(1,791,052)
Equity	Variation margin on certain derivative contracts		81,752	(a)	—		—
Total		$	136,894			$	(1,791,052)
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	$	247,208		Payable for unrealized loss on forward foreign currency exchange contracts	$	(6,197,151)
Equity	Variation margin on certain derivative contracts		270,904	(a)	—		—
Total		$	518,112			$	(6,197,151)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2017 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, 2017. 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	$	1,304,729	$	(2,087,355	)		8
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		895,430		(116,420	)		50
Total		$	2,200,159	$	(2,203,775	)		58

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

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	$	4,885,606	$	(7,299,059	)		8
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		3,106,926		(424,230	)		169
Total		$	7,992,532	$	(7,723,289	)		177

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2017.

In order to better define its contractual rights and to secure rights that will help the Portfolios mitigate their counterparty risk, the Portfolios may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a 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 Portfolios and the counterparty. Additionally, the Portfolios 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 Portfolios and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules 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 Portfolios from their counterparties are not fully collateralized, contractually or otherwise, the Portfolios bear the risk of loss from counterparty nonperformance. The Portfolios attempt to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

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 the Portfolio’s average daily net assets. GSAM has agreed

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Notes to Financial Statements (continued)

August 31, 2017

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2017, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

B.  Distribution and/or Service (12b-1) Plan — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

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, 2017, Goldman Sachs advised that it retained front-end sales charges of $6,857 and $46 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: 0.18% of the average daily net assets of Class A Shares and 0.04% of the average daily net assets of Institutional Shares. Prior to July 28, 2017, the annual rate was 0.19% of the average daily net assets of Class A 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, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These Other Expense limitations 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, 2017, 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, 2017, 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	$	402,861	$	186,578	$	6,808	$	596,247
Tax-Advantaged Global Equity		1,401,583		208,819		23,109		1,633,511

F.  Line of Credit Facility — As of August 31, 2017, 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. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2017, the Portfolios did not have any borrowings under the facility.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Other Transactions with Affiliates — 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, 2017:

Enhanced Dividend Global Equity
Affiliated Investment Companies	Beginning Value as of August 31, 2016		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain(Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	29,257,840	$	7,133,153	$	(5,116,289	)	$	—		$	79,965		$	8,638,621		$	39,993,290		3,723,770	$	365,707	$	—
Goldman Sachs International Equity Dividend and Premium Fund		119,638,684		31,301,938		(12,594,433	)		—			(1,182,627	)		20,029,440			157,193,002		21,357,745		3,910,956		—
Goldman Sachs International Small Cap Insights Fund		19,487,429		4,590,299		(2,214,452	)		—			33,184			4,294,470			26,190,930		2,036,620		520,119		—
Goldman Sachs MLP Energy Infrastructure Fund		27,501,403		7,273,872		(4,636,289	)		(368,702	)		(280,641	)		(2,040,335	)		27,449,308		3,739,688		1,257,725		—
Goldman Sachs Small Cap Equity Insights Fund		44,708,447		9,355,150		(7,238,315	)		—			556,712			4,655,796			52,037,790		2,196,614		288,171		—
Goldman Sachs Tactical Tilt Overlay Fund		49,452,111		13,588,679		(2,237,503	)		—			(151,516	)		206,252			60,858,023		6,254,679		979,065		—
Goldman Sachs U.S. Equity Dividend and Premium Fund		217,157,439		52,678,566		(11,214,002	)		—			(58,587	)		13,962,096			272,525,512		21,109,645		4,541,092		8,161,937
Total											$	(1,003,510	)	$	49,746,340		$	636,247,855			$	11,862,835	$	8,161,937

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Notes to Financial Statements (continued)

August 31, 2017

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity
Affiliated Investment Companies	Beginning Value as of August 31, 2016		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain(Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	104,981,126	$	20,053,647	$	(18,546,607	)	$	—		$	303,309		$	29,866,155		$	136,657,630		12,724,174	$	1,287,552
Goldman Sachs International Small Cap Insights Fund		69,371,196		12,901,730		(7,744,803	)		—			249,568			14,709,734			89,487,425		6,958,587		1,830,637
Goldman Sachs International Tax-Managed Equity Fund		419,846,351		77,418,488		(44,866,568	)		—			11,596			87,001,463			539,411,330		52,167,440		7,608,041
Goldman Sachs MLP Energy Infrastructure Fund		97,868,709		21,703,922		(16,936,607	)		(1,286,948	)		(3,889,537	)		(3,888,292	)		93,571,247		12,748,126		4,330,878
Goldman Sachs Tactical Tilt Overlay Fund		175,989,714		41,083,544		(9,491,216	)		—			(658,686	)		862,218			207,785,574		21,355,146		3,452,079
Goldman Sachs U.S. Tax-Managed Equity Fund		931,079,503		118,124,531		(70,647,235	)		—			(265,915	)		141,761,722			1,120,052,606		53,386,683		9,379,227
Total											$	(4,249,665	)	$	270,313,000		$	2,186,965,812			$	27,888,414

* Includes reinvestment of distributions.

As of August 31, 2017, the 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		—	%		8	%
Goldman Sachs International Equity Dividend and Premium Fund		38			—
Goldman Sachs International Tax-Managed Equity Fund		—			86
Goldman Sachs Small Cap Equity Insights Fund		19			—
Goldman Sachs U.S. Equity Dividend and Premium Fund		8			—
Goldman Sachs U.S. Tax-Managed Equity Fund		—			86

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, 2017, were as follows:

Portfolio	Purchases		Sales
Enhanced Dividend Global Equity	$	125,921,657	$	45,251,283
Tax-Advantaged Global Equity		291,285,862		168,233,036

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Distributions paid from:
Ordinary income	$	11,812,401	$	21,202,255
Net long-term capital gains		3,230,800		—
Total taxable distributions	$	15,043,201	$	21,202,255

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

As of August 31, 2017, 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	$	1,083,262		$	2,484,354
Undistributed long-term capital gains		6,235,830			—
Total undistributed earnings	$	7,319,092		$	2,484,354
Capital Loss Carryforwards
Perpetual Long-Term		—			(10,834,604	)
Timing differences (Post October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(306,377	)		(5,524,942	)
Unrealized gains — net		86,587,397			531,835,651
Total accumulated earnings	$	93,600,112		$	517,960,459

As of August 31, 2017, 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	$	548,006,300		$	1,649,451,122
Gross unrealized gain		116,032,471			604,964,028
Gross unrealized loss		(29,445,074	)		(73,128,377	)
Net unrealized gain	$	86,587,397		$	531,835,651

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

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Notes to Financial Statements (continued)

August 31, 2017

7. TAX INFORMATION (continued)

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 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	$	(1,512,820	)	$	1,512,820
Tax-Advantaged Global Equity		169			(169	)

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

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

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

Foreign 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. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

allocated to each. As of August 31, 2017, the Enhanced Dividend Global Equity Portfolio invested 42.2% and 24.3% 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, Australasia, 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 August 31, 2017, the Tax-Advantaged Global Equity Portfolio invested 50.7% and 24.4% 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.

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,

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2017

8. OTHER RISKS (continued)

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 enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio and/or 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.

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		587,434		$	6,559,204			333,387		$	3,394,652
Reinvestment of distributions		15,220			168,144			12,636			128,549
Shares redeemed		(275,640	)		(3,110,263	)		(40,422	)		(412,570	)
		327,014			3,617,085			305,601			3,110,631
Institutional Shares
Shares sold		9,888,524			111,730,130			13,147,341			133,693,478
Reinvestment of distributions		1,333,001			14,840,224			2,766,887			28,335,991
Shares redeemed		(4,411,203	)		(49,659,238	)		(8,171,797	)		(85,381,488	)
		6,810,322			76,911,116			7,742,431			76,647,981
NET INCREASE		7,137,336		$	80,528,201			8,048,032		$	79,758,612

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Tax-Advantaged Global Equity Portfolio
	For the Fiscal Year Ended August 31, 2017						For the Fiscal Year Ended August 31, 2016
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		6,967		$	100,062			13,301		$	169,147
Reinvestment of distributions		244			3,268			1,101			13,779
Shares redeemed		(11,345	)		(152,128	)		(11,788	)		(142,955	)
		(4,134	)		(48,798	)		2,614			39,971
Institutional Shares
Shares sold		22,609,613			310,948,352			29,366,174			357,322,219
Reinvestment of distributions		1,596,175			21,197,202			3,455,621			43,060,863
Shares redeemed		(15,517,596	)		(211,500,414	)		(27,315,060	)		(334,445,556	)
		8,688,192			120,645,140			5,506,735			65,937,526
NET INCREASE		8,684,058		$	120,596,342			5,509,349		$	65,977,497

43

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio:

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, as of August 31, 2017, and the results of each of their operations for the year then ended, the changes in each of their net assets for the two years in the period then ended, and the financial highlights for each of the periods presented therein, 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 as of August 31, 2017 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 24, 2017

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Portfolio Expenses — Six Month Period Ended August 31,  2017 (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/or 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, 2017 through August 31, 2017, which represents a period of 184 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 3/01/17		Ending Account Value 8/31/17			Expenses Paid for the 6 Months Ended 8/31/17*		Beginning Account Value 3/01/17		Ending Account Value 8/31/17			Expenses Paid for the 6 Months Ended 8/31/17*
Class A
Actual	$	1,000	$	1,046.20		$	2.73	$	1,000	$	1,056.50		$	2.75
Hypothetical 5% return		1,000		1,022.53	+		2.70		1,000		1,022.53	+		2.70
Institutional
Actual		1,000		1,048.50			0.67		1,000		1,058.20			0.67
Hypothetical 5% return		1,000		1,024.55	+		0.66		1,000		1,024.55	+		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, 2017. 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, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

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

(iii) trends in employee headcount;

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

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

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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

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

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

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

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

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

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

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

(i) whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

The Trustees also received an overview of the Portfolios’ distribution arrangements. They received information regarding the Portfolios’ assets, share purchase and redemption activity, and payment of distribution 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

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

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.

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 Underlying Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2016, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2017. The information on each Portfolio’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio and Underlying Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Portfolio’s and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Portfolios’ portfolio management team to continue to enhance the investment models used in managing certain Underlying Funds.

The Trustees observed that the Enhanced Dividend Global Equity Portfolio’s Institutional Shares had placed in the first quartile of the Portfolio’s peer group for the one-, three-, and five-year periods ended March 31, 2017,

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

and had outperformed the Portfolio’s benchmark index for the one-, three-, and five-year periods ended April 30, 2017. They considered that the Enhanced Dividend Global Equity Portfolio had certain significant differences from its peer group that caused the peer groups and benchmark index, as applicable, to be imperfect bases for performance comparison. The Trustees noted that the Tax-Advantaged Global Equity Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group and had outperformed the Portfolio’s benchmark index for the one-, three-, and five-year periods ended March 31, 2017.

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 each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Portfolio was provided for 2016 and 2015, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

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 undertakings to waive a portion of its management fee and to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Portfolios and/or the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios and the Underlying Funds 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 Portfolios and/or 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

50

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

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

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’ 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, 2018.

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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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012–2016), Goldman Sachs MLP Income Opportunities Fund (2013–2016), Goldman Sachs MLP and Energy Renaissance Fund (2014–2016), and Goldman Sachs ETF Trust (2014–2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016–Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)
Gregory G. Weaver Age: 65	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.	104	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, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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 Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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)

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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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, 2017, 47.81% and 39.92% 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, 2017, 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 $0.0921 and $0.0700 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 36.95% and 40.42%, respectively. The total amount of taxes paid by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios to such countries was $0.0099 and $0.0084 per share, respectively.

For the fiscal year ended August 31, 2017, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate 89.85% and 90.32%, 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 Portfolio designates $3,230,800, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2017.

During the fiscal year ended August 31, 2017, the Enhanced Dividend Global Equity Portfolio designates $317,310, 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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

The reports concerning the 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 Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

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, 2017 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

© 2017 Goldman Sachs. All rights reserved. 107535-TMPL-10/2017-630685 TAGEDGAR-17/3K

Goldman Sachs Funds

Annual Report	August 31, 2017
	Investor FundsSM
	Money Market
	Tax-Exempt Money Market

Goldman Sachs Investor Funds

∎ MONEY MARKET FUND

∎ TAX-EXEMPT MONEY MARKET FUND

TABLE OF CONTENTS
Portfolio Results	1
Fund Basics	5
Yield Summary	6
Sector Allocations	7
Schedules of Investments	10
Financial Statements	21
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	37
Other Information	38

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Investor Funds

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Funds’ (the “Funds”) performance and positioning for the 12-month period ended August 31, 2017 (the “Reporting Period”).

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

A During the Reporting Period, noteworthy events influencing the front, or short-term, end of the taxable and tax-exempt money market yield curves included Federal Reserve (“Fed”) interest rate hikes and discussion of balance sheet normalization, the possibility of the European Central Bank’s (“ECB”) tapering of its asset purchases, and geopolitical events. (Yield curve is a spectrum of maturities. Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

When the Reporting Period began in September 2016, credit spreads (the difference in yields between government and taxable bonds of comparable maturity) widened in advance of money market fund reform, with final implementation taking effect in October 2016. Meanwhile, the agency floater curve steepened, as LIBOR widened and interest in shorter floaters amongst market participants increased. (LIBOR, or the London Inter-Bank Offered Rate, is the interest rate that banks charge each other for short-term loans.) The BofA Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index spiked to its highest level since the 2008 financial crisis. However, unlike in 2008, funding costs for banks did not increase due to market stress. Instead, spreads widened because of declining demand, as prime money market funds had been a key source of short-term bank funding. (Prime money market funds primarily invest in corporate debt securities.) Most of the flows went into government money market funds that invest in agencies — and may offer higher yields benchmarked to LIBOR — benefiting government yields and reducing pressure on U.S. Treasury yields. During September and October 2016, prime money market funds lost approximately $440 billion in assets, while government money market funds gained $410 billion in assets.¹

After money market fund reform was implemented on October 14, 2016, credit spreads gradually tightened to reach

¹  Source: iMoneyNet.

widths at the end of February 2017 that had been previously seen at the beginning of 2016.

Money market fund reform also impacted tax-exempt money market funds, with investment outflows reducing demand for one-day to seven-day maturities. In tandem with the outflows, the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index, representing seven-day tax-exempt variable rate demand obligations, rose.

In November 2016, the unexpected results of the U.S. presidential elections were widely viewed as a potential regime change in monetary and fiscal policy. The U.S. Treasury yield curve steepened as the markets began pricing in higher inflation due to greater anticipated government fiscal spending.

In December 2016, in a move widely expected by the markets, the Fed raised the targeted federal funds rate by 25 basis points, the second interest rate hike since the 2008 global financial crisis. (A basis point is 1/100th of a percentage point.) Fed policymakers also raised their interest rate projections on the back of continued improvement in the U.S. labor market, rising wages and the potential of fiscal policy initiatives by the then-incoming Administration. After the Fed’s December 2016 policy meeting, market expectations increased for additional Fed rate hikes in 2017, and money market yields generally moved higher.

In March 2017, Fed policymakers raised the targeted federal funds rate another 25 basis points and also reiterated their interest rate projections, saying they intended to hike interest rates a total of three times during the calendar year. U.S. economic growth, which had surprised to the downside in early 2017, strengthened during the second calendar quarter, with the Gross Domestic Product (“GDP”) coming in at an annualized rate of 3.0%. In June 2017, the unemployment rate declined to 4.3%, below what the Fed considers the normal level of unemployment. Core personal consumption expenditures remained below the Fed’s 2% target at just 1.7% year-over-year in June 2017, marking the fourth consecutive month of weak inflation data. Nevertheless, in June 2017, Fed policymakers raised the federal funds rate yet another 25 basis points to a target range of between 1.00% and 1.25%, citing ongoing strength in the labor market and a

1

PORTFOLIO RESULTS

pickup in household spending and business fixed investment. Also in June 2017, the Fed released a detailed addendum to its policy statement with specifics about its plan to taper reinvestment of its balance sheet. The plan was set to begin sometime in 2017 with a rundown of no greater than $10 billion a month, divided between mortgage-backed securities and U.S. Treasuries, with the total anticipated to rise steadily over the course of one year.

In August 2017, at the Fed’s Jackson Hole Economic Policy Symposium, Fed Chair Janet Yellen said, “in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.”

Also toward the end of the Reporting Period, expectations for a tapering announcement from the ECB shifted from possible to more than probable. ECB President Mario Draghi provided a rather optimistic outlook for inflation, stating “deflationary forces have been replaced by reflationary ones.” Mr. Draghi also made a cautious reference to a tapering of quantitative easing, saying an adjustment in the ECB’s “policy instruments” alongside the ongoing economic recovery would imply a constant rather than a tighter policy stance. The financial markets reacted to these comments in a hawkish manner, with the euro appreciating and German government bond yields rising. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

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

A The yields of the Goldman Sachs Investor Money Market Fund (“the taxable Fund”) and the Goldman Sachs Investor Tax-Exempt Money Market Fund (“the tax-exempt Fund”) rose during the Reporting Period, driven by the increase in money market yields, which occurred primarily because of the economic and market factors discussed above. The taxable and tax-exempt money market yield curves flattened, meaning differentials between yields on shorter-term maturities rose more than those on longer-term maturities.

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

A During the Reporting Period, the taxable Fund had investments in commercial paper, asset-backed commercial paper, repurchase agreements (“repos”), variable rate demand notes (“VRDNs”), certificates of deposit, short-term corporate obligations, asset backed securities, tender option bonds and non-U.S. sovereign government debt.

In the taxable Fund, we maintained an especially low weighted average maturity of less than 10 days, along with a high level of liquidity, as the implementation of money market fund reform approached and amid uncertainty about investment flows from prime money market funds to government money market funds. Following the implementation of money market fund reform, investment flows into prime money market funds stabilized, and we gradually extended the taxable Fund’s weighted average maturity. Toward the end of January 2017, as credit spreads normalized and we sought to add yield, we meaningfully extended the taxable Fund’s weighted average maturity to a range of between 30 days and 37 days. From March through June 2017, because of continued comments from the Fed about a potential June rate increase, we shortened the weighted average maturity of the taxable Fund to a range of between 23 days and 32 days.

During the first calendar quarter, we focused our purchases on floating rate securities, which would help us manage duration in the event of a more aggressive than market expected Fed rate hike scenario. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.) In the second calendar quarter, we focused our purchases on floating rate securities, asset backed securities and certificates of deposit when and where we found attractive opportunities.

During July 2017, we kept the weighted average maturity of the taxable Fund in range of between 28 days and 32 days, as yields did not, in our view, offer enough compensation to extend. We focused our purchases on repos and non-U.S. sovereign government debt, which offered what we considered attractive opportunities. In August 2017, as market expectations of a U.S. debt ceiling deal stayed strong, we maintained the taxable Fund’s weighted average maturity between 30 days and 36 days. We focused purchases on non-U.S. sovereign government debt, maturing primarily in September 2017.

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

A During the Reporting Period, the tax-exempt Fund had investments in VRDNs, tax-exempt commercial paper and other municipal securities.

We maintained a particularly low weighted average maturity and a high level of liquidity in the tax-exempt Fund in

2

PORTFOLIO RESULTS

response to money market fund reform, which reduced demand for short-term money market securities. Tax-exempt money market mutual funds lost approximately $151 billion in assets during August 2016, falling to less than $128 billion in the second week of October 2016, coinciding with money market fund reform. The decline in assets during 2016 pushed the front end of the tax-exempt money market yield curve out of alignment with that of the taxable money market yield curve. Historically, taxable money market mutual funds would begin buying VRDNs if the SIFMA Municipal Swap Index rose above the yields available in the taxable money markets. However, the taxable money market was also experiencing asset losses at that time and therefore, taxable money market investors did not buy a significant number of VRDNs. Furthermore, three-month and one-month LIBOR were at 0.88% and 0.53%, respectively, on October 12, 2016. The ratio of the SIFMA Municipal Swap Index to LIBOR, which had averaged less than 71% since 1997, reached 155% in October 2016. As a result, a large number of non-traditional buyers, including separately managed accounts and short duration municipal bond mutual funds, entered the tax-exempt money market, helping to push it back into equilibrium with the taxable money market by early 2017. The tax-exempt money market then stabilized, with non-traditional buyers dominating the front end of the market through the end of the Reporting Period.

Tax-exempt money market mutual fund assets generally fluctuated between $132 billion and $128 billion between October 2016 and August 2017. At the end of the Reporting Period, tax-exempt money market mutual fund assets were approximately $129 billion.

Between October 2016 and February 2017, we extended the weighted average maturity of the tax-exempt Fund to a range of between 22 days and 38 days. Ahead of the Fed’s June 2017 policy meeting, we shortened the tax-exempt Fund’s weighted average maturity to a range of between 20 days and 25 days. We maintained the tax-exempt Fund’s weighted average maturity, without significantly extending or shortening, through the end of the Reporting Period. During the Reporting Period overall, the weighted average maturity of the tax-exempt Fund ranged between 25 days and 33 days.

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 the taxable and tax- exempt Funds below 83 days. In the taxable Fund, we maintained a weighted average life in a range of between approximately 40 days and 83 days. In the tax-exempt Fund, we maintained a weighted average life in a range of between approximately five days and 35 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.

Under amendments to Securities and Exchange Commission (“SEC”) Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

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.

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

A At the end of the Reporting Period, we expected ongoing improvements in the U.S. economy, particularly in the labor market, to warrant another Fed rate hike in 2017, providing financial conditions do not tighten materially and core inflation improves. More specifically, we expect an interest rate hike in December 2017 and for balance sheet normalization to begin during the fourth quarter of 2017. (In mid-September 2017, after the Reporting Period ended, the Fed announced it would initiate balance sheet normalization in October 2017.)

Looking ahead, we expect the Fed to take the lead among developed markets in terms of interest rate hikes and balance sheet normalization, while we anticipate central banks in Europe and Japan to scale back quantitative easing due to scarcity of assets while maintaining low interest rates amid subdued inflation outlooks. We believe the ECB is likely to start to reduce its asset purchases in January 2018 and that it may keep its rates on hold through 2017 and 2018. In our view, there is an increased likelihood of a tapering announcement by the ECB in September 2017, which could lead to a rise in LIBOR that might, in turn, result in higher yields for many European sovereign government bonds. In the U.K., we expect the Bank of England to remain on hold, providing inflation expectations do not rise materially. We

3

PORTFOLIO RESULTS

see little scope for a near-term rate hike in Canada given recent weakness in inflation data.

Overall, the taxable and tax-exempt Funds continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of anticipated interest rate movements. At the end of the Reporting Period, we viewed floating rate securities as offering value, and we intend to adjust duration guided by the context of market pricing in relation to our expectations. As always, we intend to 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 taxable and tax-exempt money market yield curves, as we strive to navigate the interest rate environment.

RETAIL MONEY MARKET FUNDS

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

4

FUND BASICS

Investor Funds

as of August 31, 2017

PERFORMANCE REVIEW1
September 1, 2016–August 31, 2017	Fund Total Return (based on NAV)2 Class I Shares			iMoneyNet Institutional Average3
Money Market		0.87	%		0.45	%4
Tax-Exempt Money Market		0.63			0.33	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, Administration, Service, Resource, Cash Management, Class A and Class C Shares) and the Tax-Exempt Money Market Fund offers eleven separate classes of shares (Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I Shares do not have distribution and/or service (12b-1), administration or service (non-12b-1) fees. The Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1), administration and/or service (non-12b-1) fees (as applicable) at the following contractual rates: Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Premier Shares pay 0.35%, Service Shares pay 0.50%, Resource Shares pay 0.65%, Cash Management Shares pay 0.80%, 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. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

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 total return assumes the reinvestment of dividends and other distributions.

³  Source: iMoneyNet, Inc. August 2017.

⁴  First Tier Retail – Category includes only non-government retail funds that also are not holding any second-tier securities. Portfolio holdings of first-tier funds include US Treasury, US other, repos, time deposits, domestic bank obligations, foreign bank obligations, first-tier commercial paper, floating rate notes and asset-backed commercial paper.

⁵  Tax-Free National Retail – Category includes all retail national and state 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, alternative minimum tax paper and other tax-free holdings. Consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

5

YIELD SUMMARY

STANDARDIZED TOTAL RETURNS1,6
For the period ended 6/30/17	SEC 7-Day Current Yield7			One Year			Five Years			Ten Years			Since Inception			Inception Date
Money Market		1.11	%		0.76	%		N/A			N/A			0.64	%	1/29/16
Tax-Exempt Money Market		0.73			0.56			0.13	%		0.49	%		1.77		7/19/94

⁶ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) of Class I Shares as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. The SEC 7-Day Current Yield is not a Standardized Total Return.

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

The yields and returns represent past performance. Past performance dose not guarantee future results. Current performance may be lower or higher than the performance quoted above. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Yields and returns will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than the total return quotations. 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 6/30/17 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 SHARES1 AS OF 8/31/17
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		1.17	%		1.17	%		1.17	%		31		78
Tax-Exempt Money Market		0.67			0.67			0.65			22		32

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 an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield can include capital gain/loss distribution, if any. This is not an 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.

6

SECTOR ALLOCATIONS

MONEY MARKET FUND13
As of August 31, 2017
Security Type	Percentage of Net Assets
Certificates of Deposit		1.6	%
Certificates of Deposit — Yankeedollar		9.0
Commercial Paper & Corporate Obligations		19.8
Fixed Rate Municipal Debt Obligations		4.1
Repurchase Agreements		22.2
Variable Rate Municipal Debt Obligations		6.6
Variable Rate Obligations		37.2

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 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.

MONEY MARKET FUND14
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

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.

7

SECTOR ALLOCATIONS

TAX-EXEMPT MONEY MARKET FUND15
As of August 31, 2017
Security Type	Percentage of Net Assets
Bond Anticipation Notes		1.6	%
Commercial Paper		22.2
Revenue Bonds		1.3
Tax and Revenue Anticipation Notes		2.1
Variable Rate Obligations		74.5

¹⁵  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 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.

TAX-EXEMPT MONEY MARKET FUND16
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

¹⁶  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.

8

PORTFOLIO RESULTS

Index Definitions

The BofA Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

The Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index is a seven-day high-grade market index comprised of tax-exempt variable rate demand obligations with certain characteristics. The Index is calculated and published by Bloomberg. The Index is overseen by SIFMA’s municipal swap index committee.

9

INVESTOR MONEY MARKET FUND

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – 19.8%
	Albion Capital LLC
$	2,000,000		1.245	%		09/01/17	$	2,000,000
	3,000,000		1.318			09/26/17		2,997,313
	Alpine Securitization Ltd.
	1,000,000		1.370			10/25/17		997,990
	2,000,000		1.381			12/08/17		1,992,650
	Bank of China (Hong Kong)
	1,300,000		1.585			09/19/17		1,298,993
	CAFCO LLC
	3,000,000		1.445			02/01/18		2,982,023
	CHARTA LLC
	2,000,000		1.445			02/02/18		1,987,937
	CRC Funding LLC
	3,000,000		1.466			01/10/18		2,984,389
	DBS Bank Ltd.
	3,500,000		1.319			09/19/17		3,497,743
	First Abu Dhabi Bank
	7,000,000		1.276			09/06/17		6,998,784
	Kells Funding LLC
	1,500,000		1.329			10/30/17		1,496,804
	2,000,000		1.330			11/01/17		1,995,594
	LMA-Americas LLC
	6,000,000		1.101			09/01/17		6,000,000
	Matchpoint Finance PLC
	5,000,000		1.204			09/01/17		5,000,000
	3,000,000		1.381			10/02/17		2,996,513
	Nieuw Amsterdam Receivables Corp.
	2,000,000		1.398			01/17/18		1,989,343
	Northwestern Memorial Healthcare
	6,333,000		1.297			10/18/17		6,322,499
	Societe Generale
	1,500,000		1.475			01/31/18		1,490,880
	The State of the Netherlands
	5,000,000		1.214			09/01/17		5,000,000
	Westpac Securities NZ, Ltd.
	3,000,000		1.228			09/05/17		2,999,600
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	63,029,055
Certificate of Deposit – 1.6%
	State Street Bank and Trust Co.
$	5,000,000		1.300	%		10/23/17	$	5,000,000
Certificates of Deposit-Yankeedollar – 9.0%
	Banco Del Estado De Chile
$	2,000,000		1.310	%		10/06/17	$	2,000,000
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	5,000,000		1.520			10/30/17		5,001,087
	Citibank N.A.
	3,000,000		1.420			12/14/17		3,000,000
	Cooperative Rabobank UA
	500,000		1.400			09/20/17		500,000
	DZ Bank AG
	2,000,000		1.400			02/28/18		2,000,000
Certificates of Deposit-Yankeedollar – (continued)
	National Bank of Kuwait
	4,000,000		1.500			10/03/17		4,000,000
	4,000,000		1.500			10/13/17		4,000,000
	Sumitomo Mitsui Trust Bank Ltd.
	5,000,000		1.180			09/05/17		5,000,000
	Toronto-Dominion Bank (The)
	3,000,000		1.600			08/22/18		3,000,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	28,501,087
Fixed Rate Municipal Debt Obligations – 4.1%
	Bank of America N.A.
$	2,000,000		1.650	%		03/26/18	$	2,001,885
	Bank of Montreal
	2,000,000		1.450			04/09/18		1,999,737
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	2,000,000		1.450	(a)		09/08/17		2,000,004
	Cooperatieve Rabobank U.A.
	2,500,000		1.700			03/19/18		2,502,402
	Royal Bank of Canada
	1,500,000		1.500			01/16/18		1,500,860
	Swedbank AB
	1,500,000		2.125	(a)		09/29/17		1,500,861
	Wells Fargo Bank N.A.
	1,400,000		1.650			01/22/18		1,400,625
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	12,906,374
Variable Rate Municipal Debt Obligations(b) – 6.6%
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(a)
$	4,000,000		1.260	%		09/01/17	$	4,000,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,000,000		1.260			09/01/17		4,000,000
	City of Charlotte, North Carolina VRDN RB for Uptown Revitalization Project Series 2004 (Wells Fargo Bank N.A., SPA)
	1,440,000		1.180			09/07/17		1,440,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	3,185,000		1.240			09/07/17		3,185,000
	Providence St Joseph Health Obligated Group (Bank of Toyoko- Mitsubishi UFJ, LOC)
	5,000,000		1.220			09/07/17		5,000,000
	Triborough Bridge & Tunnel Authority VRDN Refunding Floating RB Series 2013 Subseries 2B RMKT (Bank of America N.A., LOC)
	3,500,000		1.180			09/07/17		3,500,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	21,125,000

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

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations(c) – 37.2%
	Abbey National Treasury Services PLC (1 Mo. LIBOR + 0.18%)
$	3,000,000		1.411	%		12/04/17	$	3,000,000
	ASB Finance Ltd./London (1 Mo. LIBOR + 0.38%)
	815,000		1.609	(a)		11/09/17		815,251
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.09%)
	2,000,000		1.318	(a)		01/18/18		1,999,927
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.14%)
	1,400,000		1.369	(a)		09/12/17		1,399,987
	Banco Del Estado De Chile (1 Mo. LIBOR + 0.22%)
	2,500,000		1.451			10/20/17		2,500,000
	Bank of Montreal (1 Mo. LIBOR + 0.19%)
	4,000,000		1.421			05/04/18		4,000,000
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.23%)
	5,000,000		1.458			09/17/18		5,000,000
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.22%)
	3,000,000		1.454	(a)		08/22/18		3,000,000
	BNZ International Funding Ltd. (3 Mo. LIBOR + 0.49%)
	1,900,000		1.791	(a)		10/04/17		1,900,000
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.23%)
	3,000,000		1.466			09/21/18		3,000,000
	Canadian Imperial Bank of Commerce (3 Mo. LIBOR + 0.43%)
	3,000,000		1.734			10/13/17		3,000,000
	Collateralized Commercial Paper II Co., LLC (1 Mo. LIBOR + 0.42%)
	500,000		1.649			11/09/17		500,192
	Collateralized Commercial Paper II Co., LLC (1 Mo. LIBOR + 0.60%)(a)
	1,000,000		1.828			01/17/18		1,000,000
	1,000,000		1.836			01/24/18		1,000,000
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.18%)
	1,500,000		1.483	(a)		07/06/18		1,500,000
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.18%)
	3,000,000		1.414	(a)		08/23/18		3,000,000
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.37%)
	3,000,000		1.606	(a)		02/23/18		3,000,000
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	2,000,000		1.427	(a)		04/27/18		2,000,000
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.34%)
	1,000,000		1.559	(a)		12/01/17		1,000,497
	Credit Suisse AG (1 Mo. LIBOR + 0.21%)
	2,800,000		1.439			01/08/18		2,800,000
	Dexia Credit Local (1 Mo. LIBOR + 0.35%)
	1,500,000		1.581			12/20/17		1,500,000
	Dexia Credit Local (1 Mo. LIBOR + 0.38%)
	3,000,000		1.611			12/07/17		3,000,000
	Dexia Credit Local (1 Mo. LIBOR + 0.41%)
	2,500,000		1.645			11/22/17		2,500,000
	DZ Bank AG (1 Mo. LIBOR + 0.18%)
	2,400,000		1.409	(a)		09/08/17		2,400,021
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.06%)
	2,000,000		1.294	(a)		09/25/17		2,000,000
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.19%)
	2,000,000		1.418	(a)		09/18/17		2,000,000
Variable Rate Obligations(c) – (continued)
	Erste Abwicklungsanstalt (1 Mo. LIBOR + 0.22%)
$	7,000,000		1.451	%(a)		09/07/17	$	7,000,000
	HSBC Bank PLC (1 Mo. LIBOR + 0.46%)
	1,500,000		1.692	(a)		11/01/17		1,500,000
	Industrial & Commercial Bank of China Ltd./New York (3 Mo. LIBOR + 1.19%)
	1,750,000		2.499			11/13/17		1,752,489
	J.P. Morgan Securities LLC (1 Mo. LIBOR + 0.25%)
	3,000,000		1.482	(a)		09/01/17		3,000,000
	Mizuho Bank Ltd. (1 Mo. LIBOR + 0.40%)
	2,000,000		1.632			09/01/17		2,000,000
	National Australia Bank Ltd. (1 Mo. LIBOR + 0.30%)
	2,000,000		1.532	(a)		04/03/18		2,000,000
	Nordea Bank AB (3 Mo. LIBOR + 0.50%)
	650,000		1.723			09/06/17		650,000
	Norinchukin Bank (The) (1 Mo. LIBOR + 0.23%)
	2,000,000		1.464			10/27/17		2,000,000
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.20%)
	2,000,000		1.429	(a)		09/11/17		1,999,985
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.21%)
	2,000,000		1.439			09/14/17		2,000,035
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.18%)
	2,000,000		1.479	(a)		04/03/18		2,000,000
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.33%)
	1,300,000		1.645	(a)		11/15/17		1,300,000
	Royal Bank of Canada (3 Mo. LIBOR + 0.13%)
	1,000,000		1.358			06/12/18		1,000,000
	Royal Bank of Canada (3 Mo. LIBOR + 0.41%)
	1,500,000		1.711			10/05/17		1,499,998
	Standard Chartered Bank (1 Mo. LIBOR + 0.21%)
	2,000,000		1.441			04/19/18		2,000,000
	Standard Chartered Bank (1 Mo. LIBOR + 0.44%)
	3,000,000		1.668			12/18/17		3,000,000
	Standard Chartered Bank (3 Mo. LIBOR + 0.46%)
	250,000		1.764			10/12/17		250,000
	Standard Chartered Bank (3 Mo. LIBOR + 0.72%)
	300,000		2.000			09/20/17		300,000
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.18%)
	3,000,000		1.414			03/02/18		3,000,000
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.30%)
	1,500,000		1.534			09/25/17		1,500,000
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.14%)
	2,500,000		1.371			04/06/18		2,500,000
	Swedbank AB (1 Mo. LIBOR + 0.10%)
	3,000,000		1.336			04/18/18		3,000,000
	Toronto-Dominion Bank (The) (1 Mo. LIBOR + 0.44%)
	3,000,000		1.672			11/02/17		3,000,000
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.19%)
	2,000,000		1.421			06/11/18		2,000,000
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.32%)
	1,500,000		1.637			01/26/18		1,500,000
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.48%)
	500,000		1.769			09/22/17		500,000
	Westpac Banking Corp. (1 Mo. LIBOR + 0.15%)
	3,000,000		1.379	(a)		07/13/18		3,000,000

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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations(c) – (continued)
	Westpac Securities NZ, Ltd. (1 Mo. LIBOR + 0.15%)
$	4,000,000		1.381	%(a)		02/20/18	$	4,000,012
	TOTAL VARIABLE RATE OBLIGATIONS						$	118,068,394
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	248,629,910
Repurchase Agreements(d) – 22.2%
	BNP Paribas (OBFR + 0.20%)
$	5,000,000		1.360	%(c)		09/07/17	$	5,000,000
	Maturity Value: $5,032,867
	Settlement Date: 03/24/17
	Collateralized by a mortgage-backed obligation, 5.634%, due 01/25/24, various corporate security issuers, 3.875% to 7.500%, due 07/16/20 to 11/24/43 and a sovereign debt security issuer, 10.125%, due 05/15/27. The aggregate market value of the collateral, including accrued interest, was $5,481,641.
	Joint Repurchase Agreement Account III
	64,400,000		1.076			09/01/17		64,400,000
	Maturity Value: $64,401,924
	Mizuho Securities USA LLC (3 Mo. LIBOR + 0.95%)
	1,000,000		2.262	(c)(e)		11/29/17		1,000,000
	Maturity Value: $1,013,320
	Settlement Date: 05/08/17
	Collateralized by various corporate security issuers, 1.407% to 12.000%, due 05/03/18 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,061,387.
	TOTAL REPURCHASE AGREEMENTS						$	70,400,000
	TOTAL INVESTMENTS – 100.5%						$	319,029,910
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%							(1,417,854	)
	NET ASSETS – 100.0%						$	317,612,056

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, 2017, these securities amounted to $65,316,545 or approximately 20.6% of net assets.
(b)	Rate shown is that which is in effect on August 31, 2017. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(c)	Variable or floating rate security. Interest rate disclosed is that which is in effect at August 31, 2017.
(d)	Unless noted, all repurchase agreements were entered into on August 31, 2017. Additional information on Joint Repurchase Agreement Account III appears on page 20.
(e)	Security has been determined to be illiquid by the Investment Adviser. At August 31, 2017, this security amounted to $1,000,000 or approximately 0.3% of net assets, and is unaudited.

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:
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
OBFR	—Overnight Bank Funding Rate
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, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – 101.7%
Alabama – 4.1%
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 2014 C(a)
$	10,000,000		0.930	%		09/01/17	$	10,000,000
	Huntsville Health Care Authority CP Series 2017
	17,300,000		0.870			10/23/17		17,300,000
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2007 C RMKT(a)
	11,500,000		1.000			09/07/17		11,500,000
								38,800,000
Alaska – 2.5%
	Alaska Housing Finance Corp. VRDN RB Refunding for Governmental Purpose Series 2001 B RMKT(a)
	11,640,000		0.750			09/07/17		11,640,000
	Alaska Housing Finance Corp. VRDN RB State Capital Project Series 2002 C RMKT(a)
	10,365,000		0.800			09/07/17		10,365,000
	City of Valdez Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. Project Series 1985(a)
	1,000,000		0.820			09/01/17		1,000,000
								23,005,000
Arizona – 0.2%
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 G (Wells Fargo Bank N.A., LOC)(a)
	2,165,000		0.800			09/07/17		2,165,000
California – 5.7%
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2017 04-I
	5,800,000		0.940			09/05/17		5,800,000
	3,350,000		0.940			10/17/17		3,350,000
	16,090,000		0.960			10/18/17		16,090,000
	City of Santa Clara Electric VRDN RB Refunding Series 2008 Subseries B RMKT (Bank of Tokyo-Mitsubishi UFJ, LOC)(a)
	2,900,000		0.760			09/07/17		2,900,000
	Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments Series 1996 C RMKT (FNMA) (FNMA, LIQ)(a)
	835,000		0.770			09/07/17		835,000
	San Diego County Regional Transportation Commission VRDN RB Refunding for Limited Tax Series 2008 A (JPMorgan Chase Bank N.A., SPA)(a)
	8,450,000		0.750			09/07/17		8,450,000
	San Diego County Regional Transportation Commission VRDN RB Refunding for Limited Tax Series 2008 C (Mizuho Corp. Bank, SPA)(a)
	200,000		0.770			09/07/17		200,000
	Santa Clara County Financing Authority VRDN RB Refunding for Multiple Facilities Projects Series 2008 M (Bank of America N.A., LOC)(a)
	3,000,000		0.790			09/07/17		3,000,000
	Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 B RMKT (Sumitomo Mitsui Banking Corp., SPA)(a)
	2,900,000		0.760			09/07/17		2,900,000
Municipal Debt Obligations – (continued)
California – (continued)
	The Regents of the University of California Medical Center Pooled VRDN RB Series 2013 K(a)
	4,750,000		0.750			09/07/17		4,750,000
	The Regents of the University of California VRDN RB Refunding General Series 2013 AL-2(a)
	5,425,000		0.800			09/07/17		5,425,000
								53,700,000
Colorado – 3.2%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Improvement Series 2005 A RMKT (Mizuho Bank, Ltd., SPA)(a)
	2,375,000		0.830			09/07/17		2,375,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Improvement Series 2006 B RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	1,400,000		0.830			09/07/17		1,400,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	3,250,000		0.830			09/07/17		3,250,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C (JPMorgan Chase Bank N.A., SPA)(a)
	245,000		0.800			09/07/17		245,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 B (Wells Fargo Bank N.A., LIQ)(a)
	400,000		0.810			09/07/17		400,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 D (Wells Fargo Bank N.A., LIQ)(a)
	11,200,000		0.770			09/07/17		11,200,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Adjustable Series 2001 AA-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	2,150,000		0.780			09/07/17		2,150,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-1(a)
	6,000,000		0.800			09/07/17		6,000,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-2(a)
	3,450,000		0.800			09/07/17		3,450,000
								30,470,000
Connecticut – 5.0%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2011 Subseries E-3 (Bank of Tokyo-Mitsubishi UFJ, SPA)(a)
	16,830,000		0.760			09/07/17		16,830,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 (Bank of Tokyo-Mitsubishi UFJ, SPA)(a)
	1,645,000		0.760			09/07/17		1,645,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2014 Subseries C-2 (Bank of Tokyo-Mitsubishi UFJ, SPA)(a)
	5,500,000		0.780			09/07/17		5,500,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Connecticut – (continued)
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2017 Subseries A-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
$	175,000		0.810	%		09/07/17	$	175,000
	State of Connecticut GO VRDN Refunding SIFMA Index Series 2015 D (SIFMA + 0.75%)
	20,740,000		1.540			06/15/18		20,821,539
	State of Connecticut GO VRDN SIFMA Index Series 2013 A (SIFMA + 0.42%)
	1,850,000		1.210			03/01/18		1,851,645
								46,823,184
Delaware – 0.2%
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2010 B(a)
	2,050,000		0.800			09/07/17		2,050,000
District of Columbia – 2.4%
	District of Columbia Income Tax Secured VRDN RB Refunding SIFMA Series 2014 B (SIFMA + 0.30%)
	15,300,000		1.090			12/01/17		15,302,641
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-1 (TD Bank N.A., SPA)(a)
	200,000		0.800			09/07/17		200,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 Subseries D-1 RMKT (TD Bank N.A., LOC)(a)
	1,800,000		0.800			09/07/17		1,800,000
	Metropolitan Washington Airports Authority CP for Dulles Toll Road Senior Second Lien Series 2017 1 (JPMorgan Chase Bank N.A., LOC)
	5,000,000		0.900			11/20/17		5,000,000
								22,302,641
Florida – 3.4%
	City of Gainesville Utilities System VRDN RB Refunding Series 2007 A (State Street Bank & Trust Co., SPA)(a)
	155,000		0.800			09/07/17		155,000
	City of Gainesville Utilities System VRDN RB Refunding Series 2012 B RMKT (Citibank N.A., SPA)(a)
	1,375,000		0.800			09/07/17		1,375,000
	Jacksonville Electric Authority Electric System VRDN RB Series Three 2008 A RMKT (Royal Bank of Canada, SPA)(a)
	5,370,000		0.790			09/07/17		5,370,000
	Jacksonville Electric Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-1 RMKT (State Street Bank & Trust Co., SPA)(a)
	2,990,000		0.800			09/07/17		2,990,000
	Pinellas County Health Facilities Authority VRDN RB for BayCare Health System Series 2009 A2 (Northern Trust Co., LOC)(a)
	13,025,000		0.790			09/07/17		13,025,000
	Pinellas County Health Facilities Authority VRDN RB Refunding for Baycare Health System Series 2009 A1 (U.S. Bank N.A. LOC)(a)
	9,200,000		0.860			09/01/17		9,200,000
								32,115,000
Municipal Debt Obligations – (continued)
Georgia – 0.4%
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-1(a)
$	3,550,000		0.760			09/07/17		3,550,000
Illinois – 1.6%
	Illinois Development Finance Authority VRDN RB for Evanston Northwestern Healthcare Corp. Series 2001 B RMKT Convertible (JPMorgan Chase Bank N.A., SPA)(a)
	1,000,000		0.840			09/01/17		1,000,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B RMKT(a)
	5,000,000		0.760			09/07/17		5,000,000
	Illinois Finance Authority VRDN RB Refunding for Advocate Health Care Network Series 2008 Subseries C-2B (JPMorgan Chase Bank N.A., SPA)(a)
	850,000		0.800			09/07/17		850,000
	Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C(a)
	7,000,000		0.800			09/07/17		7,000,000
	Illinois Toll Highway Authority VRDN RB Senior Priority Series 2007 A-1B RMKT (Bank of America N.A., LOC)(a)
	800,000		0.820			09/07/17		800,000
	Illinois Toll Highway Authority VRDN RB Senior Priority Series 2007 A-2C RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	800,000		0.820			09/07/17		800,000
								15,450,000
Indiana – 0.8%
	Indiana Health Facilities Financing Authority VRDN RB Refunding for Ascension Health Services Series 2003 E-6 RMKT(a)
	5,150,000		0.780			09/07/17		5,150,000
	Purdue University VRDN RB for Student Facilities System Series 2004 A(a)
	900,000		0.720			09/07/17		900,000
	Purdue University VRDN RB for Student Facilities System Series 2005 A(a)
	290,000		0.740			09/07/17		290,000
	Purdue University VRDN RB for Student Facilities System Series 2007 C(a)
	700,000		0.740			09/07/17		700,000
								7,040,000
Louisiana – 0.1%
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Series 2011 RMKT(a)
	468,000		0.820			09/01/17		468,000
Maryland – 2.0%
	County of Montgomery CP BANS Series 2017 10-A (PNC Bank N.A., LIQ)
	13,950,000		0.910			10/03/17		13,950,000
	Maryland Health & Higher Educational Facilities Authority CP Series 2017 B
	4,900,000		0.920			10/05/17		4,900,000

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)
Maryland – (continued)
	Washington Suburban Sanitary District GO VRDN BANS Series 2013 A (TD Bank N.A., SPA)(a)
$	300,000		0.780	%		09/07/17	$	300,000
								19,150,000
Massachusetts – 3.6%
	Massachusetts Department of Transportation Metropolitan Highway System VRDN RB Refunding for Contract Assistance Series 2010 A-3 RMKT (Landesbank Hessen- Thueringen Gironzentrale, LOC)(a)
	785,000		0.780			09/07/17		785,000
	Massachusetts Department of Transportation Metropolitan Highway System VRDN RB Refunding for Contract Assistance Series 2010 A-6 RMKT (Sumitomo Mitsui Banking Corp., SPA)(a)
	4,750,000		0.780			09/07/17		4,750,000
	Massachusetts Health & Educational Facilities Authority CP Series 2017 H-1
	18,950,000		0.920			09/05/17		18,950,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y(a)
	6,300,000		0.750			09/07/17		6,300,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-1 RMKT (Wells Fargo Bank N.A., SPA)(a)
	2,050,000		0.830			09/01/17		2,050,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)(a)
	940,000		0.800			09/07/17		940,000
								33,775,000
Michigan – 1.8%
	Michigan State University VRDN RB General Series 2000 A (Northern Trust Co., SPA)(a)
	300,000		0.790			09/07/17		300,000
	Regents of the University of Michigan VRDN RB Refunding Series 2012 D-2(a)
	12,740,000		0.730			09/07/17		12,740,000
	University of Michigan CP Series 2017
	2,400,000		0.860			09/13/17		2,400,000
	University of Michigan CP Series 2017 K-1
	1,160,000		0.890			11/01/17		1,160,000
								16,600,000
Minnesota – 3.6%
	County of Hennepin GO VRDN Series 2017 B (U.S. Bank N.A., SPA)(a)
	6,735,000		0.770			09/07/17		6,735,000
	Minnesota Higher Education Facilities Authority VRDN RB Refunding for Carleton College Series 2005 Six D RMKT (JPMorgan Chase Bank N.A., SPA)(a)
	3,545,000		0.790			09/07/17		3,545,000
	Rochester Health Care Facilities CP Series 2017
	19,700,000		0.870			09/06/17		19,700,000
Municipal Debt Obligations – (continued)
Minnesota – (continued)
	Rochester Health Care Facilities VRDN RB Refunding for Mayo Clinic Series 2008 A(a)
	4,200,000		0.760			09/07/17		4,200,000
								34,180,000
Mississippi – 2.0%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 B RMKT (GTY AGMT - Chevron Corp.)(a)
	1,160,000		0.840			09/01/17		1,160,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 B (GTY AGMT - Chevron Corp.)(a)
	6,500,000		0.840			09/01/17		6,500,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 D (GTY AGMT - Chevron Corp.)(a)
	600,000		0.790			09/07/17		600,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 F (GTY AGMT - Chevron Corp.)(a)
	1,180,000		0.780			09/07/17		1,180,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 K (GTY AGMT - Chevron Corp.)(a)
	2,600,000		0.840			09/01/17		2,600,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 C (GTY AGMT - Chevron Corp.)(a)
	2,640,000		0.820			09/01/17		2,640,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 E (GTY AGMT - Chevron Corp.)(a)
	3,600,000		0.830			09/01/17		3,600,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 F (GTY AGMT - Chevron Corp.)(a)
	200,000		0.830			09/01/17		200,000
								18,480,000
Missouri – 5.4%
	Curators University of Missouri CP Series 2017 A
	16,100,000		0.940			10/04/17		16,100,000
	Missouri Development Finance Board Cultural Facilities VRDN RB for Kauffman Center Performing Arts Series 2007 A RMKT (Northern Trust Co., SPA)(a)
	5,000,000		0.840			09/01/17		5,000,000
	Missouri Health & Educational Facilities Authority VRDN RB for Ascension Health Senior Credit Group Series 2008 C-5 RMKT(a)
	900,000		0.760			09/07/17		900,000
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for Ascension Health Credit Group Series 2003 C-2 RMKT(a)
	7,650,000		0.760			09/07/17		7,650,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Missouri – (continued)
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for Ascension Health Credit Group Series 2003 C-3 RMKT(a)
$	11,000,000		0.790	%		09/07/17	$	11,000,000
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for BJC Health System Series 2005 B RMKT(a)
	10,000,000		0.810			09/07/17		10,000,000
								50,650,000
Multi-State – 4.7%
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2013-M027 Class A (FHLMC, LIQ)(a)
	20,360,000		0.810			09/07/17		20,360,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2014-M031 Class A (FHLMC, LIQ) (SIFMA + 0.04%)
	13,550,000		0.830			09/07/17		13,550,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2015-M033 Class A (FHLMC, LIQ) (SIFMA + 0.04%)
	10,400,000		0.830			09/07/17		10,400,000
								44,310,000
New Jersey – 1.6%
	County of Bergen GO BANS Refunding Series 2016 B
	14,850,000		2.000			12/14/17		14,889,774
New York – 14.8%
	Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB Refunding Series 2008 A-1 RMKT (TD Bank N.A., LOC)(a)
	14,900,000		0.830			09/01/17		14,900,000
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-3 (Citibank N.A., LOC)(a)
	200,000		0.760			09/07/17		200,000
	New York City GO VRDN Refunding Series 2008 Subseries J-5 (Bank of America N.A., SPA)(a)
	1,500,000		0.840			09/01/17		1,500,000
	New York City GO VRDN Series 2008 Subseries L-3 (Bank of America N.A., LOC) (Bank of America N.A., SPA)(a)
	300,000		0.840			09/01/17		300,000
	New York City GO VRDN Series 2013 Subseries F-3 (Bank of America N.A., LIQ)(a)
	1,600,000		0.840			09/01/17		1,600,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for Elliot Chelsea Development Series 2010 A RMKT (FHLMC, LIQ)(a)
	800,000		0.820			09/07/17		800,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2001 Subseries F-1 (Mizuho Bank, Ltd., SPA)(a)
	3,700,000		0.860			09/01/17		3,700,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-3 (Bank of America N.A., SPA)(a)
	6,700,000		0.840			09/01/17		6,700,000
Municipal Debt Obligations – (continued)
New York – (continued)
	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)(a)
	2,000,000		0.850			09/01/17		2,000,000
	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)(a)
	5,200,000		0.840			09/01/17		5,200,000
	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)(a)
	2,000,000		0.830			09/01/17		2,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2011 Subseries A-2 (Mizuho Corporate Bank, SPA)(a)
	6,000,000		0.810			09/01/17		6,000,000
	New York City Transitional Finance Authority RB Refunding for Future Tax Secured Series 2012 B
	12,145,000		5.000			11/01/17		12,227,996
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT(a)
	11,900,000		0.750			09/07/17		11,900,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT(a)
	7,450,000		0.750			09/07/17		7,450,000
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)(a)
	6,675,000		0.750			09/07/17		6,675,000
	New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 B RMKT (Bank of NY Mellon, SPA)(a)
	590,000		0.790			09/07/17		590,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ) (FNMA, LOC)(a)
	9,000,000		0.870			09/07/17		9,000,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ) (FNMA, LOC)(a)
	5,100,000		0.800			09/07/17		5,100,000
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2010 A RMKT (FHLMC, LIQ) (FHLMC, LOC)(a)
	5,750,000		0.770			09/07/17		5,750,000
	New York State Housing Finance Agency VRDN RB Refunding for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ) (FNMA, LOC)(a)
	12,300,000		0.800			09/07/17		12,300,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2003 4V RMKT (Bank of America N.A., SPA)(a)
	4,000,000		0.800			09/07/17		4,000,000

16 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 State Power Authority CP Series 2017-1 (JPMorgan Chase Bank N.A., TD Bank N.A., State Street Bank & Trust Co. and Wells Fargo Bank N.A., LOC)
$	8,250,000		0.910	%		10/03/17	$	8,250,000
	New York State Power Authority CP Series 2017-2
	3,000,000		0.990			10/12/17		3,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2001 C RMKT (Bank of Tokyo-Mitsubishi UFJ, LOC)(a)
	5,865,000		0.800			09/07/17		5,865,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2002 F RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	1,400,000		0.860			09/01/17		1,400,000
								138,407,996
North Carolina – 4.2%
	County of Union Enterprise System VRDN RB Series 2009 RMKT (U.S. Bank N.A., LOC)(a)
	15,785,000		0.780			09/07/17		15,785,000
	North Carolina Capital Facilities Finance Agency Educational Facilities VRDN RB Refunding for Wake Forest University Series 2004 A(a)
	16,350,000		0.790			09/07/17		16,350,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Refunding Series 2001 A RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	3,400,000		0.810			09/01/17		3,400,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Refunding Series 2003 A (Bank of America N.A., SPA)(a)
	1,800,000		0.790			09/07/17		1,800,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Series 2001 B RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	2,000,000		0.810			09/01/17		2,000,000
								39,335,000
Ohio – 5.0%
	Allen County Hospital Facilities VRDN RB for Catholic Health Partners Series 2012 B(a)
	10,000,000		0.800			09/07/17		10,000,000
	City of Columbus GO VRDN for Sanitation Sewer System Series 2006-1(a)
	4,535,000		0.750			09/07/17		4,535,000
	City of Columbus Sewerage System VRDN RB Refunding Series 2008 B(a)
	1,760,000		0.750			09/07/17		1,760,000
	Ohio Higher Educational Facility Commission CP Series 2017 B-5
	12,000,000		0.900			10/19/17		12,000,000
	Ohio State University VRDN RB Refunding Series 2010 E(a)
	7,500,000		0.760			09/07/17		7,500,000
	Ohio State University VRDN RB Series 2001(a)
	300,000		0.760			09/07/17		300,000
	Ohio Water Development Authority VRDN RB for Water Pollution Control Loan Fund Series 2016 A (BMO Harris Bank, N.A., LIQ)(a)
	8,350,000		0.800			09/07/17		8,350,000
Municipal Debt Obligations – (continued)
Ohio – (continued)
	State of Ohio GO VRDN for Common Schools Series 2003 D RMKT(a)
	2,800,000		0.780			09/07/17		2,800,000
								47,245,000
Oklahoma – 0.1%
	Oklahoma Turnpike Authority VRDN RB Refunding for Second Senior Bonds Series 2006 B RMKT (Royal Bank of Canada, SPA)(a)
	765,000		0.820			09/01/17		765,000
Pennsylvania – 1.5%
	Pennsylvania State Turnpike Commission VRDN RB Refunding Series 2016 A-2 (1 Mo. LIBOR × 0.7 + 0.60%)
	13,500,000		1.462			12/01/17		13,502,747
	Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB Refunding for Children’s Hospital of Philadelphia Project Series 2005 A RMKT (Wells Fargo Bank N.A., SPA)(a)
	565,000		0.820			09/01/17		565,000
								14,067,747
South Carolina – 0.7%
	City of Columbia, South Carolina Waterworks & Sewer System VRDN RB Series 2009 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	6,750,000		0.790			09/07/17		6,750,000
Texas – 14.9%
	Board of Regents of the University of Texas System VRDN RB Refunding for Financing System Series 2007 B(a)
	3,000,000		0.740			09/07/17		3,000,000
	City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 A RMKT (JPMorgan Chase Bank N.A., LOC)(a)
	19,400,000		0.810			09/07/17		19,400,000
	City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 B (JPMorgan Chase Bank N.A., LOC)(a)
	1,300,000		0.810			09/07/17		1,300,000
	City of EL Paso Waterworks & Sewer System CP Series 2017 A (Bank of America N.A., LIQ)
	5,200,000		0.910			10/02/17		5,200,000
	City of San Antonio Electric & Gas Systems CP Series 2017 B (State Street Bank & Trust Co. and Wells Fargo Bank N.A., LOC)
	18,600,000		0.990			09/13/17		18,600,000
	19,300,000		0.890			10/11/17		19,300,000
	Gulf Coast, Texas IDA VRDN RB for ExxonMobil Project Series 2012(a)
	12,000,000		0.850			09/01/17		12,000,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB for Memorial Hermann Health System Series 2014 C(a)
	900,000		0.750			09/07/17		900,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Memorial Hermann Health System Series 2016 C(a)
	950,000		0.750			09/07/17		950,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-1 RMKT(a)
$	5,900,000		0.880	%		09/01/17	$	5,900,000
	Harris County Industrial Development Corp. VRDN PCRB for Exxon Project Series 1984(a)
	2,200,000		0.820			09/01/17		2,200,000
	State of Texas GO VRDN for Veterans Bonds Series 2015 B (Mizuho Bank, Ltd., SPA)(a)
	390,000		0.800			09/07/17		390,000
	State of Texas GO VRDN for Veterans Bonds Series 2016 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	1,400,000		0.800			09/07/17		1,400,000
	State of Texas GO VRDN for Veterans Bonds Series 2017 (Sumitomo Mitsui Banking Corp., SPA)(a)
	5,000,000		0.800			09/07/17		5,000,000
	State of Texas TRANS Series 2017(b)
	19,400,000		4.000			08/30/18		19,990,730
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A(a)
	6,250,000		0.750			09/07/17		6,250,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 B(a)
	7,760,000		0.750			09/07/17		7,760,000
	University of Texas CP Series 2017
	9,600,000		0.930			10/03/17		9,600,000
	University of Texas System VRDN RB Refunding Series 2008-B (University of Texas Investment Management Co., LIQ)(a)
	350,000		0.750			09/07/17		350,000
								139,490,730
Utah – 0.0%
	Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 B (U.S. Bank N.A. SPA)(a)
	200,000		0.760			09/07/17		200,000
Virginia – 2.2%
	City of Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 B(a)
	13,710,000		0.760			09/07/17		13,710,000
	Fairfax County IDA VRDN RB for Fairfax Hospital Series 1988 A RMKT (Northern Trust Co., LOC)(a)
	200,000		0.820			09/07/17		200,000
	Fairfax County IDA VRDN RB for Inova Health System Series 2000 (Branch Banking & Trust, SPA)(a)
	5,900,000		0.780			09/07/17		5,900,000
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2016 C(a)
	625,000		0.770			09/07/17		625,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 E(a)
	450,000		0.780			09/07/17		450,000
								20,885,000
Municipal Debt Obligations – (continued)
Washington – 3.4%
	County of King Multi-Modal Limited Tax GO VRDN Series 2010 B (State Street Bank & Trust Co., SPA)(a)
	230,000		0.780			09/07/17		230,000
	County of King Sewer Revenue VRDN RB Junior Lien Series 2001 A RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	6,650,000		0.780			09/07/17		6,650,000
	University of Washington CP Series 2017 A
	7,300,000		0.900			02/20/18		7,300,000
	Washington Health Care Facilities Authority VRDN RB Refunding for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)(a)
	12,960,000		0.810			09/07/17		12,960,000
	Washington State Housing Finance Commission VRDN RB for Discovery Heights Apartments Series 2010 (FHLMC, LIQ)(a)
	4,800,000		0.840			09/07/17		4,800,000
								31,940,000
Wyoming – 0.6%
	Sublette County VRDN PCRB Refunding for ExxonMobil Project Series 2014(a)
	1,000,000		0.820			09/01/17		999,960
	Unita County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (GTY AGMT - Chevron Corp.)(a)
	4,500,000		0.820			09/01/17		4,500,000
								5,499,960
	TOTAL INVESTMENTS – 101.7%						$	954,560,032
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.7)%							(15,940,993	)
	NET ASSETS – 100.0%						$	938,619,039

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Rate shown is that which is in effect on August 31, 2017. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	All or a portion represents a forward commitment.

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.

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Investment Abbreviations:
BANS	—Bond Anticipation Notes
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
LIBOR	—London Interbank Offered Rate
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCRB	—Pollution Control Revenue Bond
RB	—Revenue Bond
RMKT	—Remarketed
SIFMA	—Securities Industry and Financial Markets Association
SPA	—Stand-by Purchase Agreement
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Schedule of Investments

August 31, 2017

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At August 31, 2017, Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of September 1, 2017, as follows:

Principal Amount	Maturity Value	Collateral Value
$64,400,000	$64,401,924	$66,178,211

REPURCHASE AGREEMENTS — At August 31, 2017, 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.		1.070	%	$	5,593,746
Bank of America, N.A.		1.080			3,995,533
Bank of Nova Scotia (The)		1.080			17,580,345
BNP Paribas		1.080			6,073,210
Citigroup Global Markets, Inc.		1.080			5,186,202
TD Securities (USA), LLC		1.090			1,997,766
Wells Fargo Securities, LLC		1.070			23,973,198
TOTAL				$	64,400,000

At August 31, 2017, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		1.550 to 3.330	%		04/13/20 to 02/01/33
Federal Home Loan Bank		0.625 to 1.560			10/26/17 to 07/03/19
Federal Home Loan Mortgage Corp.		0.800 to 9.500			12/28/17 to 09/01/47
Federal Home Loan Mortgage Corp. Stripped Security		0.000			03/15/30
Federal National Mortgage Association		0.875 to 7.500			11/24/17 to 09/01/47
Federal National Mortgage Association Stripped Security		0.000			11/15/30
Government National Mortgage Association		2.250 to 11.000			09/15/17 to 08/20/47
U.S. Treasury Bills		0.000			09/14/17 to 11/02/17
U.S. Treasury Bonds		2.255 to 7.625			11/15/22 to 08/15/47
U.S. Treasury Inflation-Indexed Bonds		1.750 to 2.125			01/15/28 to 02/15/40
U.S. Treasury Inflation-Indexed Notes		0.375 to 0.625			01/15/24 to 07/15/27
U.S. Treasury Interest-Only Stripped Securities		0.000			02/15/20 to 05/15/43
U.S. Treasury Notes		0.750 to 2.625			08/31/18 to 08/15/25
U.S. Treasury Principal-Only Stripped Securities		0.000			08/15/29 to 02/15/46

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

August 31, 2017

	Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
Investments based on amortized cost	$	248,629,910	$	954,560,032
Repurchase agreements based on amortized cost		70,400,000		—
Cash		144,398		2,221,047
Receivables:
Investments sold		—		6,505,351
Interest		313,829		1,233,735
Fund shares sold		672,012		107,951
Reimbursement from investment advisor		21,295		295
Other assets		252		1,603
Total assets		320,181,696		964,630,014
Liabilities:
Payables:
Investments purchased		—		19,990,730
Fund shares redeemed		2,232,890		5,137,142
Dividend distribution		121,563		435,065
Management fees		41,738		128,946
Distribution and Service fees and Transfer Agency fees		3,220		8,787
Accrued expenses		170,229		310,305
Total liabilities		2,569,640		26,010,975
Net Assets:
Paid-in capital		317,597,926		938,618,486
Undistributed (distributions in excess of) net investment income		13,291		(29	)
Accumulated net realized gain		839		582
NET ASSETS	$	317,612,056	$	938,619,039
Net asset value, offering and redemption price per share		$1.00		$1.00
Net Assets:
Class I Shares	$	216,442,602	$	924,326,255
Select Shares		—		5,401,272
Preferred Shares		—		36,930
Capital Shares		—		1,004
Administration Shares		100,350,673		3,574,488
Premier Shares		—		1,003
Service Shares		50,220		840,784
Resource Shares		50,152		3,731,253
Cash Management Shares		91,368		54,292
Class A Shares		563,422		642,761
Class C Shares		63,619		8,997
Total Net Assets	$	317,612,056	$	938,619,039
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class I Shares		216,442,034		924,275,804
Select Shares		—		5,400,701
Preferred Shares		—		36,928
Capital Shares		—		1,004
Administration Shares		100,350,410		3,574,293
Premier Shares		—		1,003
Service Shares		50,219		840,738
Resource Shares		50,151		3,731,050
Cash Management Shares		91,368		54,289
Class A Shares		563,416		642,726
Class C Shares		63,619		8,996

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

For the Fiscal Year Ended August 31, 2017

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Investment income:
Interest income	$	2,286,412		$	7,175,503
Total investment income		2,286,412			7,175,503
Expenses:
Fund-Level Expenses:
Management fees		423,408			1,958,519
Registration fees		112,278			261,712
Professional fees		142,945			189,481
Custody, accounting and administrative services		51,243			120,181
Printing and mailing fees		131,600			109,013
Transfer Agency fees		20,654			95,538
Trustee fees		19,121			10,490
Amortization of offering costs		107,052			—
Other		42,359			51,116
Subtotal		1,050,660			2,796,050
Class Specific Expenses:
Service Share fees		250			48,495
Resource Share fees		250			25,652
Administration Share fees		152,961			11,085
Distribution fees — Resource Shares		75			7,696
Distribution and Service fees — Class A Shares		2,171			1,193
Select Share fees		—			350
Cash Management Share fees		369			159
Distribution fees — Cash Management Shares		222			96
Distribution fees — Class C Shares		388			68
Capital Share fees		—			53
Preferred Share fees		—			31
Class C Share fees		129			23
Premier Share fees		—			4
Total expenses		1,207,475			2,890,955
Less — expense reductions		(670,727	)		(1,047,872	)
Net expenses		536,748			1,843,083
NET INVESTMENT INCOME	$	1,749,664		$	5,332,420
Net realized gain from investment transactions		19,712			654
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,769,376		$	5,333,074

22 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 Fiscal Year Ended August 31, 2017			For the Period Ended August 31, 2016*			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2016
From operations:
Net investment income	$	1,749,664		$	24,448		$	5,332,420		$	2,825,733
Net realized gain from investment transactions		19,712			50			654			724,670
Net increase in net assets resulting from operations		1,769,376			24,498			5,333,074			3,550,403
Distributions to shareholders:
From net investment income:
Class I Shares		(1,302,341	)		(24,348	)		(5,305,155	)		(2,787,780	)
Select Shares		—			—			(7,167	)		(6,816	)
Preferred Shares		—			(1	)		(151	)		(968	)
Capital Shares		—			—			(105	)		(19,299	)
Administration Shares		(439,885	)		(47	)		(13,462	)		(6,611	)
Premier Shares		—			—			(4	)		(4	)
Service Shares(a)		(182	)		(2	)		(3,876	)		(3,778	)
Resource Shares(a)		(110	)		—			(803	)		(469	)
Cash Management Shares(a)		(131	)		(1	)		(4	)		(4	)
Class A Shares(b)		(6,996	)		(47	)		(1,689	)		(2	)
Class C Shares(b)		(19	)		(2	)		(4	)		(2	)
From net realized gains:
Class I Shares		(14,540	)		(36	)		(567,168	)		(198,426	)
Select Shares		—			—			(1	)		(7,632	)
Preferred Shares		—			—			(12	)		(206	)
Capital Shares		—			—			(1	)		(1,525	)
Administration Shares		(4,239	)		—			(2,773	)		(4,514	)
Premier Shares		—			—			(1	)		—
Service Shares(a)		(5	)		—			(560	)		(2,046	)
Resource Shares(a)		(5	)		—			(3,473	)		(320	)
Cash Management Shares(a)		(6	)		—			(10	)		—
Class A Shares(b)		(87	)		—			(388	)		—
Class C Shares(b)		(5	)		—			(5	)		—
Total distributions to shareholders		(1,768,551	)		(24,484	)		(5,906,812	)		(3,040,402	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		638,143,101			11,553,041			1,278,168,435			14,225,281,433
Reinvestment of distributions		847,042			23,657			679,285			1,741,174
Cost of shares redeemed		(332,357,615	)		(598,009	)		(1,805,926,440	)		(18,128,302,933	)
Net increase (decrease) in net assets resulting from share transactions		306,632,528			10,978,689			(527,078,720	)		(3,901,280,326	)
NET INCREASE (DECREASE)		306,633,353			10,978,703			(527,652,458	)		(3,900,770,325	)
Net assets:
Beginning of year or period		10,978,703			—			1,466,271,497			5,367,041,822
End of year or period	$	317,612,056		$	10,978,703		$	938,619,039		$	1,466,271,497
Undistributed (distributions in excess of) net investment income	$	13,291		$	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. 23

INVESTOR MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income(a)			Net realized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEAR ENDED AUGUST 31,
2017 - Class I Shares	$	1.00	$	0.009		$	—	(d)	$	0.009		$	(0.009	)	$	—	(d)	$	(0.009	)
2017 - Administration Shares		1.00		0.007			(0.001	)		0.006			(0.006	)		—	(d)		(0.006	)
2017 - Service Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2017 - Resource Shares		1.00		0.002			0.001			0.003			(0.003	)		—	(d)		(0.003	)
2017 - Cash Management Shares		1.00		0.002			(0.001	)		0.001			(0.001	)		—	(d)		(0.001	)
2017 - Class A Shares		1.00		0.008			(0.002	)		0.006			(0.006	)		—	(d)		(0.006	)
2017 - Class C Shares		1.00		—	(d)		0.001			0.001			(0.001	)		—	(d)		(0.001	)
FOR THE PERIOD ENDED AUGUST 31,*
2016 - Class I Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2016 - Administration Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Service Shares (Commenced operations on May 31, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Resource Shares (Commenced operations on May 31, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares (Commenced operations on May 31, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Class A Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Class C Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

 * Commenced operations on January 29, 2016.

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

(b) 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.

(c) 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.

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

(e) Annualized.

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

INVESTOR MONEY MARKET FUND

Net asset value, end of period		Total return(c)			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 to average net assets
$	1.00		0.87	%	$	216,443		0.18	%		0.51	%		0.90	%
	1.00		0.62			100,351		0.43			0.76			0.72
	1.00		0.39			50		0.68			1.01			0.36
	1.00		0.26			50		0.82			1.16			0.22
	1.00		0.15			91		0.95			1.31			0.18
	1.00		0.62			563		0.43			0.76			0.81
	1.00		0.06			64		1.02			1.51			0.04
	1.00		0.24			10,679		0.18	(e)		4.88	(e)		0.41	(e)
	1.00		0.09			50		0.43	(e)		5.13	(e)		0.16	(e)
	1.00		0.05			50		0.61	(e)		5.38	(e)		0.02	(e)
	1.00		0.05			50		0.62	(e)		5.53	(e)		0.01	(e)
	1.00		0.05			50		0.62	(e)		5.68	(e)		0.01	(e)
	1.00		0.09			50		0.43	(e)		5.13	(e)		0.16	(e)
	1.00		0.05			50		0.58	(e)		5.88	(e)		0.01	(e)

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income(a)			Net realized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions(b)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Class I Shares	$	1.00	$	0.006		$	0.001		$	0.007		$	(0.006	)	$	(0.001	)	$	(0.007	)
2017 - Select Shares		1.00		0.006			—	(d)		0.006			(0.005	)		(0.001	)		(0.006	)
2017 - Preferred Shares		1.00		0.005			0.001			0.006			(0.005	)		(0.001	)		(0.006	)
2017 - Capital Shares		1.00		0.003			0.002			0.005			(0.004	)		(0.001	)		(0.005	)
2017 - Administration Shares		1.00		0.003			0.001			0.004			(0.003	)		(0.001	)		(0.004	)
2017 - Premier Shares		1.00		0.004			(0.001	)		0.003			(0.002	)		(0.001	)		(0.003	)
2017 - Service Shares		1.00		—	(d)		0.002			0.002			(0.001	)		(0.001	)		(0.002	)
2017 - Resource Shares		1.00		—	(d)		0.001			0.001			—	(d)		(0.001	)		(0.001	)
2017 - Cash Management Shares		1.00		—	(d)		0.001			0.001			—	(d)		(0.001	)		(0.001	)
2017 - Class A Shares		1.00		0.004			—	(d)		0.004			(0.003	)		(0.001	)		(0.004	)
2017 - Class C Shares		1.00		—	(d)		0.001			0.001			—	(d)		(0.001	)		(0.001	)
2016 - Class I Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Select Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Preferred Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2016 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Class A Shares (Commenced operations on March 31, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2016 - Class C Shares (Commenced operations on March 31, 2016)		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Class I Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2015 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Class I Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2014 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Class I Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Select Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Preferred Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Capital Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Administration Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Premier Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Service Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Resource Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2013 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)

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

(b) 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.

(c) 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.

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

(e) Annualized.

26 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(c)			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
$	1.00		0.63	%	$	924,326		0.18	%		0.29	%		0.57	%
	1.00		0.60			5,401		0.21			0.32			0.62
	1.00		0.53			37		0.28			0.39			0.48
	1.00		0.48			1		0.33			0.44			0.30
	1.00		0.38			3,575		0.43			0.54			0.30
	1.00		0.29			1		0.47			0.64			0.43
	1.00		0.15			841		0.63			0.79			0.04
	1.00		0.08			3,731		0.73			0.94			0.02
	1.00		0.09			54		0.77			1.09			0.01
	1.00		0.38			643		0.43			0.54			0.35
	1.00		0.07			9		0.72			1.29			0.04
	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	(e)		0.49	(e)		0.04	(e)
	1.00		0.01			10		0.31	(e)		1.24	(e)		0.04	(e)
	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

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

August 31, 2017

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, Resource, Cash Management, Class A and Class C	Diversified
Investor Tax-Exempt Money Market	Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, 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 for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

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 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, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency 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.

28

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, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 Costs — Offering costs paid in connection with the offering of shares of the Investor Money Market Fund were amortized on a straight-line basis over 12 months from the date of commencement 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.

29

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The 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’ 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, 2017, all investments are classified as Level 2 of the fair value hierarchy. 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 each Fund’s average daily net assets. GSAM has agreed to not impose a portion of the management fee equal annually to 0.045% of each Fund’s average daily net assets. These arrangements will remain in effect through at least December 29, 2017, and prior to such date, GSAM may not terminate the arrangements without the approval of the Trustees.

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

30

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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, 2017, Goldman Sachs has 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, expenses of shareholder meetings, litigation and 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, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G.  Total Fund Expenses

Fund Contractual Fees

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

	Class I Shares			Select Shares(a)			Preferred Shares(a)			Capital Shares(a)			Administration Shares			Premier Shares(a)			Service Shares			Resource Shares			Cash Management Shares			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	%
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			0.25
Distribution and/or Service (12b-1) Fees		N/A			N/A			N/A			N/A			N/A			N/A			0.25	(b)		0.15	(c)		0.30	(c)		0.25			0.75	(c)
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

N/A—Fees not applicable to respective share class

(a) Tax-Exempt Money Market Fund only.

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

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

31

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

In addition to the contractual fee waivers and expense limitations discussed above, during the fiscal year ended August 31, 2017, GSAM and Goldman Sachs (as applicable) voluntarily agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. 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, 2017, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder, Administration Plans Fee Waivers			Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	93	$	—	*	$	578	$	671
Investor Tax-Exempt Money Market		430		10			608		1,048

* 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. For the fiscal year ended August 31, 2017, 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)
Investor Money Market	$	69,778,710	$	23,471,734	$	—
Investor Tax-Exempt Money Market		282,955,869		796,142,336		—

As of August 31, 2017, the Goldman Sachs Group (“GSG”), Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Class I Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Investor Money Market		—	%		N/A			N/A			N/A			—	%		N/A			100	%		100	%		55	%		9	%		79	%
Investor Tax-Exempt Money Market		—			—	%		—	%		100	%		—			100	%		—			—			—			—			100

I.  Line of Credit Facility — As of August 31, 2017, 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. 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, 2017, the Funds did not have any borrowings under the facility.

32

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	Investor Money Market		Investor Tax-Exempt Money Market
Distribution paid from:
Ordinary income	$	1,768,551	$	179,707
Net long-term capital gains		—		423,093
Tax-Exempt income		—		5,304,012
Total distributions	$	1,768,551	$	5,906,812

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.

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

	Investor Money Market			Investor Tax-Exempt Money Market
Undistributed ordinary income — net	$	135,693		$	582
Undistributed Tax-Exempt income — net		—			435,036
Total undistributed earnings	$	135,693		$	435,618
Timing differences (Distribution Payable)		(121,563	)		(435,065	)
Total accumulated earnings (losses) — net	$	14,130		$	553

The aggregate 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 non-deductible expenses.

Fund	Accumulated Undistributed Net Investment Income (Loss)		Paid in Capital
Investor Money Market	$	12,644	$	(12,644	)

33

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2017

5. TAX INFORMATION (continued)

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 financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, 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 the Fund’s NAV and liquidity. 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. 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.

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. 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. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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 and Sector Risk — The Investor Tax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

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.

34

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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.

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

Share activity is as follows:

	Investor Money Market Fund
	For the Fiscal Year Ended August 31, 2017			For the Period Ended August 31, 2016*
Class I Shares
Shares sold		498,952,302			11,253,024
Reinvestment of distributions		408,136			23,471
Shares redeemed		(293,596,890	)		(598,009	)
		205,763,548			10,678,486
Administration Shares
Shares sold		133,622,121			50,005
Reinvestment of distributions		431,344			47
Shares redeemed		(33,753,107	)		—
		100,300,358			50,052
Service Shares(a)
Shares sold		—			50,000
Reinvestment of distributions		195			24
Shares redeemed		—			—
		195			50,024
Resource Shares(a)
Shares sold		—			50,000
Reinvestment of distributions		128			23
Shares redeemed		—			—
		128			50,023
Cash Management Shares(a)
Shares sold		389,929			50,000
Reinvestment of distributions		124			23
Shares redeemed		(348,708	)		—
		41,345			50,023
Class A Shares
Shares sold		5,154,530			50,007
Reinvestment of distributions		7,081			45
Shares redeemed		(4,648,247	)		—
		513,364			50,052
Class C Shares
Shares sold		24,219			50,005
Reinvestment of distributions		34			24
Shares redeemed		(10,663	)		—
		13,590			50,029
NET INCREASE IN SHARES		306,632,528			10,978,689

* Commenced operations on January 29, 2016.

(a) Commenced operations on May 31, 2016.

35

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

August 31, 2017

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, 2017			For the Fiscal Year Ended August 31, 2016
Class I Shares
Shares sold		1,225,526,857			13,183,639,707
Reinvestment of distributions		662,201			1,703,962
Shares redeemed		(1,688,955,547	)		(16,754,080,268	)
		(462,766,489	)		(3,568,736,599	)
Select Shares
Shares sold		20,001,000			86,955,362
Reinvestment of distributions		7,166			13,672
Shares redeemed		(14,607,772	)		(280,470,486	)
		5,400,394			(193,501,452	)
Preferred Shares
Shares sold		21,815			10,822,209
Reinvestment of distributions		8			558
Shares redeemed		(30,953	)		(17,690,231	)
		(9,130	)		(6,867,464	)
Capital Shares
Shares sold		1,000			233,070,268
Reinvestment of distributions		4			17,029
Shares redeemed		(885,172	)		(254,989,902	)
		(884,168	)		(21,902,605	)
Administration Shares
Shares sold		12,585,227			532,705,799
Reinvestment of distributions		2,624			4,725
Shares redeemed		(22,049,174	)		(627,348,583	)
		(9,461,323	)		(94,638,059	)
Premier Shares
Shares sold		—			1
Reinvestment of distributions		3			—
Shares redeemed		—			(1	)
		3			—
Service Shares
Shares sold		5,380,517			161,062,699
Reinvestment of distributions		963			508
Shares redeemed		(62,689,231	)		(174,915,864	)
		(57,307,751	)		(13,852,657	)
Resource Shares
Shares sold		13,759,611			17,005,387
Reinvestment of distributions		4,221			718
Shares redeemed		(16,499,097	)		(18,807,597	)
		(2,735,265	)		(1,801,492	)
Cash Management Shares
Shares sold		225,518			1
Reinvestment of distributions		12			—
Shares redeemed		(172,241	)		(1	)
		53,289			—
Class A Shares(a)
Shares sold		666,890			10,000
Reinvestment of distributions		2,078			1
Shares redeemed		(36,243	)		—
		632,725			10,001
Class C Shares(a)
Shares sold		—			10,000
Reinvestment of distributions		5			1
Shares redeemed		(1,010	)		—
		(1,005	)		10,001
NET DECREASE IN SHARES		(527,078,720	)		(3,901,280,326	)

(a) Commenced operations on March 31, 2016.

36

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund:

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, as of August 31, 2017, and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended (or for the Goldman Sachs Investor Money Market Fund, for the year then ended and for the period from January 29, 2016 (the commencement of operations) through August 31, 2016) and the financial highlights for each of the periods presented therein, 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 Fund’s 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 as of August 31, 2017 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 24, 2017

37

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended August 31,  2017 (Unaudited)

As a shareholder of Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C 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, administration and/or shareholder administration fees (with respect to all share classes except Class I Shares) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C 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, 2017 through August 31, 2017, which represents a period of 184 days in a 365-day year.

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

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

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

	Investor Money Market Fund
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Class I Shares
Actual	$	1,000.00	$	1,005.10		$	0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.30	+		0.92
Administration Shares
Actual		1,000.00		1,003.90			2.17
Hypothetical (5% return before expenses)		1,000.00		1,023.04	+		2.19
Service Shares
Actual		1,000.00		1,002.60			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.73	+		3.52
Resource Shares
Actual		1,000.00		1,001.90			4.24
Hypothetical (5% return before expenses)		1,000.00		1,020.97	+		4.28
Cash Management Shares
Actual		1,000.00		1,001.10			4.94
Hypothetical (5% return before expenses)		1,000.00		1,020.27	+		4.99
Class A Shares
Actual		1,000.00		1,003.90			2.17
Hypothetical (5% return before expenses)		1,000.00		1,023.04	+		2.19
Class C Shares
Actual		1,000.00		1,000.30			5.70
Hypothetical (5% return before expenses)		1,000.00		1,019.51	+		5.75

38

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended August 31, 2017 (Unaudited)  (continued)

	Investor Tax-Exempt Money Market
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Class I Shares
Actual	$	1,000.00	$	1,003.30		$	0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.30	+		0.92
Select Shares
Actual		1,000.00		1,003.10			1.06
Hypothetical (5% return before expenses)		1,000.00		1,024.15	+		1.07
Preferred Shares
Actual		1,000.00		1,002.80			1.41
Hypothetical (5% return before expenses)		1,000.00		1,023.79	+		1.43
Capital Shares
Actual		1,000.00		1,002.50			0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.30	+		0.92
Administration Shares
Actual		1,000.00		1,002.00			2.17
Hypothetical (5% return before expenses)		1,000.00		1,023.04	+		2.19
Premier Shares
Actual		1,000.00		1,001.50			1.82
Hypothetical (5% return before expenses)		1,000.00		1,023.39	+		1.84
Service Shares
Actual		1,000.00		1,000.80			3.43
Hypothetical (5% return before expenses)		1,000.00		1,021.78	+		3.47
Resource Shares
Actual	��	1,000.00		1,000.10			4.08
Hypothetical (5% return before expenses)		1,000.00		1,021.12	+		4.13
Cash Management Shares
Actual		1,000.00		1,000.00			4.13
Hypothetical (5% return before expenses)		1,000.00		1,021.07	+		4.18
Class A Shares
Actual		1,000.00		1,002.00			2.17
Hypothetical (5% return before expenses)		1,000.00		1,023.04	+		2.19
Class C Shares
Actual		1,000.00		1,000.00			3.98
Hypothetical (5% return before expenses)		1,000.00		1,021.22	+		4.02

* 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, 2017. 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 I Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Investor Money Market		0.18	%		N/A			N/A			N/A			0.43	%		N/A			0.69	%		0.84	%		0.98	%		0.43	%		1.13	%
Investor Tax-Exempt Money Market		0.18			0.21	%		0.28	%		0.18	%		0.43			0.36	%		0.68			0.81			0.82			0.43			0.79

+ 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.

39

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 (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, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

40

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, 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 portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

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

(n) 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; and

(o) the efforts of the Investment Adviser to respond to amendments to the regulatory framework for money market funds, including (with respect to the Investor Tax-Exempt Money Market Fund) implementation of the final set of reforms as of October 11, 2016.

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 Investor Tax-Exempt Money Market Fund. The Trustees noted that the 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, 2016. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.

41

GOLDMAN SACHS FUNDS — INVESTOR 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 Fund’s risk profile, 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 investment policies and strategies. They considered that the Investment Adviser had expended substantial resources to respond to amendments to the regulatory framework for money market funds. They noted that the Fund had implemented the final set of reforms as of October 11, 2016, including the requirements relating to the use of liquidity fees and redemption gates. They considered that the Fund had operated in a challenging yield environment since 2009 (although yields had begun to improve as a result of recent actions by the Federal Reserve), and that the Investment Adviser had been able to maintain a 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 also considered that the Fund had maintained a stable net asset value. In light of these considerations, the Trustees believed that the Fund was providing investment performance within a competitive range for investors.

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. LLC (“Goldman Sachs”) had waived fees and reimbursed expenses for the Funds in order to maintain positive yields. They also observed that the Investment Adviser had expended substantial resources to respond to amendments to the regulatory framework for money market funds. They noted that the Funds had implemented the final set of reforms as of October 11, 2016, including the requirements relating to the use of liquidity fees and redemption gates. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

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

42

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

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.

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.

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, 2018.

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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

45

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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, 2017, 99.47% 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 $423,093 or, if different, the maximum amount allowable, as capital gain dividends paid during the taxable year ended August 31, 2017.

During the year ended August 31, 2017, 53.90% of the net investment company taxable income distributions paid by the Investor Money Market Fund was 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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for 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’ 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 1-800-526-7384 (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. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of August 31, 2017 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.

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

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

© 2017 Goldman Sachs. All rights reserved. 107209-TMPL-10/2017-630983 IMMITEMMAR-17/2.3k

Goldman Sachs Funds

Annual Report	August 31, 2017
	Strategic Factor Allocation Fund

Goldman Sachs Strategic Factor Allocation Fund

TABLE OF CONTENTS
Portfolio Management Discussions and Performance Summaries	1
Schedule of Investments	9
Financial Statements	11
Financial Highlights	14
Notes to the Financial Statements	16
Report of Independent Registered Accounting Firm	26
Other Information	27

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Strategic Factor Allocation Fund

Investment Objective and Principal Strategy

The Portfolio 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 12-month period ended August 31, 2017 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Institutional Shares generated an average annual total return of 6.88%. This compares to the 8.16% average annual 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 average annual total returns of 16.23% and 0.49%, respectively, during the Reporting Period.

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

A During the Reporting Period, unexpected political events in the U.S. and abroad, as well as shifting global central bank monetary policy, influenced the performance of the financial markets and the Portfolio. U.S. and international equities posted strong gains overall, while spread, or non-government bond, sectors generally produced positive, albeit more modest, returns.

When the Reporting Period began in early September 2016, U.S. and international equities alike fell as the European Central Bank (“ECB”) disappointed markets with its lack of commitment to extend quantitative easing. Later in the month, the Federal Reserve (the “Fed”) left its monetary policy unchanged, and the Bank of Japan (“BoJ”) introduced a 0% target for its 10-year government bond yield to exercise “yield curve control.” (The yield curve control framework is designed to steepen Japan’s government bond yield curve and alleviate the impact on financial institutions of low longer-term rates. Yield curve is a spectrum of maturities.) U.S. and international equities rebounded following the Fed and BoJ decisions, which the markets appeared to view as generally benign. In October 2016, a combination of hawkish Fed commentary and mounting strong U.S. economic data led to increased market pricing for a December 2016 interest rate hike. (Hawkish tends to suggest higher interest rates; opposite of dovish.) The U.S. Department of Commerce announced the U.S. Gross Domestic Product (“GDP”) increased by 3.5% on an annualized basis for the third quarter of 2016, above consensus expectations and the strongest growth rate in two years. Meanwhile, ECB minutes stressed a commitment to ongoing monthly bond-buying of 80 billion euros through at least March 2017, helping to dispel market concerns about potential tapering. The U.K.’s first official GDP growth figure since the Brexit referendum, the U.K.’s June 2016 vote to leave the European Union, was more robust than consensus expected at 0.5%. Japanese equities enjoyed strong performance owing to weakness in the Japanese yen, as BoJ governor Haruhiko Kuroda stated there was room for further easing if necessary to achieve the BoJ’s 2% inflation target. Following the unexpected results of the November 2016 U.S. elections, U.S. and international equities rallied on anticipation of a pro-growth effect of the incoming Administration’s fiscal stimulus plan, though international equities recorded a modest decline for the month overall. The Fed raised rates 25 basis points in December 2016, for the first time in a year but as had largely been anticipated, and set a more hawkish rate hike path for 2017. (A basis point is 1/100th of a percentage point.) Although U.S. equities declined modestly after the announcement, they advanced for December 2016 overall. International equities also posted solid gains during the month, which was highlighted by the resignation of Italy’s prime minister after Italian voters’ rejection of that nation’s

1

PORTFOLIO RESULTS

constitutional reform referendum and the ECB’s decision to slow its monthly pace of quantitative easing while extending the program to the end of 2017.

U.S. and international equities rallied significantly in January 2017 on the prospect of U.S. deregulation following presidential executive orders on oil pipelines and on optimism around infrastructure spending after a $1 trillion proposal from Senate Democrats. Despite political uncertainty and protectionism concerns, U.S. and international equities continued to rally in February 2017 driven by “risk on” sentiment, or increased risk appetite, owing to potential U.S. tax reform and deregulation as well as by stronger economic data. In March 2017, the Fed raised interest rates for the third time since the 2007-2009 global financial crisis and maintained projections for three additional interest rate increases before the end of 2017. However, a seemingly cautious stance on the future path of monetary tightening from Fed Chair Janet Yellen and the presence of a dissenter on the Fed committee led to a dovish market reaction and the appreciation of the Japanese yen, despite the BoJ maintaining its policy rate. Meanwhile, the ECB kept monetary policy unchanged at its March 2017 meeting but revised its economic growth and inflation forecasts upward. International equity markets interpreted the positive economic assessment as hawkish, sparking concerns around the sequencing of the ECB’s policy steps — namely, whether interest rates might rise before quantitative easing ends.

U.S. equities declined in April 2017, as Fed minutes suggested stocks were overvalued, but then rebounded on strong first quarter 2017 earnings reports and receding European political risk following the French presidential election. Although the U.S. labor market remained strong, economic activity and inflation data appeared to be moderating during the second quarter of 2017. Core inflation softened to 1.7% year-over-year in May 2017, marking a third consecutive month of weakness, while core personal consumption expenditures (“PCE”) remained below the Fed’s 2% target at just 1.4% year over year (PCE measures consumer spending on goods and services within the U.S. economy). In addition, market expectations for pro-growth U.S. fiscal policy were dampened by domestic political developments. Nonetheless, the Fed proceeded to raise the targeted federal funds rate by 25 basis points in June 2017, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. The results of the Fed’s 2017 Comprehensive Capital Analysis and Review (“CCAR”) stress test for banks were encouraging, with improving payout ratios. As for international equities, the markets were buoyed during the second calendar quarter by receding political risk, as the centrist candidate defeated the nationalist candidate in the French election and successfully secured a parliamentary majority. Political risk also declined in Italy, as the anti-establishment Five Star Movement saw a setback in local elections, and expectations for parliamentary elections this year declined. However, market optimism for pro-growth U.S. fiscal policy was dampened by political developments. Strong first quarter 2017 corporate earnings results, with double-digit growth across virtually all major developed market regions, were supportive for international equity markets. In June 2017, European markets reacted hawkishly to ECB President Mario Draghi’s optimistic outlook for recovering inflation and his cautious reference to tapering of asset purchases. Japanese equities saw a temporary pull-back in June 2017, as market sentiment deteriorated and as the Japanese yen strengthened immediately after the Fed’s June rate hike.

U.S. and international equities gained in July 2017. At the beginning of the month, the Institute for Supply Management (“ISM”) reported its manufacturing index had risen to 57.8% during June 2017, the highest level in nearly three years. However, inflation dynamics remained weak. The core consumer price index (“CPI”) stayed soft in June 2017, rising 1.7% year over year and 0.1% month over month. Fed Chair Yellen’s assessment during her Congressional testimony that the federal funds rate was close to its neutral policy rate was interpreted dovishly by markets. The Fed kept its monetary policy unchanged in July 2017, as had been widely expected. The Fed’s statement included an upgrade to its assessment of job growth as well as an acknowledgment that inflation was “below” target. This compares with its prior view, which noted inflation was “somewhat below” its 2% target, a shift that resulted in a mildly dovish market reaction. The Fed also stated it expected its balance sheet normalization to begin “relatively soon.” (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) The dovish market reaction, combined with ongoing political turmoil in Washington, D.C., added to U.S. dollar weakness. At the same time, market expectations of asset purchase tapering by the ECB continued to support the euro, despite ECB President Draghi’s cautious and mildly dovish tone at its July 2017 policy meeting. The BoJ maintained its monetary policy during the month, pushing back the

2

PORTFOLIO RESULTS

timeframe for achieving its 2% inflation target from 2018 to 2019, as slow wage growth continued to cloud the inflation outlook.

U.S. and international equities were roughly flat in August 2017. U.S. economic activity continued to be strong, with several surveys on consumer sentiment and manufacturing surprising positively. This was in contrast to subdued inflation. Minutes from the Fed’s July policy meeting suggested increased concerns on inflation, highlighting that “many participants” saw “some likelihood that inflation may remain below 2 percent for longer than expected.” Hurricane Harvey caused extensive flooding and damage in Texas and Louisiana and significantly impacted refinery operations, resulting in a surge in gasoline prices. In Europe, economic growth picked up to an annualized rate of 2.1% in the second calendar quarter from 1.9% in the first calendar quarter. However, economic activity indicators appeared to be moderating, though at relatively robust levels. The Japanese yen strengthened as risk sentiment deteriorated amid escalating geopolitical tensions between the U.S. and North Korea, creating headwinds for Japanese equities. Contrary to the expectations of some market participants, the Fed’s Jackson Hole Economic Policy Symposium toward the end of August provided no indication of the monetary policy outlooks of either Fed Chair Yellen or ECB President Draghi. This buoyed Japanese equities, as did moderating geopolitical risks and encouraging U.S. economic data.

In the fixed income markets during September 2016, spread sectors outperformed U.S. Treasury securities. The Fed kept the target range for the federal funds rate unchanged at its September 2016 policy meeting after a summer of speeches by Fed officials that fluctuated between dovish and hawkish tones. The ECB also left its monetary policy unchanged during the month, while the BoJ extended its quantitative and qualitative monetary easing framework to include “yield curve control.”

In the fourth quarter of 2016, spread sectors advanced, generally outpacing U.S. Treasury securities. In early November 2016, the results of the U.S. Presidential elections led to a change in investor expectations for future monetary, fiscal and regulatory policy. More specifically, investors appeared to anticipate fiscal stimulus, a looser regulatory agenda and a faster pace of Fed monetary policy tightening. After the U.S. elections, global interest rates rose and the U.S. dollar strengthened versus other developed markets and emerging markets currencies. Meanwhile, the U.S. economy continued to strengthen, with strong jobs growth and increased consumer spending reported. In December 2016, the Fed raised the targeted federal funds rate 25 basis points to a range of between 0.50% and 0.75%. The rate hike resulted in a further rise in U.S. Treasury yields, with a notable increase in shorter-term yields, and additional appreciation in the U.S. dollar. In Europe, the ECB announced it would reduce its monthly pace of asset purchases starting in April 2017 but stated it would extend its quantitative easing program to the end of 2017. On the political front, Italy voted to reject constitutional reforms, while the outcome of Austria’s election defied the populist tide that had claimed victories in the U.K. and U.S. during 2016. Crude oil prices rose following an agreement by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC producers to cut production, which provided support for energy issuers within the corporate credit market as well as for oil-exporting emerging economies.

During the first quarter of 2017, spread sectors provided mixed results versus U.S. Treasuries, but posted gains overall. Investors focused on the prospect of pro-growth policies from the new U.S. Administration, which we believe helped boost business and consumer sentiment to near record levels. Investors also evaluated the positive impact of earlier fiscal stimulus in China. Global purchasing managers’ indices pointed to solid and synchronized global expansion, led by developed markets, most notably the U.S. In Europe, economic data strengthened and political risk remained contained, as markets weathered the official start of Brexit negotiations. Monetary policy presented few surprises during the first calendar quarter, as the ECB, BoJ and Bank of England (“BoE”) kept their respective monetary policies unchanged. In March 2017, the ECB raised its economic growth and inflation forecast, while the Fed raised its target range for the federal funds rate by 25 basis points. Minutes from the meeting raised expectations that Fed balance sheet normalization would begin in 2017. Despite the Fed’s monetary policy tightening, U.S. financial conditions eased and the U.S. dollar weakened versus both developed and emerging markets currencies during the first calendar quarter.

In the second quarter of 2017, spread sectors generally recorded positive returns, though with mixed results relative to U.S. Treasuries. Political developments led to temporary bouts of volatility early in the quarter, driving weakness in Brazilian, U.S. and U.K. fixed income assets as well as a credit rating downgrade of South Africa’s sovereign debt. Political risks receded in May 2017 on the centrist

3

PORTFOLIO RESULTS

candidate’s victory in the French presidential election, which was supportive of French and European peripheral bonds broadly. On the economic front, U.S. core inflation weakened for the third consecutive month in May 2017, casting uncertainty over the pace of Fed monetary tightening. Nonetheless, comments included in minutes from the Fed’s May and June 2017 policy meetings suggested an announcement about how and when the Fed would begin reducing the size of its balance sheet would be made sooner than the markets had previously anticipated. In Europe, economic data continued to surprise to the upside. At its June 2017 policy meeting, the ECB provided an optimistic assessment of the risks to growth, but revised downward its medium-term inflation forecasts. The ECB, BoJ and BoE left their respective monetary policies unchanged during the second calendar quarter, while the Fed raised interest rates for the second time in 2017 and the fourth time in a decade at its June 2017 policy meeting. As the quarter came to an end, a string of comments from global central bankers triggered a hawkish market reaction. Global interest rates rose as the market anticipated a faster than consensus expected pace of monetary policy tightening by the BoE, ECB and Bank of Canada. During the second quarter of 2017, the U.S. dollar continued to weaken versus many global currencies.

In July 2017, spread sectors broadly advanced, outperforming U.S. Treasury securities. The Fed kept its monetary policy unchanged, though policymakers noted that balance sheet normalization would begin “relatively soon.” U.S. financial conditions continued to ease despite previous Fed rate hikes, while European financial conditions tightened on raised expectations for the potential withdrawal of the ECB’s accommodative monetary policy. In the U.S., second quarter 2017 GDP increased at an annualized rate of 2.6%, contrasting with inflation, which was subdued. In Europe, economic data continued to strengthen, but inflation remained below the ECB’s target and forecast. The U.S. dollar weakened relative to many global currencies.

During August 2017, spread sectors generally lagged U.S. Treasuries due to bouts of “risk off” sentiment, or increased risk aversion, amid rising geopolitical risks. In the U.S., limited progress on the Administration’s pro-growth fiscal policy measures, concerns about September 2017 debt limit and spending bill deadlines, and geopolitical uncertainty pushed down U.S. government bond yields. Second quarter 2017 U.S. GDP was revised up to an annualized rate 3.0%, and the ISM manufacturing index rose to a six-year high in August 2017. In Europe, economic data was generally positive, driving appreciation of the euro against the U.S. dollar. In Japan, second quarter 2017 GDP was revised down sharply from a preliminary annualized reading of 4% to 2.8%.

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 Goldman Sachs ISG believes offer the potential for greater and more consistent returns in various market environments. These factors include, but are not limited to, 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.

During the Reporting Period, the Strategic Allocation overall detracted from the Portfolio’s performance relative to the Index. The Flow factor hurt the Portfolio’s results, while the Equity, Volatility and Term factors contributed positively.

In terms of underlying asset classes and instruments, the Portfolio’s positions in developed markets currencies, accomplished through foreign currency exchange forward contracts, detracted overall from performance. More specifically, the Portfolio was hurt by its positions in the New Zealand dollar, Australian dollar, Japanese yen and British pound. It benefited from its positions in the Canadian dollar and Swiss franc. The impact of the Portfolio’s position in the euro did not have a meaningful impact on results. Allocations to listed U.S. equity index options and U.S. bond futures added to performance. In addition, an allocation to U.S. equities contributed positively.

4

PORTFOLIO RESULTS

Q How was the Portfolio positioned at the beginning of the Reporting Period?

A In terms of its Strategic Allocation at the start of the Reporting Period, the Portfolio had relatively equal weightings in the 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. In terms of currencies, 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 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 also contributed positively to performance. 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 had a slightly negative impact on the Portfolio’s results during the Reporting Period.

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 maintained equal weightings in the Equity, Flow and Volatility factors. It continued to have 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. In terms of currencies, it held long positions versus the U.S. dollar in the Canadian dollar, British pound and Japanese yen. It held short positions versus the U.S. dollar in the Swiss franc, euro and New Zealand dollar.

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

A Effective July 14, 2017, Alex Chung no longer served as a portfolio manager for the Portfolio. At the same time, Christian Morgenstern became a lead portfolio manager of the Portfolio, joining Amna Qaiser. By design, all investment decisions for the Portfolio are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Portfolio.

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 Goldman Sachs Strategic Factor Allocation process as it seeks long-term total return.

5

FUND BASICS

Strategic Factor Allocation Fund

as of August 31, 2017

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Portfolio Total Return (based on NAV)1			Strategic Factor Allocation Composite Index2			S&P 500® Index3			Bloomberg Barclays U.S. Aggregate Bond Index4
Institutional		6.88	%		8.16	%		16.23	%		0.49	%

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 do 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 6/30/17	One Year			Since Inception			Inception Date
Institutional		6.98	%		8.18	%	5/31/16

⁵ 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. 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.

6

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.95	%		1.21	%

⁶The 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 December 29, 2017, 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.

HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square		52.3	%		Investment Companies
Government Fund – Institutional Shares
SPDR S&P 500® ETF Trust		29.7			Exchange Traded Funds

⁷The holdings may not be representative of the Portfolio’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities.

7

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on May 31, 2016 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s 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 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 will 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 Portfolio distributions or the redemption of Portfolio shares. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, 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.

Strategic Factor Allocation Fund Lifetime Performance

Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from May 31, 2016 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Since Inception
Institutional Shares (Commenced May 31, 2016)	6.88%	8.30%

8

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

August 31, 2017

Shares		Description	Value
Exchange Traded Fund – 29.7%
	1,752,400	SPDR S&P 500 ETF Trust (Cost $409,443,175)	$	433,701,476

Shares	Distribution Rate			Value
Investment Company(a) – 52.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
762,872,567		0.927	%	$	762,872,567
(Cost $762,872,567)
TOTAL INVESTMENTS – 82.0%
(Cost $1,172,315,742)				$	1,196,574,043
OTHER ASSETS IN EXCESS OF     LIABILITIES – 18.0%					262,659,594
NET ASSETS – 100.0%				$	1,459,233,637

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.

Curreny Legend
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
NZD	—New Zealand Dollar
USD	—United States Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2017, 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
Morgan Stanley & Co. International PLC		AUD	107,270,000		USD	85,202,255	$	85,248,524		09/25/17	$	46,269
		CAD	33,170,000		USD	26,527,189		26,569,547		09/25/17		42,358
		CHF	37,470,000		USD	39,089,824		39,139,042		09/25/17		49,218
		GBP	36,840,000		USD	47,524,318		47,679,564		09/25/17		155,246
TOTAL											$	293,091

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC		USD	82,561,075		CHF	79,450,000	$	82,988,975		09/25/17	$	(427,900	)
		JPY	5,453,970,000		USD	50,210,787		49,669,181		09/25/17		(541,606	)
		USD	43,744,033		EUR	36,740,000		43,796,201		09/25/17		(52,168	)
		USD	21,326,093		GBP	16,500,000		21,354,854		09/25/17		(28,761	)
		USD	23,262,994		JPY	2,558,180,000		23,297,287		09/25/17		(34,293	)
		USD	43,654,447		NZD	60,850,000		43,669,917		09/25/17		(15,470	)
		USD	85,184,445		AUD	107,270,000		85,248,523		09/25/17		(64,078	)
TOTAL											$	(1,164,276	)

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At August 31, 2017, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
20 Year U.S. Treasury Bonds	2,587		12/19/17	$	403,814,531	$	2,218,234

WRITTEN OPTIONS CONTRACTS — At August 31, 2017, the Portfolio had the following written options:

OPTIONS ON EQUITIES CONTRACTS

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts:
Puts
S&P 500 Index	Morgan Stanley & Co. International PLC		2,360.00 USD		10/20/17		(2,550,482)		(112,400	)		(1,320,700	)		(1,277,426	)	$	(43,274	)
S&P 500 Index	Morgan Stanley & Co. International PLC		2,395.00 USD		10/20/17		(267,728)		(222,600	)		(3,568,278	)		(3,446,961	)		(121,317	)
S&P 500 Index	Morgan Stanley & Co. International PLC		2,395.00 USD		09/15/17		(2,479,555)		(110,200	)		(292,030	)		(1,212,125	)		920,095
Total written option contracts							(5,297,765)					(5,181,008	)		(5,936,512	)	$	755,504

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Assets and Liabilities

August 31, 2017

Assets:
Investments of unaffiliated issuers, at value (cost $409,443,175)	$	433,701,476
Investments of affiliated issuers, at value (cost $762,872,567)		762,872,567
Cash		259,391,345
Unrealized gain on forward foreign currency exchange contracts		293,091
Variation margin on certain derivative contracts		1,829,669
Receivables:
Collateral on certain derivative contracts(a)		151,473,844
Investments sold		66,766,045
Portfolio shares sold		22,223,407
Dividends and interest		655,478
Other assets		1,274
Total assets		1,699,208,196
Liabilities:
Written option contracts, at value (premium received $5,936,512)		5,181,008
Unrealized loss on forward foreign currency exchange contracts		1,164,276
Payables:
Investments purchased		232,448,689
Management fees		753,613
Portfolio shares redeemed		282,251
Transfer Agency fees		46,366
Accrued expenses		98,356
Total liabilities		239,974,559
Net Assets:
Paid-in capital		1,399,707,656
Distributions in excess of net investment income		871,185
Accumulated net realized gain		32,293,942
Net unrealized gain		26,360,854
NET ASSETS	$	1,459,233,637
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		133,160,218
Net asset value, offering and redemption price per share:		$10.96

(a) Includes amounts segregated for initial margin requirements and/or collateral on, (i) futures, (ii) options and (iii) forward foreign currency exchange contract transactions of $8,537,100, $137,126,744 and $5,810,000, respectively.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Operations

For the Fiscal Year Ended August 31, 2017

Investment income:
Dividends — unaffiliated issuers	$	2,865,962
Dividends — affiliated issuers		2,952,734
Interest		22,669
Total investment income		5,841,365
Expenses:
Management fees		5,761,366
Transfer Agency fees		307,273
Custody, accounting and administrative services		94,184
Professional fees		86,259
Registration fees		79,369
Amortization of offering costs		78,399
Printing and mailing costs		32,955
Trustee fees		19,438
Prime Broker Fees		9,374
Other		12,310
Total expenses		6,480,927
Less — expense reductions		(746,761	)
Net expenses		5,734,166
NET INVESTMENT INCOME		107,199
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(295,719	)
Futures contracts		9,060,262
Written options		32,054,358
Forward foreign currency exchange contracts		(7,813,258	)
Foreign currency transactions		2,107,181
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		23,070,900
Futures contracts		2,187,524
Written options		755,504
Forward foreign currency exchange contracts		(1,601,429	)
Net realized and unrealized gain		59,525,323
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,632,522

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statements of Changes in Net Assets

	For the Fiscal Year Ended August 31, 2017			For the Period Ended August 31, 2016(a)
From operations:
Net investment income (loss)	$	107,199		$	(237,259	)
Net realized gain		35,112,824			2,566,252
Net change in unrealized gain		24,412,499			1,948,355
Net increase in net assets resulting from operations		59,632,522			4,277,348
Distributions to shareholders:
From net investment income		(120,094	)		—
From net realized gains		(4,375,157	)		—
Total distributions to shareholders		(4,495,251	)		—
From share transactions:
Proceeds from sales of shares		1,117,562,980			337,652,314
Reinvestment of distributions		4,495,251			—
Cost of shares redeemed		(56,553,609	)		(3,337,918	)
Net increase in net assets resulting from share transactions		1,065,504,622			334,314,396
TOTAL INCREASE		1,120,641,893			338,591,744
Net assets:
Beginning of year		338,591,744			—
End of year	$	1,459,233,637		$	338,591,744
Distributions in excess of net investment income/(loss)	$	871,185		$	(615,459	)

(a) The Portfolio commenced operations on May 31, 2016.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - Institutional Shares	$	10.34	$	—	(d)	$	0.70	$	0.70	$	—	(d)	$	(0.08	)	$	(0.08	)
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 impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(c) 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.

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

(e) Annualized.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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)
$	10.96		6.88	%	$	1,459,234		0.74	%		0.84	%		0.01	%		589	%
	10.34		3.40			338,592		0.87	(e)		1.07	(e)		0.51	(e)		86

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements

August 31, 2017

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 shares — Institutional Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, 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, 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Portfolio may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  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 Costs — Offering costs paid in connection with the offering of shares were 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 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.

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the 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 are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency 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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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 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 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.

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

A forward foreign currency exchange contract is a forward contract in which the 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, 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.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Portfolio’s investments and derivatives classified in the fair value hierarchy as of August 31, 2017:

STRATEGIC FACTOR ALLOCATION
Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	433,701,476		$	—		$	—
Investment Company		762,872,567			—			—
Total	$	1,196,574,043		$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	293,091		$	—
Futures Contracts		2,218,234			—			—
Total	$	2,218,234		$	293,091		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,164,276	)	$	—
Written Options Contracts		(5,181,008	)		—			—
Total	$	(5,181,008	)	$	(1,164,276	)	$	—

(a) Amount shown represents unrealized gain (loss) at fiscal year 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, 2017. 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 tables 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	Variation margin on certain derivative contracts	$	2,218,234	(a)	—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		293,091		Payable for unrealized loss on forward foreign currency exchange contracts		(1,164,276)
Equity	—		—		Written options, at value		(5,181,008)
Total		$	2,511,325			$	(6,345,284)

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

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Notes to Financial Statements (continued)

August 31, 2017

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 fiscal year ended August 31, 2017. 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	$	9,060,262			2,187,524			1,572
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(7,813,258	)		(1,601,429	)		14
Equity	Net realized gain (loss) from written options contracts		32,054,358			755,504			1
Total		$	33,301,362		$	1,341,599			1,587

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2017.

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.

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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Portfolio, 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 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 fiscal year ended August 31, 2017, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First $2 Billion		Next $3 Billion		Next $3 Billion		Over $8 Billion		Effective Rate		Effective Net Management 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 December 29, 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 (“Government Money Market Fund”), which is an affiliated Underlying Portfolio. 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 the affiliated Underlying Portfolio in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2017, GSAM waived $746,761 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 annual rates as follows: 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, expenses of shareholder meetings, 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 are 0.164%. These Other Expense limitations will remain in place through at least December 29, 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 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.

D.  Line of Credit Facility — As of August 31, 2017, the Portfolio 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. 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 Portfolio based on the amount of the commitment that has not been utilized. For the period ended August 31, 2017, the Portfolio did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — For the fiscal year ended August 31, 2017 , Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

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Notes to Financial Statements (continued)

August 31, 2017

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2017:

Affiliated Investment Company	Beginning Value as of August 31, 2016		Purchases at Cost		Proceeds from Sales			Ending Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	184,645,717	$	2,152,312,843	$	(1,574,085,993	)	$	762,872,567		762,872,567	$	2,952,734

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, 2017, were $1,887,805,277 and $ 1,587,621,175 respectively.

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

Distribution paid from:
Ordinary income	$	1,874,359
Net long-term capital gains		2,620,892
Total taxable distributions	$	4,495,251

There were no distributions paid during the period ended August 31, 2016.

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	13,972,817
Undistributed long-term capital gains		25,774,595
Total undistributed earnings	$	39,747,412
Unrealized gains (losses) — net		19,778,569
Total accumulated earnings (losses) net	$	59,525,981

As of August 31, 2017, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$1,178,898,027
Gross unrealized gain	19,778,569
Gross unrealized loss	—
Net unrealized gains (losses)	$     19,778,569

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 contracts, options contracts and foreign currency contracts.

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7. TAX INFORMATION (continued)

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 dividend redesignations, net operating losses, 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)
$	(78,399	)	$	(1,421,140	)	$	1,499,539

GSAM has reviewed the Portfolio’s tax positions for all open tax years (the current and prior year as applicable) and has concluded that no provision for income tax is required in the Portfolio’s financial statements. Such open tax years remain 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 — The Portfolio’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the 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. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign 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. The imposition of exchange controls, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

August 31, 2017

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. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

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 a 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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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:

	Strategic Factor Allocation Fund
	For the Fiscal Year Ended August 31, 2017						For the Period Ended August 31, 2016(a)
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		105,328,746			1,117,562,980			33,081,728			337,652,314
Reinvestment of distributions		439,814			4,495,251			—			—
Shares redeemed		(5,361,153	)		(56,553,609	)		(328,917	)		(3,337,918	)
		100,407,407			1,065,504,622			32,752,811			334,314,396
NET INCREASE		100,407,407		$	1,065,504,622			32,752,811		$	334,314,396

(a) The Portfolio commenced operations on May 31, 2016.

25

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, as of August 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for the year then ended and the period May 31, 2016 (commencement of operations) to August 31, 2016 and the financial highlights for each of the periods presented therein, 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 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 as of August 31, 2017 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 24, 2017

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Portfolio Expenses — Period Ended August 31, 2017  (Unaudited)

As a shareholder of Institutional Shares of the Portfolio, you incur two types of costs: 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 March 1, 2017 through August 31, 2017, which represents a period of 184 days in a 365-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
Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Institutional
Actual	$	1,000.00	$	1,039.80		$	3.70
Hypothetical 5% return		1,000.00		1,021.58	+		3.67

+ 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.

* Expenses are calculated using the Portfolio’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2017. 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 0.72%.

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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 an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolio 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 Portfolio.

The Management Agreement was most recently approved for continuation until June 30, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

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

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

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

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

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

(ii) 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;

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

(f) with respect to the 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 to the Investment Adviser and its affiliates;

(i) whether the Portfolio’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 Portfolio, including the fees received by the Investment Adviser’s affiliates from the Portfolio for transfer agency, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Portfolio and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of 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 by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

The Trustees also received an overview of the Portfolio’s distribution arrangements. They received information regarding the Portfolio’s assets and share purchase and redemption activity. 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 Portfolio 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 Portfolio. 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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

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 Portfolio 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 Portfolio and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolio 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 Portfolio and the Investment Adviser and its affiliates.

Investment Performance

The Trustees noted that the Portfolio had launched on May 31, 2016 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 the Portfolio thereunder. In this regard, the Trustees considered information on the services 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 analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolio. The analyses provided a comparison of the Portfolio’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing the Portfolio’s net expenses to the peer and category medians. The analyses also compared the Portfolio’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 Portfolio.

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 Portfolio, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolio 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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

Profitability

The Trustees reviewed the Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Portfolio was provided for 2016, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Portfolio at the following annual percentage rates of the average daily net assets of the Portfolio:

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 designed 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 amounts of assets in the Portfolio; the Portfolio’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolio that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolio; (c) trading efficiencies resulting from aggregation of orders of the Portfolio with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolio on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (f) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (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 Portfolio; and (h) 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 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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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

Other Benefits to the Portfolio and Its Shareholders

The Trustees also noted that the Portfolio receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Portfolio 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 ability to negotiate favorable terms with derivatives counterparties on behalf of the Portfolio 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 Portfolio because of the reputation of the Goldman Sachs organization; (g) the Portfolio’s access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Portfolio’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolio’s shareholders invested in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Portfolio were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to the Portfolio until June 30, 2018.

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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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	None

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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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions manufacturer)
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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.

35

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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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

Goldman Sachs Trust — Strategic Factor Allocation Fund — Tax Information (Unaudited)

For the year ended August 31, 2017, 1.18% of the dividends paid from net investment company taxable income by the Strategic Factor Allocation Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Strategic Factor Allocation Fund designates $2,620,892, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2017.

For the year ended August 31, 2017, the Strategic Factor Allocation Fund designates 1.10%, 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, 2017, the Strategic Factor Allocation Fund designates $1,759,574, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

36

FUND 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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

The reports concerning the 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, 2017 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.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

© 2017 Goldman Sachs. All rights reserved. 107533-TMPL-10/2017-630687 STRATFACALAR-17/675

Goldman Sachs Funds

Annual Report	August 31, 2017
	Tactical Tilt Overlay Fund

Goldman Sachs Tactical Tilt Overlay Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Index Definitions	6
Schedule of Investments	10
Financial Statements	17
Financial Highlights	20
Notes to the Financial Statements	22
Report of Independent Registered Public Accounting Firm	37
Other Information	38

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Tactical Tilt Overlay Fund

Investment Objective and Principal Strategy

The Portfolio seeks long-term total return.

Portfolio Management Discussion and Analysis

The Board of Trustees of Goldman Sachs Trust has approved a change to the fiscal year end of the Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”). Effective August 25, 2017, the Portfolio’s fiscal year end changed from October 31 to August 31. Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Portfolio’s performance and positioning for the period from November 1, 2016 through August 31, 2017 (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, without sales charges, of 0.82%. This return compares to the 0.85% cumulative total return of the Portfolio’s benchmark, the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

References to the Portfolio’s benchmark and to other indices mentioned herein are for informational purposes only, and unless otherwise noted, are not indications of how the Portfolio is managed. The use of the Index as the Portfolio’s benchmark does not imply the Portfolio is being managed like cash and does not imply low risk or low volatility.

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

A Investor sentiment was dominated during the Reporting Period by global central bank monetary policy, geopolitical events and uncertainty about the ability of the new U.S. Administration to enact policy.

During the first part of the Reporting Period, investors were focused largely on the November 2016 U.S. presidential election and the unexpected outcome. Markets reacted positively following the results, as the potential of significant infrastructure spending, lower taxes and lighter regulation increased expectations for economic growth and inflation. Reflecting market optimism about a continued upward trend in U.S. economic growth, the CBOE Volatility Index^® (“VIX^®”) approached its post financial crisis low after the elections. U.S. banks and small-cap equities were among the chief beneficiaries of the “risk on” sentiment, or increased risk appetite, that emerged following the election. In contrast, emerging markets assets (specifically, equities and currencies) struggled on market concerns about new U.S. policies that could have protectionist implications. With regards to commodities, the Organization of the Petroleum Exporting Countries (“OPEC”) announced the most comprehensive supply cut in a decade, leading to a sharp recovery in crude oil prices. The currencies of oil-exporting countries, as well as energy-related high yield corporate bonds, responded positively to the recovery in crude oil prices, recording significant gains near the end of 2016.

The “risk on” rally, which continued into the first part of 2017, was further supported by a stream of better than consensus expected U.S. economic data, reflected in non-farm payroll numbers, purchasing managers’ indices, and consumer- and producer-sentiment gauges — which together reinforced opinions about a more positive macroeconomic picture. In addition, the U.S. inflation rate rose higher than the Federal Reserve’s (“Fed”) stated 2.0% target. These factors, along with positive survey data, led Fed policymakers, who had previously raised short-term interest rates in December 2016, to guide market expectations toward another rate hike in March 2017. As a result, the March rate increase caused minimal market disruption. Fed officials also said that several interest rate hikes could occur during 2017, and the minutes from the Fed’s March policy meeting indicated that balance sheet normalization might begin by the end of the calendar year. (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) However, economic data at the end of the first quarter of 2017 failed to keep up with lofty survey data. Additionally, the U.S. Administration was unsuccessful in its first attempt to pass a health care bill, raising concern about its ability to enact

1

PORTFOLIO RESULTS

legislation related to taxes and infrastructure. In this environment, global stocks gave up some of their gains, with cyclical stocks generally underperforming defensive stocks. Yields fell, driving a rally in the U.S. Treasury market, and the U.S. dollar weakened. Sharp rallies followed in emerging markets assets, particularly emerging markets currencies. In Europe, optimism about the European Central Bank’s (“ECB”) tapering of its asset purchases, as well as positive purchasing managers’ data, was well received by investors, who nevertheless remained cautious given political uncertainties surrounding the then-upcoming presidential election in France.

Investor sentiment in Europe remained pro-risk during the second calendar quarter, driven by the outcome of the French election, broadly improving global economic growth and robust corporate earnings reports. In France, the victory of the centrist candidate was viewed as positive by many market participants, leading to strong rallies in European equities and the euro. In the U.S., Fed policymakers noted the fundamentals underpinning consumption growth remained solid despite data showing lackluster first quarter 2017 economic growth. At its June 2017 policy meeting, the Fed raised interest rates for the second time during the calendar year. Meanwhile, the U.S. dollar continued to weaken. The U.S. Dollar Index hit 15-month lows during the final months of the Reporting Period on the possibility the Fed might not deliver a third interest rate hike in 2017. Falling expectations about successful tax reform also put pressure on the U.S. dollar. In contrast, the euro reached its highest level since the start of 2015, as markets anticipated adjustments to the ECB’s quantitative easing program toward the end of 2017. Commodities, specifically crude oil, struggled due to oversupply concerns even though OPEC announced extended output cuts. The continued weakness of the U.S. dollar, easier financial conditions and a more stable macro environment pushed emerging markets assets higher, led by Chinese equities.

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

A The Portfolio seeks to achieve its investment objective 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.

Within equities during the Reporting Period, the Portfolio’s exposure to European equities contributed positively, highlighted by long positions in Spanish equities and EURO STOXX 50^® 2018 dividend futures. Spain’s equity market advanced on the strong performance of bank stocks as well as on positive sentiment about the country’s economic recovery. In addition, the Portfolio benefited from its exposure to U.S. equities, broadly led by long positions in large-cap banks. U.S. bank stocks performed well due, in part, to the new U.S. Administration’s push for less banking regulation in the future. Conversely, the Portfolio was hurt by its holdings of U.S. equity index options, specifically those used to gain exposure to U.S. energy stocks and those used to hedge U.S. stock market exposure.

Within fixed income, the Portfolio was helped by its long position in energy-related high yield corporate bonds. Energy companies’ fundamentals had improved in recent years, and as a result, energy-related high yield corporate bonds were less sensitive to the decline in oil prices toward the end of the Reporting Period. Additionally, the Portfolio’s long position in high yield loans contributed positively, as spreads (or yield differentials versus other bonds of comparable duration) compressed and high yield issuers experienced fewer defaults between January 2017 and August 2017 than they had during the same period in 2016. However, a short position in five-year German government bonds detracted from the Portfolio’s performance. German bund yields, which had risen early in the Reporting Period, fell in the first quarter of 2017 amid a broad-based flight to quality and due to concerns about the then-upcoming French presidential election.

Regarding its currency exposures, the Portfolio benefited from a long position in the British pound versus a short position in the U.S. dollar. The British pound appreciated after the U.K. prime minister called for early elections as she sought more parliamentary support for Brexit. (Brexit refers to the U.K.’s decision to exit the European Union.) Also, as mentioned previously, the U.S. Dollar Index hit 15-month lows on speculation the Fed might not raise interest rates a third time during 2017. On the other hand, a long position in the U.S. dollar versus a short position in the Japanese yen detracted from Portfolio returns, as the U.S. President struggled to unite the Republican Party behind his agenda. Also, the Japanese yen strengthened as market sentiment shifted after the U.S. military launched a missile strike on a Syrian government airbase. Elsewhere, a short position in the Chinese renminbi hurt the Portfolio’s results during the Reporting Period.

2

PORTFOLIO RESULTS

Within commodities, the Portfolio’s position in natural gas futures contributed positively during the first half of the Reporting Period, as U.S. natural gas exports to Mexico increased and natural gas inventories fell as a result. However, the Portfolio was hurt by this positioning during the Reporting Period overall amid cooler than expected summer temperatures across the U.S.

Q How was the Portfolio positioned at the beginning of the Reporting Period?

A At the beginning of the Reporting Period, the Portfolio had approximately 12.85% of its total net assets invested in long equity-related investments; approximately 18.94% of its total net assets invested in long fixed income-related investments; and approximately 12.23% of its total net assets invested in long currency-related investments. The Portfolio did not have any of its total net assets invested in commodity-related investments at the start of the Reporting Period. It had short positions of approximately -0.49% of its total net assets in equity-related investments and approximately -6.24% of its total net assets in fixed income-related investments.

The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Portfolio specifically to cover its exposure and any potential margin calls or future losses experienced. Given the line-up of positions held, most of them were derivatives-based, so the cash allocation at the beginning of the Reporting Period was high.

Q How did you tactically manage the Portfolio’s allocations during the Reporting Period?

A During the Reporting Period, in response to shifting macroeconomic and market dynamics, we made a number of changes to the Portfolio’s exposures. Broadly speaking, we increased the Portfolio’s exposure to risk by expanding its allocation to currencies and reintroducing an allocation to commodities.

In terms of equity-related exposures, we first modulated and then, by the middle of the Reporting Period, eliminated the Portfolio’s hedging positions on U.S. equities, which had been implemented using put options on the S&P 500^® Index as we sought to provide potential downside protection against unexpected risks. (A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.) Near the end of the Reporting Period, we reintroduced these hedging positions as we believed both that S&P 500^® Index put options were attractively priced and that risks had increased due to U.S. debt ceiling negotiations and 2018 budget resolutions. Also, we initiated and subsequently increased a short position in S&P 500^® Energy Index put options, which could provide the Portfolio with premium income or allow it to gain exposure to the U.S. energy sector at what we considered attractive valuations. Toward the end of the Reporting Period, we reduced this short position due to uncertainty about oil prices.

In addition, we decreased the Portfolio’s long position in large-cap U.S. banking stocks early in the Reporting Period to capture some profits. We also reduced the Portfolio’s long position in Spanish equities during the Reporting Period. Furthermore, we initiated a long position in EURO STOXX 50^® 2018 dividend futures to take advantage of what we expected to be accelerating European economic growth as well as increased 2017 corporate earnings, which could help push dividends higher in 2018.

In fixed income, we increased the Portfolio’s short position in five-year German government bonds early in the Reporting Period, as the ECB’s expected monetary policy stance had been turning more neutral with the potential for modest hawkishness in the future. (Hawkish implies higher interest rates; opposite of dovish.) Subsequently, we reduced this position as market prices moved closer to our expectations and started to reflect the possible end of ECB asset purchases and perhaps the beginning of a rate hiking cycle in 2018. In addition, we reduced the Portfolio’s long position in energy-related high yield corporate bonds, as we sought to take advantage of what we considered attractive prices and capture profits heading into year-end 2016. In the first quarter of 2017, we eliminated the Portfolio’s allocation to U.S. high yield corporate bonds in order to capture profits and to increase its allocation to U.S. high yield loans. Also, during the Reporting Period, we initiated a long position in New Zealand interest rate swaps, which had the potential, we believed, to generate additional yield for the Portfolio. In our view, the fixed income market might have overpriced the path of rate hikes by the New Zealand central bank. In the latter part of the Reporting Period, we removed this position as market prices appeared to move into line with our expectations, reducing the risk/reward potential, in our view.

Regarding currency-related exposures, the Portfolio maintained a short position in the Chinese renminbi for most of the Reporting Period, which we reduced and then

3

PORTFOLIO RESULTS

eliminated at the end of the Reporting Period. The U.S. dollar weakened in 2017 year-to-date through the end of August, and Chinese officials had demonstrated their willingness to maintain currency stability. In addition, we adopted and subsequently increased a long position in the U.S. dollar versus a short position in the Japanese yen, as we sought to take advantage of the diverging monetary policy of the Fed and Bank of Japan. We also initiated and increased a long position in the British pound versus a short position in the U.S. dollar due in part to what we saw as attractive U.K. economic data and in part to purchases of U.K.-domiciled assets by foreign investors. In addition, we eliminated the Portfolio’s short position in the euro versus its long position in the U.S. dollar, as the currency markets provided us with what we felt were attractive risk/reward opportunities to scale back the position. We reintroduced this positioning toward the end of the Reporting Period because of diminishing investment flows into euro-denominated assets as well as softer U.S. economic data, which could lead, in our opinion, to positive surprises in the future.

Separately, we increased the Portfolio’s allocation to master limited partnerships during the Reporting Period. We also initiated a position in natural gas futures to take advantage of potential price increases following a mild winter and a rebound in natural gas production.

In addition, as part of our ongoing efforts to manage free cash with the Portfolio, we moved some cash holdings from the Goldman Sachs Financial Square Government Fund to a separate account composed of highly rated short duration fixed income securities.

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

A The Portfolio used derivatives and similar instruments as part of its investment strategy to express views implemented in the Portfolio. Positions were supported predominantly by cash held in the Portfolio specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced.

During the Reporting Period, the Portfolio employed equity and commodity futures, currency forwards and options to express active investment views with greater versatility across regional equity markets, global market sectors, commodities markets and currency markets. The Portfolio’s use of equity futures, especially those used to gain exposure to select European equity markets, such as Spain, had a positive impact on performance. Commodities futures, employed to express our views on natural gas prices, detracted from results. The use of currency forwards, driven primarily by the Portfolio’s short position in the Chinese renminbi, detracted from performance. To afford greater risk management precision, options on equity indices were also utilized to tactically adjust the amount of equity risk and downside risk in the Portfolio. The Portfolio’s use of equity options, led by put options on the S&P 500^® Index, had a negative impact on performance. In addition, interest rate swaps and German bund futures were employed to express our views on the direction of interest rates. The use of German bund futures had a negative impact on the Portfolio’s performance, while the use of interest rate swaps to gain exposure to New Zealand interest rates had a slightly positive impact on performance during the Reporting Period.

Q How was the Portfolio positioned at the end of the Reporting Period?

A At the end of the Reporting Period, the Portfolio had approximately 13.11% of its total net assets invested in long equity-related investments; approximately 22.90% of its total net assets invested in long fixed income-related investments; approximately 25.48% of its total net assets invested in long currency-related investments; and approximately 3.42% of its total net assets invested in long commodity-related investments. It had short positions of approximately -0.13% of its total net assets in equity-related investments and approximately -6.45% of its total net assets in fixed income-related investments. As mentioned previously, we moved some of the Portfolio’s cash holdings from the Goldman Sachs Financial Square Government Fund to a separate account composed of highly rated short duration fixed income securities during the Reporting Period.

The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Portfolio specifically to cover its exposure and any potential margin calls or future losses experienced. Given the line-up of positions held, most of them were derivatives-based, so the cash allocation at the end of the Reporting Period was lower than at the beginning of the Reporting Period but still high.

Q What is the Portfolio’s tactical asset allocation view and strategy for the months ahead?

A At the end of the Reporting Period, the Portfolio remained positioned for potential improvement in global economic growth, with modest improvement in economic growth rates

4

PORTFOLIO RESULTS

possible in the U.S., Europe and many emerging markets economies, in our view. More specifically, we believed the “longer-than-normal” U.S. economic recovery was likely to support equity returns, which could exceed those of bonds and cash equivalents in the months ahead. In addition, we expected continued stabilization in crude oil prices and energy prices overall to provide opportunities for our energy-related tactical positions to recoup some recent losses. We expected Fed policymakers to maintain accommodative monetary policy, as evidenced by the slow and steady pace at which they are raising the federal funds target rate. However, we do not exclude the possibility of another rate hike in December 2017. Overall, we remained positive on the U.S. dollar. That said, we saw a number of potential risks, including growing geopolitical concerns, the spread of terrorism and the increase in cyberattacks. We intend to continue to be vigilant about these risks as we seek to take advantage of tactical opportunities going forward. At the end of the Reporting Period, we favored U.S. and European equities and were monitoring the Portfolio’s allocations to high yield loans.

5

PORTFOLIO RESULTS

Index Definitions

The Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

The CBOE Volatility Index^® (VIX^®) is a key measure of market expectations of near-term volatility conveyed by S&P 500^® stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world’s premier barometer of investor sentiment and market volatility.

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

The S&P 500^® Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS^® energy sector.

The EURO STOXX 50^® provides a blue-chip representation of super-sector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

The U.S. Dollar Index measures the value of the U.S. dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.

6

PORTFOLIO BASICS

Tactical Tilt Overlay Fund

as of August 31, 2017

PERFORMANCE REVIEW
November 1, 2016–August 31, 2017	Portfolio Total Return (based on NAV)1			The Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index2
Institutional Shares		0.82	%		0.85	%

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 Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Institutional Shares		4.62	%		2.01	%		7/31/14

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. 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.

7

PORTFOLIO BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional Shares		0.84	%		1.02	%

⁴ The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Consolidated 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 February 28, 2018, 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.

PORTFOLIO COMPOSITION⁵

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposits and commercial papers. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The Investment in the securities lending reinvestment vehicle represented 3.0% and 0.0% of the Portfolio’s net assets as of August 31, 2017 and October 31, 2016. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

8

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $1,000,000 investment made on July 31, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark, the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity 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 Portfolio distributions or the redemption of Portfolio shares. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, 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.

Tactical Tilt Overlay Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from July 31, 2014 through August 31, 2017.

Average Annual Total Return through August 31, 2017	One Year	Since Inception
Institutional Shares (Commenced July 31, 2014)	2.17%	1.60%

9

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 6.4%
Distributor(a) – 0.1%
	AmeriGas Partners LP/AmeriGas Finance Corp.
$	5,850,000		5.875	%		08/20/26	$	5,967,000
Energy – Exploration & Production – 3.3%
	Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.(a)(b)
	5,550,000		7.875			12/15/24		5,952,375
	Antero Resources Corp.(a)
	4,700,000		5.375			11/01/21		4,770,500
	3,800,000		5.125			12/01/22		3,819,000
	Berry Petroleum Co. LLC(a)(c)(d)
	1,200,000		6.750			11/01/20		—
	18,124,000		6.375			09/15/22		—
	California Resources Corp.(a)
	10,279,000		8.000	(b)		12/15/22		5,653,450
	413,000		6.000			11/15/24		167,265
	Carrizo Oil & Gas, Inc.(a)
	7,150,000		7.500			09/15/20		7,257,250
	Chesapeake Energy Corp.
	1,950,000		5.375	(a)		06/15/21		1,784,250
	2,310,000		8.000	(a)(b)		12/15/22		2,390,850
	6,700,000		5.750			03/15/23		5,896,000
	1,475,000		8.000	(a)(b)		01/15/25		1,419,688
	Concho Resources, Inc.(a)
	6,650,000		4.375			01/15/25		6,916,000
	Continental Resources, Inc.(a)
	9,950,000		3.800			06/01/24		9,303,250
	CrownRock LP/CrownRock Finance, Inc.(a)(b)
	4,850,000		7.750			02/15/23		5,141,000
	Denbury Resources, Inc.(a)
	3,252,000		9.000	(b)		05/15/21		2,910,540
	4,750,000		5.500			05/01/22		2,161,250
	2,900,000		4.625			07/15/23		1,261,500
	Gulfport Energy Corp.(a)(b)
	7,900,000		6.000			10/15/24		7,742,000
	Halcon Resources Corp.(a)(b)
	2,099,000		12.000			02/15/22		2,518,800
	6,850,000		6.750			02/15/25		6,918,500
	Jones Energy Holdings LLC/Jones Energy Finance Corp.(a)
	7,250,000		6.750			04/01/22		5,038,750
	Laredo Petroleum, Inc.(a)
	4,700,000		7.375			05/01/22		4,841,000
	1,750,000		6.250			03/15/23		1,793,750
	Matador Resources Co.(a)
	3,150,000		6.875			04/15/23		3,268,125
	MEG Energy Corp.(a)(b)
	12,250,000		7.000			03/31/24		9,738,750
	Nabors Industries, Inc.(b)
	3,750,000		0.750			01/15/24		2,718,750
	Newfield Exploration Co.(a)
	4,350,000		5.375			01/01/26		4,545,750
	Oasis Petroleum, Inc.(a)
	10,700,000		6.875			03/15/22		10,405,750
	Range Resources Corp.(a)
	4,000,000		5.000	(b)		08/15/22		3,930,000
	2,500,000		4.875			05/15/25		2,393,750
	Rice Energy, Inc.(a)
	5,200,000		6.250			05/01/22		5,395,000
Corporate Obligations – (continued)
Energy – Exploration & Production – (continued)
	Sanchez Energy Corp.(a)
	7,550,000		6.125			01/15/23		5,738,000
	Seven Generations Energy Ltd.(a)(b)
	4,850,000		6.875			06/30/23		5,044,000
	SM Energy Co.(a)
	2,450,000		6.500			11/15/21		2,376,500
	2,400,000		6.125			11/15/22		2,268,000
	2,000,000		6.500			01/01/23		1,905,000
	2,950,000		6.750			09/15/26		2,795,125
	Whiting Petroleum Corp.
	2,100,000		1.250			04/01/20		1,782,375
	5,400,000		5.750	(a)		03/15/21		5,076,000
	WPX Energy, Inc.(a)
	7,700,000		6.000			01/15/22		7,931,000
								172,968,843
Energy – Services – 1.5%
	CVR Refining LLC/Coffeyville Finance, Inc.(a)
	4,086,000		6.500			11/01/22		4,137,075
	Ensco PLC(a)
	3,800,000		4.500			10/01/24		2,774,000
	250,000		5.200			03/15/25		186,250
	Noble Holding International Ltd.
	3,629,000		4.625			03/01/21		3,052,896
	6,100,000		7.750	(a)		01/15/24		4,628,375
	350,000		5.250			03/15/42		195,125
	Precision Drilling Corp.(a)
	2,800,000		6.500			12/15/21		2,716,000
	Pride International LLC
	3,550,000		8.500			06/15/19		3,763,000
	1,750,000		6.875			08/15/20		1,754,375
	Rowan Cos., Inc.(a)
	3,900,000		7.375			06/15/25		3,529,500
	5,250,000		5.400			12/01/42		3,727,500
	SESI LLC(a)(b)
	5,550,000		7.750			09/15/24		5,605,500
	Sunoco LP/Sunoco Finance Corp.(a)
	1,800,000		5.500			08/01/20		1,849,500
	6,750,000		6.375			04/01/23		7,112,813
	Transocean, Inc.
	2,650,000		9.000	(a)(b)		07/15/23		2,815,625
	6,100,000		7.500			04/15/31		5,139,250
	5,900,000		6.800			03/15/38		4,513,500
	Trinidad Drilling Ltd.(a)(b)
	5,700,000		6.625			02/15/25		5,279,625
	Weatherford International Ltd.
	4,700,000		4.500	(a)		04/15/22		4,194,750
	3,000,000		8.250	(a)		06/15/23		2,955,000
	6,150,000		6.500			08/01/36		5,104,500
								75,034,159
Pipelines – 1.5%
	Andeavor Logistics LP/Tesoro Logistics Finance Corp.(a)
	350,000		5.500			10/15/19		368,375
	Blue Racer Midstream LLC/Blue Racer Finance Corp.(a)(b)
	7,650,000		6.125			11/15/22		7,879,500

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Cheniere Corpus Christi Holdings LLC(a)
$	4,650,000		7.000	%		06/30/24	$	5,289,375
	4,000,000		5.125	(b)		06/30/27		4,130,000
	DCP Midstream Operating LP
	3,900,000		2.500	(a)		12/01/17		3,890,250
	1,700,000		9.750	(b)		03/15/19		1,865,750
	4,510,000		5.350	(b)		03/15/20		4,735,500
	250,000		6.750	(b)		09/15/37		265,000
	Energy Transfer Equity LP
	1,400,000		7.500			10/15/20		1,578,500
	3,050,000		5.875	(a)		01/15/24		3,286,375
	2,500,000		5.500	(a)		06/01/27		2,656,250
	Genesis Energy LP/Genesis Energy Finance Corp.(a)
	9,350,000		6.000			05/15/23		9,209,750
	NGPL PipeCo LLC(a)(b)
	320,000		4.375			08/15/22		328,000
	1,085,000		4.875			08/15/27		1,117,550
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(a)
	8,750,000		5.750			04/15/25		8,771,875
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	9,350,000		5.250			05/01/23		9,560,375
	3,900,000		6.750			03/15/24		4,221,750
	The Williams Cos., Inc.
	3,393,000		3.700	(a)		01/15/23		3,383,594
	2,700,000		7.500			01/15/31		3,262,610
	850,000		7.750			06/15/31		1,022,125
	2,500,000		5.750	(a)		06/24/44		2,600,000
								79,422,504
	TOTAL CORPORATE OBLIGATIONS (Cost $319,361,132)						$	333,392,506
Bank Loans(d)(e) – 0.0%
Energy – 0.0%
	American Energy – Marcellus LLC
$	1,723,828		5.481	%		08/04/20	$	1,142,898
	7,775,000		8.731			08/04/21		622,000
	Blue Ridge Mountain Resources, Inc.
	318,959		8.312			05/06/19		318,959
	TOTAL BANK LOANS (Cost $4,743,267)						$	2,083,857

Shares				Description	Value
Common Stocks – 0.3%
Oil, Gas & Consumable Fuels – 0.3%
	758,151			Berry Petroleum Corp.(c)(f)	$	7,391,972
	200,259			Blue Ridge Mountain Resources, Inc.(c)(f)		1,802,331
	79,709			Chaparral Energy, Inc.		1,594,180
	247,033			Chaparral Energy, Inc. Class A(c)		4,940,660
	TOTAL COMMON STOCKS
	(Cost $7,366,492)				$	15,729,143
Shares		Rate			Value
Preferred Stocks(c) – 0.1%
Energy – Exploration & Production – 0.1%
Berry Petroleum Corp.
14,849			0.000	%	$	157,771
718,233			0.000			7,631,225
TOTAL PREFERRED STOCKS – 0.1%
(Cost $7,330,820)					$	7,788,996

Shares		Description	Value
Exchange Traded Funds – 6.2%
	20,486,933	Alerian MLP ETF(g)	$	229,453,649
	2,274,365	SPDR S&P Bank ETF		94,886,508
	TOTAL EXCHANGE TRADED FUNDS (Cost $302,659,330)		$	324,340,157

Shares	Distribution Rate			Value
Investment Companies(h) – 39.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,695,818,753		0.927	%	$	1,695,818,753
Goldman Sachs High Yield Floating Rate Fund – Institutional Shares
38,033,584		3.405			368,545,426
Goldman Sachs Local Emerging Markets Debt Fund – Institutional Shares
136,281		3.295			911,722
TOTAL INVESTMENT COMPANIES (Cost $2,068,672,866)				$	2,065,275,901

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 43.0%
Certificates of Deposit – 18.4%
	Abbey National Treasury Services PLC
$	10,000,000		1.461	%		09/19/17	$	10,001,489
	14,000,000		1.407			12/15/17		14,004,386
	Banco Del Estado De Chile
	22,000,000		1.468			09/18/17		22,003,209
	20,000,000		1.380			09/26/17		20,001,983
	11,000,000		1.482			08/02/18		11,007,051
	Bank of Montreal
	25,700,000		1.399			09/13/17		25,702,128
	Bank of Nova Scotia
	22,000,000		1.381			03/09/18		22,010,632
	Barclays Bank PLC
	22,000,000		1.910			03/09/18		22,031,781
	5,000,000		1.706			03/29/18		5,001,350
	Bayerische Landesbank (Quarterly EURIBOR + 0.130%)(i)
	21,125,000		0.010			03/23/18		21,130,493

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	BNP Paribas New York
$	26,500,000		1.377	%		09/22/17	$	26,503,113
	26,500,000		1.490			10/06/17		26,507,726
	China Construction Banking Corp.
	11,000,000		1.750			09/07/17		11,000,669
	Cooperatieve Rabobank UA
	11,000,000		1.411			07/20/18		11,002,135
	Credit Agricole SA
	22,000,000		1.560			07/20/18		22,007,264
	Credit Industriel et Commercial NY
	22,000,000		1.400			01/19/18		22,006,248
	Credit Suisse New York
	21,000,000		1.329			11/20/17		21,012,275
	15,000,000		1.601			05/02/18		15,012,189
	4,000,000		1.556			09/20/18		4,000,000
	Dexia Credit Local SA
	22,000,000		1.581			12/20/17		22,017,957
	DG Bank NY
	9,000,000		1.320			11/20/17		9,000,456
	20,000,000		1.330			12/01/17		20,001,251
	DnB NOR Bank ASA
	30,800,000		1.541			03/20/18		30,834,677
	HSBC Bank PLC
	11,000,000		1.434			07/25/18		11,000,863
	Industrial & Commercial Bank of China Ltd.
	11,000,000		1.750			09/08/17		11,000,856
	Landesbank Baden-Wuerttemberg
	28,000,000		0.010			03/23/18		28,040,318
	22,000,000		0.010			04/24/18		22,029,335
	Landesbank Hessen-Thuringen
	6,400,000		1.330			09/11/17		6,400,246
	Mizuho Bank Ltd.
	21,925,000		2.154			10/12/17		21,948,971
	25,000,000		1.954			10/16/17		25,023,362
	National Bank of Canada
	22,500,000		1.707			10/20/17		22,515,306
	11,000,000		1.466			09/21/18		11,000,000
	National Bank of Kuwait SAKP
	11,000,000		1.530			12/22/17		11,001,735
	15,000,000		1.700			01/12/18		15,010,387
	Natixis NY
	26,500,000		1.480	��		12/21/17		26,514,072
	Norinchukin Bank NY
	21,950,000		1.370			09/11/17		21,951,370
	3,600,000		2.019			10/10/17		3,603,223
	25,000,000		1.720			03/22/18		25,038,320
	Royal Bank of Canada
	16,000,000		1.428			07/16/18		15,999,499
	Skandinaviska Enskilda Banken AB
	30,800,000		1.531			03/20/18		30,832,451
	Standard Chartered Bank
	25,000,000		1.668			12/19/17		25,025,070
	Sumitomo Mitsui Banking Corp.
	22,000,000		1.946			09/15/17		22,006,597
	Sumitomo Trust & Banking Corp.
	30,000,000		1.561			09/11/17		30,003,151
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Sumitomo Trust & Banking Corp. – (continued)
	7,000,000		1.534			09/25/17		7,001,358
	6,000,000		1.993			09/27/17		6,003,380
	2,000,000		1.521			08/06/18		1,997,473
	The Bank of Tokyo-Mitsubishi UFJ Ltd.
	24,000,000		1.520			10/31/17		24,010,935
	21,950,000		1.720			03/07/18		21,981,628
	Toronto-Dominion Bank
	17,600,000		1.464			10/27/17		17,606,335
	26,400,000		1.569			03/13/18		26,432,648
	5,000,000		1.600			08/22/18		5,001,234
	UBS AG Stamford
	6,000,000		1.731			11/06/17		6,005,312
	21,950,000		1.631			03/07/18		21,974,493
	Wells Fargo Bank NA
	29,500,000		1.446			04/03/18		29,515,673
								967,276,063
Commercial Paper – 24.6%
	ABN AMRO Funding USA LLC
	8,000,000		0.000	(j)		12/15/17		7,968,883
	12,200,000		0.000	(j)		01/05/18		12,141,811
	18,000,000		0.000	(j)		02/22/18		17,874,700
	4,000,000		1.000			04/23/18		3,960,964
	Alpine Securitization Ltd.
	10,600,000		1.456			11/17/17		10,604,444
	18,000,000		1.532			12/04/17		18,011,307
	Atlantic Asset Securitization Corp.
	24,000,000		1.567			12/15/17		24,014,160
	Australia & New Zealand Banking Group Ltd.
	14,400,000		1.369			09/12/17		14,400,961
	22,000,000		1.410			08/23/18		21,989,164
	Bank of China Ltd. (j)
	10,000,000		0.000			09/19/17		9,992,379
	Bank of Nova Scotia(j)
	6,900,000		0.000			07/06/18		6,812,051
	Bedford Row Funding Corp.
	10,000,000		1.358			01/17/18		9,999,672
	11,000,000		1.381			02/20/18		11,000,500
	8,750,000		1.591			03/05/18		8,759,888
	24,000,000		1.440			03/16/18		24,016,862
	Cafco LLC(j)
	11,000,000		0.000			02/02/18		10,934,784
	Caisse d’Amortissement de la Dette Sociale(j)
	4,900,000		0.000			10/02/17		4,894,882
	Canadian Imperial Bank of Commerce
	21,950,000		1.556			03/07/18		21,950,568
	22,000,000		1.556			03/16/18		22,022,695
	CBS Corp.(j)
	8,000,000		0.000			09/12/17		7,996,109
	12,000,000		0.000			09/28/17		11,986,121
	Chariot Funding LLC(j)
	17,250,000		0.000			01/02/18		17,166,995
	China Construction Banking Corp.(j)
	10,000,000		0.000			09/18/17		9,992,680

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper – (continued)
	Collateralized Commercial Paper Co. Ltd.
$	35,200,000		1.494	%		09/08/17	$	35,202,629
	5,000,000		1.428			12/12/17		5,002,880
	Commonwealth Bank of Australia
	25,500,000		1.546			03/16/18		25,531,183
	Corpoerative Centrale(j)
	33,310,000		0.000			11/01/17		33,239,840
	CRC Funding LLC(j)
	22,000,000		0.000			12/06/17		21,920,746
	Danske Corp.(j)
	20,000,000		0.000			02/20/18		19,843,531
	Dominion Energy, Inc.
	11,000,000		0.010			10/12/17		10,980,206
	Dominion Resources, Inc.(j)
	7,000,000		0.000			09/19/17		6,994,551
	Eastman Chemical Co.(j)
	15,000,000		0.000			09/06/17		14,996,410
	Ei Dupont(j)
	2,000,000		0.000			10/12/17		1,996,607
	Erste Abwicklungsanstalt(j)
	20,000,000		0.000			10/19/17		19,967,170
	Erste Bank der oesterreichischen Sparkassen AG
	45,000,000		1.453			10/27/17		45,015,693
	Fairway Finance Corp.
	20,250,000		1.328			12/20/17		20,251,264
	Ford Motor Credit Co. LLC(j)
	5,800,000		0.000			01/19/18		5,761,950
	5,000,000	��	0.000			05/02/18		4,937,916
	11,700,000		0.000			05/11/18		11,548,295
	3,650,000		0.000			07/10/18		3,588,657
	HSBC Bank PLC
	23,900,000		1.506			04/18/18		23,924,216
	ING Funding LLC
	18,000,000		1.325			01/26/18		18,017,113
	23,000,000		1.448			05/11/18		22,992,363
	J.P. Morgan Securities, Inc.
	7,500,000		1.478			09/20/17		7,501,254
	Jupiter Securitization Co. LLC(j)
	20,000,000		0.000			01/03/18		19,902,917
	Liberty Funding LLC(j)
	8,850,000		0.000			10/18/17		8,834,920
	LMA SA LMA Americas
	12,000,000		0.000	(j)		12/21/17		11,948,592
	9,250,000		0.010			01/05/18		9,201,437
	5,000,000		0.000	(j)		01/24/18		4,970,942
	Macquarie Bank Ltd.
	26,400,000		1.576			12/11/17		26,420,767
	10,000,000		1.577			12/15/17		10,007,471
	9,000,000		1.436			02/15/18		9,003,731
	19,500,000		1.526			06/29/18		19,516,066
	Matchpoint Finance PLC
	25,000,000		1.000			11/20/17		24,920,969
	20,000,000		0.000	(j)		11/21/17		19,935,903
	7,000,000		0.000	(j)		12/12/17		6,971,120
	MetLife, Inc.(j)
	4,000,000		0.000			03/27/18		3,965,819
Short-term Investments – (continued)
Commercial Paper – (continued)
	Mondelez International, Inc.(j)
	11,650,000		0.000			09/08/17		11,646,262
	4,150,000		0.000			09/27/17		4,145,375
	National Australia Bank Ltd.
	21,250,000		1.564			03/08/18		21,273,979
	National Bank of Canada
	22,000,000		1.548			03/20/18		22,023,789
	Nieuw Amsterdam Receivables Corp.(j)
	3,000,000		0.000			11/10/17		2,992,143
	Nordea Bank AB(j)
	10,000,000		0.000			10/24/17		9,982,407
	Old Line Funding LLC
	2,000,000		0.000	(j)		10/16/17		1,996,739
	11,000,000		1.369			11/08/17		11,000,117
	23,000,000		0.000	(j)		11/17/17		22,934,220
	Omnicom Capital, Inc.(j)
	9,500,000		0.000			09/25/17		9,490,216
	Oversea-Chinese Banking Corp. Ltd.
	22,000,000		1.426			09/11/17		22,001,762
	21,125,000		1.426			09/25/17		21,128,771
	Private Export Funding Corp.
	2,000,000		1.611			02/01/18		2,002,303
	43,700,000		1.495			03/28/18		43,718,627
	Schlumberger Holdings Corp.(j)
	9,600,000		0.000			10/19/17		9,580,753
	11,500,000		0.000			10/27/17		11,473,088
	Societe Generale SA
	22,375,000		1.597			03/19/18		22,405,995
	Svenska Handelsbanken AB(j)
	22,000,000		0.000			10/25/17		21,959,398
	Toronto Dominion Bank(j)
	5,000,000		0.000			11/03/17		4,988,764
	UBS AG London
	20,000,000		1.526			06/15/18		20,007,064
	Victory Receivables Corp.(j)
	22,000,000		0.000			11/13/17		21,940,623
	VW Cr, Inc.(j)
	5,234,000		0.000			09/05/17		5,232,959
	13,000,000		0.000			09/21/17		12,988,792
	Westpac Banking Corp.
	32,500,000		1.552			03/02/18		32,533,018
	20,000,000		1.549			03/12/18		20,021,190
	9,000,000		1.378			07/13/18		8,997,609
	11,500,000		1.408			08/13/18		11,500,058
	14,803,000		1.424			08/20/18		14,804,562
	Westpac Securities NZ Ltd.
	9,150,000		1.320			05/10/18		9,154,787
	11,000,000		1.434			07/30/18		11,000,416
								1,288,233,494
	TOTAL SHORT-TERM INVESTMENTS (Cost $2,254,577,485)						$	2,255,509,557
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT (Cost $4,964,711,392)						$	5,004,120,117

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2017

Shares	Rate			Value
Securities Lending Reinvestment Vehicle(h) – 3.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
155,454,690		0.927	%	$	155,454,690
(Cost $155,454,690)
TOTAL INVESTMENTS – 98.4% (Cost $5,120,166,082)				$	5,159,574,807
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%					83,353,260
NET ASSETS – 100.0%				$	5,242,928,067

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $96,100,753, which represents approximately 1.8% of net assets as of August 31, 2017.
(c)	Security is currently in default and/or non-income producing.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on August 31, 2017. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base
	lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(f)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $9,194,303, which represents approximately 0.2% of net assets as of August 31, 2017. See additional details below:

Restricted Security	Acquisition Date		Cost
Berry Petroleum Corp.		03/01/17	$	8,718,737
Blue Ridge Mountain Resources, Inc.		05/06/16-03/14/17	$	1,998,250

(g)	All or a portion of security is on loan.
(h)	Represents affiliated funds/issuers.
(i)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2017.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
CNH	—Chinese Yuan Renminbi Offshore
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2017, 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
Morgan Stanley & Co. International PLC	CNH	2,361,748,000	USD	347,573,565	$	356,737,099		11/14/17	$	9,163,535
	CNH	2,521,290,000	USD	373,894,310		378,695,700		02/14/18		4,801,391
	CNH	1,156,710,000	USD	172,288,649		172,747,301		05/16/18		458,653
	JPY	2,556,000,000	USD	23,108,490		23,271,666		09/20/17		163,176
	USD	37,915,093	GBP	29,065,000		37,610,009		09/20/17		305,084
	USD	694,793,831	JPY	76,230,000,000		694,052,848		09/20/17		740,983
TOTAL									$	15,632,822

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC	GBP	411,265,000	USD	533,891,885	$	532,175,480		09/20/17	$	(1,716,405	)
	USD	335,570,584	CNH	2,361,748,000		356,737,100		11/14/17		(21,166,515	)
	USD	357,925,419	CNH	2,521,290,000		378,695,701		02/14/18		(20,770,283	)
	USD	162,573,436	CNH	1,156,710,000		172,747,302		05/16/18		(10,173,865	)
	USD	170,493,912	EUR	147,170,000		175,386,165		09/20/17		(4,892,254	)
TOTAL									$	(58,719,322	)

FUTURES CONTRACTS — At August 31, 2017, the Portfolio had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro Stoxx 50 Index	11,566		12/21/18	$	168,942,594		$	6,106,345
IBEX 35 Index	1,421		09/15/17		174,288,682			(3,336,572	)
Natural Gas	5,905		09/27/17		179,512,000			(3,973,810	)
2 Year U.S. Treasury Notes	731		09/29/17		158,124,438			67,733
5 Year U.S. Treasury Notes	461		09/29/17		54,628,500			143,792
10 Year U.S. Treasury Notes	889		09/19/17		112,889,109			502,342
Total							$	(490,170	)
Short position contracts:
5 Year German Euro-Bobl	2,136		09/07/17		(338,548,745	)	$	(479,182	)
Total Futures Contracts							$	(969,352	)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index

Financing Rate Received by the Portfolio(%)

Credit Spread at August 31, 2017(a)

Termination Date

Notional Amount

Value ($)

Unrealized Appreciation/ (Depreciation)*

Protection Sold:

CDX North America High Yield Index 28

5.000%

3.264

%

06/20/22

USD 123,930,000

$

10,253,920

$

2,084,255

 * There are no upfront payments on the swap contract(s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

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

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

August 31, 2017

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2017, the Portfolio had the following purchased and written options:

OPTIONS ON EQUITIES CONTRACTS

Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts:
Puts
EQO SPX Index	Morgan Stanley & Co. International PLC		2,452.24 USD	11/17/17	USD	267,728		267,728			11,205,324			14,758,319		$	(3,552,995	)
Written option contracts:
Puts
EQO XLE Index	JPMorgan Securities, Inc.		64.51 USD	02/23/18	USD	(2,550,482)		(2,550,482	)		(10,812,276	)		(8,683,116	)	$	(2,129,160	)
EQO SPX Index	Morgan Stanley & Co. International PLC		2,305.10 USD	11/17/17	USD	(267,728)		(267,728	)		(4,219,594	)		(6,157,744	)		1,938,150
EQQ XLE Index	Morgan Stanley & Co. International PLC		62.94 USD	03/16/18	USD	(2,479,555)		(2,479,555	)		(9,403,913	)		(8,878,046	)		(525,867	)
Total written option contracts						(5,297,765)					(24,435,783	)		(23,718,906	)	$	(716,877	)

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Assets and Liabilities^(a)

August 31, 2017

Assets:
Investments of unaffiliated issuers, at value (cost $2,896,038,526)(b)	$	2,938,844,216
Investments of affiliated issuers, at value (cost $2,068,672,866)		2,065,275,901
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		155,454,690
Purchased Options, at value (cost $14,758,319)		11,205,324
Cash		90,983,097
Foreign currencies, at value (cost $2,490,379)		2,511,204
Unrealized gain on forward foreign currency exchange contracts		15,632,822
Variation margin on certain derivative contracts		6,189,576
Receivables:
Collateral on certain derivative contracts(c)		170,701,915
Portfolio shares sold		31,986,775
Dividends and interest		12,403,287
Due from broker		1,050,000
Securities lending income		124,272
Foreign tax reclaims		90,844
Investments sold		9,995
Other assets		105,578
Total assets		5,502,569,496
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		58,719,322
Written option contracts, at value (premium received $23,718,906)		24,435,783
Payables:
Payable upon return of securities loaned		155,454,690
Portfolio shares redeemed		14,648,731
Management fees		2,737,027
Investments purchased		2,652,999
Collateral on certain derivative contracts(d)		470,000
Transfer Agency fees		178,695
Accrued expenses		344,182
Total liabilities		259,641,429
Net Assets:
Paid-in capital		5,442,119,866
Undistributed net investment income		33,867,197
Accumulated net realized loss		(226,254,706	)
Net unrealized gain		(6,804,290	)
NET ASSETS	$	5,242,928,067
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		538,999,551
Net asset value, offering and redemption price per share:		9.73

(a) Statement of Assets and Liabilities for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $150,470,520.

(c) Includes amounts segregated for initial margin requirements and/or collateral on futures contracts, forward foreign currency exchange contracts and swaps of $42,391,899, $68,670,000 and $59,640,016, respectively.

(d) Includes amounts segregated for initial margin requirements and/or collateral on swaps of $470,000.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Operations^(a)

	For the Period November 1, 2016 – August 31, 2017(b)			For the Fiscal Year Ended October 31, 2016
Investment income:
Dividends — unaffiliated issuers	$	9,398,573		$	2,840,825
Interest		39,131,253			44,270,338
Dividends — affiliated issuers		28,887,051			39,403,195
Securities lending income — affiliated issuer		688,940			—
Total investment income		78,105,817			86,514,358
Expenses:
Management fees		31,553,340			35,129,354
Transfer Agency fees		1,795,097			1,986,151
Custody, accounting and administrative services		307,174			423,494
Registration fees		58,648			309,359
Professional fees		133,250			215,789
Printing and mailing costs		52,708			49,562
Trustee fees		20,462			36,665
Other		120,983			186,893
Total expenses		34,041,662			38,337,267
Less — expense reductions		(5,846,705	)		(9,164,155	)
Net expenses		28,194,957			29,173,112
NET INVESTMENT INCOME		49,910,860			57,341,246
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		39,955,215			(138,837,272	)
Investment — affiliated issuers		(2,714,329	)		(38,357,451	)
Purchased options		(31,348,656	)		(23,786,773	)
Futures contracts		67,082,296			(40,582,064	)
Written options		12,555,321			(58,107,460	)
Swap contracts		1,280,200			8,469,553
Forward foreign currency exchange contracts		13,881,818			8,240,885
Foreign currency transactions		57,632			(440,083	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(30,638,148	)		164,812,056
Investments — affiliated issuers		3,849,387			24,854,770
Purchased options		(4,907,947	)		5,241,570
Futures contracts		(20,198,885	)		14,606,190
Written options		(5,494,403	)		(7,874,468	)
Swap contracts		2,084,255			2,063,578
Forward foreign currency exchange contracts		(53,507,243	)		2,869,498
Foreign currency translation		26,463			147,021
Net realized and unrealized gain (loss)		(8,037,024	)		(76,680,450	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,873,836		$	(19,339,204	)

(a) Statement of Operations for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) The Portfolio changed its fiscal year end from October 31 to August 31.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statements of Changes in Net Assets^(a)

	For the Period November 1, 2016 – August 31, 2017(b)			For the Fiscal Year Ended October 31, 2016			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	49,910,860		$	57,341,246		$	56,995,143
Net realized gain (loss)		100,749,497			(283,400,665	)		170,768,120
Net change in unrealized gain (loss)		(108,786,521	)		206,720,215			(108,783,001	)
Net increase (decrease) in net assets resulting from operations		41,873,836			(19,339,204	)		118,980,262
Distributions to shareholders:
From net investment income		(94,407,307	)		(216,014,287	)		(21,152,095	)
From share transactions:
Proceeds from sales of shares		1,091,408,140			1,527,879,564			3,261,513,640
Reinvestment of distributions		94,407,307			216,014,287			21,045,722
Cost of shares redeemed		(1,105,199,452	)		(958,354,546	)		(238,278,749	)
Net increase in net assets resulting from share transactions		80,615,995			785,539,305			3,044,280,613
TOTAL INCREASE		28,082,524			550,185,814			3,142,108,780
Net assets:
Beginning of period		5,214,845,543			4,664,659,729			1,522,550,949
End of period	$	5,242,928,067		$	5,214,845,543		$	4,664,659,729
Undistributed net investment income	$	33,867,197		$	74,789,723		$	200,441,707

(a) Statement of Changes in Net Assets for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) The Portfolio changed its fiscal year end from October 31 to August 31.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			From Investment Operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions from net investment income
FOR THE PERIOD NOVEMBER 1, 2016 – AUGUST 31,*
2017 - Institutional	$	9.83	$	0.09	$	(0.01	)	$	0.08		$	(0.18	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - Institutional		10.40		0.11		(0.22	)		(0.11	)		(0.46	)
2015 - Institutional		9.87		0.18		0.46			0.64			(0.11	)
FOR THE PERIOD ENDED OCTOBER 31,
2014 - Institutional		10.00		0.04		(0.17	)		(0.13	)		—

 * The Portfolio changed its fiscal year end from October 31 to August 31.

(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 impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(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.

(e) Annualized.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Net asset value, end of period		Total return(b)			Net assets, end of year (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 to average net assets			Portfolio turnover rate(d)
$	9.73		0.82	%	$	5,242,928		0.62	%(e)		0.75	%(e)		1.10	%(e)		28	%
	9.83		(0.96	)		5,214,846		0.59			0.77			1.15			48
	10.40		6.57			4,664,660		0.52			0.79			1.77			81
	9.87		(1.30	)		1,522,551		0.63	(e)		0.86	(e)		1.63	(e)		45

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements

August 31, 2017

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 Tactical Tilt Overlay Fund (the “Portfolio”) is a non-diversified fund and currently offers one class of shares — Institutional Shares. The Portfolio commenced operations on July 31, 2014. Effective August 25, 2017, the Portfolio changed its fiscal year end from October 31 to August 31. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, 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.  Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity-TTIF, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 31, 2014 and is currently a wholly-owned subsidiary of the Portfolio. The Subsidiary acts as an investment vehicle for the Portfolio to enable the Portfolio to gain exposure to certain types of commodity-linked derivative instruments. The Portfolio is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of July 31, 2014, and it is intended that the Portfolio will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All interfund balances and transactions have been eliminated in consolidation. As of August 31, 2017, the Portfolio’s net assets were $5,242,928,067, of which, $356,506,213, or 6.8%, represented the Subsidiary’s net assets.

B.  Investment Valuation — The Portfolio’s valuation policy is to value investments at fair value.

C.  Investment Income and Investments — Investment income includes interest income, dividend income 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Portfolio may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Portfolio records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Conslidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date.

D.  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.

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

22

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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 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.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Portfolio is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Portfolio in the current period nor carried forward to offset taxable income in future periods.

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of 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 Consolidated 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 are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated 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

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

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

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

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

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

23

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

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.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The Portfolio’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. The Portfolio generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to

24

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Participations. Conversely, assignments result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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.

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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any, is reported separately on the Consolidated 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 Consolidated Schedule of Investments.

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

iv.  Swap Contracts — Bilateral swap contracts are agreements in which the Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are

25

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Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

Short Term Investments — Short-term investments having a maturity of 60 days or less are valued using available market quotations as provided by a third party pricing vendor or broker. These investments are classified as Level 2 of the fair value hierarchy.

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

26

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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, 2017:

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	333,392,506		$	—
Bank Loans		—			—			2,083,857
Common Stock and/or Other Equity Investments(a)
North America		—			23,518,139			—
Exchange Traded Funds		324,340,157			—			—
Investment Companies		2,065,275,901			—			—
Short-term Investments		—			2,255,509,557			—
Securities Lending Reinvestment Vehicle		155,454,690			—			—
Total	$	2,545,070,748		$	2,612,420,202		$	2,083,857
Derivative Type
Assets
Options Purchased	$	—		$	11,205,324		$	—
Forward Foreign Currency Exchange Contracts(b)		—			15,632,822			—
Futures Contracts(b)		6,820,212			—			—
Credit Default Swap Contracts(b)		—			2,084,255			—
Total	$	6,820,212		$	28,922,401		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(58,719,322	)	$	—
Futures Contracts(b)		(7,789,564	)		—			—
Written Options Contracts		—			(24,435,784	)		—
Total	$	(7,789,564	)	$	(83,155,106	)	$	—

(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 Portfolio utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

For further information regarding security characteristics, see the Consolidated 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, 2017. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks

27

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

August 31, 2017

4. INVESTMENTS IN DERIVATIVES (continued)

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	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts	$	713,867	(a)	Variation margin on certain derivative contracts	$	(479,182)	(a)
Credit	Receivable for unrealized gain on swap contracts		2,084,255	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		15,632,822		Payable for unrealized loss on forward foreign currency exchange contracts		(58,719,322)
Commodity	—		—		Variation margin on certain derivative contracts		(3,973,810)	(a)
Equity	Variation margin on certain derivative contracts; Purchased Options, at value		17,311,669	(a)	Variation margin on certain derivative contracts; Written options, at value		(27,772,356)	(a)
Total		$	35,742,613			$	(90,944,670)

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

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, 2017. 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 Consolidated Statement of Operations:

Risk	Consolidated 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 swap contracts /Net change in unrealized gain (loss) on futures contracts	$	1,804,254	$	(1,162,503	)		6,004
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		646,642		2,084,255			1
Commodity	Net change in unrealized gain (loss) on futures contracts		—		(3,973,810	)		3,321
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		13,881,818		(53,507,243	)		17
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		47,118,267		(25,464,922	)		10,760
Total		$	63,450,981	$	(82,024,223	)		20,103

(a) Average number of contracts is based on the average of month end balances for the period August 31, 2017.

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4. INVESTMENTS IN DERIVATIVES (continued)

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 Consolidated 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 Consolidated 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.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Portfolio’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of August 31, 2017:

	Derivative Assets(a)						Derivative Liabilities(a)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(a)		Net Amount(b)
Counterparty	Options Purchased		Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total
JPMorgan Securities, Inc.	$	—	$	—	$	—	$	—		$	(10,812,276	)	$	(10,812,276	)	$	(10,812,276	)	$	10,812,276	$	—
Morgan Stanley & Co. International PLC		11,205,324		15,632,822		26,838,146		(58,719,322	)		(13,623,508	)		(72,342,830	)		(45,504,684	)		45,504,684		—
Total	$	11,205,324	$	15,632,822	$	26,838,146	$	(58,719,322	)	$	(24,435,784	)	$	(83,155,106	)	$	(56,316,960	)	$	56,316,960	$	—

(a) Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(b) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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Notes to Financial Statements (continued)

August 31, 2017

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2017, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate										Effective Net Management Fee Rate*^(a)
First $2 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Management Fee Rate
	0.75%		0.68%		0.64%		0.62%		0.70%		0.62%

* 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 Funds in which the Portfolio invests through at least February 28, 2018. 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.

(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement as defined below after waivers.

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), the Goldman Sachs High Yield Fund, the Goldman Sachs High Yield Floating Rate Fund and the Goldman Sachs Local Emerging Markets Debt Fund, which are affiliated Underlying Funds. 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 Funds in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the period ended August 31, 2017, GSAM waived $5,846,624 of the Portfolio’s management fee.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Portfolio’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the period ended August 31, 2017, GSAM waived $1,261,525 of the Portfolio’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

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, 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 limitation as an annual percentage rate of average daily net assets for the Portfolio is 0.164%. The Other Expense limitation will remain in place through at least February 28, 2018, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with 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” limitation described above.

For the period ended August 31, 2017, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	5,846,624	$	81	$	5,846,705

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D.  Line of Credit Facility — As of August 31, 2017, the Portfolio 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. 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 Portfolio based on the amount of the commitment that has not been utilized. For the period ended August 31, 2017, the Portfolio did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — For the period ended August 31, 2017 , Goldman Sachs earned $138,505, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

The Portfolio 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. For the period ended August 31, 2017, the purchases at cost with an affiliated fund in compliance with Rule 17a-7 for the Portfolio were $3,850,000.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the period ended August 31, 2017:

Affiliated Investment Companies	Beginning Value as of October 31, 2016		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on Sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund	$	3,756,204,294	$	2,034,967,733	$	(4,095,353,274	)	$	—		$	—		$	1,695,818,753		1,695,818,753	$	12,690,569
Goldman Sachs High Yield Floating Rate Fund		329,739,084		71,843,444		(31,507,253	)		(616,756	)		(913,093	)		368,545,426		38,033,584		12,164,009
Goldman Sachs High Yield Fund		171,842,238		3,896,854		(178,812,843	)		(2,097,573	)		5,171,324			—		—		4,032,473
Goldman Sachs Local Emerging Markets Debt Fund		—		1,320,566		—			—			(408,844	)		911,722		136,281		—
Total	$	4,257,785,616	$	2,112,030,597	$	(4,305,673,370	)	$	(2,714,329	)	$	3,849,387		$	2,065,275,901			$	28,887,051

An investment by the Portfolio representing greater than 5% of the voting securities of an issuer makes that issuer an “affiliated person” (as defined by the Act) of such issuer. The following table provides information about the investment in shares of issuers of which the Portfolio is an affiliate as of and for the period ended August 31, 2017:

Affiliated Issuers	Beginning Value as of October 31, 2016		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss) on Sales of Affiliated Issuers		Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of August 31, 2017
Blue Ridge Mountain Resources, Inc.* — Bank Loans	$	285,364	$	24,769	$	—	$	—	$	—		$	318,959
Blue Ridge Mountain Resources, Inc.* — Common Stock		2,453,108		6,571		—		—		(657,348	)		1,802,331
Total	$	2,738,472	$	31,340	$	—	$	—	$	(657,348	)	$	2,121,290

* Security held was no longer affiliated as of August 31, 2017.

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Notes to Financial Statements (continued)

August 31, 2017

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended August 31, 2017, were $339,269,345 and $587,512,470, respectively.

7. SECURITIES LENDING

The Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Portfolio’s securities lending procedures, the Portfolio receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Portfolio, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Portfolio on the next business day. As with other extensions of credit, the Portfolio may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Portfolio invests the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Portfolio by paying the Portfolio an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The amounts of the Portfolio’s overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2017 are disclosed as “Payable upon return of securities loaned” on the Consolidated Statement of Assets and Liabilities.

Both the Portfolio and BNYM received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio’s for the period ended August 31, 2017, are reported under Investment Income on the Consolidated Statement of Operations.

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the period ended August 31, 2017.

Beginning Value as of October 31, 2016		Purchases at Cost		Proceeds from Sales			Ending Value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income from Affiliated Securities Lending Reinvestment Vehicle
$	—	$	1,042,973,043	$	(887,518,353	)	$	155,454,690		155,454,690	$	688,940

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8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2017, in the amount of $94,407,307, was from ordinary income.

The tax character of distributions paid during the fiscal year ended October 31, 2016, in the amount of $216,014,287, was from ordinary income.

The tax character of distributions paid during the fiscal year ended October 31, 2015, in the amount of $21,152,095, was from ordinary income.

As of August 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	28,296,800
Capital loss carryforwards:(1)
Perpetual Short-Term	$	(195,779,673	)
Perpetual Long-Term		(60,213,884	)
Total capital loss carryforwards	$	(255,993,557	)
Unrealized gains (losses) — net		28,504,958
Total accumulated earnings (losses) net	$	(199,191,799	)

(1) The Portfolio utilized $44,372,987 of capital losses in the current fiscal year.

As of August 31, 2017, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	5,083,618,821
Gross unrealized gain		44,548,913
Gross unrealized loss		(16,043,955	)
Net unrealized gains on investments	$	28,504,958

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, differences in the tax treatment of swap transactions, underlying fund investments and consent fees.

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 differences in the tax treatment of swap transactions, foreign currency transactions, underlying fund investments, consent fees, and eliminating entries to cayman subsidiary.

Paid-in Capital			Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
$	(2,834,260	)	$	(739,661	)	$	3,573,921

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

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Notes to Financial Statements (continued)

August 31, 2017

9. OTHER RISKS

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

Derivatives Risk — The Portfolio’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the 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. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

Foreign Custody Risk — If the Portfolio invests in foreign securities may hold such 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. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“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.

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9. OTHER RISKS (continued)

Investments in the Underlying Funds — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. The Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — 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. 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, 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.

Sector Risk — To the extent the Portfolio focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Portfolio may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Tax Risk — The Portfolio will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) has issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Portfolio has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Portfolio’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a

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Notes to Financial Statements (continued)

August 31, 2017

9. OTHER RISKS (continued)

subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. The Portfolio has obtained an opinion of counsel that the Portfolio��s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Portfolio’s income from such investments was not “qualifying income,” in which case the Portfolio would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Portfolio failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for Portfolio shareholders.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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.

11. SUBSEQUENT EVENTS

Subsequent events after the Consolidated 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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Period Ended August 31, 2017(a)						For the Fiscal Year Ended October 31, 2016						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		111,043,563		$	1,091,408,140			159,963,476		$	1,527,879,564			315,239,101		$	3,261,513,640
Reinvestment of distributions		9,613,779			94,407,307			22,361,727			216,014,287			2,125,831			21,045,722
Shares redeemed		(112,301,237	)		(1,105,199,452	)		(100,184,535	)		(958,354,546	)		(23,128,874	)		(238,278,749	)
NET INCREASE		8,356,105		$	80,615,995			82,140,668		$	785,539,305			294,236,058		$	3,044,280,613

(a) The Portfolio changed its fiscal year end from October 31 to August 31.

36

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of the Goldman Sachs Tactical Tilt Overlay Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”), a portfolio of the Goldman Sachs Trust, as of August 31, 2017, and the results of its operations for the periods November 1, 2016 to August 31, 2017 and November 1, 2015 to October 31, 2016, the changes in its net assets for the periods November 1, 2016 to August 31, 2017, November 1, 2015 to October 31, 2016, and November 1, 2014 to October 31, 2015 and the financial highlights for each of the periods presented therein, in conformity with accounting principles generally accepted in the United States of America. These consolidated 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 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 as of August 31, 2017 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 24, 2017

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GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Portfolio Expenses — Six Month Period Ended August 31,  2017 (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 March 1, 2017 through August 31, 2017, which represents a period of 184 days in a 365 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

Share Class	Beginning Account Value 3/1/17		Ending Account Value 8/31/17			Expenses Paid for the 6 months ended 8/31/17*
Institutional Shares
Actual	$	1,000.00	$	991.80		$	3.26
Hypothetical 5% return		1,000.00		1,021.93	+		3.31

* Expenses are calculated using the Portfolio’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2017. 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 period; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period was 0.65%.

+ 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.

38

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolio 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 Portfolio.

The Management Agreement was most recently approved for continuation until June 30, 2018 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 14-15, 2017 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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 for 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, 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) information regarding commissions paid by the Portfolio and the Underlying Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

The Trustees also received an overview of the Portfolio’s distribution arrangements. They received information regarding the Portfolio’s assets and share purchase and redemption activity. 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 Portfolio 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 Portfolio. 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 Portfolio 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 Portfolio and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolio 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 Portfolio, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolio and the Underlying Funds. In this regard, they compared the investment performance of each Underlying Fund to its peers using rankings and ratings compiled by the Outside

40

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

Data Provider as of December 31, 2016, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2017. The information on each Underlying 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 Underlying Fund had been in existence for those periods. The Trustees also reviewed the Portfolio’s and each Underlying Fund’s investment performance relative to its performance benchmark. They observed that the Portfolio had outperformed its LIBOR-based benchmark index by 7.60% for the one-year period ended March 31, 2017. The Trustees also noted that the Portfolio had experienced certain portfolio management changes in 2016.

As part of this review, the Trustees considered the investment performance trends of the Portfolio and the Underlying Funds over time, and reviewed the investment performance of the Portfolio and each Underlying Fund in light of its investment objective and policies and market conditions. With respect to certain Underlying Funds, the Trustees also received information comparing the 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 Portfolio and Underlying Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Portfolio’s and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Portfolio thereunder. In this regard, the Trustees considered information on the services 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 analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolio. The analyses provided a comparison of the Portfolio’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing the Portfolio’s net expenses to the peer and category medians. The analyses also compared the Portfolio’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 Portfolio.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Portfolio’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolio, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolio 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 Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Portfolio was provided for 2016 and 2015, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

41

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

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 the Portfolio at the following annual percentage rates of the average daily net assets of the Portfolio:

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 designed 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 amount of assets in the Portfolio; the Portfolio’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolio 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 Portfolio, 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 Portfolio and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolio and/or the Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Portfolio and/or the Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Portfolio and/or the Underlying 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 Portfolio and the Underlying Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (g) Goldman Sachs’ retention of certain fees as Portfolio 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 Portfolio and Underlying Funds; and (i) the possibility that the working relationship between the Investment Adviser and the Portfolio’s and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolio and Its Shareholders

The Trustees also noted that the Portfolio 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 Portfolio and/or 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) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Portfolio and/or the Underlying Funds 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 Portfolio and Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolio’s and Underlying Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Portfolio’s and Underlying Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolio’s shareholders invested in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

42

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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 the Portfolio were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to the Portfolio until June 30, 2018.

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GOLDMAN SACHS TACTICAL TILT OVERLAY 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: 75	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Chairman of the Board of Trustees, Goldman Sachs Trust II (2012-2016), Goldman Sachs MLP Income Opportunities Fund (2013-2016), Goldman Sachs MLP and Energy Renaissance Fund (2014-2016), and Goldman Sachs ETF Trust (2014-2016); 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 BDC, Inc.; and Goldman Sachs Private Middle Market Credit LLC.	106	None
Kathryn A. Cassidy Age: 63	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.	104	None
Diana M. Daniels Age: 68	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.	104	None
Herbert J. Markley Age: 67	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.	104	None
Jessica Palmer Age: 68	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.	104	None

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GOLDMAN SACHS TACTICAL TILT OVERLAY 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: 57	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). 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.	104	Armstrong World Industries, Inc. (a ceiling, wall and suspension system solutions)
Gregory G. Weaver Age: 65	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.	104	Verizon Communications Inc.

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Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	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.	142	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2017.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. One Trustee has been granted a waiver from the foregoing policies which permits him to serve until December 31, 2017.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 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 19 portfolios (eight 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 TACTICAL TILT OVERLAY 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: 54	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: 40	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 Corp.; 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: 45	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.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting 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, 2017.

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 TACTICAL TILT OVERLAY FUND

Goldman Sachs Tactical Tilt Overlay Fund - Tax Information (Unaudited)

For the year ended August 31, 2017, 12.96% of the dividends paid from net investment company taxable income by the Goldman Sachs Tactical Tilt Overlay Fund qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2017, 2.71% of the dividends paid from net investment company taxable income by the Goldman Sachs Tactical Tilt Overlay Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

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 $1.21 trillion in assets under supervision as of June 30, 2017, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

∎ Strategic Macro Fund⁴

Fundamental Equity

∎ Equity Income Fund⁵

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund⁶

∎ Concentrated Growth Fund⁷

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund⁸

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ Strategic International Equity Fund

∎ Focused International Equity Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund⁹

∎ Absolute Return Tracker Fund

∎ Long Short Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Equity Growth Strategy Portfolio

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

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

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

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

⁴  Effective on June 20, 2017, the Goldman Sachs Fixed Income Macro Strategies Fund was renamed the Goldman Sachs Strategic Macro Fund.

⁵  Effective on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed the Goldman Sachs Equity Income Fund.

⁶  Effective after the close of business on August 31, 2017, the Goldman Sachs Flexible Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Fund.

⁷  Effective on July 28, 2017, the Goldman Sachs Focused Growth Fund was reorganized with and into the Goldman Sachs Concentrated Growth Fund.

⁸  Effective after the close of business on October 31, 2017, the Goldman Sachs Dynamic U.S. Equity Fund was renamed the Goldman Sachs Blue Chip Fund.

⁹  Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund.

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

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

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

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

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

The reports concerning the 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 Forms N-Q. The Portfolio’s Forms N-Q 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 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-Qs may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).

Portfolio holdings and allocations shown are as of August 31, 2017 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.

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

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

THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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

© 2017 Goldman Sachs. All rights reserved. 107540-OTU-630803 TACTAR-17/K/1506

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.

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.

	2017			2016			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	3,705,901		$	3,808,795	Financial Statement audits.
Audit-Related Fees:
• PwC		$	159,263		$	248,706	Other attest services.
Tax Fees:
• PwC		$	1,066,799		$	921,001	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.

	2017			2016			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,860,429		$	1,653,616	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-Annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2017 and August 31, 2016 were approximately $1,226,062 and $1,169,707 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, 2016 and December 31, 2015 were approximately $11.4 million and $14.4 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2016 and 2015 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, 2017

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, 2017
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	October 31, 2017