Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-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: February 28, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	Financial Square FundsSM
	Federal Instruments
	Government
	Money Market
	Prime Obligations
	Treasury Instruments
	Treasury Obligations
	Treasury Solutions

Goldman Sachs Financial Square Funds

∎ FEDERAL INSTRUMENTS FUND

∎ GOVERNMENT FUND

∎ MONEY MARKET FUND

∎ PRIME OBLIGATIONS FUND

∎ TREASURY INSTRUMENTS FUND

∎ TREASURY OBLIGATIONS FUND

∎ TREASURY SOLUTIONS FUND

TABLE OF CONTENTS
Management Discussion and Analysis	1
Fund Basics	4
Yield Summary	6
Sector Allocations	7
Schedules of Investments	10
Financial Statements	36
Financial Highlights	44
Notes to Financial Statements	58
Other Information	73

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 six-month period ended February 28, 2018 (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 money market yield curve included a Federal Reserve (“Fed”) interest rate hike and its start of balance sheet normalization as well as action by other central banks, including the European Central Bank’s (“ECB”) tapering of asset purchases. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

In December 2017, the Fed delivered its third rate hike of the calendar year, raising the targeted federal funds rate by 25 basis points to a range between 1.25% and 1.50%. (A basis point is 1/100th of a percentage point.) Policymakers cited ongoing strength in the U.S. labor market and a pickup in household spending and business fixed investment. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three rate increases were on tap for 2018 and potentially two more in 2019. During February 2018, new Fed chair Jerome Power noted an improvement in the U.S. economic outlook since the Fed’s December 2017 policy meeting. His comments were met with a hawkish market reaction, with U.S. Treasury yields climbing amid raised market expectations for a shift in the Fed’s dot plot at its March 2018 meeting. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Outside the U.S., the ECB announced in October 2017 that it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” Also in October 2017, the Bank of England reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union.

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

A The 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 money market yield curve flattened, meaning yields on shorter-term maturities rose more than those on longer-term maturities.

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

A Collectively, the 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, floating rate securities, variable rate demand notes (“VRDNs”), municipal securities and floating rate securities during the Reporting Period.

In our commercial paper strategies (i.e., the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Financial Square Prime Obligations Fund), we maintained a rather short weighted average maturity of approximately 35 days, as the Fed continued to signal the likelihood of a December 2017 interest rate hike. For the same reason, we maintained relatively short weighted average maturities of approximately 20 days in our 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 of approximately 40 days in our government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund). During the fourth quarter of 2017 and in early 2018, we focused our Funds’ purchases on floating rate securities, asset-backed commercial paper and agency securities because, in our view, they could help us

1

PORTFOLIO RESULTS

manage duration in the event of a more aggressive than market expected Fed interest rate hike scenario. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.)

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 Funds below 120 days. In commercial paper strategies, we reduced the Funds’ weighted average life from approximately 82 days to approximately 64 days. In government repo and government non-repo strategies, we reduced the Funds’ weighted average life from approximately 115 days to approximately 104 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 the U.S. to continue to take the lead in unwinding the ultra-accommodative monetary policy put in place following the global financial crisis. We think the Fed will raise rates three times in 2018 and continue balance sheet normalization. Although we believe the markets have interpreted Jerome Powell’s appointment as preserving continuity at the Fed, the high turnover on the Federal Open Market Committee could challenge the status quo, in our view, as Powell will need to build consensus among policymakers, some of whom have yet to be nominated. Elsewhere, we see scope for several developed markets’ central banks, including the Bank of Canada and Reserve Bank of New Zealand, to tighten monetary policy because of domestic economic strength in those nations. In contrast, we anticipate prolonged monetary policy accommodation in Europe and Japan, where core inflation appears to lack upward momentum. Overall, the 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 money market yield curve, as we strive to navigate the interest rate environment.

2

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.

3

FUND BASICS

Financial Square Funds

as of February 28, 2018

PERFORMANCE REVIEW1,2
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)4 Institutional Shares			iMoneyNet Institutional Average5
Federal Instruments		0.51	%		0.87	%6
Government		0.52			0.87	6
Money Market3		0.63			1.11	7
Prime Obligations3		0.63			1.11	7
Treasury Instruments		0.51			0.86	8
Treasury Obligations		0.52			0.85	9
Treasury Solutions		0.51			0.85	9

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 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), 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 investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  As of February 8, 2018, the investment adviser has implemented a voluntary temporary fee waiver equal annually to 0.10% of the average daily net assets of Financial Square Prime Obligations Fund and Financial Square Money Market Fund.

⁴  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.

⁵  Source: iMoneyNet, Inc. February 2018.

⁶  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.

⁷  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.

⁸  Treasury Institutional–Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.

⁹  Treasury & Repo Institutional–Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

4

FUND BASICS

STANDARDIZED TOTAL RETURNS1,2,10
For the period ended December 31, 2017	SEC 7-Day Current Yield11			One Year			Five Years			Ten Years			Since Inception			Inception Date
Federal Instruments		1.14	%		0.73	%		N/A			N/A			0.46	%	10/30/15
Government		1.21			0.77			0.22	%		0.40	%		2.63		4/6/93
Money Market		1.43			1.07			0.36			0.53			2.70		5/18/94
Prime Obligations		1.41			1.08			0.33			0.50			3.03		3/8/90
Treasury Instruments		1.15			0.72			0.19			0.26			1.99		3/3/97
Treasury Obligations		1.22			0.74			0.20			0.28			2.83		4/25/90
Treasury Solutions		1.14			0.73			0.19			0.37			2.18		2/28/97

¹⁰ The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) of Institutional Shares as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. 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.

¹¹ The SEC 7-Day Current Yield figures are as of 12/31/17 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.

5

YIELD SUMMARY

SUMMARY OF THE INSTITUTIONAL SHARES1,2 AS OF 2/28/18
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		1.27	%		1.30	%		1.22	%		39		118
Government		1.27			1.29			1.23			26		107
Money Market3		1.63			1.65			1.56			29		64
Prime Obligations3		1.62			1.65			1.56			30		64
Treasury Instruments		1.33			1.35			1.25			40		104
Treasury Obligations		1.28			1.30			1.22			23		111
Treasury Solutions		1.32			1.30			1.22			34		119

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.

6

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS17
as of February 28, 2018
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			0.6	%		0.7	%		—			—			—
Certificates of Deposit -Eurodollar		—			—			1.0			—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			7.1			8.8			—			—			—
Commercial Paper & Corporate Obligations		—			—			29.7			35.2			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			4.6			3.7			—			—			—
Repurchase Agreements		—			58.9	%		5.3			4.5			—			62.5	%		35.4	%
Time Deposits		—			—			25.1			22.0			—			—			—
U.S. Government Agency Obligations		54.2	%		17.7			—			0.5			—			—			—
U.S. Treasury Obligations		55.4			28.5			1.8			1.8			103.9	%		44.4			99.3
Variable Rate Municipal Debt Obligations		—			—			5.8			5.8			—			—			—
Variable Rate Obligations		—			—			19.3			18.2			—			—			—

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.

7

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS18
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			—			—			—

¹⁸  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.

8

Index Definitions

ICE^® BofAML^® 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.

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

9

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 54.2%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.09%)
$	1,000,000		1.557	%(a)		03/28/19	$	1,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	1,800,000		1.555	(a)		09/30/19		1,799,857
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)
	850,000		1.717	(a)		11/29/19		850,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)(a)
	700,000		1.727			10/18/19		699,966
	750,000		1.727			12/26/19		749,946
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)(a)
	700,000		1.742			02/19/19		699,946
	900,000		1.737			07/05/19		899,976
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	20,000,000		1.520	(a)		03/26/18		20,002,265
	Federal Farm Credit Bank (Prime Rate – 3.08%)(a)
	250,000		1.420			06/27/19		249,983
	1,600,000		1.420			07/17/19		1,599,779
	Federal Farm Credit Bank (Prime Rate – 3.12%)
	1,000,000		1.380	(a)		01/24/19		999,900
	Federal Farm Credit Banks Funding Corporation (1 Mo. LIBOR + 0.12%)
	25,000,000		1.711	(a)		03/21/18		25,004,582
	Federal Home Loan Bank (1 Mo. LIBOR – 0.08%)
	14,000,000		1.510	(a)		03/19/19		14,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.09%)
	1,050,000		1.498	(a)		01/14/19		1,050,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.10%)
	5,900,000		1.495	(a)		04/18/19		5,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.14%)
	1,300,000		1.450	(a)		05/18/18		1,300,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.15%)
	1,900,000		1.445	(a)		05/18/18		1,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.16%)(a)
	5,300,000		1.461			05/25/18		5,300,000
	2,900,000		1.471			05/25/18		2,900,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.17%)
	2,500,000		1.456	(a)		05/25/18		2,500,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.18%)(a)
	16,000,000		1.405			06/06/18		16,000,000
	4,000,000		1.405			06/07/18		4,000,000
	9,500,000		1.404			06/08/18		9,500,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)(a)
	4,800,000		1.600			06/19/18		4,800,000
	3,270,000		1.658			06/28/18		3,270,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)(a)
	2,100,000		1.318			03/01/18		2,100,000
	7,000,000		1.321			06/01/18		7,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.17%)(a)
	2,410,000		1.418			03/15/18		2,410,000
	2,410,000		1.430			03/16/18		2,409,995
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%)(a)
	700,000		1.484			07/09/18		699,987
	1,100,000		1.489			07/12/18		1,099,980
	Federal Home Loan Bank Discount Notes
	15,600,000		1.341			03/09/18		15,595,355
	14,900,000		1.364			03/21/18		14,888,949
	75,000,000		1.447			03/23/18		74,935,100
	51,300,000		1.367			03/28/18		51,248,520
	TOTAL U.S. GOVERNMENT
	AGENCY OBLIGATIONS						$	299,364,086
U.S. Treasury Obligations – 55.4%
	United States Treasury Bills
$	5,000,000		1.327	%		03/15/18	$	4,997,472
	9,200,000		1.410			03/22/18		9,192,594
	5,800,000		1.513	(b)		03/29/18		5,793,324
	50,000,000		1.528	(b)		03/29/18		49,941,861
	9,000,000		1.463			04/19/18		8,982,483
	9,900,000		1.473			04/19/18		9,880,596
	600,000		1.432			04/26/18		598,693
	1,200,000		1.442			04/26/18		1,197,368
	400,000		1.571			04/26/18		399,045
	600,000		1.471	(b)		05/31/18		597,824
	100,000		1.680	(b)		05/31/18		99,586
	800,000		1.685	(b)		05/31/18		796,673
	5,000,000		1.461			06/07/18		4,980,264
	300,000		1.494			06/07/18		298,787
	1,200,000		1.492			06/14/18		1,194,908
	8,200,000		1.497			06/14/18		8,165,082
	19,300,000		1.518			06/21/18		19,211,134
	1,400,000		1.538			06/21/18		1,393,467
	400,000		1.702			06/21/18		397,934
	3,000,000		1.611			07/05/18		2,983,515
	200,000		1.739			07/05/18		198,814
	400,000		1.744			07/05/18		397,620
	1,200,000		1.595			07/12/18		1,193,106
	200,000		1.601			07/12/18		198,847
	800,000		1.632			07/19/18		795,053
	32,400,000		1.871			08/23/18		32,113,350
	100,000		1.866	(b)		08/30/18		99,082
	800,000		1.876	(b)		08/30/18		792,619
	13,400,000		1.882	(b)		08/30/18		13,276,028
	100,000		1.887	(b)		08/30/18		99,072
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	600,000		1.700	(a)		10/31/19		600,080
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	8,100,000		1.712	(a)		07/31/19		8,106,381
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	3,100,000		1.722	(a)		04/30/19		3,102,311
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	10,900,000		1.792	(a)		01/31/19		10,919,959
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.17%) (a)
	81,700,000		1.826			07/31/18		81,782,109
	12,800,000		1.822			10/31/18		12,818,302
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
	7,500,000		1.842	(a)		04/30/18		7,503,309
	United States Treasury Note
	400,000		0.750	(b)		07/31/18		398,234
	TOTAL U.S. TREASURY
	OBLIGATIONS						$	305,496,886
	TOTAL INVESTMENTS – 109.6%						$	604,860,972
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (9.6)%							(52,752,197	)
	NET ASSETS – 100.0%						$	552,108,775

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(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, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
FEDL01	—US Federal Funds Effective Rate
LIBOR	—London Interbank Offered Rates
MMY	—Money Market Yield
Prime	—Federal Reserve Bank Prime Loan Rate US
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 17.7%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.09%)
$	148,000,000		1.557	%(a)		03/28/19	$	148,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	246,500,000		1.555	(a)		09/30/19		246,480,472
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)(a)
	198,700,000		1.717			11/20/19		198,689,772
	98,500,000		1.717			11/29/19		98,500,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)(a)
	120,500,000		1.727			10/18/19		120,494,097
	98,600,000		1.727			12/26/19		98,592,865
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)(a)
	98,500,000		1.742			02/19/19		98,492,326
	118,700,000		1.737			07/05/19		118,696,803
	Federal Farm Credit Bank (Prime Rate – 3.08%)(a)
	36,500,000		1.420			06/27/19		36,497,542
	216,800,000		1.420			07/17/19		216,770,063
	Federal Farm Credit Bank (Prime Rate – 3.12%)
	123,000,000		1.380	(a)		01/24/19		122,987,757
	Federal Home Loan Bank (1 Mo. LIBOR – 0.05%)
	497,200,000		1.533	(a)		07/13/18		497,200,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.08%)
	1,900,000,000		1.510	(a)		03/19/19		1,900,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.09%)
	147,750,000		1.498	(a)		01/14/19		147,750,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.10%)
	903,750,000		1.495	(a)		04/18/19		903,750,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.14%)
	168,800,000		1.450	(a)		05/18/18		168,800,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.15%)
	241,300,000		1.445	(a)		05/18/18		241,300,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.16%)(a)
	739,500,000		1.461			05/25/18		739,500,000
	394,600,000		1.471			05/25/18		394,600,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.17%)
	295,000,000		1.456	(a)		05/25/18		295,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.18%)(a)
	2,370,000,000		1.405			06/06/18		2,370,000,000
	492,500,000		1.405			06/07/18		492,500,000
	1,145,500,000		1.404			06/08/18		1,145,500,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.01%)(a)
	741,200,000		1.600			06/19/18		741,200,000
	494,020,000		1.658			06/28/18		494,020,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	993,000,000		1.321	(a)		06/01/18		993,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.17%)(a)
	238,060,000		1.418			03/15/18		238,060,000
	238,060,000		1.430			03/16/18		238,059,509
	Federal Home Loan Bank (3 Mo. LIBOR – 0.22%)(a)
	496,000,000		1.455			03/23/18		496,000,000
	98,700,000		1.484			07/09/18		98,698,163
	148,100,000		1.489			07/12/18		148,097,281
	Federal Home Loan Bank Discount Note
	465,000,000		1.447			03/23/18		464,597,620
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%)(a)(d)
	74,600,000		1.600			03/07/18		74,600,000
	180,240,535		1.620			03/07/18		180,240,535
	63,926,407		1.650			03/07/18		63,926,407
	337,571,248		1.710			03/07/18		337,571,249
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	15,368,172,461
U.S. Treasury Obligations – 28.5%
	United States Treasury Bills
$	1,100,000		1.327	%		03/15/18	$	1,099,444
	779,100,000		1.513	(b)		03/29/18		778,203,170
	208,400,000		1.515	(b)		03/29/18		208,159,703
	3,100,000,000		1.528	(b)		03/29/18		3,096,395,389
	1,157,400,000		1.463			04/19/18		1,155,147,251
	1,452,700,000		1.473			04/19/18		1,449,852,708
	111,400,000		1.432			04/26/18		111,157,396
	190,100,000		1.442			04/26/18		189,683,047
	57,600,000		1.571			04/26/18		57,462,464
	88,100,000		1.471	(b)		05/31/18		87,780,430
	36,500,000		1.685	(b)		05/31/18		36,348,226
	30,600,000		1.494			06/07/18		30,476,299
	1,299,200,000		1.497			06/14/18		1,293,667,574
	1,666,400,000		1.518			06/21/18		1,658,727,156
	80,300,000		1.702			06/21/18		79,885,295
	6,200,000		1.569			06/28/18		6,168,643
	204,900,000		1.611			07/05/18		203,774,075
	14,400,000		1.739			07/05/18		14,314,572
	27,800,000		1.744			07/05/18		27,634,590
	37,300,000		1.595			07/12/18		37,085,717
	98,800,000		1.601			07/12/18		98,230,583
	68,300,000		1.632			07/19/18		67,877,678
	63,600,000		1.637			07/19/18		63,205,503
	4,845,700,000		1.871			08/23/18		4,802,829,020
	12,500,000		1.866	(b)		08/30/18		12,385,302
	113,000,000		1.876	(b)		08/30/18		111,957,418
	1,628,800,000		1.882	(b)		08/30/18		1,613,730,880
	17,600,000		1.887	(b)		08/30/18		17,436,726
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	6,935,000,000		1.700	(a)		10/31/19		6,936,270,485
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	165,000,000		1.822	(a)		10/31/18		165,244,214
	United States Treasury Note
	217,000,000		0.750	(b)		07/31/18		216,036,234
	TOTAL U.S. TREASURY OBLIGATIONS						$	24,628,227,192
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	39,996,399,653
Repurchase Agreements-Unaffiliated Issuers(c) – 58.3%
	Barclays Capital, Inc.
$	300,000,000		1.350	%		03/01/18	$	300,000,000
	Maturity Value: $300,011,250
	Collateralized by Federal Home Loan Bank, 0.000%, due 05/02/18 and Federal Home Loan Mortgage Corp., 2.375%, due 02/16/21. The aggregate market value of the collateral, including accrued interest, was $306,000,297.

12 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-Unaffiliated Issuers(c) – (continued)
	BNP Paribas
$	305,000,000		1.250	%		03/01/18	$	305,000,000
	Maturity Value: $305,010,590
	Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/44, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/30 to 11/15/38 and U.S. Treasury Notes, 0.875% to 2.000%, due 12/31/18 to 11/15/22. The aggregate market value of the collateral, including accrued interest, was $311,100,063.
	890,000,000		1.340			03/01/18		890,000,000
	Maturity Value: $890,993,833
	Settlement Date: 01/30/18
	Collateralized by a U.S. Treasury Bond, 3.125%, due 11/15/41, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 02/15/33 and U.S. Treasury Notes, 1.250% to 3.625%, due 10/31/18 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $907,800,001.
	35,900,000		1.370			03/01/18		35,900,000
	Maturity Value: $35,901,366
	Collateralized by Federal Farm Credit Bank, 1.875%, due 06/02/22, Federal Home Loan Mortgage Corp., 4.000% to 7.500%, due 04/01/28 to 08/01/47, Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/22 to 01/01/45, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/20 and U.S. Treasury Notes, 0.875% to 1.750%, due 05/31/18 to 11/30/19. The aggregate market value of the collateral, including accrued interest, was $36,919,307.
	800,000,000		1.380			03/01/18		800,000,000
	Maturity Value: $800,030,667
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/22. The market value of the collateral, including accrued interest, was $816,000,000.
	1,300,000,000		1.380			03/01/18		1,300,000,000
	Maturity Value: $1,300,049,833
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/23. The market value of the collateral, including accrued interest, was $1,326,000,000.
	1,500,000,000		1.380			03/01/18		1,500,000,000
	Maturity Value: $1,500,057,500
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/18. The market value of the collateral, including accrued interest, was $1,530,000,000.
	890,000,000		1.340			03/02/18		890,000,000
	Maturity Value: $890,993,833
	Settlement Date: 01/31/18
	Collateralized by U.S. Treasury Bonds, 2.750% to 9.125%, due 05/15/18 to 11/15/43, U.S. Treasury Inflation-Indexed Bonds, 2.000% to 2.375%, due 01/15/25 to 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/25 to 11/15/42, U.S. Treasury Notes, 1.250% to 2.750%, due 10/31/18 to 01/31/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/27 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $907,799,998.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas – (continued)
	100,000,000		1.340	%(d)		03/07/18		100,000,000
	Maturity Value: $100,364,778
	Settlement Date: 12/14/17
	Collateralized by U.S. Treasury Bills, 0.000%, due 05/17/18 to 08/09/18, a U.S. Treasury Bond, 3.125%, due 11/15/41, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/48, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/41 and U.S. Treasury Notes, 0.750% to 1.250%, due 02/15/19 to 01/31/20. The aggregate market value of the collateral, including accrued interest, was $102,000,001.
	750,000,000		1.350	(d)		03/07/18		750,000,000
	Maturity Value: $750,843,750
	Settlement Date: 02/06/18
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 01/01/27 to 12/01/47, Federal National Mortgage Association, 2.000% to 5.000%, due 07/01/26 to 02/01/48, Government National Mortgage Association, 2.500% to 4.500%, due 12/15/26 to 06/20/47, U.S. Treasury Bonds, 3.000% to 3.750%, due 11/15/43 to 11/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.125%, due 01/15/21 to 07/15/22 and U.S. Treasury Notes, 0.750% to 1.500%, due 08/31/18 to 09/30/21. The aggregate market value of the collateral, including accrued interest, was $771,144,694.
	495,000,000		1.360	(d)		03/07/18		495,000,000
	Maturity Value: $495,579,700
	Settlement Date: 02/09/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 06/01/23 to 01/01/48, Federal National Mortgage Association, 3.000% to 7.000%, due 08/01/18 to 02/01/57, Government National Mortgage Association, 3.000% to 7.000%, due 08/15/29 to 04/20/47, a U.S. Treasury Bond, 3.750%, due 11/15/43, U.S. Treasury Notes, 1.000% to 2.000%, due 03/15/19 to 11/30/22 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/44. The aggregate market value of the collateral, including accrued interest, was $509,703,893.
	500,000,000		1.360	(d)		03/07/18		500,000,000
	Maturity Value: $501,851,112
	Settlement Date: 12/14/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 01/01/28 to 11/01/47, Federal National Mortgage Association, 3.000% to 6.000%, due 08/01/25 to 11/01/46, Government National Mortgage Association, 2.500% to 7.000%, due 12/15/26 to 12/20/47, a U.S. Treasury Bill, 0.000%, due 06/14/18, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.000%, due 02/15/43 to 02/15/48, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/18 and U.S. Treasury Notes, 1.500% to 1.875%, due 08/31/18 to 12/31/19. The aggregate market value of the collateral, including accrued interest, was $513,272,548.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas (Overnight MBS + 0.02%)
$	500,000,000		1.390	%(a)(d)		03/01/18	$	500,000,000
	Maturity Value: $514,498,468
	Settlement Date: 02/23/16
	Collateralized by Federal Home Loan Bank, 0.875%, due 08/05/19, Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 08/01/25 to 09/01/47, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 2.500% to 6.000%, due 10/01/25 to 02/01/48, Government National Mortgage Association, 3.000% to 5.000%, due 06/20/39 to 04/20/47, U.S. Treasury Bonds, 3.125% to 3.750%, due 02/15/43 to 11/15/43, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/41 and U.S. Treasury Notes, 0.750% to 2.125%, due 04/30/18 to 03/31/24. The aggregate market value of the collateral, including accrued interest, was $514,155,626.
	550,000,000		1.390	(a)(d)		03/01/18		550,000,000
	Maturity Value: $565,799,662
	Settlement Date: 02/23/16
	Collateralized by Federal Farm Credit Bank, 1.300%, due 02/01/19, Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 09/01/32 to 11/01/47, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/32, Federal National Mortgage Association, 3.000% to 5.000%, due 01/01/27 to 12/01/47, Government National Mortgage Association, 2.500% to 7.000%, due 10/15/26 to 11/20/47, a U.S. Treasury Bill, 0.000%, due 07/05/18, U.S. Treasury Bonds, 2.250% to 3.750%, due 11/15/43 to 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/23 to 05/15/45, U.S. Treasury Notes, 1.750% to 3.375%, due 11/15/19 to 09/30/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/37 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $564,270,267.
	CIBC Wood Gundy Securities
	100,000,000		1.350			03/01/18		100,000,000
	Maturity Value: $100,003,750
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.125% to 2.375%, due 01/15/19 to 05/15/27. The aggregate market value of the collateral, including accrued interest, was $102,000,212.
	2,000,000,000		1.370			03/01/18		2,000,000,000
	Maturity Value: $2,000,076,111
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.500%, due 11/01/21 to 02/01/48, Federal National Mortgage Association, 2.500% to 7.000%, due 08/01/18 to 02/01/48, Government National Mortgage Association, 3.000% to 3.500%, due 11/20/46 to 08/20/47, a U.S. Treasury Bond, 2.875%, due 11/15/46, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.125% to 2.125%, due 01/15/19 to 02/15/25. The aggregate market value of the collateral, including accrued interest, was $2,058,968,818.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Citibank N.A.
	1,000,000,000		1.390			03/07/18		1,000,000,000
	Maturity Value: $1,000,270,278
	Collateralized by Federal Farm Credit Bank, 1.400% to 3.490%, due 11/12/20 to 03/02/37, Federal Home Loan Bank, 1.530% to 1.538%, due 12/06/19 to 01/23/20, Federal Home Loan Mortgage Corp., 2.500% to 11.000%, due 06/01/19 to 01/01/48, Federal National Mortgage Association, 2.500% to 11.000%, due 03/01/18 to 02/01/48, Government National Mortgage Association, 2.500% to 9.000%, due 11/15/18 to 02/20/48, Tennessee Valley Authority, 3.500%, due 12/15/42, a U.S. Treasury Bill, 0.000%, due 01/03/19, U.S. Treasury Bonds, 3.625% to 7.625%, due 11/15/22 to 02/15/44, U.S. Treasury Floating Rate Notes, 1.722% to 1.822%, due 10/31/18 to 04/30/19, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.375%, due 02/15/43 to 02/15/47, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.250%, due 07/15/20 to 07/15/26 and U.S. Treasury Notes, 0.750% to 3.625%, due 05/15/18 to 08/15/26. The aggregate market value of the collateral, including accrued interest, was $1,020,000,009.
	Citigroup Global Markets, Inc.
	303,600,000		1.370			03/01/18		303,600,000
	Maturity Value: $303,611,554
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 04/01/27 to 01/01/44, Federal National Mortgage Association, 4.500%, due 04/01/46, U.S. Treasury Bills, 0.000%, due 03/01/18 to 10/11/18, a U.S. Treasury Bond, 2.500%, due 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.375%, due 02/15/44 to 02/15/47, U.S. Treasury Notes, 0.875% to 2.750%, due 03/15/18 to 11/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/42 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $309,672,006.
	Credit Agricole Corporate and Investment Bank
	100,000,000		1.320			03/01/18		100,000,000
	Maturity Value: $100,003,667
	Collateralized by U.S. Treasury Bonds, 2.500% to 3.000%, due 11/15/44 to 05/15/46, U.S. Treasury Notes, 1.250% to 1.625%, due 11/30/18 to 10/31/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/44 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $102,000,021.
	200,000,000		1.320			03/01/18		200,000,000
	Maturity Value: $200,007,333
	Collateralized by U.S. Treasury Bonds, 2.500% to 3.000%, due 11/15/44 to 05/15/46, U.S. Treasury Notes, 1.250% to 1.625%, due 11/30/18 to 10/31/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/41 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $204,000,030.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Credit Agricole Corporate and Investment Bank – (continued)
$	500,000,000		1.370	%		03/01/18	$	500,000,000
	Maturity Value: $500,019,028
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.250%, due 01/15/25 and U.S. Treasury Notes, 1.250% to 2.500%, due 12/15/18 to 11/15/24. The aggregate market value of the collateral, including accrued interest, was $510,000,018.
	Daiwa Capital Markets America Inc.
	95,098,038		1.400			03/01/18		95,098,038
	Maturity Value: $95,101,736
	Collateralized by a U.S. Treasury Note, 1.375%, due 01/31/21. The market value of the collateral, including accrued interest, was $96,999,999.
	104,901,962		1.400			03/01/18		104,901,962
	Maturity Value: $104,906,042
	Collateralized by a U.S. Treasury Note, 1.125%, due 05/31/19. The market value of the collateral, including accrued interest, was $107,000,001.
	123,401,192		1.400			03/01/18		123,401,192
	Maturity Value: $123,405,991
	Collateralized by a U.S. Treasury Note, 8.125%, due 08/15/19. The market value of the collateral, including accrued interest, was $125,869,216.
	143,382,351		1.400			03/01/18		143,382,351
	Maturity Value: $143,387,927
	Collateralized by a U.S. Treasury Note, 2.375%, due 08/15/24. The market value of the collateral, including accrued interest, was $146,249,998.
	210,198,526		1.400			03/01/18		210,198,526
	Maturity Value: $210,206,700
	Collateralized by a U.S. Treasury Note, 1.875%, due 01/31/22. The market value of the collateral, including accrued interest, was $214,402,497.
	286,029,408		1.400			03/01/18		286,029,408
	Maturity Value: $286,040,531
	Collateralized by a U.S. Treasury Note, 2.125%, due 03/31/24. The market value of the collateral, including accrued interest, was $291,749,996.
	330,698,522		1.400			03/01/18		330,698,522
	Maturity Value: $330,711,382
	Collateralized by a U.S. Treasury Note, 2.125%, due 02/29/24. The market value of the collateral, including accrued interest, was $337,312,492.
	380,392,152		1.400			03/01/18		380,392,152
	Maturity Value: $380,406,945
	Collateralized by a U.S. Treasury Note, 1.375%, due 04/30/21. The market value of the collateral, including accrued interest, was $387,999,995.
	402,450,976		1.400			03/01/18		402,450,976
	Maturity Value: $402,466,627
	Collateralized by a U.S. Treasury Note, 3.625%, due 02/15/20. The market value of the collateral, including accrued interest, was $410,499,996.
	423,446,873		1.400			03/01/18		423,446,873
	Maturity Value: $423,463,340
	Collateralized by a U.S. Treasury Bond, 3.750%, due 11/15/43. The market value of the collateral, including accrued interest, was $431,915,810.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Deutsche Bank Securities, Inc.
	250,000,000		1.400			03/01/18		250,000,000
	Maturity Value: $250,009,722
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/18 to 02/15/28 and U.S. Treasury Principal- Only Stripped Securities, 0.000%, due 05/15/18 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $254,999,999.
	Fixed Income Clearing Corp.
	415,000,000		1.330			03/01/18		415,000,000
	Maturity Value: $415,015,332
	Collateralized by U.S. Treasury Notes, 1.625% to 2.250%, due 11/15/24 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $423,300,083.
	825,000,000		1.330			03/01/18		825,000,000
	Maturity Value: $825,030,479
	Collateralized by U.S. Treasury Notes, 1.125% to 2.000%, due 01/31/19 to 01/31/22. The aggregate market value of the collateral, including accrued interest, was $841,500,069.
	415,000,000		1.350			03/01/18		415,000,000
	Maturity Value: $415,015,563
	Collateralized by a U.S. Treasury Bond, 3.000%, due 05/15/47 and U.S. Treasury Notes, 0.750% to 1.500%, due 09/30/18 to 12/31/18. The aggregate market value of the collateral, including accrued interest, was $423,300,023.
	9,150,000,000		1.390			03/01/18		9,150,000,000
	Maturity Value: $9,150,353,292
	Collateralized by U.S. Treasury Bonds, 2.500% to 3.375%, due 05/15/44 to 05/15/46, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20 and U.S. Treasury Notes, 1.500% to 3.625%, due 12/31/18 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $9,333,000,089.
	HSBC Bank PLC
	600,000,000		1.380			03/01/18		600,000,000
	Maturity Value: $600,023,000
	Collateralized by a U.S. Treasury Bill, 0.000%, due 06/28/18, U.S. Treasury Bonds, 0.750% to 4.500%, due 01/15/26 to 08/15/47 and U.S. Treasury Notes, 0.125% to 3.125%, due 04/15/18 to 01/15/26. The aggregate market value of the collateral, including accrued interest, was $612,000,072.
	ING Financial Markets LLC
	250,000,000		1.380			03/01/18		250,000,000
	Maturity Value: $250,009,583
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 08/01/42 and Federal National Mortgage Association, 3.000% to 4.500%, due 02/01/42 to 01/01/48. The aggregate market value of the collateral, including accrued interest, was $255,000,001.
	300,000,000		1.380			03/01/18		300,000,000
	Maturity Value: $300,011,500
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 04/01/26 to 01/01/48 and Federal National Mortgage Association, 3.000% to 5.000%, due 03/01/21 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $306,000,002.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	ING Financial Markets LLC – (continued)
$	100,000,000		1.420	%(e)		03/22/18	$	100,000,000
	Maturity Value: $100,386,556
	Settlement Date: 12/14/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.291% to 4.000%, due 09/01/30 to 10/01/47 and Federal National Mortgage Association, 2.000% to 4.550%, due 11/01/25 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $101,999,996.
	300,000,000		1.420	(e)		03/22/18		300,000,000
	Maturity Value: $301,147,833
	Settlement Date: 12/15/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.370% to 5.070%, due 10/01/29 to 01/01/48 and Federal National Mortgage Association, 2.000% to 5.000%, due 03/01/27 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $306,000,000.
	350,000,000		1.420	(e)		03/22/18		350,000,000
	Maturity Value: $351,339,139
	Settlement Date: 12/15/17
	Collateralized by Federal Home Loan Mortgage Corp., 2.284% to 5.070%, due 07/01/25 to 11/01/47 and Federal National Mortgage Association, 2.000% to 6.000%, due 02/01/21 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $357,000,000.
	ING Financial Markets LLC (1 Mo. LIBOR – 0.11%)
	500,000,000		1.469	(a)(e)		04/10/18		500,000,000
	Maturity Value: $521,427,560
	Settlement Date: 05/26/15
	Collateralized by Federal Home Loan Mortgage Corp., 2.248% to 4.000%, due 09/01/37 to 01/01/48 and Federal National Mortgage Association, 2.000% to 5.540%, due 03/01/19 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $509,999,999.
	100,000,000		1.473	(a)(e)		04/13/18		100,000,000
	Maturity Value: $103,756,658
	Settlement Date: 10/08/15
	Collateralized by Federal Home Loan Mortgage Corp., 2.780% to 4.000%, due 02/01/45 to 10/01/47 and Federal National Mortgage Association, 2.000% to 4.500%, due 07/01/31 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $101,999,998.
	100,000,000		1.484	(a)(e)		04/20/18		100,000,000
	Maturity Value: $104,187,474
	Settlement Date: 07/09/15
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 11/01/26 to 12/01/47 and Federal National Mortgage Association, 2.395% to 4.500%, due 08/01/31 to 09/01/47. The aggregate market value of the collateral, including accrued interest, was $102,000,000.
	Joint Repurchase Agreement Account I
	400,000,000		1.353			03/01/18		400,000,000
	Maturity Value: $400,015,034
	Joint Repurchase Agreement Account III
	9,803,200,000		1.377			03/01/18		9,803,200,000
	Maturity Value: $9,803,574,893
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	87,900,000		1.370			03/01/18		87,900,000
	Maturity Value: $87,903,345
	Collateralized by U.S. Treasury Notes, 1.375% to 2.000%, due 07/31/18 to 11/15/21. The aggregate market value of the collateral, including accrued interest, was $89,658,061.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Merrill Lynch, Pierce, Fenner & Smith, Inc. – (continued)
	17,600,000		1.400			03/01/18		17,600,000
	Maturity Value: $17,600,684
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 04/01/28 to 09/01/47 and Government National Mortgage Association, 3.500% to 4.000%, due 11/20/47 to 01/20/48. The aggregate market value of the collateral, including accrued interest, was $18,128,000.
	52,000,000		1.400			03/01/18		52,000,000
	Maturity Value: $52,002,022
	Collateralized by Government National Mortgage Association, 2.500% to 4.500%, due 02/20/33 to 02/20/48. The aggregate market value of the collateral, including accrued interest, was $53,560,001.
	Merrill Lynch, Pierce, Fenner & Smith, Inc. (OBFR + 0.01%)
	1,000,000,000		1.430	(a)(e)		06/04/18		1,000,000,000
	Maturity Value: $1,022,919,709
	Settlement Date: 11/04/16
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 03/01/26 to 03/01/48 and Federal National Mortgage Association, 2.500% to 5.000%, due 12/01/28 to 02/01/48. The aggregate market value of the collateral, including accrued interest, was $1,029,999,995.
	Mitsubishi UFJ Securities (USA), Inc.
	300,000,000		1.370			03/01/18		300,000,000
	Maturity Value: $300,011,417
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 01/01/21 to 02/01/47, Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/25 to 08/01/48 and Government National Mortgage Association, 3.500% to 8.500%, due 12/20/30 to 01/20/48. The aggregate market value of the collateral, including accrued interest, was $309,000,000.
	Mizuho Securities USA LLC
	250,000,000		1.370			03/01/18		250,000,000
	Maturity Value: $250,009,514
	Collateralized by Government National Mortgage Association, 4.000%, due 09/20/47. The market value of the collateral, including accrued interest, was $257,500,000.
	Natixis-New York Branch
	600,000,000		1.370			03/01/18		600,000,000
	Maturity Value: $600,022,833
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 01/01/48, Federal National Mortgage Association, 3.500% to 5.500%, due 06/01/38 to 04/01/46, Government National Mortgage Association, 5.000%, due 02/15/48, a U.S. Treasury Bill, 0.000%, due 06/28/18, U.S. Treasury Bonds, 2.750% to 8.125%, due 05/15/21 to 08/15/42, U.S. Treasury Inflation- Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 04/15/18 to 04/15/20 and U.S. Treasury Notes, 0.750% to 3.625%, due 08/31/18 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $612,270,023.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Nomura Securities International, Inc.
$	100,000,000		1.380	%		03/01/18	$	100,000,000
	Maturity Value: $100,003,833
	Collateralized by Federal National Mortgage Association, 4.000%, due 07/01/47, Government National Mortgage Association, 3.500%, due 02/20/48, a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Floating Rate Note, 1.652%, due 01/31/20, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/19 to 05/15/42 and U.S. Treasury Notes, 0.750% to 3.625%, due 04/30/18 to 09/30/21. The aggregate market value of the collateral, including accrued interest, was $102,473,820.
	1,700,000,000		1.400			03/01/18		1,700,000,000
	Maturity Value: $1,700,066,111
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 9.500%, due 03/01/18 to 01/01/48, Federal National Mortgage Association, 2.000% to 8.500%, due 03/01/18 to 03/01/48, Government National Mortgage Association, 2.100% to 9.000%, due 03/15/18 to 02/20/48, Tennessee Valley Authority, 0.000% to 2.875%, due 02/01/27 to 07/15/29, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/46, a U.S. Treasury Note, 2.000%, due 11/15/26 and a U.S. Treasury Principal- Only Stripped Security, 0.000%, due 05/15/38. The aggregate market value of the collateral, including accrued interest, was $1,749,546,208.
	1,000,000,000		1.400			03/07/18		1,000,000,000
	Maturity Value: $1,000,272,222
	Collateralized by Federal Farm Credit Bank, 1.501%, due 03/27/19, Federal Home Loan Mortgage Corp., 2.500% to 8.000%, due 05/01/18 to 03/01/48, Federal National Mortgage Association, 2.500% to 9.500%, due 03/01/18 to 02/01/57, Government National Mortgage Association, 3.500% to 5.000%, due 10/20/40 to 02/20/48 and a U.S. Treasury Note, 1.625%, due 11/15/22. The aggregate market value of the collateral, including accrued interest, was $1,029,570,138.
	Norinchukin Bank
	415,000,000		1.370			03/01/18		415,000,000
	Maturity Value: $416,437,168
	Settlement Date: 11/30/17
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $423,300,053.
	200,000,000		1.390	(e)		03/07/18		200,000,000
	Maturity Value: $200,687,278
	Settlement Date: 12/08/17
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $204,000,014.
	250,000,000		1.410	(e)		03/14/18		250,000,000
	Maturity Value: $250,881,250
	Settlement Date: 12/14/17
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $255,000,071.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Norinchukin Bank – (continued)
$	210,000,000		1.410	%(e)		03/20/18	$	210,000,000
	Maturity Value: $210,337,225
	Settlement Date: 02/07/18
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $214,200,071.
	210,000,000		1.420	(e)		03/22/18		210,000,000
	Maturity Value: $210,480,433
	Settlement Date: 01/23/18
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $214,200,053.
	210,000,000		1.420	(e)		03/22/18		210,000,000
	Maturity Value: $210,405,883
	Settlement Date: 02/01/18
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $214,200,025.
	Northwestern Mutual Life Insurance Company
	242,187,500		1.420			03/01/18		242,187,500
	Maturity Value: $242,197,053
	Collateralized by a U.S. Treasury Note, 1.750%, due 11/15/20. The market value of the collateral, including accrued interest, was $247,031,250.
	Prudential Insurance Company of America (The)
	64,593,750		1.420			03/01/18		64,593,750
	Maturity Value: $64,596,298
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $65,885,625.
	149,250,000		1.420			03/01/18		149,250,000
	Maturity Value: $149,255,887
	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 $152,235,000.
	185,500,000		1.420			03/01/18		185,500,000
	Maturity Value: $185,507,317
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $189,210,000.
	Royal Bank of Canada-New York Branch
	2,950,000,000		1.370			03/01/18		2,950,000,000
	Maturity Value: $2,950,112,264
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/27 to 01/01/48, Federal National Mortgage Association, 2.500% to 6.000%, due 03/01/25 to 01/01/57, Government National Mortgage Association, 2.500% to 6.000%, due 08/15/33 to 02/20/48 and a U.S. Treasury Note, 1.875%, due 01/31/22. The aggregate market value of the collateral, including accrued interest, was $3,009,000,009.
	600,000,000		1.360	(d)		03/07/18		600,000,000
	Maturity Value: $602,221,335
	Settlement Date: 12/14/17
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 09/01/42 to 12/01/47, Federal National Mortgage Association, 3.000% to 4.500%, due 02/01/30 to 01/01/48 and Government National Mortgage Association, 3.500% to 4.500%, due 05/20/42 to 01/20/48. The aggregate market value of the collateral, including accrued interest, was $611,999,999.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Royal Bank of Canada-New York Branch – (continued)
$	148,500,000		1.370	%(d)		03/07/18	$	148,500,000
	Maturity Value: $148,680,840
	Settlement Date: 02/08/18
	Collateralized by Federal Home Loan Bank, 5.500%, due 07/15/36, Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 04/01/42 to 10/01/47, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 07/15/25, Federal National Mortgage Association, 2.500% to 7.000%, due 02/01/26 to 01/01/57 and Government National Mortgage Association, 3.500% to 4.500%, due 09/15/39 to 09/20/47. The aggregate market value of the collateral, including accrued interest, was $151,469,996.
	Wells Fargo Securities LLC
	50,000,000		1.370			03/01/18		50,000,000
	Maturity Value: $50,001,903
	Collateralized by Federal National Mortgage Association, 3.000%, due 03/01/33. The market value of the collateral, including accrued interest, was $51,500,000.
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	50,470,231,250
Repurchase Agreements-Affiliated Issuers(c) – 0.6%
	Goldman Sachs & Co.
$	490,000,000		1.200	%		03/01/18	$	490,000,000
	Maturity Value: $490,016,333
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/29/18 to 11/08/18, U.S. Treasury Bonds, 3.000% to 8.500%, due 02/15/20 to 05/15/47, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 1.000%, due 02/15/47 to 02/15/48 and U.S. Treasury Notes, 0.625% to 4.000%, due 04/30/18 to 02/15/28. The aggregate market value of the collateral, including accrued interest, was $499,800,000.
	TOTAL INVESTMENTS – 105.1%						$	90,956,630,903
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (5.1)%							(4,428,116,197	)
	NET ASSETS – 100.0%						$	86,528,514,706

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. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2018. Additional information on Joint Repurchase Agreement Accounts I and III appear on page 34 and 35.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2018, these securities amounted to $3,530,000,000 or approximately 4.1% of net assets.

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

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

Investment Abbreviations:
LIBOR	—London Interbank Offered Rates
MMY	—Money Market Yield
OBFR	—Overnight Bank Funding Rate
Prime	—Federal Reserve Bank Prime Loan Rate US
T-Bill	—Treasury Bill

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 29.7%
	Albion Capital LLC
$	15,000,000		1.533	%		03/02/18	$	14,998,771
	20,000,000		1.969			04/20/18		19,951,380
	38,167,000		1.990			04/20/18		38,074,216
	Atlantic Asset Securitization LLC
	25,000,000		1.824			04/13/18		24,944,847
	25,000,000		1.868			05/04/18		24,913,695
	20,015,000		2.064			05/22/18		19,921,509
	Banque et Caisse d’Epargne de l’Etat, Luxembourg
	8,250,000		1.995			07/06/18		8,190,688
	25,000,000		2.006			07/13/18		24,807,813
	Barton Capital S.A.
	30,000,000		1.804			04/04/18		29,948,871
	15,000,000		1.794			04/05/18		14,973,600
	25,000,000		2.053			05/16/18		24,894,873
	Cancara Asset Securitisation LLC
	46,000,000		1.636			03/05/18		46,000,000
	25,000,000		1.867			05/08/18		24,907,425
	15,000,000		2.043			05/21/18		14,930,437
	Chariot Funding LLC
	27,000,000		1.767			05/29/18		26,862,300
	CHARTA LLC
	25,000,000		1.846			05/07/18		24,909,380
	17,600,000		2.001			05/08/18		17,535,030
	DBS Bank Ltd.
	35,000,000		2.054			05/22/18		34,838,853
	First Abu Dhabi Bank
	45,000,000		1.533			03/07/18		44,986,700
	Gotham Funding Corporation
	20,000,000		1.741			04/03/18		19,967,624
	J.P. Morgan Securities LLC
	25,000,000		1.670			09/05/18		24,713,087
	Kells Funding LLC
	15,000,000		1.784			04/23/18		14,958,825
	Liberty Street Funding LLC
	25,000,000		1.970			05/15/18		24,897,030
	25,000,000		2.054			05/23/18		24,883,217
	11,650,000		2.158	(a)		06/01/18		11,650,000
	LMA-Americas LLC
	1,440,000		1.557			03/01/18		1,439,945
	13,025,000		2.031			05/02/18		12,981,532
	20,000,000		1.867			05/09/18		19,923,389
	Matchpoint Finance PLC
	50,000,000		1.470			03/01/18		49,997,809
	15,000,000		1.846			04/02/18		14,975,442
	30,000,000		2.054			05/21/18		29,858,618
	25,000,000		2.147			05/29/18		24,867,500
	Metlife Short Term Funding LLC
	25,000,000		2.002			05/21/18		24,889,300
	Mitsubishi UFJ Trust and Banking Corp.
	10,000,000		1.486			03/06/18		9,997,460
	15,000,000		2.051			04/05/18		14,974,590
	Nieuw Amsterdam Receivables Corp.
	20,000,000		1.794			04/23/18		19,942,760
	29,000,000		2.106			05/31/18		28,847,035
Commercial Paper and Corporate Obligations – (continued)
	Old Line Funding Corp.
	14,150,000		1.971			05/21/18		14,085,184
	Societe Generale
	15,000,000		2.158			05/31/18		14,919,002
	Thunder Bay Funding, LLC
	7,000,000		1.445			03/20/18		6,993,790
	17,000,000		1.793			04/10/18		16,966,137
	15,000,000		1.793			04/13/18		14,967,642
	United Overseas Bank Ltd.
	30,000,000		1.619			03/23/18		29,969,257
	Victory Receivables Corp.
	25,674,000		1.720			04/04/18		25,631,566
	30,000,000		1.824			04/13/18		29,935,687
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $1,007,926,520)						$	1,007,823,816
Certificate of Deposit – 0.6%
	Citibank N.A.
$	20,000,000		1.820	%		05/18/18	$	19,993,573
	(Cost $20,000,000)
Certificates of Deposit-Eurodollar – 1.0%
	KBC Bank NV
$	10,000,000		1.720	%		03/06/18	$	10,000,089
	25,000,000		1.980			05/14/18		24,999,401
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR
	(Cost $35,000,007)						$	34,999,490
Certificates of Deposit-Yankeedollar – 7.1%
	Agricultural Bank of China Ltd.
$	20,000,000		2.100	%		03/19/18	$	20,002,619
	Banco Del Estado De Chile
	20,000,000		2.040			05/15/18		20,005,450
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	5,000,000		1.740			03/15/18		5,000,328
	National Bank of Kuwait
	15,000,000		1.900			04/10/18		15,001,368
	20,000,000		1.900			05/01/18		19,999,088
	18,000,000		1.950			05/14/18		17,997,674
	Norinchukin Bank (The)
	50,000,000		1.450			03/01/18		49,999,988
	Oversea-Chinese Banking Corp., Ltd.
	40,000,000		1.500			04/19/18		39,982,612
	Sumitomo Mitsui Trust Bank Ltd.
	29,000,000		2.020			05/31/18		28,995,295
	Toronto-Dominion Bank (The)
	25,000,000		1.600			08/22/18		24,927,338
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $242,001,469)						$	241,911,760

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Fixed Rate Municipal Debt Obligations – 4.6%
	ANZ New Zealand International Ltd. (London)
$	12,000,000		1.750	% (b)		03/29/18	$	11,999,304
	Australia & New Zealand Banking Group Ltd.
	6,625,000		1.450			05/15/18		6,614,599
	Bank of America, N.A.
	16,550,000		1.650			03/26/18		16,545,201
	Bank of Montreal
	13,431,000		1.400			04/10/18		13,420,792
	Cooperatieve Rabobank U.A.
	16,100,000		1.700			03/19/18		16,098,715
	ING Bank N.V.
	9,000,000		1.800	(b)		03/16/18		8,998,624
	Nordea Bank AB
	15,550,000		1.625	(b)		05/15/18		15,532,688
	Sumitomo Mitsui Trust Bank Ltd.
	7,121,000		1.800	(b)		03/28/18		7,119,662
	Swedbank AB
	10,105,000		1.750	(b)		03/12/18		10,103,730
	UBS AG
	35,397,000		1.800			03/26/18		35,391,690
	Westpac Banking Corp.
	14,255,000		1.550			05/25/18		14,235,815
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $156,112,523)						$	156,060,820
Time Deposits – 25.1%
	Australia & New Zealand Banking Group Ltd.
$	40,000,000		1.460	%		03/01/18	$	40,000,384
	Credit Agricole Corporate and Investment Bank
	100,000,000		1.380			03/01/18		100,000,000
	Credit Industriel et Commercial
	50,000,000		1.450			03/02/18		50,000,847
	Credit Suisse AG
	35,000,000		1.450			03/07/18		35,001,950
	DNB Bank ASA
	99,900,000		1.340			03/01/18		99,900,000
	National Bank of Canada
	42,000,000		1.380			03/01/18		42,000,310
	National Bank of Kuwait
	80,000,000		1.400			03/01/18		80,000,000
	Natixis
	90,000,000		1.430			03/01/18		90,000,789
	Nordea Bank AB
	100,000,000		1.350			03/01/18		100,000,000
	Royal Bank of Canada
	40,000,000		1.460			03/06/18		40,001,977
	Skandinaviska Enskilda Banken AB
	100,000,000		1.350			03/01/18		100,000,000
	Swedbank AB
	75,000,000		1.420			03/01/18		75,000,638
	TOTAL TIME DEPOSITS
	(Cost $851,900,000)						$	851,906,895
U.S. Treasury Obligation – 1.8%
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.00%)
	59,500,000		1.652	(c)		01/31/20		59,478,485
	(Cost $59,487,877)
Variable Rate Municipal Debt Obligations(d) – 5.8%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	15,000,000		1.600	%		03/07/18	$	15,000,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(b)
	66,500,000		1.600			03/01/18		66,500,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(b)
	4,950,000		1.600			03/01/18		4,950,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	29,110,000		1.600			03/01/18		29,110,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	65,400,000		1.570			03/07/18		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		1.000			03/07/18		150,000
	Ohio State University VRDN RB Series 2001
	180,000		1.050			03/07/18		180,000
	Triborough Bridge & Tunnel Authority VRDN Refunding Floating RB Series 2013 Subseries 2B RMKT (Bank of America N.A., LOC)
	14,895,000		1.600			03/07/18		14,895,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $196,184,998)						$	196,185,000
Variable Rate Obligations(c) – 19.3%
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.15%)
$	25,000,000		1.744	%(b)		07/19/18	$	24,999,916
	Banco Del Estado De Chile (1 Mo. LIBOR + 0.18%)
	10,000,000		1.811			03/27/18		10,002,353
	Bank of Montreal (1 Mo. LIBOR + 0.32%)
	10,000,000		1.951			03/27/18		10,003,402
	Bank of Montreal (1 Mo. LIBOR + 0.24%)
	15,000,000		1.834			10/17/18		15,000,389
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.23%)
	10,000,000		1.824			09/17/18		9,999,233
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.16%)
	8,000,000		1.696			03/09/18		8,000,507
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.15%)
	14,000,000		1.872	(b)		04/13/18		14,005,337

20 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)
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.19%)
$	9,000,000		1.790	% (b)		03/16/18	$	9,001,299
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.22%)
	12,000,000		1.801	(b)		07/12/18		12,002,322
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.26%)
	20,000,000		1.843			11/13/18		20,001,364
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.23%)
	27,000,000		1.826			09/21/18		27,000,662
	Collateralized Commercial Paper Co., LLC (1 Mo. LIBOR + 0.21%)
	30,000,000		1.813			07/23/18		30,005,082
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.23%)
	15,000,000		1.805			06/01/18		14,996,197
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.18%)
	22,000,000		1.783	(b)		08/23/18		21,996,592
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.34%)
	3,000,000		1.915	(b)		03/01/18		3,000,042
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.18%)
	29,000,000		1.760			08/03/18		28,999,636
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.17%)
	20,000,000		1.750			09/07/18		19,992,476
	5,000,000		1.758			09/14/18		4,997,652
	Dexia Credit Local (1 Mo. LIBOR + 0.37%)
	15,000,000		1.950			04/04/18		15,007,362
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank (3 Mo. LIBOR + 0.37%)
	16,000,000		2.262			08/16/18		16,006,535
	HSBC Bank PLC (1 Mo. LIBOR + 0.16%)
	20,000,000		1.735	(b)		08/01/18		19,991,525
	ING (U.S.) Funding LLC (1 Mo. LIBOR + 0.19%)
	20,000,000		1.770			07/03/18		19,999,860
	13,000,000		1.769			07/09/18		13,001,705
	Mitsubishi UFJ Trust and Banking Corp. (1 Mo. LIBOR + 0.19%)
	11,000,000		1.765			03/01/18		11,000,106
	15,000,000		1.793			04/23/18		15,005,460
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.27%)
	30,000,000		1.858			08/15/18		29,996,455
	National Australia Bank Ltd. (1 Mo. LIBOR + 0.30%)
	30,000,000		1.903	(b)		03/23/18		30,008,356
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.12%)
	10,000,000		1.703	(b)		03/13/18		10,000,910
	Royal Bank of Canada (1 Mo. LIBOR + 0.21%)
	10,000,000		1.789			08/09/18		10,001,115
	Royal Bank of Canada (1 Mo. LIBOR + 0.24%)
	15,000,000		1.834			04/19/18		15,006,351
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.18%)
	17,000,000		1.760			03/02/18		17,000,314
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.30%)
	29,000,000		1.896			08/21/18		29,001,806
	Sumitomo Mitsui Trust Bank Ltd. (1 Mo. LIBOR + 0.24%)
	15,000,000		1.836			06/01/18		14,998,856
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.23%)
	26,000,000		1.824			11/19/18		25,997,387
	Toronto-Dominion Bank (The) (1 Mo. LIBOR + 0.23%)
	8,000,000		1.810			12/06/18		7,998,333
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.11%)
	15,000,000		1.814			11/06/18		14,997,510
Variable Rate Obligations(c) – (continued)
	Toyota Finance Australia Limited (1 Mo. LIBOR + 0.20%)
	9,000,000		1.781			09/07/18		9,000,982
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.23%)
	10,000,000		1.824			08/20/18		10,000,867
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.19%)
	6,000,000		1.770			06/11/18		6,001,725
	Westpac Banking Corp. (1 Mo. LIBOR + 0.19%)
	29,605,000		1.784	(b)		08/20/18		29,606,575
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $653,614,328)						$	653,634,556
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $3,222,227,722)						$	3,221,994,395
Repurchase Agreements(e) – 5.3%
	BNP Paribas (OBFR + 0.20%)
$	50,000,000		1.620	%(c)		03/07/18	$	50,000,000
	Maturity Value: $50,785,250
	Settlement Date: 03/24/17
	Collateralized by mortgage-backed obligation, 6.671%, due 11/25/29, various asset-backed obligations, 1.811% to 11.843%, due 10/23/18 to 01/28/70, various corporate security issuers, 3.750% to 11.250%, due 09/01/20 to 08/21/28 and various sovereign debt security issuers, 3.600% to 5.000%, due 03/23/22 to 01/30/25. The aggregate market value of the collateral, including accrued interest, was $58,725,356.
	Credit Suisse Securities (USA) LLC (1 Mo. LIBOR + 0.50%)
	30,000,000		2.148	(c)(f)		04/04/18		30,001,595
	Maturity Value: $30,613,970
	Settlement Date: 04/27/17
	Collateralized by various corporate security issuers, 4.875% to 8.625%, due 06/01/21 to 04/16/29. The aggregate market value of the collateral, including accrued interest, was $33,002,286.
	Fixed Income Clearing Corp.
	25,000,000		1.430			03/01/18		24,999,993
	Maturity Value: $25,000,993
	Collateralized by a U.S. Treasury Note, 3.125%, due 05/15/21. The market value of the collateral, including accrued interest, was $25,500,081.
	HSBC Bank PLC
	65,000,000		1.620			03/01/18		65,000,325
	Maturity Value: $65,002,925
	Collateralized by Exchange-Traded Funds and U.S. Treasury Bonds, 2.250% to 2.500%, due 05/15/46 to 08/15/46. The aggregate market value of the collateral, including accrued interest, was $67,411,136.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Repurchase Agreements(e) – (continued)
	Mizuho Securities USA LLC (3 Mo. LIBOR + 0.95%)
$	9,000,000		2.741	%(c)(f)		05/29/18	$	8,998,024
	Maturity Value: $9,265,163
	Settlement Date: 05/08/17
	Collateralized by various corporate security issuers, 3.000% to 12.000%, due 05/15/19 to 08/15/46. The aggregate market value of the collateral, including accrued interest, was $9,514,838.
	TOTAL REPURCHASE AGREEMENTS						$	178,999,937
	(Cost $179,000,000)
	TOTAL INVESTMENTS – 100.3%
	(Cost $3,401,227,722)						$	3,400,994,332
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%							(10,160,166	)
	NET ASSETS – 100.0%						$	3,390,834,166

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)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2018, these securities amounted to $299,816,882 or approximately 8.8% of net assets.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(d)	Rate shown is that which is in effect on February 28, 2018. 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.
(e)	Unless noted, all repurchase agreements were entered into on February 28, 2018.
(f)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2018, these securities amounted to $38,999,619 or approximately 1.2% of net assets.

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

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

Investment Abbreviations:
GO	—General Obligation
LIBOR	—London Interbank Offered Rates
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MMY	—Money Market Yield
OBFR	—Overnight Bank Funding Rate
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 35.2%
	Albion Capital LLC
$	30,000,000		1.533	%		03/02/18	$	29,997,542
	20,000,000		1.990			04/20/18		19,951,380
	Alpine Securitization Ltd.
	13,000,000		1.847			05/01/18		12,957,080
	15,300,000		2.074			05/22/18		15,226,205
	Atlantic Asset Securitization LLC
	10,000,000		1.752			04/05/18		9,982,320
	10,000,000		1.868			05/04/18		9,965,478
	Banque et Caisse d’Epargne de l’Etat, Luxembourg
	15,000,000		2.006			07/13/18		14,884,687
	Barton Capital S.A.
	5,400,000		1.784			04/10/18		5,388,973
	20,000,000		2.053			05/16/18		19,915,899
	Cancara Asset Securitisation LLC
	25,000,000		1.636			03/05/18		25,000,000
	20,000,000		2.106			05/23/18		19,904,240
	Chariot Funding LLC
	13,000,000		1.767			05/29/18		12,933,700
	CHARTA LLC
	15,000,000		1.846			05/07/18		14,945,628
	Collateralized Commercial Paper Co., LLC
	15,000,000		1.972			06/05/18		14,914,034
	CRC Funding LLC
	10,000,000		1.753			04/12/18		9,979,229
	DBS Bank Ltd.
	15,000,000		2.054			05/22/18		14,930,937
	First Abu Dhabi Bank
	36,000,000		1.533			03/07/18		35,989,360
	Gotham Funding Corporation
	7,000,000		1.680			03/12/18		6,996,521
	10,000,000		1.867			03/26/18		9,988,098
	J.P. Morgan Securities LLC
	6,000,000		1.670			09/05/18		5,931,141
	Kells Funding LLC
	15,500,000		1.639			03/22/18		15,484,863
	10,000,000		1.753			04/11/18		9,979,537
	Liberty Street Funding LLC
	15,000,000		1.970			05/15/18		14,938,218
	18,000,000		2.158	(a)		06/01/18		17,904,861
	LMA-Americas LLC
	19,000,000		1.492			03/01/18		18,999,277
	9,000,000		1.654			03/19/18		8,992,414
	15,000,000		2.031			05/02/18		14,949,941
	Matchpoint Finance PLC
	25,000,000		1.470			03/01/18		24,998,904
	20,000,000		2.054			05/21/18		19,905,746
	17,000,000		2.147			05/29/18		16,909,900
	Metlife Short Term Funding LLC
	15,000,000		2.002			05/21/18		14,933,580
	Mitsubishi UFJ Trust and Banking Corp.
	4,000,000		1.486			03/06/18		3,998,984
	Nederlandse Waterschapsbank N.V.
	10,000,000		1.794			05/02/18		9,968,168
	Nieuw Amsterdam Receivables Corp.
	10,000,000		1.435			03/09/18		9,996,187
	14,000,000		1.794			04/23/18		13,959,932
	18,500,000		2.106			05/31/18		18,402,419
Commercial Paper and Corporate Obligations – (continued)
	NRW.Bank
	10,000,000		1.741			04/09/18		9,981,278
	Old Line Funding Corp.
	15,000,000		1.435			03/12/18		14,992,315
	13,300,000		1.793			04/16/18		13,269,075
	7,500,000		1.971			05/21/18		7,465,645
	Societe Generale
	17,500,000		1.900			05/31/18		17,405,502
	Swedbank AB
	15,000,000		1.846			05/08/18		14,953,827
	Thunder Bay Funding, LLC
	7,000,000		1.445			03/20/18		6,993,789
	7,000,000		1.793			04/10/18		6,986,057
	5,000,000		1.793			04/13/18		4,989,214
	Victory Receivables Corp.
	6,000,000		1.680			03/08/18		5,998,020
	17,000,000		2.085			05/21/18		16,922,130
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS (Cost $664,149,182)						$	664,062,235
Certificate of Deposit – 0.7%
	Citibank N.A.
$	13,000,000		1.820	%		05/18/18	$	12,995,822
	(Cost $13,000,000)
Certificates of Deposit-Yankeedollar – 8.8%
	Abbey National Treasury Services PLC
$	10,000,000		1.800	%		05/01/18	$	9,999,874
	5,000,000		1.920			05/04/18		5,000,870
	Agricultural Bank of China Ltd.
	10,000,000		2.100			03/19/18		10,001,310
	Banco Del Estado De Chile
	7,000,000		1.700			03/22/18		7,000,489
	15,000,000		2.040			05/15/18		15,004,087
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank
	15,000,000		1.590			03/14/18		15,000,273
	KBC Bank NV
	30,000,000		1.450			03/07/18		29,999,854
	National Bank of Kuwait
	15,000,000		1.900			04/23/18		15,000,360
	10,000,000		1.900			05/01/18		9,999,544
	10,000,000		1.950			05/14/18		9,998,708
	Oversea-Chinese Banking Corp., Ltd.
	10,000,000		1.500			04/19/18		9,995,653
	Sumitomo Mitsui Trust Bank Ltd.
	17,000,000		2.020			05/31/18		16,997,242
	Toronto-Dominion Bank (The)
	13,000,000		1.600			08/22/18		12,962,216
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $167,000,816)						$	166,960,480

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Fixed Rate Municipal Debt Obligations – 3.7%
	Australia & New Zealand Banking Group Ltd.
$	9,000,000		1.450	%		05/15/18	$	8,985,870
	Bank of Montreal
	7,820,000		1.400			04/10/18		7,814,057
	ING Bank N.V.
	2,914,000		2.050	(b)		08/17/18		2,909,418
	Nordea Bank AB
	4,412,000		1.625	(b)		05/15/18		4,407,088
	Sumitomo Mitsui Trust Bank Ltd.
	6,725,000		1.800	(b)		03/28/18		6,723,737
	Swedbank AB
	10,560,000		1.750	(a)(b)		03/12/18		10,558,673
	UBS AG
	19,642,000		1.800			03/26/18		19,639,054
	Westpac Banking Corp.
	10,000,000		1.550			05/25/18		9,986,541
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $71,045,413)						$	71,024,438
Time Deposits – 22.0%
	Australia & New Zealand Banking Group Ltd.
$	10,000,000		1.460	%		03/01/18	$	10,000,096
	30,000,000		1.460			03/07/18		30,001,730
	Credit Agricole Corporate and Investment Bank
	55,000,000		1.380			03/01/18		55,000,000
	DNB Bank ASA
	45,100,000		1.340			03/01/18		45,100,000
	National Bank of Canada
	25,000,000		1.380			03/01/18		25,000,185
	National Bank of Kuwait
	35,000,000		1.400			03/01/18		35,000,000
	Natixis
	60,000,000		1.430			03/01/18		60,000,526
	Nordea Bank AB
	55,000,000		1.350			03/01/18		55,000,000
	Royal Bank of Canada
	20,000,000		1.460			03/06/18		20,000,988
	Skandinaviska Enskilda Banken AB
	55,000,000		1.350			03/01/18		55,000,000
	Swedbank AB
	25,000,000		1.420			03/01/18		25,000,213
	TOTAL TIME DEPOSITS
	(Cost $415,100,000)						$	415,103,738
U.S. Government Agency Obligation – 0.5%
	Overseas Private Investment Corp. (USA) (3 Mo. U.S. T-Bill + 0.00%)
$	8,622,391		1.600	%(c)		03/07/18	$	8,622,391
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $8,622,391)						$	8,622,391
U.S. Treasury Obligation – 1.8%
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.00%)
$	34,000,000		1.652	(c)		01/31/20	$	33,987,706
	(Cost $33,992,891)
Variable Rate Municipal Debt Obligations(d) – 5.8%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	8,000,000		1.600	%		03/07/18	$	8,000,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(b)
	7,000,000		1.600			03/01/18		7,000,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(b)
	5,000,000		1.600			03/01/18		5,000,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	30,000,000		1.600			03/01/18		30,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	19,300,000		1.570			03/07/18		19,300,000
	Providence Health & Services Obligated Group VRDN RB Series 2012-E (U.S. Bank N.A., SBPA)
	30,600,000		1.670			03/07/18		30,600,000
	Triborough Bridge & Tunnel Authority VRDN Refunding Floating RB Series 2013 Subseries 2B RMKT (Bank of America N.A., LOC)
	10,000,000		1.600			03/07/18		10,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $109,900,000)						$	109,900,000
Variable Rate Obligations(c) – 18.2%
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.21%)
$	4,000,000		1.790	%		12/06/18	$	3,998,836
	Australia & New Zealand Banking Group Ltd. (1 Mo. LIBOR + 0.15%)
	10,000,000		1.744	(b)		07/19/18		9,999,966
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.25%)
	6,000,000		1.830			11/06/18		6,000,516
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.23%)
	9,000,000		1.824			09/17/18		8,999,309
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.16%)
	4,500,000		1.696			03/09/18		4,500,285
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (3 Mo. LIBOR + 0.55%)
	10,000,000		2.045	(b)		03/05/18		10,000,219
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.15%)
	7,000,000		1.872	(b)		04/13/18		7,002,668
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.22%)
	7,000,000		1.801	(b)		07/12/18		7,001,354
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.26%)
	6,000,000		1.843			11/13/18		6,000,409

24 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(c) – (continued)
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.23%)
$	15,000,000		1.826	%		09/21/18	$	15,000,368
	Collateralized Commercial Paper Co., LLC (1 Mo. LIBOR + 0.21%)
	10,000,000		1.813			07/23/18		10,001,694
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.18%)
	13,000,000		1.884	(b)		07/06/18		13,012,961
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.18%)
	10,000,000		1.783	(b)		08/23/18		9,998,451
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	13,000,000		1.870	(b)		04/27/18		13,005,570
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.12%)
	10,000,000		1.865	(b)		04/23/18		10,004,093
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.18%)
	18,000,000		1.760			08/03/18		17,999,774
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.17%)
	10,000,000		1.750			09/07/18		9,996,238
	5,000,000		1.758			09/14/18		4,997,652
	Dexia Credit Local (1 Mo. LIBOR + 0.37%)
	5,000,000		1.950			04/04/18		5,002,454
	ING (U.S.) Funding LLC (1 Mo. LIBOR + 0.19%)
	15,000,000		1.770			07/03/18		14,999,895
	8,000,000		1.769			07/09/18		8,001,050
	Mitsubishi UFJ Trust and Banking Corp. (1 Mo. LIBOR + 0.19%)
	10,000,000		1.765			03/01/18		10,000,096
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.20%)
	10,000,000		1.780			04/06/18		10,002,516
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.27%)
	12,000,000		1.858			08/15/18		11,998,582
	National Australia Bank Ltd. (1 Mo. LIBOR + 0.30%)
	8,000,000		1.880	(b)		04/03/18		8,003,334
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.19%)
	5,000,000		1.769			06/08/18		5,001,476
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.18%)
	6,000,000		1.874	(b)		04/03/18		6,001,980
	Royal Bank of Canada (1 Mo. LIBOR + 0.21%)
	5,000,000		1.789			08/09/18		5,000,558
	Royal Bank of Canada (1 Mo. LIBOR + 0.24%)
	8,000,000		1.834			04/19/18		8,003,387
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.22%)
	7,000,000		1.868			05/29/18		7,002,955
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.30%)
	17,000,000		1.896			08/21/18		17,001,059
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.28%)
	4,000,000		1.928			07/30/18		4,001,283
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.18%)
	8,000,000		1.760			03/02/18		8,000,148
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.11%)
	7,000,000		1.814			11/06/18		6,998,838
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.43%)
	5,000,000		2.043			09/19/18		5,006,768
	Toronto-Dominion Bank (The) (1 Mo. LIBOR + 0.23%)
	5,000,000		1.810			12/06/18		4,998,958
	Toyota Finance Australia Limited (1 Mo. LIBOR + 0.20%)
	4,500,000		1.781			09/07/18		4,500,491
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.24%)
	7,000,000		1.815			12/03/18		6,999,807
Variable Rate Obligations(c) – (continued)
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.23%)
	5,000,000		1.824			08/20/18		5,000,434
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.13%)
	700,000		1.835			07/11/18		700,565
	Westpac Banking Corp. (1 Mo. LIBOR + 0.15%)
	10,000,000		1.733	(b)		07/13/18		9,999,311
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $339,695,647)						$	339,746,308
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $1,822,506,340)						$	1,822,403,118
Repurchase Agreements(e) – 4.5%
	BNP Paribas (OBFR + 0.20%)
$	20,000,000		1.620	%(c)		03/07/18	$	20,000,000
	Maturity Value: $20,314,100
	Settlement Date: 03/24/17
	Collateralized by mortgage-backed obligations, 1.931% to 6.671%, due 11/25/29 to 05/25/57, various asset-backed obligations, 2.161% to 8.145%, due 10/23/18 to 12/25/35, various corporate security issuers, 4.875% to 10.125%, due 09/01/20 to 11/01/43 and various sovereign debt security issuers, 3.600%, due 01/30/25. The aggregate market value of the collateral, including accrued interest, was $23,244,520.
	Fixed Income Clearing Corp.
	25,000,000		1.430			03/01/18		24,999,993
	Maturity Value: $25,000,993
	Collateralized by a U.S. Treasury Note, 3.125%, due 05/15/21. The market value of the collateral, including accrued interest, was $25,500,081.
	HSBC Bank PLC
	35,000,000		1.620			03/01/18		35,000,175
	Maturity Value: $35,001,575
	Collateralized by Exchange-Traded Funds and a U.S. Treasury Bond, 2.750%, due 08/15/47. The aggregate market value of the collateral, including accrued interest, was $36,910,561.
	Mizuho Securities USA LLC (3 Mo. LIBOR + 0.95%)
	5,000,000		2.741	(c)(f)		05/29/18		4,998,902
	Maturity Value: $5,147,313
	Settlement Date: 05/08/17
	Collateralized by various corporate security issuers, 3.000% to 12.000%, due 05/15/19 to 08/15/46. The aggregate market value of the collateral, including accrued interest, was $5,285,029.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $85,000,000)						$	84,999,070
	TOTAL INVESTMENTS – 101.2%
	(Cost $1,907,506,340)						$	1,907,402,188
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (1.2)%							(22,192,368	)
	NET ASSETS – 100.0%						$	1,885,209,820

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

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)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2018, these securities amounted to $140,628,823 or approximately 7.5% of net assets.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(d)	Rate shown is that which is in effect on February 28, 2018. 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.
(e)	Unless noted, all repurchase agreements were entered into on February 28, 2018.
(f)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2018, this security amounted to $4,998,902 or approximately 0.3% of net assets.

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

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

Investment Abbreviations:
GO	—General Obligation
LIBOR	—London Interbank Offered Rates
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MMY	—Money Market Yield
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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 103.9%
	United States Treasury Bills
$	236,000,000		1.101	%		03/01/18	$	236,000,000
	460,000,000		1.122			03/01/18		460,000,000
	340,000,000		1.132			03/01/18		340,000,000
	196,800,000		1.147			03/01/18		196,800,000
	552,000,000		1.152			03/01/18		552,000,000
	1,030,000,000		1.173			03/01/18		1,030,000,000
	75,000,000		1.122			03/08/18		74,983,958
	50,000,000		1.224			03/08/18		49,988,333
	148,000,000		1.255			03/08/18		147,964,604
	250,000,000		1.276			03/08/18		249,939,236
	290,000,000		1.317			03/08/18		289,927,258
	103,400,000		1.319			03/08/18		103,374,064
	112,500,000		1.327			03/08/18		112,471,562
	147,000,000		1.332			03/08/18		146,962,699
	127,200,000		1.245			03/15/18		127,139,651
	304,600,000		1.317			03/15/18		304,447,192
	58,800,000		1.327			03/15/18		58,770,273
	50,000,000		1.338			03/15/18		49,974,528
	1,565,100,000		1.389			03/15/18		1,564,272,234
	493,100,000		1.207			03/22/18		492,760,583
	27,000,000		1.307			03/22/18		26,979,840
	100,000,000		1.343			03/22/18		99,923,292
	48,000,000		1.348			03/22/18		47,963,040
	162,300,000		1.358			03/22/18		162,174,082
	592,000,000		1.363			03/22/18		591,538,980
	37,000,000		1.370			03/22/18		36,971,078
	193,800,000		1.375			03/22/18		193,647,838
	125,000,000		1.376			03/22/18		124,901,781
	327,900,000		1.379			03/22/18		327,641,779
	146,500,000		1.380			03/22/18		146,384,631
	140,000,000		1.384			03/22/18		139,889,342
	14,100,000		1.390			03/22/18		14,088,814
	1,203,000,000		1.394			03/22/18		1,202,042,111
	370,000,000		1.395			03/22/18		369,705,388
	942,700,000		1.399			03/22/18		941,946,626
	49,400,000		1.400			03/22/18		49,360,521
	3,141,800,000		1.410			03/22/18		3,139,270,851
	100,000,000		1.410	(a)		03/29/18		99,892,667
	33,000,000		1.508	(a)		03/29/18		32,962,142
	461,400,000		1.513	(a)		03/29/18		460,868,877
	122,300,000		1.515	(a)		03/29/18		122,158,981
	2,000,000,000		1.528	(a)		03/29/18		1,997,674,444
	12,100,000		1.448			04/12/18		12,080,025
	19,300,000		1.453			04/12/18		19,268,026
	7,000,000		1.458			04/12/18		6,988,363
	244,000,000		1.545			04/12/18		243,570,153
	639,200,000		1.550			04/12/18		638,070,215
	187,200,000		1.551			04/12/18		186,868,906
	1,622,000,000		1.555			04/12/18		1,619,123,653
	978,000,000		1.560			04/12/18		976,259,975
	568,900,000		1.565			04/12/18		567,884,514
	360,400,000		1.586			04/12/18		359,748,277
	395,200,000		1.596			04/12/18		394,480,737
	4,024,200,000		1.473			04/19/18		4,016,312,568
	1,777,500,000		1.463			04/26/18		1,773,546,050
	182,000,000		1.566			04/26/18		181,566,840
U.S. Treasury Obligations – (continued)
	United States Treasury Bills (continued)
	33,800,000		1.571			04/26/18		33,719,293
	1,611,400,000		1.670			05/24/18		1,605,271,305
	47,500,000		1.471	(a)		05/31/18		47,327,700
	342,500,000		1.665	(a)		05/31/18		341,093,134
	530,900,000		1.680	(a)		05/31/18		528,699,125
	73,700,000		1.685	(a)		05/31/18		73,393,541
	257,800,000		1.461			06/07/18		256,782,406
	53,400,000		1.494			06/07/18		53,184,131
	2,382,900,000		1.497			06/14/18		2,372,752,819
	22,100,000		1.512			06/21/18		21,998,586
	500,000,000		1.518			06/21/18		497,697,778
	77,000,000		1.538			06/21/18		76,640,667
	13,700,000		1.702			06/21/18		13,629,247
	98,100,000		1.611			07/05/18		97,560,941
	4,900,000		1.739			07/05/18		4,870,931
	9,200,000		1.744			07/05/18		9,145,260
	38,400,000		1.595			07/12/18		38,179,397
	7,900,000		1.601			07/12/18		7,854,470
	23,100,000		1.632			07/19/18		22,957,165
	2,258,500,000		1.871			08/23/18		2,238,518,551
	26,000,000		1.866	(a)		08/30/18		25,761,428
	53,400,000		1.876	(a)		08/30/18		52,907,311
	752,000,000		1.882	(a)		08/30/18		745,042,744
	100,900,000		1.887	(a)		08/30/18		99,963,956
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	362,900,000		1.700	(b)		10/31/19		362,948,423
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	997,100,000		1.712	(b)		07/31/19		997,797,820
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	1,490,500,000		1.722	(b)		04/30/19		1,492,050,594
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	1,357,730,000		1.792	(b)		01/31/19		1,359,670,936
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.17%)(b)
	4,905,234,000		1.826			07/31/18		4,908,798,643
	1,838,335,000		1.822			10/31/18		1,841,019,391
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
	4,988,900,000		1.842	(b)		04/30/18		4,990,650,060
	United States Treasury Notes
	121,000,000		1.000			03/15/18		120,983,634
	76,000,000		0.750			03/31/18		75,951,368
	47,200,000		0.875			03/31/18		47,174,623
	128,900,000		0.750	(a)		07/31/18		128,327,508
	TOTAL INVESTMENTS – 103.9%						$	53,501,856,468
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (3.9)%							(2,005,705,318	)
	NET ASSETS – 100.0%						$	51,496,151,150

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

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. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.

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, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 44.4%
	United States Treasury Bills
$	158,700,000		1.513	%(a)		03/29/18	$	158,517,319
	42,100,000		1.515	(a)		03/29/18		42,051,456
	675,000,000		1.528	(a)		03/29/18		674,215,125
	188,200,000		1.463			04/19/18		187,833,690
	70,400,000		1.468			04/19/18		70,262,495
	338,900,000		1.473			04/19/18		338,235,756
	23,900,000		1.432			04/26/18		23,847,951
	44,900,000		1.442			04/26/18		44,801,519
	24,800,000		1.571			04/26/18		24,740,783
	37,900,000		1.471	(a)		05/31/18		37,762,523
	12,400,000		1.685	(a)		05/31/18		12,348,439
	5,700,000		1.494			06/07/18		5,676,958
	356,900,000		1.497			06/14/18		355,380,201
	98,300,000		1.518			06/21/18		97,847,383
	16,600,000		1.702			06/21/18		16,514,270
	34,000,000		1.611			07/05/18		33,813,170
	1,500,000		1.739			07/05/18		1,491,101
	2,800,000		1.744			07/05/18		2,783,340
	14,500,000		1.601			07/12/18		14,416,432
	7,200,000		1.632			07/19/18		7,155,480
	6,400,000		1.637			07/19/18		6,360,302
	991,700,000		1.871			08/23/18		982,926,211
	2,600,000		1.866	(a)		08/30/18		2,576,143
	23,200,000		1.876	(a)		08/30/18		22,985,948
	376,700,000		1.882	(a)		08/30/18		373,214,896
	4,600,000		1.887	(a)		08/30/18		4,557,326
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	882,900,000		1.700	(b)		10/31/19		883,022,193
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	324,700,000		1.712	(b)		07/31/19		324,810,145
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	1,520,000,000		1.722	(b)		04/30/19		1,520,652,323
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	182,300,000		1.792	(b)		01/31/19		182,546,544
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	391,400,000		1.826	(b)		07/31/18		391,414,060
	35,000,000		1.822	(b)		10/31/18		35,051,803
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
	782,800,000		1.842	(b)		04/30/18		782,827,345
	United States Treasury Note
	44,100,000		0.750	(a)		07/31/18		43,904,141
	TOTAL INVESTMENTS BEFORE     REPURCHASE AGREEMENTS						$	7,706,544,771
Repurchase Agreements-Unaffiliated Issuers(c) – 62.4%
	Barclays Capital, Inc.
$	100,000,000		1.350	%		03/01/18	$	100,000,000
	Maturity Value: $100,003,750
	Collateralized by U.S. Treasury Notes, 0.750% to 3.500%, due 03/31/18 to 06/30/22. The aggregate market value of the collateral, including accrued interest, was $102,000,032.
	BNP Paribas
	205,000,000		1.340			03/01/18		205,000,000
	Maturity Value: $205,228,917
	Settlement Date: 01/30/18
	Collateralized by U.S. Treasury Bonds, 2.875% to 3.750%, due 05/15/43 to 11/15/43, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 11/15/45, U.S. Treasury Notes, 1.125% to 1.375%, due 01/31/19 to 09/30/19 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/27 to 08/15/46. The aggregate market value of the collateral, including accrued interest, was $209,100,000.
	500,000,000		1.350			03/01/18		500,000,000
	Maturity Value: $500,018,750
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/24 to 02/15/37, U.S. Treasury Notes, 0.750% to 2.250%, due 02/15/19 to 09/30/20 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/43 to 02/15/44. The aggregate market value of the collateral, including accrued interest, was $510,000,000.
	500,000,000		1.380			03/01/18		500,000,000
	Maturity Value: $500,019,167
	Collateralized by a U.S. Treasury Note, 0.625%, due 01/15/26. The market value of the collateral, including accrued interest, was $510,000,000.
	205,000,000		1.340			03/02/18		205,000,000
	Maturity Value: $205,228,917
	Settlement Date: 01/31/18
	Collateralized by U.S. Treasury Bills, 0.000%, due 04/19/18 to 11/08/18, a U.S. Treasury Bond, 3.750%, due 11/15/43, a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32, U.S. Treasury Notes, 1.250% to 3.375%, due 04/30/19 to 05/15/25 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/37 to 08/15/43. The aggregate market value of the collateral, including accrued interest, was $209,099,999.
	150,000,000		1.340	(d)		03/07/18		150,000,000
	Maturity Value: $150,547,166
	Settlement Date: 12/14/17
	Collateralized by a U.S. Treasury Bond, 9.125%, due 05/15/18, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.375%, due 01/15/25 to 02/15/48, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 02/15/45 and U.S. Treasury Notes, 1.750% to 2.625%, due 11/15/20 to 12/31/20. The aggregate market value of the collateral, including accrued interest, was $153,000,002.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas (Overnight Treasury + 0.02%)
$	700,000,000		1.370	% (b)(d)		03/01/18	$	700,000,000
	Maturity Value: $720,005,829
	Settlement Date: 02/23/16
	Collateralized by U.S. Treasury Bills, 0.000%, due 05/24/18 to 07/05/18, U.S. Treasury Bonds, 2.875% to 5.500%, due 08/15/28 to 08/15/45, a U.S. Treasury Floating Rate Note, 1.722%, due 04/30/19, U.S. Treasury Inflation-Indexed Bonds, 2.125% to 2.375%, due 01/15/25 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/21 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/23 to 02/15/45, U.S. Treasury Notes, 0.750% to 2.625%, due 03/31/18 to 07/31/19 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/23 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $713,999,998.
	CIBC Wood Gundy Securities
	400,000,000		1.350			03/01/18		400,000,000
	Maturity Value: $400,015,000
	Collateralized by U.S. Treasury Bonds, 2.500% to 4.500%, due 08/15/39 to 11/15/46 and U.S. Treasury Notes, 1.625% to 2.250%, due 11/30/20 to 02/15/27. The aggregate market value of the collateral, including accrued interest, was $408,000,139.
	Citigroup Global Markets, Inc.
	177,400,000		1.350			03/01/18		177,400,000
	Maturity Value: $177,406,653
	Collateralized by U.S. Treasury Bills, 0.000%, due 05/10/18 to 08/16/18 and a U.S. Treasury Note, 2.000%, due 02/15/22. The aggregate market value of the collateral, including accrued interest, was $180,948,016.
	Credit Agricole Corporate and Investment Bank
	100,000,000		1.320			03/01/18		100,000,000
	Maturity Value: $100,003,667
	Collateralized by U.S. Treasury Bonds, 2.500% to 3.000%, due 11/15/44 to 05/15/46, U.S. Treasury Notes, 1.250% to 1.625%, due 11/30/18 to 10/31/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/44 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $102,000,064.
	200,000,000		1.320			03/01/18		200,000,000
	Maturity Value: $200,007,333
	Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/44, U.S. Treasury Notes, 1.250% to 1.625%, due 11/30/18 to 10/31/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/41 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $204,000,086.
	100,000,000		1.350			03/01/18		100,000,000
	Maturity Value: $100,003,750
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/25, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/18 and U.S. Treasury Notes, 1.375% to 3.500%, due 01/31/20 to 02/15/25. The aggregate market value of the collateral, including accrued interest, was $102,000,042.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Daiwa Capital Markets America, Inc.
	42,675,263		1.400			03/01/18		42,675,263
	Maturity Value: $42,676,923
	Collateralized by a U.S. Treasury Bill, 0.000%, due 06/28/18. The market value of the collateral, including accrued interest, was $43,528,768.
	457,324,737		1.400			03/01/18		457,324,737
	Maturity Value: $457,342,522
	Collateralized by a U.S. Treasury Note, 1.500%, due 08/15/26. The market value of the collateral, including accrued interest, was $466,471,232.
	Fixed Income Clearing Corp.
	85,000,000		1.330			03/01/18		85,000,000
	Maturity Value: $85,003,140
	Collateralized by a U.S. Treasury Note, 1.625%, due 05/15/26. The market value of the collateral, including accrued interest, was $86,700,090.
	175,000,000		1.330			03/01/18		175,000,000
	Maturity Value: $175,006,465
	Collateralized by a U.S. Treasury Bond, 3.125%, due 02/15/43. The market value of the collateral, including accrued interest, was $178,500,021.
	85,000,000		1.350			03/01/18		85,000,000
	Maturity Value: $85,003,188
	Collateralized by a U.S. Treasury Note, 0.875%, due 10/15/18. The market value of the collateral, including accrued interest, was $86,700,066.
	1,850,000,000		1.390			03/01/18		1,850,000,000
	Maturity Value: $1,850,071,431
	Collateralized by U.S. Treasury Bonds, 2.875% to 3.750%, due 11/15/43 to 11/15/46 and U.S. Treasury Notes, 1.000% to 3.125%, due 03/15/19 to 09/30/24. The aggregate market value of the collateral, including accrued interest, was $1,887,000,097.
	HSBC Bank PLC
	1,300,000,000		1.380			03/01/18		1,300,000,000
	Maturity Value: $1,300,049,833
	Collateralized by a U.S. Treasury Bill, 0.000%, due 06/28/18, U.S. Treasury Bonds, 0.625% to 3.625%, due 05/15/42 to 02/15/47 and U.S. Treasury Notes, 0.125% to 3.625%, due 06/30/18 to 11/30/24. The aggregate market value of the collateral, including accrued interest, was $1,326,000,082.
	HSBC Securities (USA), Inc.
	100,000,000		1.350			03/01/18		100,000,000
	Maturity Value: $100,003,750
	Collateralized by a U.S. Treasury Bill, 0.000%, due 08/09/18. The market value of the collateral, including accrued interest, was $102,001,369.
	J.P. Morgan Securities LLC
	23,000,000		1.350			03/01/18		23,000,000
	Maturity Value: $23,000,863
	Collateralized by a U.S. Treasury Note, 1.375%, due 09/30/23. The market value of the collateral, including accrued interest, was $23,460,684.
	Joint Repurchase Agreement Account I
	1,548,800,000		1.353			03/01/18		1,548,800,000
	Maturity Value: $1,548,858,213

30 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-Unaffiliated Issuers(c) – (continued)
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
$	65,300,000		1.370	%		03/01/18	$	65,300,000
	Maturity Value: $65,302,485
	Collateralized by U.S. Treasury Notes, 1.625% to 2.125%, due 06/30/19 to 06/30/21. The aggregate market value of the collateral, including accrued interest, was $66,606,045.
	Natixis-New York Branch
	1,000,000,000		1.350			03/01/18		1,000,000,000
	Maturity Value: $1,000,037,500
	Collateralized by U.S. Treasury Bonds, 2.750% to 6.375%, due 08/15/27 to 11/15/47, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 01/15/28 to 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/19 to 01/15/23 and U.S. Treasury Notes, 0.750% to 3.875%, due 03/15/18 to 05/15/26. The aggregate market value of the collateral, including accrued interest, was $1,020,000,093.
	Nomura Securities International, Inc.
	150,000,000		1.380			03/01/18		150,000,000
	Maturity Value: $150,005,750
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 01/15/24 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/19 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $152,999,999.
	Norinchukin Bank
	85,000,000		1.370			03/01/18		85,000,000
	Maturity Value: $85,294,360
	Settlement Date: 11/30/17
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $86,700,042.
	50,000,000		1.390	(e)		03/07/18		50,000,000
	Maturity Value: $50,171,819
	Settlement Date: 12/08/17
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $51,000,065.
	250,000,000		1.410	(e)		03/14/18		250,000,000
	Maturity Value: $250,881,250
	Settlement Date: 12/14/17
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27 and a U.S. Treasury Note, 2.125%, due 11/30/23. The aggregate market value of the collateral, including accrued interest, was $255,000,016.
	40,000,000		1.410	(e)		03/20/18		40,000,000
	Maturity Value: $40,064,233
	Settlement Date: 02/07/18
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $40,800,087.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Norinchukin Bank – (continued)
	40,000,000		1.420	(e)		03/22/18		40,000,000
	Maturity Value: $40,091,511
	Settlement Date: 01/23/18
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $40,800,031.
	40,000,000		1.420	(e)		03/22/18		40,000,000
	Maturity Value: $40,077,311
	Settlement Date: 02/01/18
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45 and U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27. The aggregate market value of the collateral, including accrued interest, was $40,800,039.
	Prudential Insurance Company of America (The)
	41,250,000		1.420			03/01/18		41,250,000
	Maturity Value: $41,251,627
	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 $42,075,000.
	56,400,000		1.420			03/01/18		56,400,000
	Maturity Value: $56,402,225
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $57,528,000.
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	10,822,150,000
Repurchase Agreements-Affiliated Issuers(c) – 0.1%
	Goldman Sachs & Co.
$	10,000,000		1.200	%		03/01/18	$	10,000,000
	Maturity Value: $10,000,333
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/08/18 to 01/31/19, U.S. Treasury Bonds, 2.250% to 8.125%, due 02/15/21 to 11/15/47, a U.S. Treasury Floating Rate Note, 1.700%, due 10/31/19, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/28 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/18 to 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/18 to 02/15/48, U.S. Treasury Notes, 0.875% to 3.625%, due 05/31/18 to 11/15/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/18 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $10,200,016.
	TOTAL INVESTMENTS – 106.9%						$	18,538,694,771
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (6.9)%							(1,192,574,881	)
	NET ASSETS – 100.0%						$	17,346,119,890

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

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. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2018. Additional information on Joint Repurchase Agreement Account I appears on page 34.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2018, these securities amounted to $420,000,000 or approximately 2.4% of net assets.

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

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

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 99.3%
	United States Treasury Bills
$	14,700,000		1.245	%		03/15/18	$	14,693,026
	16,200,000		1.327			03/15/18		16,191,810
	30,400,000		1.307			03/22/18		30,377,301
	1,613,400,000		1.410			03/22/18		1,612,101,213
	280,000,000		1.497	(a)		03/29/18		279,680,956
	251,400,000		1.513	(a)		03/29/18		251,110,611
	21,600,000		1.515	(a)		03/29/18		21,575,094
	100,000,000		1.518	(a)		03/29/18		99,884,500
	1,900,000,000		1.528	(a)		03/29/18		1,897,790,722
	141,200,000		1.473			04/19/18		140,923,248
	1,900,000		1.432			04/26/18		1,895,862
	5,600,000		1.442			04/26/18		5,587,717
	13,100,000		1.571			04/26/18		13,068,720
	19,000,000		1.471	(a)		05/31/18		18,931,080
	452,500,000		1.685	(a)		05/31/18		450,618,417
	4,200,000		1.494			06/07/18		4,183,022
	38,000,000		1.492			06/14/18		37,838,737
	225,500,000		1.497			06/14/18		224,539,746
	74,900,000		1.518			06/21/18		74,555,127
	8,400,000		1.702			06/21/18		8,356,619
	17,100,000		1.611			07/05/18		17,006,035
	800,000		1.739			07/05/18		795,254
	1,600,000		1.744			07/05/18		1,590,480
	7,900,000		1.601			07/12/18		7,854,470
	4,000,000		1.632			07/19/18		3,975,267
	4,600,000		1.637			07/19/18		4,571,467
	412,300,000		1.871			08/23/18		408,652,291
	1,100,000		1.866	(a)		08/30/18		1,089,907
	9,700,000		1.876	(a)		08/30/18		9,610,504
	136,200,000		1.882	(a)		08/30/18		134,939,923
	1,000,000		1.887	(a)		08/30/18		990,723
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	173,300,000		1.712	(b)		07/31/19		173,364,163
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	661,800,000		1.722	(b)		04/30/19		662,206,861
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	246,800,000		1.792	(b)		01/31/19		247,153,009
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.17%)(b)
	1,437,400,000		1.826			07/31/18		1,438,674,133
	300,900,000		1.822			10/31/18		301,289,786
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.19%)
	310,100,000		1.842	(b)		04/30/18		310,229,553
	United States Treasury Notes
	11,000,000		0.750			03/31/18		10,992,961
	6,800,000		0.875			03/31/18		6,796,344
	22,800,000		0.750	(a)		07/31/18		22,698,738
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	8,968,385,397
Repurchase Agreement(c) – 35.4%
	Federal Reserve Bank of New York
$	3,200,000,000		1.250			03/01/18	$	3,200,000,000
	Maturity Value: $3,200,111,111
	Collateralized by U.S. Treasury Notes, 1.750% to 2.250%, due 06/30/22 to 12/31/23. The aggregate market value of the collateral, including accrued interest, was $3,200,111,164.
	TOTAL INVESTMENTS – 134.7%						$	12,168,385,397
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (34.7)%							(3,138,270,041	)
	NET ASSETS – 100.0%						$	9,030,115,356

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. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2018.

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, the date of the next interest rate reset for variable rate 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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2018, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 1, 2018, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	400,000,000	$	400,015,034	$	408,000,016
Treasury Obligations		1,548,800,000		1,548,858,213		1,579,776,064

REPURCHASE AGREEMENTS — At February 28, 2018, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Treasury Obligations
BNP Paribas		1.350	%	$	297,619,047	$	1,152,380,953
Citigroup Global Markets, Inc.		1.350			40,804,598		157,995,402
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.370			61,576,355		238,423,645
TOTAL				$	400,000,000	$	1,548,800,000

At February 28, 2018, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bill		0.000	%		07/05/18
U.S. Treasury Bonds		2.250 to 8.750			05/15/20 to 08/15/47
U.S. Treasury Inflation-Indexed Bonds		0.875 to 2.500			01/15/29 to 02/15/48
U.S. Treasury Inflation-Indexed Notes		0.125 to 1.125			01/15/21 to 07/15/27
U.S. Treasury Interest-Only Stripped Securities		0.000			02/15/25 to 11/15/44
U.S. Treasury Notes		1.250 to 3.125			04/30/18 to 11/30/23
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/24 to 02/15/47

34 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 February 28, 2018, the Government Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of March 1, 2018, as follows:

Principal Amount	Maturity Value	Collateral Value
$9,803,200,000	$9,803,574,893	$10,077,224,030

REPURCHASE AGREEMENTS — At February 28, 2018, 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.		1.370	%	$	1,239,824,886
Bank of America, N.A.		1.400			476,855,725
Bank of Nova Scotia (The)		1.380			2,098,165,191
BNP Paribas		1.370			667,598,015
Citigroup Global Markets, Inc.		1.370			585,578,831
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.400			1,015,702,695
TD Securities (USA) LLC		1.370			190,742,290
Wells Fargo Securities, LLC		1.370			3,528,732,367
TOTAL				$	9,803,200,000

At February 28, 2018, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 8.000	%		05/01/26 to 03/01/48
Federal National Mortgage Association		2.500 to 7.500			08/01/18 to 03/01/48
Government National Mortgage Association		2.500 to 6.500			12/15/26 to 01/20/48
U.S. Treasury Bonds		2.250 to 3.125			11/15/41 to 05/15/47
U.S. Treasury Inflation-Indexed Bond		1.000			02/15/48
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/25 to 11/15/44
U.S. Treasury Notes		1.000 to 3.625			04/30/18 to 02/15/27
U.S. Treasury Principal-Only Stripped Securities		0.000			02/15/29 to 05/15/44

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Federal Instruments Fund
Assets:
Investments, at value (cost $604,860,972, $39,996,399,653, $3,222,227,722, $1,822,506,340, $53,501,856,468, $7,706,544,771 and $8,968,385,397)	$	604,860,972
Repurchase agreements, at value — unaffiliated issuers (cost $0, $50,470,231,250, $179,000,000, $85,000,000, $0, $10,822,150,000 and $3,200,000,000)		—
Repurchase agreements, at value — affiliated issuers (cost $0, $490,000,000, $0, $0, $0, $10,000,000 and $0)		—
Cash		194,748
Receivables:
Investments sold		18,383,295
Interest		339,796
Fund shares sold		—
Reimbursement from investment advisor		35,848
Other assets		3,297
Total assets		623,817,956
Liabilities:
Payables:
Investments purchased		71,296,719
Fund shares redeemed		—
Dividend distribution		38,447
Management fees		80,968
Distribution and Service fees and Transfer Agency fees		4,510
Accrued expenses		288,537
Total liabilities		71,709,181
Net Assets:
Paid-in capital		552,120,549
Undistributed (distributions in excess of) net investment income		4,923
Accumulated net realized gain (loss)		(16,697	)
Net unrealized loss		—
NET ASSETS	$	552,108,775
Net Assets:
Institutional Shares	$	463,912,792
Select Shares		47,531
Preferred Shares		88,376
Capital Shares		14,750,216
Administration Shares		58,312,247
Premier Shares		50,264
Service Shares		14,897,286
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,063
Class R6 Shares		—
Total Net Assets	$	552,108,775
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		463,926,819
Select Shares		47,533
Preferred Shares		88,378
Capital Shares		14,750,663
Administration Shares		58,314,011
Premier Shares		50,265
Service Shares		14,897,738
Class A Shares		—
Class C Shares		—
Resource Shares		—
Cash Management Shares		50,065
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		—

36 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			Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
$	39,996,399,653		$	3,221,994,395		$	1,822,403,118		$	53,501,856,468		$	7,706,544,771		$	8,968,385,397
	50,470,231,250			178,999,937			84,999,070			—			10,822,150,000			3,200,000,000
	490,000,000			—			—			—			10,000,000			—
	1,218,054,896			38,362			63,196			411,689			26,118,767			84,439
	510,279,715			—			—			2,603,154,449			119,341,808			31,031,255
	34,400,275			3,141,948			1,616,676			22,664,362			7,677,562			4,448,537
	14,945,174			—			583,870			3,934,605			119,727			18,390
	—			80,087			67,681			—			—			—
	412,816			31,948			13,602			226,475			147,222			47,836
	92,734,723,779			3,404,286,677			1,909,747,213			56,132,248,048			18,692,099,857			12,204,015,854
	6,090,783,428			11,587,478			22,500,816			4,608,930,638			1,334,397,288			3,170,003,793
	65,644,997			—			1,067,073			1,476,092			358,215			132,143
	36,782,276			1,461,172			676,956			17,388,377			7,834,908			2,187,713
	10,818,115			166,525			94,513			6,736,427			2,518,373			1,222,731
	701,908			20,125			11,629			374,295			139,950			73,762
	1,478,349			217,211			186,406			1,191,069			731,233			280,356
	6,206,209,073			13,452,511			24,537,393			4,636,096,898			1,345,979,967			3,173,900,498
	86,530,328,739			3,391,080,485			1,885,329,073			51,497,229,569			17,346,377,803			9,029,982,421
	4,130,232			(3,566	)		(377	)		1,495,626			924,499			83,593
	(5,944,265	)		(9,363	)		(14,724	)		(2,574,045	)		(1,182,412	)		49,342
	—			(233,390	)		(104,152	)		—			—			—
$	86,528,514,706		$	3,390,834,166		$	1,885,209,820		$	51,496,151,150		$	17,346,119,890		$	9,030,115,356
	$76,934,509,581		$	3,373,164,222		$	1,855,303,041		$	48,512,222,751		$	14,389,213,280		$	8,314,602,102
	3,558,501,936			13,426,070			14,626,048			36,304,902			56,848,923			7,827,863
	790,106,930			315,523			280,024			42,776,639			121,448,224			42,054,682
	899,281,309			1,013			759,998			618,455,206			457,478,281			176,150,877
	3,682,297,280			3,406,697			14,126,221			2,186,976,568			1,333,846,576			267,409,604
	149,814,360			1,010			1,010			73,246,934			1,005			56,326,614
	363,546,851			517,620			111,468			26,118,682			987,168,914			141,900,153
	61,827,306			—			—			—			—			—
	5,672,021			—			—			—			—			—
	65,277,536			1,007			1,006			1,003			1,003			1,002
	6,174,767			1,004			1,004			48,465			113,684			23,842,459
	11,504,829			—			—			—			—			—
	$86,528,514,706		$	3,390,834,166		$	1,885,209,820		$	51,496,151,150		$	17,346,119,890		$	9,030,115,356
	76,936,117,740			3,372,974,334			1,855,096,910			48,513,241,059			14,389,427,217			8,314,479,704
	3,558,576,240			13,425,335			14,626,293			36,305,665			56,849,767			7,827,747
	790,123,438			315,504			280,025			42,777,536			121,450,031			42,054,062
	899,300,093			1,013			759,955			618,468,184			457,485,082			176,148,284
	3,682,374,224			3,406,526			14,126,126			2,187,022,482			1,333,866,415			267,405,667
	149,817,491			1,009			1,009			73,248,471			1,005			56,325,784
	363,554,448			517,636			111,468			26,119,231			987,183,599			141,898,063
	61,828,598			—			—			—			—			—
	5,672,139			—			—			—			—			—
	65,278,898			1,007			1,006			1,002			1,003			1,002
	6,174,896			1,005			1,005			48,466			113,686			23,842,108
	11,505,070			—			—			—			—			—
	$1.00			$1.0001			$1.0001			$1.00			$1.00			$1.00
	1.00			1.0001			1.0000			1.00			1.00			1.00
	1.00			1.0001			1.0000			1.00			1.00			1.00
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			1.0001			1.0000			1.00			1.00			1.00
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			1.0000			1.0000			1.00			1.00			1.00
	1.00			—			—			—			—			—
	1.00			—			—			—			—			—
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			1.0001			1.0001			1.00			1.00			1.00
	1.00			—			—			—			—			—

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Federal Instruments Fund
Investment income:
Interest income — from unaffiliated issuers	$	3,674,572
Interest income — from affiliated issuers		—
Total investment income		3,674,572
Expenses:
Fund-Level Expenses:
Management fees		617,827
Transfer Agency fees		30,300
Custody, accounting and administrative services		28,638
Printing and mailing fees		—
Trustee fees		11,434
Registration fees		57,867
Professional fees		60,023
Other		3,633
Subtotal		809,722
Class Specific Expenses:
Administration Share fees		67,006
Service Share fees		34,068
Capital Share fees		13,360
Select Share fees		7
Premier Share fees		87
Preferred Share fees		216
Resource Share fees		—
Distribution and Service fees — Class A Shares		—
Distribution fees — Resource Shares		—
Distribution fees — Class C Shares		—
Cash Management Share fees		124
Class C Share fees		—
Distribution fees — Cash Management Shares		74
Total expenses		924,664
Less — expense reductions		(192,077	)
Net expenses		732,587
NET INVESTMENT INCOME	$	2,941,985
Net realized gain (loss) from investment transactions		9,108
Net change in unrealized gain (loss) from investment transactions		—
Net realized and unrealized gain (loss)		9,108
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,951,093

38 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			Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
$	538,444,378		$	19,362,399		$	10,450,050		$	292,452,055		$	112,999,675		$	56,274,040
	1,475,647			—			—			—			456,891			—
	539,920,025			19,362,399			10,450,050			292,452,055			113,456,566			56,274,040
	89,309,891			2,631,295			1,425,805			48,576,443			18,608,923			9,525,535
	4,399,502			129,620			70,237			2,382,366			912,649			467,167
	1,557,760			118,756			62,302			839,665			333,097			175,064
	384,039			4,228			14,183			382,760			41,265			45,222
	148,446			4,742			—			91,866			38,133			25,277
	129,287			35,365			41,816			110,798			107,469			85,833
	87,498			103,924			84,895			82,724			69,473			41,570
	529,111			32,634			37,262			277,446			70,671			75,938
	96,545,534			3,060,564			1,736,500			52,744,068			20,181,680			10,441,606
	5,052,188			4,611			15,134			3,023,430			1,660,599			333,467
	862,696			1,053			452			80,724			2,549,660			355,899
	734,512			1			432			631,933			252,871			144,892
	459,630			1,595			3,197			5,691			9,332			1,333
	354,534			2			2			101,543			2			52,422
	329,211			320			1,081			22,355			80,065			17,443
	181,774			2			2			2			2			2
	74,484			—			—			—			—			—
	54,532			1			1			1			1			1
	21,236			—			—			—			—			—
	10,563			2			2			104			278			68,981
	7,079			—			—			—			—			—
	6,338			1			1			62			167			41,389
	104,694,311			3,068,152			1,756,804			56,609,913			24,734,657			11,457,435
	(20,010,608	)		(832,657	)		(536,724	)		(5,704,039	)		(2,372,546	)		(1,118,276	)
	84,683,703			2,235,495			1,220,080			50,905,874			22,362,111			10,339,159
$	455,236,322		$	17,126,904		$	9,229,970		$	241,546,181		$	91,094,455		$	45,934,881
	(709,533	)		(6,490	)		(9,985	)		416,312			(77,141	)		625,215
	—			(666,397	)		(330,664	)		—			—			—
	(709,533	)		(672,887	)		(340,649	)		416,312			(77,141	)		625,215
$	454,526,789		$	16,454,017		$	8,889,321		$	241,962,493		$	91,017,314		$	46,560,096

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Instruments Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	2,941,985		$	3,283,765
Net realized gain (loss) from investment transactions		9,108			16,482
Net change in unrealized gain (loss) from investment transactions		—			—
Net increase in net assets resulting from operations		2,951,093			3,300,247
Distributions to shareholders:
From net investment income:
Institutional Shares		(2,622,182	)		(3,095,257	)
Select Shares		(231	)		(228	)
Preferred Shares		(1,990	)		(206	)
Capital Shares		(75,974	)		(49,366	)
Administration Shares		(206,164	)		(124,894	)
Premier Shares		(166	)		(93	)
Service Shares		(35,226	)		(13,716	)
Class A Shares		—			—
Class C Shares(a)		—			—
Resource Shares		—			—
Cash Management Shares		(52	)		(5	)
Class R6 Shares		—			—
From net realized gains:
Institutional Shares		(27,460	)		(41,633	)
Select Shares		(3	)		(3	)
Preferred Shares		(13	)		(4	)
Capital Shares		(1,061	)		(1,209	)
Administration Shares		(2,763	)		(3,111	)
Premier Shares		(3	)		(3	)
Service Shares		(701	)		(913	)
Class A Shares		—			—
Class C Shares(a)		—			—
Resource Shares		—			—
Cash Management Shares		(3	)		(3	)
Class R6 Shares		—			—
Total distributions to shareholders		(2,973,992	)		(3,330,644	)
From share transactions:
Proceeds from sales of shares		806,366,993			1,339,201,171
Reinvestment of distributions		2,763,003			3,202,941
Cost of shares redeemed		(895,697,242	)		(1,340,103,614	)
Net increase (decrease) in net assets resulting from share transactions		(86,567,246	)		2,300,498
NET INCREASE (DECREASE)		(86,590,145	)		2,270,101
Net assets:
Beginning of period		638,698,920			636,428,819
End of period	$	552,108,775		$	638,698,920
Undistributed (distributions in excess of) net investment income	$	4,923		$	4,923

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

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
For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	455,236,322		$	492,226,213		$	17,126,904		$	20,362,259		$	9,229,970		$	10,413,345
	(709,533	)		(4,078,164	)		(6,490	)		127,471			(9,985	)		68,191
	—			—			(666,397	)		433,007			(330,664	)		226,512
	454,526,789			488,148,049			16,454,017			20,922,737			8,889,321			10,708,048
	(413,551,492	)		(453,699,961	)		(17,032,227	)		(19,843,402	)		(9,012,349	)		(10,045,264	)
	(15,794,095	)		(14,324,690	)		(69,507	)		(417,452	)		(135,870	)		(121,442	)
	(3,173,851	)		(3,111,773	)		(3,715	)		(23,247	)		(11,940	)		(69,013	)
	(4,422,278	)		(4,882,786	)		(7	)		(10,738	)		(3,463	)		(22,889	)
	(16,181,636	)		(12,024,785	)		(19,618	)		(65,350	)		(65,607	)		(123,177	)
	(699,895	)		(178,746	)		(5	)		(7	)		(6	)		(7	)
	(953,231	)		(396,722	)		(1,800	)		(2,041	)		(722	)		(9,330	)
	(239,680	)		(153,078	)		—			—			—			—
	(2,495	)		(597	)		—			—			—			(236	)
	(145,346	)		(41,796	)		(5	)		(7	)		(6	)		(614	)
	(5,848	)		(1,165	)		(4	)		(19	)		(4	)		(5	)
	(66,475	)		(69,903	)		—			—			—			—
	(1,034,314	)		—			(3,990	)		(119,964	)		(4,751	)		(64,066	)
	(34,412	)		—			—			(1,177	)		(116	)		(918	)
	(7,722	)		—			(6	)		(23	)		(72	)		(171	)
	(12,772	)		—			—			—			—			(67	)
	(55,154	)		—			(13	)		(577	)		(16	)		(725	)
	(4,194	)		—			—			—			—			—
	(4,568	)		—			—			(57	)		—			(368	)
	(789	)		—			—			—			—			—
	(76	)		—			—			—			—			(12	)
	(989	)		—			—			—			—			(3	)
	(23	)		—			—			—			—			—
	(199	)		—			—			—			—			—
	(456,391,534	)		(488,886,002	)		(17,130,897	)		(20,484,061	)		(9,234,922	)		(10,458,307	)
	357,166,433,296			724,720,812,323			9,674,266,606			20,323,331,010			3,438,845,841			9,837,824,307
	232,646,700			249,258,134			9,260,450			10,300,366			5,151,837			4,935,078
	(359,379,636,874	)		(707,727,119,123	)		(8,851,561,074	)		(34,703,003,813	)		(3,050,301,006	)		(17,674,336,143	)
	(1,980,556,878	)		17,242,951,334			831,965,982			(14,369,372,437	)		393,696,672			(7,831,576,758	)
	(1,982,421,623	)		17,242,213,381			831,289,102			(14,368,933,761	)		393,351,071			(7,831,327,017	)
	88,510,936,329			71,268,722,948			2,559,545,064			16,928,478,825			1,491,858,749			9,323,185,766
$	86,528,514,706		$	88,510,936,329		$	3,390,834,166		$	2,559,545,064		$	1,885,209,820		$	1,491,858,749
$	4,130,232		$	4,130,232		$	(3,566	)	$	(3,582	)	$	(377	)	$	(380	)

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Treasury Instruments Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	241,546,181		$	232,037,016
Net realized gain (loss) from investment transactions		416,312			(538,106	)
Net change in unrealized gain (loss) from investment transactions		—			—
Net increase in net assets resulting from operations		241,962,493			231,498,910
Distributions to shareholders:
From net investment income:
Institutional Shares		(227,994,813	)		(223,399,441	)
Select Shares		(185,676	)		(260,304	)
Preferred Shares		(209,025	)		(171,143	)
Capital Shares		(3,598,895	)		(2,449,171	)
Administration Shares		(9,278,782	)		(5,622,274	)
Premier Shares		(197,573	)		(91,234	)
Service Shares		(81,362	)		(37,368	)
Resource Shares		(3	)		(4	)
Cash Management Shares		(52	)		(2	)
From net realized gains:
Institutional Shares		(1,385,600	)		(295,736	)
Select Shares		(1,453	)		(683	)
Preferred Shares		(1,396	)		(384	)
Capital Shares		(32,367	)		—
Administration Shares		(81,847	)		—
Premier Shares		(1,880	)		(364	)
Service Shares		(1,118	)		(2,293	)
Cash Management Shares		(1	)		(5	)
Total distributions to shareholders		(243,051,843	)		(232,330,406	)
From share transactions:
Proceeds from sales of shares		106,266,926,906			196,395,495,378
Reinvestment of distributions		148,621,047			154,325,084
Cost of shares redeemed		(103,336,780,915	)		(201,552,970,536	)
Net increase (decrease) in net assets resulting from share transactions		3,078,767,038			(5,003,150,074	)
NET INCREASE (DECREASE)		3,077,677,688			(5,003,981,570	)
Net assets:
Beginning of period		48,418,473,462			53,422,455,032
End of period	$	51,496,151,150		$	48,418,473,462
Undistributed (distributions in excess of) net investment income	$	1,495,626		$	1,495,626

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Treasury Obligations Fund						Treasury Solutions Fund
For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	91,094,455		$	88,204,300		$	45,934,881		$	44,045,315
	(77,141	)		(177,205	)		625,215			676,500
	—			—			—			—
	91,017,314			88,027,095			46,560,096			44,721,815
	(80,419,880	)		(81,872,454	)		(43,395,276	)		(42,396,917	)
	(311,331	)		(641,961	)		(43,858	)		(41,095	)
	(755,696	)		(467,902	)		(162,692	)		(83,940	)
	(1,517,899	)		(993,944	)		(820,676	)		(748,595	)
	(5,321,795	)		(3,230,250	)		(1,010,141	)		(594,926	)
	(2	)		(4	)		(111,187	)		(37,332	)
	(2,767,713	)		(992,673	)		(363,434	)		(141,952	)
	(2	)		(4	)		(2	)		(4	)
	(137	)		(17	)		(27,615	)		(554	)
	(498,971	)		—			(874,440	)		(445,992	)
	(2,312	)		—			(898	)		(595	)
	(5,553	)		—			(3,664	)		(4,053	)
	(11,264	)		—			(19,838	)		(16,207	)
	(43,433	)		—			(27,169	)		(4,192	)
	—			—			(2,990	)		(1,969	)
	(35,202	)		—			(14,122	)		(8,940	)
	(3	)		—			(2,743	)		(5,938	)
	(91,691,193	)		(88,199,209	)		(46,880,745	)		(44,533,201	)
	66,932,991,888			175,343,750,193			18,048,935,921			31,404,934,079
	45,461,024			49,408,674			31,925,911			29,403,630
	(67,446,455,653	)		(180,852,029,873	)		(18,338,685,632	)		(32,779,331,348	)
	(468,002,741	)		(5,458,871,006	)		(257,823,800	)		(1,344,993,639	)
	(468,676,620	)		(5,459,043,120	)		(258,144,449	)		(1,344,805,025	)
	17,814,796,510			23,273,839,630			9,288,259,805			10,633,064,830
$	17,346,119,890		$	17,814,796,510		$	9,030,115,356		$	9,288,259,805
$	924,499		$	924,499		$	83,593		$	83,593

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

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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2018 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Preferred Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Capital Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Administration Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Premier Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Service Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Cash Management Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
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.

44 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		0.51	%	$	463,913		0.20	%(e)		0.26	%(e)		1.01	%(e)
	1.00		0.49			48		0.23	(e)		0.29	(e)		0.98	(e)
	1.00		0.46			89		0.30	(e)		0.36	(e)		0.92	(e)
	1.00		0.43			14,750		0.35	(e)		0.41	(e)		0.85	(e)
	1.00		0.38			58,312		0.45	(e)		0.51	(e)		0.77	(e)
	1.00		0.34			50		0.55	(e)		0.61	(e)		0.67	(e)
	1.00		0.26			14,897		0.70	(e)		0.76	(e)		0.52	(e)
	1.00		0.11			50		1.00	(e)		1.06	(e)		0.21	(e)
	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. 45

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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2018 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Preferred Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Capital Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Administration Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Premier Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Service Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Class A Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Class C Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2018 - Resource Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2018 - Cash Management Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2018 - Class R6 Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
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.

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

FINANCIAL SQUARE GOVERNMENT 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	%	$	76,934,510		0.17	%(e)		0.21	%(e)		1.05	%(e)
	1.00		0.51			3,558,502		0.20	(e)		0.24	(e)		1.03	(e)
	1.00		0.47			790,107		0.27	(e)		0.31	(e)		0.96	(e)
	1.00		0.45			899,281		0.32	(e)		0.36	(e)		0.90	(e)
	1.00		0.40			3,682,297		0.42	(e)		0.46	(e)		0.80	(e)
	1.00		0.35			149,814		0.52	(e)		0.56	(e)		0.69	(e)
	1.00		0.28			363,547		0.67	(e)		0.71	(e)		0.55	(e)
	1.00		0.40			61,827		0.42	(e)		0.46	(e)		0.80	(e)
	1.00		0.05			5,672		1.13	(e)		1.21	(e)		0.09	(e)
	1.00		0.20			65,278		0.82	(e)		0.86	(e)		0.40	(e)
	1.00		0.13			6,175		0.97	(e)		1.01	(e)		0.28	(e)
	1.00		0.52			11,505		0.17	(e)		0.21	(e)		1.04	(e)
	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. 47

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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.0003	$	0.0066		$	(0.0002	)	$	0.0064		$	(0.0066	)	$	—	(d)	$	(0.0066	)
2018 - Select Shares		1.0003		0.0065			(0.0003	)		0.0062			(0.0064	)		—	(d)		(0.0064	)
2018 - Preferred Shares		1.0003		0.0058			0.0001			0.0059			(0.0061	)		—	(d)		(0.0061	)
2018 - Capital Shares		1.0003		0.0072			(0.0002	)		0.0070			(0.0072	)		—	(d)		(0.0072	)
2018 - Administration Shares		1.0003		0.0053			(0.0002	)		0.0051			(0.0053	)		—	(d)		(0.0053	)
2018 - Premier Shares		1.0003		0.0055			(0.0002	)		0.0053			(0.0055	)		—	(d)		(0.0055	)
2018 - Service Shares		1.0003		0.0042			(0.0004	)		0.0038			(0.0041	)		—	(d)		(0.0041	)
2018 - Resource Shares		1.0003		0.0055			(0.0002	)		0.0053			(0.0055	)		—	(d)		(0.0055	)
2018 - Cash Management Shares		1.0003		0.0037			(0.0002	)		0.0035			(0.0037	)		—	(d)		(0.0037	)
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			—	(f)		0.003			(0.003	)		—	(f)		(0.003	)
2016 - Select Shares		1.00		0.003			—	(f)		0.003			(0.003	)		—	(f)		(0.003	)
2016 - Preferred Shares		1.00		0.002			—	(f)		0.002			(0.002	)		—	(f)		(0.002	)
2016 - Capital Shares		1.00		0.002			—	(f)		0.002			(0.002	)		—	(f)		(0.002	)
2016 - Administration Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2016 - Premier Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2016 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2016 - Resource Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2016 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Institutional Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2015 - Select Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2015 - Preferred Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Capital Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Administration Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Premier Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Institutional Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2014 - Select Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Preferred Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Capital Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Administration Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Premier Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Institutional Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2013 - Select Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2013 - Preferred Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Capital Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Administration Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Premier Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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) Annualized.

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

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

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

FINANCIAL SQUARE 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 (loss) to average net assets
$	1.0001		0.63	%	$	3,373,164		0.17	%(e)		0.23	%(e)		1.32	%(e)
	1.0001		0.61			13,426		0.20	(e)		0.26	(e)		1.31	(e)
	1.0001		0.58			315		0.27	(e)		0.33	(e)		1.16	(e)
	1.0001		0.56			1		0.17	(e)		0.38	(e)		1.46	(e)
	1.0001		0.50			3,407		0.42	(e)		0.48	(e)		1.06	(e)
	1.0001		0.46			1		0.53	(e)		0.58	(e)		1.10	(e)
	1.0000		0.37			518		0.67	(e)		0.73	(e)		0.86	(e)
	1.0001		0.31			1		0.53	(e)		0.88	(e)		1.10	(e)
	1.0001		0.24			1		0.89	(e)		1.03	(e)		0.74	(e)
	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			—	(g)
	1.00		0.10			1		0.19			0.88			0.37
	1.00		0.01			10,742		0.51			1.03			—	(g)
	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			—	(g)
	1.00		0.01			430,947		0.26			0.48			—	(g)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			21,066		0.26			0.73			—	(g)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			8,041		0.28			1.03			—	(g)
	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			—	(g)
	1.00		0.01			338,423		0.29			0.48			—	(g)
	1.00		0.01			30,335		0.28			0.58			—	(g)
	1.00		0.01			40,544		0.28			0.73			—	(g)
	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. 49

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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.0003	$	0.0065		$	(0.0002	)	$	0.0063		$	(0.0065	)	$	—	(d)	$	(0.0065	)
2018 - Select Shares		1.0003		0.0063			(0.0002	)		0.0061			(0.0064	)		—	(d)		(0.0064	)
2018 - Preferred Shares		1.0003		0.0055			0.0002			0.0057			(0.0060	)		—	(d)		(0.0060	)
2018 - Capital Shares		1.0003		0.0060			(0.0004	)		0.0056			(0.0058	)		—	(d)		(0.0058	)
2018 - Administration Shares		1.0003		0.0054			(0.0004	)		0.0050			(0.0053	)		—	(d)		(0.0053	)
2018 - Premier Shares		1.0003		0.0057			(0.0002	)		0.0055			(0.0057	)		—	(d)		(0.0057	)
2018 - Service Shares		1.0003		0.0040			(0.0003	)		0.0037			(0.0040	)		—	(d)		(0.0040	)
2018 - Resource Shares		1.0003		0.0057			(0.0002	)		0.0055			(0.0057	)		—	(d)		(0.0057	)
2018 - Cash Management Shares		1.0003		0.0039			(0.0002	)		0.0037			(0.0039	)		—	(d)		(0.0039	)
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			—	(f)		0.003			(0.003	)		—	(f)		(0.003	)
2016 - Select Shares		1.00		0.003			—	(f)		0.003			(0.003	)		—	(f)		(0.003	)
2016 - Preferred Shares		1.00		0.002			—	(f)		0.002			(0.002	)		—	(f)		(0.002	)
2016 - Capital Shares		1.00		0.002			—	(f)		0.002			(0.002	)		—	(f)		(0.002	)
2016 - Administration Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2016 - Premier Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2016 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2016 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2016 - Cash Management Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2015 - Institutional Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Select Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Preferred Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Capital Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Administration Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Premier Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2015 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Institutional Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Select Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Preferred Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Capital Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Administration Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Premier Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2014 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Institutional Shares		1.00		0.001			—	(f)		0.001			(0.001	)		—	(f)		(0.001	)
2013 - Select Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Preferred Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Capital Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Administration Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Premier Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Service Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Resource Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
2013 - Cash Management Shares		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

(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) Annualized.

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

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

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

FINANCIAL SQUARE PRIME OBLIGATIONS 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
$	1.0001		0.63	%	$	1,855,303		0.17	%(e)		0.24	%(e)		1.32	%(e)
	1.0000		0.61			14,626		0.20	(e)		0.27	(e)		1.28	(e)
	1.0000		0.57			280		0.27	(e)		0.34	(e)		1.10	(e)
	1.0001		0.56			760		0.32	(e)		0.39	(e)		1.20	(e)
	1.0000		0.50			14,126		0.42	(e)		0.49	(e)		1.08	(e)
	1.0001		0.46			1		0.53	(e)		0.59	(e)		1.15	(e)
	1.0000		0.38			112		0.67	(e)		0.74	(e)		0.80	(e)
	1.0001		0.31			1		0.53	(e)		0.89	(e)		1.16	(e)
	1.0001		0.24			1		0.89	(e)		1.04	(e)		0.79	(e)
	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			—	(g)
	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			—	(g)
	1.00		0.01			102,509		0.26			0.38			—	(g)
	1.00		0.01			2,579,850		0.24			0.48			—	(g)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			767,593		0.24			0.73			—	(g)
	1.00		0.01			91,805		0.25			0.88			—	(g)
	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 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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2018 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Preferred Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Capital Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Administration Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Premier Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Service Shares		1.00		0.002			0.001			0.003			(0.003	)		—	(d)		(0.003	)
2018 - Resource Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Cash Management Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
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) Annualized.

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

(g) Amount is less than 0.005%.

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

FINANCIAL SQUARE TREASURY 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		0.51	%	$	48,512,223		0.20	%(e)		0.22	%(e)		1.03	%(e)
	1.00		0.50			36,305		0.23	(e)		0.25	(e)		0.98	(e)
	1.00		0.47			42,777		0.30	(e)		0.32	(e)		0.94	(e)
	1.00		0.44			618,455		0.35	(e)		0.37	(e)		0.85	(e)
	1.00		0.39			2,186,976		0.45	(e)		0.47	(e)		0.77	(e)
	1.00		0.34			73,247		0.55	(e)		0.57	(e)		0.68	(e)
	1.00		0.27			26,119		0.70	(e)		0.72	(e)		0.50	(e)
	1.00		0.19			1		0.53	(e)		0.87	(e)		0.57	(e)
	1.00		0.12			48		1.00	(e)		1.02	(e)		0.25	(e)
	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			—	(f)
	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		—	(g)		2,186,426		0.32			0.48			(0.01	)
	1.00		—	(g)		19,142		0.38			0.58			(0.02	)
	1.00		—	(g)		91,598		0.29			0.73			(0.01	)
	1.00		—	(g)		1		0.19			0.88			0.37
	1.00		—	(g)		279		0.35			1.03			0.05
	1.00		—	(g)		34,094,054		0.06			0.23			—	(f)
	1.00		—	(g)		80,008		0.06			0.26			—	(f)
	1.00		—	(g)		33,032		0.06			0.33			—	(f)
	1.00		—	(g)		353,326		0.06			0.38			—	(f)
	1.00		—	(g)		2,101,757		0.06			0.48			—	(f)
	1.00		—	(g)		54		0.06			0.58			—	(f)
	1.00		—	(g)		197,083		0.06			0.73			—	(f)
	1.00		—	(g)		1		0.06			0.88			0.40
	1.00		—	(g)		1		0.06			1.03			0.40
	1.00		—	(g)		31,170,061		0.07			0.23			—	(f)
	1.00		—	(g)		192,930		0.07			0.26			—	(f)
	1.00		—	(g)		43,335		0.07			0.33			—	(f)
	1.00		—	(g)		163,450		0.07			0.38			—	(f)
	1.00		—	(g)		1,231,641		0.07			0.48			—	(f)
	1.00		—	(g)		2,720		0.07			0.58			—	(f)
	1.00		—	(g)		140,016		0.07			0.73			—	(f)
	1.00		—	(g)		1		0.07			0.88			0.40
	1.00		—	(g)		1		0.07			1.03			0.40
	1.00		—	(g)		25,382,266		0.10			0.23			—	(f)
	1.00		—	(g)		224,452		0.10			0.26			—	(f)
	1.00		—	(g)		110,400		0.10			0.33			—	(f)
	1.00		—	(g)		165,250		0.10			0.38			—	(f)
	1.00		—	(g)		1,352,128		0.10			0.48			—	(f)
	1.00		—	(g)		360,992		0.10			0.58			—	(f)
	1.00		—	(g)		185,658		0.10			0.73			—	(f)
	1.00		—	(g)		1		0.10			0.88			—	(f)
	1.00		—	(g)		1		0.10			1.03			—	(f)

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

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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2018 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Preferred Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Capital Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Administration Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Premier Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2018 - Service Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Resource Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2018 - Cash Management Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
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) Annualized.

(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 TREASURY OBLIGATIONS 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	%	$	14,389,213		0.20	%(e)		0.22	%(e)		1.05	%(e)
	1.00		0.51			56,849		0.23	(e)		0.25	(e)		1.00	(e)
	1.00		0.47			121,448		0.30	(e)		0.32	(e)		0.94	(e)
	1.00		0.45			457,478		0.35	(e)		0.37	(e)		0.91	(e)
	1.00		0.40			1,333,847		0.45	(e)		0.47	(e)		0.80	(e)
	1.00		0.35			1		0.55	(e)		0.57	(e)		0.47	(e)
	1.00		0.27			987,169		0.70	(e)		0.72	(e)		0.54	(e)
	1.00		0.20			1		0.55	(e)		0.87	(e)		0.46	(e)
	1.00		0.13			114		1.00	(e)		1.02	(e)		0.24	(e)
	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			—	(f)
	1.00		0.01			169,026		0.10			0.26			—	(f)
	1.00		0.01			220,426		0.10			0.33			—	(f)
	1.00		0.01			442,625		0.10			0.38			0.01
	1.00		0.01			1,620,517		0.10			0.48			—	(f)
	1.00		0.01			1		0.10			0.58			(0.02	)
	1.00		0.01			940,671		0.10			0.73			—	(f)
	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			—	(f)
	1.00		0.01			205,386		0.08			0.33			—	(f)
	1.00		0.01			356,753		0.08			0.38			—	(f)
	1.00		0.01			2,144,601		0.08			0.48			—	(f)
	1.00		0.01			948		0.08			0.58			(0.01	)
	1.00		0.01			915,527		0.08			0.73			—	(f)
	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			—	(f)
	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. 55

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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	1.00	$	0.005		$	—	(d)	$	0.005		$	(0.005	)	$	—	(d)	$	(0.005	)
2018 - Select Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Preferred Shares		1.00		0.005			(0.001	)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Capital Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Administration Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Premier Shares		1.00		0.004			(0.001	)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Service Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Resource Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2018 - Cash Management Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
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) Annualized.

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS 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		0.51	%	$	8,314,602		0.20	%(e)		0.22	%(e)		1.00	%(e)
	1.00		0.49			7,828		0.23	(e)		0.25	(e)		0.99	(e)
	1.00		0.46			42,055		0.30	(e)		0.32	(e)		0.93	(e)
	1.00		0.44			176,151		0.35	(e)		0.37	(e)		0.85	(e)
	1.00		0.39			267,409		0.45	(e)		0.47	(e)		0.76	(e)
	1.00		0.34			56,327		0.55	(e)		0.57	(e)		0.74	(e)
	1.00		0.26			141,900		0.70	(e)		0.72	(e)		0.51	(e)
	1.00		0.19			1		0.54	(e)		0.87	(e)		0.45	(e)
	1.00		0.11			23,842		1.00	(e)		1.02	(e)		0.20	(e)
	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			—	(f)
	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			—	(f)
	1.00		0.01			12,266		0.10			0.26			—	(f)
	1.00		0.01			40,923		0.10			0.33			—	(f)
	1.00		0.01			103,108		0.10			0.38			—	(f)
	1.00		0.01			390,266		0.10			0.48			—	(f)
	1.00		0.01			1		0.10			0.58			0.01
	1.00		0.01			355,272		0.10			0.73			—	(f)
	1.00		0.01			1		0.10			0.88			0.40
	1.00		0.01			147,486		0.10			1.03			—	(f)
	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			—	(f)
	1.00		0.01			127,241		0.14			0.26			—	(f)
	1.00		0.01			53,020		0.14			0.33			—	(f)
	1.00		0.01			62,058		0.14			0.38			—	(f)
	1.00		0.01			418,901		0.14			0.48			—	(f)
	1.00		0.01			1,137,540		0.14			0.58			—	(f)
	1.00		0.01			508,699		0.14			0.73			—	(f)
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			47,993		0.14			1.03			—	(f)

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-Diversified
Federal Instruments	Institutional, Select, Preferred, Capital, Administration, Premier, Service, and Cash Management	Diversified
Government	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Class A, Class C, Resource, Cash Management and Class R6	Diversified
Money Market, Prime Obligations, Treasury Instruments, Treasury Obligations and Treasury Solutions	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Resource, and Cash Management	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 (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

The following Funds were designated by the Board of Trustees (“Trustees”) as “institutional money market funds” under Rule 2a-7 under the Act: Financial Square Money Market Fund and Financial Square Prime Obligations 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 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.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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. A Fund may defer or accelerate the timing of the distributions of short-term capital gains (or any portion thereof).

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.  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.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 February 28, 2018, 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.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

B.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Services 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 six months ended February 28, 2018, Goldman Sachs has advised that it retained $252 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

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, 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 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

Effective February 21, 2018, GSAM changed the contractual management fee rate from 0.205% to 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and to 0.16% for the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Other 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)
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)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. As of February 8, 2018, GSAM has implemented a voluntary temporary fee waiver equal annually to 0.10% of the average daily net assets of Financial Square Prime Obligations Fund and Financial Square Money Market Fund. Prior to February 21, 2018, GSAM contractually agreed to not impose a portion of the management fee equal annually to 0.025% of the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds’ average daily net assets and 0.045% of the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds’ average daily net assets.

During the six months ended February 28, 2018, GSAM and Goldman Sachs (as applicable) 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 six months ended February 28, 2018, 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			Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	72	$	—		$	1	$	119	$	192
Government		19,352		1			658		—		20,011
Money Market		713		—	*		2		118		833
Prime Obligations		394		—	*		1		142		537
Treasury Instruments		5,694		—	*		10		—		5,704
Treasury Obligations		2,181		—	*		192		—		2,373
Treasury Solutions		1,116		—	*		2		—		1,118

* Amount less than one thousand.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2018, the net effective management fee rate was 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds, 0.16% for the Financial Square Government Fund and 0.15% for the Financial Square Money Market and Financial Square Prime Obligations Funds.

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 six months ended February 28, 2018, 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
Federal Instruments	$ 91,677,191	$	118,594,578	$	766
Government	46,198,402		1,596,009,439		26,133
Money Market	—		25,880,930		—
Prime Obligations	—		17,910,870		—
Treasury Instruments	2,401,239,723		5,909,140,494		25,139
Treasury Obligations	—		324,034,609		5,608
Treasury Solutions	5,817,945,416		409,281,613		4,542

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Select Shares			Preferred Shares			Capital Shares			Premier Shares			Resource Shares			Cash Management Shares
Federal Instruments		100	%		57	%		—	%		100	%		—	%		100	%
Money Market		—			—			100			100			100			100
Prime Obligations		—			—			—			100			100			100
Treasury Instruments		—			—			—			—			100			—
Treasury Obligations		—			—			—			100			100			—
Treasury Solutions		—			—			—			—			100			—

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

Government Fund
Name of Affiliated Issuer	Value at 8/31/17		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 2/28/18		Interest Income
Goldman Sachs & Co. – Repurchase Agreement	$	—	$	33,918,900,000	$	(33,428,900,000	)	$	—	$	—	$	490,000,000	$	1,475,647

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Treasury Obligations Fund
Name of Affiliated Issuer	Value at 8/31/17		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 2/28/18		Interest Income
Goldman Sachs & Co. – Repurchase Agreement	$	—	$	9,050,700,000	$	(9,040,700,000	)	$	—	$	—	$	10,000,000	$	456,891

I.Line of Credit Facility — As of February 28, 2018, 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 six months ended February 28, 2018, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ certain timing differences on a tax basis were as follows:

	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Timing differences (Dividend Payable and Post-October Capital Loss Deferral)	$	(24,446	)	$	(37,707,067	)	$	(1,143,803	)	$	(724,962	)	$	(13,354,206	)	$	(6,195,841	)	$	(2,228,574	)

At February 28, 2018, 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.

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

6. OTHER RISKS (continued)

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.

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.

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.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Federal Instruments Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
	Shares*			Shares*
Institutional Shares
Shares sold		712,206,229			1,074,848,953
Reinvestment of distributions		2,648,740			3,133,196
Shares redeemed		(807,380,174	)		(1,098,892,063	)
		(92,525,205	)		(20,909,914	)
Select Shares
Shares sold		—			—
Reinvestment of distributions		234			232
Shares redeemed		—			(3,000	)
		234			(2,768	)
Preferred Shares
Shares sold		6,917,677			10
Reinvestment of distributions		1,602			210
Shares redeemed		(6,881,153	)		(10	)
		38,126			210
Capital Shares
Shares sold		14,111,761			95,325,208
Reinvestment of distributions		77,035			50,539
Shares redeemed		(15,585,253	)		(79,278,651	)
		(1,396,457	)		16,097,096
Administration Shares
Shares sold		70,816,303			154,235,286
Reinvestment of distributions		35,165			18,664
Shares redeemed		(63,304,387	)		(147,319,273	)
		7,547,081			6,934,677
Premier Shares
Shares sold		—			—
Reinvestment of distributions		168			93
Shares redeemed		—			—
		168			93
Service Shares
Shares sold		2,315,023			14,791,704
Reinvestment of distributions		3			1
Shares redeemed		(2,546,275	)		(14,610,607	)
		(231,249	)		181,098
Cash Management Shares
Shares sold		—			10
Reinvestment of distributions		56			6
Shares redeemed		—			(10	)
		56			6
NET INCREASE (DECREASE) IN SHARES		(86,567,246	)		2,300,498

* Valued at $1.00 per share.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Government Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
	Shares*			Shares*
Institutional Shares
Shares sold		335,539,233,316			679,312,486,567
Reinvestment of distributions		207,591,551			228,130,062
Shares redeemed		(338,222,593,258	)		(663,932,060,403	)
		(2,475,768,391	)		15,608,556,226
Select Shares
Shares sold		3,067,187,700			8,502,641,228
Reinvestment of distributions		15,421,971			13,611,144
Shares redeemed		(2,446,002,785	)		(8,065,530,147	)
		636,606,886			450,722,225
Preferred Shares
Shares sold		1,320,301,146			5,037,015,621
Reinvestment of distributions		1,088,344			488,639
Shares redeemed		(1,085,046,672	)		(5,020,535,505	)
		236,342,818			16,968,755
Capital Shares
Shares sold		5,757,272,865			10,652,559,765
Reinvestment of distributions		3,108,658			3,264,524
Shares redeemed		(5,754,576,863	)		(11,152,584,172	)
		5,804,660			(496,759,883	)
Administration Shares
Shares sold		10,449,864,439			19,099,703,512
Reinvestment of distributions		4,799,210			3,423,832
Shares redeemed		(10,910,648,395	)		(17,638,427,152	)
		(455,984,746	)		1,464,700,192
Premier Shares
Shares sold		281,362,941			151,061,648
Reinvestment of distributions		4			2
Shares redeemed		(232,856,507	)		(49,751,597	)
		48,506,438			101,310,053
Service Shares
Shares sold		633,049,322			1,586,419,647
Reinvestment of distributions		182,929			77,645
Shares redeemed		(606,896,185	)		(1,617,574,204	)
		26,336,066			(31,076,912	)
Class A Shares
Shares sold		17,063,800			82,512,499
Reinvestment of distributions		239,901			150,269
Shares redeemed		(10,980,685	)		(28,719,988	)
		6,323,016			53,942,780
Class C Shares
Shares sold		1,088,098			16,050,266
Reinvestment of distributions		2,524			518
Shares redeemed		(1,355,631	)		(10,526,992	)
		(265,009	)		5,523,792
Resource Shares
Shares sold		82,323,987			173,703,236
Reinvestment of distributions		141,198			40,846
Shares redeemed		(92,050,760	)		(116,513,724	)
		(9,585,575	)		57,230,358
Cash Management Shares
Shares sold		10,499,967			90,322,721
Reinvestment of distributions		5,814			1,093
Shares redeemed		(8,110,384	)		(86,558,693	)
		2,395,397			3,765,121
Class R6 Shares
Shares sold		7,185,715			16,335,613
Reinvestment of distributions		64,596			69,560
Shares redeemed		(8,518,749	)		(8,336,546	)
		(1,268,438	)		8,068,627
NET INCREASE (DECREASE) IN SHARES		(1,980,556,878	)		17,242,951,334

* Valued at $1.00 per share.

67

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Money Market Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		9,660,244,721		$	9,661,831,175			19,049,765,992		$	19,052,661,546
Reinvestment of distributions		9,166,508			9,167,606			10,026,650			10,028,865
Shares redeemed		(8,838,352,313	)		(8,839,854,828	)		(31,854,650,650	)		(31,857,198,837	)
		831,058,916			831,143,953			(12,794,858,008	)		(12,794,508,426	)
Select Shares
Shares sold		5,740,649			5,741,285			662,792,918			662,807,572
Reinvestment of distributions		69,499			69,508			207,572			207,586
Shares redeemed		(2,228,844	)		(2,229,050	)		(1,733,231,016	)		(1,733,250,092	)
		3,581,304			3,581,743			(1,070,230,526	)		(1,070,234,934	)
Preferred Shares
Shares sold		2,999,596			3,000,196			546,750,177			546,750,583
Reinvestment of distributions		1,908			1,908			13,650			13,650
Shares redeemed		(4,103,804	)		(4,104,735	)		(604,398,626	)		(604,398,627	)
		(1,102,300	)		(1,102,631	)		(57,634,799	)		(57,634,394	)
Capital Shares
Shares sold		—			—			5,238,387			5,238,387
Reinvestment of distributions		6			6			7			7
Shares redeemed		—			—			(113,907,949	)		(113,907,949	)
		6			6			(108,669,555	)		(108,669,555	)
Administration Shares
Shares sold		—			—			47,454,813			47,454,813
Reinvestment of distributions		19,609			19,611			48,245			48,256
Shares redeemed		(2,126,955	)		(2,127,561	)		(358,151,687	)		(358,153,090	)
		(2,107,346	)		(2,107,950	)		(310,648,629	)		(310,650,021	)
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		4			4			4			4
Shares redeemed		—			—			—			—
		4			4			4			4
Service Shares
Shares sold		3,693,739			3,693,950			8,133,390			8,134,574
Reinvestment of distributions		1,800			1,800			1,994			1,994
Shares redeemed		(3,244,683	)		(3,244,900	)		(25,068,703	)		(25,070,196	)
		450,856			450,850			(16,933,319	)		(16,933,628	)
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		4			4			2			2
Shares redeemed		—			—			—			—
		4			4			2			2
Cash Management Shares
Shares sold		—			—			283,535			283,535
Reinvestment of distributions		3			3			2			2
Shares redeemed		—			—			(11,025,022	)		(11,025,022	)
		3			3			(10,741,485	)		(10,741,485	)
NET INCREASE (DECREASE)		831,881,447		$	831,965,982			(14,369,716,315	)	$	(14,369,372,437	)

68

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		3,175,682,863		$	3,176,332,489			8,522,574,597		$	8,523,965,422
Reinvestment of distributions		5,006,668			5,007,627			4,795,497			4,796,957
Shares redeemed		(2,793,080,580	)		(2,793,678,471	)		(14,359,771,161	)		(14,360,674,542	)
		387,608,951			387,661,645			(5,832,401,067	)		(5,831,912,163	)
Select Shares
Shares sold		91,519,070			91,541,976			78,986,476			79,005,310
Reinvestment of distributions		135,972			135,988			119,300			119,341
Shares redeemed		(95,105,636	)		(95,129,098	)		(70,482,960	)		(70,495,531	)
		(3,450,594	)		(3,451,134	)		8,622,816			8,629,120
Preferred Shares
Shares sold		65,220,575			65,240,112			456,637,334			456,650,633
Reinvestment of distributions		4,240			4,240			7,448			7,449
Shares redeemed		(65,947,196	)		(65,966,826	)		(735,096,589	)		(735,097,096	)
		(722,381	)		(722,474	)		(278,451,807	)		(278,439,014	)
Capital Shares
Shares sold		349,930			350,000			39,980,109			39,983,541
Reinvestment of distributions		2,711			2,711			2,077			2,078
Shares redeemed		—			—			(179,717,055	)		(179,717,056	)
		352,641			352,711			(139,734,869	)		(139,731,437	)
Administration Shares
Shares sold		98,418,999			98,444,809			512,837,052			512,875,953
Reinvestment of distributions		1,091			1,091			8,558			8,558
Shares redeemed		(88,574,787	)		(88,598,841	)		(1,759,453,253	)		(1,759,467,587	)
		9,845,303			9,847,059			(1,246,607,643	)		(1,246,583,076	)
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		4			4			5			5
Shares redeemed		—			—			—			—
		4			4			5			5
Service Shares
Shares sold		6,936,390			6,936,455			221,802,281			221,831,871
Reinvestment of distributions		169			169			545			545
Shares redeemed		(6,927,718	)		(6,927,770	)		(474,938,880	)		(474,960,336	)
		8,841			8,854			(253,136,054	)		(253,127,920	)
Resource Shares
Shares sold		—			—			3,317,891			3,317,897
Reinvestment of distributions		4			4			2			2
Shares redeemed		—			—			(75,122,856	)		(75,122,858	)
		4			4			(71,804,963	)		(71,804,959	)
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		3			3			2			2
Shares redeemed		—			—			—			—
		3			3			2			2
NET INCREASE (DECREASE)		393,642,772		$	393,696,672			(7,813,513,580	)	$	(7,812,969,442	)

69

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Instruments Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
	Shares*			Shares*
Institutional Shares
Shares sold		99,306,790,242			181,910,842,104
Reinvestment of distributions		139,394,770			148,012,472
Shares redeemed		(95,288,384,182	)		(188,298,030,900	)
		4,157,800,830			(6,239,176,324	)
Select Shares
Shares sold		204,851,174			818,445,292
Reinvestment of distributions		187,131			253,468
Shares redeemed		(216,572,041	)		(791,868,551	)
		(11,533,736	)		26,830,209
Preferred Shares
Shares sold		99,129,588			371,116,238
Reinvestment of distributions		153,945			121,167
Shares redeemed		(96,260,033	)		(344,218,614	)
		3,023,500			27,018,791
Capital Shares
Shares sold		2,175,248,462			4,508,313,068
Reinvestment of distributions		3,617,171			2,440,191
Shares redeemed		(2,615,214,114	)		(3,951,781,554	)
		(436,348,481	)		558,971,705
Administration Shares
Shares sold		4,421,175,846			8,536,538,379
Reinvestment of distributions		5,230,327			3,475,761
Shares redeemed		(5,056,674,303	)		(7,909,114,821	)
		(630,268,130	)		630,899,319
Premier Shares
Shares sold		27,778,999			116,968,089
Reinvestment of distributions		74			45
Shares redeemed		(10,589,863	)		(80,050,108	)
		17,189,210			36,918,026
Service Shares
Shares sold		31,934,565			133,237,074
Reinvestment of distributions		37,574			21,973
Shares redeemed		(53,086,379	)		(177,621,932	)
		(21,114,240	)		(44,362,885	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		2			—
Shares redeemed		—			—
		2			—
Cash Management Shares
Shares sold		18,030			35,134
Reinvestment of distributions		53			7
Shares redeemed		—			(284,056	)
		18,083			(248,915	)
NET INCREASE (DECREASE) IN SHARES		3,078,767,038			(5,003,150,074	)

* Valued at $1.00 per share.

70

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
	Shares*			Shares*
Institutional Shares
Shares sold		60,710,619,999			159,324,411,184
Reinvestment of distributions		41,377,470			46,702,636
Shares redeemed		(61,453,744,924	)		(164,230,405,292	)
		(701,747,455	)		(4,859,291,472	)
Select Shares
Shares sold		143,363,540			4,082,606,806
Reinvestment of distributions		276,816			378,814
Shares redeemed		(154,653,650	)		(4,520,271,577	)
		(11,013,294	)		(437,285,957	)
Preferred Shares
Shares sold		411,410,450			779,116,904
Reinvestment of distributions		561,239			324,082
Shares redeemed		(413,955,254	)		(737,547,145	)
		(1,983,565	)		41,893,841
Capital Shares
Shares sold		1,124,445,146			1,845,150,097
Reinvestment of distributions		1,522,013			968,827
Shares redeemed		(937,892,677	)		(1,981,230,822	)
		188,074,482			(135,111,898	)
Administration Shares
Shares sold		2,942,514,865			5,716,650,450
Reinvestment of distributions		1,549,897			965,137
Shares redeemed		(2,917,718,202	)		(5,953,918,651	)
		26,346,560			(236,303,064	)
Premier Shares
Shares sold		—			—
Reinvestment of distributions		3			2
Shares redeemed		—			—
		3			2
Service Shares
Shares sold		1,600,614,298			3,595,043,595
Reinvestment of distributions		173,445			69,164
Shares redeemed		(1,568,427,402	)		(3,428,037,719	)
		32,360,341			167,075,040
Resource Shares
Shares sold		—			—
Reinvestment of distributions		2			1
Shares redeemed		—			—
		2			1
Cash Management Shares
Shares sold		23,590			771,157
Reinvestment of distributions		139			11
Shares redeemed		(63,544	)		(618,667	)
		(39,815	)		152,501
NET DECREASE IN SHARES		(468,002,741	)		(5,458,871,006	)

* Valued at $1.00 per share.

71

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Solutions Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
	Shares*			Shares*
Institutional Shares
Shares sold		16,189,364,403			27,121,688,188
Reinvestment of distributions		30,335,389			28,334,702
Shares redeemed		(16,524,290,377	)		(28,407,264,596	)
		(304,590,585	)		(1,257,241,706	)
Select Shares
Shares sold		4,000,000			—
Reinvestment of distributions		44,756			41,687
Shares redeemed		(3,550,000	)		(3,676,988	)
		494,756			(3,635,301	)
Preferred Shares
Shares sold		90,320,262			121,203,708
Reinvestment of distributions		130,891			50,947
Shares redeemed		(62,961,573	)		(182,444,254	)
		27,489,580			(61,189,599	)
Capital Shares
Shares sold		854,029,199			1,946,345,268
Reinvestment of distributions		778,718			604,589
Shares redeemed		(894,468,707	)		(1,995,225,910	)
		(39,660,790	)		(48,276,053	)
Administration Shares
Shares sold		494,333,960			657,229,221
Reinvestment of distributions		623,154			366,979
Shares redeemed		(465,097,310	)		(609,915,851	)
		29,859,804			47,680,349
Premier Shares
Shares sold		81,486,986			82,443,759
Reinvestment of distributions		3			2
Shares redeemed		(40,672,293	)		(66,933,677	)
		40,814,696			15,510,084
Service Shares
Shares sold		242,789,467			779,359,271
Reinvestment of distributions		12,997			4,724
Shares redeemed		(245,625,141	)		(777,246,619	)
		(2,822,677	)		2,117,376
Resource Shares
Shares sold		—			—
Reinvestment of distributions		2			—
Shares redeemed		—			—
		2			—
Cash Management Shares
Shares sold		92,611,644			696,664,664
Reinvestment of distributions		1			—
Shares redeemed		(102,020,231	)		(736,623,453	)
		(9,408,586	)		(39,958,789	)
NET DECREASE IN SHARES		(257,823,800	)		(1,344,993,639	)

* Valued at $1.00 per share.

72

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (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 September 1, 2017 through February 28, 2018, which represents a period of 181 days in a 365-day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the 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 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,005.09		$	0.99	$	1,000.00	$	1,005.24		$	0.85	$	1,000.00	$	1,006.28		$	0.85
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00		1,000.00		1,023.95	+		0.85		1,000.00		1,023.95	+		0.85
Select Shares
Actual		1,000.00		1,004.94			1.14		1,000.00		1,005.09			0.99		1,000.00		1,006.13			0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.65	+		1.15		1,000.00		1,023.80	+		1.00		1,000.00		1,023.80	+		1.00
Preferred Shares
Actual		1,000.00		1,004.59			1.49		1,000.00		1,004.74			1.34		1,000.00		1,005.78			1.34
Hypothetical (5% return before expenses)		1,000.00		1,023.31	+		1.51		1,000.00		1,023.46	+		1.35		1,000.00		1,023.46	+		1.35
Capital Shares
Actual		1,000.00		1,004.35			1.74		1,000.00		1,004.49			1.59		1,000.00		1,005.63			0.85
Hypothetical (5% return before expenses)		1,000.00		1,023.06	+		1.76		1,000.00		1,023.21	+		1.61		1,000.00		1,023.95	+		0.85
Administration Shares
Actual		1,000.00		1,003.85			2.24		1,000.00		1,004.00			2.09		1,000.00		1,005.03			2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.56	+		2.26		1,000.00		1,022.71	+		2.11		1,000.00		1,022.71	+		2.11
Premier Shares
Actual		1,000.00		1,003.35			2.73		1,000.00		1,003.50			2.58		1,000.00		1,004.64			2.63
Hypothetical (5% return before expenses)		1,000.00		1,022.07	+		2.76		1,000.00		1,022.22	+		2.61		1,000.00		1,022.17	+		2.66
Service Shares
Actual		1,000.00		1,002.60			3.48		1,000.00		1,002.75			3.33		1,000.00		1,003.69			3.33
Hypothetical (5% return before expenses)		1,000.00		1,021.32	+		3.51		1,000.00		1,021.47	+		3.36		1,000.00		1,021.47	+		3.36
Class A Shares
Actual		N/A		N/A			N/A		1,000.00		1,004.00			2.09		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,022.71	+		2.11		N/A		N/A			N/A
Class C Shares
Actual		N/A		N/A			N/A		1,000.00		1,000.46			5.60		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,019.19	+		5.66		N/A		N/A			N/A
Resource Shares
Actual		N/A		N/A			N/A		1,000.00		1,002.01			4.07		1,000.00		1,003.14			2.63
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,020.73	+		4.11		1,000.00		1,022.17	+		2.66
Cash Management Shares
Actual		1,000.00		1,001.11			4.96		1,000.00		1,001.26			4.81		1,000.00		1,002.40			4.42
Hypothetical (5% return before expenses)		1,000.00		1,019.84	+		5.01		1,000.00		1,019.98	+		4.86		1,000.00		1,020.38	+		4.46
Class R6 Shares
Actual		N/A		N/A			N/A		1,000.00		1,005.24			0.85		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,023.95	+		0.85		N/A		N/A			N/A

73

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)

	Prime Obligations							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,006.34		$	0.85	$	1,000.00	$	1,005.15		$	0.99	$	1,000.00	$	1,005.23		$	0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.95	+		0.85		1,000.00		1,023.80	+		1.00		1,000.00		1,023.80	+		1.00
Select Shares
Actual		1,000.00		1,006.09			0.99		1,000.00		1,005.00			1.14		1,000.00		1,005.08			1.14
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00		1,000.00		1,023.65	+		1.15		1,000.00		1,023.65	+		1.15
Preferred Shares
Actual		1,000.00		1,005.74			1.34		1,000.00		1,004.65			1.49		1,000.00		1,004.73			1.49
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51
Capital Shares
Actual		1,000.00		1,005.59			1.59		1,000.00		1,004.40			1.74		1,000.00		1,004.48			1.74
Hypothetical (5% return before expenses)		1,000.00		1,023.21	+		1.61		1,000.00		1,023.06	+		1.76		1,000.00		1,023.06	+		1.76
Administration Shares
Actual		1,000.00		1,005.00			2.09		1,000.00		1,003.90			2.24		1,000.00		1,003.99			2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.71	+		2.11		1,000.00		1,022.56	+		2.26		1,000.00		1,022.56	+		2.26
Premier Shares
Actual		1,000.00		1,004.60			2.63		1,000.00		1,003.41			2.73		1,000.00		1,003.49			2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76
Service Shares
Actual		1,000.00		1,003.75			3.33		1,000.00		1,002.66			3.48		1,000.00		1,002.74			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.47	+		3.36		1,000.00		1,021.32	+		3.51		1,000.00		1,021.32	+		3.51
Resource Shares
Actual		1,000.00		1,003.11			2.63		1,000.00		1,001.92			2.63		1,000.00		1,002.00			2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.17	+		2.66		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76
Cash Management Shares
Actual		1,000.00		1,002.36			4.42		1,000.00		1,001.17			4.96		1,000.00		1,001.25			4.96
Hypothetical (5% return before expenses)		1,000.00		1,020.38	+		4.46		1,000.00		1,019.84	+		5.01		1,000.00		1,019.84	+		5.01

74

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)

	Treasury Solutions Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,005.10		$	0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00
Select Shares
Actual		1,000.00		1,004.95			1.14
Hypothetical (5% return before expenses)		1,000.00		1,023.65	+		1.15
Preferred Shares
Actual		1,000.00		1,004.60			1.49
Hypothetical (5% return before expenses)		1,000.00		1,023.31	+		1.51
Capital Shares
Actual		1,000.00		1,004.35			1.74
Hypothetical (5% return before expenses)		1,000.00		1,023.06	+		1.76
Administration Shares
Actual		1,000.00		1,003.85			2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.56	+		2.26
Premier Shares
Actual		1,000.00		1,003.36			2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.07	+		2.76
Service Shares
Actual		1,000.00		1,002.61			3.48
Hypothetical (5% return before expenses)		1,000.00		1,021.32	+		3.51
Resource Shares
Actual		1,000.00		1,001.87			2.68
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		2.71
Cash Management Shares
Actual		1,000.00		1,001.12			4.96
Hypothetical (5% return before expenses)		1,000.00		1,019.84	+		5.01

* 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 February 28, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

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	%		0.30	%		0.35	%		0.45	%		0.55	%		0.70	%		N/A			N/A			N/A			1.00	%		N/A
Government		0.17			0.20			0.27			0.32			0.42			0.52			0.67			0.42	%		1.13	%		0.82	%		0.97			0.17	%
Money Market		0.17			0.20			0.27			0.17			0.42			0.53			0.67			N/A			N/A			0.53			0.89			N/A
Prime Obligations		0.17			0.20			0.27			0.32			0.42			0.53			0.67			N/A			N/A			0.53			0.89			N/A
Treasury Instruments		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A			N/A			0.53			1.00			N/A
Treasury Obligations		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A			N/A			0.55			1.00			N/A
Treasury Solutions		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A			N/A			0.54			1.00			N/A

75

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.29 trillion in assets under supervision as of December 31, 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

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fun

∎ 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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰ Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹ 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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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 February 28, 2018 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 & Co LLC by calling (Class A Shares or Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2018 Goldman Sachs. All rights reserved. 126210-OTU-744851 FSQSAR-18/77K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	Fundamental Equity Growth Funds
	Blue Chip*
	Capital Growth
	Concentrated Growth
	Flexible Cap**
	Growth Opportunities
	Small/Mid Cap Growth
	Strategic Growth
	Technology Opportunities

* 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 and changed its principal investment strategy. Performance information prior to this date reflects the Fund’s former strategies.

** 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. Performance information prior to this date reflects the Fund’s former strategies.

Goldman Sachs Fundamental Equity Growth Funds

∎ BLUE CHIP

∎ CAPITAL GROWTH

∎ CONCENTRATED GROWTH

∎ 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	5
Schedules of Investments	54
Financial Statements	70
Financial Highlights	80
Notes to Financial Statements	96
Other Information	118

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

What Differentiates the Goldman Sachs Growth Strategies’ Investment Process?

For over 30 years, the Goldman Sachs Growth Strategies have 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 six months ended February 28, 2018 (the “Reporting Period”), boosted overall by a combination of accelerating economic growth, rising corporate earnings and a general lack of negative financial headlines. Plus, for most of the Reporting Period, U.S. equity market volatility was at or near historic lows. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 10.84%. The Russell 3000^® Index generated a return of 10.45%.

As the Reporting Period began in September 2017, U.S. economic activity and labor market data showed consistent strength, with U.S. Gross Domestic Product (“GDP”) at an annualized rate above 3%, unemployment down to 4.2% and a reversal of five consecutive downside inflation reports. Progress on tax reform and strong economic activity data remained supportive for U.S. equities in October and November 2017. The Federal Reserve (the “Fed”) delivered the third interest rate hike of 2017 in December as had been widely expected and maintained its projections for three additional interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of the calendar year from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%. The fourth quarter of 2017 marked the ninth consecutive quarter of positive returns for the S&P 500 Index, its strongest quarterly advance in four years.

U.S. equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion tax reform plan and a favorable corporate earnings season. U.S. GDP for the fourth quarter of 2017 came in below that of the growth rate for the second and third quarters of the calendar year but was still a respectable annualized rate of 2.5%. The labor market in January 2018 also continued to highlight tightening slack in the economy. While December 2017 payroll data undershot consensus expectations, November 2017 data was revised such that the U.S. unemployment rate stood at a 17-year low of 4.1% and average hourly earnings ticked up. The fourth quarter corporate earnings season was robust, with strong revenue and earnings growth relative to historical data. Companies were beginning to provide discrete guidance on tax rates, and 2018 earnings forecasts were being upgraded as a result. The S&P 500 Index saw 14 closing highs in the month of January 2018.

In February 2018, however, equities sold off globally on market speculation of a faster pace of interest rate hikes, which stoked a sharp rise in rates and volatility. Robust labor market data sparked the initial risk-off sentiment (i.e. heightened investor risk aversion)—nonfarm payroll employment increased by 200,000 in January 2018, while the unemployment rate remained steady at 4.1% and average hourly earnings rose 0.34% month over month. Concerns about monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed meeting, triggered speculation of a faster pace of interest rate hikes, surprising markets with its hawkish tilt and sparking a sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House further drove heightened volatility. On February 5, 2018, the VIX, a measure of volatility in the U.S. equity market, recorded its largest ever one day increase, and on February 8, 2018, the S&P 500 Index posted a one-day correction of 10.16%. Though the S&P 500 Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8^th and the VIX declined from a month high of 50.30 to end the Reporting Period at 19.85.

For the Reporting Period overall, information technology, financials and consumer discretionary, widely considered more economically-sensitive sectors, were the best performing sectors in the S&P 500 Index by a wide margin. The weakest performing sectors in

2

MARKET REVIEW

the S&P 500 Index were utilities, real estate and consumer staples, traditionally considered more defensive sectors and the only three to post a negative absolute return 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 mid-cap stocks, as measured by the Russell Midcap^® Index, and then small-cap stocks, as measured by the Russell 2000^® 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 to U.S. and global equities based on consensus economic and earnings growth expectations.

In our view, the U.S. economy continues to offer the strongest growth amongst the developed countries, and there is significant investor and business optimism about tax reform and fiscal expansion, which 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 before the February 2018 sell-off.

We also believe there are pockets of opportunity beyond the Funds’ respective benchmarks. For example, we see substantial opportunities in smaller-cap companies in the U.S. In our view, these companies may be well positioned to benefit from domestically-oriented, pro-growth policies and tax reform given their higher effective corporate tax rates compared to larger-cap companies. Additionally, operating margins at smaller companies were, at the end of the Reporting Period, far below prior peak levels and at a significant gap relative to those of larger caps. We believe this gap could narrow given the numerous catalysts that could disproportionately benefit smaller-cap stocks. In addition, in contrast to large-cap equities, smaller-cap stocks tend to operate and source more revenue domestically and thus stand to be hurt less from protectionist policies, as they tend to be less exposed to reciprocal tariffs and duties. Multiples, or price/earnings ratios, of smaller-cap companies, in our opinion, may be more attractive than they appear when taking into consideration the potential for an inflection in earnings growth.

We also believe the market has been overly pessimistic on retail real estate, whose performance significantly lagged other real estate investment trust (“REIT”) segments during the Reporting Period, as the market discounted retail REITs seemingly without regard for quality. Occupancy was at record highs in 2016 for shopping centers. There were net openings during that calendar year, with the number of stores opened exceeding the number of stores closed without building new facilities. Further, despite headlines, retail bankruptcies were at historically usual levels. We believe well-located assets with tenants playing toward “necessity based” or “experiential based” retail should remain resilient, especially compared to poorly-located assets with “commodity” tenants offering products easily sold online, such as apparel.

Finally, we like companies investing in their future growth through capital expenditures and research and development, rather than those focusing on shareholder returns. While companies with high shareholder returns have historically outperformed, those focused on investing for the future have outperformed significantly since 2016. We expect this performance trend to continue should economic growth remain solid.

All 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.

3

MARKET REVIEW

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

Effective January 9, 2018, Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) centralized its Fundamental Equity U.S. Value and Fundamental Equity U.S. Growth Teams into a single Fundamental Equity U.S. Equity Team. The Investment Adviser believes these changes will benefit the Funds by providing a more holistic investment perspective and the ability to leverage investment ideas across the U.S. Fundamental Equity platform.

4

PORTFOLIO RESULTS

Goldman Sachs Blue Chip Fund

Portfolio Composition

Effective after the close of business on October 31, 2017, 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 of “blue chip” companies. Blue chip companies are companies that, in the view of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”), enjoy characteristics that include strong market positions, seasoned management teams, solid financial fundamentals and high-quality reputations. Although blue chip companies generally have large or medium market capitalizations, the Investment Adviser may invest in companies that it believes have good, long-term prospects to become well-known, established or blue chip companies. The Fund may also invest up to 20% of its Net Assets in foreign securities.

Portfolio Management Discussion and Analysis

Effective after the close of business on October 31, 2017, Goldman Sachs Dynamic U.S. Equity Fund was re-named Goldman Sachs Blue Chip Fund and its principal investment strategy changed, as reflected above. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Blue Chip Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 8.61%, 8.22%, 8.81%, 8.76%, 8.46% and 8.83%, respectively. These returns compare to the 10.84% cumulative 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 solid positive absolute returns, but stock selection overall detracted from the Fund’s performance relative to the S&P 500 Index during the Reporting Period. Sector allocation as a whole also detracted from relative performance, albeit only modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in industrials, health care and consumer staples 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 utilities, consumer discretionary and financials. Effective stock selection helped most in consumer discretionary. Having no exposure to utilities, which was the weakest sector in the S&P 500 Index during the Reporting Period, drove positive relative results in that sector. Positioning in the financials sector added value as well.

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 diversified conglomerate General Electric, biotechnology company Shire and wireless communications and broadcast tower real estate investment trust (“REIT”) American Tower.

General Electric announced earnings in October 2017 that missed market estimates on earnings per share, driven by weakness in its power and oil and gas segments. The company also cut its 2017 guidance, which caused the stock to decline. Its stock fell further in November 2017 as new restructuring and financial tightening goals were announced. General Electric reduced its dividend by 50% and announced plans to focus on its core businesses of aviation, health care and power by selling or spinning off approximately $20 billion worth of assets. The company also announced intentions of changing the corporate culture to focus more on profitability, cash flow and execution. While we continued to believe the company was an attractively valued, high quality business, we felt its risk/reward prospects had shifted and

5

PORTFOLIO RESULTS

decided to exit the position. We believed the potential near-term volatility of the company’s shares outweighed the longer-term reward and decided to allocate the capital elsewhere.

Most of Shire’s stock price decline during the Reporting Period came in 2018, with its stock declining early in January 2018 following a health care conference, where Shire announced the creation of two separate business divisions within the company—one focused on neuroscience, the other on rare diseases. During the conference, Shire also announced lower than previously company-expected revenue guidance for 2020. Shire and the health care sector overall also experienced weakness later in January 2018 driven by fears of competitive headwinds following the announcement by Amazon, Berkshire Hathaway and JP Morgan to partner on health care. In February 2018, Shire reported mixed fourth quarter 2017 earnings, with sales and revenue guidance above market estimates. However, its margin guidance was lower than expected. Despite the volatility experienced by the stock during the Reporting Period, we continued to view the company at the end of the Reporting Period as a high quality business with opportunities in the rare diseases space, which we feel is one of the more attractive therapeutic areas. We also continued to feel that competitive concerns about its hemophilia business were overblown, as we believe it will likely take time for any new entrants to take market share in that space. In short, we remained positive on Shire at the end of the Reporting Period as a compelling growth business moving forward.

Throughout the Reporting Period, American Tower’s stock experienced some volatility, as investors expected additional interest rate hikes in 2018, which could negatively affect REITs in general and the tower company in particular. The company also announced earnings at the end of February 2018 that were mixed, causing its stock to drop slightly. Despite the volatility around interest rates, we maintained our view at the end of the Reporting Period that American Tower may benefit from secular trends toward growing data usage, taking advantage of its dominant market share, global expansion and additional investment opportunities to fuel long-term growth. With recurring revenue streams, strong organic leasing growth and what we consider to be an attractive valuation relative to its peers, we believed at the end of the Reporting Period that American Tower remained a high quality and durable growth company.

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 payments company MasterCard, U.S.-based bank holding company Bank of America and technology hardware manufacturer Cisco Systems.

MasterCard’s earnings announcements during the Reporting Period beat market estimates on both revenue and earnings per share, driven by higher processed transactions and an increase in gross dollar volume. Its stock also benefited from strong performance across the information technology sector and payment companies broadly during the Reporting Period. At the end of the Reporting Period, we remained optimistic on the company’s ability to grow its core payments business through new client wins as well as to further differentiate itself by expanding to new growth areas such as consumer credit and peer-to-peer lending. We also were positive both on the company’s plans to accelerate investments, driven by the savings from recent tax reform, and on what we see as MasterCard’s strong operating trends, which we believe position it well relative to competitors.

In October 2017, Bank of America announced positive earnings that beat market estimates on earnings per share, driven primarily by strong net interest income and credit trends. Bank of America announced earnings again in January 2018 that were positive, with continued strong net interest income trends. Its shares also rose throughout the Reporting Period along with the financial sector broadly, which as a whole outpaced the S&P 500 Index during the Reporting Period. At the end of the Reporting Period, we remained positive on the company, as it performed well even amongst its peers in the financials sector, due, in our view, to good banking fundamentals and its management’s emphasis on cost reductions. At the end of the Reporting Period, we believed Bank of America remained attractively valued and were positive on the company’s business outlook and its ability to capitalize on potentially higher growth and interest rates.

Cisco Systems designs, manufactures and sells Internet Protocol-based networking products and services related to the communications and information technology industries. Shares of Cisco Systems rose in November 2017, as the company reported earnings that were generally in line with market expectations but with earnings per share coming in slightly higher. Much of its outperformance, in our view, was due to continued market optimism about Cisco Systems’ solid execution and progress around many of its key strategic

6

PORTFOLIO RESULTS

initiatives. Its stock also spiked in February 2018 when the company again reported strong quarterly earnings, beating market expectations on revenue and earnings per share. Its margins were also better than market expected, and its management gave higher future earnings guidance and announced a dividend increase. At the end of the Reporting Period, we were positive on the trajectory of the company, with its ongoing transition to a more recurring business model. We also continued to believe Cisco Systems is a high quality company, with what we consider to be its strong balance sheet, robust free cash flow and proven business model positioning it well moving forward. At the end of the Reporting Period, Cisco Systems was paying an above-average dividend and was utilizing much of its free cash flow for stock buybacks.

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 Chevron, a U.S.-based integrated energy company. We are positive on what we see as Chevron’s strong presence in the economically-sensitive Permian Basin and believe it may be well positioned to capitalize on potential North American oil production growth and increasing crude oil prices. We also believe the company has strong growth potential given its asset footprint and its stake in the Gorgon liquefied natural gas project. Further, we are positive on the company’s restructuring efforts and believe Chevron has a better mix of assets, including a richer mix of oil, than many of its peers. Finally, we believe Chevron has a strong balance sheet and pays an above-market dividend.

We established a Fund position in Honeywell International, a diversified technology and manufacturing company, which offers aerospace products, power generation systems, specialty chemicals and electronic materials. We view Honeywell International as an attractively valued high quality growth business with a strong management team. Additionally, we believe improving organic growth trends and the potential for strategic actions presented an attractive opportunity.

Conversely, in addition to the sale of General Electric already mentioned, we exited the Fund’s position in global commodity and financial products marketplace operator Intercontinental Exchange (“ICE”). During the Reporting Period, the U.S. Treasury Department published a report proposing several changes to the U.S. capital markets structure. We felt the uncertainty around the potential implications of such changes for ICE created a less compelling risk/reward opportunity. While we continue to believe ICE is a high quality growth company, we decided to sell the position given near-term uncertainties.

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

A Effective January 9, 2018, John Arege no longer served as a portfolio manager for the Fund, and Sean Gallagher became a portfolio manager for the Fund. Steven M. Barry and Stephen E. Becker continue to serve as portfolio managers of the Fund.

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, health care, industrials and telecommunication services increased and its allocations to financials and real estate decreased compared to the S&P 500 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 February 2018?

A At the end of February 2018, the Fund had overweighted positions relative to the S&P 500 Index in consumer staples, consumer discretionary and industrials. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in financials and was rather neutrally weighted to the S&P 500 Index in energy, information technology, health care, materials, real estate and telecommunication services. The Fund had no position at all in utilities at the end of the Reporting Period.

7

FUND BASICS

Blue Chip Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		8.61	%		10.84	%
Class C		8.22			10.84
Institutional		8.81			10.84
Investor		8.76			10.84
Class R		8.46			10.84
Class R6		8.83			10.84

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

²  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The S&P 500^® 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 12/31/17	One Year			Five Years			Since Inception			Inception Date
Class A		11.96	%		11.34	%		10.39	%		11/30/09
Class C		16.35			11.77			10.32			11/30/09
Institutional		18.82			13.05			11.60			11/30/09
Investor		18.68			12.89			11.43			11/30/09
Class R		18.13			12.33			10.89			11/30/09
Class R6		18.84			N/A			7.59			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.

8

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.03	%		4.51	%
Class C		1.78			5.26
Institutional		0.67			4.12
Investor		0.78			4.26
Class R		1.28			4.76
Class R6		0.66			4.11

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.1	%	Software
MasterCard, Inc. Class A		3.7		IT Services
Amazon.com, Inc.		3.7		Internet & Direct Marketing Retail
Bank of America Corp.		3.3		Banks
NIKE, Inc. Class B		3.2		Textiles, Apparel & Luxury Goods
Pfizer, Inc.		3.0		Pharmaceuticals
Apple, Inc.		2.9		Technology Hardware, Storage & Peripherals
Philip Morris International, Inc.		2.8		Tobacco
Chevron Corp.		2.7		Oil, Gas & Consumable Fuels
Union Pacific Corp.		2.7		Road & Rail

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2018

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.

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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 Fundamental Equity U.S. Equity 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 13.26%, 12.83%, 13.46%, 13.19%, 13.40%, 13.13% and 13.48%, respectively. These returns compare to the 13.94% cumulative 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 it modestly underperformed the Russell Index on a relative basis during the Reporting Period due to a combination of stock selection and sector allocation.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that detracted most from the Fund’s relative performance during the Reporting Period were real estate, health care and consumer discretionary, wherein weak stock selection drove results. Having an overweighted allocation to real estate, which posted a negative return during the Reporting Period, also hurt. Partially offsetting these detractors was effective stock selection in the financials and materials sectors, which contributed positively. Having an underweighted allocation to the consumer staples sector, which lagged 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 Among those stocks detracting most from the Fund’s results relative to the Russell Index were positions in data center real estate investment trust (“REIT”) Equinix, enterprise software company Oracle and wireless communications and broadcast tower REIT American Tower.

Shares of Equinix declined, as the data center REIT segment broadly was under pressure for much of the Reporting Period. Investors expected additional interest rate hikes in 2018, which could negatively impact REITs given their high yield component. More company specific, it was announced late in January 2018 that Equinix’s Chief Executive Officer (“CEO”) had unexpectedly resigned effective immediately. Despite the macro concerns and the departure of its CEO, we maintained our belief at the end of the Reporting Period that Equinix is an asset with compelling upside to revenues and free cash flow should it continue to capitalize on secular trends in technology.

Early in the Reporting Period, Oracle reported fiscal first quarter results that were solid. However, its shares reacted negatively, as the company’s management reduced its cloud revenue growth outlook for the next quarter and as its management did not reiterate its earnings growth outlook. At the end of the Reporting Period, we continued to believe Oracle is a high quality business, but we viewed its cloud business as being an important part of its growth story. Thus, this development led us to exit the Fund’s position in Oracle in favor of other companies we felt had more attractive growth prospects.

11

PORTFOLIO RESULTS

Throughout the Reporting Period, American Tower’s stock experienced some volatility, as investors expected additional interest rate hikes in 2018, which could negatively affect REITs in general and American Tower in particular. The company also announced earnings at the end of February 2018 that were mixed, causing its stock to drop slightly. Despite the volatility around interest rates, we maintained our view at the end of the Reporting Period that American Tower may benefit from secular trends toward growing data usage, taking advantage of its dominant market share, global expansion and additional investment opportunities to fuel long-term growth. With recurring revenue streams, strong organic leasing growth and what we consider to be an attractive valuation relative to its peers, we believed at the end of the Reporting Period that American Tower remained a high quality and durable growth company.

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 payments company MasterCard, aerospace and defense company Boeing and athletic footwear, apparel, equipment and accessories company Nike.

MasterCard’s earnings announcements during the Reporting Period beat market estimates on both revenue and earnings per share, driven by higher processed transactions and an increase in gross dollar volume. Its stock also benefited from strong performance across the information technology sector and payment companies broadly during the Reporting Period. At the end of the Reporting Period, we remained optimistic on the company’s ability to grow its core payments business through new client wins as well as to further differentiate itself by expanding to new growth areas such as consumer credit and peer-to-peer lending. We also were positive both on the company’s plans to accelerate investments, driven by the savings from recent tax reform, and on what we see as MasterCard’s strong operating trends, which we believe position it well relative to competitors.

Boeing’s stock price rose rather steadily early in the Reporting Period, as investors remained positive on the company’s ability to grow free cash flow through margin expansion. Its shares also rallied late in December 2017 when U.S. tax reform was signed into legislation. Finally, the company reported strong results in January 2018, including revenues that exceeded consensus estimates and strong guidance. At the end of the Reporting Period, we remained 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 also remained positive on the company due to what we consider to be its strong competitive position, robust free cash flow and focus on shareholders through buybacks and distributions.

At the end of October 2017, Nike’s stock spiked, as the company announced higher than market expectations for future earnings growth. Its stock continued to rise throughout November 2017, as the company announced an increase to its dividend. Also, Nike and the retail industry in general saw a boost from strong Black Friday sales numbers. The company subsequently announced earnings in December 2017 that were better than market expectations on total revenue but did disappoint slightly in North American sales. At the end of the Reporting Period, we remained positive on what we saw as the company’s ongoing focus on innovation and product development, which we believe has been stronger than in the recent past. In our view, Nike has a resilient business model, with diverse product offerings, global channels, market share gains and meaningful share buybacks. We also continued to believe the company is a best-in-class franchise in a structurally healthy and growing category and thus remained positive on Nike’s long-term growth 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 During the Reporting Period, we initiated a Fund position in NVIDIA. The company designs and manufactures computer graphics processors, chipsets and other multimedia software. NVIDIA has what we consider to be a strong balance sheet and good free cash flow with a demonstrated track record of robust growth. We are positive on NVIDIA, believing it to be an industry leader in the semiconductor space with favorable growth prospects as the world increasingly moves toward big data.

We established a Fund position in DowDuPont during the Reporting Period. The company engages in the development of specialty materials, chemicals and agricultural products. We believe the recently completed merger of the former companies, Dow Chemical and E.I. du Pont de Nemours and Company, presents an attractive opportunity for the newly

12

PORTFOLIO RESULTS

formed company to unlock operating synergies, decrease costs and deploy cash on high-return projects to potentially further improve profitability. Overall, we believe DowDuPont is well positioned to benefit from inflecting cyclical tailwinds across multiple business segments, as it works to improve its operations and unlock potential efficiencies.

Conversely, in addition to the sale of Oracle, mentioned earlier, we exited the Fund’s position in semiconductor company Texas Instruments. Texas Instruments was among the top positive contributors to the Fund’s relative results during the Reporting Period. The company reported quarterly results at the end of October 2017 that beat market estimates on earnings per share and revenue, driven by strength in both its industrials and autos segments. Its stock rose further throughout the Reporting Period, as technology companies in general performed well. In January 2018, we decided to remove the position from the Fund’s portfolio. Since adding Texas Instruments, the company easily outperformed the broad U.S. equity market and the semiconductor industry. While we continued to like the company and believed it to be a strong franchise with good management and diversified business, we felt this Fund’s portfolio had other positions with more attractive risk/reward profiles going forward.

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

A Effective January 9, 2018, Timothy M. Leahy no longer served as a portfolio manager for the Fund, and Sean Gallagher became a portfolio manager for the Fund. Steven M. Barry and Stephen E. Becker continue to serve as portfolio managers of the Fund.

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 allocations in health care, information technology and materials increased and its exposure to real estate 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 February 2018?

A At the end of February 2018, the Fund was rather neutrally weighted to the Russell Index in health care, real estate, consumer discretionary, consumer staples, information technology, industrials, energy, financials and materials and had no positions at all in utilities or telecommunication services at the end of the Reporting Period.

In February 2018, the Board of Trustees of the Goldman Sachs Trust approved certain changes to the Fund’s principal investment strategy and benchmark index. After the close of business on April 17, 2018, the Fund will seek to achieve its investment objective by investing, under normal circumstances, in approximately 90-150 companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund will invest in both value and growth companies. The Fund’s fundamental equity investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management. Effective the same date, the Fund’s benchmark index will change from the Russell 1000^® Growth Index to the Russell 1000^® Index. The Russell 1000^® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies.

13

FUND BASICS

Capital Growth Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		13.26	%		13.94	%
Class C		12.83			13.94
Institutional		13.46			13.94
Service		13.19			13.94
Investor		13.40			13.94
Class R		13.13			13.94
Class R6		13.48			13.94

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 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 Russell 1000^® Growth 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		24.55	%		14.12	%		7.83	%		9.52	%	4/20/90
Class C		29.70			14.55			7.62			6.14		8/15/97
Institutional		32.29			15.88			8.87			7.35		8/15/97
Service		31.71			15.31			8.33			6.82		8/15/97
Investor		32.14			15.71			8.71			8.70		11/30/07
Class R		31.44			15.13			8.17			8.16		11/30/07
Class R6		32.33			N/A			N/A			11.45		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.

14

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.21	%
Class C		1.89			1.96
Institutional		0.75			0.82
Service		1.25			1.32
Investor		0.89			0.96
Class R		1.39			1.46
Class R6		0.74			0.81

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.7	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.5		Software
Amazon.com, Inc.		4.6		Internet & Direct Marketing Retail
Facebook, Inc. Class A		3.5		Internet Software & Services
MasterCard, Inc. Class A		3.2		IT Services
Alphabet, Inc. Class C		2.7		Internet Software & Services
Alphabet, Inc. Class A		2.6		Internet Software & Services
The Boeing Co.		2.4		Aerospace & Defense
Comcast Corp. Class A		2.0		Media
Honeywell International, Inc.		2.0		Industrial Conglomerates

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

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2018

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 0.3% of the Fund’s net assets as of February 28, 2018. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

16

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund typically holds 30-40 high quality growth companies and tends to be more concentrated in individual holdings, industries and sectors than the typical broadly diversified large-cap growth fund. Since the Fund’s inception, the Goldman Sachs Fundamental Equity U.S. Equity 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 Fundamental Equity U.S. Equity 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

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 10.31%, 9.91%, 10.52%, 10.39%, 10.16% and 10.48%, respectively. These returns compare to the 13.94% cumulative 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 Most share classes of 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 from relative performance.

Q Which equity market sectors most significantly affected Fund performance?

A Challenging stock selection in the health care, industrials and real estate 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 energy, materials and telecommunication services. Effective stock selection helped most in energy and materials. 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 biopharmaceutical company Incyte, data center real estate investment trust (“REIT”) Equinix and biotechnology company Shire.

Early in the Reporting Period, Incyte reported strong third quarter 2017 results. While there were no company specific reasons for its stock price’s decline during January 2018, the narrative centered around the upcoming data readout on Incyte’s melanoma drug, scheduled for later in the first quarter of 2018. Incyte’s marquee experimental cancer drug, epacadostat, was being tested in combination with Keytruda, Merck’s flagship cancer immunotherapy. The widespread hope was that a two-pronged combination approach would help cancer patients live longer. The treatment’s early promise built up anticipation but also deep uncertainty. At the end of the Reporting Period, we continued to like the company and believed recent positive data points position it well going into the readout. In our view, Incyte has a strong internal research and development capability that has produced a deep pipeline with many opportunities to grow revenues, positioning it well within its industry.

Shares of Equinix declined, as the data center REIT segment broadly was under pressure for much of the Reporting

17

PORTFOLIO RESULTS

Period. Investors expected additional interest rate hikes in 2018, which could negatively impact REITs given their high yield component. More company specific, it was announced late in January 2018 that Equinix’s Chief Executive Officer (“CEO”) had unexpectedly resigned effective immediately. Despite the macro concerns and the departure of its CEO, we maintained our belief at the end of the Reporting Period that Equinix is an asset with compelling upside to revenues and free cash flow should it continue to capitalize on secular trends in technology.

Most of Shire’s stock price decline during the Reporting Period came in 2018, with its stock declining early in January 2018 following a health care conference, where Shire announced the creation of two separate business divisions within the company—one focused on neuroscience, the other on rare diseases. During the conference, Shire also announced lower than previously company-expected revenue guidance for 2020. Shire and the health care sector overall also experienced weakness later in January 2018 driven by fears of competitive headwinds following the announcement by Amazon, Berkshire Hathaway and JP Morgan to partner on health care. In February 2018, Shire reported mixed fourth quarter 2017 earnings, with sales and revenue guidance above market estimates. However, its margin guidance was lower than expected. Despite the volatility experienced by the stock during the Reporting Period, we continued to view the company at the end of the Reporting Period as a high quality business with opportunities in the rare diseases space, which we feel is one of the more attractive therapeutic areas. We also continued to feel that competitive concerns about its hemophilia business were overblown, as we believe it will likely take time for any new entrants to take market share in that space. In short, we remained positive on Shire at the end of the Reporting Period as a compelling growth business moving forward.

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 technology hardware manufacturer Cisco Systems, payments company MasterCard and oil and natural gas producer Diamondback Energy.

We initiated a new Fund position in Cisco Systems early in the Reporting Period. Cisco Systems designs, manufactures and sells Internet Protocol-based networking products and services related to the communications and information technology industries. In May 2017, prior to the start of the Reporting Period, its shares had dropped sharply, as the company announced earnings better than market estimates on revenue and earnings per share but with guidance lower than market expectations. Following the decline, we believed the company’s shares were attractively valued and took the opportunity to initiate a Fund position. Shares of Cisco Systems rose in November 2017, as the company reported earnings that were generally in line with market expectations but with earnings per share coming in slightly higher. Much of its outperformance, in our view, was due to continued market optimism about Cisco Systems’ solid execution and progress around many of its key strategic initiatives. Its stock also spiked in February 2018 when the company again reported strong quarterly earnings, beating market expectations on revenue and earnings per share. Its margins were also better than market expected, and its management gave higher future earnings guidance and announced a dividend increase. At the end of the Reporting Period, we were positive on the trajectory of the company, with its ongoing transition to a more recurring business model. We also continued to believe Cisco Systems is a high quality company, with what we consider to be its strong balance sheet, robust free cash flow and proven business model positioning it well moving forward. At the end of the Reporting Period, Cisco Systems was paying an above-average dividend and was utilizing much of its free cash flow for stock buybacks.

MasterCard’s earnings announcements during the Reporting Period beat market estimates on both revenue and earnings per share, driven by higher processed transactions and an increase in gross dollar volume. Its stock also benefited from strong performance across the information technology sector and payment companies broadly during the Reporting Period. At the end of the Reporting Period, we remained optimistic on the company’s ability to grow its core payments business through new client wins as well as to further differentiate itself by expanding to new growth areas such as consumer credit and peer-to-peer lending. We also were positive both on the company’s plans to accelerate investments, driven by the savings from recent tax reform, and on what we see as MasterCard’s strong operating trends, which we believe position it well relative to competitors.

Shares of Diamondback Energy gained modestly in October 2017 following the company’s earnings announcement. The company exceeded market expectations on earnings per share and raised its full-year production guidance. Much of the stock’s gains, however, came as crude oil prices increased, leading American oil exports to reach record levels. At the end of the Reporting Period, we

18

PORTFOLIO RESULTS

believed Diamondback Energy would likely continue to benefit from its prime acreage in the Permian region of West Texas, which we view as presenting a long runway for consistent and robust earnings growth potential. Overall, we viewed the company as a well-capitalized oil and natural gas producer with superior land and a strong management team.

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

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

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

A In addition to the purchase of Cisco Systems, mentioned earlier, we initiated a Fund position in integrated circuit manufacturer Analog Devices during the Reporting Period. The company engages in the design and manufacturing of analog, mixed signal and digital signal processing integrated circuits used in many types of electronic equipment. We feel the company has an attractive revenue growth and margin profile and has lagged the industry in recent years, presenting, in our view, an attractive buying opportunity.

Conversely, we sold the Fund’s position in media and entertainment company Walt Disney Co. (“Disney”). While we continue to feel Disney has a strong brand name with good fundamentals and a commitment to share buybacks, we became less positive on the company moving forward given increasing competition and cord-cutting headwinds. (Cord-cutting is the practice of canceling or forgoing a cable television subscription or landline telephone connection in favor of an alternative Internet-based or wireless service.) We therefore decided to exit the position and allocate the capital to other ideas with what we considered to be more compelling risk/reward profiles.

We exited the Fund’s position in semiconductor company Texas Instruments. Texas Instruments was among the top positive contributors to the Fund’s relative results during the Reporting Period. The company reported quarterly results at the end of October 2017 that beat market estimates on earnings per share and revenue, driven by strength in both its industrials and autos segments. Its stock rose further throughout the Reporting Period, as technology companies in general performed well. In January 2018, we decided to remove the position from the Fund’s portfolio. Since adding Texas Instruments, the company easily outperformed the broad U.S. equity market and the semiconductor industry. While we continued to like the company and believed it to be a strong franchise with good management and diversified business, we felt this Fund’s portfolio had other positions with more attractive risk/reward profiles going forward.

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

A Effective January 9, 2018, Timothy M. Leahy no longer served as a portfolio manager for the Fund. Steven M. Barry and Stephen E. Becker continue to serve as portfolio managers of the Fund.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to health care, industrials and information technology increased and its allocations to consumer discretionary, consumer staples, financials, materials and real estate 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 February 2018?

A At the end of February 2018, the Fund had overweighted positions relative to the Russell Index in the consumer staples, health care, energy and real estate sectors. The Fund was rather neutrally weighted relative to the Russell Index in consumer discretionary, information technology, financials and industrials and had no positions at all in the utilities, telecommunication services and materials sectors at the end of the Reporting Period.

19

FUND BASICS

Concentrated Growth Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		10.31	%		13.94	%
Class C		9.91			13.94
Institutional		10.52			13.94
Investor		10.39			13.94
Class R		10.16			13.94
Class R6		10.48			13.94

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 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 Russell 1000^® Growth 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		20.44	%		11.95	%		6.45	%		7.66	%	9/03/02
Class C		25.33			12.36			6.25			7.24		9/03/02
Institutional		27.91			13.67			7.48			8.49		9/03/02
Investor		27.83			13.51			7.31			7.25		11/30/07
Class R		27.07			12.93			6.79			6.73		11/30/07
Class R6		27.87			N/A			N/A			9.27		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.

20

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.16	%		1.41	%
Class C		1.91			2.16
Institutional		0.80			1.02
Investor		0.91			1.16
Class R		1.41			1.66
Class R6		0.79			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 December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Microsoft Corp.		6.7	%	Software
Apple, Inc.		5.9		Technology Hardware, Storage & Peripherals
Facebook, Inc. Class A		4.5		Internet Software & Services
Amazon.com, Inc.		4.5		Internet & Direct Marketing Retail
Alphabet, Inc. Class A		3.7		Internet Software & Services
MasterCard, Inc. Class A		3.2		IT Services
Analog Devices, Inc.		3.1		Semiconductors & Semiconductor Equipment
Honeywell International, Inc.		3.0		Industrial Conglomerates
McDonald’s Corp.		2.8		Hotels, Restaurants & Leisure
NIKE, Inc. Class B		2.8		Textiles, Apparel & Luxury Goods

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

21

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2018

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.

22

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap Fund

Portfolio Composition

Effective after the close of business on August 31, 2017, the Fund continues to invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in equity investments in small-, mid- and large-cap issuers. The Fund’s new strategy continues to rely on fundamental analysis that provides for bottom-up security selection. This strategy is now combined with a quantitative risk allocation process that is used to assist portfolio construction and trading decisions.

Portfolio Management Discussion and Analysis

Effective after the close of business on August 31, 2017, Goldman Sachs Flexible Cap Growth Fund was re-named Goldman Sachs Flexible Cap Fund, its principal strategy was changed, as reflected above, and its benchmark was changed to the S&P 500 Index. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Flexible Cap Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 10.75%, 10.38%, 10.96%, 10.88%, 10.59% and 10.95%, respectively. These returns compare to the 10.84% cumulative total return of the Fund’s benchmark, Standard & Poor’s 500^® Index (with dividends reinvested) (the “S&P 500 Index”), during the same period. The Fund’s former benchmark, the Russell 3000^® Growth Index (with dividends reinvested), returned 10.45% for 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 performed in line with the S&P 500 Index during the Reporting Period, attributable primarily to effective stock selection overall. Sector allocation as a whole had a rather neutral effect on relative results during the Reporting Period.

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, utilities and materials. Effective stock selection drove results in the industrials and materials sectors. Having no allocation to utilities, which was the weakest sector in the S&P 500 Index during the Reporting Period, drove results in this sector. The sectors that detracted most from the Fund’s relative results during the Reporting Period were energy and consumer discretionary, wherein stock selection proved challenging. Having an underweighted allocation to information technology, which was the strongest sector in the S&P 500 Index during the Reporting Period, also dampened relative results.

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 500 Index were positions in diversified conglomerate General Electric, integrated energy giant Exxon Mobil and aerospace and defense company Boeing.

General Electric was a top contributor to the Fund’s relative results because the Fund had an underweighted position in the company and the company performed poorly. General Electric, a new purchase for the Fund during the Reporting Period, announced earnings in October 2017 that missed market estimates on earnings per share, driven by weakness in its power and oil and gas segments. The company also cut its 2017 guidance, which caused the stock to decline. Its stock fell further in November 2017 as new restructuring and financial tightening goals were announced. General Electric reduced its dividend by 50% and announced plans to focus on its core businesses of aviation, health care and power by selling or spinning off approximately $20 billion worth of assets. The company also announced intentions of changing the corporate culture to focus more on profitability, cash flow

23

PORTFOLIO RESULTS

and execution. While we continued to believe the company was an attractively valued, high quality business, we felt its risk/reward prospects had shifted and decided to exit the position. We believed the potential near-term volatility of its shares outweighed the longer-term reward and decided to allocate the capital elsewhere.

Exxon Mobil was also a new purchase for the Fund during the Reporting Period. In October 2017, the company announced quarterly results that were better than market expectations on earnings per share with strong free cash flow generation. The company also enjoyed strong performance throughout the Reporting Period as oil prices rose. In January 2018, we decided to exit the Fund’s position in Exxon Mobil. We had purchased the stock as we were positive on the company’s integrated business model and its management team’s ability to identify value accretive acquisitions. While we continued to believe Exxon Mobil is a high quality company, we became less optimistic on its restructuring process as well as on its narrower mix of assets. We therefore decided to sell the position to reflect our risk/reward views.

Boeing’s stock price rose rather steadily early in the Reporting Period, as investors remained positive on the company’s ability to grow free cash flow through margin expansion. Its shares also rallied late in December 2017 when U.S. tax reform was signed into legislation. Finally, the company reported strong results in January 2018, including revenues that exceeded consensus estimates and strong guidance. At the end of the Reporting Period, we remained 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 also remained positive on the company due to what we consider to be its strong competitive position, robust free cash flow and focus on shareholders through buybacks and distributions.

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

A Detracting most from the Fund’s results relative to the S&P 500 Index were positions in semiconductor company Intel, branded online travel services provider Expedia and biopharmaceutical company Incyte.

Intel’s stock experienced strong performance during the Reporting Period. However, the Fund only owned it for a portion of the time, resulting in an underweight position and thus causing it to detract from relative results. The strong performance of Intel’s stock was driven by back-to-back strong earnings results reported in October 2017 and January 2018 as well as by strength in the information technology sector broadly. While we remained positive on Intel’s data center business and improved cost controls, we exited the Fund’s position during the Reporting Period in favor of what we believed to be better risk/reward opportunities elsewhere.

In late October 2017, shares of Expedia came under pressure following a disappointing earnings release in which the company missed market expectations for both earnings and revenues while also lowering its full-year earnings guidance. The weaker than market expected results were explained by the company to be, in part, driven by soft bookings caused by the fall 2017 hurricanes. Lower than expected cash flows from its Trivago business also drew investor concern. Expedia’s share price declined again in February 2018 following another disappointing earnings release. While the company reported strong booked room nights, investors reacted negatively to earnings before interest, taxes, depreciation and amortization (“EBITDA”) well below market estimates. The results were explained by the company to be driven by its increase in investments in efforts to increase hotel supply, improve its marketing efforts and expand its infrastructure capabilities via the cloud. We believe these are high return on equity investments that should continue, in our view, to position the company well in the long term. Overall, at the end of the Reporting Period, we remained confident in Expedia’s long-term growth prospects should it continue to strategically invest.

Early in the Reporting Period, Incyte reported strong third quarter 2017 results. While there were no company specific reasons for its stock price’s decline during January 2018, the narrative centered around the upcoming data readout on Incyte’s melanoma drug, scheduled for later in the first quarter of 2018. At the end of the Reporting Period, we continued to like the company and believed recent positive data points position it well going into the readout. In our view, Incyte has a strong internal research and development capability that has produced a deep pipeline with many opportunities to grow revenues, positioning it well within its industry.

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.

24

PORTFOLIO RESULTS

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

A In addition to those purchases mentioned earlier, we established a Fund position in financial services and banking institution JPMorgan Chase, an addition attributed primarily to the Fund’s benchmark change to the S&P 500 Index. We are positive on the company’s ability to grow loans and gain market share. We are also encouraged by its management’s focus on utilizing technology to reduce costs and improve efficiency across business lines. Overall, we are positive on the company’s business outlook, and, at the time of purchase, we found the stock compelling from a risk/reward perspective.

Similarly, we initiated a Fund position in Bank of America given the Fund’s benchmark change. We are positive on the company as it has performed well even amongst its peers in the financials sector, due, in our view, to good banking fundamentals and its management’s emphasis on cost reductions. At the end of the Reporting Period, we believed Bank of America remained attractively valued and were positive on the company’s business outlook and its ability to capitalize on potentially higher growth and interest rates.

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

We exited the Fund’s position in cooking equipment manufacturer Middleby given the change in benchmark to the S&P 500 Index. With no reflection on our views on the company, we sold the position to allocate the proceeds to other names more in line with the new benchmark.

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

A Effective August 31, 2017, Silverio Foresi became a portfolio manager for the Fund. Steven M. Barry continues to serve as a portfolio manager of the Fund.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples, financials, energy and telecommunication services increased and its allocations to information technology, health care, consumer discretionary, industrials and real estate decreased relative to the S&P 500 Index. The Fund’s position in cash decreased during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund had underweighted positions compared to the S&P 500 Index in financials and was rather neutrally weighted to the S&P 500 Index in the remaining sectors of the S&P 500 Index with the exception of utilities to which the Fund had no exposure at all at the end of the Reporting Period.

25

FUND BASICS

Flexible Cap Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			S&P 500® Index2			Russell 3000® Growth  Index3
Class A		10.75	%		10.84	%		10.45	%
Class C		10.38			10.84			10.45
Institutional		10.96			10.84			10.45
Investor		10.88			10.84			10.45
Class R		10.59			10.84			10.45
Class R6		10.95			10.84			10.45

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 S&P 500^® 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 Russell 3000^® Growth 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 12/31/17	One Year			Five Years			Since Inception			Inception Date
Class A		25.62	%		14.43	%		10.02	%		1/31/08
Class C		30.62			14.85			9.84			1/31/08
Institutional		33.43			16.19			11.10			1/31/08
Investor		33.23			16.01			10.94			1/31/08
Class R		32.48			15.44			10.39			1/31/08
Class R6		33.41			N/A			10.87			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.

26

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		2.56	%
Class C		1.70			3.31
Institutional		0.59			2.17
Investor		0.70			2.31
Class R		1.20			2.81
Class R6		0.58			2.16

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 December 29, 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 2/28/186
Holding	% of Net Assets			Line of Business
Apple, Inc.		4.4	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		3.5		Software
Utilities Select Sector SPDR Fund		2.6		Exchange Traded Funds
JPMorgan Chase & Co.		2.2		Banks
Amazon.com, Inc.		2.1		Internet & Direct Marketing Retail
iShares PHLX Semiconductor ETF		1.9		Exchange Traded Funds
Facebook, Inc. Class A		1.8		Internet Software & Services
Bank of America Corp.		1.8		Banks
Alphabet, Inc. Class C		1.6		Internet Software & Services
Alphabet, Inc. Class A		1.6		Internet Software & Services

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

27

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁷

As of February 28, 2018

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. Underlying sector allocations of Exchange Traded Funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

28

PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

The Fund invests primarily in medium-sized growth companies with a market capitalization between $1 billion and $10 billion. Since the Fund’s inception, the Goldman Sachs Fundamental Equity U.S. Equity 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 11.06%, 10.65%, 11.24%, 10.97%, 11.22%, 10.95% and 11.27%, respectively. These returns compare to the 12.40% cumulative 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 also detracted from relative performance, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting most from the Fund’s relative results was challenging stock selection in the consumer discretionary, industrials and information technology sectors. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were materials, consumer staples and energy, 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 branded online travel services provider Expedia, telecommunication services company Altice USA and entertainment software company Electronic Arts.

In late October 2017, shares of Expedia came under pressure following a disappointing earnings release in which the company missed market expectations for both earnings and revenues while also lowering its full-year earnings guidance. The weaker than market expected results were explained by the company to be, in part, driven by soft bookings caused by the fall 2017 hurricanes. Lower than expected cash flows from its Trivago business also drew investor concern. Expedia’s share price declined again in February 2018 following another disappointing earnings release. While the company reported strong booked room nights, investors reacted negatively to earnings before interest, taxes, depreciation and amortization (“EBITDA”) well below market estimates. The results were explained by the company to be driven by its increase in investments in efforts to increase hotel supply, improve its marketing efforts and expand its infrastructure capabilities via the cloud. We believe these are high return on equity investments that should continue, in our view, to position the company well in the long term. Overall, at the end of the Reporting Period, we

29

PORTFOLIO RESULTS

remained confident in Expedia’s long-term growth prospects should it continue to strategically invest.

Altice USA provides cable and fiber infrastructure for broadband communications. In November 2017, the company reported solid earnings. However, its stock traded down largely driven, in our view, by its association with its French parent company, which owns approximately 70% of Altice USA. The parent company’s shares declined sharply during November 2017, as it reported third quarter 2017 results less than market expectations and provided a weaker outlook. Later in the Reporting Period, we decided to exit the position, as we felt the risk/reward profile of the company had become less compelling.

Electronic Arts announced earnings at the end of October 2017 in line with market expectations but did give slightly lower guidance for the following quarter. Its share price also came under pressure after the company temporarily suspended in-game purchases for its Star Wars Battlefront 2 game following a negative response from users regarding its micro-transaction methods. Later in the Reporting Period, Electronic Arts reported earnings in line with market expectations, results that alleviated investor fears following the challenged Star Wars game release. Following the positive move in its share price, we exited the Fund’s position in Electronic Arts in favor of what we viewed as other high quality growth companies at compelling valuations.

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 pet food company Blue Buffalo Pet Products, labeling and packaging company Avery Dennison and oil and natural gas producer Diamondback Energy.

Shares of Blue Buffalo Pet Products spiked late in the Reporting Period following the announcement that General Mills was planning to purchase the pet food company for a considerable premium. In our view, Blue Buffalo Pet Products is a high quality growth company in the consumer space that was taking positive steps to expand its e-commerce capabilities. We believe the proposed premium being paid for the company is positive recognition of some of the characteristics we favored in the company. At the end of the Reporting Period, we continued to monitor the position as the acquisition nears completion.

Shares of Avery Dennison rose rather steadily during the Reporting Period, as the company reported earnings and sales growth that exceeded investor expectations. The accelerating growth in its core business was explained by the company to be driven by its gaining of market share. At the end of the Reporting Period, we believed Avery Dennison remained a high quality company led by a management team that has demonstrated an ability to deliver consistent growth in a challenged space.

Shares of Diamondback Energy gained modestly in October 2017 following the company’s earnings announcement. The company exceeded market expectations on earnings per share and raised its full-year production guidance. Much of the stock’s gains, however, came as crude oil prices increased, leading American oil exports to reach record levels. At the end of the Reporting Period, we believed Diamondback Energy would likely continue to benefit from its prime acreage in the Permian region of West Texas, which we view as presenting a long runway for consistent and robust earnings growth potential. Overall, we viewed the company as a well-capitalized oil and natural gas producer with superior land and a strong management team.

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 re-initiated a Fund position in financial services technology company Fidelity National Information Services, having sold the Fund’s position in the company during the prior Reporting Period. The company focuses on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions. We are positive on the company’s strong earnings and cash flow growth potential and believe a recent pull-back in its stock presented a renewed favorable risk/reward opportunity going forward. We further believe the company may be a beneficiary of tax reform, as it is focused on returning capital to shareholders through stock buybacks.

We established a Fund position in Hilton Worldwide Holdings, a leading global hospitality company. We are positive on what we view as its strong growth algorithm driven by both its project pipeline and ongoing international presence. We further believe Hilton Worldwide Holdings’ asset-light model positions it well for strong fee growth and margin expansion. Overall, we believe the company is a high

30

PORTFOLIO RESULTS

quality franchise with favorable growth prospects, and we like its track record of return capital to its shareholders.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in global commodity and financial products marketplace operator Intercontinental Exchange (“ICE”). During the Reporting Period, the U.S. Treasury Department published a report proposing several changes to the U.S. capital markets structure. We felt the uncertainty around the potential implications of such changes for ICE created a less compelling risk/reward opportunity. While we continue to believe ICE is a high quality growth company, we decided to sell the position given near-term uncertainties.

We sold the Fund’s position in home and office consumer products retailer Newell Brands. At the end of the third quarter of 2017, the company lowered its full-year earnings guidance due to Hurricane Harvey, which affected much of its Texas- and Louisiana-based manufacturing supply chain. Amidst a challenged consumer packaged goods space and increasing uncertainties around the business, we decided to exit the position and reallocate the capital to higher conviction names.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, 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 and real estate. The Fund was rather neutrally weighted to the Index in consumer staples, information technology, materials, energy and industrials and had no positions at all in telecommunication services and utilities at the end of the Reporting Period.

31

FUND BASICS

Growth Opportunities Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell Midcap® Growth Index2
Class A		11.06	%		12.40	%
Class C		10.65			12.40
Institutional		11.24			12.40
Service		10.97			12.40
Investor		11.22			12.40
Class R		10.95			12.40
Class R6		11.27			12.40

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 Russell Midcap^® Growth 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		19.85	%		10.84	%		7.89	%		10.52	%	5/24/99
Class C		24.59			11.26			7.69			10.03		5/24/99
Institutional		27.20			12.53			8.91			11.29		5/24/99
Service		26.61			11.96			8.37			10.73		5/24/99
Investor		27.07			12.38			8.76			8.90		11/30/07
Class R		26.42			11.81			8.23			8.36		11/30/07
Class R6		27.24			N/A			N/A			7.51		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.

32

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.29	%		1.35	%
Class C		2.04			2.10
Institutional		0.95			0.96
Service		1.45			1.46
Investor		1.04			1.10
Class R		1.54			1.60
Class R6		0.94			0.95

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Amphenol Corp. Class A		3.0	%	Electronic Equipment, Instruments & Components
Roper Technologies, Inc.		2.9		Industrial Conglomerates
Zoetis, Inc.		2.5		Pharmaceuticals
Dunkin’ Brands Group, Inc.		2.2		Hotels, Restaurants & Leisure
Global Payments, Inc.		2.2		IT Services
The Middleby Corp.		2.2		Machinery
Edwards Lifesciences Corp.		2.0		Health Care Equipment & Supplies
Lam Research Corp.		2.0		Semiconductors & Semiconductor Equipment
Agilent Technologies, Inc.		2.0		Life Sciences Tools & Services
First Republic Bank		1.9		Banks

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

33

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2018

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 0.3% of the Fund’s net assets as of February 28, 2018. 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.

34

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

The Fund invests primarily in small and medium-sized growth companies with a market capitalization between $30 million and $60 billion. Since the Fund’s inception, the Goldman Sachs Fundamental Equity U.S. Equity 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 12.20%, 11.75%, 12.36%, 12.14%, 12.33%, 12.03% and 12.35%, respectively. These returns compare to the 12.52% cumulative 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 sector allocation as a whole detracted modestly from the Fund’s performance relative to the Russell Index during the Reporting Period. Stock selection overall contributed positively to relative performance.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting from relative results most during the Reporting Period were industrials, health care and financials, wherein stock selection was challenging. Effective stock selection in the consumer staples, real estate and consumer discretionary sectors helped the Fund’s performance most relative to the Russell Index. Having an underweighted allocation to real estate, the 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 Among those stocks detracting most from the Fund’s results relative to the Russell Index were positions in oncology-focused biopharmaceutical company TESARO, behavioral health care services company Acadia Healthcare and digital printing company Electronics for Imaging.

TESARO engages in the research and development of biopharmaceutical products. Its share price declined sharply in November 2017 in response to increased competition for its poly ADP ribose polymerase (“PARP”), an enzyme, inhibitor product. During the Reporting Period, its competitor received surprising approval from the Food and Drug Administration (“FDA”) for a similar product. Despite the news of increased competition, we continued to believe at the end of the Reporting Period that TESARO has a deep product pipeline that could provide meaningful upside. We also believe its stock’s valuation did not fully account for its potential earnings growth drivers.

Acadia Healthcare’s stock traded down sharply following a challenging third quarter 2017 earnings release that missed market expectations and lowered its guidance. The disappointing results were driven by weakness in its U.K. business due to staffing pressures explained by the company to be in part the ripple effect of Brexit. The company is also not expected to be a significant beneficiary of U.S. tax reform, as it is slightly more levered than its peers. Despite the near-term headwinds, we believed at the end of the Reporting Period that secular demand remained strong in the

35

PORTFOLIO RESULTS

behavioral health care space. We also viewed this industry as being capacity-constrained as it is typically challenging to open these types of facilities.

At the end of October 2017, Electronics for Imaging announced results that were lower than market estimates on both earnings per share and revenue and also cut fourth quarter 2017 guidance, causing its stock to decline sharply. While we believe the company could potentially benefit from favorable secular trends as analog continues to shift toward digital printing, we felt recent management missteps set up a less favorable risk/reward profile, and we therefore decided to exit the position and allocate capital elsewhere.

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 medical device company ABIOMED, ingredients and distillery products producer MGP Ingredients and oil and natural gas producer Diamondback Energy.

ABIOMED specializes in medical devices relating to heart issues. During the Reporting Period, the company announced strong results led by accelerating revenue growth, as hospital purchasing continues to shift toward ABIOMED’s technology, which has produced better patient outcomes and reduced hospital stays. The company’s organic growth appeared to be driven by strength across geographies. At the end of the Reporting Period, we remained positive on the company, as we believe its technology is still in the its early innings and could present a long runway for growth. We also believe its technology is highly differentiated and has limited competition and attractive margins.

MGP Ingredients reported strong third quarter 2017 results in November 2017, causing its stock to jump in price. Its earnings per share beat market estimates, driven by strong top-line revenue and better gross margins. Its net sales also grew due to robust sales of premium beverage alcohol. At the end of the Reporting Period, we were positive on the company and its ability to increase its margins, reflecting a favorable mix shift among beverages as well as increased demand for the company’s premium alcohol, whiskey, vodka and gin offerings. We believed the company had a strong management team and multiple opportunities to grow and capture market share.

Shares of Diamondback Energy gained modestly in October 2017 following the company’s earnings announcement. The company exceeded market expectations on earnings per share and raised its full-year production guidance. Much of the stock’s gains, however, came as crude oil prices increased, leading American oil exports to reach record levels. At the end of the Reporting Period, we believed Diamondback Energy would likely continue to benefit from its prime acreage in the Permian region of West Texas, which we view as presenting a long runway for consistent and robust earnings growth potential. Overall, we viewed the company as a well-capitalized oil and natural gas producer with superior land and a strong management team.

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 semiconductor producer Marvell Technology Group. The company has lagged its competitors in recent years due, in our view, to questionable asset allocation strategies, poor operating expense management and accounting and legal issues. The company recently appointed new members to its management team, who we believe can help the company’s performance turn around. We believe its management team has significant opportunities to accelerate revenues, expand margins and improve capital allocation decisions. Marvell Technology Group’s core businesses of storage and networking should, we believe, benefit from the secular growth of data demand consumption. Additionally, we believe there is upside potential in its recent acquisition of Cavium through cost and revenue synergies, as the companies have complementary customer bases, in our view. Overall, we believe Marvell Technology Group is an attractively valued company with a high quality management team that is positioned to benefit from several secular growth themes.

We established a Fund position in Proofpoint during the Reporting Period. Proofpoint is a security and compliance company that engages in the provision of cloud-based solutions. We believe Proofpoint could be a beneficiary of increased security spending, as companies focus more on cyber security measures given recent breaches. Further, we are positive on the company’s additional new products story, which, we believe, is beginning to resonate with existing customers. We also believe the company has a strong management team and represents, in our view, a solid multi-year growth story.

36

PORTFOLIO RESULTS

Conversely, in addition to the sale of Electronics for Imaging, mentioned earlier, we exited the Fund’s position in WABCO Holdings, a global leader in technology in the trucking industry. Following strong 2017 performance, we decided to eliminate the position as increasing uncertainties around both the regulatory landscape and international demand set up a less compelling risk/reward opportunity, in our view. While we continue to believe WABCO Holdings has strong research and development capabilities, we decided to sell the position and reallocate the capital to names in which we have higher conviction.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund had overweighted positions relative to the Russell Index in the financials and energy sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, materials and real estate. The Fund was rather neutrally weighted to the Russell Index in consumer discretionary, information technology, consumer staples and health care and had no positions at all in telecommunication services and utilities at the end of the Reporting Period.

37

FUND BASICS

Small/Mid Cap Growth Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 2500® Growth Index2
Class A		12.20	%		12.52	%
Class C		11.75			12.52
Institutional		12.36			12.52
Service		12.14			12.52
Investor		12.33			12.52
Class R		12.03			12.52
Class R6		12.35			12.52

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

²  The 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 Russell 2500^® Growth 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		20.73	%		12.27	%		9.01	%		10.16	%	6/30/05
Class C		25.66			12.71			8.80			9.80		6/30/05
Institutional		28.27			13.99			10.06			11.06		6/30/05
Service		27.62			13.42			9.51			10.51		6/30/05
Investor		28.05			13.83			9.90			9.98		11/30/07
Class R		27.48			13.27			9.36			9.44		11/30/07
Class R6		28.26			N/A			N/A			5.98		7/31/15

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

38

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.27	%		1.30	%
Class C		2.02			2.05
Institutional		0.91			0.91
Service		1.41			1.41
Investor		1.02			1.05
Class R		1.52			1.55
Class R6		0.90			0.90

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
The Middleby Corp.		2.4	%	Machinery
Lazard Ltd. Class A		2.3		Capital Markets
Dunkin’ Brands Group, Inc.		2.3		Hotels, Restaurants & Leisure
First Republic Bank		1.9		Banks
ABIOMED, Inc.		1.9		Health Care Equipment & Supplies
Black Knight, Inc.		1.8		IT Services
Sensata Technologies Holding NV		1.8		Electrical Equipment
Xylem, Inc.		1.8		Machinery
Global Payments, Inc.		1.8		IT Services
John Bean Technologies Corp.		1.7		Machinery

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

39

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2018

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 1.2% of the Fund’s net assets as of February 28, 2018. 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.

40

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 Fundamental Equity U.S. Equity 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 12.69%, 12.27%, 12.93%, 12.72%, 12.87%, 12.66% and 12.96%, respectively. These returns compare to the 13.94% cumulative 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 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 health care, consumer staples and real estate 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 consumer discretionary, energy and materials, 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 biopharmaceutical company Incyte, data center real estate investment trust (“REIT”) Equinix and biotechnology company Shire.

Early in the Reporting Period, Incyte reported strong third quarter 2017 results. While there were no company specific reasons for its stock price’s decline during January 2018, the narrative centered around the upcoming data readout on Incyte’s melanoma drug, scheduled for later in the first quarter of 2018. At the end of the Reporting Period, we continued to like the company and believed recent positive data points position it well going into the readout. In our view, Incyte has a strong internal research and development capability that has produced a deep pipeline with many opportunities to grow revenues, positioning it well within its industry.

Shares of Equinix declined, as the data center REIT segment broadly was under pressure for much of the Reporting Period. Investors expected additional interest rate hikes in 2018, which could negatively impact REITs given their high yield component. More company specific, it was announced late in January 2018 that Equinix’s Chief Executive Officer (“CEO”) had unexpectedly resigned effective immediately. Despite the macro concerns and the departure of its CEO, we maintained our belief at the end of the Reporting Period that Equinix is an asset with compelling upside to revenues and free cash flow should it continue to capitalize on secular trends in technology.

41

PORTFOLIO RESULTS

Most of Shire’s stock price decline during the Reporting Period came in 2018, with its stock declining early in January 2018 following a health care conference, where Shire announced the creation of two separate business divisions within the company—one focused on neuroscience, the other on rare diseases. During the conference, Shire also announced lower than previously company-expected revenue guidance for 2020. Shire and the health care sector overall also experienced weakness later in January 2018 driven by fears of competitive headwinds following the announcement by Amazon, Berkshire Hathaway and JP Morgan to partner on health care. In February 2018, Shire reported mixed fourth quarter 2017 earnings, with sales and revenue guidance above market estimates. However, its margin guidance was lower than expected. Despite the volatility experienced by the stock during the Reporting Period, we continued to view the company at the end of the Reporting Period as a high quality business with opportunities in the rare diseases space, which we feel is one of the more attractive therapeutic areas. We also continued to feel that competitive concerns about its hemophilia business were overblown, as we believe it will likely take time for any new entrants to take market share in that space. In short, we remained positive on Shire at the end of the Reporting Period as a compelling growth business moving forward.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in technology hardware manufacturer Cisco Systems, payments company MasterCard and oil and natural gas producer Diamondback Energy.

We initiated a new Fund position in Cisco Systems early in the Reporting Period. Cisco Systems designs, manufactures and sells Internet Protocol-based networking products and services related to the communications and information technology industries. In May 2017, prior to the start of the Reporting Period, its shares had dropped sharply, as the company announced earnings better than market estimates on revenue and earnings per share but with guidance lower than market expectations. Following the decline, we believed the company’s shares were attractively valued and took the opportunity to initiate a Fund position. Shares of Cisco Systems rose in November 2017, as the company reported earnings that were generally in line with market expectations but with earnings per share coming in slightly higher. Much of its outperformance, in our view, was due to continued market optimism about Cisco Systems’ solid execution and progress around many of its key strategic initiatives. Its stock also spiked in February 2018 when the company again reported strong quarterly earnings, beating market expectations on revenue and earnings per share. Its margins were also better than market expected, and its management gave higher future earnings guidance and announced a dividend increase. At the end of the Reporting Period, we were positive on the trajectory of the company, with its ongoing transition to a more recurring business model. We also continued to believe Cisco Systems is a high quality company, with what we consider to be its strong balance sheet, robust free cash flow and proven business model positioning it well moving forward. At the end of the Reporting Period, Cisco Systems was paying an above-average dividend and was utilizing much of its free cash flow for stock buybacks.

MasterCard’s earnings announcements during the Reporting Period beat market estimates on both revenue and earnings per share, driven by higher processed transactions and an increase in gross dollar volume. Its stock also benefited from strong performance across the information technology sector and payment companies broadly during the Reporting Period. At the end of the Reporting Period, we remained optimistic on the company’s ability to grow its core payments business through new client wins as well as to further differentiate itself by expanding to new growth areas such as consumer credit and peer-to-peer lending. We also were positive both on the company’s plans to accelerate investments, driven by the tax savings from recent tax reform, and on what we see as MasterCard’s strong operating trends, which we believe position it well relative to competitors.

Shares of Diamondback Energy gained modestly in October 2017 following the company’s earnings announcement. The company exceeded market expectations on earnings per share and raised its full-year production guidance. Much of the stock’s gains, however, came as crude oil prices increased, leading American oil exports to reach record levels. At the end of the Reporting Period, we believed Diamondback Energy would likely continue to benefit from its prime acreage in the Permian region of West Texas, which we view as presenting a long runway for consistent and robust earnings growth potential. Overall, we viewed the company as a well-capitalized oil and natural gas producer with superior land and a strong management team.

42

PORTFOLIO RESULTS

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

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

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

A We established a Fund position in integrated circuit manufacturer Analog Devices. The company engages in the design and manufacturing of analog, mixed signal and digital signal processing integrated circuits used in many types of electronic equipment. We feel the company has an attractive revenue growth and margin profile and has lagged the industry in recent years, presenting, in our view, an attractive buying opportunity.

We initiated a Fund position in courier delivery services company FedEx during the Reporting Period. We believe FedEx is a high quality growth company positioned well to benefit from secular growth themes as well as company-specific actions. We believe there are multiple growth catalysts for FedEx, as the company works to expand its margins through improved free cash flow conversion, led by organic growth and increased cost synergies from past acquisitions.

Conversely, we sold the Fund’s position in media and entertainment company Walt Disney Co. (“Disney”). While we continue to feel Disney has a strong brand name with good fundamentals and a commitment to share buybacks, we became less positive on the company moving forward given increasing competition and cord-cutting headwinds. (Cord-cutting is the practice of canceling or forgoing a cable television subscription or landline telephone connection in favor of an alternative Internet-based or wireless service.) We therefore decided to exit the position and allocate the capital to other ideas with what we considered to be more compelling risk/reward profiles.

We exited the Fund’s position in semiconductor company Texas Instruments. Texas Instruments was among the top positive contributors to the Fund’s relative results during the Reporting Period. The company reported quarterly results at the end of October 2017 that beat market estimates on earnings per share and revenue, driven by strength in both its industrials and autos segments. Its stock rose further throughout the Reporting Period, as technology companies in general performed well. In January 2018, we decided to remove the position from the Fund’s portfolio. Since adding Texas Instruments, the company easily outperformed the broad U.S. equity market and the semiconductor industry. While we continued to like the company and believed it to be a strong franchise with good management and diversified business, we felt this Fund’s portfolio had other positions with more attractive risk/reward profiles going forward.

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

A Effective January 9, 2018, Timothy M. Leahy no longer served as a portfolio manager for the Fund. Steven M. Barry and Stephen E. Becker continue to serve as portfolio managers of the Fund.

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 materials increased and its allocations to consumer discretionary and consumer staples decreased relative to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund had an underweighted position compared to the Russell Index in information technology. The Fund was rather neutrally weighted in the remaining sectors of the Russell Index, with the exceptions of telecommunication services and utilities where the Fund had no positions at all at the end of the Reporting Period.

43

FUND BASICS

Strategic Growth Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		12.69	%		13.94	%
Class C		12.27			13.94
Institutional		12.93			13.94
Service		12.72			13.94
Investor		12.87			13.94
Class R		12.66			13.94
Class R6		12.96			13.94

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 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 Russell 1000^® Growth 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		23.14	%		13.93	%		7.73	%		4.50	%		5/24/99
Class C		28.02			14.37			7.53			4.05			5/24/99
Institutional		30.89			15.70			8.77			5.24			5/24/99
Service		30.09			15.11			8.24			4.80			5/24/99
Investor		30.53			15.50			N/A			15.28			1/06/09
Class R		29.99			14.98			N/A			14.77			1/06/09
Class R6		30.73			N/A			N/A			11.28			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		1.14	%		1.25	%
Class C		1.89			2.00
Institutional		0.75			0.86
Service		1.25			1.36
Investor		0.89			1.00
Class R		1.39			1.50
Class R6		0.74			0.85

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.9	%	Software
Apple, Inc.		5.9		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		4.5		Internet & Direct Marketing Retail
Facebook, Inc. Class A		3.8		Internet Software & Services
Alphabet, Inc. Class A		3.2		Internet Software & Services
MasterCard, Inc. Class A		2.9		IT Services
Alphabet, Inc. Class C		2.4		Internet Software & Services
The Boeing Co.		2.0		Aerospace & Defense
Comcast Corp. Class A		2.0		Media
Analog Devices, Inc.		1.9		Semiconductors & Semiconductor Equipment

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 February 28, 2018

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 1.2% of the Fund’s net assets as of February 28, 2018. 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

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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 16.77%, 16.35%, 17.00%, 16.71% and 16.92%, respectively. These returns compare to the 21.11% cumulative total return of the Fund’s benchmark, the S&P North American Technology Sector Index (the “S&P Technology Index”), during the same period.

The Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of 9.65% since their inception on December 29, 2017 through February 28, 2018. This compares to the 10.08% cumulative total return of 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 posted robust double-digit absolute gains but underperformed the S&P Technology Index on a relative basis during the Reporting Period due to a combination of sector allocation and stock selection overall.

Q Which equity market sectors most significantly affected Fund performance?

A As both the Fund and the S&P Technology Index have the majority of their respective assets allocated to the information technology sector, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, detracting most from the Fund’s relative results was having exposure to the real estate sector, which is not a component of the S&P Technology Index and which significantly underperformed the S&P Technology Index during the Reporting Period. Stock selection in the information technology and consumer discretionary sectors also hurt the Fund’s relative results. Partially offsetting these detractors was the modestly positive contribution made by having an underweighted exposure to financials, which is not a component of the S&P Technology Index and which lagged the S&P Technology Index during the Reporting Period.

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 wireless communications and broadcast tower real estate investment trust (“REIT”) American Tower, data center REIT Equinix and branded online travel services provider Expedia.

Throughout the Reporting Period, American Tower’s stock experienced some volatility, as investors expected additional interest rate hikes in 2018, which could negatively affect REITs in general and the tower company in particular. The company also announced earnings at the end of February 2018 that were mixed, causing its stock to drop slightly. Despite the volatility around interest rates, we maintained our view at the end of the Reporting Period that American Tower may benefit from secular trends toward

47

PORTFOLIO RESULTS

growing data usage, taking advantage of its dominant market share, global expansion and additional investment opportunities to fuel long-term growth. With recurring revenue streams, strong organic leasing growth and what we consider to be an attractive valuation relative to its peers, we believed at the end of the Reporting Period that American Tower remained a high quality and durable growth company.

Shares of Equinix declined, as the data center REIT segment broadly was under pressure for much of the Reporting Period. Investors expected additional interest rate hikes in 2018, which could negatively impact REITs given their high yield component. More company specific, it was announced late in January 2018 that Equinix’s Chief Executive Officer (“CEO”) had unexpectedly resigned effective immediately. Despite the macro concerns and the departure of its CEO, we maintained our belief at the end of the Reporting Period that Equinix is an asset with compelling upside to revenues and free cash flow should it continue to capitalize on secular trends in technology.

In late October 2017, shares of Expedia came under pressure following a disappointing earnings release in which the company missed market expectations for both earnings and revenues while also lowering its full-year earnings guidance. The weaker than market expected results were explained by the company to be, in part, driven by soft bookings caused by the fall 2017 hurricanes. Lower than expected cash flows from its Trivago business also drew investor concern. Expedia’s share price declined again in February 2018 following another disappointing earnings release. While the company reported strong booked room nights, investors reacted negatively to earnings before interest, taxes, depreciation and amortization (“EBITDA”) well below market estimates. The results were explained by the company to be driven by its increase in investments in efforts to increase hotel supply, improve its marketing efforts and expand its infrastructure capabilities via the cloud. We believe these are high return on equity investments that should continue, in our view, to position the company well in the long term. Overall, at the end of the Reporting Period, we remained confident in Expedia’s long-term growth prospects should it continue to strategically invest.

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, semiconductor company Texas Instruments and software solutions developer Splunk.

ServiceNow provides cloud-based services to automate enterprise information technology operations. Its shares rose rather steadily through the Reporting Period, as the company announced strong results despite heightened expectations by investors. In particular, ServiceNow grew billings and subscriptions at what many investors considered to be impressive levels. At the end of the Reporting Period, we remained positive on the company, as we believe it continued to execute on its mission to bring superior functionality to its clients while also offering new products to its deep base of existing partners. We were also positive on ServiceNow as it works to invest at levels needed to sustain its current pace of growth. We believe the company has matured to the point it can create and execute long-term growth plans given what we see as its strong management team.

Texas Instruments reported quarterly results at the end of October 2017 that beat market estimates on earnings per share and revenue, driven by strength in both its industrials and autos segments. Its stock rose further throughout the Reporting Period, as technology companies in general performed well. In January 2018, we decided to remove the position from the Fund’s portfolio. Since adding Texas Instruments, the company easily outperformed the broad U.S. equity market and the semiconductor industry. While we continued to like the company and believed it to be a strong franchise with good management and diversified business, we felt this Fund’s portfolio had other positions with more attractive risk/reward profiles going forward.

Shares of Splunk spiked in November 2017 following reports of third quarter 2017 results that were well ahead of market expectations. Specifically, revenues, margins and profitability were better than the market expected. Importantly, the company also reported a solid outlook for its revenues and margins. Its shares continued to rise during the Reporting Period, as investors remained positive on the secular growth themes they expected to act as tailwinds for the company going forward. At the end of the Reporting Period, we remained optimistic on Splunk as what we view as one of the best secular platforms in technology. Our view is driven by the strength of Splunk’s partnerships with Amazon’s Web Services (“AWS”) and a growing global presence with service integrators like Accenture. Finally, at the end of the Reporting Period, we believed Splunk was well positioned to benefit from growing demand in web analytics and cybersecurity.

48

PORTFOLIO RESULTS

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

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

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

A We initiated a Fund position in integrated circuit manufacturer Analog Devices during the Reporting Period. The company engages in the design and manufacturing of analog, mixed signal and digital signal processing integrated circuits used in many types of electronic equipment. We feel the company has an attractive revenue growth and margin profile and has lagged the industry in recent years, presenting, in our view, an attractive buying opportunity.

We established a Fund position in semiconductor producer Marvell Technology Group. The company has lagged its competitors in recent years due, in our view, to questionable asset allocation strategies, poor operating expense management and accounting and legal issues. The company recently appointed new members to its management team, who we believe can help the company’s performance turn around. We believe its management team has significant opportunities to accelerate revenues, expand margins and improve capital allocation decisions. Marvell Technology Group’s core businesses of storage and networking should, we believe, benefit from the secular growth of data demand consumption. Additionally, we believe there is upside potential in its recent acquisition of Cavium through cost and revenue synergies, as the companies have complementary customer bases, in our view. Overall, we believe Marvell Technology Group is an attractively valued company with a high quality management team that is positioned to benefit from several secular growth themes.

Conversely, in addition to the sale of Texas Instruments mentioned earlier, we exited the Fund’s position in SBA Communications, a REIT that engages in the provision and ownership of wireless communications infrastructures. Following strong 2017 performance and what we viewed as a less favorable environment for REITs given their sensitivity to rising interest rates, we decided to sell the position. While we continue to like the company and believe it is well positioned to benefit from secular growth themes, we felt there were other companies that presented more attractive risk/reward profiles.

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

A Effective January 9, 2018, Lawrence Tankel and Jonathan A. Nietzell no longer served as portfolio managers for the Fund, and Sung Cho and Charles “Brook” Dane became portfolio managers for the Fund. Steven M. Barry and Michael DeSantis continue to serve as portfolio managers of the Fund.

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 relative to the S&P Technology Index. The Fund’s position in cash also increased during the Reporting Period; its exposure to health care increased; and its exposure to financials and real estate decreased.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, 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 health care and real estate sectors. The Fund had no exposure to the financials or telecommunication services sectors at the end of the Reporting Period.

49

FUND BASICS

Technology Opportunities Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			S&P North American Technology Sector Index2
Class A		16.77	%		21.11	%
Class C		16.35			21.11
Institutional		17.00			21.11
Service		16.71			21.11
Investor		16.92			21.11
December 29, 2017–February 28, 2018
Class R6		9.65	%		10.08	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		30.40	%		16.09	%		9.71	%		6.11	%	10/1/99
Class C		35.89			16.52			9.51			5.64		10/1/99
Institutional		38.54			17.86			10.77			6.87		10/1/99
Service		37.87			17.27			10.23			6.36		10/1/99
Investor		38.36			17.68			N/A			14.46		9/30/10
Class R6		N/A			N/A			N/A			0.00		12/29/17

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 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.

50

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.37	%		1.46	%
Class C		2.12			2.21
Institutional		0.98			1.07
Service		1.48			1.57
Investor		1.12			1.21
Class R6		0.97			1.06

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Amazon.com, Inc.		8.0	%	Internet & Direct Marketing Retail
Facebook, Inc. Class A		5.7		Internet Software & Services
Microsoft Corp.		4.9		Software
Apple, Inc.		4.8		Technology Hardware, Storage & Peripherals
Alphabet, Inc. Class C		4.1		Internet Software & Services
MasterCard, Inc. Class A		3.9		IT Services
Alphabet, Inc. Class A		3.8		Internet Software & Services
Oracle Corp.		3.5		Software
Applied Materials, Inc.		3.3		Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		3.1		Semiconductors & Semiconductor Equipment

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

51

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2018

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.

52

FUND BASICS

Index Definitions

The Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.

53

GOLDMAN SACHS BLUE CHIP FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 96.5%
Aerospace & Defense – 3.2%
	288	The Boeing Co.	$	104,316
	1,078	United Technologies Corp.		145,250
				249,566
Air Freight & Logistics – 1.0%
	306	FedEx Corp.		75,401
Banks – 8.4%
	8,095	Bank of America Corp.		259,849
	1,320	First Republic Bank		122,496
	1,074	JPMorgan Chase & Co.		124,047
	2,722	Wells Fargo & Co.		158,992
				665,384
Beverages – 1.2%
	2,239	The Coca-Cola Co.		96,770
Biotechnology – 1.5%
	897	Shire PLC ADR		114,816
Capital Markets – 1.9%
	1,401	Northern Trust Corp.		148,324
Chemicals – 3.1%
	2,071	DowDuPont, Inc.		145,591
	239	The Sherwin-Williams Co.		95,978
				241,569
Communications Equipment – 2.6%
	4,656	Cisco Systems, Inc.		208,496
Diversified Telecommunication Services – 1.9%
	4,135	AT&T, Inc.		150,100
Electrical Equipment – 1.3%
	765	Eaton Corp. PLC		61,736
	624	Emerson Electric Co.		44,341
				106,077
Energy Equipment & Services – 1.1%
	1,297	Schlumberger Ltd.		85,135
Equity Real Estate Investment Trusts (REITs) – 2.0%
	1,102	American Tower Corp.		153,542
Food & Staples Retailing – 2.1%
	1,860	Walmart, Inc.		167,419
Food Products – 0.6%
	733	The Kraft Heinz Co.		49,148
Health Care Equipment & Supplies – 5.7%
	5,149	Boston Scientific Corp.*		140,362
	2,076	Danaher Corp.		202,991
	1,375	Medtronic PLC		109,849
				453,202
Hotels, Restaurants & Leisure – 1.9%
	944	McDonald’s Corp.		148,907

Shares		Description	Value
Common Stocks – (continued)
Household Products – 2.4%
	1,494	Colgate-Palmolive Co.	$	103,041
	1,077	The Procter & Gamble Co.		84,566
				187,607
Industrial Conglomerates – 2.7%
	1,401	Honeywell International, Inc.		211,705
Insurance – 1.2%
	2,028	MetLife, Inc.		93,673
Internet & Direct Marketing Retail* – 5.7%
	194	Amazon.com, Inc.		293,415
	77	Booking Holdings, Inc.		156,621
				450,036
Internet Software & Services* – 6.3%
	159	Alphabet, Inc. Class A		175,523
	120	Alphabet, Inc. Class C		132,568
	1,079	Facebook, Inc. Class A		192,407
				500,498
IT Services – 3.7%
	1,673	MasterCard, Inc. Class A		294,046
Machinery – 0.8%
	885	Xylem, Inc.		66,003
Media – 2.6%
	2,831	Comcast Corp. Class A		102,510
	1,005	The Walt Disney Co.		103,676
				206,186
Oil, Gas & Consumable Fuels – 5.0%
	1,937	Chevron Corp.		216,789
	1,439	Exxon Mobil Corp.		108,990
	406	Pioneer Natural Resources Co.		69,113
				394,892
Personal Products – 0.6%
	358	The Estee Lauder Cos., Inc. Class A		49,562
Pharmaceuticals – 5.5%
	2,611	Eli Lilly & Co.		201,099
	6,524	Pfizer, Inc.		236,887
				437,986
Road & Rail – 2.7%
	1,632	Union Pacific Corp.		212,568
Semiconductors & Semiconductor Equipment – 2.1%
	1,556	Texas Instruments, Inc.		168,593
Software – 6.0%
	3,452	Microsoft Corp.		323,694
	2,924	Oracle Corp.		148,159
				471,853

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

GOLDMAN SACHS BLUE CHIP FUND

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – 0.8%
	773	Ross Stores, Inc.	$	60,364
Technology Hardware, Storage & Peripherals – 2.9%
	1,304	Apple, Inc.		232,268
Textiles, Apparel & Luxury Goods – 3.2%
	3,722	NIKE, Inc. Class B		249,486
Tobacco – 2.8%
	2,163	Philip Morris International, Inc.		223,979
	TOTAL COMMON STOCKS
	(Cost $6,701,460)		$	7,625,161
Shares		Distribution Rate	Value
Investment Company(a) – 0.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	58,966	1.262%	$	58,966
	(Cost $58,966)
	TOTAL INVESTMENTS – 97.2%
	(Cost $6,760,426)		$	7,684,127
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.8%			220,143
	NET ASSETS – 100.0%		$	7,904,270

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

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.0%
Aerospace & Defense – 3.6%
	25,286	General Dynamics Corp.	$	5,624,871
	17,604	Northrop Grumman Corp.		6,162,104
	64,153	The Boeing Co.		23,236,858
				35,023,833
Air Freight & Logistics – 0.7%
	29,233	FedEx Corp.		7,203,303
Auto Components – 0.9%
	42,948	Aptiv PLC		3,922,441
	100,454	Delphi Technologies PLC		4,796,678
				8,719,119
Automobiles*(a) – 0.2%
	6,440	Tesla, Inc.		2,209,306
Banks – 1.5%
	119,955	First Republic Bank		11,131,824
	58,210	SunTrust Banks, Inc.		4,065,386
				15,197,210
Beverages – 2.1%
	48,398	Brown-Forman Corp. Class B		3,377,696
	85,585	Coca-Cola European Partners PLC		3,253,942
	159,192	Monster Beverage Corp.*		10,087,997
	88,549	The Coca-Cola Co.		3,827,088
				20,546,723
Biotechnology – 3.2%
	60,723	Alkermes PLC*		3,466,069
	76,555	Incyte Corp.*		6,519,424
	10,918	Regeneron Pharmaceuticals, Inc.*		3,498,564
	73,386	Shire PLC ADR		9,393,408
	51,069	Vertex Pharmaceuticals, Inc.*		8,478,986
				31,356,451
Building Products – 0.4%
	58,795	Fortune Brands Home & Security, Inc.		3,566,505
Capital Markets – 2.6%
	15,141	Affiliated Managers Group, Inc.		2,867,100
	54,810	Intercontinental Exchange, Inc.		4,005,515
	38,733	Lazard Ltd. Class A		2,090,420
	16,425	MSCI, Inc.		2,324,466
	68,253	Northern Trust Corp.		7,225,945
	38,339	S&P Global, Inc.		7,353,420
				25,866,866
Chemicals – 2.8%
	61,942	Ashland Global Holdings, Inc.		4,386,733
	44,707	DowDuPont, Inc.		3,142,902
	49,198	Ecolab, Inc.		6,417,879
	24,283	The Sherwin-Williams Co.		9,751,567
	178,643	Valvoline, Inc.		4,092,711
				27,791,792
Commercial Services & Supplies – 0.3%
	14,984	Cintas Corp.		2,557,169
Common Stocks – (continued)
Communications Equipment – 0.6%
	138,978	Cisco Systems, Inc.		6,223,435
Construction Materials* – 0.1%
	25,252	Summit Materials, Inc. Class A		798,721
Containers & Packaging – 0.3%
	27,789	Avery Dennison Corp.		3,283,270
Distributors* – 0.3%
	68,895	LKQ Corp.		2,719,975
Diversified Consumer Services* – 0.2%
	22,309	Bright Horizons Family Solutions, Inc.		2,132,071
Electrical Equipment* – 0.8%
	142,679	Sensata Technologies Holding NV		7,542,012
Electronic Equipment, Instruments & Components – 1.1%
	113,904	Amphenol Corp. Class A		10,409,687
Energy Equipment & Services* – 0.3%
	59,546	Dril-Quip, Inc.		2,682,547
Equity Real Estate Investment Trusts (REITs) – 1.6%
	68,741	American Tower Corp.		9,577,684
	16,864	Equinix, Inc.		6,612,374
				16,190,058
Food & Staples Retailing – 0.4%
	21,721	Costco Wholesale Corp.		4,146,539
Food Products – 0.3%
	41,942	The Kraft Heinz Co.		2,812,211
Health Care Equipment & Supplies – 3.6%
	344,327	Boston Scientific Corp.*		9,386,354
	75,682	Danaher Corp.		7,400,186
	109,434	Edwards Lifesciences Corp.*		14,628,043
	23,474	Nevro Corp.*(a)		1,904,211
	22,729	West Pharmaceutical Services, Inc.		1,982,423
				35,301,217
Health Care Providers & Services – 2.1%
	18,509	Humana, Inc.		5,031,116
	67,417	UnitedHealth Group, Inc.		15,247,029
				20,278,145
Hotels, Restaurants & Leisure – 3.2%
	41,569	Choice Hotels International, Inc.		3,290,186
	75,376	Dunkin’ Brands Group, Inc.		4,514,269
	30,945	Hilton Worldwide Holdings, Inc.		2,500,047
	21,540	Las Vegas Sands Corp.		1,568,327
	97,951	McDonald’s Corp.		15,450,791
	49,737	Yum! Brands, Inc.		4,047,597
				31,371,217
Household Products – 0.9%
	130,105	Colgate-Palmolive Co.		8,973,342

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 2.9%
	13,420	3M Co.	$	3,160,544
	127,138	Honeywell International, Inc.		19,211,823
	21,048	Roper Technologies, Inc.		5,790,095
				28,162,462
Internet & Direct Marketing Retail – 7.2%
	30,013	Amazon.com, Inc.*		45,393,162
	5,456	Booking Holdings, Inc.*		11,097,722
	14,768	Expedia, Inc.		1,553,151
	43,995	Netflix, Inc.*		12,819,263
				70,863,298
Internet Software & Services* – 8.9%
	22,844	Alphabet, Inc. Class A		25,217,948
	23,867	Alphabet, Inc. Class C		26,366,591
	23,945	eBay, Inc.		1,026,283
	191,522	Facebook, Inc. Class A		34,152,203
				86,763,025
IT Services – 7.2%
	39,834	Accenture PLC Class A		6,413,672
	102,988	Black Knight, Inc.*		4,907,378
	52,544	DXC Technology Co.		5,387,862
	27,633	Fiserv, Inc.*		3,962,296
	9,304	FleetCor Technologies, Inc.*		1,860,149
	53,092	Global Payments, Inc.		6,020,102
	176,964	MasterCard, Inc. Class A		31,103,192
	35,761	Paychex, Inc.		2,329,114
	70,271	PayPal Holdings, Inc.*		5,580,220
	37,678	Total System Services, Inc.		3,313,780
				70,877,765
Life Sciences Tools & Services – 1.7%
	85,498	Agilent Technologies, Inc.		5,864,308
	32,065	Illumina, Inc.*		7,311,461
	5,816	Mettler-Toledo International, Inc.*		3,583,936
				16,759,705
Machinery – 2.8%
	19,653	Fortive Corp.		1,509,350
	11,708	IDEX Corp.		1,601,654
	35,005	John Bean Technologies Corp.		3,876,804
	74,522	The Middleby Corp.*		8,961,271
	26,783	WABCO Holdings, Inc.*		3,695,251
	138,770	Welbilt, Inc.*		2,749,034
	65,487	Xylem, Inc.		4,884,020
				27,277,384
Media – 2.7%
	538,853	Comcast Corp. Class A		19,511,867
	65,711	The Walt Disney Co.		6,778,747
				26,290,614
Oil, Gas & Consumable Fuels* – 0.6%
	22,861	Concho Resources, Inc.		3,447,439
	17,209	Diamondback Energy, Inc.		2,144,930
				5,592,369

Shares		Description	Value
Common Stocks – (continued)
Personal Products – 0.4%
	28,421	The Estee Lauder Cos., Inc. Class A	$	3,934,603
Pharmaceuticals – 2.2%
	191,106	Eli Lilly & Co.		14,718,984
	83,566	Zoetis, Inc.		6,757,147
				21,476,131
Professional Services – 0.1%
	7,208	Equifax, Inc.		814,504
Road & Rail – 0.6%
	114,118	CSX Corp.		6,130,419
Semiconductors & Semiconductor Equipment – 5.0%
	129,124	Analog Devices, Inc.		11,640,528
	129,791	Applied Materials, Inc.		7,474,664
	34,971	Broadcom Ltd.		8,618,953
	416,090	Marvell Technology Group Ltd.		9,773,954
	46,504	NVIDIA Corp.		11,253,968
				48,762,067
Software – 9.6%
	48,443	Activision Blizzard, Inc.		3,542,637
	38,885	Adobe Systems, Inc.*		8,132,020
	44,501	Autodesk, Inc.*		5,227,533
	28,633	Electronic Arts, Inc.*		3,541,902
	27,485	Intuit, Inc.		4,586,147
	579,847	Microsoft Corp.		54,372,253
	15,796	Proofpoint, Inc.*		1,692,857
	53,980	salesforce.com, Inc.*		6,275,175
	12,668	ServiceNow, Inc.*		2,039,675
	19,825	Splunk, Inc.*		1,847,690
	10,492	The Ultimate Software Group, Inc.*		2,501,922
				93,759,811
Specialty Retail – 1.9%
	74,516	Ross Stores, Inc.		5,818,954
	71,172	The Home Depot, Inc.		12,972,521
				18,791,475
Technology Hardware, Storage & Peripherals – 6.7%
	371,411	Apple, Inc.		66,155,727
Textiles, Apparel & Luxury Goods – 2.2%
	224,847	NIKE, Inc. Class B		15,071,494
	44,459	PVH Corp.		6,414,545
				21,486,039
Tobacco – 2.2%
	177,464	Altria Group, Inc.		11,171,359
	98,354	Philip Morris International, Inc.		10,184,556
				21,355,915
	TOTAL COMMON STOCKS
	(Cost $586,639,004)		$	970,156,037

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Distribution Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17	1.262%	$	17
	(Cost $17)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $586,639,021)		$	970,156,054
Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,847,955	1.262%	$	2,847,955
	(Cost $2,847,955)
	TOTAL INVESTMENTS – 99.3%
	(Cost $589,486,976)		$	973,004,009
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			7,065,707
	NET ASSETS – 100.0%		$	980,069,716

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.0%
Aerospace & Defense – 2.0%
	8,925	Northrop Grumman Corp.	$	3,124,107
Auto Components – 1.5%
	26,446	Aptiv PLC		2,415,313
Beverages* – 2.2%
	55,419	Monster Beverage Corp.		3,511,902
Biotechnology – 5.1%
	30,399	Incyte Corp.*		2,588,779
	22,942	Shire PLC ADR		2,936,576
	15,036	Vertex Pharmaceuticals, Inc.*		2,496,427
				8,021,782
Capital Markets – 2.6%
	38,156	Northern Trust Corp.		4,039,576
Communications Equipment – 2.5%
	87,067	Cisco Systems, Inc.		3,898,860
Equity Real Estate Investment Trusts (REITs) – 3.6%
	20,775	American Tower Corp.		2,894,581
	7,165	Equinix, Inc.		2,809,396
				5,703,977
Food Products – 1.7%
	40,401	The Kraft Heinz Co.		2,708,887
Health Care Equipment & Supplies – 6.2%
	123,959	Boston Scientific Corp.*		3,379,122
	41,634	Danaher Corp.		4,070,973
	16,467	Edwards Lifesciences Corp.*		2,201,144
				9,651,239
Hotels, Restaurants & Leisure – 2.8%
	27,354	McDonald’s Corp.		4,314,820
Household Products – 1.9%
	42,598	Colgate-Palmolive Co.		2,937,984
Industrial Conglomerates – 5.0%
	30,923	Honeywell International, Inc.		4,672,775
	11,761	Roper Technologies, Inc.		3,235,333
				7,908,108
Internet & Direct Marketing Retail* – 7.8%
	4,679	Amazon.com, Inc.		7,076,754
	1,408	Booking Holdings, Inc.		2,863,928
	7,654	Netflix, Inc.		2,230,222
				12,170,904
Internet Software & Services* – 10.2%
	5,182	Alphabet, Inc. Class A		5,720,513
	2,814	Alphabet, Inc. Class C		3,108,710
	39,818	Facebook, Inc. Class A		7,100,346
				15,929,569
IT Services – 3.2%
	28,967	MasterCard, Inc. Class A		5,091,240
Life Sciences Tools & Services* – 1.3%
	9,255	Illumina, Inc.		2,110,325
Machinery – 3.3%
	25,126	The Middleby Corp.*		3,021,402
Common Stocks – (continued)
Machinery (continued)
	29,240	Xylem, Inc.	$	2,180,719
				5,202,121
Media – 2.7%
	115,586	Comcast Corp. Class A		4,185,369
Oil, Gas & Consumable Fuels* – 1.8%
	22,047	Diamondback Energy, Inc.		2,747,938
Pharmaceuticals – 2.3%
	46,076	Eli Lilly & Co.		3,548,774
Road & Rail – 1.8%
	51,237	CSX Corp.		2,752,452
Semiconductors & Semiconductor Equipment – 4.5%
	53,507	Analog Devices, Inc.		4,823,656
	8,953	NVIDIA Corp.		2,166,626
				6,990,282
Software – 11.5%
	15,908	Electronic Arts, Inc.*		1,967,820
	12,822	Intuit, Inc.		2,139,479
	112,528	Microsoft Corp.		10,551,750
	28,925	salesforce.com, Inc.*		3,362,531
				18,021,580
Technology Hardware, Storage & Peripherals – 5.9%
	51,718	Apple, Inc.		9,212,010
Textiles, Apparel & Luxury Goods – 2.8%
	64,323	NIKE, Inc. Class B		4,311,571
Tobacco – 1.8%
	27,284	Philip Morris International, Inc.		2,825,258
	TOTAL COMMON STOCKS
	(Cost $103,830,038)		$	153,335,948
Shares		Distribution Rate	Value
Investment Companies(a) – 0.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	650,775	1.262%	$	650,775
	(Cost $650,775)
	TOTAL INVESTMENTS – 98.4%
	(Cost $104,480,813)		$	153,986,723
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			2,559,219
	NET ASSETS – 100.0%		$	156,545,942

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 93.1%
Aerospace & Defense – 4.4%
	628	General Dynamics Corp.	$	139,699
	385	Huntington Ingalls Industries, Inc.		100,874
	457	L3 Technologies, Inc.		94,850
	634	Raytheon Co.		137,901
	722	The Boeing Co.		261,516
	1,249	United Technologies Corp.		168,290
				903,130
Auto Components – 1.0%
	1,239	Aptiv PLC		113,158
	1,952	Delphi Technologies PLC		93,208
				206,366
Banks – 6.6%
	11,413	Bank of America Corp.		366,357
	1,678	Commerce Bancshares, Inc.		96,938
	1,531	East West Bancorp, Inc.		100,357
	1,097	First Republic Bank		101,802
	3,843	JPMorgan Chase & Co.		443,867
	1,947	Synovus Financial Corp.		95,987
	2,186	Wells Fargo & Co.		127,684
				1,332,992
Beverages – 1.6%
	1,613	Monster Beverage Corp.*		102,216
	5,110	The Coca-Cola Co.		220,854
				323,070
Biotechnology – 1.2%
	881	Incyte Corp.*		75,026
	490	Shire PLC ADR		62,720
	640	Vertex Pharmaceuticals, Inc.*		106,259
				244,005
Building Products – 0.8%
	1,425	Fortune Brands Home & Security, Inc.		86,440
	912	Owens Corning		74,146
				160,586
Capital Markets – 3.9%
	530	Affiliated Managers Group, Inc.		100,361
	649	Ameriprise Financial, Inc.		101,529
	1,609	Lazard Ltd. Class A		86,838
	667	MSCI, Inc.		94,394
	1,139	Northern Trust Corp.		120,586
	770	S&P Global, Inc.		147,686
	2,617	The Bank of New York Mellon Corp.		149,247
				800,641
Chemicals – 1.9%
	798	Celanese Corp. Series A		80,486
	2,033	DowDuPont, Inc.		142,920
	2,819	Huntsman Corp.		90,969
	2,547	Olin Corp.		82,778
				397,153
Common Stocks – (continued)
Communications Equipment – 2.3%
	6,378	Cisco Systems, Inc.		285,607
	1,989	CommScope Holding Co., Inc.*		76,994
	3,934	Juniper Networks, Inc.		100,947
				463,548
Construction & Engineering – 0.4%
	1,421	Jacobs Engineering Group, Inc.		86,766
Consumer Finance – 0.6%
	1,526	Discover Financial Services		120,295
Containers & Packaging – 1.0%
	898	Avery Dennison Corp.		106,099
	1,655	Berry Global Group, Inc.*		90,032
				196,131
Diversified Telecommunication Services – 1.4%
	7,788	AT&T, Inc.		282,704
Electrical Equipment – 1.4%
	1,420	Eaton Corp. PLC		114,594
	622	Hubbell, Inc.		81,513
	1,672	Sensata Technologies Holding NV*		88,382
				284,489
Electronic Equipment, Instruments & Components – 0.5%
	1,135	Amphenol Corp. Class A		103,728
Energy Equipment & Services – 0.5%
	2,324	Halliburton Co.		107,880
Equity Real Estate Investment Trusts (REITs) – 2.5%
	780	American Tower Corp.		108,677
	2,464	Chesapeake Lodging Trust		63,719
	200	Equinix, Inc.		78,420
	728	Equity LifeStyle Properties, Inc.		61,596
	1,244	Highwoods Properties, Inc.		53,505
	1,878	Pebblebrook Hotel Trust		63,871
	505	SBA Communications Corp.*		79,421
				509,209
Food & Staples Retailing – 1.8%
	3,422	The Kroger Co.		92,805
	2,507	US Foods Holding Corp.*		83,709
	2,122	Walmart, Inc.		191,001
				367,515
Food Products – 0.5%
	2,614	Conagra Brands, Inc.		94,444
Health Care Equipment & Supplies – 3.5%
	2,654	Abbott Laboratories		160,116
	3,337	Boston Scientific Corp.*		90,967
	1,232	Danaher Corp.		120,465
	680	Edwards Lifesciences Corp.*		90,895
	2,048	Medtronic PLC		163,615
	694	Zimmer Biomet Holdings, Inc.		80,677
				706,735

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – 2.7%
	662	Aetna, Inc.	$	117,214
	362	Humana, Inc.		98,399
	497	Laboratory Corp. of America Holdings*		85,832
	1,113	UnitedHealth Group, Inc.		251,716
				553,161
Hotels, Restaurants & Leisure – 2.9%
	1,493	Dunkin’ Brands Group, Inc.		89,416
	2,242	Hilton Grand Vacations, Inc.*		96,764
	1,280	Las Vegas Sands Corp.		93,197
	1,266	McDonald’s Corp.		199,699
	1,461	Yum! Brands, Inc.		118,896
				597,972
Household Products – 0.6%
	1,765	Colgate-Palmolive Co.		121,732
Industrial Conglomerates – 1.2%
	741	Carlisle Cos., Inc.		76,256
	1,161	Honeywell International, Inc.		175,439
				251,695
Insurance – 2.7%
	833	American Financial Group, Inc.		93,963
	1,060	Arch Capital Group Ltd.*		93,534
	2,927	MetLife, Inc.		135,198
	2,216	The Progressive Corp.		127,597
	1,149	Torchmark Corp.		98,090
				548,382
Internet & Direct Marketing Retail – 2.6%
	279	Amazon.com, Inc.*		421,974
	1,084	Expedia, Inc.		114,004
				535,978
Internet Software & Services* – 5.1%
	289	Alphabet, Inc. Class A		319,033
	302	Alphabet, Inc. Class C		333,628
	2,106	Facebook, Inc. Class A		375,542
				1,028,203
IT Services – 3.9%
	1,650	Black Knight, Inc.*		78,622
	1,988	Booz Allen Hamilton Holding Corp.		75,405
	1,134	Fidelity National Information Services, Inc.		110,202
	781	Fiserv, Inc.*		111,988
	886	Global Payments, Inc.		100,463
	1,257	MasterCard, Inc. Class A		220,930
	1,029	Total System Services, Inc.		90,501
				788,111
Leisure Products – 0.5%
	1,624	Brunswick Corp.		92,893
Life Sciences Tools & Services – 1.6%
	1,198	Agilent Technologies, Inc.		82,171
	415	Illumina, Inc.*		94,628
	123	Mettler-Toledo International, Inc.*		75,795
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	994	PerkinElmer, Inc.		75,882
				328,476
Machinery – 1.3%
	579	IDEX Corp.		79,207
	1,393	PACCAR, Inc.		99,725
	1,267	Xylem, Inc.		94,493
				273,425
Media – 1.8%
	4,067	Comcast Corp. Class A		147,266
	2,025	Live Nation Entertainment, Inc.*		90,720
	1,320	The Walt Disney Co.		136,171
				374,157
Metals & Mining – 0.5%
	2,073	Steel Dynamics, Inc.		95,876
Oil, Gas & Consumable Fuels – 4.6%
	1,782	Anadarko Petroleum Corp.		101,645
	2,287	Chevron Corp.		255,961
	2,446	ConocoPhillips		132,842
	6,947	Encana Corp.		72,944
	1,820	EQT Corp.		91,564
	1,601	Marathon Petroleum Corp.		102,560
	598	Pioneer Natural Resources Co.		101,798
	2,084	RSP Permian, Inc.*		79,838
				939,152
Personal Products – 0.5%
	779	The Estee Lauder Cos., Inc. Class A		107,845
Pharmaceuticals – 4.1%
	2,384	Bristol-Myers Squibb Co.		157,821
	1,574	Eli Lilly & Co.		121,229
	1,593	Johnson & Johnson		206,899
	6,800	Pfizer, Inc.		246,908
	1,352	Zoetis, Inc.		109,323
				842,180
Road & Rail – 0.9%
	1,352	Union Pacific Corp.		176,098
Semiconductors & Semiconductor Equipment – 1.7%
	2,477	Applied Materials, Inc.		142,651
	3,533	Marvell Technology Group Ltd.		82,990
	94	NVIDIA Corp.		22,748
	1,332	Xilinx, Inc.		94,905
				343,294
Software – 6.5%
	1,043	Citrix Systems, Inc.*		95,956
	702	Intuit, Inc.		117,136
	7,543	Microsoft Corp.		707,307
	3,940	Oracle Corp.		199,640
	858	Red Hat, Inc.*		126,469
	1,965	Verint Systems, Inc.*		76,438
				1,322,946

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – 2.3%
	798	Burlington Stores, Inc.*	$	97,867
	1,706	Lowe’s Cos., Inc.		152,841
	1,536	Ross Stores, Inc.		119,946
	490	The Home Depot, Inc.		89,312
				459,966
Technology Hardware, Storage & Peripherals – 4.4%
	4,975	Apple, Inc.		886,147
Textiles, Apparel & Luxury Goods – 0.9%
	1,127	NIKE, Inc. Class B		75,543
	708	PVH Corp.		102,150
				177,693
Tobacco – 2.0%
	2,864	Altria Group, Inc.		180,289
	2,126	Philip Morris International, Inc.		220,147
				400,436
	TOTAL COMMON STOCKS
	(Cost $14,756,118)		$	18,937,205
Exchange Traded Funds – 6.3%
	1,028	Consumer Staples Select Sector SPDR Fund	$	54,905
	1,054	Energy Select Sector SPDR Fund		70,344
	1,606	iShares Nasdaq Biotechnology ETF		173,577
	2,110	iShares PHLX Semiconductor ETF		390,097
	232	SPDR S&P 500 ETF Trust		63,023
	10,824	Utilities Select Sector SPDR Fund		531,025
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,346,118)		$	1,282,971
	TOTAL INVESTMENTS – 99.4%
	(Cost $16,102,236)		$	20,220,176
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			119,278
	NET ASSETS – 100.0%		$	20,339,454

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

Investment Abbreviations:
ADR	—American Depositary Receipt
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 2.1%
	168,461	HEICO Corp.	$	14,420,262
	62,620	HEICO Corp. Class A		4,539,950
	161,086	L3 Technologies, Inc.		33,433,399
				52,393,611
Auto Components – 0.6%
	131,592	Aptiv PLC		12,018,297
	43,789	Delphi Technologies PLC		2,090,925
				14,109,222
Banks – 2.7%
	325,024	Eagle Bancorp, Inc.*		19,842,715
	514,571	First Republic Bank		47,752,189
				67,594,904
Beverages – 2.6%
	408,116	Brown-Forman Corp. Class B		28,482,416
	549,280	Monster Beverage Corp.*		34,807,873
				63,290,289
Biotechnology* – 4.4%
	107,769	Agios Pharmaceuticals, Inc.(a)		8,663,550
	430,988	Alkermes PLC(a)		24,600,795
	27,641	Bluebird Bio, Inc.		5,555,841
	742,584	Exelixis, Inc.		19,158,667
	188,312	Incyte Corp.		16,036,650
	221,663	Neurocrine Biosciences, Inc.		18,715,007
	277,703	Seattle Genetics, Inc.		14,995,962
				107,726,472
Building Products – 0.9%
	368,456	Fortune Brands Home & Security, Inc.		22,350,541
Capital Markets – 5.8%
	89,613	Affiliated Managers Group, Inc.		16,969,118
	874,745	Lazard Ltd. Class A		47,209,987
	230,285	MSCI, Inc.		32,589,933
	424,555	Northern Trust Corp.		44,947,638
				141,716,676
Chemicals – 3.4%
	326,585	Ashland Global Holdings, Inc.		23,128,750
	52,409	The Sherwin-Williams Co.		21,046,406
	1,758,105	Valvoline, Inc.		40,278,186
				84,453,342
Containers & Packaging – 1.5%
	319,467	Avery Dennison Corp.		37,745,026
Distributors* – 0.7%
	453,083	LKQ Corp.		17,887,717
Diversified Consumer Services* – 1.6%
	408,387	Bright Horizons Family Solutions, Inc.		39,029,546
Electrical Equipment – 3.1%
	217,807	Hubbell, Inc.		28,543,607
Common Stocks – (continued)
Electrical Equipment – (continued)
	898,225	Sensata Technologies Holding NV*(a)		47,480,174
				76,023,781
Electronic Equipment, Instruments & Components – 3.0%
	803,219	Amphenol Corp. Class A		73,406,184
Energy Equipment & Services* – 0.6%
	347,669	Dril-Quip, Inc.		15,662,488
Equity Real Estate Investment Trusts (REITs)* – 1.5%
	239,814	SBA Communications Corp.		37,715,548
Food Products* – 1.1%
	695,391	Blue Buffalo Pet Products, Inc.		27,857,364
Health Care Equipment & Supplies – 4.0%
	57,555	ABIOMED, Inc.*		15,435,100
	374,129	Edwards Lifesciences Corp.*		50,009,823
	261,595	Nevro Corp.*		21,220,586
	51,276	The Cooper Cos., Inc.		11,820,144
				98,485,653
Hotels, Restaurants & Leisure – 5.9%
	238,550	Choice Hotels International, Inc.		18,881,233
	32,517	Domino’s Pizza, Inc.		7,232,106
	908,301	Dunkin’ Brands Group, Inc.		54,398,147
	488,250	Hilton Worldwide Holdings, Inc.		39,445,717
	302,887	Yum! Brands, Inc.		24,648,944
			144,606,147
Industrial Conglomerates – 2.9%
	262,763	Roper Technologies, Inc.		72,283,474
Internet & Direct Marketing Retail – 1.4%
	320,811	Expedia, Inc.		33,739,693
Internet Software & Services* – 1.9%
	557,448	GoDaddy, Inc. Class A		33,340,965
	89,581	IAC/InterActiveCorp.		13,339,507
				46,680,472
IT Services – 10.1%
	867,181	Black Knight, Inc.*		41,321,175
	214,160	DXC Technology Co.		21,959,966
	421,971	Fidelity National Information Services, Inc.		41,007,142
	282,782	Fiserv, Inc.*		40,548,111
	474,488	Global Payments, Inc.		53,802,194
	219,908	Square, Inc. Class A*		10,126,763
	441,966	Total System Services, Inc.		38,870,910
				247,636,261
Life Sciences Tools & Services – 5.5%
	705,604	Agilent Technologies, Inc.		48,397,378
	207,848	Illumina, Inc.*		47,393,501
	37,912	Mettler-Toledo International, Inc.*		23,362,133
	201,925	PRA Health Sciences, Inc.*		16,961,700
				136,114,712

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – 7.9%
	551,096	Fortive Corp.	$	42,324,173
	184,455	IDEX Corp.		25,233,444
	227,789	John Bean Technologies Corp.		25,227,632
	441,058	The Middleby Corp.*		53,037,224
	426,538	Welbilt, Inc.*		8,449,718
	545,423	Xylem, Inc.		40,677,647
				194,949,838
Oil, Gas & Consumable Fuels* – 2.0%
	159,045	Concho Resources, Inc.		23,983,986
	198,521	Diamondback Energy, Inc.		24,743,657
				48,727,643
Pharmaceuticals – 2.5%
	764,217	Zoetis, Inc.		61,794,587
Road & Rail – 0.7%
	120,946	Old Dominion Freight Line, Inc.		16,801,818
Semiconductors & Semiconductor Equipment – 5.8%
	427,446	Analog Devices, Inc.		38,534,257
	254,107	Lam Research Corp.		48,752,969
	1,377,240	Marvell Technology Group Ltd.		32,351,368
	166,568	Maxim Integrated Products, Inc.		10,150,654
	185,425	Xilinx, Inc.		13,211,531
				143,000,779
Software – 7.5%
	334,877	Autodesk, Inc.*		39,338,001
	259,326	Intuit, Inc.		43,271,136
	124,558	Proofpoint, Inc.*		13,348,881
	260,460	Red Hat, Inc.*		38,391,804
	152,919	ServiceNow, Inc.*		24,621,488
	272,939	Splunk, Inc.*		25,437,915
				184,409,225
Specialty Retail – 3.0%
	290,636	Five Below, Inc.*		19,429,017
	310,456	Hudson Ltd. Class A*		4,846,218
	549,717	Ross Stores, Inc.		42,927,400
	31,616	Ulta Salon, Cosmetics & Fragrance, Inc.*		6,429,114
				73,631,749
Textiles, Apparel & Luxury Goods – 2.5%
	277,023	PVH Corp.		39,968,879
	526,224	Skechers U.S.A., Inc. Class A*		21,533,086
				61,501,965
	TOTAL COMMON STOCKS
	(Cost $1,792,473,626)		$	2,443,326,727
Investment Company(b) – 0.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,561,617	1.262%	$	16,561,617
	(Cost $16,561,617)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,809,035,243)		$	2,459,888,344
Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,326,856	1.262%	$	7,326,856
	(Cost $7,326,856)
	TOTAL INVESTMENTS – 100.2%
	(Cost $1,816,362,099)		$	2,467,215,200
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%			(4,989,431	)
	NET ASSETS – 100.0%		$	2,462,225,769

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Aerospace & Defense – 2.2%
	158,801	HEICO Corp.	$	13,593,366
	58,987	HEICO Corp. Class A		4,276,557
	155,362	L3 Technologies, Inc.		32,245,383
				50,115,306
Auto Components – 0.4%
	212,950	Delphi Technologies PLC		10,168,363
Banks – 3.4%
	561,164	Eagle Bancorp, Inc.*		34,259,062
	479,632	First Republic Bank		44,509,850
				78,768,912
Beverages – 1.3%
	343,346	MGP Ingredients, Inc.		28,813,596
Biotechnology* – 9.4%
	563,844	ACADIA Pharmaceuticals, Inc.		14,048,173
	332,793	Acceleron Pharma, Inc.		13,954,010
	296,030	Agios Pharmaceuticals, Inc.		23,797,852
	897,944	Alder Biopharmaceuticals, Inc.		12,481,422
	552,719	Alkermes PLC		31,549,200
	87,175	Bluebird Bio, Inc.		17,522,175
	918,366	Exelixis, Inc.		23,693,843
	304,362	Neurocrine Biosciences, Inc.		25,697,284
	116,032	Sarepta Therapeutics, Inc.		7,283,329
	379,429	Seattle Genetics, Inc.		20,489,166
	216,169	TESARO, Inc.(a)		11,939,014
	293,218	Ultragenyx Pharmaceutical, Inc.		14,018,752
				216,474,220
Building Products – 1.2%
	435,755	Fortune Brands Home & Security, Inc.		26,432,898
Capital Markets – 5.9%
	144,340	Affiliated Managers Group, Inc.		27,332,222
	243,843	Evercore, Inc. Class A		22,689,591
	990,581	Lazard Ltd. Class A		53,461,657
	235,547	MSCI, Inc.		33,334,612
				136,818,082
Chemicals – 2.6%
	307,892	Ashland Global Holdings, Inc.		21,804,911
	1,644,369	Valvoline, Inc.		37,672,494
				59,477,405
Commercial Services & Supplies – 0.8%
	401,599	Healthcare Services Group, Inc.		18,244,643
Construction Materials* – 1.0%
	699,880	Summit Materials, Inc. Class A		22,137,204
Consumer Finance* – 1.1%
	2,206,823	SLM Corp.		24,076,439
Containers & Packaging – 1.5%
	297,776	Avery Dennison Corp.		35,182,234
Common Stocks – (continued)
Diversified Consumer Services* – 1.7%
	406,320	Bright Horizons Family Solutions, Inc.		38,832,002
Electrical Equipment – 3.3%
	260,532	Hubbell, Inc.		34,142,719
	800,956	Sensata Technologies Holding NV*		42,338,534
				76,481,253
Electronic Equipment, Instruments & Components – 2.4%
	515,696	Badger Meter, Inc.		24,547,130
	292,010	Cognex Corp.		15,683,857
	69,726	Coherent, Inc.*		14,583,890
				54,814,877
Energy Equipment & Services* – 0.4%
	226,707	Dril-Quip, Inc.		10,213,150
Equity Real Estate Investment Trusts (REITs)* – 0.7%
	105,899	SBA Communications Corp.		16,654,736
Food Products* – 1.2%
	713,046	Blue Buffalo Pet Products, Inc.		28,564,623
Health Care Equipment & Supplies – 6.8%
	164,731	ABIOMED, Inc.*		44,177,560
	102,866	ICU Medical, Inc.*		23,787,762
	87,388	IDEXX Laboratories, Inc.*		16,361,655
	227,469	Neogen Corp.*		13,254,619
	345,922	Nevro Corp.*		28,061,193
	68,106	The Cooper Cos., Inc.		15,699,795
	176,220	West Pharmaceutical Services, Inc.		15,369,908
				156,712,492
Health Care Providers & Services* – 0.8%
	469,787	Acadia Healthcare Co., Inc.		17,898,885
Health Care Technology* – 0.7%
	121,754	athenahealth, Inc.		17,013,904
Hotels, Restaurants & Leisure – 6.5%
	295,981	Choice Hotels International, Inc.		23,426,896
	40,524	Domino’s Pizza, Inc.		9,012,943
	876,698	Dunkin’ Brands Group, Inc.		52,505,443
	313,924	Shake Shack, Inc. Class A*(a)		12,239,897
	93,791	Vail Resorts, Inc.		19,308,753
	717,316	Wingstop, Inc.		32,501,588
				148,995,520
Household Durables* – 0.3%
	260,925	M/I Homes, Inc.		7,579,871
Insurance*(a) – 0.4%
	287,324	Trupanion, Inc.		8,513,410
Internet Software & Services* – 3.2%
	617,012	GoDaddy, Inc. Class A		36,903,488
	185,085	IAC/InterActiveCorp.		27,561,007
	117,702	Wix.com Ltd.		8,833,535
				73,298,030

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
IT Services – 8.4%
	889,043	Black Knight, Inc.*	$	42,362,899
	125,386	Broadridge Financial Solutions, Inc.		12,586,247
	222,362	Gartner, Inc.*		25,218,074
	355,878	Global Payments, Inc.		40,353,006
	633,235	InterXion Holding NV*		35,651,131
	269,843	Square, Inc. Class A*		12,426,270
	292,121	Total System Services, Inc.		25,692,042
				194,289,669
Life Sciences Tools & Services – 1.4%
	234,209	PerkinElmer, Inc.		17,879,515
	177,398	PRA Health Sciences, Inc.*		14,901,432
				32,780,947
Machinery – 9.1%
	304,693	Graco, Inc.		13,513,135
	209,313	IDEX Corp.		28,634,018
	354,825	John Bean Technologies Corp.		39,296,869
	494,439	Kornit Digital Ltd.*(a)		6,328,819
	467,272	The Gorman-Rupp Co.		12,466,817
	467,210	The Middleby Corp.*		56,182,002
	572,241	Welbilt, Inc.*		11,336,094
	563,544	Xylem, Inc.		42,029,112
				209,786,866
Oil, Gas & Consumable Fuels* – 2.3%
	293,116	Diamondback Energy, Inc.		36,533,978
	452,901	RSP Permian, Inc.		17,350,638
				53,884,616
Real Estate Management & Development – 0.5%
	241,329	HFF, Inc. Class A		11,019,082
Road & Rail – 1.0%
	167,347	Old Dominion Freight Line, Inc.		23,247,845
Semiconductors & Semiconductor Equipment – 4.1%
	850,912	Advanced Micro Devices, Inc.*(a)		10,304,544
	1,500,287	Marvell Technology Group Ltd.		35,241,742
	204,730	MKS Instruments, Inc.		22,796,685
	155,435	Qorvo, Inc.*		12,545,159
	174,258	Xilinx, Inc.		12,415,883
				93,304,013
Software* – 7.1%
	241,905	Proofpoint, Inc.		25,924,959
	119,884	Red Hat, Inc.		17,670,902
	115,793	ServiceNow, Inc.		18,643,831
	315,852	Splunk, Inc.		29,437,406	��
	137,880	Take-Two Interactive Software, Inc.		15,424,636
	130,626	The Ultimate Software Group, Inc.		31,149,076
	128,767	Tyler Technologies, Inc.		26,153,865
				164,404,675
Common Stocks – (continued)
Specialty Retail* – 2.8%
	258,811	Burlington Stores, Inc.		31,740,581
	423,654	Five Below, Inc.		28,321,270
	291,198	Hudson Ltd. Class A		4,545,601
				64,607,452
Textiles, Apparel & Luxury Goods – 2.5%
	216,947	PVH Corp.		31,301,113
	651,162	Skechers U.S.A., Inc. Class A*		26,645,549
				57,946,662
	TOTAL COMMON STOCKS
	(Cost $1,733,092,883)		$	2,267,553,882
Shares		Distribution Rate	Value
Investment Company(b) – 0.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,861,022	1.262%	$	16,861,022
	(Cost $16,861,022)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,749,953,905)		$	2,284,414,904
Securities Lending Reinvestment Vehicle(b) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	28,528,059	1.262%	$	28,528,059
	(Cost $28,528,059)
	TOTAL INVESTMENTS — 100.3%
	(Cost $1,778,481,964)		$	2,312,942,963
	LIABILITIES IN EXCESS OF     OTHER ASSETS — (0.3)%			(7,177,538	)
	NET ASSETS — 100.0%		$	2,305,765,425

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Aerospace & Defense – 4.2%
	9,370	General Dynamics Corp.	$	2,084,356
	10,928	Northrop Grumman Corp.		3,825,237
	15,428	The Boeing Co.		5,588,176
				11,497,769
Air Freight & Logistics – 1.1%
	12,009	FedEx Corp.		2,959,138
Auto Components – 1.1%
	24,603	Aptiv PLC		2,246,992
	17,389	Delphi Technologies PLC		830,325
				3,077,317
Automobiles*(a) – 0.6%
	5,150	Tesla, Inc.		1,766,759
Banks – 1.7%
	31,440	First Republic Bank		2,917,632
	24,732	SunTrust Banks, Inc.		1,727,283
				4,644,915
Beverages – 2.6%
	58,985	Monster Beverage Corp.*		3,737,880
	81,402	The Coca-Cola Co.		3,518,194
				7,256,074
Biotechnology – 4.3%
	23,824	Alkermes PLC*		1,359,874
	29,558	Incyte Corp.*		2,517,159
	6,578	Regeneron Pharmaceuticals, Inc.*		2,107,854
	18,068	Shire PLC ADR		2,312,704
	20,967	Vertex Pharmaceuticals, Inc.*		3,481,151
				11,778,742
Capital Markets – 2.1%
	32,609	Intercontinental Exchange, Inc.		2,383,066
	32,998	Northern Trust Corp.		3,493,498
				5,876,564
Chemicals – 3.3%
	36,547	DowDuPont, Inc.		2,569,254
	20,578	Ecolab, Inc.		2,684,400
	7,487	The Sherwin-Williams Co.		3,006,630
	42,865	Valvoline, Inc.		982,037
				9,242,321
Communications Equipment – 1.3%
	82,570	Cisco Systems, Inc.		3,697,485
Electrical Equipment*(a) – 0.5%
	25,944	Sensata Technologies Holding NV		1,371,400
Electronic Equipment, Instruments & Components – 0.8%
	23,153	Amphenol Corp. Class A		2,115,953
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 2.5%
	25,382	American Tower Corp.	$	3,536,474
	8,331	Equinix, Inc.		3,266,585
				6,803,059
Food Products – 0.8%
	33,474	The Kraft Heinz Co.		2,244,432
Health Care Equipment & Supplies – 3.9%
	104,424	Boston Scientific Corp.*		2,846,598
	38,516	Danaher Corp.		3,766,094
	19,864	Edwards Lifesciences Corp.*		2,655,221
	3,268	Intuitive Surgical, Inc.*		1,393,639
				10,661,552
Health Care Providers & Services – 1.0%
	5,280	Humana, Inc.		1,435,210
	5,994	UnitedHealth Group, Inc.		1,355,603
				2,790,813
Hotels, Restaurants & Leisure – 3.2%
	34,729	Dunkin’ Brands Group, Inc.		2,079,920
	27,459	Las Vegas Sands Corp.		1,999,290
	30,683	McDonald’s Corp.		4,839,936
				8,919,146
Household Products – 1.0%
	40,528	Colgate-Palmolive Co.		2,795,216
Industrial Conglomerates – 2.9%
	31,743	Honeywell International, Inc.		4,796,685
	12,183	Roper Technologies, Inc.		3,351,421
				8,148,106
Internet & Direct Marketing Retail* – 7.2%
	8,288	Amazon.com, Inc.		12,535,185
	1,818	Booking Holdings, Inc.		3,697,885
	12,702	Netflix, Inc.		3,701,109
				19,934,179
Internet Software & Services* – 9.4%
	7,985	Alphabet, Inc. Class A		8,814,801
	6,124	Alphabet, Inc. Class C		6,765,367
	59,050	Facebook, Inc. Class A		10,529,796
				26,109,964
IT Services – 4.5%
	12,875	Fiserv, Inc.*		1,846,146
	23,499	Global Payments, Inc.		2,664,552
	44,812	MasterCard, Inc. Class A		7,876,157
				12,386,855
Life Sciences Tools & Services – 1.4%
	13,502	Agilent Technologies, Inc.		926,102
	12,637	Illumina, Inc.*		2,881,489
				3,807,591

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – 2.6%
	26,009	Fortive Corp.	$	1,997,491
	20,989	The Middleby Corp.*		2,523,927
	35,313	Xylem, Inc.		2,633,644
				7,155,062
Media – 2.0%
	151,248	Comcast Corp. Class A		5,476,690
Oil, Gas & Consumable Fuels* – 1.4%
	9,867	Concho Resources, Inc.		1,487,944
	20,015	Diamondback Energy, Inc.		2,494,669
				3,982,613
Personal Products – 0.9%
	18,934	The Estee Lauder Cos., Inc. Class A		2,621,223
Pharmaceuticals – 2.8%
	57,773	Eli Lilly & Co.		4,449,676
	40,571	Zoetis, Inc.		3,280,571
				7,730,247
Road & Rail – 1.2%
	60,067	CSX Corp.		3,226,799
Semiconductors & Semiconductor Equipment – 4.0%
	58,812	Analog Devices, Inc.		5,301,902
	44,747	Applied Materials, Inc.		2,576,980
	12,767	NVIDIA Corp.		3,089,614
				10,968,496
Software – 11.5%
	12,745	Adobe Systems, Inc.*		2,665,362
	12,399	Autodesk, Inc.*		1,456,511
	24,862	Electronic Arts, Inc.*		3,075,429
	19,193	Intuit, Inc.		3,202,544
	174,422	Microsoft Corp.		16,355,551
	42,822	salesforce.com, Inc.*		4,978,057
				31,733,454
Specialty Retail – 0.9%
	30,726	Ross Stores, Inc.		2,399,393
Technology Hardware, Storage & Peripherals – 5.9%
	90,836	Apple, Inc.		16,179,708
Textiles, Apparel & Luxury Goods – 2.7%
	78,719	NIKE, Inc. Class B		5,276,535
	15,407	PVH Corp.		2,222,922
				7,499,457
Common Stocks – (continued)
Tobacco – 1.1%
	29,796	Philip Morris International, Inc.		3,085,376
	TOTAL COMMON STOCKS
	(Cost $161,423,636)			271,943,868
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $161,423,636)		$	271,943,868
Securities Lending Reinvestment Vehicle(b) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,224,075	1.262%	$	3,224,075
	(Cost $3,224,075)
	TOTAL INVESTMENTS – 99.6%
	(Cost $164,647,711)		$	275,167,943
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			1,041,448
	NET ASSETS – 100.0%		$	276,209,391

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.5%
Communications Equipment – 2.7%
	297,062	Cisco Systems, Inc.	$	13,302,436
Electronic Equipment, Instruments & Components – 3.0%
	166,501	Amphenol Corp. Class A		15,216,526
Equity Real Estate Investment Trusts (REITs) – 4.1%
	92,509	American Tower Corp.		12,889,279
	19,444	Equinix, Inc.		7,623,992
				20,513,271
Internet & Direct Marketing Retail – 10.4%
	26,543	Amazon.com, Inc.*		40,144,960
	4,035	Booking Holdings, Inc.*		8,207,352
	35,983	Expedia, Inc.		3,784,332
				52,136,644
Internet Software & Services* – 15.2%
	17,340	Alphabet, Inc. Class A		19,141,973
	18,727	Alphabet, Inc. Class C		20,688,279
	178,022	eBay, Inc.		7,630,023
	161,076	Facebook, Inc. Class A		28,723,072
				76,183,347
IT Services – 13.4%
	66,601	Accenture PLC Class A		10,723,427
	141,741	Black Knight, Inc.*		6,753,959
	97,485	Fidelity National Information Services, Inc.		9,473,592
	98,313	Global Payments, Inc.		11,147,711
	111,606	MasterCard, Inc. Class A		19,615,871
	104,890	Total System Services, Inc.		9,225,075
				66,939,635
Life Sciences Tools & Services* – 1.0%
	21,841	Illumina, Inc.		4,980,185
Semiconductors & Semiconductor Equipment – 15.7%
	174,723	Analog Devices, Inc.		15,751,278
	285,881	Applied Materials, Inc.		16,463,887
	56,427	Broadcom Ltd.		13,906,998
	32,905	Lam Research Corp.		6,313,153
	662,926	Marvell Technology Group Ltd.		15,572,132
	71,524	Qorvo, Inc.*		5,772,702
	63,815	Xilinx, Inc.		4,546,819
				78,326,969
Software – 28.2%
	78,034	Activision Blizzard, Inc.		5,706,626
	68,142	Adobe Systems, Inc.*		14,250,537
	84,329	Autodesk, Inc.*		9,906,128
	76,441	Electronic Arts, Inc.*		9,455,752
	44,184	Intuit, Inc.		7,372,542
	261,595	Microsoft Corp.		24,529,763
	344,675	Oracle Corp.		17,464,682
	55,064	Red Hat, Inc.*		8,116,434
	132,180	Salesforce.com, Inc.*		15,365,925
	95,128	ServiceNow, Inc.*		15,316,559
Common Stocks – (continued)
Software – (continued)
	85,380	Splunk, Inc.*	$	7,957,416
	42,643	Workday, Inc. Class A*		5,401,589
				140,843,953
Technology Hardware, Storage & Peripherals – 4.8%
	135,263	Apple, Inc.		24,093,046
	TOTAL COMMON STOCKS
	(Cost $248,337,019)		$	492,536,012
Shares		Distribution Rate	Value
Investment Company(a) – 0.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,148,790	1.262%	$	1,148,790
	(Cost $1,148,790)
	TOTAL INVESTMENTS – 98.7%
	(Cost $249,485,809)		$	493,684,802
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			6,534,931
	NET ASSETS – 100.0%		$	500,219,733

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 Abbreviation:
PLC—	Public Limited Company

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Blue Chip Fund
Assets:
Investments of unaffiliated issuers, at value (cost $6,701,460, $586,639,004, $103,830,038, $16,102,236, $1,792,473,626, $1,733,092,883, $161,423,636 and $248,337,019)	$	7,625,161
Investments of affiliated issuers, at value (cost $58,966, $17, $650,775, $0, $16,561,617, $16,861,022, $0 and $1,148,790)		58,966
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost(a)		—
Cash		119,216
Receivables:
Investments sold		55,759
Dividends and interest		18,835
Reimbursement from investment adviser		18,512
Fund shares sold		11,753
Foreign tax reclaims		233
Securities lending income		—
Other assets		26,884
Total assets		7,935,319
Liabilities:
Payables:
Fund shares redeemed		5,731
Management fees		3,359
Distribution and Service fees and Transfer Agency fees		1,072
Investments purchased		38
Payable upon return of securities loaned		—
Accrued expenses		20,849
Total liabilities		31,049
Net Assets:
Paid-in capital		6,597,781
Undistributed (distributions in excess of) net investment income		18,128
Accumulated net realized gain		364,660
Net unrealized gain		923,701
NET ASSETS	$	7,904,270
Net Assets:
Class A	$	2,096,218
Class C		271,729
Institutional		5,294,006
Service		—
Investor		213,624
Class R		18,940
Class R6		9,753
Total Net Assets	$	7,904,270
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		162,003
Class C		21,856
Institutional		406,880
Service		—
Investor		16,406
Class R		1,455
Class R6		749
Net asset value, offering and redemption price per share:(b)
Class A	$	12.94
Class C		12.43
Institutional		13.01
Service		—
Investor		13.02
Class R		13.02
Class R6		13.02

(a) Includes loaned securities having a market value of $2,786,737, $6,949,504, $27,742,840 and $3,154,029 for the Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth respectively.

(b) Maximum public offering price per share for Class A Shares of the Blue Chip, Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Technology Opportunities Funds is $18.24, $13.69, $31.88, $12.49, $23.06, $22.70, $13.13 and $26.43, 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Capital Growth Fund			Concentrated Growth Fund		Flexible Cap Fund		Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund		Technology Opportunities Fund
$	970,156,037		$	153,335,948	$	20,220,176	$	2,443,326,727		$	2,267,553,882		$	271,943,868	$	492,536,012
	17			650,775		—		16,561,617			16,861,022			—		1,148,790
	2,847,955			—		—		7,326,856			28,528,059			3,224,075		—
	6,213,354			2,372,005		86,814		37,646,061			35,133,782			3,232,966		7,573,628
	4,482,596			1,509,792		176,001		—			—			1,116,110		—
	1,009,215			181,028		31,280		1,162,106			1,167,817			297,751		185,530
	48,782			36,864		18,516		39,973			—			20,538		27,635
	153,600			57,182		292		1,762,072			1,468,034			93,656		324,640
	32,145			—		—		—			—			—		—
	2,211			6		212		1,622			14,806			1,578		—
	357			84,756		33,797		27,353			10,082			11,195		16
	984,946,269			158,228,356		20,567,088		2,507,854,387			2,350,737,484			279,941,737		501,796,251
	768,888			609,099		19		21,753,833			5,347,932			292,494		1,011,634
	529,725			91,133		8,564		1,715,351			1,491,052			149,267		351,179
	307,547			8,167		3,321		299,761			410,928			25,001		149,873
	304,397			928,801		175,311		14,390,353			9,064,101			—		2,740
	2,847,955			—		—		7,326,856			28,528,059			3,224,075		—
	118,041			45,214		40,419		142,464			129,987			41,509		61,092
	4,876,553			1,682,414		227,634		45,628,618			44,972,059			3,732,346		1,576,518
	545,272,528			99,633,922		15,583,258		1,666,682,116			1,654,722,962			144,650,796		211,489,966
	(171,816	)		95,498		37,559		(10,926,282	)		(8,271,935	)		238,293		(3,751,364	)
	51,451,971			7,310,612		600,697		155,616,834			124,853,399			20,800,070		48,282,138
	383,517,033			49,505,910		4,117,940		650,853,101			534,460,999			110,520,232		244,198,993
$	980,069,716		$	156,545,942	$	20,339,454	$	2,462,225,769		$	2,305,765,425		$	276,209,391	$	500,219,733
	$721,112,529		$	5,552,739	$	5,315,921	$	447,141,408		$	350,819,888		$	28,126,199	$	293,427,446
	67,053,630			2,060,148		1,407,467		86,119,920			223,137,824			9,149,211		54,895,244
	172,877,692			148,385,497		13,494,720		1,541,003,056			1,192,742,060			235,921,829		105,863,846
	1,611,545			—		—		34,517,887			18,166,803			522,643		24,984,099
	8,613,089			436,298		63,389		123,545,240			469,545,703			2,284,762		21,038,133
	8,779,059			28,961		44,854		57,365,989			23,286,990			191,124		—
	22,172			82,299		13,103		172,532,269			28,066,157			13,623		10,965
	$980,069,716		$	156,545,942	$	20,339,454	$	2,462,225,769		$	2,305,765,425		$	276,209,391	$	500,219,733
	23,934,493			322,129		450,601		20,521,646			16,357,981			2,265,948		11,746,863
	2,997,830			144,866		136,816		5,724,862			12,047,345			938,939		2,650,148
	5,219,521			8,086,917		1,066,094		59,723,014			52,054,943			17,652,719		3,849,769
	55,399			—		—		1,663,338			869,229			42,563		1,019,950
	282,126			24,915		5,100		5,405,794			21,124,377			171,150		775,827
	302,227			1,736		3,959		2,757,236			1,124,782			15,763		—
	670			4,487		1,035		6,682,891			1,224,280			1,020		399
	$30.13			$17.24		$11.80		$21.79			$21.45			$12.41		$24.98
	22.37			14.22		10.29		15.04			18.52			9.74		20.71
	33.12			18.35		12.66		25.80			22.91			13.36		27.50
	29.09			—		—		20.75			20.90			12.28		24.50
	30.53			17.51		12.43		22.85			22.23			13.35		27.12
	29.05			16.68		11.33		20.81			20.70			12.13		—
	33.11			18.34		12.66		25.82			22.92			13.35		27.50

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Blue Chip Fund
Investment income:
Dividends — unaffiliated issuers	$	57,287
Dividends — affiliated issuers		1,208
Securities lending income — affiliated issuer		—
Total investment income		58,495
Expenses:
Management fees		19,190
Distribution and Service fees(a)		3,869
Transfer Agency fees(a)		3,006
Printing and mailing costs		10,909
Custody, accounting and administrative services		22,021
Registration fees		34,383
Professional fees		44,896
Service Share fees — Service Plan		—
Service Share fees — Shareholder Administration Plan		—
Trustee fees		8,689
Other		3,269
Total expenses		150,232
Less — expense reductions		(122,607	)
Net expenses		27,625
NET INVESTMENT INCOME (LOSS)		30,870
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $0, $1,666, $2,344, $0, $46,584, $18,628, $1,749 and $28,627)		544,281
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(140,235	)
Net realized and unrealized gain		404,046
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	434,916
(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
Blue Chip	$	2,455	$	1,362	$	52	$	1,768	$	245	$	794	$	—	$	178	$	19	$	2
Capital Growth		865,593		322,619		21,361		623,227		58,071		33,867		302		8,023		7,690		3
Concentrated Growth		6,993		10,670		68		5,035		1,921		28,973		—		466		24		10
Flexible Cap		6,923		7,320		106		4,984		1,318		2,496		—		173		38		2
Growth Opportunities		581,930		442,382		145,783		418,990		79,629		316,326		6,770		113,085		52,482		24,050
Small/Mid Cap Growth		437,316		1,107,595		63,633		314,867		199,367		237,882		3,459		412,891		22,908		3,834
Strategic Growth		43,580		45,324		470		31,378		8,158		44,999		100		2,079		169		2
Technology Opportunities		346,007		260,180		—		249,125		46,832		18,336		4,254		20,745		—		1	(b)

(b) Commenced operations on December 29, 2017.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Capital Growth Fund			Concentrated Growth Fund			Flexible Cap Fund			Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Opportunities Fund
$	4,962,953		$	795,647		$	164,058		$	8,071,486		$	8,715,168		$	1,374,196		$	1,375,732
	12,391			1,257			150			60,146			122,848			989			3,097
	4,270			6			601			38,221			74,068			2,040			624
	4,979,614			796,910			164,809			8,169,853			8,912,084			1,377,225			1,379,453
	4,243,312			701,777			54,254			11,971,571			10,700,662			1,223,723			2,274,781
	1,209,573			17,731			14,349			1,170,095			1,608,544			89,374			606,187
	731,183			36,429			9,011			1,011,332			1,195,208			86,885			339,293
	93,795			28,759			11,028			153,367			189,255			24,487			58,690
	125,828			26,875			23,361			96,048			87,246			29,231			33,695
	35,290			31,324			18,430			45,814			49,511			28,308			30,035
	42,850			84,488			54,796			44,159			44,434			43,196			43,117
	1,890			—			—			42,311			21,616			627			26,590
	1,890			—			—			42,311			21,616			627			26,590
	9,397			8,688			8,699			10,721			10,441			8,894			9,032
	7,904			5,007			3,973			37,272			52,536			8,223			8,549
	6,502,912			941,078			197,901			14,625,001			13,981,069			1,543,575			3,456,559
	(1,193,898	)		(293,597	)		(121,011	)		(1,057,285	)		(1,202,936	)		(395,450	)		(249,201	)
	5,309,014			647,481			76,890			13,567,716			12,778,133			1,148,125			3,207,358
	(329,400	)		149,429			87,919			(5,397,863	)		(3,866,049	)		229,100			(1,827,905	)
	65,564,890			14,153,926			4,012,357			258,609,555			182,810,726			26,237,687			57,767,838
	53,463,170			1,047,282			(2,066,994	)		14,862,765			88,112,857			6,960,848			17,198,588
	119,028,060			15,201,208			1,945,363			273,472,320			270,923,583			33,198,535			74,966,426
$	118,698,660		$	15,350,637		$	2,033,282		$	268,074,457		$	267,057,534		$	33,427,635		$	73,138,521

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets

	Blue Chip Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income (loss)	$	30,870		$	53,643
Net realized gain		544,281			1,424,777
Net change in unrealized gain (loss)		(140,235	)		(486,767	)
Net increase in net assets resulting from operations		434,916			991,653
Distributions to shareholders:
From net investment income
Class A Shares		(13,883	)		(10,370	)
Class C Shares		(674	)		—
Institutional Shares		(35,590	)		(57,578	)
Service Shares		—			—
Investor Shares		(1,830	)		(1,491	)
Class R Shares		(66	)		—
Class R6 Shares		(103	)		(101	)
From net realized gains
Class A Shares		(385,890	)		(326	)
Class C Shares		(54,330	)		(23	)
Institutional Shares		(698,328	)		(796	)
Service Shares		—			—
Investor Shares		(38,634	)		(31	)
Class R Shares		(4,374	)		(3	)
Class R6 Shares		(2,253	)		(2	)
Total distributions to shareholders		(1,235,955	)		(70,721	)
From share transactions:
Proceeds from sales of shares		2,984,135			2,329,929
Proceeds received in connection with merger		—			—
Reinvestment of distributions		1,036,474			70,721
Cost of shares redeemed		(1,092,910	)		(4,802,428	)
Net increase (decrease) in net assets resulting from share transactions		2,927,699			(2,401,778	)
TOTAL INCREASE (DECREASE)		2,126,660			(1,480,846	)
Net assets:
Beginning of period		5,777,610			7,258,456
End of period	$	7,904,270		$	5,777,610
Undistributed (distributions in excess of) net investment income (loss)	$	18,128		$	39,404

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Capital Growth Fund						Concentrated Growth Fund
For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	(329,400	)	$	1,303,145		$	149,429		$	638,548
	65,564,890			65,849,893			14,153,926			13,025,972
	53,463,170			101,955,647			1,047,282			8,307,250
	118,698,660			169,108,685			15,350,637			21,971,770
	(463,240	)		(351,955	)		(1,554	)		(11,087	)
	—			—			—			—
	(645,455	)		(602,702	)		(532,295	)		(751,721	)
	—			—			—			—
	(31,502	)		(15,368	)		(853	)		(2,033	)
	(10,245	)		—			—			—
	(80	)		(45	)		(242	)		(63	)
	(56,005,644	)		(8,263,004	)		(652,521	)		(23,848	)
	(6,772,737	)		(1,166,606	)		(290,281	)		(10,841	)
	(12,497,022	)		(1,734,258	)		(15,758,072	)		(508,883	)
	(125,587	)		(21,688	)		—			—
	(756,240	)		(59,705	)		(47,728	)		(1,669	)
	(724,087	)		(48,146	)		(3,177	)		(104	)
	(1,390	)		(123	)		(6,330	)		(40	)
	(78,033,229	)		(12,263,600	)		(17,293,053	)		(1,310,289	)
	17,943,434			53,323,647			2,461,050			4,745,172
	—			—			—			16,473,232
	74,027,178			11,586,016			16,915,941			1,290,974
	(70,628,383	)		(153,503,624	)		(12,057,815	)		(36,067,794	)
	21,342,229			(88,593,961	)		7,319,176			(13,558,416	)
	62,007,660			68,251,124			5,376,760			7,103,065
	918,062,056			849,810,932			151,169,182			144,066,117
$	980,069,716		$	918,062,056		$	156,545,942		$	151,169,182
$	(171,816	)	$	1,308,106		$	95,498		$	481,013

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Flexible Cap Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income (loss)	$	87,919		$	28,176
Net realized gain		4,012,357			1,505,809
Net change in unrealized gain (loss)		(2,066,994	)		1,684,947
Net increase in net assets resulting from operations		2,033,282			3,218,932
Distributions to shareholders:
From net investment income
Class A Shares		(6,194	)		—
Class C Shares		—			—
Institutional Shares		(57,444	)		—
Service Shares		—			—
Investor Shares		—			—
Class R Shares		—			—
Class R6 Shares		(59	)		—
From net realized gains
Class A Shares		(1,420,632	)		(5,826	)
Class C Shares		(384,365	)		(1,496	)
Institutional Shares		(2,958,151	)		(9,494	)
Service Shares		—			—
Investor Shares		(47,179	)		(198	)
Class R Shares		(10,791	)		(27	)
Class R6 Shares		(2,924	)		(10	)
Total distributions to shareholders		(4,887,739	)		(17,051	)
From share transactions:
Proceeds from sales of shares		2,024,333			3,771,805
Reinvestment of distributions		4,887,739			17,051
Cost of shares redeemed		(2,399,221	)		(5,285,565	)
Net increase (decrease) in net assets resulting from share transactions		4,512,851			(1,496,709	)
TOTAL INCREASE (DECREASE)		1,658,394			1,705,172
Net assets:
Beginning of period		18,681,060			16,975,888
End of period	$	20,339,454		$	18,681,060
Undistributed (distributions in excess of) net investment income (loss)	$	37,559		$	13,337

76 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 Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	(5,397,863	)	$	(9,772,929	)	$	(3,866,049	)	$	(10,642,101	)
	258,609,555			393,054,686			182,810,726			254,078,523
	14,862,765			(32,271,065	)		88,112,857			40,610,151
	268,074,457			351,010,692			267,057,534			284,046,573
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(83,073,494	)		(14,410,877	)		(42,706,708	)		(22,115,735	)
	(21,738,994	)		(3,935,680	)		(31,198,094	)		(9,352,469	)
	(254,482,256	)		(45,399,922	)		(141,294,637	)		(37,610,927	)
	(6,431,452	)		(939,914	)		(2,192,847	)		(484,480	)
	(21,849,524	)		(3,279,388	)		(55,620,264	)		(10,342,325	)
	(11,017,200	)		(1,600,130	)		(3,313,405	)		(1,149,251	)
	(26,019,891	)		(2,386,639	)		(3,036,144	)		(610,048	)
	(424,612,811	)		(71,952,550	)		(279,362,099	)		(81,665,235	)
	334,691,808			603,609,908			217,572,923			686,406,541
	390,075,550			64,113,934			251,642,738			73,298,159
	(697,033,517	)		(1,557,638,716	)		(372,649,420	)		(1,349,413,511	)
	27,733,841			(889,914,874	)		96,566,241			(589,708,811	)
	(128,804,513	)		(610,856,732	)		84,261,676			(387,327,473	)
	2,591,030,282			3,201,887,014			2,221,503,749			2,608,831,222
$	2,462,225,769		$	2,591,030,282		$	2,305,765,425		$	2,221,503,749
$	(10,926,282	)	$	(5,528,419	)	$	(8,271,935	)	$	(4,405,886	)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Strategic Growth Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income (loss)	$	229,100		$	1,304,079
Net realized gain		26,237,687			58,561,041
Net change in unrealized gain (loss)		6,960,848			(1,626,503	)
Net increase in net assets resulting from operations		33,427,635			58,238,617
Distributions to shareholders:
From net investment income
Class A Shares		—			(143,097	)
Class C Shares		—			—
Institutional Shares		(1,263,130	)		(1,865,022	)
Service Shares		(1,269	)		(1,064	)
Investor Shares		(11,296	)		(4,837	)
Class R Shares		(258	)		(579	)
Class R6 Shares		(73	)		(71	)
From net realized gains
Class A Shares		(5,870,001	)		(1,309,232	)
Class C Shares		(2,284,131	)		(359,532	)
Institutional Shares		(45,219,530	)		(7,706,675	)
Service Shares		(108,320	)		(8,931	)
Investor Shares		(448,083	)		(24,506	)
Class R Shares		(39,020	)		(4,139	)
Class R6 Shares		(2,442	)		(285	)
Total distributions to shareholders		(55,247,553	)		(11,427,970	)
From share transactions:
Proceeds from sales of shares		34,879,986			58,640,340
Reinvestment of distributions		53,450,381			11,138,138
Cost of shares redeemed		(59,975,961	)		(200,254,330	)
Net increase (decrease) in net assets resulting from share transactions		28,354,406			(130,475,852	)
TOTAL INCREASE (DECREASE)		6,534,488			(83,665,205	)
Net assets:
Beginning of period		269,674,903			353,340,108
End of period	$	276,209,391		$	269,674,903
Undistributed (distributions in excess of) net investment income (loss)	$	238,293		$	1,285,219

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Technology Opportunities Fund
For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	(1,827,905	)	$	(3,016,454	)
	57,767,838			27,226,851
	17,198,588			80,622,920
	73,138,521			104,833,317
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	—			—
	(20,110,843	)		(10,972,102	)
	(4,428,142	)		(2,857,031	)
	(5,936,457	)		(3,662,504	)
	(1,573,961	)		(563,605	)
	(1,638,714	)		(412,820	)
	—			—
	—			—
	(33,688,117	)		(18,468,062	)
	51,174,958			101,121,736
	31,099,776			16,881,342
	(68,361,236	)		(145,124,804	)
	13,913,498			(27,121,726	)
	53,363,902			59,243,529
	446,855,831			387,612,302
$	500,219,733		$	446,855,831
$	(3,751,364	)	$	(1,923,459	)

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	14.84	$	0.05		$	1.15		$	1.20		$	(0.09	)	$	(3.01	)	$	(3.10	)
2018 - C		14.36		—			1.11			1.11			(0.03	)		(3.01	)		(3.04	)
2018 - Institutional		14.92		0.08			1.16			1.24			(0.14	)		(3.01	)		(3.15	)
2018 - Investor		14.92		0.07			1.16			1.23			(0.12	)		(3.01	)		(3.13	)
2018 - R		14.89		0.03			1.16			1.19			(0.05	)		(3.01	)		(3.06	)
2018 - R6		14.93		0.08			1.16			1.24			(0.14	)		(3.01	)		(3.15	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - A		13.08		0.07			1.76			1.83			(0.07	)		—	(e)		(0.07	)
2017 - C		12.69		(0.02	)		1.69			1.67			—			—	(e)		—	(e)
2017 - Institutional		13.17		0.12			1.77			1.89			(0.14	)		—	(e)		(0.14	)
2017 - Investor		13.16		0.11			1.76			1.87			(0.11	)		—	(e)		(0.11	)
2017 - R		13.09		0.04			1.76			1.80			—			—	(e)		—	(e)
2017 - R6		13.17		0.13			1.77			1.90			(0.14	)		—	(e)		(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		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		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		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		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 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) 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.

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

GOLDMAN SACHS BLUE CHIP FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	12.94		8.61	%	$	2,096		1.06	%(d)		4.94	%(d)		0.73	%(d)		61	%
	12.43		8.22			272		1.81	(d)		5.71	(d)		(0.03	)(d)		61
	13.01		8.81			5,294		0.70	(d)		4.46	(d)		1.14	(d)		61
	13.02		8.76			214		0.81	(d)		4.70	(d)		0.98	(d)		61
	13.02		8.46			19		1.30	(d)		5.21	(d)		0.47	(d)		61
	13.02		8.83			10		0.72	(d)		4.61	(d)		1.06	(d)		61
	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	(d)		1.65	(d)		1.08	(d)		67
	16.66		23.41			4,542		1.20			3.04			0.37			67
	16.33		22.44			247		1.95			3.78			(0.37	)		67
	16.75		23.92			8,995		0.80			2.65			0.76			67
	16.72		23.71			205		0.95			2.80			0.61			67
	16.62		23.06			110		1.45			3.30			0.11			67
	14.79		21.05			2,869		1.18			3.66			0.68			61
	14.58		20.20			126		1.93			4.41			(0.09	)		61
	14.85		21.56			8,646		0.78			3.24			1.06			61
	14.83		21.39			174		0.93			3.39			0.90			61
	14.78		20.83			51		1.43			3.80			0.29			61

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	28.92	$	(0.01	)	$	3.71		$	3.70		$	(0.02	)	$	(2.47	)	$	(2.49	)
2018 - C		22.13		(0.09	)		2.80			2.71			—			(2.47	)		(2.47	)
2018 - Institutional		31.60		0.05			4.06			4.11			(0.12	)		(2.47	)		(2.59	)
2018 - Service		28.00		(0.03	)		3.59			3.56			—			(2.47	)		(2.47	)
2018 - Investor		29.31		0.02			3.77			3.79			(0.10	)		(2.47	)		(2.57	)
2018 - R		28.01		(0.05	)		3.59			3.54			(0.03	)		(2.47	)		(2.50	)
2018 - R6		31.60		0.05			4.06			4.11			(0.13	)		(2.47	)		(2.60	)
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		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		—	(e)		1.33			1.33			—			(2.05	)		(2.05	)
2016 - Investor		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		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		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		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 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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

(f) Reflects income recognized from special dividends which amounted to $0.06 per share and 0.21% of average net assets.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	30.13		13.26	%	$	721,113		1.14	%(d)		1.39	%(d)		(0.09	)%(d)		22	%
	22.37		12.83			67,054		1.89	(d)		2.14	(d)		(0.84	)(d)		22
	33.12		13.46			172,878		0.75	(d)		1.01	(d)		0.30	(d)		22
	29.09		13.19			1,612		1.25	(d)		1.50	(d)		(0.20	)(d)		22
	30.53		13.40			8,613		0.89	(d)		1.15	(d)		0.16	(d)		22
	29.05		13.13			8,779		1.39	(d)		1.64	(d)		(0.34	)(d)		22
	33.11		13.48			22		0.74	(d)		0.98	(d)		0.31	(d)		22
	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	(d)		1.11	(d)		0.54	(d)		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. 83

GOLDMAN SACHS CONCENTRATED GROWTH 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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	17.62	$	(0.01	)	$	1.73		$	1.72		$	—	(d)	$	(2.10	)	$	(2.10	)
2018 - C		14.93		(0.07	)		1.46			1.39			—			(2.10	)		(2.10	)
2018 - Institutional		18.65		0.02			1.85			1.87			(0.07	)		(2.10	)		(2.17	)
2018 - Investor		17.88		0.01			1.75			1.76			(0.03	)		(2.10	)		(2.13	)
2018 - R		17.13		(0.03	)		1.68			1.65			—			(2.10	)		(2.10	)
2018 - R6		18.65		0.02			1.84			1.86			(0.07	)		(2.10	)		(2.17	)
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		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		—	(f)		0.81			0.81			—			(1.81	)		(1.81	)
2016 - C		14.05		(0.09	)(f)		0.69			0.60			—			(1.81	)		(1.81	)
2016 - Institutional		16.88		0.07	(f)		0.84			0.91			(0.04	)		(1.81	)		(1.85	)
2016 - Investor		16.26		0.04	(f)		0.81			0.85			(0.02	)		(1.81	)		(1.83	)
2016 - R		15.71		(0.04	)(f)		0.79			0.75			—			(1.81	)		(1.81	)
2016 - R6		16.88		0.07	(f)		0.85			0.92			(0.04	)		(1.81	)		(1.85	)
2015 - A		18.94		—	(d)(g)		0.55			0.55			—			(3.43	)		(3.43	)
2015 - C		17.09		(0.11	)(g)		0.50			0.39			—			(3.43	)		(3.43	)
2015 - Institutional		19.71		0.08	(g)		0.57			0.65			(0.05	)		(3.43	)		(3.48	)
2015 - Investor		19.10		0.05	(g)		0.56			0.61			(0.02	)		(3.43	)		(3.45	)
2015 - R		18.64		(0.05	)(g)		0.55			0.50			—			(3.43	)		(3.43	)
2015 - R6 (Commenced July 31, 2015)		18.04		0.01	(g)		(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		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		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 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) 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) Amount is less than $0.005 per share.

(e) Annualized.

(f) Reflects income recognized from a special dividend which amounted to $0.03 per share and 0.19% of average net assets.

(g) Reflects income recognized from a special dividend which amounted to $0.05 per share and 0.30% of average net assets.

(h) Reflects income recognized from a special dividend which amounted to $0.06 per share and 0.35% of average net assets.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss)			Portfolio turnover rate(c)
$	17.24		10.31	%	$	5,553		1.18	%(e)		1.59	%(e)		(0.14	)%(e)		25	%
	14.22		9.91			2,060		1.93	(e)		2.34	(e)		(0.89	)(e)		25
	18.35		10.52			148,385		0.82	(e)		1.20	(e)		0.22	(e)		25
	17.51		10.39			436		0.93	(e)		1.34	(e)		0.07	(e)		25
	16.68		10.16			29		1.43	(e)		1.84	(e)		(0.39	)(e)		25
	18.34		10.48			82		0.81	(e)		1.18	(e)		0.24	(e)		25
	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	(f)		55
	12.84		4.27			2,192		1.98			2.38			(0.71	)(f)		55
	15.94		5.47			134,818		0.82			1.23			0.43	(f)		55
	15.28		5.31			452		0.97			1.38			0.27	(f)		55
	14.65		4.81			22		1.48			1.89			(0.25	)(f)		55
	15.95		5.56			10		0.81			1.21			0.44	(f)		55
	16.06		2.54			7,350		1.24			1.60			0.02	(g)		47
	14.05		1.78			3,604		1.99			2.35			(0.74	)(g)		47
	16.88		2.97			155,652		0.84			1.20			0.42	(g)		47
	16.26		2.84			342		0.99			1.35			0.29	(g)		47
	15.71		2.28			27		1.49			1.87			(0.31	)(g)		47
	16.88		(6.43	)		9		0.77	(e)		1.48	(e)		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. 85

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) From Investment Operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	14.09	$	0.05		$	1.35		$	1.40		$	(0.01	)	$	(3.68	)	$	(3.69	)
2018 - C		12.75		—	(e)		1.22			1.22			—			(3.68	)		(3.68	)
2018 - Institutional		14.88		0.08			1.44			1.52			(0.06	)		(3.68	)		(3.74	)
2018 - Investor		14.63		0.06			1.42			1.48			—			(3.68	)		(3.68	)
2018 - R		13.67		0.03			1.31			1.34			—			(3.68	)		(3.68	)
2018 - R6		14.88		0.08			1.44			1.52			(0.06	)		(3.68	)		(3.74	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - A		11.74		—	(e)		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		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		12.27		—	(e)		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	)(f)		0.63			0.59			—			(1.90	)		(1.90	)
2015 - C		12.43		(0.12	)(f)		0.59			0.47			—			(1.90	)		(1.90	)
2015 - Institutional		13.68		0.01	(f)		0.65			0.66			—			(1.90	)		(1.90	)
2015 - Investor		13.53		—	(e)(f)		0.64			0.64			—			(1.90	)		(1.90	)
2015 - R		12.97		(0.07	)(f)		0.63			0.56			—			(1.90	)		(1.90	)
2015 - R6 (Commenced July 31, 2015)		13.38		—	(e)(f)		(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		—	(e)		3.11			3.11			(0.02	)		(1.58	)		(1.60	)
2014 - Investor		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		—	(e)(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		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 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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

(f) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	11.80		10.75	%	$	5,316		0.95	%(d)		2.20	%(d)		0.71	%(d)		111	%
	10.29		10.38			1,407		1.70	(d)		2.95	(d)		(0.05	)(d)		111
	12.66		10.96			13,495		0.59	(d)		1.81	(d)		1.08	(d)		111
	12.43		10.88			63		0.70	(d)		1.93	(d)		0.84	(d)		111
	11.33		10.59			45		1.20	(d)		2.45	(d)		0.47	(d)		111
	12.66		10.95			13		0.58	(d)		1.80	(d)		1.09	(d)		111
	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	)(f)		41
	11.00		3.83			1,802		1.98			3.71			(1.04	)(f)		41
	12.44		4.99			8,586		0.84			2.57			0.09	(f)		41
	12.27		4.88			253		0.98			2.66			(0.03	)(f)		41
	11.63		4.43			33		1.49			3.24			(0.55	)(f)		41
	12.44		(7.03	)		9		0.84	(d)		4.34	(d)		0.24	(d)(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. 87

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	23.97	$	(0.07	)	$	2.50		$	2.43		$	(4.61	)
2018 - C		17.95		(0.12	)		1.82			1.70			(4.61	)
2018 - Institutional		27.54		(0.04	)		2.91			2.87			(4.61	)
2018 - Service		23.05		(0.09	)		2.40			2.31			(4.61	)
2018 - Investor		24.90		(0.05	)		2.61			2.56			(4.61	)
2018 - R		23.11		(0.10	)		2.41			2.31			(4.61	)
2018 - R6		27.55		(0.04	)		2.92			2.88			(4.61	)
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		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	)(e)		0.77			0.67			(2.81	)
2016 - C		18.95		(0.20	)(e)		0.58			0.38			(2.81	)
2016 - Institutional		26.71		(0.03	)(e)		0.89			0.86			(2.81	)
2016 - Service		23.11		(0.13	)(e)		0.75			0.62			(2.81	)
2016 - Investor		24.52		(0.05	)(e)		0.80			0.75			(2.81	)
2016 - R		23.21		(0.15	)(e)		0.74			0.59			(2.81	)
2016 - R6		26.71		(0.04	)(e)		0.91			0.87			(2.81	)
2015 - A		30.22		(0.17	)(f)		(0.05	)		(0.22	)		(6.16	)
2015 - C		25.42		(0.30	)(f)		(0.01	)		(0.31	)		(6.16	)
2015 - Institutional		33.02		(0.07	)(f)		(0.08	)		(0.15	)		(6.16	)
2015 - Service		29.51		(0.19	)(f)		(0.05	)		(0.24	)		(6.16	)
2015 - Investor		30.85		(0.11	)(f)		(0.06	)		(0.17	)		(6.16	)
2015 - R		29.65		(0.23	)(f)		(0.05	)		(0.28	)		(6.16	)
2015 - R6 (Commenced July 31, 2015)		28.49		(0.01	)(f)		(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		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		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 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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.16% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.10% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	21.79		11.06	%	$	447,141		1.29	%(d)		1.41	%(d)		(0.65	)%(d)		28	%
	15.04		10.65			86,120		2.04	(d)		2.16	(d)		(1.39	)(d)		28
	25.80		11.24			1,541,003		0.95	(d)		1.02	(d)		(0.30	)(d)		28
	20.75		10.97			34,518		1.45	(d)		1.52	(d)		(0.80	)(d)		28
	22.85		11.22			123,545		1.04	(d)		1.16	(d)		(0.40	)(d)		28
	20.81		10.95			57,366		1.54	(d)		1.66	(d)		(0.90	)(d)		28
	25.82		11.27			172,532		0.94	(d)		1.01	(d)		(0.30	)(d)		28
	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	)(e)		55
	16.52		2.66			128,788		2.07			2.17			(1.23	)(e)		55
	24.76		3.76			2,160,714		0.95			1.02			(0.11	)(e)		55
	20.92		3.27			37,432		1.45			1.52			(0.61	)(e)		55
	22.46		3.64			135,930		1.07			1.17			(0.23	)(e)		55
	20.99		3.12			63,105		1.57			1.67			(0.73	)(e)		55
	24.77		3.81			44,865		0.93			1.01			(0.19	)(e)		55
	23.84		(1.47	)		946,463		1.35			1.40			(0.65	)(f)		51
	18.95		(2.23	)		168,461		2.10			2.15			(1.40	)(f)		51
	26.71		(1.08	)		3,171,058		0.95			1.00			(0.24	)(f)		51
	23.11		(1.59	)		49,105		1.45			1.50			(0.75	)(f)		51
	24.52		(1.25	)		171,980		1.10			1.15			(0.41	)(f)		51
	23.21		(1.74	)		77,673		1.60			1.65			(0.90	)(f)		51
	26.71		(6.25	)		9		0.97	(d)		1.02	(d)		(0.32	)(d)(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. 89

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	21.81	$	(0.06	)(d)	$	2.58		$	2.52		$	(2.88	)
2018 - C		19.27		(0.12	)(d)		2.25			2.13			(2.88	)
2018 - Institutional		23.08		(0.02	)(d)		2.73			2.71			(2.88	)
2018 - Service		21.33		(0.07	)(d)		2.52			2.45			(2.88	)
2018 - Investor		22.48		(0.03	)(d)		2.66			2.63			(2.88	)
2018 - R		21.17		(0.08	)(d)		2.49			2.41			(2.88	)
2018 - R6		23.09		(0.01	)(d)		2.72			2.71			(2.88	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - A		19.85		(0.12	)(f)		2.77			2.65			(0.69	)
2017 - C		17.75		(0.24	)(f)		2.45			2.21			(0.69	)
2017 - Institutional		20.89		(0.05	)(f)		2.93			2.88			(0.69	)
2017 - Service		19.46		(0.14	)(f)		2.70			2.56			(0.69	)
2017 - Investor		20.39		(0.08	)(f)		2.86			2.78			(0.69	)
2017 - R		19.34		(0.17	)(f)		2.69			2.52			(0.69	)
2017 - R6		20.89		(0.04	)(f)		2.93			2.89			(0.69	)
2016 - A		20.72		(0.14	)(g)		—			(0.14	)		(0.73	)
2016 - C		18.74		(0.25	)(g)		(0.01	)		(0.26	)		(0.73	)
2016 - Institutional		21.69		(0.07	)(g)		—			(0.07	)		(0.73	)
2016 - Service		20.35		(0.16	)(g)		—			(0.16	)		(0.73	)
2016 - Investor		21.21		(0.09	)(g)		—			(0.09	)		(0.73	)
2016 - R		20.26		(0.18	)(g)		(0.01	)		(0.19	)		(0.73	)
2016 - R6		21.69		(0.06	)(g)		(0.01	)		(0.07	)		(0.73	)
2015 - A		20.90		(0.18	)(h)		1.71			1.53			(1.71	)
2015 - C		19.20		(0.31	)(h)		1.56			1.25			(1.71	)
2015 - Institutional		21.71		(0.10	)(h)		1.79			1.69			(1.71	)
2015 - Service		20.58		(0.20	)(h)		1.68			1.48			(1.71	)
2015 - Investor		21.30		(0.13	)(h)		1.75			1.62			(1.71	)
2015 - R		20.51		(0.23	)(h)		1.69			1.46			(1.71	)
2015 - R6 (Commenced July 31, 2015)		23.47		(0.01	)(h)		(1.77	)		(1.78	)		—
2014 - A		18.63		(0.16	)(i)		3.43			3.27			(1.00	)
2014 - C		17.31		(0.29	)(i)		3.18			2.89			(1.00	)
2014 - Institutional		19.25		(0.09	)(i)		3.55			3.46			(1.00	)
2014 - Service		18.38		(0.18	)(i)		3.38			3.20			(1.00	)
2014 - Investor		18.93		(0.12	)(i)		3.49			3.37			(1.00	)
2014 - R		18.35		(0.21	)(i)		3.37			3.16			(1.00	)
2013 - A		15.52		(0.11	)(j)		3.99			3.88			(0.77	)
2013 - C		14.58		(0.23	)(j)		3.73			3.50			(0.77	)
2013 - Institutional		15.95		(0.06	)(j)		4.13			4.07			(0.77	)
2013 - Service		15.34		(0.13	)(j)		3.94			3.81			(0.77	)
2013 - Investor		15.72		(0.08	)(j)		4.06			3.98			(0.77	)
2013 - R		15.34		(0.15	)(j)		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 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) 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 0.23% of average net assets.

(e) Annualized.

(f) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.14% of average net assets.

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

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

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

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

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	21.45		12.20	%	$	350,820		1.28	%(e)		1.40	%(e)		(0.51	)%(d)(e)		29	%
	18.52		11.75			223,138		2.03	(e)		2.15	(e)		(1.25	)(d)(e)		29
	22.91		12.36			1,192,742		0.92	(e)		1.01	(e)		(0.14	)(d)(e)		29
	20.90		12.14			18,167		1.42	(e)		1.51	(e)		(0.63	)(d)(e)		29
	22.23		12.33			469,546		1.03	(e)		1.15	(e)		(0.25	)(d)(e)		29
	20.70		12.03			23,287		1.53	(e)		1.66	(e)		(0.79	)(d)(e)		29
	22.92		12.35			28,066		0.91	(e)		1.00	(e)		(0.10	)(d)(e)		29
	21.81		13.78			351,253		1.29			1.46			(0.62	)(f)		60
	19.27		12.98			217,385		2.04			2.21			(1.36	)(f)		60
	23.08		14.21			1,149,459		0.92			1.06			(0.24	)(f)		60
	21.33		13.59			16,520		1.42			1.56			(0.73	)(f)		60
	22.48		14.06			437,309		1.04			1.21			(0.36	)(f)		60
	21.17		13.47			26,918		1.54			1.71			(0.86	)(f)		60
	23.09		14.26			22,660		0.90			1.04			(0.18	)(f)		60
	19.85		(0.56	)		736,221		1.31			1.45			(0.73	)(g)		67
	17.75		(1.34	)		265,282		2.06			2.20			(1.48	)(g)		67
	20.89		(0.21	)		1,235,282		0.93			1.05			(0.35	)(g)		67
	19.46		(0.67	)		13,956		1.43			1.55			(0.85	)(g)		67
	20.39		(0.31	)		313,812		1.06			1.20			(0.48	)(g)		67
	19.34		(0.83	)		34,493		1.56			1.70			(0.98	)(g)		67
	20.89		(0.21	)		9,785		0.92			1.04			(0.28	)(g)		67
	20.72		7.67			906,362		1.33			1.45			(0.85	)(h)		47
	18.74		6.84			268,384		2.08			2.20			(1.60	)(h)		47
	21.69		8.15			1,355,322		0.93			1.05			(0.45	)(h)		47
	20.35		7.54			12,695		1.42			1.55			(0.95	)(h)		47
	21.21		7.97			221,058		1.08			1.20			(0.60	)(h)		47
	20.26		7.46			34,697		1.58			1.70			(1.10	)(h)		47
	21.69		(7.58	)		9		0.92	(e)		1.05	(e)		(0.34	)(e)(h)		47
	20.90		17.97			741,254		1.33			1.48			(0.82	)(i)		43
	19.20		17.11			221,451		2.08			2.23			(1.57	)(i)		43
	21.71		18.39			1,077,769		0.93			1.08			(0.42	)(i)		43
	20.58		17.83			8,692		1.43			1.58			(0.92	)(i)		43
	21.30		18.22			171,779		1.08			1.23			(0.57	)(i)		43
	20.51		17.63			34,118		1.58			1.73			(1.07	)(i)		43
	18.63		26.18			592,798		1.34			1.49			(0.68	)(j)		37
	17.31		25.23			150,744		2.09			2.24			(1.44	)(j)		37
	19.25		26.68			725,662		0.94			1.09			(0.32	)(j)		37
	18.38		26.02			8,495		1.44			1.59			(0.77	)(j)		37
	18.93		26.49			93,255		1.09			1.24			(0.45	)(j)		37
	18.35		25.82			24,420		1.59			1.74			(0.93	)(j)		37

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (Loss) From Investment Operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	13.79	$	(0.01	)	$	1.60		$	1.59		$	—		$	(2.97	)	$	(2.97	)
2018 - C		11.46		(0.05	)		1.30			1.25			—			(2.97	)		(2.97	)
2018 - Institutional		14.67		0.02			1.71			1.73			(0.07	)		(2.97	)		(3.04	)
2018 - Service		13.70		(0.02	)		1.60			1.58			(0.03	)		(2.97	)		(3.00	)
2018 - Investor		14.66		0.01			1.71			1.72			(0.06	)		(2.97	)		(3.03	)
2018 - R		13.56		(0.02	)		1.58			1.56			(0.02	)		(2.97	)		(2.99	)
2018 - R6		14.66		0.02			1.71			1.73			(0.07	)		(2.97	)		(3.04	)
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		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		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	(e)		0.42			0.44			—			(2.08	)		(2.08	)
2015 - C		11.90		(0.07	)(e)		0.37			0.30			—			(2.08	)		(2.08	)
2015 - Institutional		14.15		0.07	(e)		0.43			0.50			(0.04	)		(2.08	)		(2.12	)
2015 - Service		13.47		—	(e)(f)		0.42			0.42			—			(2.08	)		(2.08	)
2015 - Investor		14.14		0.05	(e)		0.44			0.49			(0.02	)		(2.08	)		(2.10	)
2015 - R		13.42		(0.01	)(e)		0.41			0.40			—			(2.08	)		(2.08	)
2015 - R6 (Commenced July 31, 2015)		13.36		0.01	(e)		(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		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		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 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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

(e) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

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

(g) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	12.41		12.69	%	$	28,126		1.14	%(d)		1.45	%(d)		(0.21	)%(d)		21	%
	9.74		12.27			9,149		1.89	(d)		2.19	(d)		(0.88	)(d)		21
	13.36		12.93			235,922		0.75	(d)		1.04	(d)		0.27	(d)		21
	12.28		12.72			523		1.25	(d)		1.54	(d)		(0.24	)(d)		21
	13.35		12.87			2,285		0.89	(d)		1.18	(d)		0.11	(d)		21
	12.13		12.66			191		1.39	(d)		1.68	(d)		(0.38	)(d)		21
	13.35		12.96			14		0.74	(d)		1.03	(d)		0.27	(d)		21
	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	(e)		52
	10.12		2.23			11,175		1.90			2.27			(0.63	)(e)		52
	12.53		3.43			326,619		0.75			1.12			0.52	(e)		52
	11.81		2.93			254		1.25			1.62			(0.01	)(e)		52
	12.53		3.34			817		0.90			1.27			0.37	(e)		52
	11.74		2.78			77		1.40			1.76			(0.07	)(e)		52
	12.53		(6.21	)		9		0.73	(d)		1.06	(d)		0.68	(d)(e)		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. 93

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

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 (loss)(a)			Net realized and unrealized gain		Total from investment operations		Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	23.04	$	(0.09	)	$	3.79	$	3.70	$	(1.76	)
2018 - C		19.45		(0.15	)		3.17		3.02		(1.76	)
2018 - Institutional		25.15		(0.05	)		4.16		4.11		(1.76	)
2018 - Service		22.64		(0.10	)		3.72		3.62		(1.76	)
2018 - Investor		24.84		(0.07	)		4.11		4.04		(1.76	)
2018 - R6 (Commenced December 29, 2017)		25.08		(0.02	)		2.44		2.42		—
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		20.08		(0.10	)		5.77		5.67		(0.91	)
2016 - A		17.93		(0.12	)(e)		2.50		2.38		(1.58	)
2016 - C		15.70		(0.22	)(e)		2.17		1.95		(1.58	)
2016 - Institutional		19.22		(0.05	)(e)		2.70		2.65		(1.58	)
2016 - Service		17.69		(0.14	)(e)		2.47		2.33		(1.58	)
2016 - Investor		19.07		(0.08	)(e)		2.67		2.59		(1.58	)
2015 - A		18.97		(0.14	)(f)		0.57		0.43		(1.47	)
2015 - C		16.91		(0.24	)(f)		0.50		0.26		(1.47	)
2015 - Institutional		20.16		(0.07	)(f)		0.60		0.53		(1.47	)
2015 - Service		18.76		(0.15	)(f)		0.55		0.40		(1.47	)
2015 - Investor		20.04		(0.10	)(f)		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		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		14.30		(0.09	)		1.80		1.71		—

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

(d) Annualized.

(e) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	24.98		16.77	%	$	293,427		1.38	%(d)		1.49	%(d)		(0.79	)%(d)		21	%
	20.71		16.35			54,895		2.13	(d)		2.23	(d)		(1.53	)(d)		21
	27.50		17.00			105,864		0.99	(d)		1.09	(d)		(0.40	)(d)		21
	24.50		16.71			24,984		1.49	(d)		1.59	(d)		(0.90	)(d)		21
	27.12		16.92			21,038		1.13	(d)		1.24	(d)		(0.53	)(d)		21
	27.50		9.65			11		1.00	(d)		1.06	(d)		(0.48	)(d)		21
	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	)(e)		22
	16.07		12.87			52,843		2.22			2.30			(1.43	)(e)		22
	20.29		14.22			83,746		1.07			1.15			(0.27	)(e)		22
	18.44		13.61			11,186		1.57			1.65			(0.79	)(e)		22
	20.08		14.00			6,741		1.22			1.30			(0.43	)(e)		22
	17.93		2.31			250,087		1.48			1.54			(0.74	)(f)		41
	15.70		1.53			53,556		2.23			2.29			(1.49	)(f)		41
	19.22		2.68			92,483		1.08			1.14			(0.33	)(f)		41
	17.69		2.17			10,329		1.58			1.64			(0.84	)(f)		41
	19.07		2.54			6,103		1.23			1.29			(0.52	)(f)		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. 95

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth	A, C, Institutional, Service, Investor, R and R6	Diversified
Blue Chip*, Concentrated Growth and Flexible Cap**	A, C, Institutional, Investor, R and R6	Diversified
Technology Opportunities	A, C, Institutional, Service, Investor and R6	Diversified

* Formerly known as Goldman Sachs Dynamic U.S. Equity Fund. Effective October 31, 2017, the Fund changed its name to the Goldman Sachs Blue Chip Fund.

** 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 (“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.

96

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

97

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share 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.

98

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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 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 February 28, 2018:

BLUE CHIP
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	109,849	$	—	$	—
North America		7,515,312		—		—
Investment Company		58,966		—		—
Total	$	7,684,127	$	—	$	—
CAPITAL GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	21,852,802	$	—	$	—
North America		948,303,235		—		—
Investment Company		17		—		—
Securities Lending Reinvestment Vehicle		2,847,955		—		—
Total	$	973,004,009	$	—	$	—

99

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CONCENTRATED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,415,313	$	—	$	—
North America		150,920,635		—		—
Investment Company		650,775		—		—
Total	$	153,986,723	$	—	$	—
FLEXIBLE CAP
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	369,981	$	—	$	—
North America		18,567,224		—		—
Exchange Traded Funds		1,282,971		—		—
Total	$	20,220,176	$	—	$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	43,556,235	$	—	$	—
North America		2,399,770,492		—		—
Investment Company		16,561,617		—		—
Securities Lending Reinvestment Vehicle		7,326,856		—		—
Total	$	2,467,215,200	$	—	$	—

100

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL/MID CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	15,162,354	$	—	$	—
Europe		81,914,295		—		—
North America		2,170,477,233		—		—
Investment Company		16,861,022		—		—
Securities Lending Reinvestment Vehicle		28,528,059		—		—
Total	$	2,312,942,963	$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,437,191	$	—	$	—
North America		267,506,677		—		—
Securities Lending Reinvestment Vehicle		3,224,075		—		—
Total	$	275,167,943	$	—	$	—
TECHNOLOGY OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	10,723,427	$	—	$	—
North America		481,812,585		—		—
Investment Company		1,148,790		—		—
Total	$	493,684,802	$	—	$	—

(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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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.

As of February 28, 2018, contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the six month period ended February 28, 2018.

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Blue Chip		0.55	%		0.50	%		0.47	%		0.46	%		0.45	%		0.60	%		0.59	%
Capital Growth		0.71			0.64			0.61			0.61			0.61			0.90			0.71
Concentrated Growth		0.76			0.68			0.65			0.64			0.62			0.92			0.78
Flexible Cap		0.55			0.50			0.47			0.46			0.45			0.55			0.55
Growth Opportunities		0.92			0.92			0.83			0.79			0.77			0.95			0.90
Small/Mid Cap Growth		0.85			0.85			0.77			0.73			0.71			0.93			0.84
Strategic Growth		0.71			0.64			0.61			0.59			0.58			0.90			0.71
Technology Opportunities		0.94			0.85			0.80			0.79			0.77			0.98			0.95

# The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

Prior to December 29, 2017 for the Capital Growth Fund, Concentrated Growth Fund, Growth Opportunities Fund, Small/Mid Cap Growth Fund, Strategic Growth Fund and Technology Opportunities Fund, prior to November 1, 2017 for the Blue Chip Fund and prior to September 1, 2017 for the Flexible Cap Fund, the contractual management fee rates were as stated below.

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Blue Chip		0.70	%		0.63	%		0.60	%		0.59	%		0.58	%
Capital Growth		1.00			0.90			0.80			0.80			0.80
Concentrated Growth		1.00			0.90			0.86			0.84			0.82
Flexible Cap		1.00			0.90			0.86			0.84			0.82
Growth Opportunities		1.00			1.00			0.90			0.86			0.84
Small/Mid Cap Growth		1.00			1.00			0.90			0.86			0.84
Strategic Growth		1.00			0.90			0.86			0.84			0.82
Technology Opportunities		1.00			0.90			0.86			0.84			0.82

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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 Government Money Market Fund. For the six months ended February 28, 2018, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Blue Chip	$	188
Capital Growth		2,155
Concentrated Growth		195
Flexible Cap		30
Growth Opportunities		9,132
Small/Mid Cap Growth		19,768
Strategic Growth		181
Technology Opportunities		264

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

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

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 28, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Blue Chip	$	62	$	—
Capital Growth		9,579		160
Concentrated Growth		1,407		—
Flexible Cap		267		—
Growth Opportunities		4,737		165
Small/Mid Cap Growth		21,844		—
Strategic Growth		968		—
Technology Opportunities		15,722		111

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, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% 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.

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 December 29, 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 Blue Chip, Concentrated Growth, Flexible Cap and Small/Mid Cap Growth Funds. This arrangement will remain in effect through at least December 29, 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 Blue Chip, Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds are 0.084%, 0.004%, 0.004%, 0.004%, 0.014%, 0.064%, 0.004%, and 0.004%, respectively. These Other Expense limitations will remain in place through at least December 29, 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 six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Blue Chip	$	188	$	370	$	122,049	$	122,607
Capital Growth		889,834		409		303,655		1,193,898
Concentrated Growth		109,827		1,243		182,527		293,597
Flexible Cap		30		1,088		119,893		121,011
Growth Opportunities		661,187		184,683		211,416		1,057,285
Small/Mid Cap Growth		1,044,355		158,581		—		1,202,936
Strategic Growth		258,532		16		136,902		395,450
Technology Opportunities		75,270		111		173,820		249,201

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of February 28, 2018, 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 six months ended February 28, 2018, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended February 28, 2018, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Funds.

The table below shows the transactions in and earnings from investments in the Government Money Market Fund — Institutional Shares for the six months ended February 28, 2018:

Fund	Market Value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Market Value as of February 28, 2018		Shares as of February 28, 2018		Dividend Income
Blue Chip	$	218,033	$	2,809,597	$	(2,968,664	)	$	58,966		58,966	$	1,208
Capital Growth		2,486,511		21,580,310		(24,426,804	)		17		17		12,391
Concentrated Growth		84		5,416,921		(4,766,230	)		650,775		650,775		1,257
Flexible Cap		619,814		402,444		(1,022,258	)		—		—		150
Growth Opportunities		7,868,408		322,294,789		(313,601,580	)		16,561,617		16,561,617		60,146
Small/Mid Cap Growth		24,263,812		286,548,966		(293,951,756	)		16,861,022		16,861,022		122,848
Strategic Growth		58		4,356,040		(4,356,098	)		—		—		989
Technology Opportunities		15		19,858,262		(18,709,487	)		1,148,790		1,148,790		3,097

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Class C			Institutional			Investor			Class R			Class R6
Blue Chip		7	%		14	%		9	%		100	%		100	%
Capital Growth		—			—			—			—			62
Concentrated Growth		—			—			5			69			16
Flexible Cap		—			—			46			56			100
Strategic Growth		—			—			—			5			100
Technology Opportunities		—			—			—			—			100

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were as follows:

Fund	Purchases		Sales and Maturities
Blue Chip	$	5,553,897	$	3,848,014
Capital Growth		206,575,913		266,900,861
Concentrated Growth		37,668,289		50,060,135
Flexible Cap		22,128,755		21,708,568
Growth Opportunities		696,324,048		1,076,964,134
Small/Mid Cap Growth		648,943,100		817,546,912
Strategic Growth		58,137,076		86,043,586
Technology Opportunities		99,499,087		127,224,304

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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

6. SECURITIES LENDING (continued)

The Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth 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 0.16% (prior to February 21, 2018, GSAM may have received 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 was 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 February 28, 2018, 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 six months ended February 28, 2018, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2018:

Fund	Beginning Value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2018
Capital Growth	$	381,393	$	25,076,128	$	(22,609,566	)	$	2,847,955
Concentrated Growth		—		227,800		(227,800	)		—
Flexible Cap		323,320		6,311,123		(6,634,443	)		—
Growth Opportunities		—		123,424,183		(116,097,327	)		7,326,856
Small/Mid Cap Growth		17,851,259		162,334,239		(151,657,439	)		28,528,059
Strategic Growth		—		5,670,893		(2,446,818	)		3,224,075
Technology Opportunities		2,637,071		308,802		(2,945,873	)		—

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7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ certain timing differences on a tax basis were as follows:

	Blue Chip		Capital Growth		Concentrated Growth		Flexible Cap Growth		Growth Opportunities			Small/Mid Cap Growth			Strategic Growth		Technology Opportunities
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)	$	—	$	—	$	—	$	—	$	(6,459,100	)	$	(6,604,381	)	$	—	$	(2,387,152	)

As of February 28, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Blue Chip			Capital Growth			Concentrated Growth		Flexible Cap Growth			Growth Opportunities			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities
Tax Cost	$	6,769,682		$	590,584,013		$	104,614,969	$	16,152,114		$	1,827,787,318		$	1,784,992,373		$	165,267,889		$	249,700,659
Gross unrealized gain		1,104,530			394,465,699			52,195,465		4,484,188			669,486,866			581,448,602			114,192,565			245,972,916
Gross unrealized loss		(190,085	)		(12,045,703	)		2,823,711		(416,126	)		(30,058,984	)		(53,498,012	)		(4,292,511	)		(1,988,773	)
Net unrealized security gain	$	914,445		$	382,419,996		$	49,371,754	$	4,068,062		$	639,427,882		$	527,950,590		$	109,900,054		$	243,984,143

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.

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:

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

8. OTHER RISKS (continued)

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, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment 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, a Fund trades financial instruments and enters 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 the Fund has unsettled or open transactions defaults.

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9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

In February 2018, the Board of Trustees of the Goldman Sachs Trust approved certain changes to the Goldman Sachs Capital Growth Fund’s principal investment strategy and benchmark index. After the close of business on April 17, 2018, the Fund will seek to achieve its investment objective by investing, under normal circumstances, in approximately 90-150 companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund will invest in both value and growth companies. The Fund’s fundamental equity investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Blue Chip Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		17,680		$	248,104			43,292		$	607,319
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		31,111			395,165			789			10,696
Shares redeemed		(13,502	)		(184,507	)		(79,777	)		(1,106,012	)
		35,289			458,762			(35,696	)		(487,997	)
Class C Shares
Shares sold		8,975			126,675			9,430			123,911
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		4,157			50,601			2			23
Shares redeemed		(3,643	)		(50,270	)		(12,450	)		(161,341	)
		9,489			127,006			(3,018	)		(37,407	)
Institutional Shares
Shares sold		189,951			2,534,076			97,118			1,362,329
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		43,322			554,953			4,295			58,374
Shares redeemed		(60,828	)		(796,211	)		(228,010	)		(3,297,706	)
		172,445			2,292,818			(126,597	)		(1,877,003	)
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Investor Shares
Shares sold		5,034			75,280			16,901			236,370
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		2,793			35,755			112			1,522
Shares redeemed		(4,015	)		(61,922	)		(16,262	)		(237,369	)
		3,812			49,113			751			523
Class R Shares
Shares sold		—			—			—			—
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		—			—			1			3
Shares redeemed		—			—			—			—
		—			—			1			3
Class R6 Shares
Shares sold		—			—			—			—
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		—			—			7			103
Shares redeemed		—			—			—			—
		—			—			7			103
NET INCREASE (DECREASE)		221,035		$	2,927,699			(164,552	)	$	(2,401,778	)

112

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Capital Growth Fund												Concentrated Growth Fund
For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017						For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	229,475		$	6,773,154			730,413		$	19,345,431			16,935		$	291,845			35,414		$	581,983
	—			—			—			—			—			—			11,969			209,101
	1,880,254			53,779,240			342,923			8,210,400			27,951			462,041			1,772			26,307
	(1,390,968	)		(41,231,974	)		(3,951,439	)		(101,849,606	)		(32,736	)		(569,658	)		(175,677	)		(2,797,132	)
	718,761			19,320,420			(2,878,103	)		(74,293,775	)		12,150			184,228			(126,522	)		(1,979,741	)
	97,625			2,166,092			267,217			5,342,666			10,530			148,211			14,042			190,404
	—			—			—			—			—			—			14,381			213,126
	308,446			6,554,474			57,361			1,056,008			16,964			231,562			594			7,494
	(241,909	)		(5,435,912	)		(1,182,494	)		(23,978,382	)		(30,618	)		(442,746	)		(51,727	)		(721,732	)
	164,162			3,284,654			(857,916	)		(17,579,708	)		(3,124	)		(62,973	)		(22,710	)		(310,708	)
	205,728			6,708,477			653,327			18,523,159			106,639			1,968,165			224,592			3,678,152
	—			—			—			—			—			—			860,062			15,902,538
	383,700			12,097,584			83,334			2,181,053			916,262			16,164,951			79,695			1,253,285
	(621,880	)		(20,259,684	)		(853,052	)		(23,800,378	)		(581,490	)		(10,609,068	)		(1,975,171	)		(32,387,904	)
	(32,452	)		(1,453,623	)		(116,391	)		(3,096,166	)		441,411			7,524,048			(810,822	)		(11,553,929	)
	1,649			47,603			10,672			272,764			—			—			—			—
	4,219			116,439			870			20,175			—			—			—			—
	(1,783	)		(52,757	)		(26,953	)		(702,157	)		—			—			—			—
	4,085			111,285			(15,411	)		(409,218	)		—			—			—			—
	50,649			1,538,973			181,091			4,753,841			1,451			26,509			19,700			317,334
	—			—			—			—			—			—			3,740			66,267
	27,119			787,742			3,091			75,073			2,890			48,582			246			3,701
	(85,528	)		(2,596,899	)		(69,852	)		(1,851,953	)		(23,058	)		(419,547	)		(9,604	)		(156,239	)
	(7,760	)		(270,184	)		114,330			2,976,961			(18,717	)		(344,456	)		14,082			231,063
	24,620			705,435			192,857			5,081,740			117			1,948			(910	)		(15,835	)
	—			—			—			—			—			—			1,138			19,335
	25,005			690,229			1,858			43,139			140			2,233			6			84
	(36,336	)		(1,051,148	)		(52,946	)		(1,321,148	)		—			—			(288	)		(4,715	)
	13,289			344,516			141,769			3,803,731			257			4,181			(54	)		(1,131	)
	112			3,700			130			4,046			1,357			24,372			(370	)		(6,866	)
	—			—			—			—			—			—			3,400			62,865
	47			1,470			6			168			373			6,572			7			103
	—			(9	)		—			—			(895	)		(16,796	)		(4	)		(72	)
	159			5,161			136			4,214			835			14,148			3,033			56,030
	860,244		$	21,342,229			(3,611,586	)	$	(88,593,961	)		432,812		$	7,319,176			(942,993	)	$	(13,558,416	)

113

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Flexible Cap Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		24,323		$	306,675			66,603		$	845,733
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		124,283			1,426,826			500			5,826
Shares redeemed		(97,492	)		(1,199,695	)		(172,497	)		(2,115,900	)
		51,114			533,806			(105,394	)		(1,264,341	)
Class C Shares
Shares sold		7,632			86,091			30,505			345,757
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		38,360			384,365			141			1,496
Shares redeemed		(27,745	)		(337,192	)		(49,741	)		(542,288	)
		18,247			133,264			(19,095	)		(195,035	)
Institutional Shares
Shares sold		115,643			1,619,102			156,495			2,027,089
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		244,148			3,015,595			774			9,494
Shares redeemed		(40,447	)		(512,574	)		(165,736	)		(2,168,710	)
		319,344			4,122,123			(8,467	)		(132,127	)
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Investor Shares
Shares sold		762			11,314			42,544			544,209
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		3,905			47,179			16			198
Shares redeemed		(25,510	)		(349,741	)		(32,853	)		(445,459	)
		(20,843	)		(291,248	)		9,707			98,948
Class R Shares
Shares sold		92			1,151			791			9,017
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		979			10,791			2			27
Shares redeemed		(2	)		(19	)		(1,157	)		(13,208	)
		1,069			11,923			(364	)		(4,164	)
Class R6 Shares
Shares sold		—			—			—			—
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		241			2,983			1			10
Shares redeemed		—			—			—			—
		241			2,983			1			10
NET INCREASE (DECREASE)		369,172		$	4,512,851			(123,612	)	$	(1,496,709	)

114

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Growth Opportunities Fund												Small/Mid Cap Growth Fund
For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017						For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	1,735,865		$	38,731,290			3,948,841		$	86,976,946			1,499,150		$	32,410,049			3,797,922		$	75,715,396
	—			—			—			—			—			—			—			—
	3,455,971			71,849,631			616,532			12,830,026			1,843,608			37,701,786			1,063,586			20,548,483
	(4,952,901	)		(116,068,209	)		(13,363,194	)		(292,738,087	)		(3,092,048	)		(68,467,704	)		(25,848,187	)		(513,599,609	)
	238,935			(5,487,288	)		(8,797,821	)		(192,931,115	)		250,710			1,644,131			(20,986,679	)		(417,335,730	)
	271,784			4,161,129			327,692			5,350,331			584,306			11,046,941			1,040,863			18,593,918
	—			—			—			—			—			—			—			—
	1,349,765			19,409,623			201,442			3,156,597			1,607,766			28,441,383			486,596			8,349,983
	(970,452	)		(15,834,027	)		(3,253,166	)		(53,741,818	)		(1,427,215	)		(27,328,588	)		(5,194,599	)		(91,887,203	)
	651,097			7,736,725			(2,724,032	)		(45,234,890	)		764,857			12,159,736			(3,667,140	)		(64,943,302	)
	7,834,201			209,800,351			12,716,492			318,354,392			4,668,348			108,525,173			12,957,008			275,379,906
	—			—			—			—			—			—			—			—
	9,590,336			235,922,256			1,689,189			40,287,147			5,605,047			122,358,178			1,573,154			32,076,604
	(18,375,685	)		(490,181,006	)		(40,983,720	)		(1,038,080,205	)		(8,030,829	)		(186,779,235	)		(23,856,792	)		(500,218,708	)
	(951,148	)		(44,458,399	)		(26,578,039	)		(679,438,666	)		2,242,566			44,104,116			(9,326,630	)		(192,762,198	)
	153,102			3,191,776			125,857			2,635,331			158,813			3,399,290			287,704			5,645,566
	249,919			4,950,893			36,199			725,434			90,894			1,811,511			20,720			392,014
	(178,257	)		(3,880,906	)		(512,580	)		(10,732,449	)		(154,825	)		(3,318,058	)		(251,303	)		(4,950,109	)
	224,764			4,261,763			(350,524	)		(7,371,684	)		94,882			1,892,743			57,121			1,087,471
	497,469			11,894,204			2,311,524			51,977,934			2,185,509			49,878,404			14,003,481			288,091,753
	—			—			—			—			—			—			—			—
	1,002,231			21,848,644			151,961			3,279,315			2,624,748			55,592,168			520,109			10,339,759
	(1,395,909	)		(33,890,416	)		(3,212,330	)		(72,743,080	)		(3,141,186	)		(70,915,259	)		(10,461,903	)		(215,173,618	)
	103,791			(147,568	)		(748,845	)		(17,485,831	)		1,669,071			34,555,313			4,061,687			83,257,894
	216,066			4,659,575			606,539			13,007,450			175,738			3,692,885			389,436			7,641,743
	—			—			—			—			—			—			—			—
	508,819			10,105,151			72,078			1,448,776			136,788			2,701,568			52,223			981,268
	(530,548	)		(11,752,284	)		(1,121,497	)		(23,899,233	)		(459,220	)		(9,677,661	)		(954,048	)		(18,569,971	)
	194,337			3,012,442			(442,880	)		(9,443,007	)		(146,694	)		(3,283,208	)		(512,389	)		(9,946,960	)
	2,290,874			62,253,483			4,994,842			125,307,524			362,930			8,620,181			720,880			15,338,259
	—			—			—			—			—			—			—			—
	1,055,619			25,989,352			100,027			2,386,639			139,018			3,036,144			29,904			610,048
	(970,108	)		(25,426,669	)		(2,599,791	)		(65,703,844	)		(259,266	)		(6,162,915	)		(237,520	)		(5,014,293	)
	2,376,385			62,816,166			2,495,078			61,990,319			242,682			5,493,410			513,264			10,934,014
	2,838,161		$	27,733,841			(37,147,063	)	$	(889,914,874	)		5,118,074		$	96,566,241			(29,860,766	)	$	(589,708,811	)

115

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Growth Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		158,176		$	2,095,052			800,544		$	9,730,490
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		441,271			5,193,762			118,583			1,364,885
Shares redeemed		(1,678,437	)		(23,738,778	)		(1,445,808	)		(17,905,833	)
		(1,078,990	)		(16,449,964	)		(526,681	)		(6,810,458	)
Class C Shares
Shares sold		74,146			726,225			84,221			875,616
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		229,878			2,126,375			29,118			278,952
Shares redeemed		(179,089	)		(1,803,238	)		(410,008	)		(4,226,604	)
		124,935			1,049,362			(296,669	)		(3,072,036	)
Institutional Shares
Shares sold		2,180,031			31,683,015			3,641,772			46,202,866
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		3,577,991			45,552,679			772,278			9,454,373
Shares redeemed		(2,511,444	)		(33,814,551	)		(13,344,676	)		(177,635,831	)
		3,246,578			43,421,143			(8,930,626	)		(121,978,592	)
Service Shares
Shares sold		5,002			65,590			14,693			181,127
Reinvestment of distributions		9,390			109,589			873			9,995
Shares redeemed		(6,689	)		(81,564	)		(3,658	)		(46,981	)
		7,703			93,615			11,908			144,141
Investor Shares
Shares sold		16,992			245,948			115,400			1,539,553
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		36,139			459,379			2,398			29,343
Shares redeemed		(36,499	)		(506,061	)		(28,917	)		(393,178	)
		16,632			199,266			88,881			1,175,718
Class R Shares
Shares sold		5,357			64,156			9,245			110,688
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		528			6,082			21			234
Shares redeemed		(2,607	)		(31,769	)		(3,700	)		(45,903	)
		3,278			38,469			5,566			65,019
Class R6 Shares
Shares sold		—			—			—			—
Shares issued in connection with merger		—			—			—			—
Reinvestment of distributions		197			2,515			30			356
Shares redeemed		—			—			—			—
		197			2,515			30			356
NET INCREASE (DECREASE)		2,320,333		$	28,354,406			(9,647,591	)	$	(130,475,852	)

(a) Commenced operations on December 29, 2017.

116

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Technology Opportunities Fund
For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
Shares			Dollars			Shares			Dollars
	775,433		$	18,519,406			2,122,974		$	42,750,908
	—			—			—			—
	808,376			18,511,810			561,198			10,202,588
	(1,502,338	)		(35,670,459	)		(3,463,681	)		(68,197,564	)
	81,471			1,360,757			(779,509	)		(15,244,068	)
	120,251			2,363,072			242,799			4,110,605
	—			—			—			—
	214,052			4,071,263			155,295			2,396,207
	(294,208	)		(5,882,058	)		(1,075,976	)		(18,697,895	)
	40,095			552,277			(677,882	)		(12,191,083	)
	775,545			20,402,020			1,178,660			25,315,518
	—			—			—			—
	213,984			5,390,254			169,963			3,363,564
	(523,457	)		(13,818,340	)		(2,093,144	)		(45,000,118	)
	466,072			11,973,934			(744,521	)		(16,321,036	)
	342,144			8,061,529			542,582			10,844,901
	66,210			1,487,735			28,325			506,163
	(224,245	)		(5,230,103	)		(341,783	)		(6,700,203	)
	184,109			4,319,161			229,124			4,650,861
	70,533			1,818,931			877,816			18,099,804
	—			—			—			—
	65,944			1,638,714			21,094			412,820
	(299,344	)		(7,760,276	)		(295,943	)		(6,529,024	)
	(162,867	)		(4,302,631	)		602,967			11,983,600
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	399	(a)		10,000	(a)		—			—
	—	(a)		—	(a)		—			—
	—	(a)		—	(a)		—			—
	—	(a)		—	(a)		—			—
	399	(a)		10,000	(a)		—			—
	609,279		$	13,913,498			(1,369,821	)	$	(27,121,726	)

117

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (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 September 1, 2017 through February 28, 2018, which represents a period of 181 days in a 365-day year.

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

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

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

	Blue Chip Fund							Capital Growth Fund							Concentrated Growth Fund							Flexible Cap Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,086.10		$	5.48	$	1,000.00	$	1,132.60		$	6.03	$	1,000.00	$	1,103.10		$	6.15	$	1,000.00	$	1,107.50		$	4.96
Hypothetical 5% return		1,000.00		1,019.54	+		5.31		1,000.00		1,019.14	+		5.71		1,000.00		1,018.94	+		5.91		1,000.00		1,020.08	+		4.76
Class C
Actual		1,000.00		1,082.20			9.34		1,000.00		1,128.30			9.97		1,000.00		1,099.10			10.04		1,000.00		1,103.80			8.87
Hypothetical 5% return		1,000.00		1,015.82	+		9.05		1,000.00		1,015.42	+		9.44		1,000.00		1,015.22	+		9.64		1,000.00		1,016.36	+		8.50
Institutional
Actual		1,000.00		1,088.10			3.62		1,000.00		1,134.60			3.97		1,000.00		1,105.20			4.28		1,000.00		1,109.60			3.09
Hypothetical 5% return		1,000.00		1,021.32	+		3.51		1,000.00		1,021.08	+		3.76		1,000.00		1,020.73	+		4.11		1,000.00		1,021.87	+		2.96
Service
Actual		—		—			—		1,000.00		1,131.90			6.61		—		—			—		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.26		—		—			—		—		—			—
Investor
Actual		1,000.00		1,087.60			4.19		1,000.00		1,134.00			4.71		1,000.00		1,103.90			4.85		1,000.00		1,108.80			3.66
Hypothetical 5% return		1,000.00		1,020.78	+		4.06		1,000.00		1,020.38	+		4.46		1,000.00		1,020.18	+		4.66		1,000.00		1,021.32	+		3.51
Class R
Actual		1,000.00		1,084.60			6.72		1,000.00		1,131.30			7.35		1,000.00		1,101.60			7.45		1,000.00		1,105.90			6.27
Hypothetical 5% return		1,000.00		1,018.35	+		6.51		1,000.00		1,017.90	+		6.95		1,000.00		1,017.70	+		7.15		1,000.00		1,018.84	+		6.01
Class R6
Actual		1,000.00		1,088.30			3.73		1,000.00		1,134.80			3.92		1,000.00		1,104.80			4.23		1,000.00		1,109.50			3.03
Hypothetical 5% return		1,000.00		1,021.22	+		3.61		1,000.00		1,021.13	+		3.71		1,000.00		1,020.78	+		4.06		1,000.00		1,021.92	+		2.91

118

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited) (continued)

	Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,110.60		$	6.75	$	1,000.00	$	1,122.00		$	6.73	$	1,000.00	$	1,126.90		$	6.01	$	1,000.00	$	1,167.70		$	7.42
Hypothetical 5% return		1,000.00		1,018.40	+		6.46		1,000.00		1,018.45	+		6.41		1,000.00		1,019.14	+		5.71		1,000.00		1,017.95	+		6.90
Class C
Actual		1,000.00		1,106.50			10.65		1,000.00		1,117.50			10.66		1,000.00		1,122.70			9.95		1,000.00		1,163.50			11.43
Hypothetical 5% return		1,000.00		1,014.68	+		10.19		1,000.00		1,014.73	+		10.14		1,000.00		1,015.42	+		9.44		1,000.00		1,014.23	+		10.64
Institutional
Actual		1,000.00		1,112.40			4.98		1,000.00		1,123.60			4.84		1,000.00		1,129.30			3.96		1,000.00		1,170.00			5.33
Hypothetical 5% return		1,000.00		1,020.08	+		4.76		1,000.00		1,020.23	+		4.61		1,000.00		1,021.08	+		3.76		1,000.00		1,019.89	+		4.96
Service
Actual		1,000.00		1,109.70			7.58		1,000.00		1,121.40			7.47		1,000.00		1,127.20			6.59		1,000.00		1,167.10			8.01
Hypothetical 5% return		1,000.00		1,017.60	+		7.25		1,000.00		1,017.75	+		7.10		1,000.00		1,018.60	+		6.26		1,000.00		1,017.41	+		7.45
Investor
Actual		1,000.00		1,112.20			5.45		1,000.00		1,123.30			5.42		1,000.00		1,128.70			4.70		1,000.00		1,169.20			6.08
Hypothetical 5% return		1,000.00		1,019.64	+		5.21		1,000.00		1,019.69	+		5.16		1,000.00		1,020.38	+		4.46		1,000.00		1,019.19	+		5.66
Class R
Actual		1,000.00		1,109.50			8.05		1,000.00		1,120.30			8.04		1,000.00		1,126.60			7.33		—		—			—
Hypothetical 5% return		1,000.00		1,017.16	+		7.70		1,000.00		1,017.21	+		7.65		1,000.00		1,017.90	+		6.95		—		—			—
Class R6
Actual		1,000.00		1,112.70			4.92		1,000.00		1,123.50			4.79		1,000.00		1,129.60			3.91		1,000.00		1,096.50	^		1.67	^
Hypothetical 5% return		1,000.00		1,020.13	+		4.71		1,000.00		1,020.28	+		4.56		1,000.00		1,021.13	+		3.71		1,000.00		1,006.36	+^		1.59	^

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

* Expenses 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 February 28, 2018. 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
Blue Chip		1.06	%		1.81	%		0.70	%		—	%		0.81	%		1.30	%		0.72	%
Capital Growth		1.14			1.89			0.75			1.25			0.89			1.39			0.74
Concentrated Growth		1.18			1.93			0.82			—			0.93			1.43			0.81
Flexible Cap Growth		0.95			1.70			0.59			—			0.70			1.20			0.58
Growth Opportunities		1.29			2.04			0.95			1.45			1.04			1.54			0.94
Small/Mid Cap Growth		1.28			2.03			0.92			1.42			1.03			1.53			0.91
Strategic Growth		1.14			1.89			0.75			1.25			0.89			1.39			0.74
Technology Opportunities		1.38			2.13			0.99			1.49			1.13			—			1.00^

^ Class R6 Shares of the Technology Opportunities Fund commenced operations on December 29, 2017.

119

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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-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 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 February 28, 2018 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.

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.

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

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

© 2018 Goldman Sachs. All rights reserved. 126196-OTU-744246 EQGRWSAR-18/109K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	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 and Income Fund was renamed the Goldman Sachs Equity Income Fund. Performance information prior to this date reflects the Fund’s former strategies.

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	43
Financial Statements	60
Financial Highlights	68
Notes to Financial Statements	80
Other Information	98

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

What Differentiates the Goldman Sachs Value Strategies’ Investment Process?

Goldman Sachs’ Fundamental Equity Value Strategies Team (the “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 six months ended February 28, 2018 (the “Reporting Period”), boosted overall by a combination of accelerating economic growth, rising corporate earnings and a general lack of negative financial headlines. Plus, for most of the Reporting Period, U.S. equity market volatility was at or near historic lows. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 10.84%. The Russell 3000^® Index generated a return of 10.45%.

As the Reporting Period began in September 2017, U.S. economic activity and labor market data showed consistent strength, with U.S. Gross Domestic Product (“GDP”) at an annualized rate above 3%, unemployment down to 4.2% and a reversal of five consecutive downside inflation reports. Progress on tax reform and strong economic activity data remained supportive for U.S. equities in October and November 2017. The Federal Reserve (the “Fed”) delivered the third interest rate hike of 2017 in December as had been widely expected and maintained its projections for three additional interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of the calendar year from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%. The fourth quarter of 2017 marked the ninth consecutive quarter of positive returns for the S&P 500 Index, its strongest quarterly advance in four years.

U.S. equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion tax reform plan and a favorable corporate earnings season. U.S. GDP for the fourth quarter of 2017 came in below that of the growth rate for the second and third quarters of the calendar year but was still a respectable annualized rate of 2.5%. The labor market in January 2018 also continued to highlight tightening slack in the economy. While December 2017 payroll data undershot consensus expectations, November 2017 data was revised such that the U.S. unemployment rate stood at a 17-year low of 4.1% and average hourly earnings ticked up. The fourth quarter corporate earnings season was robust, with strong revenue and earnings growth relative to historical data. Companies were beginning to provide discrete guidance on tax rates, and 2018 earnings forecasts were being upgraded as a result. The S&P 500 Index saw 14 closing highs in the month of January 2018.

In February 2018, however, equities sold off globally on market speculation of a faster pace of interest rate hikes, which stoked a sharp rise in rates and volatility. Robust labor market data sparked the initial risk-off sentiment — nonfarm payroll employment increased by 200,000 in January 2018, while the unemployment rate remained steady at 4.1% and average hourly earnings rose 0.34% month over month. Concerns about monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed meeting, triggered speculation of a faster pace of interest rate hikes, surprising markets with its hawkish tilt and sparking a sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House further drove heightened volatility. On February 5, 2018, the VIX, a measure of volatility in the U.S. equity market, recorded its largest ever one day increase, and on February 8, 2018, the S&P 500 Index posted a one-day correction of 10.16%. Though the S&P 500 Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8th and the VIX declined from a month high of 50.30 to end the Reporting Period at 19.85.

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MARKET REVIEW

For the Reporting Period overall, information technology, financials and consumer discretionary, widely considered more economically-sensitive sectors, 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 utilities, real estate and consumer staples, traditionally considered more defensive sectors and the only three to post a negative absolute return 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 mid-cap stocks, as measured by the Russell Midcap^® Index, and then small-cap stocks, as measured by the Russell 2000^® 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

Following robust fourth quarter 2017 earnings reports in the early months of 2018, we remained cautiously optimistic at the end of the Reporting Period that favorable macroeconomic conditions and strong corporate earnings could continue to drive positive U.S. equity market performance as the calendar year progresses. As a result of the U.S. tax legislation passed in December 2017, we expected additional upside from tax savings deployment into reinvestment, capital return in the form of buybacks and dividends, increased mergers and acquisitions and/or paying down of debt. While our return expectations for the U.S. equity market remained relatively muted given what we perceive to be rather extended valuations, we believed U.S. equities were still more attractive than most other asset classes. 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 may well be 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 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 forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

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MARKET REVIEW

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

Effective January 9, 2018, Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) centralized its Fundamental Equity U.S. Value and Fundamental Equity U.S. Growth Teams into a single Fundamental Equity U.S. Equity Team. These changes did not impact Goldman Sachs Small Cap Value Fund and Goldman Sachs Small/Mid Cap Value Fund, as they continue to be managed by the Small Cap Value Team. The Investment Adviser believes these changes will benefit the Funds by providing a more holistic investment perspective and the ability to leverage investment ideas across the U.S. Fundamental Equity platform.

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PORTFOLIO RESULTS

Goldman Sachs Equity Income Fund

Portfolio Composition

Under normal circumstances, the Fund invests at least 80% of its total net assets in equity investments that the Goldman Sachs Fundamental Equity U.S. Equity 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, that offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Effective after the close of business on June 20, 2017, the Goldman Sachs Growth and Income Fund was renamed Goldman Sachs Equity Income Fund, and its principal strategy changed, as reflected above. Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Equity Income Fund’s (the “Fund��) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 5.82%, 5.43%, 5.99%, 5.74%, 5.94%, 5.67% and 6.02%, respectively. These returns compare to the 7.26% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund posted solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit 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 consumer staples, consumer discretionary and industrials, wherein stock selection proved challenging. Having an overweight position to consumer staples, which significantly lagged the Russell Index during the Reporting Period, also hurt. Contributing positively to the Fund’s relative results was having an overweight position to information technology, the best performing sector in the Russell Index during the Reporting Period, and underweight allocations to utilities and real estate, the two weakest sectors in the Russell Index during the Reporting Period.

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 semiconductor company Intel, diversified conglomerate General Electric and multi-national consumer goods corporation Procter & Gamble.

Intel’s stock experienced strong performance during the Reporting Period. However, the Fund only owned it for a portion of the time, resulting in an underweight position and thus causing it to detract from relative results. The strong performance of Intel’s stock was driven by back-to-back strong earnings results reported in October 2017 and January 2018 as well as by strength in the information technology sector broadly. While we remained positive on Intel’s data center business and improved cost controls, we exited the Fund’s position during the Reporting Period in favor of what we believed to be better risk/reward opportunities elsewhere.

General Electric announced earnings in October 2017 that missed market estimates on earnings per share, driven by weakness in its power and oil and gas segments. The company also cut its 2017 guidance, which caused the stock

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PORTFOLIO RESULTS

to decline. Its stock fell further in November 2017 as new restructuring and financial tightening goals were announced. General Electric reduced its dividend by 50% and announced plans to focus on its core businesses of aviation, health care and power by selling or spinning off approximately $20 billion worth of assets. The company also announced intentions of changing the corporate culture to focus more on profitability, cash flow and execution. While we continued to believe the company was an attractively valued, high quality business, we felt its risk/reward prospects had shifted and decided to exit the position. We believed the potential near-term volatility for the company’s shares outweighed the longer-term reward and decided to allocate the capital elsewhere.

Procter & Gamble’s shares declined following its quarterly earnings report in October 2017 and then had a slight rebound before dropping after its January 2018 quarterly earnings report. While earnings results were in line for both quarters, its October 2017 report indicated lighter revenues due to increased commodity costs following hurricane damage in the Gulf Coast. Its January 2018 report indicated revenue had improved due to an uptick in organic growth and benefits from tax reform, but gross margins were pressured by commodity prices and subsequent price cuts to products, such as shaving razors. Despite pricing choppiness and underperforming categories that weighed on market sentiment, its management remained positive on full-year 2018 guidance and expected acceleration in the second part of the year. At the end of the Reporting Period, we believed Procter & Gamble could start to see an inflection from its recent consolidation, and we believed its price cuts could help improve its sales in emerging markets.

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 technology hardware manufacturer Cisco Systems, software giant Microsoft and bank holding company SunTrust Banks.

Cisco Systems designs, manufactures and sells Internet Protocol-based networking products and services related to the communications and information technology industries. Shares of Cisco Systems rose in November 2017, as the company reported earnings that were generally in line with market expectations but with earnings per share coming in slightly higher. Much of its outperformance, in our view, was due to continued market optimism about Cisco Systems’ solid execution and progress around many of its key strategic initiatives. Its stock also spiked in February 2018 when the company again reported strong quarterly earnings, beating market expectations on revenue and earnings per share. Its margins were also better than market expected, and its management gave higher future earnings guidance and announced a dividend increase. At the end of the Reporting Period, we were positive on the trajectory of the company, with its ongoing transition to a more recurring business model. We also continued to believe Cisco Systems is a high quality company, with what we consider to be its strong balance sheet, robust free cash flow and proven business model positioning it well moving forward. At the end of the Reporting Period, Cisco Systems was paying an above-average dividend and was utilizing much of its free cash flow for stock buybacks.

Microsoft is a technology company that engages in the development and marketing of software and hardware services. Its stock rather steadily appreciated during the Reporting Period, with notable increases following the release of its quarterly earnings in October 2017, when the company announced results that beat market expectations and, in our view, demonstrated broad-based strength with increased momentum and expanding margins in its commercial cloud business. The company’s shares rose again following market volatility in February 2018. At the end of the Reporting Period, we continued to hold Microsoft in the Fund’s portfolio on the view that there could be potential strength in its commercial cloud business given Microsoft’s computing initiatives, market foothold and experienced management team.

SunTrust Banks’ stock increased in September 2017 following the company’s announcement it had agreed to sell its insurance premium subsidiary, Premium Assignment Corp., to IPFS Corp. and again in December 2017 when the sale was complete. The transaction was well received, as it allows SunTrust Banks to focus on its core wholesale banking businesses while generating value for its shareholders. At the end of the Reporting Period, we believed the company was well positioned to benefit from a fast growing southeastern economy. Further, in our view, SunTrust Banks has the opportunity to improve returns through the growth of its fee income business, cost cutting initiatives and increasing capital returns.

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.

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PORTFOLIO RESULTS

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 AT&T, one of the largest telecommunications companies based in the U.S. We are positive on AT&T’s ability to identify value-accretive acquisitions in a consolidating industry, including its pending acquisition of Time Warner Cable and newly acquired DirecTV. Additionally, we believe there is further upside potential for AT&T associated with the recently announced tax reform.

We established a Fund position in Medtronic, a medical technology company that specializes in cardiac vascular, minimally invasive, restorative and diabetes solutions. We initiated the position given what we see as strong demand in cardiovascular end-markets, and we believe Medtronic has the opportunity to narrow its discounted valuation if its management executes on guidance and consistent margin improvement.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in American International Group, a global insurance company. Its stock was negatively affected in early November 2017, when the company reported weaker third quarter 2017 earnings than the market expected. Its after-tax operating loss was beyond market estimates, driven by a high level of catastrophe losses in its commercial insurance segment. Following an increase to reserves in the third quarter of 2017, which negatively affected the equity portion of its balance sheet, we decided to sell the Fund’s position in American International Group to hedge against more reserve increases.

The Fund’s position in E.I. du Pont de Nemours and Company (“DuPont”), a chemicals company specializing in polymers, adhesives and bioscience products, was eliminated given its merger with Dow Chemical. The Fund’s shares in DuPont were exchanged for shares of the newly-merged entity DowDuPont of former Dow Chemical and DuPont. We believe the merged company could benefit from consolidation into three independent divisions — agriculture, materials science and specialty products, by means of cost synergies, integration and innovation.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in health care, real estate, telecommunication services and utilities increased. The Fund’s exposure to consumer discretionary, consumer staples, financials and industrials 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 February 2018?

A At the end of February 2018, the Fund had overweight positions relative to the Russell Index in the health care, information technology and telecommunication services sectors. On the same date, the Fund had underweight positions compared to the Russell Index in consumer discretionary and financials and was rather neutrally weighted to the Russell Index in consumer staples, energy, industrials, materials, real estate and utilities.

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FUND BASICS

Equity Income Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		5.82	%		7.26	%
Class C		5.43			7.26
Institutional		5.99			7.26
Service		5.74			7.26
Investor		5.94			7.26
Class R		5.67			7.26
Class R6		6.02			7.26

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 Russell 1000 Value 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		4.30	%		11.03	%		4.71	%		7.06	%	2/5/93
Class C		8.53			11.45			4.51			3.52		8/15/97
Institutional		10.81			12.74			5.71			6.39		6/3/96
Service		10.28			12.19			5.19			5.93		3/6/96
Investor		10.65			12.58			5.56			5.47		11/30/07
Class R		10.11			12.02			5.04			4.95		11/30/07
Class R6		10.82			N/A			N/A			8.08		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, 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 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	%		1.22	%
Class C		1.87			1.97
Institutional		0.73			0.83
Service		1.23			1.33
Investor		0.87			0.97
Class R		1.37			1.47
Class R6		0.72			0.82

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Pfizer, Inc.		5.1	%	Pharmaceuticals
Johnson & Johnson		3.8		Pharmaceuticals
Cisco Systems, Inc.		3.7		Communications Equipment
JPMorgan Chase & Co.		3.4		Banks
Chevron Corp.		3.4		Oil, Gas & Consumable Fuels
AT&T, Inc.		2.9		Diversified Telecommunication Services
Microsoft Corp.		2.8		Software
Oracle Corp.		2.7		Software
Medtronic PLC		2.5		Health Care Equipment & Supplies
Bank of America Corp.		2.1		Banks

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 ALLOCATIONS⁶

As of February 28, 2018

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.

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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 diversified 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Focused Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 2.75%, 2.30%, 2.98%, 2.84%, 2.57% and 2.89%, respectively. These returns compare to the 7.26% cumulative 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 absolute gains but underperformed the Russell Index on a relative basis due primarily to stock selection as a whole. Sector allocation overall contributed positively to the Fund’s performance relative to the Russell Index during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that most meaningfully detracted from the Fund’s relative results during the Reporting Period were health care, energy and industrials, wherein stock selection proved challenging. Partially offsetting these detractors was effective stock selection in financials, which contributed positively. Having underweight allocations to utilities and real estate, the two weakest sectors 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 multi-national pharmaceutical company Allergan; natural gas, natural gas liquids and petroleum exploration company Devon Energy; and biotechnology-firm Celgene.

The majority of Allergan’s weak performance during the Reporting Period came in October 2017 when the District Court of Texas invalidated the company’s second largest product’s patent, which, in our view, could significantly affect the company’s earnings growth in 2018. Despite its challenging performance, we continued, at the end of the Reporting Period, to believe Allergan was attractively valued with one of the best product pipelines in its industry.

Devon Energy’s share price decline can be attributed primarily to February 2018 when the company reported weak fourth quarter 2017 earnings, driven largely by missed production expectations and disappointing 2018 guidance. At the end of the Reporting Period, we believed the value of the company’s large North American asset base was not fully recognized at the stock’s then-current price. However, we decided to exit the Fund’s position in Devon Energy in favor of what we considered to be more compelling risk-adjusted opportunities elsewhere.

Celgene is focused primarily on oncology and immune inflammatory-related diseases. While we believe Celgene has

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PORTFOLIO RESULTS

an attractive balance sheet as well as free cash flow that has been consistently used to repurchase shares and perform targeted bolt-on acquisitions, we exited the Fund’s position in Celgene following its announcement that one of its pipeline drugs showed no efficacy in treating Crohn’s disease.

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 U.S.-based bank holding company Bank of America, semiconductor producer Marvell Technology Group and regional bank Citizens Financial Group.

In October 2017, Bank of America announced positive earnings that beat market estimates on earnings per share, driven primarily by strong net interest income and credit trends. Bank of America announced earnings again in January 2018 that were positive, with continued strong net interest income trends. Its shares also rose throughout the Reporting Period along with the financial sector broadly, which as a whole outpaced the Russell Index during the Reporting Period. At the end of the Reporting Period, we remained positive on the company, as it performed well even amongst its peers in the financials sector, due, in our view, to good banking fundamentals and its management’s emphasis on cost reductions. At the end of the Reporting Period, we believed Bank of America remained attractively valued and were positive on the company’s business outlook and its ability to capitalize on potentially higher growth and interest rates.

Marvell Technology Group is a producer of storage, communications and consumer semiconductor products. The majority of its strong performance came in November 2017 after the company announced its acquisition of smaller rival chipmaker Cavium in an effort to expand its wireless connectivity business in a rapidly consolidating semiconductor industry. The transaction, expected to close mid-2018, could allow Marvell Technology Group to diversify away from its traditional storage device business and provide a powerful research and development team to accelerate product development. In our view the acquisition is evidence of its management team’s commitment to focusing on higher margin products and exiting its less profitable businesses. Additionally, at the end of the Reporting Period, we believed the company was well positioned to benefit from growing demand for data storage and high-speed connectivity.

Citizens Financial Group services both consumer and commercial clients through loans, deposit products and other financial services. The majority of its stock’s strong performance occurred in January 2018 after the company reported strong fourth quarter 2017 earnings, which included a $317 million after-tax benefit from an adjustment to its deferred tax liability, a direct result of the tax legislation passed in December 2017. At the end of the Reporting Period, we remained constructive on the company’s strong fundamental outlook, driven by a growing student loan book, expense-cutting program and fee income business.

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 software giant Microsoft during the Reporting Period. We believe the company has displayed solid margin improvement and free cash flow generation over a multi-period horizon. Particular to Microsoft’s business model, we believe its commercial cloud business has potential for more growth, given increasing demand and advancement in computing capabilities.

We established a Fund position in DowDuPont, a holding company that develops materials, chemicals and agricultural products and a newly merged company between Dow Chemical and E.I. du Pont de Nemours and Company (“DuPont”). DowDuPont has been subject to scrutiny regarding its overhead cost structure and below peer segment margins, but we believe its recently appointed Chief Executive Officer (“CEO”) Ed Breen could finally address these issues. In our view, Breen is committed to improving working capital, reducing capital expenditures and introducing a higher level of rigor into the decision-making process. In our view, synergies associated with the consolidated businesses could lead to cost savings opportunities.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in diversified conglomerate General Electric. While we believe its stock could provide optionality in the longer term, we sold the position following the restructuring framework announcement made by its CEO John Flannery, which includes cutting its dividend by 50%, increasing its cost reduction targets, and spinning off approximately $20 billion worth of assets over the next one

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PORTFOLIO RESULTS

to two years, enabling General Electric to focus on its core businesses of aviation, health care and power. (In business, optionality is the value of additional optional investment opportunities available only after having made an initial investment.) We allocated the sales proceeds to higher conviction names, which we believe offer a more attractive risk/reward profile.

We eliminated the Fund’s position in integrated energy company Exxon Mobil. We had purchased the stock as we were positive on the company’s integrated business model and its management team’s ability to identify value accretive acquisitions. While we continued to believe Exxon Mobil is a high quality company, we became less optimistic on its restructuring process as well as on its narrower mix of assets. We decided to sell the position to reflect our risk/reward views and used the proceeds to purchase stock in Chevron, a company we believe offers more compelling risk-adjusted opportunities over the long term.

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

A John Arege, Managing Director, has left the firm. John shared co-lead portfolio management responsibilities for the Fund with Sean Gallagher, Co-Chief Investment Officer of the Goldman Sachs Fundamental Equity U.S. Equity Team. Sean, who continues to serve as lead portfolio manager for the Fund, will draw upon the combined team for idea generation and make final investment decisions. John’s sector responsibilities in financials and energy have been absorbed by members of the Goldman Sachs Fundamental Equity U.S. Equity Team.

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 materials and utilities increased. The Fund’s exposure to the financials, information technology and energy sectors decreased compared to the Russell Index. The Fund eliminated its exposure to the telecommunication services sector.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund was overweight in information technology, industrials, consumer discretionary, materials and health care relative to the Russell Index. On the same date, the Fund was underweight in consumer staples, energy, utilities and financials and had no allocation to telecommunication services and real estate at the end of February 2018.

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FUND BASICS

Focused Value Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		2.75	%		7.26	%
Class C		2.30			7.26
Institutional		2.98			7.26
Investor		2.84			7.26
Class R		2.57			7.26
Class R6		2.89			7.26

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 Russell 1000 Value 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 12/31/17	One Year			Since Inception			Inception Date
Class A		6.27	%		5.00	%	7/31/15
Class C		10.61			6.69		7/31/15
Institutional		12.92			7.88		7/31/15
Investor		12.77			7.73		7/31/15
Class R		12.28			7.21		7/31/15
Class R6		13.02			7.94		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 fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

14

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.12	%		7.74	%
Class C		1.87			8.49
Institutional		0.73			7.35
Investor		0.87			7.49
Class R		1.37			7.99
Class R6		0.72			7.34

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.8	%	Software
Bank of America Corp.		4.7		Banks
JPMorgan Chase & Co.		4.2		Banks
DowDuPont, Inc.		4.0		Chemicals
Union Pacific Corp.		3.9		Road & Rail
Nucor Corp.		3.7		Metals & Mining
Marvell Technology Group Ltd.		3.7		Semiconductors & Semiconductor Equipment
Zimmer Biomet Holdings, Inc.		3.4		Health Care Equipment & Supplies
First Republic Bank		3.3		Banks
Northern Trust Corp.		3.3		Capital Markets

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

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2018

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 2.8% of the Fund’s net assets as of February 28, 2018. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

16

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its total net assets in a diversified portfolio of equity investments in large-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Goldman Sachs Fundamental Equity U.S. Equity 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, including preferred and convertible securities, it may invest up to 20% of its total net assets in foreign securities, including 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 3.81%, 3.44%, 4.01%, 3.78%, 3.99%, 3.71% and 4.01%, respectively. These returns compare to the 7.26% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund generated solid absolute gains, but stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole contributed positively to the Fund’s relative results 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 health care, consumer discretionary and industrials, wherein stock selection was comparatively weak. Effective stock selection in the financials sector contributed positively to the Fund’s relative results. Also boosting relative results was having underweight allocations to utilities and real estate, the two weakest sectors in the Russell Index during the Reporting Period.

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 multi-national pharmaceutical company Allergan, semiconductor company Intel and branded online travel services provider Expedia.

The majority of Allergan’s weak performance during the Reporting Period came in October 2017 when the District Court of Texas invalidated the company’s second largest product’s patent, which, in our view, could significantly affect the company’s earnings growth in 2018. Despite its challenging performance, we continued, at the end of the Reporting Period, to believe Allergan was attractively valued with one of the best product pipelines in its industry.

Intel’s stock experienced strong performance during the Reporting Period. However, the Fund only owned it for a portion of the time, resulting in an underweight position and thus causing it to detract from relative results. The strong performance of Intel’s stock was driven by back-to-back strong earnings results reported in October 2017 and January 2018 as well as by strength in the information technology sector broadly. While we remained positive on Intel’s data center business and improved cost controls, we exited the Fund’s position during the Reporting Period in favor of what we believed to be better risk/reward opportunities elsewhere.

In late October 2017, shares of Expedia came under pressure following a disappointing earnings release in which the company missed market expectations for both earnings and

17

PORTFOLIO RESULTS

revenues while also lowering its full-year earnings guidance. The weaker than market expected results were explained by the company to be, in part, driven by soft bookings caused by the fall 2017 hurricanes. Lower than expected cash flows from its Trivago business also drew investor concern. Expedia’s share price declined again in February 2018 following another disappointing earnings release. While the company reported strong booked room nights, investors reacted negatively to earnings before interest, taxes, depreciation and amortization (“EBITDA”) well below market estimates. The results were explained by the company to be driven by its increase in investments in efforts to increase hotel supply, improve its marketing efforts and expand its infrastructure capabilities via the cloud. We believe these are high return on equity investments that should continue, in our view, to position the company well in the long term. Overall, at the end of the Reporting Period, we remained confident in Expedia’s long-term growth prospects should it continue to strategically invest.

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 U.S.-based bank holding company Bank of America, regional bank Citizens Financial Group and technology hardware manufacturer Cisco Systems.

In October 2017, Bank of America announced positive earnings that beat market estimates on earnings per share, driven primarily by strong net interest income and credit trends. Bank of America announced earnings again in January 2018 that were positive, with continued strong net interest income trends. Its shares also rose throughout the Reporting Period along with the financial sector broadly, which as a whole outpaced the Russell Index during the Reporting Period. At the end of the Reporting Period, we remained positive on the company, as it performed well even amongst its peers in the financials sector, due, in our view, to good banking fundamentals and its management’s emphasis on cost reductions. At the end of the Reporting Period, we believed Bank of America remained attractively valued and were positive on the company’s business outlook and its ability to capitalize on potentially higher growth and interest rates.

Citizens Financial Group services both consumer and commercial clients through loans, deposit products and other financial services. The majority of its stock’s strong performance occurred in January 2018 after the company reported strong fourth quarter 2017 earnings, which included a $317 million after-tax benefit from an adjustment to its deferred tax liability, a direct result of the tax legislation passed in December 2017. At the end of the Reporting Period, we remained constructive on the company’s strong fundamental outlook, driven by a growing student loan book, expense-cutting program and fee income business.

Cisco Systems designs, manufactures and sells Internet Protocol-based networking products and services related to the communications and information technology industries. Shares of Cisco Systems rose in November 2017, as the company reported earnings that were generally in line with market expectations but with earnings per share coming in slightly higher. Much of its outperformance, in our view, was due to continued market optimism about Cisco Systems’ solid execution and progress around many of its key strategic initiatives. Its stock also spiked in February 2018 when the company again reported strong quarterly earnings, beating market expectations on revenue and earnings per share. Its margins were also better than market expected, and its management gave higher future earnings guidance and announced a dividend increase. At the end of the Reporting Period, we were positive on the trajectory of the company, with its ongoing transition to a more recurring business model. We also continued to believe Cisco Systems is a high quality company, with what we consider to be its strong balance sheet, robust free cash flow and proven business model positioning it well moving forward. At the end of the Reporting Period, Cisco Systems was paying an above-average dividend and was utilizing much of its free cash flow for stock buybacks.

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 established a Fund position in DowDuPont, a holding company that develops materials, chemicals and agricultural products and a newly merged company between Dow Chemical and E.I. du Pont de Nemours and Company (“DuPont”). DowDuPont has been subject to scrutiny regarding its overhead cost structure and below peer segment margins, but we believe its recently appointed Chief Executive Officer (“CEO”) Ed Breen could finally address these issues. In our view, Breen is committed to improving working capital, reducing capital expenditures

18

PORTFOLIO RESULTS

and introducing a higher level of rigor into the decision-making process. In our view, synergies associated with the consolidated businesses could lead to cost savings opportunities.

We initiated a Fund position in Chevron, a U.S.-based integrated energy company. We are positive on what we see as Chevron’s strong presence in the economically-sensitive Permian Basin and believe it may be well positioned to capitalize on potential North American oil production growth and increasing crude oil prices. We also believe the company has strong growth potential given its asset footprint and its stake in the Gorgon liquefied natural gas project. Further, we are positive on the company’s restructuring efforts and believe Chevron has a better mix of assets, including a richer mix of oil, than many of its peers. Finally, we believe Chevron has a strong balance sheet and pays an above-market dividend.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in integrated energy company Exxon Mobil. We had purchased the stock as we were positive on the company’s integrated business model and its management team’s ability to identify value accretive acquisitions. While we continued to believe Exxon Mobil is a high quality company, we became less optimistic on its restructuring process as well as on its narrower mix of assets. We decided to sell the position to reflect our risk/reward views and used the proceeds to purchase stock in Chevron, which, as mentioned above, is a company we believe offers more compelling risk-adjusted opportunities over the long term.

We exited the Fund’s position in diversified conglomerate General Electric. While we believe its stock could provide optionality in the longer term, we sold the position following the restructuring framework announcement made by its CEO John Flannery, which includes cutting its dividend by 50%, increasing its cost reduction targets and spinning off approximately $20 billion worth of assets over the next one to two years, enabling General Electric to focus on its core businesses of aviation, health care and power. (In business, optionality is the value of additional optional investment opportunities available only after having made an initial investment.) We allocated the sales proceeds to higher conviction names, which we believe offer a more attractive risk/reward profile.

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

A John Arege, Managing Director, has left the firm. John shared co-lead portfolio management responsibilities for the Fund with Sean Gallagher, Co-Chief Investment Officer of the Goldman Sachs Fundamental Equity U.S. Equity Team. Charles “Brook” Dane also no longer serves as a portfolio manager for the Fund, effective January 9, 2018. Sean, who continues to serve as lead portfolio manager for the Fund, will draw upon the combined team for idea generation and make final investment decisions. John’s sector responsibilities in financials and energy have been absorbed by members of the Goldman Sachs Fundamental Equity U.S. Equity Team.

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund had overweight positions relative to the Russell Index in the information technology, industrials, health care, consumer discretionary and materials sectors. On the same date, the Fund had underweight positions compared to the Russell Index in utilities, real estate, consumer staples, financials and energy and had no allocation at all to the telecommunication services sector.

19

FUND BASICS

Large Cap Value Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		3.81	%		7.26	%
Class C		3.44			7.26
Institutional		4.01			7.26
Service		3.78			7.26
Investor		3.99			7.26
Class R		3.71			7.26
Class R6		4.01			7.26

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 Russell 1000 Value 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		3.32	%		10.28	%		4.64	%		5.81	%	12/15/99
Class C		7.52			10.72			4.45			5.34		12/15/99
Institutional		9.73			11.98			5.64			6.55		12/15/99
Service		9.19			11.41			5.11			6.05		12/15/99
Investor		9.63			11.82			5.49			5.47		11/30/07
Class R		9.09			11.27			4.98			4.96		11/30/07
Class R6		9.95			N/A			N/A			6.60		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 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.

20

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.10	%		1.21	%
Class C		1.85			1.96
Institutional		0.78			0.82
Service		1.28			1.32
Investor		0.85			0.96
Class R		1.35			1.46
Class R6		0.77			0.81

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		5.2	%	Banks
Bank of America Corp.		4.7		Banks
DowDuPont, Inc.		2.7		Chemicals
Chevron Corp.		2.7		Oil, Gas & Consumable Fuels
Medtronic PLC		2.5		Health Care Equipment & Supplies
Citizens Financial Group, Inc.		2.4		Banks
Microsoft Corp.		2.4		Software
Union Pacific Corp.		2.4		Road & Rail
Alphabet, Inc. Class A		2.1		Internet Software & Services
Cisco Systems, Inc.		2.1		Communications Equipment

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

21

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2018

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 0.3% of the Fund’s net assets as of February 28, 2018. 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.

22

PORTFOLIO RESULTS

Goldman Sachs Mid Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its total net assets in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in 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 Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 3.94%, 3.56%, 4.14%, 3.90%, 4.09%, 3.84% and 4.15%, respectively. These returns compare to the 5.41% cumulative 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 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 to 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 consumer discretionary, energy and consumer staples. Partially offsetting these detractors was effective stock selection in the industrials and information technology sectors, which contributed positively. Having an overweight allocation to information technology, which was one of the best performing sectors in the Russell Index during the Reporting Period, and having an underweight allocation to real estate, which was the weakest sector in the Russell Index during the Reporting Period, also boosted 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 branded online travel services provider Expedia, oil and gas exploration and production company EQT and U.S.-based direct broadcast satellite service provider DISH Network.

In late October 2017, shares of Expedia came under pressure following a disappointing earnings release in which the company missed market expectations for both earnings and revenues while also lowering its full-year earnings guidance. The weaker than market expected results were explained by the company to be, in part, driven by soft bookings caused by the fall 2017 hurricanes. Lower than expected cash flows from its Trivago business also drew investor concern. Expedia’s share price declined again in February 2018 following another disappointing earnings release. While the company reported strong booked room nights, investors reacted negatively to earnings before interest, taxes, depreciation and amortization (“EBITDA”) well below market estimates. The results were explained by the company to be driven by its increase in investments in efforts to increase hotel supply, improve its marketing efforts and expand its infrastructure capabilities via the cloud. We believe these are high return on equity investments that

23

PORTFOLIO RESULTS

should continue, in our view, to position the company well in the long term. Overall, at the end of the Reporting Period, we remained confident in Expedia’s long-term growth prospects should it continue to strategically invest.

We believe EQT’s weak performance during the Reporting Period could be characterized by idiosyncratic and company-specific issues, compounded by a challenged natural gas market. By the end of 2017, the rally in the oil market spiked the supply of associated gas, thereby flooding the market with inexpensive, low-demanded natural gas. As these headwinds for natural gas producers persisted into early 2018, we decreased the Fund’s position in EQT but continued to believe at the end of the Reporting Period that EQT has one of the largest core acreage positions in the southwest Marcellus shale and could see synergies from its integration with Rice Energy.

DISH Network’s stock declined in November 2017 after the company reported weaker than market expected third quarter 2017 results, driven by reduced subscriber-related revenue, a direct affect of Hurricane Maria, which hit Puerto Rico and the U.S. Virgin Islands in September 2017, causing extraordinary damage and a loss of power to substantially all customers in those areas. While we remained positive on the company’s wireless spectrum portfolio, and the possible acquisitions associated with the asset, we exited the stock in February 2018 in favor of more compelling opportunities that, in our view, offer a better risk/reward profile.

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 freight logistics provider XPO Logistics, semiconductor producer Marvell Technology Group and regional bank Citizens Financial Group.

XPO Logistics is based in North America and Europe. We believe the market’s positive sentiment toward the company and the stock’s resulting strong performance during the Reporting Period reflects consistent execution over a multi-quarter horizon and a business framework that aligns well with structural shifts in the freight industry due to outsourcing, e-commerce and compliance with federal regulations. We further believe XPO Logistics has steadily improved and invested in initiatives to utilize scale, volume per truck load and longer hauls.

Marvell Technology Group is a producer of storage, communications and consumer semiconductor products. The majority of its strong performance came in November 2017 after the company announced its acquisition of smaller rival chipmaker Cavium in an effort to expand its wireless connectivity business in a rapidly consolidating semiconductor industry. The transaction, expected to close mid-2018, could allow Marvell Technology Group to diversify away from its traditional storage device business and provide a powerful research and development team to accelerate product development. In our view the acquisition is evidence of its management team’s commitment to focusing on higher margin products and exiting its less profitable businesses. Additionally, at the end of the Reporting Period, we believed the company was well positioned to benefit from growing demand for data storage and high-speed connectivity.

Citizens Financial Group services both consumer and commercial clients through loans, deposit products and other financial services. The majority of its stock’s strong performance occurred in January 2018 after the company reported strong fourth quarter 2017 earnings, which included a $317 million after-tax benefit from an adjustment to its deferred tax liability, a direct result of the tax legislation passed in December 2017. At the end of the Reporting Period, we remained constructive on the company’s strong fundamental outlook, driven by a growing student loan book, expense-cutting program and fee income business.

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 financial services technology company Fidelity National Information Services. The company focuses on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions. We are positive on the company’s strong earnings and cash flow growth potential and believe a recent pull-back in its stock presented a renewed favorable risk/reward opportunity going forward. We further believe the company may be a beneficiary of tax reform, as it is focused on returning capital to shareholders through stock buybacks.

We established a Fund position in Prologis, a logistics real estate investment trust with distribution facilities across the Americas, Europe and Asia. We believe Prologis is well

24

PORTFOLIO RESULTS

positioned to capitalize on strong secular growth in e-commerce, while its mostly infill locations relatively limit supply growth versus its peers. (An infill location is a real estate location where most of the properties are built to fill in remaining spaces, often in urban centers, where space is scarce and new development often involves rebuilding higher buildings over older lots.) Additionally, we are positive on what we see as its management team’s long and proven track record of value creation through development, which increases its scale while driving additional earnings growth potential.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in PG&E, a natural gas and electric energy company. We had originally initiated a position in the stock as we were positive on the company’s organic rate base and earnings growth prospects, driven by increased investment in renewable infrastructure. However, due to concerns the company could be potentially liable for damages caused by recent northern California wildfires, we sold the position.

We eliminated the Fund’s position in Molson Coors Brewing, a Denver-based company that manufactures and sells beer and other beverages globally. We had initiated a position in the stock based on our positive view toward the company’s acquisition of the remaining 58% of the MillerCoors joint venture that it did not already own. The acquisition, which took place in 2016, doubled the company’s size and provided it with access to various distribution opportunities outside the U.S. We exited the position due to increasing concerns that the U.S. beer industry is under structural decline with no visible signs of a turnaround. In our view, the cost savings associated with the MillerCoors joint venture in 2016 have been realized, leaving us with no near-term catalyst to support the current risk/reward profile.

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

A Effective January 9, 2018, Timothy Ryan no longer serves as a portfolio manager for the Fund. Adam Agress was promoted to co-lead portfolio manager of the Fund, wherein he oversees the portfolio construction and investment research for the Fund, joining portfolio managers Sung Cho and Sean Gallagher.

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, utilities and information technology increased. The Fund’s exposure to the consumer discretionary and consumer staples sectors decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund had overweight positions relative to the Russell Index in the information technology, materials and industrials sectors. On the same date, the Fund had underweight positions compared to the Russell Index in real estate, financials and utilities and was rather neutrally weighted to the Russell Index in consumer discretionary, energy, health care, consumer staples and telecommunication services.

25

FUND BASICS

Mid Cap Value Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell Midcap® Value  Index2
Class A		3.94	%		5.41	%
Class C		3.56			5.41
Institutional		4.14			5.41
Service		3.90			5.41
Investor		4.09			5.41
Class R		3.84			5.41
Class R6		4.15			5.41

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 Russell Midcap Value 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 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		4.58	%		9.88	%		6.31	%		8.48	%	8/15/97
Class C		8.76			10.31			6.11			7.99		8/15/97
Institutional		11.14			11.58			7.34			10.93		8/1/95
Service		10.57			11.02			6.80			8.80		7/18/97
Investor		10.96			11.42			7.17			7.23		11/30/07
Class R		10.41			10.86			N/A			12.61		1/6/09
Class R6		11.11			N/A			N/A			6.09		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 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.

26

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		0.77			0.77
Service		1.27			1.27
Investor		0.91			0.91
Class R		1.41			1.41
Class R6		0.76			0.76

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 Expense Ratio and Gross Expense Ratio are the same.

TOP TEN HOLDINGS AS OF 2/28/185
Holding	% of Net Assets			Line of Business
SunTrust Banks, Inc.		2.1	%	Banks
Marvell Technology Group Ltd.		2.0		Semiconductors & Semiconductor Equipment
Fidelity National Information Services, Inc.		2.0		IT Services
Zimmer Biomet Holdings, Inc.		2.0		Health Care Equipment & Supplies
Stanley Black & Decker, Inc.		2.0		Machinery
Steel Dynamics, Inc.		1.8		Metals & Mining
Prologis, Inc.		1.8		Equity Real Estate Investment Trusts (REITs)
First Horizon National Corp.		1.7		Banks
Wabtec Corp.		1.6		Machinery
Citizens Financial Group, Inc.		1.6		Banks

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

27

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2018

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 0.1% of the Fund’s net assets as of February 28, 2018. 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.

28

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its total net assets in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its 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 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 Small Cap Value Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 7.45%, 7.05%, 7.67%, 7.40%, 7.59%, 7.33% and 7.67%, respectively. These returns compare to the 5.09% cumulative 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 outperformed the Russell Index during the Reporting Period attributable to both effective stock selection and sector allocation overall.

Q Which equity market sectors most significantly affected Fund performance?

A Effective stock selection in the industrials, real estate and financials sectors helped the Fund’s performance most relative to the Russell Index. Having an overweight allocation to industrials, which outpaced the Russell Index during the Reporting Period, and having an underweight allocation to real estate, which significantly lagged the Russell Index during the Reporting Period, also boosted the Fund’s relative results. Partially offsetting these positive contributors was weaker stock selection in the health care, utilities and materials sectors, which detracted from the Fund’s relative results. Having an underweight allocation to health care, which was the best performing sector in the Russell Index during the Reporting Period, also hurt.

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 freight logistics provider XPO Logistics, off-price clothing retailer Burlington Stores and oil and natural gas exploration and production company WPX Energy.

XPO Logistics is based in North America and Europe. We believe the market’s positive sentiment toward the company and the stock’s resulting strong performance during the Reporting Period reflects consistent execution over a multi-quarter horizon and a business framework that aligns well with structural shifts in the freight industry due to outsourcing, e-commerce and compliance with federal regulations. We further believe XPO Logistics has steadily improved and invested in initiatives to utilize scale, volume per truck load and longer hauls.

Burlington Stores’ stock performance accelerated in late October 2017 when the company reported third quarter 2017 earnings that had stronger than market expected comparable same-store sales, high single-digit sales and solid adjusted earnings before interest, taxes, amortization and depreciation

29

PORTFOLIO RESULTS

(“EBITDA”). Despite challenges to traditional retailers, the off-price space exhibited healthy momentum and increased demand, especially during the holiday season. Specific to Burlington Stores, we believe the company has been able to enhance product assortments, including underdeveloped categories such as home and baby, and has shielded against e-commerce cannibalization by virtue of store experience, competitive pricing and a faster supply chain.

In November 2017, WPX Energy’s stock increased after the company reported strong third quarter 2017 earnings results, primarily driven by oil volumes that came in well ahead of market expectations. Its stock rose again in February 2018 following the company’s announcement that it had signed an agreement to sell its San Juan Gallup holdings for $700 million to an undisclosed third party, with a significant portion of the proceeds slated for debt reduction. At the end of the Reporting Period, we remained positive on WPX Energy’s transformation from being a high-cost natural gas production company to an oil-focused production company. We also liked what we considered to be its impressive portfolio of low-cost acreage in the core of the Permian Basin. Furthermore, we believe its stock was significantly undervalued at the end of the Reporting Period, as investors have seemingly not fully recognized what we see as the quality of the company’s assets and its ability to de-lever its balance sheet with strong cash flow generation.

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 electrical and gas utility Black Hills, data center real estate investment trust (“REIT”) CyrusOne and utilities holding company South Jersey Industries.

Black Hills is focused on west coast markets. Following worse than market expected third quarter 2017 earnings, the company lowered its 2017 earnings forecast based on headwinds associated with unfavorable weather, sluggish commercial and industrial load growth, increased expenses and a more conservative outlook on commercial and industrial electric demand growth. The company also experienced rocky execution by its management team, reaffirmed by the release of fourth quarter 2017 earnings in early February 2018, wherein Black Hills missed market earnings estimates and reduced its 2018 guidance. As a result of missed execution over multiple quarters, we decided to sell the Fund’s position in Black Hills.

During the Reporting Period, CyrusOne’s stock rather steadily declined, with more pronounced deceleration in early 2018. In February 2018, the company reported soft fourth quarter 2017 earnings that had greater cash flow from operations but decreased leasing volume in comparison to previous years. These results were in line with other data center REITs, which had a more challenged start in 2018 relative to REITs overall and to the broader U.S. equity market. We believe the REIT segment’s performance could be attributed to relatively full valuations, expectations of slowing economic growth and an increase in U.S. Treasury yields. Despite these concerns, we believed at the end of the Reporting Period that CyrusOne was well positioned to be a beneficiary of cloud-based technology growth, with competitive advantages in sales force and customer penetration.

South Jersey Industries delivers energy and natural gas solutions. Its earnings were down for the majority of 2017. Despite a rebound in the fourth quarter of 2017 as per a base rate increase in November 2017 and colder temperatures in December 2017, its stock traded down. In our view, the market was cautious of its newly announced acquisitions of Elizabethtown Gas in New Jersey and Elkton Gas in Maryland, given less clarity on the funding source and on a rising interest rate environment. While South Jersey Industries was trading at a discounted valuation relative to its peers at the end of the Reporting Period, we believe there is a potential pipeline of visible earnings catalysts and investment opportunities for the company 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 We initiated a Fund position in CACI International, a provider of information solutions and services in support of national security and intelligence operations. Throughout the calendar year, its stock had lagged the broader information technology sector. We established the Fund position following softer bookings, which may be an inflection point for organic growth. In our view, CACI International has a strong balance and sufficient cash to deploy in an acquisition.

We established a Fund position in Air Transport Services Group, a company that facilitates airline operations such as aircraft maintenance, cargo transportation and other support services. We believe this company could benefit from the penetration and expansion of e-commerce across the U.S. retail landscape.

30

PORTFOLIO RESULTS

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Snyder’s-Lance, a manufacturer of snack food products such as pretzels and chips. We had bought the stock earlier in 2017 during some market noise surrounding its Chief Executive Officer’s retirement and replacement, and we sold the position when Campbell Soup Company acquired Snyder’s-Lance for approximately $50 per share in cash.

We eliminated the Fund’s position in Rice Energy, an independent natural gas and oil company focused in the Appalachian Basin, as it was acquired by EQT in mid-November 2017. As the Fund continued, as of the end of the Reporting Period, to hold a position in EQT, we believe the vertical integration of Rice Energy’s assets into EQT may increase its foothold of the Marcellus shale. Likewise, we believe the continued integration of the two companies’ assets could reduce costs and solidify synergies.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

Q 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, information technology and real estate increased, and its allocations compared to the Russell Index in consumer staples, industrials and materials decreased.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund was overweight in industrials, consumer discretionary and information technology and underweight in consumer staples, financials, health care, real estate and utilities relative to the Russell Index. The Fund was rather neutrally weighted to energy and materials and had no exposure at all to telecommunication services at the end of the Reporting Period.

31

FUND BASICS

Small Cap Value Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		7.45	%		5.09	%
Class C		7.05			5.09
Institutional		7.67			5.09
Service		7.40			5.09
Investor		7.59			5.09
Class R		7.33			5.09
Class R6		7.67			5.09

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 Russell 2000 Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/17	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		5.72	%		12.81	%		9.55	%		10.66	%	10/22/92
Class C		9.95			13.24			9.36			8.88		8/15/97
Institutional		12.34			14.55			10.63			10.15		8/15/97
Service		11.78			13.98			10.08			9.60		8/15/97
Investor		12.16			14.38			10.45			10.21		11/30/07
Class R		11.60			13.81			9.92			9.67		11/30/07
Class R6		12.37			N/A			N/A			11.91		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 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.

32

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		1.36	%
Class C		2.09			2.11
Institutional		0.95			0.97
Service		1.45			1.47
Investor		1.09			1.11
Class R		1.59			1.61
Class R6		0.94			0.96

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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 2/28/185
Holding	% of Net Assets			Line of Business
Pebblebrook Hotel Trust		1.2	%	Equity Real Estate Investment Trusts (REITs)
Hilton Grand Vacations, Inc.		1.1		Hotels, Restaurants & Leisure
XPO Logistics, Inc.		1.0		Air Freight & Logistics
RSP Permian, Inc.		0.9		Oil, Gas & Consumable Fuels
MGIC Investment Corp.		0.9		Thrifts & Mortgage Finance
Chesapeake Lodging Trust		0.9		Equity Real Estate Investment Trusts (REITs)
Beacon Roofing Supply, Inc.		0.9		Trading Companies & Distributors
Portland General Electric Co.		0.9		Electric Utilities
Texas Capital Bancshares, Inc.		0.9		Banks
IDACORP, Inc.		0.9		Electric Utilities

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

33

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2018

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 February 28, 2018. 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.

34

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, 2017, the capitalization range of the companies in these indexes was between $25.8 million and $33.8 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 Small Cap Value Team discusses the Goldman Sachs Small/Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 8.15%, 7.73%, 8.32%, 8.26%, 7.97% and 8.33%, respectively. These returns compare to the 5.25% cumulative total return of the Fund’s benchmark, the Russell 2500^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A The Fund outperformed the Russell Index during the Reporting Period due to effective stock selection and sector allocation overall.

Q Which equity market sectors most significantly affected Fund performance?

A Effective stock selection in the industrials and information technology sectors helped the Fund’s performance most relative to the Russell Index. Having an underweight allocation to real estate, which was the second-weakest sector in the Russell Index during the Reporting Period, and having an overweight allocation to industrials, which significantly outpaced the Russell Index during the Reporting Period, also contributed positively. The only two sectors to detract from the Fund’s relative results during the Reporting Period were health care and energy, wherein stock selection proved challenging.

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 freight logistics provider XPO Logistics, U.S. equipment rental company United Rentals and off-price clothing retailer Burlington Stores.

XPO Logistics is based in North America and Europe. We believe the market’s positive sentiment toward the company and the stock’s resulting strong performance during the Reporting Period reflects consistent execution over a multi-quarter horizon and a business framework that aligns well with structural shifts in the freight industry due to outsourcing, e-commerce and compliance with federal regulations. We further believe XPO Logistics has steadily improved and invested in initiatives to utilize scale, volume per truck load and longer hauls.

United Rentals’ stock appreciated during the Reporting Period on the back of market expectations for industrial recovery and on a favorable macro environment. In October 2017, the market responded positively to the company’s acquisition of Neff Corporation and its release of third quarter 2017 earnings that outpaced market estimates on both top and bottom lines. Coming off hurricane season,

35

PORTFOLIO RESULTS

equipment rental revenues increased by low single-digits year-over-year, and market demand persisted through the Reporting Period. In our view, United Rentals also benefited from having what we see as good balance sheet control and effective execution across its businesses.

Burlington Stores’ stock performance accelerated in late October 2017 when the company reported third quarter 2017 earnings that had stronger than market expected comparable same-store sales, high single-digit sales and solid adjusted earnings before interest, taxes, amortization and depreciation (“EBITDA”). Despite challenges to traditional retailers, the off-price space exhibited healthy momentum and increased demand, especially during the holiday season. Specific to Burlington Stores, we believe the company has been able to enhance product assortments, including underdeveloped categories such as home and baby, and has shielded against e-commerce cannibalization by virtue of store experience, competitive pricing and a faster supply chain.

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 EQT, apartment management company Mid-America Apartment Communities and behavioral health care services company Acadia Healthcare.

We believe EQT’s weak performance during the Reporting Period could be characterized by idiosyncratic and company-specific issues, compounded by a challenged natural gas market. By the end of 2017, the rally in the oil market spiked the supply of associated gas, thereby flooding the market with inexpensive, low-demanded natural gas. As these headwinds for natural gas producers persisted into early 2018, we decreased the Fund’s position in EQT but continued to believe at the end of the Reporting Period that EQT has one of the largest core acreage positions in the southwest Marcellus shale and could see synergies from its integration with Rice Energy.

Mid-America Apartment Communities (“Mid-America”) manages apartments in the Sunbelt region of the U.S. During the Reporting Period, Mid-America reported third and fourth quarter 2017 earnings that beat market expectations but were challenged by same-store growth and acquisition costs. The market responded negatively to a substantial slowdown in same-store net operating income growth as reported in October 2017, which could be a result of an increased supply of competitors in the Sunbelt and the still-recent impact from hurricane-related costs in Dallas and Austin. By its fourth quarter 2017 earnings report in January 2018, the company rebounded from low same-store net operating income, but its management guided lower due to soft same-store revenue growth and increase property management costs. In our view, the market was overvaluing supply pressures and undervaluing the potential synergies of fully integrating its Post Properties acquisition.

Acadia Healthcare’s stock traded down sharply following a challenging third quarter 2017 earnings release that missed market expectations and lowered its guidance. The disappointing results were driven by weakness in its U.K. business due to staffing pressures explained by the company to be in part the ripple effect of Brexit. The company is also not expected to be a significant beneficiary of U.S. tax reform, as it is slightly more levered than its peers. Despite the near-term headwinds, we believed at the end of the Reporting Period that secular demand remained strong in the behavioral health care space. We also viewed this industry as being capacity-constrained as it is, in our view, challenging to open these types of facilities.

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 Everest Re Group, a holding company that engages in the provision of reinsurance and insurance services. In our view, the company is a high quality reinsurer that has continued to diversify and grow its U.S.-based insurance platform. We established the Fund position in early autumn 2017 following an elevated level of catastrophe bond activity. (A catastrophe bond is a high-yield debt instrument that is usually insurance-linked and meant to raise money in case of a catastrophe such as a hurricane or earthquake. It has a special condition that states if the issuer, such as the insurance or reinsurance company, suffers a loss from a particular predefined catastrophe, then its obligation to pay interest and/or repay the principal is either deferred or completely forgiven.)

We established a Fund position in Owens Corning, a company that engages in the development of insulation, roofing and fiberglass composites. We are positive on the U.S. housing cycle and, within the industry, we believe Owens Corning has a stable structure in roofing, pricing

36

PORTFOLIO RESULTS

power in insulation and possible tailwinds of global growth in composites.

Conversely, we sold the Fund’s position in Colfax, an industrial and engineering company that produces industrial fans, pumps, heat exchanges and compressors. While we believed Colfax had attractive exposures to industrial markets, weakening corporate expenditures and the company’s declining orders and core growth led us to sell the position in early 2018.

We exited the Fund’s position MGM Resorts International, an owner of global resort destinations and casinos. We determined to sell the position based on what we considered to be more attractive opportunities elsewhere, especially in companies we felt were well positioned to benefit from U.S. tax reform and other near-term catalysts.

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

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

Q 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 materials decreased.

Q How was the Fund positioned relative to its benchmark index at the end of February 2018?

A At the end of February 2018, the Fund was overweight in the industrials and information technology sectors relative to the Russell Index. On the same date, the Fund had underweight positions compared to the Russell Index in consumer staples, real estate and utilities and was rather neutrally weighted to the Russell Index in consumer discretionary, energy, financials, health care and materials. The Fund held no positions in the telecommunication services sector at the end of the Reporting Period.

37

FUND BASICS

Small/Mid Cap Value Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			Russell 2500® Value Index2
Class A		8.15	%		5.25	%
Class C		7.73			5.25
Institutional		8.32			5.25
Investor		8.26			5.25
Class R		7.97			5.25
Class R6		8.33			5.25

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 Russell 2500 Value 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 12/31/17	One Year			Since Inception			Inception Date
Class A		8.55	%		7.72	%		1/31/2014
Class C		13.04			8.52			1/31/2014
Institutional		15.30			9.77			1/31/2014
Investor		15.26			9.58			1/31/2014
Class R		14.61			9.04			1/31/2014
Class R6		15.40			10.39			7/31/2015

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. 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 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.

38

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.68	%
Class C		1.98			2.43
Institutional		0.84			1.29
Investor		0.98			1.43
Class R		1.48			1.93
Class R6		0.83			1.28

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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.

39

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/185
Holding	% of Net Assets			Line of Business
XPO Logistics, Inc.		1.6	%	Air Freight & Logistics
Steel Dynamics, Inc.		1.6		Metals & Mining
E*TRADE Financial Corp.		1.4		Capital Markets
Marvell Technology Group Ltd.		1.3		Semiconductors & Semiconductor Equipment
American Financial Group, Inc.		1.3		Insurance
East West Bancorp, Inc.		1.3		Banks
Hubbell, Inc.		1.3		Electrical Equipment
SS&C Technologies Holdings, Inc.		1.3		Software
Hilton Grand Vacations, Inc.		1.2		Hotels, Restaurants & Leisure
Synovus Financial Corp.		1.1		Banks

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

40

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2018

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 0.2% of the Fund’s net assets as of February 28, 2018. 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.

41

FUND BASICS

Index Definitions

The Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.

42

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.6%
Aerospace & Defense – 1.7%
	9,594	Northrop Grumman Corp.	$	3,358,284
	22,363	United Technologies Corp.		3,013,190
				6,371,474
Air Freight & Logistics – 0.9%
	32,497	United Parcel Service, Inc. Class B		3,393,012
Banks – 13.4%
	243,808	Bank of America Corp.		7,826,237
	129,893	BB&T Corp.		7,059,685
	50,551	Commerce Bancshares, Inc.		2,920,331
	18,604	Cullen/Frost Bankers, Inc.		1,934,630
	197,547	First Horizon National Corp.		3,763,270
	112,119	JPMorgan Chase & Co.		12,949,744
	103,236	SunTrust Banks, Inc.		7,210,002
	127,065	Wells Fargo & Co.		7,421,867
				51,085,766
Beverages – 0.7%
	23,647	Anheuser-Busch InBev SA ADR		2,510,838
Capital Markets – 3.4%
	246,741	AllianceBernstein Holding LP		6,563,311
	59,960	Northern Trust Corp.		6,347,965
				12,911,276
Chemicals – 2.5%
	101,845	DowDuPont, Inc.		7,159,704
	17,095	Praxair, Inc.		2,559,976
				9,719,680
Commercial Services & Supplies – 0.6%
	32,695	Republic Services, Inc.		2,196,450
Communications Equipment – 3.7%
	311,975	Cisco Systems, Inc.		13,970,241
Construction & Engineering – 0.7%
	103,944	Vinci SA ADR		2,569,496
Consumer Finance – 0.6%
	30,783	Discover Financial Services		2,426,624
Diversified Telecommunication Services – 3.7%
	307,910	AT&T, Inc.		11,177,133
	64,421	Verizon Communications, Inc.		3,075,459
				14,252,592
Electric Utilities – 3.3%
	61,045	Duke Energy Corp.		4,599,130
	105,883	FirstEnergy Corp.		3,423,198
	59,177	Pinnacle West Capital Corp.		4,554,262
				12,576,590
Electrical Equipment – 1.3%
	70,529	Emerson Electric Co.		5,011,791
Energy Equipment & Services – 0.4%
	26,157	Schlumberger Ltd.		1,716,946
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 4.5%
	39,596	Crown Castle International Corp.		4,357,936
	349,893	DDR Corp.		2,729,165
	59,411	Equity Residential		3,340,680
	119,470	Hudson Pacific Properties, Inc.		3,771,668
	60,015	Ventas, Inc.		2,899,925
				17,099,374
Food & Staples Retailing – 1.4%
	108,901	The Kroger Co.		2,953,395
	27,988	Walmart, Inc.		2,519,200
				5,472,595
Food Products – 1.7%
	111,407	Conagra Brands, Inc.		4,025,135
	37,489	The Kraft Heinz Co.		2,513,637
				6,538,772
Health Care Equipment & Supplies – 4.5%
	128,107	Abbott Laboratories		7,728,695
	119,422	Medtronic PLC		9,540,624
				17,269,319
Health Care Providers & Services – 1.1%
	24,737	Aetna, Inc.		4,379,933
Household Products – 1.5%
	71,451	The Procter & Gamble Co.		5,610,333
Industrial Conglomerates – 1.5%
	12,258	3M Co.		2,886,881
	17,643	Honeywell International, Inc.		2,666,034
				5,552,915
Insurance – 3.7%
	59,587	MetLife, Inc.		2,752,324
	44,134	Principal Financial Group, Inc.		2,750,872
	47,914	ProAssurance Corp.		2,290,289
	21,232	RenaissanceRe Holdings Ltd.		2,723,641
	27,324	The Travelers Cos., Inc.		3,798,036
				14,315,162
Internet Software & Services* – 0.8%
	2,657	Alphabet, Inc. Class A		2,933,115
Media – 1.9%
	108,661	Comcast Corp. Class A		3,934,615
	102,900	Viacom, Inc. Class B		3,430,686
				7,365,301
Metals & Mining – 0.6%
	33,041	Nucor Corp.		2,160,881
Multi-Utilities – 1.0%
	81,233	Public Service Enterprise Group, Inc.		3,934,114
Oil, Gas & Consumable Fuels – 9.9%
	101,025	BP PLC ADR		3,925,831
	115,559	Chevron Corp.		12,933,363

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

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	76,126	ConocoPhillips	$	4,134,403
	102,240	Exxon Mobil Corp.		7,743,658
	110,742	Royal Dutch Shell PLC Class B ADR		7,107,422
	64,949	The Williams Cos., Inc.		1,802,984
				37,647,661
Personal Products – 0.9%
	67,951	Unilever NV		3,553,837
Pharmaceuticals – 12.7%
	16,257	Allergan PLC		2,507,154
	85,583	Bristol-Myers Squibb Co.		5,665,595
	111,701	Johnson & Johnson		14,507,726
	118,851	Merck & Co., Inc.		6,444,101
	532,947	Pfizer, Inc.		19,351,306
				48,475,882
Road & Rail – 1.3%
	38,385	Union Pacific Corp.		4,999,646
Semiconductors & Semiconductor Equipment – 2.0%
	15,495	Broadcom Ltd.		3,818,898
	161,998	Marvell Technology Group Ltd.		3,805,333
				7,624,231
Software – 5.5%
	114,815	Microsoft Corp.		10,766,202
	199,637	Oracle Corp.		10,115,607
				20,881,809
Technology Hardware, Storage & Peripherals – 1.4%
	29,315	Apple, Inc.		5,221,588
Tobacco – 2.4%
	60,091	Altria Group, Inc.		3,782,728
	90,108	British American Tobacco PLC ADR		5,321,779
				9,104,507
Water Utilities – 1.1%
	53,536	American Water Works Co., Inc.		4,248,617
Wireless Telecommunication Services – 1.3%
	170,880	Vodafone Group PLC ADR		4,837,613
	TOTAL COMMON STOCKS
	(Cost $342,944,443)		$	379,939,981
	TOTAL INVESTMENTS – 99.6%
	(Cost $342,944,443)		$	379,939,981
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			1,555,356
	NET ASSETS – 100.0%		$	381,495,337

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

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

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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Aerospace & Defense – 2.5%
	638	Raytheon Co.	$	138,771
Air Freight & Logistics – 1.9%
	430	FedEx Corp.		105,956
Auto Components – 1.5%
	1,677	Delphi Technologies PLC		80,077
Banks – 17.9%
	7,944	Bank of America Corp.		255,002
	3,432	Citizens Financial Group, Inc.		149,258
	8,603	First Horizon National Corp.		163,887
	1,961	First Republic Bank		181,981
	1,986	JPMorgan Chase & Co.		229,383
				979,511
Biotechnology – 3.1%
	580	Alexion Pharmaceuticals, Inc.*		68,121
	809	Shire PLC ADR		103,552
				171,673
Capital Markets – 3.3%
	1,680	Northern Trust Corp.		177,862
Chemicals – 4.0%
	3,123	DowDuPont, Inc.		219,547
Consumer Finance – 1.5%
	1,068	Discover Financial Services		84,191
Diversified Financial Services* – 3.1%
	820	Berkshire Hathaway, Inc. Class B		169,904
Electric Utilities – 2.5%
	3,163	Xcel Energy, Inc.		136,895
Food & Staples Retailing – 1.2%
	2,393	The Kroger Co.		64,898
Food Products – 1.5%
	2,315	Conagra Brands, Inc.		83,641
Health Care Equipment & Supplies – 6.2%
	1,950	Medtronic PLC		155,786
	1,598	Zimmer Biomet Holdings, Inc.		185,767
				341,553
Internet & Direct Marketing Retail – 2.5%
	1,301	Expedia, Inc.		136,826
Internet Software & Services* – 3.7%
	133	Alphabet, Inc. Class A		146,821
	306	Facebook, Inc. Class A		54,566
				201,387
Leisure Products – 2.2%
	2,066	Brunswick Corp.		118,175
Machinery – 4.8%
	1,516	PACCAR, Inc.		108,531
	1,886	Wabtec Corp.(a)		153,407
				261,938
Common Stocks – (continued)
Media – 2.6%
	3,881	Comcast Corp. Class A		140,531
Metals & Mining – 3.7%
	3,068	Nucor Corp.		200,647
Oil, Gas & Consumable Fuels – 5.7%
	1,892	Anadarko Petroleum Corp.		107,920
	1,084	Chevron Corp.		121,321
	7,882	Encana Corp.		82,761
				312,002
Pharmaceuticals – 5.5%
	612	Allergan PLC		94,383
	1,444	Bristol-Myers Squibb Co.		95,593
	1,426	Eli Lilly & Co.		109,830
				299,806
Road & Rail – 3.9%
	1,644	Union Pacific Corp.		214,131
Semiconductors & Semiconductor Equipment – 3.7%
	8,535	Marvell Technology Group Ltd.		200,487
Software – 7.0%
	1,293	Citrix Systems, Inc.*		118,956
	2,788	Microsoft Corp.		261,431
				380,387
Specialty Retail – 2.7%
	1,668	Lowe’s Cos., Inc.		149,436
	TOTAL COMMON STOCKS
	(Cost $5,194,630)		$	5,370,232
Shares		Distribution Rate	Value
Investment Company(b) – 0.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	23,851	1.262%	$	23,851
	(Cost $23,851)
	TOTAL INVESTMENTS BEFORE SECURITIES     LENDING REINVESTMENT VEHICLE
	(Cost $5,218,481)		$	5,394,083
Securities Lending Reinvestment Vehicle(b) – 2.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	151,200	1.262%	$	151,200
	(Cost $151,200)
	TOTAL INVESTMENTS – 101.4%
	(Cost $5,369,681)		$	5,545,283
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%			(75,056	)
	NET ASSETS – 100.0%		$	5,470,227

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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

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

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Aerospace & Defense – 3.3%
	39,199	Raytheon Co.	$	8,526,175
	96,322	United Technologies Corp.		12,978,426
				21,504,601
Air Freight & Logistics – 1.0%
	25,919	FedEx Corp.		6,386,701
Auto Components – 1.2%
	161,590	Delphi Technologies PLC		7,715,922
Automobiles – 0.6%
	96,842	Volkswagen AG ADR		3,850,438
Banks – 17.5%
	949,054	Bank of America Corp.		30,464,633
	363,190	Citizens Financial Group, Inc.		15,795,133
	685,006	First Horizon National Corp.		13,049,364
	97,968	First Republic Bank		9,091,430
	295,665	JPMorgan Chase & Co.		34,149,308
	97,145	SunTrust Banks, Inc.		6,784,607
	83,158	Wells Fargo & Co.		4,857,259
				114,191,734
Biotechnology – 3.6%
	57,064	Alexion Pharmaceuticals, Inc.*		6,702,167
	62,060	BioMarin Pharmaceutical, Inc.*		5,037,410
	59,180	Shire PLC ADR		7,575,040
	24,391	Vertex Pharmaceuticals, Inc.*		4,049,638
				23,364,255
Capital Markets – 3.9%
	125,706	Northern Trust Corp.		13,308,494
	212,507	The Bank of New York Mellon Corp.		12,119,274
				25,427,768
Chemicals – 2.7%
	254,350	DowDuPont, Inc.		17,880,805
Communications Equipment – 2.7%
	310,065	Cisco Systems, Inc.		13,884,711
	152,447	Juniper Networks, Inc.		3,911,790
				17,796,501
Consumer Finance – 1.1%
	89,329	Discover Financial Services		7,041,805
Diversified Financial Services* – 1.7%
	53,234	Berkshire Hathaway, Inc. Class B		11,030,085
Electric Utilities – 0.8%
	114,307	Xcel Energy, Inc.		4,947,207
Electrical Equipment – 0.8%
	62,354	Eaton Corp. PLC		5,031,968
Energy Equipment & Services – 0.9%
	133,111	Halliburton Co.		6,179,013
Equity Real Estate Investment Trusts (REITs) – 1.0%
	43,137	AvalonBay Communities, Inc.		6,730,235
Common Stocks – (continued)
Food & Staples Retailing – 1.0%
	252,000	The Kroger Co.		6,834,240
Food Products – 3.1%
	232,317	Conagra Brands, Inc.		8,393,613
	114,669	Mondelez International, Inc. Class A		5,033,969
	97,732	The Kraft Heinz Co.		6,552,931
				19,980,513
Health Care Equipment & Supplies – 4.5%
	205,749	Medtronic PLC		16,437,288
	112,130	Zimmer Biomet Holdings, Inc.		13,035,112
				29,472,400
Health Care Providers & Services – 1.1%
	38,788	Aetna, Inc.		6,867,803
Household Durables – 0.6%
	73,984	Lennar Corp. Class A		4,186,015
Insurance – 2.3%
	126,823	American International Group, Inc.		7,272,031
	171,723	MetLife, Inc.		7,931,885
				15,203,916
Internet & Direct Marketing Retail – 1.3%
	77,693	Expedia, Inc.		8,170,973
Internet Software & Services* – 2.9%
	12,694	Alphabet, Inc. Class A		14,013,160
	27,633	Facebook, Inc. Class A		4,927,517
				18,940,677
IT Services – 0.8%
	52,480	Fidelity National Information Services, Inc.		5,100,006
Leisure Products – 1.1%
	119,770	Brunswick Corp.		6,850,844
Machinery – 3.7%
	125,531	ITT, Inc.		6,299,145
	91,679	PACCAR, Inc.		6,563,300
	135,050	Wabtec Corp.(a)		10,984,967
				23,847,412
Media – 2.6%
	268,867	Comcast Corp. Class A		9,735,674
	77,868	DISH Network Corp. Class A*		3,246,317
	142,632	Liberty Global PLC Series C*		4,283,239
				17,265,230
Metals & Mining – 1.9%
	192,291	Nucor Corp.		12,575,831
Multi-Utilities – 0.8%
	91,442	Ameren Corp.		4,965,301
Oil, Gas & Consumable Fuels – 8.3%
	85,508	Anadarko Petroleum Corp.		4,877,376
	205,690	BP PLC ADR		7,993,113

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	155,267	Chevron Corp.	$	17,377,483
	949,347	Encana Corp.		9,968,144
	75,165	EQT Corp.		3,781,551
	58,005	Pioneer Natural Resources Co.		9,874,191
				53,871,858
Pharmaceuticals – 6.8%
	59,769	Allergan PLC		9,217,575
	136,402	Bristol-Myers Squibb Co.		9,029,812
	107,664	Eli Lilly & Co.		8,292,281
	59,651	Johnson & Johnson		7,747,472
	282,853	Pfizer, Inc.		10,270,393
				44,557,533
Road & Rail – 2.4%
	118,067	Union Pacific Corp.		15,378,227
Semiconductors & Semiconductor Equipment – 2.8%
	26,975	Broadcom Ltd.		6,648,259
	505,372	Marvell Technology Group Ltd.		11,871,188
				18,519,447
Software – 5.6%
	98,966	Citrix Systems, Inc.*		9,104,872
	166,433	Microsoft Corp.		15,606,422
	236,838	Oracle Corp.		12,000,582
				36,711,876
Specialty Retail – 2.0%
	146,804	Lowe’s Cos., Inc.		13,152,170
Tobacco – 1.0%
	104,698	Altria Group, Inc.		6,590,739
	TOTAL COMMON STOCKS
	(Cost $575,261,314)		$	648,122,049
Shares		Distribution Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,339	1.262%	$	1,339
	(Cost $1,339)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $575,262,653)		$	648,123,388
Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,755,600	1.262%	$	1,755,600
	(Cost $1,755,600)
	TOTAL INVESTMENTS – 99.7%
	(Cost $577,018,253)		$	649,878,988
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			1,952,572
	NET ASSETS – 100.0%		$	651,831,560

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

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 1.6%
	143,320	L3 Technologies, Inc.	$	29,746,066
Air Freight & Logistics* – 1.3%
	249,484	XPO Logistics, Inc.		24,556,710
Airlines* – 0.7%
	599,823	JetBlue Airways Corp.		12,626,274
Auto Components – 1.0%
	413,279	Delphi Technologies PLC		19,734,072
Banks – 8.6%
	716,602	Citizens Financial Group, Inc.		31,165,021
	139,529	Comerica, Inc.		13,565,009
	1,686,479	First Horizon National Corp.		32,127,425
	324,557	First Republic Bank		30,118,890
	112,230	Signature Bank*		16,406,904
	567,215	SunTrust Banks, Inc.		39,614,295
				162,997,544
Beverages – 1.0%
	515,651	Coca-Cola European Partners PLC		19,605,051
Biotechnology* – 2.3%
	112,988	Alexion Pharmaceuticals, Inc.		13,270,440
	201,711	BioMarin Pharmaceutical, Inc.		16,372,882
	82,656	Vertex Pharmaceuticals, Inc.		13,723,376
				43,366,698
Capital Markets – 2.5%
	150,146	Ameriprise Financial, Inc.		23,488,840
	243,417	E*TRADE Financial Corp.*		12,713,670
	209,294	Lazard Ltd. Class A		11,295,597
				47,498,107
Chemicals – 2.1%
	133,463	Ashland Global Holdings, Inc.		9,451,850
	306,358	Celanese Corp. Series A		30,899,268
				40,351,118
Communications Equipment – 2.7%
	338,964	CommScope Holding Co., Inc.*		13,121,296
	640,013	Juniper Networks, Inc.		16,422,734
	2,365,296	Viavi Solutions, Inc.*		22,754,148
				52,298,178
Construction & Engineering – 1.0%
	308,632	Jacobs Engineering Group, Inc.		18,845,070
Construction Materials – 1.0%
	94,030	Martin Marietta Materials, Inc.		19,175,538
Consumer Finance* – 0.9%
	1,531,784	SLM Corp.		16,711,763
Containers & Packaging – 1.5%
	730,251	Ball Corp.		29,173,527
Distributors* – 1.4%
	686,270	LKQ Corp.		27,093,940
Common Stocks – (continued)
Diversified Telecommunication Services – 0.5%
	502,001	CenturyLink, Inc.		8,870,358
Electric Utilities – 2.7%
	302,565	Pinnacle West Capital Corp.		23,285,403
	662,762	Xcel Energy, Inc.		28,684,339
				51,969,742
Electronic Equipment, Instruments & Components* – 0.8%
	338,128	Keysight Technologies, Inc.		15,895,397
Equity Real Estate Investment Trusts (REITs) – 10.7%
	225,218	Alexandria Real Estate Equities, Inc.		27,321,196
	169,104	AvalonBay Communities, Inc.		26,383,606
	197,161	Boston Properties, Inc.		23,436,528
	357,922	Camden Property Trust		28,529,963
	247,209	CyrusOne, Inc.		12,335,729
	790,914	DDR Corp.		6,169,129
	198,677	Equity LifeStyle Properties, Inc.		16,810,061
	608,922	Hudson Pacific Properties, Inc.		19,223,667
	549,016	Prologis, Inc.		33,314,291
	482,285	RLJ Lodging Trust		9,554,066
				203,078,236
Food Products – 2.8%
	64,456	Bunge Ltd.		4,861,916
	722,669	Conagra Brands, Inc.		26,110,031
	395,838	Pinnacle Foods, Inc.		21,359,418
				52,331,365
Gas Utilities – 1.0%
	241,901	Atmos Energy Corp.		19,470,611
Health Care Equipment & Supplies – 2.0%
	320,007	Zimmer Biomet Holdings, Inc.		37,200,814
Health Care Providers & Services* – 2.3%
	349,581	Acadia Healthcare Co., Inc.		13,319,036
	177,445	Laboratory Corp. of America Holdings		30,644,752
				43,963,788
Hotels, Restaurants & Leisure – 0.9%
	515,651	MGM Resorts International		17,650,734
Household Durables – 1.2%
	388,255	Lennar Corp. Class A		21,967,468
Insurance – 7.0%
	141,046	American Financial Group, Inc.		15,909,989
	269,200	Arch Capital Group Ltd.*		23,754,208
	306,358	Athene Holding Ltd. Class A*		14,463,161
	280,574	Lincoln National Corp.		21,371,322
	186,544	The Progressive Corp.		10,741,203
	184,269	Torchmark Corp.		15,731,045
	182,753	W.R. Berkley Corp.		12,496,650
	118,297	Willis Towers Watson PLC		18,679,096
				133,146,674

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – 1.0%
	189,577	Expedia, Inc.	$	19,937,813
Internet Software & Services* – 0.5%
	163,795	GoDaddy, Inc. Class A		9,796,579
IT Services – 2.0%
	394,321	Fidelity National Information Services, Inc.		38,320,115
Leisure Products – 1.2%
	315,457	Brunswick Corp.		18,044,140
	290,433	Mattel, Inc.(a)		4,617,885
				22,662,025
Machinery – 7.8%
	461,053	ITT, Inc.		23,135,640
	343,514	PACCAR, Inc.		24,592,167
	233,560	Stanley Black & Decker, Inc.		37,180,416
	125,879	The Middleby Corp.*		15,136,950
	539,158	Trinity Industries, Inc.		17,598,117
	385,221	Wabtec Corp.		31,333,876
				148,977,166
Media – 1.6%
	270,716	Liberty Broadband Corp. Class C*		23,790,522
	214,602	Viacom, Inc. Class B		7,154,831
				30,945,353
Metals & Mining – 2.8%
	1,027,509	Freeport-McMoRan, Inc.*		19,111,667
	723,427	Steel Dynamics, Inc.		33,458,499
				52,570,166
Mortgage Real Estate Investment Trusts (REITs) – 1.0%
	913,762	Starwood Property Trust, Inc.		18,503,680
Multi-Utilities – 3.5%
	508,067	CMS Energy Corp.		21,567,444
	535,366	Public Service Enterprise Group, Inc.		25,927,775
	174,412	Sempra Energy		19,007,420
				66,502,639
Multiline Retail* – 0.6%
	114,505	Dollar Tree, Inc.		11,752,793
Oil, Gas & Consumable Fuels – 6.9%
	254,034	Cheniere Energy, Inc.*		13,341,866
	196,403	Diamondback Energy, Inc.*		24,479,670
	1,468,086	Encana Corp.		15,414,903
	304,841	EQT Corp.		15,336,551
	384,463	Marathon Petroleum Corp.		24,628,700
	464,085	RSP Permian, Inc.*		17,779,096
	1,460,503	WPX Energy, Inc.*		20,636,907
				131,617,693
Common Stocks – (continued)
Road & Rail – 1.3%
	175,169	Old Dominion Freight Line, Inc.		24,334,477
Semiconductors & Semiconductor Equipment – 2.7%
	134,979	Analog Devices, Inc.		12,168,357
	1,631,881	Marvell Technology Group Ltd.		38,332,885
				50,501,242
Software* – 0.5%
	110,713	Citrix Systems, Inc.		10,185,596
Specialty Retail* – 1.5%
	137,255	Burlington Stores, Inc.		16,832,953
	46,257	O’Reilly Automotive, Inc.		11,295,497
				28,128,450
Textiles, Apparel & Luxury Goods – 1.7%
	135,738	PVH Corp.		19,584,279
	301,049	Skechers U.S.A., Inc. Class A*		12,318,925
				31,903,204
Water Utilities – 1.2%
	279,058	American Water Works Co., Inc.		22,146,043
	TOTAL COMMON STOCKS
	(Cost $1,743,735,544)		$	1,888,109,877
Shares		Distribution Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	302	1.262%	$	302
	(Cost $302)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,743,735,846)		$	1,888,110,179
Securities Lending Reinvestment Vehicle(b) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,808,400	1.262%		1,808,400
	(Cost $1,808,400)
	TOTAL INVESTMENTS – 99.4%
	(Cost $1,745,544,246)		$	1,889,918,579
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			12,292,525
	NET ASSETS – 100.0%		$	1,902,211,104

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

GOLDMAN SACHS MID CAP VALUE 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)	Represents an affiliated fund.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Aerospace & Defense – 2.3%
	221,033	Curtiss-Wright Corp.	$	29,835,034
	820,989	KLX, Inc.*		55,564,535
	515,536	Mercury Systems, Inc.*		23,699,190
	495,614	Moog, Inc. Class A*		41,547,322
				150,646,081
Air Freight & Logistics* – 1.7%
	1,371,491	Air Transport Services Group, Inc.		36,303,367
	330,807	Echo Global Logistics, Inc.		8,749,845
	693,932	XPO Logistics, Inc.		68,303,727
				113,356,939
Airlines – 0.6%
	740,355	SkyWest, Inc.		40,571,454
Auto Components – 0.9%
	1,368,590	American Axle & Manufacturing Holdings, Inc.*		20,200,389
	1,067,804	Dana, Inc.		28,371,552
	190,308	Standard Motor Products, Inc.		8,879,771
				57,451,712
Automobiles – 0.3%
	503,678	Winnebago Industries, Inc.		21,935,177
Banks – 19.6%
	611,924	Ameris Bancorp		32,523,761
	949,662	BancorpSouth Bank		29,914,353
	963,853	Banner Corp.		53,281,794
	1,568,968	Boston Private Financial Holdings, Inc.		22,906,933
	1,313,468	Brookline Bancorp, Inc.		20,818,468
	293,567	Bryn Mawr Bank Corp.		12,784,843
	1,490,765	CenterState Bank Corp.		40,608,439
	237,447	Chemical Financial Corp.		13,104,700
	1,149,779	CoBiz Financial, Inc.		21,799,810
	1,262,740	Columbia Banking System, Inc.		52,757,277
	677,218	Community Bank System, Inc.		36,102,492
	908,660	ConnectOne Bancorp, Inc.		26,169,408
	2,187,198	CVB Financial Corp.		50,305,554
	908,844	First Financial Bankshares, Inc.		41,806,824
	986,887	First Merchants Corp.		40,788,040
	1,252,956	First Midwest Bancorp, Inc.		30,346,594
	729,270	Flushing Financial Corp.		19,471,509
	1,166,332	Glacier Bancorp, Inc.		45,370,315
	1,287,989	Great Western Bancorp, Inc.		52,665,870
	577,500	Guaranty Bancorp		15,852,375
	618,076	Heritage Financial Corp.		18,387,761
	1,353,761	Home BancShares, Inc.		31,122,965
	584,287	Independent Bank Corp.		40,549,518
	614,319	Independent Bank Group, Inc.		43,125,194
	594,434	Lakeland Financial Corp.		26,933,804
	1,331,202	LegacyTexas Financial Group, Inc.		55,764,052
	1,218,691	MB Financial, Inc.		49,978,518
	281,716	National Commerce Corp.*		12,099,702
	819,468	Pinnacle Financial Partners, Inc.		52,896,659
	330,008	Prosperity Bancshares, Inc.		24,750,600
Common Stocks – (continued)
Banks – (continued)
	1,085,962	Renasant Corp.		45,349,773
	410,956	Sandy Spring Bancorp, Inc.		15,928,654
	567,504	South State Corp.		49,202,597
	787,599	State Bank Financial Corp.		22,793,115
	627,572	Texas Capital Bancshares, Inc.*		56,606,994
	463,176	The First of Long Island Corp.		12,621,546
	549,953	Towne Bank		15,701,158
	443,416	TriCo Bancshares		16,561,588
	343,977	Union Bankshares Corp.		12,857,860
	579,973	Webster Financial Corp.		31,654,926
				1,294,266,343
Biotechnology* – 0.6%
	418,731	Emergent BioSolutions, Inc.		20,810,931
	505,487	Myriad Genetics, Inc.		16,387,888
				37,198,819
Building Products* – 0.2%
	209,762	Patrick Industries, Inc.		12,889,875
Capital Markets – 1.7%
	404,910	Golub Capital BDC, Inc.		7,255,987
	137,071	Houlihan Lokey, Inc.		6,362,836
	1,557,665	OM Asset Management PLC		23,879,004
	845,258	Stifel Financial Corp.		53,986,629
	602,493	Virtu Financial, Inc. Class A		17,894,042
				109,378,498
Chemicals – 1.4%
	95,138	Kraton Corp.*		4,034,803
	1,110,723	Olin Corp.		36,098,497
	147,072	Quaker Chemical Corp.		20,962,172
	176,871	Trinseo SA		14,078,932
	588,367	Tronox Ltd. Class A		10,755,349
	416,821	Venator Materials PLC*		7,977,954
				93,907,707
Commercial Services & Supplies – 1.5%
	1,127,323	ABM Industries, Inc.		39,636,677
	746,707	Advanced Disposal Services, Inc.*		16,711,302
	524,204	Mobile Mini, Inc.		21,990,358
	336,387	US Ecology, Inc.		17,794,872
				96,133,209
Communications Equipment* – 1.5%
	1,516,512	Extreme Networks, Inc.		17,303,402
	561,537	Finisar Corp.		10,107,666
	1,309,481	NetScout Systems, Inc.		34,766,721
	4,163,034	Viavi Solutions, Inc.		40,048,387
				102,226,176
Construction & Engineering – 0.7%
	369,001	EMCOR Group, Inc.		28,158,466
	334,690	Granite Construction, Inc.		19,445,489
				47,603,955

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Construction Materials – 0.9%
	259,068	Eagle Materials, Inc.	$	25,966,385
	449,490	Summit Materials, Inc. Class A*		14,217,369
	274,872	US Concrete, Inc.*		19,996,938
				60,180,692
Containers & Packaging* – 0.6%
	713,235	Berry Global Group, Inc.		38,799,984
Diversified Consumer Services* – 0.6%
	254,864	Adtalem Global Education, Inc.		11,736,487
	1,330,985	Chegg, Inc.		26,499,912
				38,236,399
Electric Utilities – 2.9%
	484,533	ALLETE, Inc.		33,020,924
	693,126	IDACORP, Inc.		56,177,862
	1,291,945	PNM Resources, Inc.		45,476,464
	1,465,627	Portland General Electric Co.		58,229,361
				192,904,611
Electronic Equipment, Instruments & Components – 2.9%
	500,939	Anixter International, Inc.*		37,845,942
	921,206	CTS Corp.		23,674,994
	692,961	II-VI, Inc.*		26,678,999
	1,072,405	Knowles Corp.*		15,485,528
	392,156	SYNNEX Corp.		48,490,089
	384,953	Tech Data Corp.*		39,781,043
				191,956,595
Energy Equipment & Services* – 0.8%
	1,034,132	C&J Energy Services, Inc.		24,819,168
	917,293	Cactus, Inc. Class A		22,574,581
	552,012	NCS Multistage Holdings, Inc.		8,070,415
				55,464,164
Equity Real Estate Investment Trusts (REITs) – 7.0%
	2,112,764	Acadia Realty Trust		50,875,357
	2,321,598	Chesapeake Lodging Trust		60,036,524
	2,357,353	Columbia Property Trust, Inc.		49,103,663
	951,579	CyrusOne, Inc.		47,483,792
	845,693	Hudson Pacific Properties, Inc.		26,698,528
	708,045	Life Storage, Inc.		55,624,015
	636,124	National Health Investors, Inc.		41,265,364
	2,378,633	Pebblebrook Hotel Trust		80,897,308
	215,751	PS Business Parks, Inc.		23,918,156
	1,198,756	RLJ Lodging Trust		23,747,357
				459,650,064
Food & Staples Retailing* – 0.2%
	233,124	United Natural Foods, Inc.		9,947,401
Food Products* – 0.9%
	2,096,974	Hostess Brands, Inc.		25,666,962
	2,609,491	The Simply Good Foods Co.		35,254,223
				60,921,185
Common Stocks – (continued)
Gas Utilities – 1.6%
	215,629	Chesapeake Utilities Corp.		14,371,673
	1,302,601	New Jersey Resources Corp.		49,629,098
	1,626,362	South Jersey Industries, Inc.		42,626,948
				106,627,719
Health Care Equipment & Supplies – 2.5%
	529,836	CONMED Corp.		32,070,973
	883,218	Halyard Health, Inc.*		43,613,305
	90,304	ICU Medical, Inc.*		20,882,800
	555,973	Integra LifeSciences Holdings Corp.*		29,316,456
	515,111	Quidel Corp.*		22,469,142
	668,557	Wright Medical Group NV*		13,605,135
				161,957,811
Health Care Providers & Services* – 1.1%
	616,612	Acadia Healthcare Co., Inc.		23,492,917
	208,810	Almost Family, Inc.		12,309,350
	419,803	AMN Healthcare Services, Inc.		23,362,037
	299,950	Envision Healthcare Corp.		11,548,075
				70,712,379
Health Care Technology* – 0.9%
	3,064,880	Allscripts Healthcare Solutions, Inc.		42,509,886
	1,039,632	HMS Holdings Corp.		16,675,697
				59,185,583
Hotels, Restaurants & Leisure – 4.1%
	1,250,356	Boyd Gaming Corp.		44,237,595
	1,105,087	Del Taco Restaurants, Inc.*		13,924,096
	845,202	Eldorado Resorts, Inc.*(a)		28,821,388
	1,123,580	Extended Stay America, Inc.		22,505,307
	1,664,068	Hilton Grand Vacations, Inc.*		71,821,175
	856,768	ILG, Inc.		26,011,476
	290,617	Marriott Vacations Worldwide Corp.		40,831,689
	74,757	Penn National Gaming, Inc.*		1,989,284
	639,183	Red Rock Resorts, Inc. Class A		21,412,631
				271,554,641
Household Durables – 1.4%
	193,407	KB Home		5,367,044
	287,804	Meritage Homes Corp.*		12,202,890
	1,217,162	Taylor Morrison Home Corp. Class A*		27,313,115
	595,713	TopBuild Corp.*		41,485,453
	213,641	William Lyon Homes Class A*		5,400,845
				91,769,347
Insurance – 4.3%
	334,484	AMERISAFE, Inc.		18,731,104
	2,465,978	CNO Financial Group, Inc.		55,583,144
	138,861	Enstar Group Ltd.*		27,494,478
	717,146	James River Group Holdings Ltd.		23,457,846
	567,668	Kinsale Capital Group, Inc.		27,815,732
	336,147	Primerica, Inc.		32,774,332
	516,931	ProAssurance Corp.		24,709,302

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	483,172	RLI Corp.	$	29,376,857
	817,142	Selective Insurance Group, Inc.		46,454,523
				286,397,318
Internet Software & Services* – 0.5%
	840,169	Cornerstone OnDemand, Inc.		34,446,929
IT Services – 1.0%
	308,410	CACI International, Inc. Class A*		45,968,510
	979,127	Convergys Corp.		22,725,538
				68,694,048
Life Sciences Tools & Services* – 0.1%
	228,224	Syneos Health, Inc.		9,562,586
Machinery – 4.5%
	628,021	CIRCOR International, Inc.		29,516,987
	1,544,024	Federal Signal Corp.		33,026,673
	639,684	ITT, Inc.		32,099,343
	2,172,639	Mueller Water Products, Inc. Class A		23,899,029
	180,826	RBC Bearings, Inc.*		21,789,533
	1,907,495	Rexnord Corp.*		55,279,205
	314,159	Tennant Co.		20,231,840
	527,695	Terex Corp.		21,909,896
	1,163,556	TriMas Corp.*		30,136,100
	365,779	Watts Water Technologies, Inc. Class A		27,616,315
				295,504,921
Media – 1.5%
	1,173,903	Gray Television, Inc.*		16,199,861
	1,139,982	Live Nation Entertainment, Inc.*		51,071,194
	445,168	Nexstar Media Group, Inc. Class A		31,807,254
				99,078,309
Metals & Mining – 2.0%
	1,729,409	AK Steel Holding Corp.*		8,923,750
	733,768	Allegheny Technologies, Inc.*		19,011,929
	825,555	Carpenter Technology Corp.		42,053,772
	333,973	Century Aluminum Co.*		6,362,186
	527,070	Cleveland-Cliffs, Inc.*		3,705,302
	1,296,305	Commercial Metals Co.		31,500,211
	177,845	Kaiser Aluminum Corp.		17,850,303
	577,146	Ryerson Holding Corp.*		5,829,174
				135,236,627
Mortgage Real Estate Investment Trusts (REITs) – 1.8%
	1,412,778	Blackstone Mortgage Trust, Inc. Class A		43,866,757
	1,912,290	Granite Point Mortgage Trust, Inc.		32,222,087
	1,892,202	PennyMac Mortgage Investment Trust		31,543,007
	942,855	Two Harbors Investment Corp.		13,850,540
				121,482,391
Common Stocks – (continued)
Multiline Retail* – 0.0%
	749,354	J.C. Penney Co., Inc.		3,244,703
Oil, Gas & Consumable Fuels – 5.7%
	4,246,507	Callon Petroleum Co.*		44,885,579
	1,723,025	Centennial Resource Development, Inc. Class A*		32,875,317
	591,062	Delek US Holdings, Inc.		20,167,035
	1,833,937	Golar LNG Ltd.(a)		49,552,978
	1,133,152	Jagged Peak Energy, Inc.*		13,937,770
	625,865	Matador Resources Co.*		18,062,464
	856,777	PDC Energy, Inc.*		45,006,496
	1,631,356	RSP Permian, Inc.*		62,497,248
	4,404,538	SRC Energy, Inc.*		39,068,252
	3,588,901	WPX Energy, Inc.*		50,711,171
				376,764,310
Pharmaceuticals* – 0.3%
	834,800	Impax Laboratories, Inc.		17,029,920
	125,889	Prestige Brands Holdings, Inc.		4,255,048
				21,284,968
Professional Services* – 0.5%
	400,153	On Assignment, Inc.		30,687,734
Real Estate Management & Development – 0.5%
	1,905,960	Kennedy-Wilson Holdings, Inc.		31,162,446
Road & Rail – 1.7%
	67,969	Hertz Global Holdings, Inc.*		1,236,356
	1,013,008	Knight-Swift Transportation Holdings, Inc.		48,786,465
	1,210,646	Marten Transport Ltd.		26,210,486
	456,493	Saia, Inc.*		33,164,217
				109,397,524
Semiconductors & Semiconductor Equipment – 2.2%
	1,134,699	Cree, Inc.*		42,925,663
	1,162,744	Entegris, Inc.		38,603,101
	3,574,232	Lattice Semiconductor Corp.*		21,481,134
	412,985	Nanometrics, Inc.*		10,898,674
	944,423	Semtech Corp.*		31,779,834
				145,688,406
Software – 1.9%
	471,888	Bottomline Technologies de, Inc.*		17,922,306
	781,711	CommVault Systems, Inc.*		40,688,058
	839,539	Monotype Imaging Holdings, Inc.		20,232,890
	1,235,689	Verint Systems, Inc.*		48,068,302
				126,911,556
Specialty Retail – 3.2%
	735,867	Aaron’s, Inc.		34,004,414
	228,545	American Eagle Outfitters, Inc.		4,404,062
	447,394	Burlington Stores, Inc.*		54,868,400
	79,671	Guess?, Inc.		1,258,005
	997,886	Hudson Ltd. Class A*		15,577,001
	407,006	Lithia Motors, Inc. Class A		42,283,853
	56,340	National Vision Holdings, Inc.*		1,947,110

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
	790,375	Office Depot, Inc.	$	2,078,686
	218,473	The Children’s Place, Inc.		31,088,708
	572,088	Urban Outfitters, Inc.*		20,188,986
	148,095	Zumiez, Inc.*		2,917,472
				210,616,697
Textiles, Apparel & Luxury Goods – 0.6%
	175,053	Columbia Sportswear Co.		13,230,506
	361,828	G-III Apparel Group Ltd.*		13,355,071
	433,550	Wolverine World Wide, Inc.		12,694,344
				39,279,921
Thrifts & Mortgage Finance – 2.7%
	4,511,969	MGIC Investment Corp.*		62,220,053
	982,728	OceanFirst Financial Corp.		25,433,001
	1,049,662	Provident Financial Services, Inc.		26,115,591
	1,164,925	Washington Federal, Inc.		40,422,897
	507,835	WSFS Financial Corp.		24,223,729
				178,415,271
Trading Companies & Distributors – 2.5%
	1,129,358	Beacon Roofing Supply, Inc.*		59,754,332
	1,084,004	Foundation Building Materials, Inc.*		14,840,015
	632,250	H&E Equipment Services, Inc.		23,829,502
	401,208	Kaman Corp.		24,561,954
	1,352,265	Univar, Inc.*		38,958,754
				161,944,557
	TOTAL COMMON STOCKS
	(Cost $5,072,878,776)		$	6,533,235,742
Exchange Traded Funds(a) – 0.6%
	358,426	iShares Russell 2000 Value ETF (Cost $44,722,394)	$	43,348,041
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $5,117,601,170)		$	6,576,583,783
Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,698,539	1.262%		50,698,539
	(Cost $50,698,539)
	TOTAL INVESTMENTS – 100.3%
	(Cost $5,168,299,709)		$	6,627,282,322
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%			(20,330,349	)
	NET ASSETS – 100.0%		$	6,606,951,973

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 2.6%
	9,191	Curtiss-Wright Corp.	$	1,240,601
	3,691	Huntington Ingalls Industries, Inc.		967,079
	15,540	KLX, Inc.*		1,051,747
				3,259,427
Air Freight & Logistics* – 1.9%
	15,037	Air Transport Services Group, Inc.		398,030
	20,259	XPO Logistics, Inc.		1,994,093
				2,392,123
Airlines – 0.8%
	11,472	JetBlue Airways Corp.*		241,485
	13,761	SkyWest, Inc.		754,103
				995,588
Auto Components – 0.3%
	13,815	Dana, Inc.		367,065
Automobiles – 0.3%
	3,102	Thor Industries, Inc.		400,158
Banks – 12.6%
	10,804	BOK Financial Corp.		1,020,438
	4,437	Chemical Financial Corp.		244,878
	18,795	Commerce Bancshares, Inc.		1,085,787
	5,537	Cullen/Frost Bankers, Inc.		575,793
	24,055	East West Bancorp, Inc.		1,576,805
	16,499	Glacier Bancorp, Inc.		641,811
	24,383	Home BancShares, Inc.		560,565
	22,581	MB Financial, Inc.		926,047
	25,589	PacWest Bancorp		1,334,210
	19,532	Pinnacle Financial Partners, Inc.		1,260,791
	10,232	Prosperity Bancshares, Inc.		767,400
	8,171	Signature Bank*		1,194,519
	9,016	South State Corp.		781,687
	28,177	Synovus Financial Corp.		1,389,126
	11,351	Texas Capital Bancshares, Inc.*		1,023,860
	20,686	Webster Financial Corp.		1,129,042
				15,512,759
Building Products – 1.2%
	1,457	Fortune Brands Home & Security, Inc.		88,382
	16,925	Owens Corning		1,376,002
				1,464,384
Capital Markets – 2.4%
	32,050	E*TRADE Financial Corp.*		1,673,971
	19,309	OM Asset Management PLC		296,007
	11,278	Stifel Financial Corp.		720,326
	10,147	Virtu Financial, Inc. Class A		301,366
				2,991,670
Chemicals – 2.5%
	26,199	Huntsman Corp.		845,442
	912	Ingevity Corp.*		68,318
	27,655	Olin Corp.		898,787
Common Stocks – (continued)
Chemicals – (continued)
	8,681	The Chemours Co.		412,434
	4,306	Tronox Ltd. Class A		78,714
	10,402	Venator Materials PLC*		199,094
	5,646	Westlake Chemical Corp.		611,236
				3,114,025
Communications Equipment* – 1.0%
	10,622	ARRIS International PLC		270,861
	16,817	CommScope Holding Co., Inc.		650,986
	11,498	NetScout Systems, Inc.		305,272
				1,227,119
Construction & Engineering – 1.6%
	15,344	AECOM*		544,865
	13,396	Jacobs Engineering Group, Inc.		817,960
	4,489	Valmont Industries, Inc.		660,332
				2,023,157
Construction Materials – 0.5%
	4,864	Eagle Materials, Inc.		487,519
	146	Martin Marietta Materials, Inc.		29,774
	4,215	Summit Materials, Inc. Class A*		133,320
				650,613
Containers & Packaging – 0.8%
	1,386	Bemis Co., Inc.		61,109
	17,776	Berry Global Group, Inc.*		967,014
				1,028,123
Diversified Financial Services – 0.5%
	12,166	Voya Financial, Inc.		620,709
Electric Utilities – 2.3%
	25,369	Alliant Energy Corp.		980,512
	7,920	IDACORP, Inc.		641,916
	15,951	Pinnacle West Capital Corp.		1,227,589
				2,850,017
Electrical Equipment – 1.3%
	11,936	Hubbell, Inc.		1,564,213
Electronic Equipment, Instruments & Components – 1.4%
	14,053	Keysight Technologies, Inc.*		660,631
	5,840	SYNNEX Corp.		722,116
	3,832	Tech Data Corp.*		395,999
				1,778,746
Energy Equipment & Services – 0.8%
	17,228	Cactus, Inc. Class A*		423,981
	32,274	Patterson-UTI Energy, Inc.		583,191
				1,007,172
Equity Real Estate Investment Trusts (REITs) – 9.9%
	63,075	Brixmor Property Group, Inc.		980,186
	16,639	Camden Property Trust		1,326,295
	46,284	Columbia Property Trust, Inc.		964,096

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	53,621	Empire State Realty Trust, Inc. Class A	$	904,050
	13,250	Equity LifeStyle Properties, Inc.		1,121,082
	12,082	Federal Realty Investment Trust		1,376,623
	22,193	Highwoods Properties, Inc.		954,521
	5,803	Life Storage, Inc.		455,884
	8,431	Mid-America Apartment Communities, Inc.		723,548
	11,351	National Health Investors, Inc.		736,339
	40,005	Pebblebrook Hotel Trust		1,360,570
	3,212	PS Business Parks, Inc.		356,082
	46,307	RLJ Lodging Trust		917,342
				12,176,618
Food & Staples Retailing* – 0.6%
	23,354	US Foods Holding Corp.		779,790
Food Products – 0.7%
	33,283	Hostess Brands, Inc.*		407,384
	8,082	Pinnacle Foods, Inc.		436,105
				843,489
Gas Utilities – 1.4%
	15,623	Atmos Energy Corp.		1,257,495
	13,688	New Jersey Resources Corp.		521,513
				1,779,008
Health Care Equipment & Supplies – 1.7%
	8,030	Hill-Rom Holdings, Inc.		671,790
	2,619	NuVasive, Inc.*		126,655
	6,935	STERIS PLC		633,165
	2,853	Teleflex, Inc.		712,765
				2,144,375
Health Care Providers & Services – 1.8%
	15,330	Acadia Healthcare Co., Inc.*		584,073
	20,186	Envision Healthcare Corp.*		777,161
	11,681	MEDNAX, Inc.*		642,221
	5,037	Patterson Cos., Inc.		159,069
				2,162,524
Health Care Technology* – 0.8%
	41,148	Allscripts Healthcare Solutions, Inc.		570,723
	3,212	athenahealth, Inc.		448,845
				1,019,568
Hotels, Restaurants & Leisure – 3.2%
	15,742	Boyd Gaming Corp.		556,952
	20,510	Eldorado Resorts, Inc.*(a)		699,391
	35,225	Hilton Grand Vacations, Inc.*		1,520,311
	10,900	ILG, Inc.		330,924
	5,429	Marriott Vacations Worldwide Corp.		762,775
	146	Vail Resorts, Inc.		30,057
				3,900,410
Common Stocks – (continued)
Household Durables – 1.2%
	8,826	D.R. Horton, Inc.		369,809
	20,001	Lennar Corp. Class A		1,131,657
				1,501,466
Industrial Conglomerates – 0.5%
	6,249	Carlisle Cos., Inc.		643,085
Insurance – 6.3%
	14,029	American Financial Group, Inc.		1,582,471
	5,580	Arch Capital Group Ltd.*		492,379
	31,122	CNO Financial Group, Inc.		701,490
	5,731	Everest Re Group Ltd.		1,376,815
	6,096	Primerica, Inc.		594,360
	12,300	ProAssurance Corp.		587,940
	4,781	The Hanover Insurance Group, Inc.		515,918
	11,899	Torchmark Corp.		1,015,818
	12,834	W.R. Berkley Corp.		877,589
				7,744,780
Internet & Direct Marketing Retail* – 0.2%
	2,626	Liberty Expedia Holdings, Inc. Class A		103,097
	3,321	Liberty Ventures Series A		177,740
				280,837
Internet Software & Services – 0.5%
	9,649	Cornerstone OnDemand, Inc.*		395,609
	2,390	LogMeIn, Inc.		276,165
				671,774
IT Services – 1.6%
	24,225	Booz Allen Hamilton Holding Corp.		918,854
	3,957	CACI International, Inc. Class A*		589,791
	7,246	Leidos Holdings, Inc.		458,744
				1,967,389
Leisure Products – 0.5%
	9,965	Brunswick Corp.		569,998
Life Sciences Tools & Services – 1.0%
	10,936	PerkinElmer, Inc.		834,854
	5,134	PRA Health Sciences, Inc.*		431,256
				1,266,110
Machinery – 3.3%
	6,607	Flowserve Corp.		279,806
	15,476	ITT, Inc.		776,586
	21,861	Rexnord Corp.*		633,532
	14,124	Terex Corp.		586,428
	20,026	The Timken Co.		877,139
	28,230	Trinity Industries, Inc.		921,427
				4,074,918
Media – 1.4%
	26,285	Live Nation Entertainment, Inc.*		1,177,568
	8,273	Nexstar Media Group, Inc. Class A		591,106
				1,768,674

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – 2.3%
	7,702	Commercial Metals Co.	$	187,159
	41,566	Steel Dynamics, Inc.		1,922,427
	16,136	United States Steel Corp.		702,077
				2,811,663
Mortgage Real Estate Investment Trusts (REITs) – 1.5%
	7,045	Granite Point Mortgage Trust, Inc.		118,708
	38,986	PennyMac Mortgage Investment Trust		649,897
	23,470	Starwood Property Trust, Inc.		475,268
	37,305	Two Harbors Investment Corp.		548,010
				1,791,883
Multi-Utilities – 0.8%
	11,243	CMS Energy Corp.		477,266
	7,533	Vectren Corp.		453,863
				931,129
Multiline Retail – 0.7%
	12,201	Kohl’s Corp.		806,364
Oil, Gas & Consumable Fuels – 5.8%
	10,442	Diamondback Energy, Inc.*		1,301,491
	51,686	Encana Corp.		542,703
	18,048	Energen Corp.*		987,406
	26,318	Golar LNG Ltd.		711,112
	15,732	Matador Resources Co.*		454,026
	30,370	RSP Permian, Inc.*		1,163,475
	16,836	Targa Resources Corp.		751,727
	83,882	WPX Energy, Inc.*		1,185,253
				7,097,193
Pharmaceuticals* – 0.4%
	11,826	Catalent, Inc.		493,736
Professional Services – 0.3%
	3,154	The Dun & Bradstreet Corp.		394,376
Real Estate Management & Development – 0.4%
	28,763	Kennedy-Wilson Holdings, Inc.		470,275
Road & Rail – 2.3%
	20,581	Knight-Swift Transportation Holdings, Inc.		991,181
	4,745	Landstar System, Inc.		516,256
	19,977	Marten Transport Ltd.		432,502
	6,670	Old Dominion Freight Line, Inc.		926,596
				2,866,535
Semiconductors & Semiconductor Equipment – 2.5%
	61,761	Cypress Semiconductor Corp.		1,078,965
	14,087	Entegris, Inc.		467,688
	67,380	Marvell Technology Group Ltd.		1,582,756
				3,129,409
Software – 3.0%
	11,980	CommVault Systems, Inc.*		623,559
	61,871	Nuance Communications, Inc.*		993,648
Common Stocks – (continued)
Software – (continued)
	31,412	SS&C Technologies Holdings, Inc.		1,555,522
	12,353	Verint Systems, Inc.*		480,532
				3,653,261
Specialty Retail – 2.3%
	8,315	Burlington Stores, Inc.*		1,019,752
	7,886	Lithia Motors, Inc. Class A		819,276
	19,857	The Michaels Cos., Inc.*		456,909
	16,037	Urban Outfitters, Inc.*		565,946
				2,861,883
Technology Hardware, Storage & Peripherals* – 0.4%
	13,001	NCR Corp.		429,033
Textiles, Apparel & Luxury Goods – 0.9%
	14,516	Michael Kors Holdings Ltd.*		913,492
	912	PVH Corp.		131,583
				1,045,075
Thrifts & Mortgage Finance – 1.1%
	57,599	MGIC Investment Corp.*		794,290
	14,601	Washington Federal, Inc.		506,655
				1,300,945
Trading Companies & Distributors* – 2.6%
	21,706	Beacon Roofing Supply, Inc.		1,148,465
	6,235	United Rentals, Inc.		1,091,686
	32,157	Univar, Inc.		926,443
				3,166,594
Water Utilities – 0.6%
	21,754	Aqua America, Inc.		743,769
	TOTAL COMMON STOCKS
	(Cost $114,187,114)		$	122,535,004
Shares		Distribution rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	51	1.262%	$	51
	(Cost $51)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $114,187,165)		$	122,535,055

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Shares		Distribution rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	214,520	1.262%	$	214,520
	(Cost $214,520)
	TOTAL INVESTMENTS – 99.5%
	(Cost $114,401,685)		$	122,749,575
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			627,371
	NET ASSETS – 100.0%		$	123,376,946

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. 59

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Equity Income Fund
Assets:
Investments, at value (cost $342,944,443, $5,194,630, $575,261,314, $1,743,735,544, $5,117,601,170 and $114,187,114)	$	379,939,981
Investments of affiliated issuers, at value (cost $0, $23,851, $1,339, $302, $0 and $51)		—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost(a)		—
Cash		565,634
Receivables:
Dividends		1,601,308
Fund shares sold		107,223
Foreign tax reclaims		41,050
Reimbursement from investment adviser		38,020
Securities lending income		531
Investments sold		—
Other assets		1,357
Total assets		382,295,104
Liabilities:
Due to custodian		—
Payables:
Fund shares redeemed		442,693
Management fees		201,495
Distribution and Service fees and Transfer Agency fees		126,477
Payable upon return of securities loaned		—
Investments purchased		—
Accrued expenses		29,102
Total liabilities		799,767
Net Assets:
Paid-in capital		408,813,914
Undistributed (distributions in excess of) net investment income		1,047,193
Accumulated net realized gain (loss)		(65,361,308	)
Net unrealized gain		36,995,538
NET ASSETS	$	381,495,337
Net Assets:
Class A	$	321,963,772
Class C		18,222,315
Institutional		36,997,684
Service		90,428
Investor		2,759,906
Class R		1,449,298
Class R6		11,934
Total Net Assets	$	381,495,337
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,740,660
Class C		519,514
Institutional		987,618
Service		2,447
Investor		75,036
Class R		39,558
Class R6		319
Net asset value, offering and redemption price per share:(b)
Class A		$36.84
Class C		35.08
Institutional		37.46
Service		36.95
Investor		36.78
Class R		36.64
Class R6		37.46

(a) Includes loaned securities having a market value of $0, $147,708, $1,715,054, $1,750,312, $49,335,889 and $210,180 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 $38.98, $11.09, $16.24, $36.39, $57.72 and $13.58, 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.

60 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
$	5,370,232	$	648,122,049	$	1,888,109,877		$	6,576,583,783		$	122,535,004
	23,851		1,339		302			—			51
	151,200		1,755,600		1,808,400			50,698,539			214,520
	83,366		4,978,074		—			35,893,070			594,845
	9,826		1,429,904		2,017,535			2,875,251			107,792
	—		194,037		864,628			5,873,682			76,131
	320		58,868		—			—			—
	18,038		28,875		—			105,001			16,478
	21		275		266			49,938			310
	—		—		109,576,987			30,001,618			973,118
	9,039		2,665		348,847			8,911			36,175
	5,665,893		656,571,686		2,002,726,842			6,702,089,793			124,554,424
	—		—		6,837,371			—			—
	—		2,424,223		90,043,766			9,774,654			7,387
	2,918		388,396		1,180,408			4,613,419			76,537
	248		80,578		377,278			554,408			5,729
	151,200		1,755,600		1,808,400			50,698,539			214,520
	25		1,339		302			29,495,730			814,570
	41,275		89,990		268,213			1,070			58,735
	195,666		4,740,126		100,515,738			95,137,820			1,177,478
	5,256,869		552,083,359		1,684,586,675			4,977,269,394			112,107,547
	9,428		2,248,241		(7,395,451	)		(5,804,090	)		(67,939	)
	28,328		24,639,225		80,645,547			176,504,056			2,989,448
	175,602		72,860,735		144,374,333			1,458,982,613			8,347,890
$	5,470,227	$	651,831,560	$	1,902,211,104		$	6,606,951,973		$	123,376,946
$	120,453	$	101,452,406	$	690,134,155		$	803,729,333		$	1,673,494
	28,363		37,612,185		89,970,339			37,779,914			1,429,820
	5,234,349		498,507,100		909,158,950			4,397,555,124			53,099,154
	—		2,519,978		75,572,630			127,085,214			—
	29,103		6,172,919		57,247,371			167,860,288			4,974,471
	28,729		5,302,352		30,621,304			121,814,076			190,511
	29,230		264,620		49,506,355			951,128,024			62,009,496
$	5,470,227	$	651,831,560	$	1,902,211,104		$	6,606,951,973		$	123,376,946
	11,494		6,607,262		20,066,038			14,732,712			130,435
	2,711		2,573,647		2,928,559			912,089			113,365
	498,141		32,206,972		26,176,719			74,648,318			4,099,480
	—		165,336		2,241,233			2,403,623			—
	2,771		402,392		1,700,731			3,100,450			385,759
	2,741		354,841		916,902			2,279,172			14,859
	2,781		16,746		1,426,062			16,151,169			4,785,386
	$10.48		$15.35		$34.39			$54.55			$12.83
	10.46		14.61		30.72			41.42			12.61
	10.51		15.48		34.73			58.91			12.95
	—		15.24		33.72			52.87			—
	10.50		15.34		33.66			54.14			12.90
	10.48		14.94		33.40			53.45			12.82
	10.51		15.80		34.72			58.89			12.96

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $17,653, $0, $1,262, $3,567, $0 and $458)	$	5,620,302
Dividends — affiliated issuers		8,614
Securities lending income — affiliated issuer		5,409
Total investment income		5,634,325
Expenses:
Management fees		1,361,519
Distribution and Service fees(a)		509,880
Transfer Agency fees(a)		325,445
Printing and mailing costs		81,595
Professional fees		52,064
Registration fees		34,699
Custody, accounting and administrative services		33,531
Trustee fees		8,988
Service Share fees — Service Plan		112
Service Share fees — Shareholder Administration Plan		112
Other		10,562
Total expenses		2,418,507
Less — expense reductions		(234,587	)
Net expenses		2,183,920
NET INVESTMENT INCOME		3,450,405
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $7,803, $190, $66,372, $20,221, $145,658 and $938)		20,681,589
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(1,735,778	)
Net realized and unrealized gain		18,945,811
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,396,216

(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		Class R6		Service		Investor		Class R
Equity Income	$	412,713	$	93,350	$	3,817	$	297,154	$	16,803	$	7,520	$	2	$	18	$	2,574	$	1,374
Focused Value		94		195		72		67		35		1,029		4		—		26		26
Large Cap Value		156,694		197,384		15,341		112,820		35,529		118,454		21		552		5,987		5,523
Mid Cap Value		976,766		490,842		81,663		703,271		88,352		244,793		11,316		16,402		61,115		29,399
Small Cap Value		1,070,909		196,983		319,605		771,054		35,457		904,306		134,881		26,283		158,083		115,058
Small/Mid Cap Value		2,037		6,255		362		1,467		1,126		9,783		9,473		—		4,397		130

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
$	45,041		$	7,544,218		$	15,148,923		$	48,162,440		$	963,524
	399			22,629			66,417			—			160
	56			4,541			34,530			264,751			3,221
	45,496			7,571,388			15,249,870			48,427,191			966,905
	19,458			2,897,973			8,723,415			30,782,694			499,132
	361			369,419			1,549,271			1,587,497			8,654
	1,187			278,886			1,154,648			2,145,122			26,376
	10,068			46,324			236,228			262,080			11,224
	45,008			45,270			43,250			44,856			43,806
	29,374			40,534			45,382			75,674			18,671
	16,128			48,396			94,360			189,516			34,423
	8,688			9,365			10,773			13,755			8,775
	—			3,452			102,514			164,270			—
	—			3,452			102,514			164,270			—
	3,639			19,338			47,730			90,271			5,275
	133,911			3,762,409			12,110,085			35,520,005			656,336
	(113,881	)		(259,179	)		(11,064	)		(997,830	)		(139,015	)
	20,030			3,503,230			12,099,021			34,522,175			517,321
	25,466			4,068,158			3,150,849			13,905,016			449,584
	114,174			60,673,117			159,960,184			283,585,313			4,272,529
	15,016			(30,329,963	)		(53,948,456	)		196,140,087			4,467,479
	129,190			30,343,154			106,011,728			479,725,400			8,740,008
$	154,656		$	34,411,312		$	109,162,577		$	493,630,416		$	9,189,592

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets

	Equity Income Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	3,450,405		$	7,227,135
Net realized gain		20,681,589			33,457,057
Net change in unrealized gain (loss)		(1,735,778	)		(1,659,812	)
Net increase in net assets resulting from operations		22,396,216			39,024,380
Distributions to shareholders:
From net investment income
Class A Shares		(3,380,727	)		(5,822,762	)
Class C Shares		(127,214	)		(214,913	)
Institutional Shares		(458,853	)		(728,388	)
Service Shares		(860	)		(3,815	)
Investor Shares		(32,929	)		(31,786	)
Class R Shares		(13,344	)		(21,663	)
Class R6 Shares		(142	)		(221	)
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		(4,014,069	)		(6,823,548	)
From share transactions:
Proceeds from sales of shares		6,760,205			31,513,018
Reinvestment of distributions		3,911,729			6,658,236
Cost of shares redeemed		(35,374,998	)		(97,892,013	)
Net increase (decrease) in net assets resulting from share transactions		(24,703,064	)		(59,720,759	)
TOTAL INCREASE (DECREASE)		(6,320,917	)		(27,519,927	)
Net assets:
Beginning of period		387,816,254			415,336,181
End of period	$	381,495,337		$	387,816,254
Undistributed (distributions in excess of) net investment income	$	1,047,193		$	1,610,857

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
For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	25,466		$	52,557		$	4,068,158		$	15,008,671
	114,174			477,994			60,673,117			149,879,990
	15,016			(66,919	)		(30,329,963	)		(58,122,597	)
	154,656			463,632			34,411,312			106,766,064
	(434	)		(365	)		(1,470,475	)		(3,168,556	)
	—			(80	)		(333,839	)		(479,583	)
	(56,946	)		(45,341	)		(9,700,368	)		(15,369,112	)
	—			—			(34,465	)		(46,424	)
	(283	)		(317	)		(122,223	)		(60,284	)
	(142	)		(198	)		(83,145	)		(99,802	)
	(329	)		(359	)		—			(2,620,640	)
	(4,242	)		—			(15,147,253	)		—
	(2,157	)		—			(5,533,308	)		—
	(382,634	)		—			(71,842,704	)		—
	—			—			(385,647	)		—
	(2,185	)		—			(899,581	)		—
	(2,171	)		—			(847,712	)		—
	(2,190	)		—			(23,298	)		—
	(453,713	)		(46,660	)		(106,424,018	)		(21,844,401	)
	639,049			1,234,469			76,986,576			362,065,594
	453,712			46,660			101,042,965			20,260,815
	(308,335	)		(43,078	)		(308,393,441	)		(893,886,974	)
	784,426			1,238,051			(130,363,900	)		(511,560,565	)
	485,369			1,655,023			(202,376,606	)		(426,638,902	)
	4,984,858			3,329,835			854,208,166			1,280,847,068
$	5,470,227		$	4,984,858		$	651,831,560		$	854,208,166
$	9,428		$	42,096		$	2,248,241		$	9,924,598

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets (continued)

	Mid Cap Value Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	3,150,849		$	32,081,931
Net realized gain		159,960,184			906,847,744
Net change in unrealized gain (loss)		(53,948,456	)		(481,033,601	)
Net increase in net assets resulting from operations		109,162,577			457,896,074
Distributions to shareholders:
From net investment income
Class A Shares		(4,108,644	)		(11,704,983	)
Class C Shares		—			(608,413	)
Institutional Shares		(11,909,051	)		(43,679,489	)
Service Shares		(372,088	)		(1,007,350	)
Investor Shares		(447,672	)		(2,803,522	)
Class R Shares		(108,506	)		(350,898	)
Class R6 Shares		(644,447	)		(5,955,039	)
From net realized gains
Class A Shares		(103,386,002	)		—
Class C Shares		(14,362,231	)		—
Institutional Shares		(161,347,751	)		—
Service Shares		(10,937,116	)		—
Investor Shares		(9,030,987	)		—
Class R Shares		(4,411,312	)		—
Class R6 Shares		(9,696,296	)		—
Total distributions to shareholders		(330,762,103	)		(66,109,694	)
From share transactions:
Proceeds from sales of shares		177,367,484			749,627,451
Reinvestment of distributions		302,049,331			60,932,584
Cost of shares redeemed		(1,007,682,704	)		(4,514,654,937	)
Net increase (decrease) in net assets resulting from share transactions		(528,265,889	)		(3,704,094,902	)
TOTAL INCREASE (DECREASE)		(749,865,415	)		(3,312,308,522	)
Net assets:
Beginning of period		2,652,076,519			5,964,385,041
End of period	$	1,902,211,104		$	2,652,076,519
Undistributed net investment income (loss)	$	(7,395,451	)	$	7,044,108

66 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 Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
$	13,905,016		$	39,018,683		$	449,584		$	709,025
	283,585,313			753,390,574			4,272,529			4,700,498
	196,140,087			(78,347,827	)		4,467,479			(19,800	)
	493,630,416			714,061,430			9,189,592			5,389,723
	(1,178,855	)		(3,930,212	)		(10,160	)		(8,340	)
	—			—			—			(1,887	)
	(23,542,391	)		(33,806,922	)		(468,442	)		(435,647	)
	(39,508	)		(405,224	)		—			—
	(742,735	)		(1,144,758	)		(45,272	)		(17,996	)
	—			(268,369	)		(512	)		(338	)
	(4,966,579	)		(3,388,115	)		(607,300	)		(99	)
	(89,117,592	)		(29,858,961	)		(58,489	)		—
	(5,250,602	)		(1,859,091	)		(43,477	)		—
	(437,614,491	)		(135,269,543	)		(1,745,449	)		—
	(13,731,493	)		(3,933,444	)		—			—
	(18,435,848	)		(5,441,781	)		(189,369	)		—
	(13,586,906	)		(4,176,976	)		(5,075	)		—
	(87,520,926	)		(12,010,906	)		(2,224,991	)		—
	(695,727,926	)		(235,494,302	)		(5,398,536	)		(464,307	)
	701,032,888			2,157,143,285			13,972,931			87,159,431
	667,790,847			225,307,017			5,387,653			462,700
	(1,040,730,724	)		(2,554,716,042	)		(9,115,183	)		(27,116,773	)
	328,093,011			(172,265,740	)		10,245,401			60,505,358
	125,995,501			306,301,388			14,036,457			65,430,774
	6,480,956,472			6,174,655,084			109,340,489			43,909,715
$	6,606,951,973		$	6,480,956,472		$	123,376,946		$	109,340,489
$	(5,804,090	)	$	10,760,962		$	(67,939	)	$	614,163

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

GOLDMAN SACHS EQUITY INCOME FUND

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 to shareholders from net investment income
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	35.17	$	0.32	$	1.72		$	2.04		$	(0.37	)
2018 - C		33.50		0.18		1.64			1.82			(0.24	)
2018 - Institutional		35.77		0.40		1.74			2.14			(0.45	)
2018 - Service		35.28		0.31		1.71			2.02			(0.35	)
2018 - Investor		35.12		0.37		1.71			2.08			(0.42	)
2018 - R		34.98		0.27		1.71			1.98			(0.32	)
2018 - R6		35.76		0.41		1.74			2.15			(0.45	)
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		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		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		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		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		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 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) 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.

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

GOLDMAN SACHS EQUITY INCOME FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	36.84		5.82	%	$	321,964		1.12	%(d)		1.24	%(d)		1.76	%(d)		54	%
	35.08		5.43			18,222		1.87	(d)		1.99	(d)		1.01	(d)		54
	37.46		5.99			36,998		0.73	(d)		0.85	(d)		2.15	(d)		54
	36.95		5.74			90		1.23	(d)		1.35	(d)		1.66	(d)		54
	36.78		5.94			2,760		0.87	(d)		0.99	(d)		2.03	(d)		54
	36.64		5.67			1,449		1.37	(d)		1.49	(d)		1.50	(d)		54
	37.46		6.02			12		0.71	(d)		0.83	(d)		2.18	(d)		54
	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. 69

GOLDMAN SACHS FOCUSED VALUE 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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	11.10	$	0.03		$	0.29		$	0.32		$	(0.08	)	$	(0.86	)	$	(0.94	)
2018 - C		11.05		(0.01	)		0.28			0.27			—			(0.86	)		(0.86	)
2018 - Institutional		11.14		0.05			0.30			0.35			(0.12	)		(0.86	)		(0.98	)
2018 - Investor		11.13		0.05			0.28			0.33			(0.10	)		(0.86	)		(0.96	)
2018 - R		11.09		0.02			0.28			0.30			(0.05	)		(0.86	)		(0.91	)
2018 - R6		11.15		0.05			0.29			0.34			(0.12	)		(0.86	)		(0.98	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2017 - A		9.89		0.10			1.22			1.32			(0.11	)		—			(0.11	)
2017 - C		9.84		0.03			1.21			1.24			(0.03	)		—			(0.03	)
2017 - Institutional		9.92		0.15			1.21			1.36			(0.14	)		—			(0.14	)
2017 - Investor		9.91		0.13			1.22			1.35			(0.13	)		—			(0.13	)
2017 - R		9.88		0.07			1.22			1.29			(0.08	)		—			(0.08	)
2017 - R6		9.92		0.15			1.22			1.37			(0.14	)		—			(0.14	)
2016 - A		9.28		0.12			0.52			0.64			(0.03	)		—			(0.03	)
2016 - C		9.28		0.05			0.51			0.56			—	(e)		—			—	(e)
2016 - Institutional		9.29		0.16			0.52			0.68			(0.05	)		—			(0.05	)
2016 - Investor		9.29		0.15			0.51			0.66			(0.04	)		—			(0.04	)
2016 - R		9.28		0.10			0.52			0.62			(0.02	)		—			(0.02	)
2016 - R6		9.29		0.16			0.52			0.68			(0.05	)		—			(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		—	(e)		(0.72	)		(0.72	)		—			—			—
2015 - Institutional (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—			—			—
2015 - Investor (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—			—			—
2015 - R (Commenced July 31, 2015)		10.00		0.01			(0.73	)		(0.72	)		—			—			—
2015 - R6 (Commenced July 31, 2015)		10.00		0.01			(0.72	)		(0.71	)		—			—			—

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

(b) Assumes investment at the 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) 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.

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

GOLDMAN SACHS FOCUSED VALUE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.48		2.75	%	$	120		1.12	%(d)		5.35	%(d)		0.62	%(d)		128	%
	10.46		2.30			28		1.87	(d)		6.14	(d)		(0.14	)(d)		128
	10.51		2.98			5,234		0.73	(d)		4.99	(d)		0.97	(d)		128
	10.50		2.84			29		0.87	(d)		5.13	(d)		0.83	(d)		128
	10.48		2.57			29		1.36	(d)		5.63	(d)		0.34	(d)		128
	10.51		2.89			29		0.72	(d)		5.00	(d)		0.98	(d)		128
	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	(d)		25.55	(d)		0.97	(d)		2
	9.28		(7.20	)		23		1.89	(d)		26.30	(d)		0.21	(d)		2
	9.29		(7.10	)		1,741		0.74	(d)		25.15	(d)		1.37	(d)		2
	9.29		(7.20	)		23		0.89	(d)		25.30	(d)		1.21	(d)		2
	9.28		(7.10	)		23		1.39	(d)		25.80	(d)		0.71	(d)		2
	9.29		(7.10	)		23		0.72	(d)		25.14	(d)		1.39	(d)		2

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

GOLDMAN SACHS LARGE CAP VALUE 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	17.25	$	0.07		$	0.60		$	0.67		$	(0.21	)	$	(2.36	)	$	(2.57	)
2018 - C		16.51		0.01			0.58			0.59			(0.13	)		(2.36	)		(2.49	)
2018 - Institutional		17.42		0.10			0.61			0.71			(0.29	)		(2.36	)		(2.65	)
2018 - Service		17.14		0.05			0.61			0.66			(0.20	)		(2.36	)		(2.56	)
2018 - Investor		17.28		0.09			0.61			0.70			(0.28	)		(2.36	)		(2.64	)
2018 - R		16.86		0.05			0.59			0.64			(0.20	)		(2.36	)		(2.56	)
2018 - R6		17.45		0.10			0.61			0.71			—			(2.36	)		(2.36	)
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		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		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		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		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		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 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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	15.35		3.81	%	$	101,452		1.11	%(d)		1.23	%(d)		0.81	%(d)		102	%
	14.61		3.44			37,612		1.86	(d)		1.98	(d)		0.09	(d)		102
	15.48		4.01			498,507		0.79	(d)		0.84	(d)		1.17	(d)		102
	15.24		3.78			2,520		1.29	(d)		1.34	(d)		0.65	(d)		102
	15.34		3.99			6,173		0.86	(d)		0.98	(d)		1.09	(d)		102
	14.94		3.71			5,302		1.36	(d)		1.48	(d)		0.58	(d)		102
	15.80		4.01			265		0.78	(d)		0.84	(d)		1.21	(d)		102
	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. 73

GOLDMAN SACHS MID CAP VALUE 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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	38.27	$	0.01		$	1.55		$	1.56		$	(0.19	)	$	(5.25	)	$	(5.44	)
2018 - C		34.68		(0.11	)		1.40			1.29			—			(5.25	)		(5.25	)
2018 - Institutional		38.68		0.09			1.56			1.65			(0.35	)		(5.25	)		(5.60	)
2018 - Service		37.61		(0.01	)		1.53			1.52			(0.16	)		(5.25	)		(5.41	)
2018 - Investor		37.57		0.06			1.51			1.57			(0.23	)		(5.25	)		(5.48	)
2018 - R		37.28		(0.03	)		1.51			1.48			(0.11	)		(5.25	)		(5.36	)
2018 - R6		38.66		0.09			1.57			1.66			(0.35	)		(5.25	)		(5.60	)
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		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		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	)		—(e	)		(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		48.52		0.22			(1.70	)		(1.48	)		(0.34	)		(8.47	)		(8.81	)
2015 - R		48.28		—	(e)		(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		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		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 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) 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.

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

GOLDMAN SACHS MID CAP VALUE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	34.39		3.94	%	$	690,134		1.21	%(d)		1.21	%(d)		0.08	%(d)		81	%
	30.72		3.56			89,970		1.96	(d)		1.96	(d)		(0.67	)(d)		81
	34.73		4.14			909,159		0.82	(d)		0.82	(d)		0.48	(d)		81
	33.72		3.90			75,573		1.32	(d)		1.32	(d)		(0.03	)(d)		81
	33.66		4.09			57,247		0.96	(d)		0.96	(d)		0.33	(d)		81
	33.40		3.84			30,621		1.46	(d)		1.46	(d)		(0.17	)(d)		81
	34.72		4.15			49,506		0.81	(d)		0.81	(d)		0.49	(d)		81
	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	(d)		0.73	(d)		(0.62	)(d)		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. 75

GOLDMAN SACHS SMALL CAP VALUE 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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	56.63	$	0.03		$	4.28		$	4.31		$	(0.08	)	$	(6.31	)	$	(6.39	)
2018 - C		44.50		(0.14	)		3.37			3.23			—			(6.31	)		(6.31	)
2018 - Institutional		60.78		0.15			4.60			4.75			(0.31	)		(6.31	)		(6.62	)
2018 - Service		55.04		—			4.16			4.16			(0.02	)		(6.31	)		(6.33	)
2018 - Investor		56.32		0.10			4.26			4.36			(0.23	)		(6.31	)		(6.54	)
2018 - R		55.60		(0.04	)		4.20			4.16			—			(6.31	)		(6.31	)
2018 - R6		60.77		0.15			4.60			4.75			(0.32	)		(6.31	)		(6.63	)
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		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			—	(e)		(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		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	(f)		(1.32	)		(1.16	)		(0.10	)		(4.36	)		(4.46	)
2015 - C		45.84		(0.19	)(f)		(1.06	)		(1.25	)		—			(4.36	)		(4.36	)
2015 - Institutional		58.80		0.39	(f)		(1.40	)		(1.01	)		(0.33	)		(4.36	)		(4.69	)
2015 - Service		54.08		0.11	(f)		(1.29	)		(1.18	)		(0.04	)		(4.36	)		(4.40	)
2015 - Investor		55.18		0.28	(f)		(1.30	)		(1.02	)		(0.25	)		(4.36	)		(4.61	)
2015 - R		54.58		0.03	(f)		(1.30	)		(1.27	)		—			(4.36	)		(4.36	)
2015 - R6 (Commenced July 31, 2015)		56.15		(0.03	)(f)		(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		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		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 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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

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

(f) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.26 per share and 0.55% of average net assets.

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	54.55		7.45	%	$	803,729		1.33	%(d)		1.36	%(d)		0.11	%(d)		26	%
	41.42		7.05			37,780		2.08	(d)		2.11	(d)		(0.65	)(d)		26
	58.91		7.67			4,397,555		0.94	(d)		0.97	(d)		0.49	(d)		26
	52.87		7.40			127,085		1.44	(d)		1.47	(d)		(0.02	)(d)		26
	54.14		7.59			167,860		1.08	(d)		1.11	(d)		0.36	(d)		26
	53.45		7.33			121,814		1.58	(d)		1.61	(d)		(0.14	)(d)		26
	58.89		7.67			951,128		0.93	(d)		0.96	(d)		0.49	(d)		26
	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	(f)		49
	40.23		(3.04	)		59,341		2.09			2.14			(0.45	)(f)		49
	53.10		(1.92	)		4,503,821		0.94			0.99			0.70	(f)		49
	48.50		(2.41	)		134,195		1.44			1.49			0.21	(f)		49
	49.55		(2.07	)		128,838		1.09			1.14			0.54	(f)		49
	48.95		(2.56	)		136,644		1.59			1.64			0.05	(f)		49
	53.10		(5.43	)		26,847		0.93	(d)		1.00	(d)		(0.62	)(d)(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. 77

GOLDMAN SACHS SMALL/MID CAP VALUE 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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	12.37	$	0.02	(d)	$	0.99		$	1.01		$	(0.08	)	$	(0.47	)	$	(0.55	)
2018 - C		12.14		(0.03	)(d)		0.97			0.94			—			(0.47	)		(0.47	)
2018 - Institutional		12.50		0.05	(d)		0.99			1.04			(0.12	)		(0.47	)		(0.59	)
2018 - Investor		12.44		0.04	(d)		1.00			1.04			(0.11	)		(0.47	)		(0.58	)
2018 - R		12.35		0.01	(d)		0.98			0.99			(0.05	)		(0.47	)		(0.52	)
2018 - R6		12.51		0.05	(d)		0.99			1.04			(0.12	)		(0.47	)		(0.59	)
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		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	(f)		0.70			0.78			(0.01	)		(0.05	)		(0.06	)
2016 - C		10.37		—	(f)(g)		0.69			0.69			—			(0.05	)		(0.05	)
2016 - Institutional		10.53		0.12	(f)		0.71			0.83			(0.02	)		(0.05	)		(0.07	)
2016 - Investor		10.49		0.11	(f)		0.71			0.82			(0.03	)		(0.05	)		(0.08	)
2016 - R		10.45		0.05	(f)		0.70			0.75			—			(0.05	)		(0.05	)
2016 - R6		10.53		0.12	(f)		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		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		—	(g)		(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)		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 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) 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 0.14% of average net assets.

(e) Annualized.

(f) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	12.83		8.15	%	$	1,673		1.23	%(e)		1.46	%(e)		0.37	%(d)(e)		47
	12.61		7.73			1,430		1.98	(e)		2.21	(e)		(0.40	)(d)(e)		47
	12.95		8.32			53,099		0.84	(d)		1.07	(e)		0.77	(d)(e)		47
	12.90		8.26			4,974		0.98	(e)		1.21	(e)		0.64	(d)(e)		47
	12.82		7.97			191		1.48	(e)		1.71	(e)		0.13	(d)(e)		47
	12.96		8.33			62,009		0.83	(e)		1.07	(e)		0.78	(d)(e)		47
	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	(f)		109
	11.01		6.71			618		2.01			2.99			0.04	(f)		109
	11.29		7.96			39,176		0.87			1.84			1.18	(f)		109
	11.23		7.81			2,846		1.01			2.03			1.08	(f)		109
	11.15		7.24			132		1.52			2.50			0.49	(f)		109
	11.29		7.98			10		0.88			1.90			1.14	(f)		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	(e)		4.88	(e)		(0.43	)(e)		122
	11.01		10.10			150		1.33	(e)		6.90	(e)		(0.27	)(e)		53
	10.97		9.70			105		2.08	(e)		8.31	(e)		(1.01	)(e)		53
	11.04		10.40			3,755		0.93	(e)		12.86	(e)		0.49	(e)		53
	11.03		10.30			28		1.08	(e)		13.25	(e)		0.39	(e)		53
	11.00		10.00			28		1.58	(e)		13.76	(e)		(0.11	)(e)		53

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-diversified
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 and 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, Investor Shares were known as Class IR Shares.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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.

80

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 translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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).

81

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share 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.

82

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 February 28, 2018:

EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	39,367,440	$	—	$	—
North America		340,572,541		—		—
Total	$	379,939,981	$	—	$	—
FOCUSED VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	235,863	$	—	$	—
North America		5,134,369		—		—
Investment Company		23,851		—		—
Securities Lending Reinvestment Vehicle		151,200		—		—
Total	$	5,545,283	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	40,280,000	$	—	$	—
North America		607,842,049		—		—
Investment Company		1,339		—		—
Securities Lending Reinvestment Vehicle		1,755,600		—		—
Total	$	649,878,988	$	—	$	—
MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	58,018,219	$	—	$	—
North America		1,830,091,658		—		—
Investment Company		302		—		—
Securities Lending Reinvestment Vehicle		1,808,400		—		—
Total	$	1,889,918,579	$	—	$	—

83

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	53,061,140	$	—	$	—
North America		6,480,174,602		—		—
Exchange Traded Fund		43,348,041		—		—
Securities Lending Reinvestment Vehicle		50,698,539		—		—
Total	$	6,627,282,322	$	—	$	—
SMALL/MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,041,758	$	—	$	—
North America		120,493,246		—		—
Investment Company		51		—		—
Securities Lending Reinvestment Vehicle		214,520		—		—
Total	$	122,749,575	$	—	$	—

(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.

84

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2018, contractual management fees with GSAM were at the following rates. The effective contractual management rates and effective net management rates represent the rates for the six month period ended February 28, 2018.

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate#
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion
Equity Income		0.69	%		0.62	%		0.59	%		0.58	%		0.57	%		0.70	%		0.69	%
Focused Value		0.69			0.62			0.59			0.58			0.57			0.73			0.69
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.75			0.75
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.74			0.74
Small Cap Value		0.98			0.98			0.88			0.84			0.82			0.91			0.90
Small/Mid Cap Value		0.80			0.80			0.72			0.68			0.67			0.83			0.80

# The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

Prior to December 29, 2017, the contractual management fee rates for the Equity Income Fund, Focused Value Fund, Small Cap Value Fund, and Small/Mid Cap Value Fund were as stated below.

Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion
Equity Income		0.70	%		0.63	%		0.60	%		0.59	%		0.58	%
Focused Value		0.75			0.68			0.64			0.63			0.62
Small Cap Value		1.00			1.00			0.90			0.86			0.84
Small/Mid Cap Value		0.85			0.85			0.77			0.73			0.71

The Equity Income, Focused Value, Large Cap Value, Mid Cap Value and Small/Mid Cap Value 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 any of the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2018, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Equity Income	$	1,237
Focused Value		60
Large Cap Value		3,169
Mid Cap Value		10,800
Small/Mid Cap Value		21

85

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B.  Distribution and/or Service(12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as 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/or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		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 six months ended February 28, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	5,212	$	—
Focused Value		24		—
Large Cap Value		2,045		6
Mid Cap Value		10,555		—
Small Cap Value		3,457		20
Small/Mid Cap Value		1,062		—

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, respectively.

86

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

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 Large Cap Value Fund. This arrangement will remain in effect through at least December 29, 2018, and prior to such date, the Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 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 six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waivers/ Credits		Other Expense Reimbursements		Total Expense Reductions
Equity Income	$	20,783	$	184	$	213,620	$	234,587
Focused Value		1,082		—		112,799		113,881
Large Cap Value		3,169		62,238		193,772		259,179
Mid Cap Value		10,800		264		—		11,064
Small Cap Value		456,439		—		541,391		997,830
Small/Mid Cap Value		19,239		1		119,774		139,014

G.  Line of Credit Facility — As of February 28, 2018, 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 six months ended February 28, 2018, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended February 28, 2018, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the funds.

87

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from the investments by the Funds in the Government Money Market Fund for the six months ended February 28, 2018:

Fund	Market Value as of August 31, 2017	Purchases at Cost		Proceeds from Sales		Market Value as of February 28, 2018		Shares as of February 28, 2018		Dividend Income
Equity Income	$         4,642	$	16,566,600	$	16,571,242	$	—	$	—	$	8,614
Focused Value	61,761		1,599,376		1,637,286		23,851		23,851		399
Large Cap Value	11,928,930		146,774,965		158,702,556		1,339		1,339		22,629
Mid Cap Value	3,199,933		387,262,033		390,461,664		302		302		66,417
Small/Mid Cap Value	39		1,723,953		1,723,941		51		51		160

As of February 28, 2018, 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		24			100			42			100			100			100
Small/Mid Cap Value		—			—			—			—			6			—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were as follows:

Fund	Purchases		Sales and Maturities
Equity Income	$	209,372,939	$	230,303,390
Focused Value		7,029,213		6,659,725
Large Cap Value		781,433,185		991,135,212
Mid Cap Value		1,888,510,044		2,757,224,296
Small Cap Value		1,751,317,559		2,105,531,654
Small/Mid Cap Value		61,739,357		56,193,541

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

88

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

6. SECURITIES LENDING (continued)

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

The Funds invest the cash collateral received in connection with securities lending transactions in the 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 0.16% (prior to February 21, 2018, GSAM may have received 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 was 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 February 28, 2018, 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 six months ended February 28, 2018, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2018:

Fund	Market Value as of August 31, 2017		Purchases at Cost		Proceeds from Sales		Market Value as of February 28, 2018
Equity Income	$	5,493,780	$	14,463,120	$	19,956,900	$	—
Focused Value		95,910		184,720		129,430		151,200
Large Cap Value		8,376,426		12,375,661		18,996,500		1,755,587
Mid Cap Value		50,158,515		115,373,035		163,723,150		1,808,400
Small Cap Value		93,690,576		170,079,023		213,071,060		50,698,539
Small/Mid Cap Value		952,271		11,646,719		12,384,470		214,520

89

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ capital loss carryforwards and certain timing differences, on a tax basis were as follows:

	Equity Income			Focused Value		Large Cap Value		Mid Cap Value
Capital loss carryforwards:
Expiring 2018(1)	$	(85,961,079	)	$	—	$	—	$	—
Total capital loss carryforwards	$	(85,961,079	)	$	—	$	—	$	—

(1) Expiration occurs on August 31 of the year indicated.

As of February 28, 2018, 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	$	342,881,363		$	5,389,004		$	598,579,189		$	1,775,724,048		$	5,192,575,615		$	115,138,453
Gross unrealized gain		52,353,629			365,426			95,223,640			190,286,365			1,580,769,504			12,259,466
Gross unrealized loss		(15,295,011	)		(209,147	)		(43,923,841	)		(76,091,834	)		(146,062,797	)		(4,648,344	)
Net unrealized security gain	$	37,058,618		$	156,279		$	51,299,799		$	114,194,531		$	1,434,706,707		$	7,611,122

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.

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 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 negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

8. OTHER RISKS (continued)

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, a Fund trades financial instruments and enters 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 the Fund has 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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Equity Income Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		70,371		$	2,597,859			341,103		$	11,831,082
Reinvestment of distributions		90,222			3,312,864			167,005			5,719,784
Shares redeemed		(736,249	)		(27,137,300	)		(2,229,258	)		(76,413,259	)
		(575,656	)		(21,226,577	)		(1,721,150	)		(58,862,393	)
Class C Shares
Shares sold		8,546			301,018			50,462			1,670,712
Reinvestment of distributions		3,310			116,164			5,770			188,481
Shares redeemed		(43,384	)		(1,525,452	)		(226,703	)		(7,491,088	)
		(31,528	)		(1,108,270	)		(170,471	)		(5,631,895	)
Institutional Shares
Shares sold		86,043			3,235,801			444,262			15,248,820
Reinvestment of distributions		11,774			439,043			20,109			701,563
Shares redeemed		(156,307	)		(5,849,704	)		(368,114	)		(12,686,424	)
		(58,490	)		(2,174,860	)		96,257			3,263,959
Service Shares
Shares sold		1			37			2,130			73,749
Reinvestment of distributions		21			767			39			1,328
Shares redeemed		—			—			(9,698	)		(334,143	)
		22			804			(7,529	)		(259,066	)
Investor Shares
Shares sold		14,392			527,339			73,736			2,553,367
Reinvestment of distributions		898			32,930			915			31,786
Shares redeemed		(14,939	)		(555,882	)		(22,820	)		(790,860	)
		351			4,387			51,831			1,794,293
Class R Shares
Shares sold		2,699			98,151			3,953			135,288
Reinvestment of distributions		269			9,819			442			15,073
Shares redeemed		(8,325	)		(306,660	)		(5,136	)		(176,239	)
		(5,357	)		(198,690	)		(741	)		(25,878	)
Class R6 Shares
Reinvestment of distributions		4			142			7			221
		4			142			7			221
NET DECREASE		(670,654	)	$	(24,703,064	)		(1,751,796	)	$	(59,720,759	)

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Focused Value Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		7,233		$	79,731			3,472		$	37,456
Reinvestment of distributions		435			4,676			34			365
Shares redeemed		(686	)		(7,574	)		(1,504	)		(16,332	)
		6,982			76,833			2,002			21,489
Class C Shares
Shares sold		—			—			1,878			20,000
Reinvestment of distributions		203			2,157			7			80
Shares redeemed		(1,878	)		(21,446	)		—			—
		(1,675	)		(19,289	)		1,885			20,080
Institutional Shares
Shares sold		50,954			559,318			105,958			1,177,013
Reinvestment of distributions		40,754			439,580			4,273			45,341
Shares redeemed		(24,524	)		(279,315	)		(2,534	)		(26,746	)
		67,184			719,583			107,697			1,195,608
Investor Shares
Reinvestment of distributions		229			2,468			30			317
		229			2,468			30			317
Class R Shares
Reinvestment of distributions		216			2,312			19			198
		216			2,312			19			198
Class R6 Shares
Reinvestment of distributions		234			2,519			34			359
		234			2,519			34			359
NET INCREASE		73,170		$	784,426			111,667		$	1,238,051

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Large Cap Value Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		272,051		$	4,566,140			1,886,754		$	31,930,444
Reinvestment of distributions		994,820			15,573,596			181,127			3,055,620
Shares redeemed		(3,565,582	)		(61,140,536	)		(5,458,571	)		(92,596,706	)
		(2,298,711	)		(41,000,800	)		(3,390,690	)		(57,610,642	)
Class C Shares
Shares sold		72,072			1,120,679			313,983			5,073,733
Reinvestment of distributions		378,911			5,627,260			26,279			426,759
Shares redeemed		(263,922	)		(4,088,207	)		(649,429	)		(10,605,292	)
		187,061			2,659,732			(309,167	)		(5,104,800	)
Institutional Shares
Shares sold		4,013,846			69,328,544			17,928,749			312,568,899
Reinvestment of distributions		4,915,169			77,828,811			822,933			13,989,850
Shares redeemed		(13,787,114	)		(239,578,212	)		(37,401,314	)		(645,778,276	)
		(4,858,099	)		(92,420,857	)		(18,649,632	)		(319,219,527	)
Service Shares
Shares sold		5,941			97,355			21,477			364,341
Reinvestment of distributions		5,596			86,929			654			10,985
Shares redeemed		(16,159	)		(272,187	)		(74,189	)		(1,239,691	)
		(4,622	)		(87,903	)		(52,058	)		(864,365	)
Investor Shares
Shares sold		65,472			1,119,306			265,786			4,553,952
Reinvestment of distributions		65,107			1,021,804			3,571			60,284
Shares redeemed		(105,270	)		(1,727,495	)		(119,133	)		(2,010,246	)
		25,309			413,615			150,224			2,603,990
Class R Shares
Shares sold		29,669			491,250			88,110			1,450,031
Reinvestment of distributions		57,961			883,060			5,852			96,677
Shares redeemed		(100,754	)		(1,580,466	)		(179,311	)		(2,938,210	)
		(13,124	)		(206,156	)		(85,349	)		(1,391,502	)
Class R6 Shares
Shares sold		15,149			263,302			362,303			6,124,194
Reinvestment of distributions		1,353			21,505			154,155			2,620,640
Shares redeemed		(388	)		(6,338	)		(8,008,387	)		(138,718,553	)
		16,114			278,469			(7,491,929	)		(129,973,719	)
NET DECREASE		(6,946,072	)	$	(130,363,900	)		(29,828,601	)	$	(511,560,565	)

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

		Mid Cap Value Fund
		For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
		Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold			1,026,722		$	37,456,531			3,554,117		$	132,100,813
Reinvestment of distributions			2,769,823			96,713,734			285,115			10,617,685
Shares redeemed			(5,984,789	)		(221,889,536	)		(20,258,821	)		(749,120,345	)
			(2,188,244	)		(87,719,271	)		(16,419,589	)		(606,401,847	)
Class C Shares
Shares sold			90,729			2,902,389			135,749			4,596,304
Reinvestment of distributions			422,621			13,135,057			14,976			508,148
Shares redeemed			(552,564	)		(18,371,020	)		(1,591,198	)		(53,894,346	)
			(39,214	)		(2,333,574	)		(1,440,473	)		(48,789,894	)
Institutional Shares	��
Shares sold			2,396,780			89,931,529			10,788,194			403,461,978
Reinvestment of distributions			4,486,235			158,696,786			1,061,528			39,849,763
Shares redeemed			(17,543,942	)		(651,328,688	)		(78,473,532	)		(2,935,071,290	)
			(10,660,927	)		(402,700,373	)		(66,623,810	)		(2,491,759,549	)
Service Shares
Shares sold			140,703			5,079,196			303,331			11,099,829
Reinvestment of distributions			293,774			10,052,364			24,888			911,644
Shares redeemed			(517,943	)		(19,048,429	)		(2,036,528	)		(73,352,020	)
			(83,466	)		(3,916,869	)		(1,708,309	)		(61,340,547	)
Investor Shares
Shares sold			133,617			4,898,323			3,015,843			111,164,624
Reinvestment of distributions			277,123			9,478,658			76,806			2,802,661
Shares redeemed			(771,617	)		(28,302,884	)		(7,396,177	)		(272,882,410	)
			(360,877	)		(13,925,903	)		(4,303,528	)		(158,915,125	)
Class R Shares
Shares sold			107,056			3,795,405			204,741			7,429,211
Reinvestment of distributions			107,540			3,641,285			7,913			287,644
Shares redeemed			(214,773	)		(7,811,851	)		(462,168	)		(16,799,584	)
			(177	)		(375,161	)		(249,514	)		(9,082,729	)
Class R6 Shares
Shares sold			867,702			33,304,111			2,149,472			79,774,692
Reinvestment of distributions			292,138			10,331,447			158,716			5,955,039
Shares redeemed			(1,634,841	)		(60,930,296	)		(10,854,967	)		(413,534,942	)
			(475,001	)		(17,294,738	)		(8,546,779	)		(327,805,211	)
NET DECREASE			(13,807,906	)	$	(528,265,889	)		(99,292,002	)	$	(3,704,094,902	)

95

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small Cap Value Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,076,969		$	61,988,404			3,491,779		$	195,280,134
Reinvestment of distributions		1,452,938			80,392,189			526,209			30,118,450
Shares redeemed		(2,832,595	)		(164,687,494	)		(6,653,639	)		(372,070,556	)
		(302,688	)		(22,306,901	)		(2,635,651	)		(146,671,972	)
Class C Shares
Shares sold		50,146			2,235,534			59,570			2,626,266
Reinvestment of distributions		114,621			4,815,235			34,974			1,576,275
Shares redeemed		(92,190	)		(4,073,032	)		(403,022	)		(17,714,849	)
		72,577			2,977,737			(308,478	)		(13,512,308	)
Institutional Shares
Shares sold		5,838,184			363,904,101			21,286,708			1,270,304,794
Reinvestment of distributions		7,430,046			445,393,173			2,661,796			163,363,244
Shares redeemed		(10,908,357	)		(680,655,710	)		(31,317,362	)		(1,860,067,130	)
		2,359,873			128,641,564			(7,368,858	)		(426,399,092	)
Service Shares
Shares sold		242,698			13,583,744			1,105,815			59,919,977
Reinvestment of distributions		245,726			13,164,152			74,473			4,143,684
Shares redeemed		(737,217	)		(41,682,490	)		(862,767	)		(46,698,576	)
		(248,793	)		(14,934,594	)		317,521			17,365,085
Investor Shares
Shares sold		386,139			22,425,256			1,253,311			69,504,603
Reinvestment of distributions		348,331			19,174,366			115,731			6,586,539
Shares redeemed		(634,510	)		(36,600,479	)		(1,482,905	)		(82,500,866	)
		99,960			4,999,143			(113,863	)		(6,409,724	)
Class R Shares
Shares sold		173,395			9,750,763			651,452			35,649,530
Reinvestment of distributions		231,881			12,556,367			73,500			4,131,777
Shares redeemed		(357,057	)		(20,235,867	)		(867,711	)		(47,774,451	)
		48,219			2,071,263			(142,759	)		(7,993,144	)
Class R6 Shares
Shares sold		3,599,692			227,145,086			8,716,635			523,857,981
Reinvestment of distributions		1,539,895			92,295,365			250,770			15,387,048
Shares redeemed		(1,479,108	)		(92,795,652	)		(2,122,961	)		(127,889,614	)
		3,660,479			226,644,799			6,844,444			411,355,415
NET INCREASE (DECREASE)		5,689,627		$	328,093,011			(3,407,644	)	$	(172,265,740	)

96

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small/Mid Cap Value Fund
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		29,933		$	394,714			101,511		$	1,235,192
Reinvestment of distributions		5,273			68,649			685			8,317
Shares redeemed		(25,783	)		(337,405	)		(82,054	)		(1,010,596	)
		9,423			125,958			20,142			232,913
Class C Shares
Shares sold		24,235			314,532			45,708			535,335
Reinvestment of distributions		3,393			43,226			157			1,874
Shares redeemed		(7,042	)		(89,756	)		(9,181	)		(110,712	)
		20,586			268,002			36,684			426,497
Institutional Shares
Shares sold		653,497			8,621,479			1,139,894			13,907,291
Reinvestment of distributions		167,240			2,203,258			35,493			434,076
Shares redeemed		(88,306	)		(1,158,529	)		(1,279,686	)		(15,855,828	)
		732,431			9,666,208			(104,299	)		(1,514,461	)
Investor Shares
Shares sold		170,322			2,203,825			88,468			1,098,210
Reinvestment of distributions		17,904			234,641			1,476			17,996
Shares redeemed		(63,600	)		(832,488	)		(82,326	)		(964,026	)
		124,626			1,605,978			7,618			152,180
Class R Shares
Shares sold		3,886			49,232			501			5,968
Reinvestment of distributions		430			5,587			28			338
Shares redeemed		(84	)		(1,113	)		(1,747	)		(20,571	)
		4,232			53,706			(1,218	)		(14,265	)
Class R6 Shares
Shares sold		180,994			2,389,149			5,630,623			70,377,435
Reinvestment of distributions		214,858			2,832,292			8			99
Shares redeemed		(508,454	)		(6,695,892	)		(733,547	)		(9,155,040	)
		(112,602	)		(1,474,451	)		4,897,084			61,222,494
NET INCREASE		778,696		$	10,245,401			4,856,011		$	60,505,358

97

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (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 September 1, 2017 through February 28, 2018, which represents a period of 181 days in a 365-day year.

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

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

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

	Equity Income Fund							Focused Value Fund							Large Cap Value Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months  ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,058.20		$	5.72	$	1,000.00	$	1,027.50		$	5.63	$	1,000.00	$	1,038.10		$	5.61
Hypothetical 5% return		1,000.00		1,019.24	+		5.61		1,000.00		1,019.24	+		5.61		1,000.00		1,019.29	+		5.56
Class C
Actual		1,000.00		1,054.30			9.52		1,000.00		1,023.00			9.38		1,000.00		1,034.40			9.38
Hypothetical 5% return		1,000.00		1,015.52	+		9.35		1,000.00		1,015.52	+		9.35		1,000.00		1,015.57	+		9.30
Institutional
Actual		1,000.00		1,059.90			3.73		1,000.00		1,029.80			3.67		1,000.00		1,040.10			4.00
Hypothetical 5% return		1,000.00		1,021.18	+		3.66		1,000.00		1,021.18	+		3.66		1,000.00		1,020.88	+		3.96
Service
Actual		1,000.00		1,057.40			6.27		N/A		N/A			N/A		1,000.00		1,037.80			6.52
Hypothetical 5% return		1,000.00		1,018.70	+		6.16		N/A		N/A			N/A		1,000.00		1,018.40	+		6.46
Investor
Actual		1,000.00		1,059.40			4.44		1,000.00		1,028.40			4.38		1,000.00		1,039.90			4.35
Hypothetical 5% return		1,000.00		1,020.48	+		4.36		1,000.00		1,020.48	+		4.36		1,000.00		1,020.53	+		4.31
Class R
Actual		1,000.00		1,056.70			6.99		1,000.00		1,025.70			6.88		1,000.00		1,037.10			6.87
Hypothetical 5% return		1,000.00		1,018.00	+		6.85		1,000.00		1,018.00	+		6.85		1,000.00		1,018.05	+		6.80
Class R6
Actual		1,000.00		1,060.20			3.63		1,000.00		1,028.90			3.62		1,000.00		1,040.10			3.95
Hypothetical 5% return		1,000.00		1,021.27	+		3.56		1,000.00		1,021.22	+		3.61		1,000.00		1,020.93	+		3.91

98

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)

	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*		Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class A
Actual	$	1,000.00	$	1,039.40		$	6.12	$	1,000.00	$	1,074.50		$	6.84	$	1,000.00	$	1,081.50		$	6.35
Hypothetical 5% return		1,000.00		1,018.79	+		6.06		1,000.00		1,018.20	+		6.66		1,000.00		1,018.70	+		6.16
Class C
Actual		1,000.00		1,035.60			9.89		1,000.00		1,070.50			10.68		1,000.00		1,077.30			10.20
Hypothetical 5% return		1,000.00		1,015.08	+		9.79		1,000.00		1,014.48	+		10.39		1,000.00		1,014.98	+		9.89
Institutional
Actual		1,000.00		1,041.40			4.15		1,000.00		1,076.70			4.84		1,000.00		1,083.20			4.34
Hypothetical 5% return		1,000.00		1,020.73	+		4.11		1,000.00		1,020.13	+		4.71		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		1,039.00			6.67		1,000.00		1,074.00			7.41		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.25	+		6.61		1,000.00		1,017.65	+		7.20		N/A		N/A			N/A
Investor
Actual		1,000.00		1,040.90			4.86		1,000.00		1,075.90			5.56		1,000.00		1,082.60			5.06
Hypothetical 5% return		1,000.00		1,020.03	+		4.81		1,000.00		1,019.44	+		5.41		1,000.00		1,019.94	+		4.91
Class R
Actual		1,000.00		1,038.40			7.38		1,000.00		1,073.30			8.12		1,000.00		1,079.70			7.63
Hypothetical 5% return		1,000.00		1,017.56	+		7.30		1,000.00		1,016.96	+		7.90		1,000.00		1,017.46	+		7.40
Class R6
Actual		1,000.00		1,041.50			4.10		1,000.00		1,076.70			4.79		1,000.00		1,083.30			4.29
Hypothetical 5% return		1,000.00		1,020.78	+		4.06		1,000.00		1,020.18	+		4.66		1,000.00		1,020.68	+		4.16

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

* Expenses 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 February 28, 2018. 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
Equity Income		1.12	%		1.87	%		0.73	%		1.23	%		0.87	%		1.37	%		0.71	%
Focused Value		1.12			1.87			0.73			N/A			0.87			1.37			0.72
Large Cap Value		1.11			1.86			0.79			1.29			0.86			1.36			0.78
Mid Cap Value		1.21			1.96			0.82			1.32			0.96			1.46			0.81
Small Cap Value		1.33			2.08			0.94			1.44			1.08			1.58			0.93
Small/Mid Cap Value		1.23			1.98			0.84			N/A			0.98			1.48			0.83

99

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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-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 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 February 28, 2018 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).

© 2018 Goldman Sachs. All rights reserved. 126216-OTU-745930 EQVALSAR-18/142K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	Global Managed Beta Fund

Goldman Sachs Global Managed Beta Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Index Definition	6
Schedule of Investments	7
Financial Statements	25
Financial Highlights	28
Notes to Financial Statements	30
Other Information	40

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

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Global Managed Beta Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2018 (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 7.55%. This return compares to the 8.77% 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 When the Reporting Period began in September 2017, the global economic recovery persisted in a synchronized fashion and inflationary pressures remained generally benign. Global equities delivered positive returns during the third calendar quarter overall, with emerging markets equities outperforming developed markets equities. U.K. equities also recorded positive returns, but lagged the broader global equity market, primarily because of a stronger British pound, which appreciated on the back of increased U.K. inflation and hawkish comments from the Bank of England. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In the U.S., Federal Reserve (“Fed”) policymakers signaled their intention to raise short-term interest rates once more in 2017, having previously raised them in March and June, if the U.S. economy continued to progress as they expected. Global bond yields, which had fallen in July and August 2017 amid weaker inflation and heightened geopolitical tensions related to North Korea, bounced back sharply in September as inflation data surprised to the upside, leading to slightly hawkish commentary from the Fed. Toward the end of the third calendar quarter, investors focused on developments surrounding possible U.S. tax reform and the potential announcement of a new Fed chair.

In the fourth quarter of 2017, a mix of strong global economic growth data, higher commodity prices and the absence of hawkish surprises from major central banks drove a continued rally in global equities. Japanese equities performed best, as the Prime Minister’s big win in the country’s national election reinforced “Abenomics,” pushing stock prices higher. (Abenomics refers to the multi-pronged economic program of Japanese Prime Minister Shinzo Abe. It seeks to remedy two decades of economic stagnation by increasing Japan’s money supply, boosting government spending and enacting reforms to make the economy more competitive.) Meanwhile, U.S. stocks outpaced global equities, as investors priced in a higher probability of a U.S. corporate tax rate cut before its eventual passage by the U.S. Congress in December 2017. Conversely, European and U.K. equities lagged, weighed down by strength in the euro and British pound. Emerging markets stocks outperformed their developed markets peers, thanks to steady economic data emanating from China, higher commodity prices and improving exports. In November 2017, the U.S. President nominated Jerome Powell to replace Janet Yellen as Fed chair when her term expired in February 2018. In December 2017, Fed policymakers raised interest rates for the third time in 2017 and upgraded their cumulative economic growth projections after taking into account the potential impact of the corporate tax cut.

In January 2018, investors’ “risk on” sentiment, or reduced risk aversion, continued, and global equities had their best start of a calendar year in more than 30 years, supported by robust corporate earnings growth, low inflation and favorable macroeconomic conditions. However, following higher than expected inflation and wage growth data in early February 2018, market participants reassessed the pace of Fed interest rate hikes as well as the path of long-term interest rates and equity valuations. Volatility returned to the equity market, with the CBOE Volatility Index^® (“VIX^®”) spiking to 50 points, as investors broadly reduced exposure to riskier asset classes, such as equities and commodities. Toward the end of the Reporting Period, equities and other risk assets

1

PORTFOLIO RESULTS

marginally rebounded, and the fixed income markets began pricing in the Fed’s projections for three rate increases in 2018.

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 solid positive absolute gains, the Fund underperformed the Index during the Reporting Period, largely because of its strategic allocation to the macro hedging strategy, which detracted as the market priced in expectations for Fed interest rate hikes. Mitigating some of these losses was the Fund’s steepening position on the front, or short-term, end of the U.S. interest rate yield curve during the last two months of the Reporting Period when short-term yields jumped on renewed market expectations of a faster pace of Fed rate hikes. (Yield curve is a spectrum of maturities. In a steepening yield curve, the differential in yields between longer-term and shorter-term maturities widens.)

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 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 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 and 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. More specifically, in September 2017, we shifted a portion of the Fund’s global equities allocation into the factor-based diversification approach, which is expected to be a long-term strategic allocation and seeks to capture common sources of active equity returns, including, but not limited to, 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 approach is implemented through a separately managed account 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 interest rate options and currency forwards to afford greater risk management of macroeconomic and foreign exchange risks in the portfolio. Although these instruments broadly accomplished their purpose, they detracted from the Fund’s performance overall 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 97.68% of its total net assets invested in equity-related investments, 1.83% in the macro hedging strategy and 0.49% 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 the global economic expansion to continue in 2018, driving global equities to new highs in the process, but we think the pace is likely to

2

PORTFOLIO RESULTS

moderate relative to the especially strong pace seen in 2017, which may cause temporary bouts of equity market volatility. Second, we anticipated continued monetary policy tightening in the U.S. Despite Fed interest rate hikes, U.S. financial conditions eased during 2017, as economic growth supported equities and surprisingly low inflation kept bond yields low. Inflation weakness is largely over, in our view, though the absence of higher inflation could hinder the Fed’s efforts to raise interest rates. We think Fed policymakers will likely seek to hike interest rates if they believe, as we do, that the labor market is overheating. (An overheating labor market means there are more workers looking for employment than available jobs.) Third, we believed the investment environment was one of elevated volatility and heightened macro risks.

On 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. Regarding fixed income, as inflation momentum slows and the Fed continues to hike interest rates, we expect yields to rise. In our view, it may be some time before bonds adequately reflect the likely pace of Fed rate hikes and offer reasonable risk premiums for future inflation. We believe the Fed’s gradual exit from its quantitative easing program should have a limited impact on the fixed income markets, but we note it might serve as a catalyst for bond valuations to catch up with fundamentals, which already justify higher yields, in our opinion.

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. As economic growth in the developed markets moderates, we believe emerging markets outside of China may offer opportunities. Many emerging economies are much earlier in their economic cycle than developed markets economies, and we see room for the gap between emerging markets and developed markets growth to widen. This, combined with what we consider to be attractive relative valuations, should drive the outperformance of emerging markets equities in the near term, though the path is likely to be more volatile in 2018 than in 2017, in our view.

As for the Fund’s macro hedging strategy, we consider it 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

FUND BASICS

Global Managed Beta Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)1			MSCI All Country World Index Investable Market Index2
Institutional Shares		7.55	%		8.77	%

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 All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 8,622 constituent, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2018, 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, 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 12/31/17	One Year			Since Inception			Inception Date
Institutional Shares		10.58	%		8.99	%		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		0.23	%		0.55	%

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 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.

4

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 0.3% and 0.2% of the Fund’s net assets as of February 28, 2018 and August 31, 2017, respectively. 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.

5

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Index Definitions

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.

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

6

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 26.1%
Aerospace & Defense – 0.5%
	1,185	Airbus SE	$	141,842
	8,435	BAE Systems PLC		66,948
	1,247	CAE, Inc.		22,992
	53	Dassault Aviation SA		91,868
	623	General Dynamics Corp.		138,586
	1,157	Harris Corp.		180,666
	216	Huntington Ingalls Industries, Inc.		56,594
	1,336	L3 Technologies, Inc.		277,287
	754	Lockheed Martin Corp.		265,740
	13,286	Meggitt PLC		82,343
	177	MTU Aero Engines AG		29,558
	684	Northrop Grumman Corp.		239,427
	1,117	Raytheon Co.		242,959
	968	Rockwell Collins, Inc.		133,313
	3,340	Rolls-Royce Holdings PLC*		38,418
	1,211	Safran SA		133,621
	234	Spirit AeroSystems Holdings, Inc. Class A		21,362
	4,950	Textron, Inc.		296,257
	366	Thales SA		40,679
	2,213	The Boeing Co.		801,571
	2,387	United Technologies Corp.		321,624
				3,623,655
Air Freight & Logistics – 0.2%
	3,318	C.H. Robinson Worldwide, Inc.		309,769
	9,342	Deutsche Post AG		426,193
	1,377	Expeditors International of Washington, Inc.		89,450
	693	FedEx Corp.		170,762
	48,419	Royal Mail PLC		372,952
	817	United Parcel Service, Inc. Class B		85,303
				1,454,429
Airlines – 0.2%
	1,986	ANA Holdings, Inc.		79,537
	2,049	Delta Air Lines, Inc.		110,441
	7,193	Deutsche Lufthansa AG		240,175
	1,074	easyJet PLC		24,660
	21,846	International Consolidated Airlines Group SA		183,835
	2,155	Japan Airlines Co. Ltd.		82,132
	2,536	Singapore Airlines Ltd.		21,131
	5,483	Southwest Airlines Co.		317,137
	1,207	United Continental Holdings, Inc.*		81,822
				1,140,870
Auto Components – 0.2%
	1,723	Aisin Seiki Co. Ltd.		100,273
	808	BorgWarner, Inc.		39,657
	1,822	Bridgestone Corp.		80,878
	830	Cie Generale des Etablissements Michelin SCA		127,575
	172	Continental AG		46,998
	1,444	Denso Corp.		84,283
	779	Faurecia SA		65,133
Common Stocks – (continued)
Auto Components – (continued)
	3,399	GKN PLC		20,467
	715	Koito Manufacturing Co. Ltd.		49,335
	856	Lear Corp.		159,704
	1,507	Linamar Corp.		82,514
	1,749	Magna International, Inc.		96,228
	6,976	Minth Group Ltd.		40,938
	1,716	Stanley Electric Co. Ltd.		66,896
	2,231	Sumitomo Electric Industries Ltd.		35,192
	2,000	Sumitomo Rubber Industries Ltd.		38,122
	4,619	The Yokohama Rubber Co. Ltd.		113,438
				1,247,631
Automobiles – 0.3%
	507	Bayerische Motoren Werke AG		53,268
	1,067	Daimler AG		91,108
	1,326	Ferrari NV		164,320
	10,209	Fiat Chrysler Automobiles NV*		215,492
	24,806	Ford Motor Co.		263,192
	1,026	General Motors Co.		40,373
	2,177	Harley-Davidson, Inc.		98,792
	5,399	Honda Motor Co. Ltd.		195,240
	8,653	Mazda Motor Corp.		119,900
	5,197	Nissan Motor Co. Ltd.		54,468
	6,954	Peugeot SA		156,909
	1,687	Subaru Corp.		59,166
	1,531	Suzuki Motor Corp.		87,337
	326	Tesla, Inc.*(a)		111,838
	4,111	Toyota Motor Corp.		277,012
	103	Volkswagen AG		20,461
	3,102	Yamaha Motor Co. Ltd.		98,096
				2,106,972
Banks – 1.7%
	4,553	ABN AMRO Group NV(b)		141,660
	768	Aozora Bank Ltd.		31,338
	6,211	Australia & New Zealand Banking Group Ltd.		138,804
	24,225	Banco Bilbao Vizcaya Argentaria SA		201,544
	37,761	Banco de Sabadell SA		78,885
	40,881	Banco Santander SA		280,222
	6,651	Bank Hapoalim BM		47,356
	10,511	Bank Leumi Le-Israel BM		63,356
	33,032	Bank of America Corp.		1,060,327
	12,237	Bank of Ireland Group PLC*		114,320
	1,672	Bank of Montreal		126,964
	6,752	Bank of Queensland Ltd.		65,733
	5,311	Bankia SA		25,255
	3,984	Bankinter SA		43,787
	10,677	Barclays PLC		31,066
	1,529	BB&T Corp.		83,101
	10,358	Bendigo & Adelaide Bank Ltd.		90,499
	3,747	BNP Paribas SA		296,277
	13,830	BOC Hong Kong Holdings Ltd.		69,502
	6,852	CaixaBank SA		33,268
	840	Canadian Imperial Bank of Commerce		76,721
	627	CIT Group, Inc.		33,262

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Banks – (continued)
	5,965	Citigroup, Inc.	$	450,298
	3,162	Citizens Financial Group, Inc.		137,515
	469	Comerica, Inc.		45,596
	2,274	Commerzbank AG*		35,135
	2,488	Commonwealth Bank of Australia		146,437
	8,734	Credit Agricole SA		149,659
	4,699	Danske Bank A/S		188,597
	9,078	DBS Group Holdings Ltd.		195,093
	1,965	DNB ASA		38,544
	356	East West Bancorp, Inc.		23,336
	1,120	Erste Groupe Bank AG		56,948
	3,618	Fifth Third Bancorp		119,575
	404	First Republic Bank		37,491
	5,356	Hang Seng Bank Ltd.		132,791
	46,488	HSBC Holdings PLC		457,176
	2,053	Huntington Bancshares, Inc.		32,232
	15,549	ING Groep NV		272,854
	60,555	Intesa Sanpaolo SpA		227,190
	33,599	Intesa Sanpaolo SpA RSP		133,329
	2,206	Japan Post Bank Co. Ltd.		30,081
	13,214	JPMorgan Chase & Co.		1,526,217
	980	KBC Group NV		91,828
	2,729	KeyCorp		57,664
	207,101	Lloyds Banking Group PLC		195,676
	289	M&T Bank Corp.		54,864
	5,588	Mebuki Financial Group, Inc.		22,401
	5,206	Mediobanca Banca di Credito Finanziario SpA		62,122
	22,999	Mitsubishi UFJ Financial Group, Inc.		161,997
	2,319	Mizrahi Tefahot Bank Ltd.		42,746
	54,426	Mizuho Financial Group, Inc.		100,501
	6,554	National Australia Bank Ltd.		152,349
	2,190	National Bank of Canada		106,257
	9,462	Nordea Bank AB		107,372
	18,519	Oversea-Chinese Banking Corp. Ltd.		181,220
	2,040	People’s United Financial, Inc.		39,046
	3,403	Raiffeisen Bank International AG*		131,846
	6,679	Regions Financial Corp.		129,639
	7,526	Resona Holdings, Inc.		42,636
	5,184	Royal Bank of Canada		408,394
	9,697	Royal Bank of Scotland Group PLC*		35,541
	2,594	Shinsei Bank Ltd.		40,736
	142	Signature Bank*		20,759
	2,945	Skandinaviska Enskilda Banken AB		34,564
	3,545	Societe Generale SA		201,426
	2,445	Standard Chartered PLC*		27,108
	4,311	Sumitomo Mitsui Financial Group, Inc.		186,329
	730	Sumitomo Mitsui Trust Holdings, Inc.		29,315
	2,367	SunTrust Banks, Inc.		165,311
	2,514	Svenska Handelsbanken AB Class A		34,396
	1,468	Swedbank AB Class A		36,847
	12,056	The Bank of East Asia Ltd.		53,071
	3,204	The Bank of Nova Scotia		198,502
	1,813	The PNC Financial Services Group, Inc.		285,838
	6,096	The Toronto-Dominion Bank		351,546
	4,509	U.S. Bancorp		245,109
Common Stocks – (continued)
Banks – (continued)
	9,016	United Overseas Bank Ltd.		188,857
	14,823	Wells Fargo & Co.		865,811
	8,001	Westpac Banking Corp.		189,610
	2,341	Yamaguchi Financial Group, Inc.		28,258
	1,285	Zions Bancorporation		70,637
				12,947,470
Beverages – 0.5%
	643	Anheuser-Busch InBev SA		68,260
	3,212	Asahi Group Holdings Ltd.		164,246
	2,522	Brown-Forman Corp. Class B		176,010
	2,967	Carlsberg A/S Class B		362,758
	1,381	Coca-Cola Bottlers Japan Holdings, Inc.		52,281
	1,772	Coca-Cola European Partners PLC		67,371
	3,368	Coca-Cola HBC AG*		110,107
	617	Constellation Brands, Inc. Class A		132,951
	7,706	Davide Campari-Milano SpA		55,155
	6,349	Diageo PLC		215,425
	799	Dr. Pepper Snapple Group, Inc.		92,884
	3,408	Heineken Holding NV		338,998
	1,015	Heineken NV		105,398
	5,599	Kirin Holdings Co. Ltd.		144,491
	2,804	Molson Coors Brewing Co. Class B		213,805
	2,162	Monster Beverage Corp.*		137,006
	5,738	PepsiCo, Inc.		629,631
	601	Pernod Ricard SA		98,985
	268	Remy Cointreau SA		36,436
	4,311	Suntory Beverage & Food Ltd.		200,033
	10,595	The Coca-Cola Co.		457,916
	3,825	Treasury Wine Estates Ltd.		51,670
				3,911,817
Biotechnology – 0.4%
	4,658	AbbVie, Inc.		539,536
	522	Alkermes PLC*		29,796
	307	Alnylam Pharmaceuticals, Inc.*		36,889
	2,636	Amgen, Inc.		484,418
	951	Biogen, Inc.*		274,830
	2,437	Celgene Corp.*		212,311
	1,473	CSL Ltd.		185,508
	5,813	Gilead Sciences, Inc.		457,658
	1,739	Grifols SA		47,546
	2,665	Seattle Genetics, Inc.*		143,910
	5,795	Shire PLC		246,978
	2,645	United Therapeutics Corp.*		306,423
	2,240	Vertex Pharmaceuticals, Inc.*		371,907
				3,337,710
Building Products – 0.2%
	827	A.O. Smith Corp.		53,085
	1,102	Allegion PLC		92,689
	1,881	Asahi Glass Co. Ltd.		77,686
	1,388	Assa Abloy AB Class B		30,999
	1,999	Cie de Saint-Gobain		113,141
	472	Daikin Industries Ltd.		55,453
	1,541	Fortune Brands Home & Security, Inc.		93,477

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Building Products – (continued)
	107	Geberit AG	$	48,306
	848	Johnson Controls International PLC		31,266
	1,162	Lennox International, Inc.		237,780
	2,306	LIXIL Group Corp.		56,235
	3,948	Masco Corp.		162,342
	2,192	Owens Corning		178,210
	671	TOTO Ltd.		35,266
				1,265,935
Capital Markets – 0.8%
	20,020	3i Group PLC		257,518
	1,028	Ameriprise Financial, Inc.		160,820
	452	Amundi SA(b)		36,845
	1,560	ASX Ltd.		70,186
	258	BlackRock, Inc.		141,753
	1,391	Brookfield Asset Management, Inc. Class A		53,929
	1,337	Cboe Global Markets, Inc.		149,757
	8,474	CI Financial Corp.		188,473
	1,036	CME Group, Inc.		172,142
	3,200	Daiwa Securities Group, Inc.		21,273
	554	Deutsche Boerse AG		73,666
	793	E*TRADE Financial Corp.*		41,418
	3,366	Eaton Vance Corp.		178,162
	767	Franklin Resources, Inc.		29,660
	16,691	Hargreaves Lansdown PLC		394,802
	3,984	Hong Kong Exchanges & Clearing Ltd.		142,715
	1,186	IGM Financial, Inc.		36,221
	1,843	Intercontinental Exchange, Inc.		134,686
	1,654	Invesco Ltd.		53,821
	13,176	Investec PLC		114,291
	1,024	Julius Baer Group Ltd.*		66,512
	35,483	Kingston Financial Group Ltd.		21,362
	1,514	London Stock Exchange Group PLC		83,590
	641	Macquarie Group Ltd.		51,071
	913	Moody’s Corp.		152,361
	6,036	Morgan Stanley		338,137
	3,052	MSCI, Inc.		431,919
	802	Nasdaq, Inc.		64,762
	2,651	Natixis SA		22,709
	9,976	Nomura Holdings, Inc.		60,728
	537	Northern Trust Corp.		56,852
	415	Partners Group Holding AG		300,784
	580	Raymond James Financial, Inc.		53,772
	2,835	S&P Global, Inc.		543,753
	2,933	SBI Holdings, Inc.		67,024
	1,966	Schroders PLC		92,705
	2,910	SEI Investments Co.		211,935
	27,017	Singapore Exchange Ltd.		153,089
	2,819	St. James’s Place PLC		44,559
	1,512	State Street Corp.		160,499
	2,545	T. Rowe Price Group, Inc.		284,786
	4,298	The Bank of New York Mellon Corp.		245,115
	1,376	The Charles Schwab Corp.		72,956
Common Stocks – (continued)
Capital Markets – (continued)
	615	Thomson Reuters Corp.		24,232
	3,585	UBS Group AG*		67,935
				6,125,285
Chemicals – 0.5%
	611	Air Liquide SA		76,318
	432	Air Products & Chemicals, Inc.		69,461
	1,142	Akzo Nobel NV		111,252
	2,797	Arkema SA		365,005
	4,293	Asahi Kasei Corp.		55,015
	1,139	Axalta Coating Systems Ltd.*		35,081
	1,224	BASF SE		127,871
	480	Celanese Corp. Series A		48,413
	1,411	CF Industries Holdings, Inc.		58,190
	859	Chr Hansen Holding A/S		71,350
	2,540	Clariant AG*		63,386
	1,664	Covestro AG(b)		187,716
	1,492	Croda International PLC		94,408
	2,961	DowDuPont, Inc.		208,158
	622	Eastman Chemical Co.		62,872
	676	Ecolab, Inc.		88,184
	84	EMS-Chemie Holding AG		53,545
	757	Evonik Industries AG		27,873
	781	FMC Corp.		61,293
	230	Frutarom Industries Ltd.		21,051
	44	Givaudan SA		100,050
	292	International Flavors & Fragrances, Inc.		41,245
	1,227	JSR Corp.		29,520
	1,088	Kansai Paint Co. Ltd.		27,309
	666	Koninklijke DSM NV		68,784
	2,094	Kuraray Co. Ltd.		36,392
	135	Linde AG*		29,956
	1,475	LyondellBasell Industries NV Class A		159,625
	11,481	Mitsubishi Chemical Holdings Corp.		115,831
	1,891	Mitsubishi Gas Chemical Co., Inc.		46,770
	2,131	Mitsui Chemicals, Inc.		64,664
	2,113	Monsanto Co.		260,681
	740	Nissan Chemical Industries Ltd.		29,222
	1,285	Novozymes A/S Class B		66,042
	601	PPG Industries, Inc.		67,576
	495	Praxair, Inc.		74,126
	497	Shin-Etsu Chemical Co. Ltd.		52,217
	6	Sika AG		49,202
	184	Solvay SA		25,217
	8,509	Sumitomo Chemical Co. Ltd.		52,464
	396	Symrise AG		32,115
	2,992	Teijin Ltd.		58,760
	274	The Sherwin-Williams Co.		110,033
	5,058	Toray Industries, Inc.		51,087
	2,381	Tosoh Corp.		49,222
	946	Umicore SA		53,326
	609	W.R. Grace & Co.		40,304
				3,678,182

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – 0.2%
	3,152	Babcock International Group PLC	$	28,140
	517	Cintas Corp.		88,231
	1,467	Dai Nippon Printing Co. Ltd.		30,647
	685	Edenred		24,034
	634	ISS A/S		22,970
	1,840	Republic Services, Inc.		123,611
	8,933	Rollins, Inc.		449,062
	611	Secom Co. Ltd.		43,698
	2,815	Securitas AB Class B		48,365
	974	Societe BIC SA		102,370
	1,390	Stericycle, Inc.*		87,111
	3,389	Toppan Printing Co. Ltd.		28,952
	2,100	Waste Connections, Inc.		148,638
	2,265	Waste Management, Inc.		195,515
				1,421,344
Communications Equipment – 0.2%
	468	Arista Networks, Inc.*		126,238
	12,474	Cisco Systems, Inc.		558,586
	3,506	CommScope Holding Co., Inc.*		135,717
	2,311	F5 Networks, Inc.*		343,230
	7,207	Juniper Networks, Inc.		184,932
	597	Motorola Solutions, Inc.		63,371
	195	Palo Alto Networks, Inc.*		33,807
	19,326	Telefonaktiebolaget LM Ericsson Class B		129,284
				1,575,165
Construction & Engineering – 0.2%
	2,794	ACS Actividades de Construccion y Servicios SA		95,775
	865	Boskalis Westminster		32,555
	744	Bouygues SA		37,638
	1,380	CIMIC Group Ltd.		49,777
	1,851	Eiffage SA		200,374
	2,883	Ferrovial SA		62,214
	5,401	Fluor Corp.		307,317
	267	HOCHTIEF AG		44,849
	4,252	Jacobs Engineering Group, Inc.		259,627
	11,931	Kajima Corp.		113,594
	8,701	Obayashi Corp.		98,189
	6,327	Shimizu Corp.		58,691
	2,108	Taisei Corp.		106,839
	2,101	Vinci SA		207,453
				1,674,892
Construction Materials – 0.0%
	9,383	Boral Ltd.		56,347
	1,961	CRH PLC		64,442
	255	HeidelbergCement AG		25,589
	581	Imerys SA		59,261
	3,715	James Hardie Industries PLC		65,217
	485	LafargeHolcim Ltd.*		28,271
	808	Taiheiyo Cement Corp.		29,944
				329,071
Common Stocks – (continued)
Consumer Finance – 0.1%
	5,416	Ally Financial, Inc.		151,106
	2,914	American Express Co.		284,144
	1,929	Capital One Financial Corp.		188,907
	2,986	Credit Saison Co. Ltd.		51,256
	2,380	Discover Financial Services		187,615
	3,907	Synchrony Financial		142,176
				1,005,204
Containers & Packaging – 0.1%
	1,988	Amcor Ltd.		21,310
	877	Avery Dennison Corp.		103,618
	2,380	Ball Corp.		95,081
	2,106	Crown Holdings, Inc.*		104,963
	628	International Paper Co.		37,423
	373	Packaging Corp. of America		44,462
	1,396	Sealed Air Corp.		59,148
	3,509	Toyo Seikan Group Holdings Ltd.		51,954
	3,584	WestRock Co.		235,684
				753,643
Distributors – 0.0%
	1,849	Genuine Parts Co.		169,812
	4,207	Jardine Cycle & Carriage Ltd.		117,239
	2,148	LKQ Corp.*		84,803
				371,854
Diversified Consumer Services – 0.1%
	801	Benesse Holdings, Inc.		28,672
	13,563	H&R Block, Inc.		343,551
				372,223
Diversified Financial Services – 0.3%
	5,140	AMP Ltd.		20,969
	3,871	Berkshire Hathaway, Inc. Class B*		802,071
	2,342	Challenger Ltd.		22,809
	1,730	Eurazeo SA		165,112
	1,908	EXOR NV		138,452
	422	Groupe Bruxelles Lambert SA		48,181
	4,639	Industrivarden AB Class C		110,665
	1,449	Investor AB Class B		65,086
	1,115	Kinnevik AB Class B		40,694
	617	L E Lundbergforetagen AB Class B		46,036
	5,238	Leucadia National Corp.		125,660
	9,179	Mitsubishi UFJ Lease & Finance Co. Ltd.		58,089
	5,492	Onex Corp.		402,998
	4,807	ORIX Corp.		85,106
	1,283	Pargesa Holding SA		113,262
	9,266	Standard Life Aberdeen PLC		46,806
	419	Wendel SA		72,618
				2,364,614
Diversified Telecommunication Services – 0.3%
	13,358	AT&T, Inc.		484,895
	691	BCE, Inc.		30,156

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	64,580	Bezeq The Israeli Telecommunication Corp. Ltd.	$	98,729
	10,831	BT Group PLC		35,744
	1,432	CenturyLink, Inc.		25,303
	3,789	Deutsche Telekom AG		60,877
	17,134	HKT Trust and HKT Ltd.		21,894
	109	Iliad SA		25,556
	3,489	Nippon Telegraph & Telephone Corp.		162,052
	3,302	Orange SA		55,864
	215,396	PCCW Ltd.		122,378
	1,051	Proximus SADP		33,746
	10,320	Singapore Telecommunications Ltd.		26,260
	16,532	Spark New Zealand Ltd.		39,943
	132	Swisscom AG		71,275
	11,265	TDC A/S		91,824
	111,308	Telecom Italia SpA*		99,898
	133,676	Telecom Italia SpA RSP		101,797
	6,216	Telefonica Deutschland Holding AG		28,609
	9,891	Telefonica SA		96,001
	2,333	Telenor ASA		52,356
	8,289	Telia Co. AB		39,153
	10,275	Telstra Corp. Ltd.		26,502
	916	TELUS Corp.		33,065
	7,321	Verizon Communications, Inc.		349,505
	1,245	Zayo Group Holdings, Inc.*		44,633
				2,258,015
Electric Utilities – 0.5%
	2,445	Alliant Energy Corp.		94,499
	2,410	American Electric Power Co., Inc.		158,048
	45,702	AusNet Services		60,103
	1,705	Chubu Electric Power Co., Inc.		23,165
	4,091	CLP Holdings Ltd.		41,378
	2,538	Duke Energy Corp.		191,213
	1,414	Edison International		85,674
	10,837	EDP – Energias de Portugal SA		36,225
	801	Emera, Inc.		25,849
	1,442	Endesa SA		30,271
	24,646	Enel SpA		143,064
	1,260	Entergy Corp.		95,533
	2,277	Eversource Energy		129,789
	7,695	Exelon Corp.		285,023
	11,459	FirstEnergy Corp.		370,470
	2,520	Fortis, Inc.		82,344
	1,235	Fortum Oyj		27,125
	64,798	HK Electric Investments & HK Electric Investments Ltd.(b)		60,775
	1,250	Hydro One Ltd.(b)		20,018
	12,630	Iberdrola SA		92,948
	2,790	Kyushu Electric Power Co., Inc.		31,213
	24,980	Mercury NZ Ltd.		57,037
	1,576	NextEra Energy, Inc.		239,789
	1,527	OGE Energy Corp.		47,856
	1,144	Orsted A/S(b)		71,395
	2,788	PG&E Corp.		114,559
	773	Pinnacle West Capital Corp.		59,490
Common Stocks – (continued)
Electric Utilities – (continued)
	3,362	Power Assets Holdings Ltd.		28,524
	2,203	PPL Corp.		63,116
	3,390	SSE PLC		56,969
	4,676	Terna Rete Elettrica Nazionale SpA		25,918
	2,554	The Chugoku Electric Power Co., Inc.		29,803
	12,562	The Kansai Electric Power Co., Inc.		152,582
	2,250	The Southern Co.		96,885
	2,189	Tohoku Electric Power Co., Inc.		28,607
	31,593	Tokyo Electric Power Co. Holdings., Inc*		120,862
	927	Westar Energy, Inc.		45,173
	3,176	Xcel Energy, Inc.		137,457
				3,460,749
Electrical Equipment – 0.2%
	2,427	ABB Ltd.		58,730
	1,181	Acuity Brands, Inc.(a)		168,387
	1,589	AMETEK, Inc.		120,351
	1,548	Eaton Corp. PLC		124,924
	757	Emerson Electric Co.		53,793
	945	Legrand SA		74,086
	2,082	Mitsubishi Electric Corp.		35,118
	619	Nidec Corp.		98,848
	351	OSRAM Licht AG		27,714
	2,843	Prysmian SpA		89,278
	525	Rockwell Automation, Inc.		94,920
	834	Schneider Electric SE		72,282
	1,209	Sensata Technologies Holding NV*(a)		63,908
	1,193	Vestas Wind Systems A/S		86,219
				1,168,558
Electronic Equipment, Instruments & Components – 0.2%
	1,884	Amphenol Corp. Class A		172,179
	687	Arrow Electronics, Inc.*		56,045
	802	Avnet, Inc.		34,245
	1,341	CDW Corp.		97,799
	2,009	Cognex Corp.		107,903
	2,085	Corning, Inc.		60,632
	3,046	Flex Ltd.*		55,133
	798	FLIR Systems, Inc.		39,182
	577	Hamamatsu Photonics KK		22,945
	270	Hirose Electric Co. Ltd.		40,128
	19,936	Hitachi Ltd.		150,758
	1,037	Ingenico Group SA		89,970
	352	IPG Photonics Corp.*		86,465
	312	Keyence Corp.		188,947
	1,392	Kyocera Corp.		82,099
	2,616	Nippon Electric Glass Co. Ltd.		79,020
	1,594	Omron Corp.		93,811
	901	Shimadzu Corp.		23,080
	903	TE Connectivity Ltd.		93,090
	821	Trimble, Inc.*		31,140
	1,225	Yaskawa Electric Corp.		56,346
	2,373	Yokogawa Electric Corp.		47,837
				1,708,754

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy Equipment & Services – 0.0%
	485	Halliburton Co.	$	22,513
	2,634	National Oilwell Varco, Inc.		92,427
	1,273	Schlumberger Ltd.		83,560
				198,500
Equity Real Estate Investment Trusts (REITs) – 0.4%
	385	Alexandria Real Estate Equities, Inc.		46,704
	1,481	American Tower Corp.		206,348
	22,935	Ascendas Real Estate Investment Trust		45,675
	313	AvalonBay Communities, Inc.		48,834
	359	Boston Properties, Inc.		42,674
	1,213	Camden Property Trust		96,688
	38,276	CapitaLand Commercial Trust		49,707
	18,162	CapitaLand Mall Trust		27,642
	1,428	Crown Castle International Corp.		157,166
	12	Daiwa House REIT Investment Corp.		28,916
	3,142	Dexus		22,552
	526	Digital Realty Trust, Inc.		52,937
	1,206	Duke Realty Corp.		29,873
	325	Equinix, Inc.		127,432
	1,337	Equity Residential		75,179
	311	Essex Property Trust, Inc.		69,611
	694	Extra Space Storage, Inc.		59,025
	434	Fonciere Des Regions		45,280
	191	Gecina SA		33,449
	9,524	Goodman Group		60,224
	7,251	Hammerson PLC		44,443
	1,007	HCP, Inc.		21,791
	9,339	Host Hotels & Resorts, Inc.		173,332
	453	ICADE		43,807
	1,029	Invitation Homes, Inc.		22,381
	731	Iron Mountain, Inc.		22,997
	13	Japan Prime Realty Investment Corp.		44,745
	7	Japan Real Estate Investment Corp.		36,347
	23	Japan Retail Fund Investment Corp.		44,256
	1,038	Klepierre SA		42,761
	3,410	Land Securities Group PLC		43,333
	1,355	Liberty Property Trust		53,197
	8,463	Link REIT		71,944
	1,246	Mid-America Apartment Communities, Inc.		106,932
	17,738	Mirvac Group		29,045
	664	National Retail Properties, Inc.		24,727
	7	Nippon Building Fund, Inc.		38,052
	22	Nippon Prologis REIT, Inc.		49,899
	19	Nomura Real Estate Master Fund, Inc.		26,024
	1,618	Prologis, Inc.		98,180
	174	Public Storage		33,833
	820	Realty Income Corp.		40,328
	871	SBA Communications Corp.*		136,982
	7,784	Scentre Group		23,113
	15,243	Segro PLC		119,652
	203	Simon Property Group, Inc.		31,163
	514	SL Green Realty Corp.		49,817
	1,180	SmartCentres Real Estate Investment Trust		27,036
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	25,680	Suntec Real Estate Investment Trust		38,134
	5,457	The British Land Co. PLC		46,956
	5,319	The GPT Group		19,520
	1,681	UDR, Inc.		56,515
	196	Unibail-Rodamco SE		45,604
	32	United Urban Investment Corp.		50,501
	1,111	Ventas, Inc.		53,684
	6,258	VEREIT, Inc.		42,867
	13,371	Vicinity Centres		25,643
	481	Vornado Realty Trust		31,972
	589	Welltower, Inc.		30,922
	985	Weyerhaeuser Co.		34,505
				3,302,856
Food & Staples Retailing – 0.8%
	1,618	AEON Co. Ltd.		27,259
	829	Alimentation Couche-Tard, Inc. Class B		40,306
	3,041	Carrefour SA		69,718
	1,743	Casino Guichard Perrachon SA		94,418
	576	Colruyt SA		31,076
	2,512	Costco Wholesale Corp.		479,541
	4,496	CVS Health Corp.		304,514
	15,218	Empire Co. Ltd. Class A		281,780
	1,551	FamilyMart UNY Holdings Co. Ltd.		116,966
	2,020	George Weston Ltd.		165,148
	1,271	ICA Gruppen AB		45,343
	46,421	J Sainsbury PLC		165,015
	8,360	Jeronimo Martins SGPS SA		173,412
	14,585	Koninklijke Ahold Delhaize NV		327,463
	2,203	Lawson, Inc.		143,819
	2,492	Loblaw Cos. Ltd.		128,018
	3,533	METRO AG		68,905
	2,075	Metro, Inc.		65,458
	1,109	Seven & i Holdings Co. Ltd.		46,292
	3,703	Sundrug Co. Ltd.		170,745
	5,781	Sysco Corp.		344,837
	34,088	Tesco PLC		98,632
	1,177	The Jean Coutu Group PJC, Inc. Class A		22,280
	13,546	The Kroger Co.		367,368
	1,061	Tsuruha Holdings, Inc.		153,623
	6,611	Walgreens Boots Alliance, Inc.		455,432
	11,472	Walmart, Inc.		1,032,595
	6,733	Wesfarmers Ltd.		215,334
	55,897	Wm Morrison Supermarkets PLC		173,684
	16,348	Woolworths Group Ltd.		349,352
				6,158,333
Food Products – 0.6%
	1,460	Ajinomoto Co., Inc.		26,640
	7,268	Archer-Daniels-Midland Co.		301,767
	2,613	Associated British Foods PLC		94,198
	51	Barry Callebaut AG		100,641
	1,070	Bunge Ltd.		80,710
	4,072	Calbee, Inc.		135,595
	1,929	Campbell Soup Co.		83,043

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Food Products – (continued)
	4	Chocoladefabriken Lindt & Spruengli AG	$	23,931
	2,155	Conagra Brands, Inc.		77,860
	2,698	Danone SA		215,183
	1,357	General Mills, Inc.		68,596
	960	Hormel Foods Corp.		31,162
	1,671	Ingredion, Inc.		218,299
	1,052	Kellogg Co.		69,642
	546	Kerry Group PLC Class A		54,589
	1,294	Kikkoman Corp.		51,253
	10,225	Marine Harvest ASA		196,960
	487	McCormick & Co., Inc.		52,002
	1,488	MEIJI Holdings Co. Ltd.		108,572
	1,952	Mondelez International, Inc. Class A		85,693
	8,181	Nestle SA		649,989
	2,615	Nisshin Seifun Group, Inc.		51,638
	638	Nissin Foods Holdings Co. Ltd.		43,411
	12,174	Orkla ASA		133,478
	3,979	Saputo, Inc.		127,166
	3,048	The Hershey Co.		299,497
	2,158	The J.M. Smucker Co.		272,555
	1,130	The Kraft Heinz Co.		75,767
	1,029	Toyo Suisan Kaisha Ltd.		40,116
	2,859	Tyson Foods, Inc. Class A		212,652
	90,939	WH Group Ltd.(b)		112,001
	743	Yakult Honsha Co. Ltd.		53,170
	6,942	Yamazaki Baking Co. Ltd.		135,095
				4,282,871
Gas Utilities – 0.1%
	1,107	Atmos Energy Corp.		89,102
	1,672	Gas Natural SDG SA		38,254
	45,744	Hong Kong & China Gas Co. Ltd.		90,484
	6,687	Osaka Gas Co. Ltd.		131,888
	1,411	Tokyo Gas Co. Ltd.		35,255
	4,283	UGI Corp.		184,555
				569,538
Health Care Equipment & Supplies – 0.7%
	4,946	Abbott Laboratories		298,392
	1,548	Align Technology, Inc.*		406,381
	2,702	Baxter International, Inc.		183,169
	1,067	Becton Dickinson & Co.		236,895
	1,621	BioMerieux		124,690
	4,451	Boston Scientific Corp.*		121,334
	2,255	Cochlear Ltd.		320,048
	1,033	Coloplast A/S Class B		87,299
	1,049	Danaher Corp.		102,571
	884	DENTSPLY SIRONA, Inc.		49,557
	1,152	Edwards Lifesciences Corp.*		153,988
	505	Essilor International Cie Generale d’Optique SA		66,138
	8,964	Fisher & Paykel Healthcare Corp. Ltd.		88,894
	5,044	Getinge AB Class B		63,502
	699	Hologic, Inc.*		27,142
	4,195	Hoya Corp.		220,553
	1,855	IDEXX Laboratories, Inc.*		347,312
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	597	Intuitive Surgical, Inc.*		254,591
	3,560	Koninklijke Philips NV		135,675
	2,302	Medtronic PLC		183,907
	2,636	Olympus Corp.		105,425
	435	ResMed, Inc.		41,442
	16,117	Smith & Nephew PLC		281,384
	658	Sonova Holding AG		102,849
	277	Straumann Holding AG		186,597
	1,628	Stryker Corp.		263,996
	1,268	Sysmex Corp.		104,810
	354	Teleflex, Inc.		88,440
	542	Terumo Corp.		29,067
	422	The Cooper Cos., Inc.		97,279
	1,393	Varian Medical Systems, Inc.*		166,241
	1,757	William Demant Holding A/S*		62,793
	346	Zimmer Biomet Holdings, Inc.		40,222
				5,042,583
Health Care Providers & Services – 0.6%
	1,137	Aetna, Inc.		201,317
	5,005	Alfresa Holdings Corp.		111,876
	415	AmerisourceBergen Corp.		39,491
	1,746	Anthem, Inc.		410,973
	788	Cardinal Health, Inc.		54,537
	1,846	Centene Corp.*		187,221
	1,517	Cigna Corp.		297,165
	2,001	DaVita, Inc.*		144,112
	3,870	Envision Healthcare Corp.*		148,995
	3,097	Express Scripts Holding Co.*		233,669
	1,059	Fresenius Medical Care AG & Co. KGaA		111,730
	1,225	Fresenius SE & Co. KGaA		99,535
	819	HCA Healthcare, Inc.		81,286
	2,177	Henry Schein, Inc.*		144,096
	1,257	Humana, Inc.		341,678
	915	Laboratory Corp. of America Holdings*		158,020
	1,077	McKesson Corp.		160,721
	20,585	Mediclinic International PLC		167,069
	2,532	Medipal Holdings Corp.		51,501
	1,131	Quest Diagnostics, Inc.		116,549
	1,218	Sonic Healthcare Ltd.		22,978
	2,624	Suzuken Co. Ltd.		106,831
	4,111	UnitedHealth Group, Inc.		929,744
	606	Universal Health Services, Inc. Class B		69,205
				4,390,299
Health Care Technology – 0.0%
	1,241	Cerner Corp.*		79,623
	2,157	M3, Inc.		83,625
	969	Veeva Systems, Inc. Class A*		67,539
				230,787
Hotels, Restaurants & Leisure – 0.6%
	557	Accor SA		32,104
	3,787	Aramark		157,956
	9,543	Aristocrat Leisure Ltd.		181,415

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	3,584	Carnival Corp.	$	239,805
	1,714	Carnival PLC		112,809
	5,513	Compass Group PLC		117,125
	2,134	Crown Resorts Ltd.		22,214
	1,214	Darden Restaurants, Inc.		111,919
	1,981	Domino’s Pizza, Inc.		440,594
	7,494	Flight Centre Travel Group Ltd.		335,204
	9,745	Galaxy Entertainment Group Ltd.		84,543
	69,250	Genting Singapore PLC		60,164
	1,290	Hilton Worldwide Holdings, Inc.		104,219
	881	InterContinental Hotels Group PLC		56,767
	1,018	Las Vegas Sands Corp.		74,121
	1,669	Marriott International, Inc. Class A		235,680
	2,877	McDonald’s Corp.		453,818
	2,051	McDonald’s Holdings Co. Japan Ltd.		91,513
	1,620	Melco Resorts & Entertainment Ltd. ADR		44,469
	1,436	Oriental Land Co. Ltd.		139,537
	341	Restaurant Brands International, Inc.		19,986
	1,933	Royal Caribbean Cruises Ltd.		244,718
	29,593	Shangri-La Asia Ltd.		66,063
	365,294	SJM Holdings Ltd.		347,960
	4,303	Starbucks Corp.		245,701
	11,539	Tabcorp Holdings Ltd.		41,332
	1,565	TUI AG		33,078
	262	Vail Resorts, Inc.		53,938
	412	Whitbread PLC		21,958
	1,316	Wyndham Worldwide Corp.		152,366
	28,328	Wynn Macau Ltd.		98,723
	324	Wynn Resorts Ltd.		54,270
	3,822	Yum! Brands, Inc.		311,034
				4,787,103
Household Durables – 0.3%
	11,138	Barratt Developments PLC		82,314
	2,678	Berkeley Group Holdings PLC		141,725
	1,747	D.R. Horton, Inc.		73,199
	5,303	Electrolux AB Series B		174,097
	354	Garmin Ltd.		20,971
	2,075	Husqvarna AB Class B		22,144
	630	Leggett & Platt, Inc.		27,380
	1,568	Lennar Corp. Class A		88,717
	286	Mohawk Industries, Inc.*		68,606
	4,909	Nikon Corp.		99,705
	51	NVR, Inc.*		145,002
	2,772	Panasonic Corp.		43,149
	4,757	Persimmon PLC		170,056
	2,771	PulteGroup, Inc.		77,782
	336	Rinnai Corp.		30,036
	464	SEB SA		94,657
	2,616	Sekisui Chemical Co. Ltd.		49,012
	2,400	Sekisui House Ltd.		41,854
	1,396	Sharp Corp.*		48,493
	4,300	Sony Corp.		216,677
	67,647	Taylor Wimpey PLC		172,386
	21,544	Techtronic Industries Co. Ltd.		135,168
Common Stocks – (continued)
Household Durables – (continued)
	3,439	Toll Brothers, Inc.		150,731
	161	Whirlpool Corp.		26,151
				2,200,012
Household Products – 0.3%
	1,274	Church & Dwight Co., Inc.		62,668
	5,825	Colgate-Palmolive Co.		401,750
	702	Henkel AG & Co. KGaA		89,451
	2,120	Kimberly-Clark Corp.		235,150
	13,451	Lion Corp.		251,440
	764	Reckitt Benckiser Group PLC		60,643
	809	Spectrum Brands Holdings, Inc.		79,856
	2,377	The Clorox Co.		306,823
	6,069	The Procter & Gamble Co.		476,538
	3,231	Unicharm Corp.		90,200
				2,054,519
Independent Power and Renewable Electricity Producers – 0.0%
	13,464	AES Corp.		146,354
	779	Electric Power Development Co. Ltd.		19,752
	10,375	Meridian Energy Ltd.		20,962
	3,172	Vistra Energy Corp.*		60,109
				247,177
Industrial Conglomerates – 0.2%
	2,763	3M Co.		650,714
	6,959	CK Hutchison Holdings Ltd.		86,975
	514	DCC PLC		46,779
	6,174	General Electric Co.		87,115
	2,035	Honeywell International, Inc.		307,509
	1,508	Jardine Matheson Holdings Ltd.		98,246
	727	Jardine Strategic Holdings Ltd.		28,957
	1,316	Keihan Holdings Co. Ltd.		41,104
	3,408	Keppel Corp. Ltd.		20,407
	30,405	NWS Holdings Ltd.		57,112
	415	Roper Technologies, Inc.		114,162
	731	Siemens AG		95,791
	1,522	Smiths Group PLC		33,234
				1,668,105
Insurance – 1.1%
	9,671	Admiral Group PLC		244,996
	14,984	Aegon NV		104,027
	2,062	Aflac, Inc.		183,271
	692	Ageas		36,233
	33,980	AIA Group Ltd.		281,986
	75	Alleghany Corp.*		45,461
	1,725	Allianz SE		400,702
	1,444	American Financial Group, Inc.		162,883
	1,261	American International Group, Inc.		72,306
	1,218	Aon PLC		170,910
	761	Arch Capital Group Ltd.*		67,151
	1,480	Arthur J. Gallagher & Co.		102,283
	5,801	Assicurazioni Generali SpA		108,521
	855	Assurant, Inc.		73,077

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	2,623	Athene Holding Ltd. Class A*	$	123,832
	11,276	Aviva PLC		78,112
	7,034	AXA SA		220,298
	633	Axis Capital Holdings Ltd.		31,232
	696	Baloise Holding AG		109,496
	1,034	Brighthouse Financial, Inc.*		56,115
	1,539	Chubb Ltd.		218,415
	707	Cincinnati Financial Corp.		52,735
	4,820	CNP Assurances		116,806
	1,727	Dai-ichi Life Holdings, Inc.		33,817
	5,948	Direct Line Insurance Group PLC		31,282
	123	Everest Re Group Ltd.		29,550
	90	Fairfax Financial Holdings Ltd.		43,987
	2,843	FNF Group		113,521
	1,168	Gjensidige Forsikring ASA		21,312
	3,181	Great-West Lifeco, Inc.		83,938
	464	Hannover Rueck SE		63,113
	2,271	Industrial Alliance Insurance & Financial Services, Inc.		96,259
	13,711	Insurance Australia Group Ltd.		86,640
	598	Intact Financial Corp.		46,253
	2,347	Japan Post Holdings Co. Ltd.		28,281
	50,954	Legal & General Group PLC		183,558
	1,790	Lincoln National Corp.		136,344
	2,455	Loews Corp.		121,105
	4,720	Manulife Financial Corp.		89,824
	14,635	Mapfre SA		49,107
	85	Markel Corp.*		94,520
	3,940	Marsh & McLennan Cos., Inc.		327,099
	48,741	Medibank Pvt. Ltd.		119,288
	2,200	MetLife, Inc.		101,618
	2,066	MS&AD Insurance Group Holdings, Inc.		63,755
	310	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		69,319
	2,655	NN Group NV		118,362
	20,644	Old Mutual PLC		72,106
	5,015	Poste Italiane SpA(b)		43,058
	5,911	Power Corp. of Canada		140,082
	4,248	Power Financial Corp.		110,901
	967	Principal Financial Group, Inc.		60,273
	2,276	Prudential Financial, Inc.		241,984
	7,552	Prudential PLC		189,231
	1,141	Reinsurance Group of America, Inc.		175,474
	316	RenaissanceRe Holdings Ltd.		40,537
	7,210	RSA Insurance Group PLC		62,529
	961	Sampo Oyj Class A		54,388
	970	SCOR SE		41,125
	878	Sompo Holdings, Inc.		33,580
	2,301	Sun Life Financial, Inc.		94,787
	12,316	Suncorp Group Ltd.		128,578
	352	Swiss Life Holding AG*		127,115
	514	Swiss Re AG		52,297
	2,802	The Allstate Corp.		258,513
	2,693	The Hartford Financial Services Group, Inc.		142,325
	3,629	The Progressive Corp.		208,958
Common Stocks – (continued)
Insurance – (continued)
	1,664	The Travelers Cos., Inc.		231,296
	1,019	Tokio Marine Holdings, Inc.		46,682
	843	Torchmark Corp.		71,967
	1,633	Tryg A/S		38,732
	26,718	UnipolSai Assicurazioni SpA		64,079
	2,418	Unum Group		123,221
	1,820	W.R. Berkley Corp.		124,452
	576	Willis Towers Watson PLC		90,950
	458	Zurich Insurance Group AG		150,588
				8,432,508
Internet & Direct Marketing Retail – 0.5%
	1,425	Amazon.com, Inc.*		2,155,241
	199	Booking Holdings, Inc.*		404,774
	594	Expedia, Inc.		62,471
	4,726	Liberty Interactive Corp. QVC Group Class A*		136,440
	1,879	Netflix, Inc.*		547,503
	8,591	Start Today Co. Ltd.		221,906
	5,144	TripAdvisor, Inc.*(a)		206,172
	4,343	Zalando SE*(b)		247,162
				3,981,669
Internet Software & Services – 0.8%
	2,743	Akamai Technologies, Inc.*		185,043
	1,112	Alphabet, Inc. Class A*		1,227,559
	1,175	Alphabet, Inc. Class C*		1,298,058
	68,088	Auto Trader Group PLC(b)		341,449
	6,444	eBay, Inc.*		276,190
	8,778	Facebook, Inc. Class A*		1,565,293
	16,636	Kakaku.com, Inc.		281,331
	334	MercadoLibre, Inc.		129,582
	4,620	Mixi, Inc.		186,354
	988	REA Group Ltd.		58,835
	514	Shopify, Inc. Class A*		71,100
	1,791	Twitter, Inc.*		57,061
	583	United Internet AG		39,520
	990	VeriSign, Inc.*(a)		114,860
				5,832,235
IT Services – 0.9%
	3,343	Accenture PLC Class A		538,256
	1,078	Alliance Data Systems Corp.		259,755
	2,509	Amadeus IT Group SA		184,200
	2,899	Atos SE		381,360
	1,421	Automatic Data Processing, Inc.		163,870
	715	Broadridge Financial Solutions, Inc.		71,772
	1,648	Capgemini SE		205,415
	525	CGI Group, Inc. Class A*		30,685
	3,185	Cognizant Technology Solutions Corp. Class A		261,234
	3,588	Computershare Ltd.		49,300
	3,637	DXC Technology Co.		372,938
	2,412	Fidelity National Information Services, Inc.		234,398
	1,312	Fiserv, Inc.*		188,128

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
IT Services – (continued)
	107	FleetCor Technologies, Inc.*	$	21,393
	15,287	Fujitsu Ltd.		91,227
	680	Gartner, Inc.*		77,119
	850	Global Payments, Inc.		96,381
	3,286	International Business Machines Corp.		512,057
	1,218	Jack Henry & Associates, Inc.		142,871
	2,106	Leidos Holdings, Inc.		133,331
	3,045	MasterCard, Inc. Class A		535,189
	1,418	Nomura Research Institute Ltd.		63,509
	9,143	NTT Data Corp.		94,496
	489	Obic Co. Ltd.		40,579
	564	Otsuka Corp.		52,281
	969	Paychex, Inc.		63,111
	3,106	PayPal Holdings, Inc.*		246,647
	5,952	Sabre Corp.		136,717
	2,018	Square, Inc. Class A*		92,929
	3,032	The Western Union Co.		60,094
	3,244	Total System Services, Inc.		285,310
	4,477	Visa, Inc. Class A		550,402
	662	Wirecard AG		78,771
	2,037	Worldpay, Inc. Class A*		165,567
				6,481,292
Leisure Products – 0.1%
	2,504	Bandai Namco Holdings, Inc.		80,860
	2,082	Hasbro, Inc.		198,977
	2,342	Mattel, Inc.		37,238
	745	Polaris Industries, Inc.		84,922
	1,332	Sankyo Co. Ltd.		47,752
	4,378	Sega Sammy Holdings, Inc.		63,512
				513,261
Life Sciences Tools & Services – 0.2%
	1,994	Agilent Technologies, Inc.		136,768
	68	Eurofins Scientific SE		38,326
	248	Illumina, Inc.*		56,549
	1,961	IQVIA Holdings, Inc.*		192,825
	238	Lonza Group AG*		60,300
	602	Mettler-Toledo International, Inc.*		370,964
	779	QIAGEN NV*		26,073
	1,106	Thermo Fisher Scientific, Inc.		230,690
	543	Waters Corp.*		111,120
				1,223,615
Machinery – 0.4%
	3,432	AGCO Corp.		228,571
	474	ANDRITZ AG		27,500
	1,519	Atlas Copco AB Class A		64,614
	899	Atlas Copco AB Class B		33,988
	1,361	Caterpillar, Inc.		210,451
	5,974	CNH Industrial NV		80,392
	564	Cummins, Inc.		94,848
	743	Daifuku Co. Ltd.		48,472
	970	Deere & Co.		156,044
	281	Dover Corp.		28,128
	435	FANUC Corp.		109,921
Common Stocks – (continued)
Machinery – (continued)
	1,909	Fortive Corp.		146,611
	1,813	Hitachi Construction Machinery Co. Ltd.		76,807
	461	IDEX Corp.		63,065
	773	Illinois Tool Works, Inc.		124,793
	1,730	Ingersoll-Rand PLC		153,624
	449	KION Group AG		38,294
	1,466	Komatsu Ltd.		53,157
	727	Kone Oyj Class B		37,647
	1,984	Kurita Water Industries Ltd.		60,642
	1,436	Makita Corp.		67,932
	365	MAN SE		41,621
	2,259	MINEBEA MITSUMI, Inc.		51,094
	1,068	Nabtesco Corp.		45,853
	281	PACCAR, Inc.		20,117
	401	Parker-Hannifin Corp.		71,567
	666	Pentair PLC		45,748
	2,397	Sandvik AB		44,374
	442	Schindler Holding AG		101,724
	74	SMC Corp.		30,842
	867	Snap-on, Inc.		138,044
	423	Stanley Black & Decker, Inc.		67,337
	1,082	Sumitomo Heavy Industries Ltd.		42,150
	218	The Middleby Corp.*		26,215
	1,145	THK Co. Ltd.		49,417
	3,159	Volvo AB Class B		59,395
	238	WABCO Holdings, Inc.*		32,837
	342	Wartsila Oyj Abp		24,062
	870	Xylem, Inc.		64,885
	117,215	Yangzijiang Shipbuilding Holdings Ltd.		132,276
				2,995,059
Marine – 0.0%
	1,874	Kuehne & Nagel International AG		305,769
Media – 0.4%
	696	Axel Springer SE		62,671
	500	Charter Communications, Inc. Class A*		170,965
	13,906	Comcast Corp. Class A		503,536
	4,284	Discovery Communications, Inc. Class A*(a)		104,187
	4,640	Discovery Communications, Inc. Class C*		106,627
	300	Liberty Broadband Corp. Class C*		26,364
	826	Liberty Global PLC Class A*		25,722
	1,092	Liberty Global PLC Series C*		32,793
	1,690	Liberty Media Corp.-Liberty SiriusXM Class A*		70,895
	3,270	Liberty Media Corp.-Liberty SiriusXM Class C*		136,555
	1,349	Live Nation Entertainment, Inc.*		60,435
	3,025	News Corp. Class A		48,793
	857	Omnicom Group, Inc.		65,329
	2,167	Pearson PLC		21,823
	1,440	Publicis Groupe SA		108,301
	2,174	RTL Group*		190,383
	5,282	Schibsted ASA Class B		128,317

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Media – (continued)
	374	Scripps Networks Interactive, Inc. Class A	$	33,608
	1,116	Shaw Communications, Inc. Class B		21,603
	10,998	Sirius XM Holdings, Inc.(a)		69,067
	177	Telenet Group Holding NV*		12,134
	3,448	The Walt Disney Co.		355,696
	2,154	Time Warner, Inc.		200,236
	637	Twenty-First Century Fox, Inc. Class A		23,454
	4,715	Viacom, Inc. Class B		157,198
	8,405	WPP PLC		160,957
				2,897,649
Metals & Mining – 0.4%
	19,703	Alumina Ltd.		33,663
	10,530	Anglo American PLC		255,022
	5,810	Antofagasta PLC		69,072
	2,775	ArcelorMittal*		94,224
	8,188	BHP Billiton Ltd.		192,273
	5,188	BHP Billiton PLC		105,321
	20,845	BlueScope Steel Ltd.		259,447
	933	Boliden AB		32,989
	30,263	Fortescue Metals Group Ltd.		116,391
	821	Franco-Nevada Corp.		57,531
	13,255	Freeport-McMoRan, Inc.*		246,543
	47,507	Glencore PLC*		249,823
	1,202	JFE Holdings, Inc.		27,633
	829	Maruichi Steel Tube Ltd.		25,980
	3,317	Newcrest Mining Ltd.		54,434
	2,363	Newmont Mining Corp.		90,267
	1,136	Nippon Steel & Sumitomo Metal Corp.		26,858
	7,371	Norsk Hydro ASA		49,526
	428	Randgold Resources Ltd.		34,500
	1,668	Rio Tinto Ltd.		103,413
	4,519	Rio Tinto PLC		242,240
	40,952	South32 Ltd.		103,409
	2,916	Steel Dynamics, Inc.		134,865
	1,086	Sumitomo Metal Mining Co. Ltd.		50,432
	6,384	Teck Resources Ltd. Class B		182,585
	808	voestalpine AG		46,612
				2,885,053
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	5,922	AGNC Investment Corp.		106,241
	23,134	Annaly Capital Management, Inc.		232,034
				338,275
Multi-Utilities – 0.3%
	1,409	AGL Energy Ltd.		23,708
	2,254	Ameren Corp.		122,392
	651	Atco Ltd. Class I		21,429
	1,249	Canadian Utilities Ltd. Class A		32,987
	4,511	CenterPoint Energy, Inc.		122,023
	67,620	Centrica PLC		132,668
	2,740	CMS Energy Corp.		116,313
	2,589	Consolidated Edison, Inc.		193,890
	2,273	Dominion Energy, Inc.		168,361
Common Stocks – (continued)
Multi-Utilities – (continued)
	1,347	DTE Energy Co.		135,751
	8,052	E.ON SE		81,643
	4,904	Engie SA		76,485
	685	Innogy SE(b)		27,320
	6,058	National Grid PLC		61,309
	2,888	NiSource, Inc.		66,799
	2,428	Public Service Enterprise Group, Inc.		117,588
	2,581	RWE AG*		51,301
	2,039	SCANA Corp.		80,887
	1,032	Sempra Energy		112,467
	1,523	Suez		20,917
	2,846	Veolia Environnement SA		69,124
	2,178	WEC Energy Group, Inc.		130,506
				1,965,868
Multiline Retail – 0.4%
	283	Canadian Tire Corp. Ltd. Class A		38,460
	2,818	Dollar General Corp.		266,555
	2,037	Dollar Tree, Inc.*		209,078
	2,244	Dollarama, Inc.		261,176
	1,702	Isetan Mitsukoshi Holdings Ltd.		19,969
	7,060	Kohl’s Corp.		466,595
	14,948	Macy’s, Inc.		439,621
	61,337	Marks & Spencer Group PLC		248,391
	3,704	Next PLC		247,019
	6,641	Nordstrom, Inc.		340,750
	864	Ryohin Keikaku Co. Ltd.		295,856
	5,820	Target Corp.		438,886
				3,272,356
Oil, Gas & Consumable Fuels – 0.7%
	1,186	AltaGas Ltd.		24,419
	1,033	Andeavor		92,577
	32,071	BP PLC		208,454
	1,573	Caltex Australia Ltd.		42,640
	12,734	Cameco Corp.		112,335
	12,114	Cenovus Energy, Inc.		88,174
	3,731	Chevron Corp.		417,573
	812	ConocoPhillips		44,100
	1,129	Enagas SA		29,365
	1,173	Enbridge, Inc.		37,305
	3,938	Eni SpA		65,390
	487	EOG Resources, Inc.		49,391
	8,890	Exxon Mobil Corp.		673,329
	1,304	Galp Energia SGPS SA		23,487
	7,135	HollyFrontier Corp.		305,592
	8,830	Husky Energy, Inc.*		116,568
	1,635	Idemitsu Kosan Co. Ltd.		62,091
	1,547	Imperial Oil Ltd.		41,894
	1,678	Inpex Corp.		20,079
	7,964	JXTG Holdings, Inc.		47,771
	2,404	Kinder Morgan, Inc.		38,945
	2,530	Marathon Petroleum Corp.		162,072
	361	Neste Oyj		26,431
	770	Occidental Petroleum Corp.		50,512
	2,202	OMV AG		125,202

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	375	ONEOK, Inc.	$	21,124
	6,269	Origin Energy Ltd.*		43,501
	948	Pembina Pipeline Corp.		30,482
	925	Phillips 66		83,592
	5,459	Repsol SA		96,992
	12,285	Royal Dutch Shell PLC Class A		387,974
	7,185	Royal Dutch Shell PLC Class B		227,902
	18,598	Santos Ltd.*		71,261
	2,441	Showa Shell Sekiyu K.K.		31,341
	5,726	Snam SpA		25,633
	5,090	Statoil ASA		115,856
	1,165	Suncor Energy, Inc.		38,349
	1,137	The Williams Cos., Inc.		31,563
	5,772	TOTAL SA		328,304
	863	TransCanada Corp.		37,326
	5,791	Valero Energy Corp.		523,622
				5,000,518
Paper & Forest Products – 0.1%
	1,631	Mondi PLC		42,428
	16,187	Oji Holdings Corp.		105,487
	3,139	Stora Enso Oyj Class R		55,436
	3,938	UPM-Kymmene Oyj		134,734
	3,061	West Fraser Timber Co. Ltd.		213,211
				551,296
Personal Products – 0.4%
	1,713	Beiersdorf AG		187,443
	4,066	Kao Corp.		296,797
	2,034	Kose Corp.		378,377
	1,453	L’Oreal SA		312,424
	6,158	Pola Orbis Holdings, Inc.		258,169
	6,379	Shiseido Co. Ltd.		382,556
	3,661	The Estee Lauder Cos., Inc. Class A		506,829
	6,034	Unilever NV		315,796
	6,193	Unilever PLC		318,433
				2,956,824
Pharmaceuticals – 1.1%
	1,967	Allergan PLC		303,351
	16,074	Astellas Pharma, Inc.		236,142
	2,990	AstraZeneca PLC		195,702
	3,608	Bayer AG		421,040
	7,013	Bristol-Myers Squibb Co.		464,261
	757	Chugai Pharmaceutical Co. Ltd.		39,016
	1,128	Daiichi Sankyo Co. Ltd.		39,946
	3,753	Eli Lilly & Co.		289,056
	13,099	GlaxoSmithKline PLC		234,914
	1,229	H. Lundbeck A/S		64,358
	2,171	Ipsen SA		318,029
	245	Jazz Pharmaceuticals PLC*		35,476
	9,963	Johnson & Johnson		1,293,994
	6,196	Merck & Co., Inc.		335,947
	1,133	Merck KGaA		112,904
	1,084	Mitsubishi Tanabe Pharma Corp.		23,089
	8,588	Mylan NV*		346,268
Common Stocks – (continued)
Pharmaceuticals – (continued)
	4,023	Novartis AG		335,606
	6,866	Novo Nordisk A/S Class B		355,184
	4,146	Orion Oyj Class B		135,034
	2,431	Perrigo Co. PLC		198,029
	15,429	Pfizer, Inc.		560,227
	2,657	Recordati SpA		94,986
	2,019	Roche Holding AG		466,349
	3,152	Sanofi		248,850
	1,686	Sumitomo Dainippon Pharma Co. Ltd.		25,652
	267	Taisho Pharmaceutical Holdings Co. Ltd.		24,227
	2,487	Takeda Pharmaceutical Co. Ltd.		141,015
	19,254	Teva Pharmaceutical Industries Ltd. ADR		360,435
	261	UCB SA		21,560
	9,543	Valeant Pharmaceuticals International, Inc.*		156,249
	3,528	Zoetis, Inc.		285,274
				8,162,170
Professional Services – 0.3%
	1,385	Adecco Group AG		111,259
	864	Bureau Veritas SA		22,638
	9,869	Capita PLC		23,813
	354	CoStar Group, Inc.*		121,114
	1,741	Experian PLC		37,168
	1,986	IHS Markit Ltd.*		93,441
	997	Intertek Group PLC		67,230
	1,611	ManpowerGroup, Inc.		190,839
	5,776	Persol Holdings Co. Ltd.		147,874
	1,163	Randstad Holding NV		82,871
	9,651	Recruit Holdings Co. Ltd.		233,385
	7,538	RELX NV		154,625
	9,094	RELX PLC		186,458
	6,966	Robert Half International, Inc.		397,550
	4,795	SEEK Ltd.		74,881
	119	SGS SA		302,014
	270	Teleperformance		38,449
	689	Verisk Analytics, Inc.*		70,409
	1,629	Wolters Kluwer NV		82,515
				2,438,533
Real Estate Management & Development – 0.3%
	8,178	CapitaLand Ltd.		22,238
	1,424	CBRE Group, Inc. Class A*		66,572
	6,747	City Developments Ltd.		64,511
	15,949	CK Asset Holdings Ltd.		137,038
	502	Daito Trust Construction Co. Ltd.		83,136
	1,741	Daiwa House Industry Co. Ltd.		64,501
	1,555	Deutsche Wohnen SE		64,126
	1,343	First Capital Realty, Inc.		20,901
	17,600	Hang Lung Group Ltd.		59,431
	7,910	Henderson Land Development Co. Ltd.		51,105
	3,755	Hysan Development Co. Ltd.		21,701
	2,237	Jones Lang LaSalle, Inc.		359,284
	25,316	Kerry Properties Ltd.		114,435
	4,527	LendLease Group		62,153
	1,562	Mitsubishi Estate Co. Ltd.		27,225

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Real Estate Management & Development – (continued)
	880	Mitsui Fudosan Co. Ltd.	$	21,052
	25,527	New World Development Co. Ltd.		38,607
	600	Sumitomo Realty & Development Co. Ltd.		21,731
	4,745	Sun Hung Kai Properties Ltd.		78,715
	11,387	Swire Pacific Ltd. Class A		114,466
	12,673	Swire Properties Ltd.		43,183
	496	Swiss Prime Site AG*		46,268
	1,422	Tokyo Tatemono Co. Ltd.		21,966
	26,452	Tokyu Fudosan Holdings Corp.		194,614
	8,776	UOL Group Ltd.		55,989
	2,379	Vonovia SE		108,457
	3,680	Wharf Real Estate Investment Co. Ltd.*		25,016
	15,294	Wheelock & Co. Ltd.		110,864
				2,099,285
Road & Rail – 0.2%
	7,423	Aurizon Holdings Ltd.		26,121
	804	Canadian National Railway Co.		62,205
	160	Canadian Pacific Railway Ltd.		28,616
	396	Central Japan Railway Co.		73,552
	1,040	CSX Corp.		55,869
	1,403	DSV A/S		109,888
	626	East Japan Railway Co.		58,726
	1,598	Hankyu Hanshin Holdings, Inc.		59,539
	726	J.B. Hunt Transport Services, Inc.		86,082
	392	Kansas City Southern		40,392
	901	Keio Corp.		39,343
	634	Keisei Electric Railway Co. Ltd.		20,663
	1,129	Kintetsu Group Holdings Co. Ltd.		43,317
	1,010	Kyushu Railway Co.		31,031
	16,015	MTR Corp. Ltd.		84,523
	2,023	Nagoya Railroad Co. Ltd.		51,593
	1,295	Nippon Express Co. Ltd.		86,586
	687	Norfolk Southern Corp.		95,548
	154	Old Dominion Freight Line, Inc.		21,394
	1,623	Tobu Railway Co. Ltd.		49,976
	1,864	Tokyu Corp.		29,719
	1,694	Union Pacific Corp.		220,643
	1,196	West Japan Railway Co.		82,923
				1,458,249
Semiconductors & Semiconductor Equipment – 0.7%
	12,946	Advanced Micro Devices, Inc.*(a)		156,776
	701	Analog Devices, Inc.		63,195
	6,200	Applied Materials, Inc.		357,058
	7,149	ASM Pacific Technology Ltd.		101,685
	884	ASML Holding NV		172,401
	968	Broadcom Ltd.		238,573
	266	Disco Corp.		62,000
	1,102	Infineon Technologies AG		29,823
	18,321	Intel Corp.		903,042
	934	KLA-Tencor Corp.		105,832
	1,233	Lam Research Corp.		236,563
	5,355	Marvell Technology Group Ltd.		125,789
	1,545	Maxim Integrated Products, Inc.		94,152
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	533	Microchip Technology, Inc.		47,400
	9,364	Micron Technology, Inc.*		457,057
	2,755	NVIDIA Corp.		666,710
	892	Qorvo, Inc.*		71,993
	1,147	QUALCOMM, Inc.		74,555
	267	Rohm Co. Ltd.		28,044
	1,582	Skyworks Solutions, Inc.		172,834
	5,879	STMicroelectronics NV		133,702
	1,590	Sumco Corp.		42,062
	5,601	Texas Instruments, Inc.		606,868
	374	Tokyo Electron Ltd.		73,081
	488	Xilinx, Inc.		34,770
				5,055,965
Software – 1.3%
	1,263	Activision Blizzard, Inc.		92,363
	2,629	Adobe Systems, Inc.*		549,803
	1,080	ANSYS, Inc.*		172,735
	585	Autodesk, Inc.*		68,720
	1,885	BlackBerry Ltd.*		22,872
	7,894	CA, Inc.		277,079
	9,264	Cadence Design Systems, Inc.*		359,165
	888	CDK Global, Inc.		60,988
	457	Check Point Software Technologies Ltd.*		47,478
	1,323	Citrix Systems, Inc.*		121,716
	546	Constellation Software, Inc.		353,415
	1,049	Dassault Systemes SE		135,333
	6,191	Dell Technologies, Inc. Class V*		459,929
	2,645	Electronic Arts, Inc.*		327,186
	2,732	Fortinet, Inc.*		137,884
	2,755	Intuit, Inc.		459,699
	740	Konami Holdings Corp.		38,971
	3,697	LINE Corp.*		149,269
	1,082	Micro Focus International PLC		30,528
	27,240	Microsoft Corp.		2,554,295
	1,373	Nexon Co. Ltd.*		49,472
	249	Nice Ltd.		24,055
	195	Nintendo Co. Ltd.		88,893
	11,539	Oracle Corp.		600,951
	1,950	Red Hat, Inc.*		287,430
	3,523	salesforce.com, Inc.*		409,549
	2,323	SAP SE		242,427
	1,212	ServiceNow, Inc.*		195,144
	2,380	Splunk, Inc.*		221,816
	2,163	SS&C Technologies Holdings, Inc.		107,112
	3,568	Symantec Corp.		93,803
	2,098	Synopsys, Inc.*		177,638
	740	Take-Two Interactive Software, Inc.*		82,784
	24,544	The Sage Group PLC		232,728
	712	Trend Micro, Inc.		40,159
	3,645	Ubisoft Entertainment SA*		299,751
	1,096	VMware, Inc. Class A*		144,398
	225	Workday, Inc. Class A*		28,501
				9,746,039

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – 0.9%
	782	ABC-Mart, Inc.	$	49,571
	2,802	Advance Auto Parts, Inc.		320,128
	2,138	AutoNation, Inc.*		107,349
	419	AutoZone, Inc.*		278,518
	6,274	Best Buy Co., Inc.		454,489
	707	Dufry AG*		101,423
	494	Fast Retailing Co. Ltd.		194,770
	12,539	Hennes & Mauritz AB Class B		206,895
	1,336	Hikari Tsushin, Inc.		192,075
	9,608	Industria de Diseno Textil SA		290,893
	16,408	Kingfisher PLC		80,757
	5,737	L Brands, Inc.		283,006
	4,809	Lowe’s Cos., Inc.		430,838
	1,117	Nitori Holdings Co. Ltd.		187,449
	1,135	O’Reilly Automotive, Inc.*		277,156
	4,756	Ross Stores, Inc.		371,396
	832	Shimamura Co. Ltd.		98,921
	12,217	The Gap, Inc.		385,813
	5,569	The Home Depot, Inc.		1,015,062
	5,595	The TJX Cos., Inc.		462,595
	2,236	Tiffany & Co.		225,925
	4,950	Tractor Supply Co.		321,403
	1,433	Ulta Salon, Cosmetics & Fragrance, Inc.*		291,401
	1,398	USS Co. Ltd.		28,695
	9,671	Yamada Denki Co. Ltd.		61,037
				6,717,565
Technology Hardware, Storage & Peripherals – 0.6%
	20,261	Apple, Inc.		3,608,889
	2,837	Brother Industries Ltd.		70,554
	4,852	Canon, Inc.		184,904
	3,575	FUJIFILM Holdings Corp.		148,978
	2,219	Hewlett Packard Enterprise Co.		41,251
	7,694	HP, Inc.		179,963
	7,226	Konica Minolta, Inc.		66,357
	692	NetApp, Inc.		41,901
	3,417	Seagate Technology PLC		182,468
	1,638	Seiko Epson Corp.		31,259
	2,328	Western Digital Corp.		202,629
	1,624	Xerox Corp.		49,240
				4,808,393
Textiles, Apparel & Luxury Goods – 0.7%
	1,219	adidas AG		270,086
	6,586	Asics Corp.		104,093
	15,421	Burberry Group PLC		323,607
	1,397	Cie Financiere Richemont SA		122,504
	755	Hermes International		406,028
	3,717	HUGO BOSS AG		330,849
	281	Kering SA		131,865
	4,469	Lululemon Athletica, Inc.*		362,436
	3,955	Luxottica Group SpA		237,191
	1,380	LVMH Moet Hennessy Louis Vuitton SE		412,754
	6,510	Michael Kors Holdings Ltd.*		409,674
	6,517	NIKE, Inc. Class B		436,834
	888	Pandora A/S		92,588
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – (continued)
	693	PVH Corp.		99,986
	3,435	Ralph Lauren Corp.		363,560
	5,058	Tapestry, Inc.		257,503
	929	The Swatch Group AG		137,086
	14,206	Under Armour, Inc. Class A*(a)		235,535
	16,637	Under Armour, Inc. Class C*(a)		250,387
	3,938	VF Corp.		293,657
				5,278,223
Thrifts & Mortgage Finance – 0.0%
	6,974	New York Community Bancorp, Inc.		94,986
Tobacco – 0.2%
	4,180	Altria Group, Inc.		263,131
	3,643	British American Tobacco PLC		215,019
	3,314	Imperial Brands PLC		118,983
	1,790	Japan Tobacco, Inc.		50,795
	6,156	Philip Morris International, Inc.		637,454
	5,574	Swedish Match AB		236,768
				1,522,150
Trading Companies & Distributors – 0.4%
	707	AerCap Holdings NV*		35,074
	348	Brenntag AG		21,693
	1,428	Bunzl PLC		38,327
	5,876	Fastenal Co.		321,535
	3,548	Ferguson PLC		250,043
	752	Finning International, Inc.		20,031
	5,308	HD Supply Holdings, Inc.*		192,415
	12,208	Itochu Corp.		234,669
	24,929	Marubeni Corp.		189,941
	6,267	MISUMI Group, Inc.		180,168
	5,256	Mitsubishi Corp.		147,248
	8,528	Mitsui & Co. Ltd.		154,561
	2,680	Rexel SA		47,069
	8,510	Sumitomo Corp.		149,282
	2,508	Toyota Tsusho Corp.		92,859
	3,556	Travis Perkins PLC		62,908
	1,954	W.W. Grainger, Inc.		511,069
				2,648,892
Transportation Infrastructure – 0.1%
	5,300	Abertis Infraestructuras SA		126,475
	238	Aena SME SA(b)		48,336
	538	Aeroports de Paris		108,786
	1,424	Atlantia SpA		43,743
	951	Fraport AG Frankfurt Airport Services Worldwide		97,042
	4,911	Kamigumi Co. Ltd.		107,334
	641	Macquarie Infrastructure Corp.		25,961
	8,347	Sydney Airport		42,407
	7,243	Transurban Group		64,551
				664,635
Water Utilities – 0.0%
	1,363	American Water Works Co., Inc.		108,168
	1,671	Severn Trent PLC		39,134

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Water Utilities – (continued)
	4,329	United Utilities Group PLC	$	39,638
				186,940
Wireless Telecommunication Services – 0.1%
	493	1&1 Drillisch AG		37,901
	5,028	KDDI Corp.		123,474
	600	Millicom International Cellular SA		39,911
	4,149	NTT DOCOMO, Inc.		106,141
	1,258	Rogers Communications, Inc. Class B		56,684
	578	SoftBank Group Corp.		47,625
	3,751	Sprint Corp.*		19,468
	34,455	StarHub Ltd.		64,734
	1,459	T-Mobile US, Inc.*		88,430
	4,670	Tele2 AB Class B		55,235
	74,392	Vodafone Group PLC		207,970
				847,573
	TOTAL COMMON STOCKS
	(Cost $174,219,873)		$	195,799,570
Shares		Rate	Value
Preferred Stocks – 0.1%
Auto Components – 0.0%
	Schaeffler AG
EUR	3,344	3.720%	$	54,166
Automobiles – 0.0%
	Bayerische Motoren Werke AG
	313	4.790		28,264
	Porsche Automobil Holding SE
	276	1.520		22,991
	Volkswagen AG
EUR	114	1.300		22,177
				73,432
Chemicals – 0.1%
	FUCHS PETROLUB SE
	3,146	1.870		178,033
	TOTAL PREFERRED STOCKS – 0.1%
	(Cost $284,071)		$	305,631

Principal Amount		Maturity Date		Expiration Date	Value
Right* – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
	Woodside Petroleum Ltd.
AUD	96		03/07/18			160
	(Cost $0)

Shares		Description	Value
Exchange Traded Funds – 59.5%
	636,293	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)(c)	$	23,161,065
	1,948,044	iShares Core MSCI Emerging Markets ETF		112,850,189
	1,399,334	iShares MSCI EAFE ETF		98,331,200
	760,193	iShares MSCI EAFE Small-Cap ETF		49,610,195
	649,223	Vanguard S&P 500 ETF		161,877,263
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $372,131,188)		$	445,829,912

Shares	Distribution Rate			Value
Investment Company(c) – 9.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
71,903,133		1.262	%	$	71,903,133
(Cost $71,903,133)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $618,538,265)				$	713,838,406
Securities Lending Reinvestment Vehicle(c) – 0.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,871,972		1.262	%		1,871,972
(Cost $1,871,972)
TOTAL INVESTMENTS – 95.6%
(Cost $620,410,237)				$	715,710,378
OTHER ASSETS IN EXCESS OF LIABILITIES – 4.4%					33,320,779
NET ASSETS – 100.0%				$	749,031,157

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 $1,337,735, which represents approximately 0.2% of net assets as of February 28, 2018. The liquidity determination is uaudited.
(c)	Represents affiliated funds.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Currency Abbreviations:
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
BP	—British Pound Offered Rate
ETF	—Exchange Traded Fund
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Fund 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	ILS	80,000	USD	22,962	$	23,028		03/21/18	$	66
	JPY	396,000,000	USD	3,683,589		3,717,536		03/22/18		33,947
	USD	1,168,012	AUD	1,490,000		1,157,304		03/21/18		10,707
	USD	3,454,483	CAD	4,410,000		3,438,173		03/21/18		16,309
	USD	821,840	CHF	770,000		816,957		03/21/18		4,883
	USD	240,106	DKK	1,450,000		237,986		03/21/18		2,120
	USD	3,501,318	EUR	2,840,000		3,470,659		03/21/18		30,659
	USD	1,830,238	GBP	1,310,000		1,805,315		03/21/18		24,924
	USD	3,929,652	HKD	30,670,000		3,921,500		03/21/18		8,151
	USD	11,552	ILS	40,000		11,514		03/21/18		38
	USD	83,094	NOK	650,000		82,367		03/21/18		727
	USD	21,924	NZD	30,000		21,632		03/21/18		293
	USD	303,993	SEK	2,475,000		299,167		03/21/18		4,826
	USD	97,220	SGD	128,638		97,111		03/05/18		110
	USD	159,507	SGD	210,000		158,566		03/21/18		941
TOTAL									$	138,701

22 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	AUD	1,150,000	USD	898,193		893,221		03/21/18	$	(4,971	)
	CHF	1,270,000	USD	1,356,731		1,347,448		03/21/18		(9,283	)
	DKK	1,620,000	USD	267,957		265,888		03/21/18		(2,069	)
	EUR	3,570,000	USD	4,396,879		4,362,764		03/21/18		(34,114	)
	GBP	2,140,000	USD	2,983,454		2,949,140		03/21/18		(34,314	)
	HKD	2,710,000	USD	346,605		346,504		03/21/18		(101	)
	NOK	650,000	USD	82,749		82,367		03/21/18		(381	)
	NZD	40,000	USD	29,299		28,842		03/21/18		(457	)
	SEK	2,850,000	USD	351,897		344,496		03/21/18		(7,401	)
	SGD	200,000	USD	151,238		151,015		03/21/18		(223	)
	USD	6,841,031	AUD	9,050,000		7,029,264		03/21/18		(188,233	)
	USD	8,649,300	CHF	8,490,000		9,007,746		03/21/18		(358,447	)
	USD	1,955,971	DKK	12,250,000		2,010,575		03/21/18		(54,604	)
	USD	34,676,563	EUR	29,200,000		35,684,236		03/21/18		(1,007,673	)
	USD	18,913,761	GBP	14,075,000		19,396,795		03/21/18		(483,034	)
	USD	285,802	ILS	1,000,000		287,848		03/21/18		(2,046	)
	USD	77,059	JPY	8,226,418		77,122		03/05/18		(63	)
	USD	28,876,353	JPY	3,214,000,000		30,172,121		03/22/18		(1,295,768	)
	USD	708,408	NOK	5,850,000		741,307		03/21/18		(32,899	)
	USD	179,418	NZD	260,000		187,473		03/21/18		(8,055	)
	USD	2,902,881	SEK	24,300,000		2,937,276		03/21/18		(34,395	)
	USD	1,403,462	SGD	1,890,000		1,427,094		03/21/18		(23,632	)
TOTAL									$	(3,582,163	)

FUTURES CONTRACTS — At February 28, 2018, 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		990		03/16/18	$	74,804,400	$	(784,490	)
S&P Toronto Stock Exchange 60 Index		100		03/15/18		14,225,374		(641,910	)
TOTAL							$	(1,426,400	)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At February 28, 2018, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$	97.63		06/18/2018		917	$	2,292,500	$	275,100	$	1,296,200	$	(1,021,100	)
Eurodollar Futures		97.38		09/17/2018		579		1,447,500		351,019		1,118,625		(767,606	)
Eurodollar Futures		97.25		12/17/2018		448		1,120,000		291,200		857,947		(566,747	)
Eurodollar Futures		97.13		03/18/2019		732		1,830,000		594,750		1,784,903		(1,190,153	)
Eurodollar Futures		96.88		06/17/2019		594		1,485,000		694,238		1,711,335		(1,017,097	)
Eurodollar Futures		96.75		09/16/2019		628		1,570,000		847,800		1,982,676		(1,134,876	)
Eurodollar Futures		97.75		03/19/2018		1,162		2,905,000		399,437		1,546,909		(1,147,472	)
Eurodollar Futures		98.38		03/19/2018		71		177,500		444		116,723		(116,279	)
Eurodollar Futures		97.50		06/18/2018		2,101		5,252,500		1,208,075		3,130,091		(1,922,016	)
Eurodollar Futures		98.25		06/18/2018		33		82,500		206		31,426		(31,220	)
Eurodollar Futures		98.38		06/18/2018		99		247,500		619		178,261		(177,642	)
Eurodollar Futures		98.13		09/17/2018		80		200,000		1,500		89,185		(87,685	)
Eurodollar Futures		98.25		09/17/2018		112		280,000		1,400		229,174		(227,774	)
Eurodollar Futures		98.00		12/17/2018		104		260,000		4,550		130,240		(125,690	)
Eurodollar Futures		98.13		12/17/2018		120		300,000		3,750		266,792		(263,042	)
Eurodollar Futures		99.00		12/17/2018		3,240		8,100,000		20,250		250,484		(230,234	)
Eurodollar Futures		97.88		03/18/2019		99		247,500		10,519		143,779		(133,260	)
Eurodollar Futures		98.00		03/18/2019		141		352,500		10,575		296,584		(286,009	)
Eurodollar Futures		99.00		03/18/2019		5,264		13,160,000		32,900		372,335		(339,435	)
Eurodollar Futures		97.75		06/17/2019		166		415,000		29,050		357,871		(328,821	)
Eurodollar Futures		99.00		06/17/2019		2,194		5,485,000		27,425		180,981		(153,556	)
Eurodollar Futures		97.75		09/16/2019		337		842,500		75,825		211,404		(135,579	)
Eurodollar Futures		96.50		12/16/2019		182		455,000		320,775		553,245		(232,470	)
Total Calls						19,403			$	5,201,407	$	16,837,170	$	(11,635,763	)
Puts
Eurodollar Futures		100.00		03/16/2020		2,101		5,252,500		15,074,674		12,104,528		2,970,146
TOTAL PURCHASED OPTIONS CONTRACTS						21,504			$	20,276,081	$	28,941,698	$	(8,665,617	)

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Assets and Liabilities

February 28, 2018 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $525,293,482)	$	618,774,208
Investments of affiliated issuers, at value (cost $93,244,783)		95,064,198
Investments in securities lending reinvestment vehicle — affiliated issuer, at value cost (1,871,972)(a)		1,871,972
Purchased options (cost $28,941,698)		20,276,081
Cash		10,150,450
Foreign currencies, at value (cost $80,689)		79,334
Unrealized gain on forward foreign currency exchange contracts		138,701
Receivables:
Collateral on certain derivative contracts(b)		6,838,645
Fund shares sold		2,520,000
Investments sold		1,718,076
Dividends and interest		376,170
Foreign tax reclaims		29,915
Reimbursement from investment adviser		15,144
Securities lending income		2,575
Other assets		4,077
Total assets		757,859,546
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		3,582,163
Variation margin on futures contracts		1,576,496
Payables:
Payable upon return of securities loaned		1,871,972
Investments purchased		1,771,088
Distribution and Service fees and Transfer Agency fees		11,180
Accrued expenses		15,490
Total liabilities		8,828,389
Net Assets:
Paid-in capital		660,876,928
Undistributed net investment income		803,921
Accumulated net realized gain		5,606,696
Net unrealized gain		81,743,612
NET ASSETS	$	749,031,157
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		63,337,976
Institutional		11.83

(a) Includes loaned securities having a market value of $1,825,772.

(b) Includes amount segregated for initial margin and/or collateral on futures transactions and forward foreign currency transactions of $678,645 and $6,160,000 respectively.

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $42,556)	$	6,228,748
Dividends — affiliated issuers		436,136
Interest — unaffiliated issuers		5,950
Securities lending income — affiliated issuer		10,196
Total investment income		6,681,030
Expenses:
Management fees		1,009,428
Custody, accounting and administrative services		105,939
Transfer Agency fees		67,295
Professional fees		48,905
Printing and mailing costs		20,147
Trustee fees		9,174
Registration fees		8,489
Prime Broker fees		1,019
Other		13,299
Total expenses		1,283,695
Less — expense reductions		(1,090,451	)
Net expenses		193,244
NET INVESTMENT INCOME		6,487,786
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		4,011,878
Purchased options		(702,535	)
Futures contracts		4,289,535
Forward foreign currency exchange contracts		(338,813	)
Foreign currency transactions		97,850
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		39,481,895
Investments — affiliated issuers		1,819,415
Purchased options		(7,290,306	)
Futures contracts		(678,298	)
Forward foreign currency exchange contracts		(1,935,346	)
Foreign currency translation		(26,988	)
Net realized and unrealized gain		38,728,287
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,216,073

26 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 Six Months Ended February 28, 2018 (Unaudited)			For the Period November 1, 2016 – August 31, 2017*			For the Fiscal Year Ended October 31, 2016
From operations:
Net investment income	$	6,487,786		$	5,810,389		$	2,689,429
Net realized gain (loss)		7,357,915			12,228,659			(1,188,397	)
Net change in unrealized gain		31,370,372			44,582,819			2,992,072
Net increase in net assets resulting from operations		45,216,073			62,621,867			4,493,104
Distributions to shareholders:
From net investment income		(8,851,460	)		(3,930,110	)		(1,511,756	)
From net realized gains		(12,636,251	)		—			(327,168	)
Total distributions to shareholders		(21,487,711	)		(3,930,110	)		(1,838,924	)
From share transactions:
Proceeds from sales of shares		357,075,005			410,869,272			44,950,010
Reinvestment of distributions		21,487,711			3,930,110			1,838,924
Cost of shares redeemed		(95,330,488	)		(175,666,473	)		(42,181,348	)
Net increase in net assets resulting from share transactions		283,232,228			239,132,909			4,607,586
TOTAL INCREASE		306,960,590			297,824,666			7,261,766
Net assets:
Beginning of period		442,070,567			144,245,901			136,984,135
End of period	$	749,031,157		$	442,070,567		$	144,245,901
Undistributed net investment income	$	803,921		$	3,167,595		$	1,076,187

* The Fund changed its fiscal year end from October 31 to August 31.

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

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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional Shares	$	11.33	$	0.11	$	0.74		$	0.85		$	(0.14	)	$	(0.21	)	$	(0.35	)
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 shareholders 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%.

28 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)
$	11.83		7.55	%	$	749,031		0.07	%(e)		0.38	%(e)		1.92	%(e)		17	%
	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. 29

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Global Managed Beta Fund (the “Fund”) is a diversified fund that currently offers one class of shares — Institutional Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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 exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

30

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share 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

31

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 February 28, 2018:

GLOBAL MANAGED BETA
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	323,788		$	—
Asia		1,203,184			23,893,426			—
Australia and Oceania		—			5,033,296			—
Europe		3,064,498			42,591,858			—
North America		119,436,710			359,787			—
South America		129,582			69,072			—
Rights		—			160			—
Exchange Traded Funds		445,829,912			—			—
Investment Company		71,903,133			—			—
Securities Lending Reinvestment Vehicle		1,871,972			—			—
Total	$	643,438,991		$	72,271,387		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	138,701		$	—
Options Purchased		20,276,081			—			—
Total	$	20,276,081		$	138,701		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(3,582,163	)	$	—
Futures Contracts		(1,426,400	)		—			—
Total	$	(1,426,400	)	$	(3,582,163	)	$	—

(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 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 Schedule of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting purposes) as of February 28, 2018. 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

33

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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	$	20,276,081	—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		138,701	Payable for unrealized loss on forward foreign currency exchange contracts		(3,582,163)
Equity	—		—	Variation margin on future contracts(a)		(1,426,400)
Total		$	(20,414,782)		$	(5,008,563)

(a) Represents unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 28, 2018 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 six months ended February 28, 2018. 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	$	(702,535	)	$	(7,290,306	)		24
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain (loss) on forward foreign currency exchange contracts		(338,813	)		(1,935,346	)		35
Equity	Net unrealized gain (loss) on futures contracts/ Net unrealized gain (loss) on futures contracts		4,289,535			(678,298	)		1,065
Total		$	3,248,187		$	(9,903,950	)		1,124

(a) Average number of contracts is based on the average of month end balances for the six months ended February 28, 2018.

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.

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.

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

4. INVESTMENTS IN DERIVATIVES (continued)

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 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 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 GSAM 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 December 29, 2018 and prior to such date GSAM may not terminate this arrangement without the approval of the Trustees. For the period ended February 28, 2018, GSAM waived $1,009,428 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 rate of 0.02% 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 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 is 0.204%. For the period ended February 28, 2018, the Fund did not have any other expense reimbursements from GSAM.

The Fund invests in Institutional Shares of the Government Money Market Fund and the shares of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF Fund, which are affiliated Underlying Funds. GSAM has agreed to reduce or limit “Other Expenses” in an amount equal to the management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests. For the period ended February 28, 2018, GSAM waived $81,023 of the Fund’s management fee.

These Other Expense limitations will remain in place through at least December 29, 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.

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D.  Line of Credit Facility — As of February 28, 2018, 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 February 28, 2018, 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 Funds for the period ended February 28, 2018:

Underlying Fund	Beginning Value as of 8/31/2017		Purchases at Cost		Proceeds from Sales			Net Realized gain (loss)		Change in unrealized gain (loss)		Ending Value as of 2/28/2018		Shares as of 2/28/2018		Dividend Income
Goldman Sachs Financial Square Government Fund		$33,972,216	$	140,791,701	$	(102,860,784	)		—		—	$	71,903,133		71,903,133	$	305,682
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		—		21,341,650		—			—		1,819,415		23,161,065		636,293		130,454

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were $ 330,658,570 and $ 102,642,526 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.

The Fund invests the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received 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 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

36

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

7. SECURITIES LENDING (continued)

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 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 February 28, 2018 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 six months ended February 28, 2018, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2018.

Beginning value as of August 31, 2017		Purchases at Cost		Proceeds from Sales		Ending value as of February 28, 2018
$	635,996	$	10,433,886	$	9,197,910	$	1,871,972

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end August 31, 2017 the Fund’s certain timing differences on a tax basis were as follows:

Timing differences (Straddle Deferral) $ (46,343 ) 

As of February 28, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	619,354,221
Gross unrealized gain		99,689,227
Gross unrealized loss		(3,333,070	)
Net unrealized gains (losses) on securities	$	96,356,157

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 options contracts and net mark-to-market gain/loss on foreign currency contracts. GSAM has reviewed the Fund’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 Fund’s 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.

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

9. OTHER RISKS (continued)

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, 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.

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, it will subject the Fund, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an 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 a Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in 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.

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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.

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 Six Months Ended February 28, 2018 (Unaudited)						For the Period Ended August 31, 2017(a)						For the Fiscal Year Ended October 31, 2016
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		30,470,004		$	357,075,005			39,914,366		$	410,869,272			4,638,241		$	44,950,010
Reinvestment of distributions		1,818,458			21,487,711			393,011			3,930,110			195,312			1,838,924
Shares redeemed		(7,967,688	)		(95,330,488	)		(15,947,066	)		(175,666,473	)		(4,329,302	)		(42,181,348	)
NET INCREASE		24,320,774		$	283,232,228			24,360,311		$	239,132,909			504,251		$	4,607,586

(a) The Fund changed its fiscal year end from October 31 to August 31.

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GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Fund Expenses — Six Month Period Ended February, 28, 2018 (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 September 1, 2017 through February 28, 2018, which represents a period of 181 days out of 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

Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional
Actual		1,000.00		1,075.50			0.36
Hypothetical 5% return		1,000.00		1,024.45	+		0.35

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

* Expenses 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 February 28, 2018. 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 0.07%.

40

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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 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 February 28, 2018 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.

Diversification does not protect an investor from market risk and does not ensure a profit.

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.

© 2018 Goldman Sachs. All rights reserved. 126330-OTU-744842 MGDBETASAR-18 / 121

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	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	4
Index Definitions	14
Schedules of Investments	15
Financial Statements	17
Financial Highlights	20
Notes to Financial Statements	24
Other Information	40

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 six months ended February 28, 2018 (the “Reporting Period”), global economic growth indicators, shifting expectations about central bank policy, rising corporate earnings and a general lack of negative financial headlines drove the performance of the financial markets. U.S. stocks posted double-digit gains, generally outpacing other developed markets stocks, which also generated positive returns. In contrast, the fixed income markets overall recorded negative returns.

Equity Markets

When the Reporting Period began in September 2017, U.S. and international stocks overall advanced. In the U.S., economic activity and labor market data showed consistent strength, with the reversal in August of five consecutive downside inflation surprises, the unemployment rate down to 4.2% in September and the Gross Domestic Product (“GDP”) growing at an annualized rate above 3% during the third calendar quarter. The European Central Bank (“ECB”) kept monetary policy unchanged at its September policy meeting and revised down its inflation forecast. Investor sentiment in Japan deteriorated amid North Korean missile launches and escalating geopolitical tensions, while in Europe, the disputed independence referendum in Catalonia, Spain was negative for risk sentiment. The Japanese Prime Minister’s landslide victory in October 2017 reassured markets, signaling a continuation of current policies. Progress on tax reform and strong economic activity data was supportive of U.S. equities during October and November 2017. In December, the Federal Reserve (“Fed”) delivered its third interest rate hike of 2017, having previously raised rates in March and June, and maintained its projections for three interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of the calendar year from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%.

U.S. and international equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion U.S. tax reform plan and robust corporate earnings across the U.S., Europe and Japan. Fourth quarter 2017 U.S. GDP came in below the growth rates recorded in the second and third calendar quarters but was still at a respectable annualized rate of 2.5%. The U.S. labor market also continued to highlight the tightening of slack in the economy during

1

MARKET REVIEW

January 2018. In Japan, concerns around a strengthening yen increased, driven by the Bank of Japan’s announcement of reduced Japanese government bond purchases, which were interpreted as a withdrawal from its ultra-accommodative monetary policy.

In February 2018, U.S. and international equities sold off on market speculation about a faster pace of Fed interest rate hikes, which led to a sharp rise in yields and volatility. Robust U.S. labor market data sparked the initial “risk-off” sentiment, or reduced risk appetite. Concerns about Fed monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed policy meeting, surprised the markets with its hawkish tilt. (Hawkish tilt suggests higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House, as well as heightened European political risk ahead of Italian general elections and a grand coalition referendum in Germany, further fueled volatility. On February 5, 2018, the CBOE Volatility Index^® (“VIX^®”), a measure of volatility in the U.S. equity market, recorded its largest ever one day increase. Though the S&P 500^® Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8th, and the VIX^® declined from a month high of 50.30 to end the Reporting Period at 19.85.

Fixed Income Markets

In September 2017, when the Reporting Period started, government bond sectors sold off and spread (or non-government bond) sectors generally advanced. The Fed kept its monetary policy unchanged but unveiled its plans for balance sheet normalization, set to begin in October 2017. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) This prompted some hawkish market reaction, with the U.S. dollar strengthening and yields on U.S. government bonds rising, though the move had been largely anticipated given earlier signaling by policymakers. The central banks of other developed countries also set the stage for less accommodative monetary policy. The Bank of England (“BoE”) noted “a majority” of its policymakers were in favor of tightening policy “over the coming months,” while the Bank of Canada (“BoC”) surprised the markets with its second interest rate hike of 2017. The market’s expectations for a BoE rate hike in November 2017, along with a constructive tone for Brexit negotiations, drove the British pound higher versus the U.S. dollar. (Brexit refers to the U.K.’s efforts to leave the European Union.)

During the fourth calendar quarter, spread sector performance was broadly positive, supported by ongoing strength in the global macroeconomic environment and contained market, macro and political volatility. Passage of U.S. tax legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. In October 2017, the ECB announced it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” During the same month, the BoE reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union. As mentioned previously, the Fed raised short-term interest rates at its December policy meeting. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three interest

2

MARKET REVIEW

rate increases were on tap for 2018 and potentially two more in 2019. The U.S. dollar weakened versus many developed markets currencies during the fourth quarter of 2017.

Ongoing momentum in global economic growth and accommodative financial conditions supported spread sectors in January 2018, though a pickup in interest rate volatility near month end and into February tempered performance. The Fed and ECB kept their respective monetary policies unchanged, while the BoC delivered another interest rate hike. Fed policymakers noted they expect “further” gradual adjustments in monetary policy, suggesting there might be scope for upward revisions to their median projections for three interest rate hikes in 2018. The U.S. dollar continued to weaken relative to most developed markets currencies in January 2018, despite higher U.S. interest rates.

The equity market volatility at the start of February 2018 upset long-standing correlations between asset classes and among currencies. In this environment, spread sectors turned in mixed results. After the new Fed chair, Jerome Powell, noted an improvement in the outlook for the U.S. economy since the Fed’s December 2017 policy meeting, U.S. Treasury yields rose as the markets anticipated a shift in the Fed’s dot plot at its March 2018 meeting. In February 2018, the U.S. dollar strengthened against most major currencies, except the Japanese yen.

Looking Ahead

At the end of the Reporting Period, we were focused on three macro themes. First, we expected the global economic expansion to continue in 2018. We believed the economies of emerging markets countries were likely to outperform, which should widen the gap between their economic growth and that of developed market countries broadly. Second, we thought the tax legislation passed by the U.S. Congress in December 2017 was likely to stimulate U.S. economic growth and riskier asset classes assets in the short term, which should, in turn, boost optimism about corporate earnings. In the long term, however, further deterioration in the U.S.’ fiscal deficit when the economy has little slack raises the possibility of overheating. (A fiscal deficit occurs when a government’s total expenditures exceed the revenue that it generates, excluding money from borrowings. An overheating economy is one that has experienced a prolonged period of economic growth, leading to high levels of inflation.) Third, with inflation inching closer to central bank targets, it appeared more developed markets policymakers were either preparing to or were already normalizing interest rates. That said, tighter monetary policy had yet to flow through to financial conditions, in our view, which could cause economic growth to moderate. Relative to Fed policy at the end of the Reporting Period, we expected three or four interest rate hikes in 2018.

3

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 six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 5.28% and 5.54%, respectively. These returns compare to the 7.90% cumulative 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 cumulative total returns of -2.18% and 9.06% for the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index (ACWI) Investable Market Index^® (“MSCI ACWI IMI”), respectively, during the Reporting Period.

During the period since their inception on December 29, 2017 through February 28, 2018, the Portfolio’s Class R6 Shares generated a cumulative total return, without sales charges, of -0.33% compared to the 0.68% cumulative total return of the EDGE Composite Index. The components of the EDGE Composite Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI ACWI IMI, generated cumulative total returns of -2.09% and 1.13%, respectively, during the same period.

Q What key factors affected the Portfolio’s performance during the Reporting Period?

A During the Reporting Period, the Portfolio’s strategic weightings hampered its performance versus the EDGE Composite Index. Our tactical asset allocation decisions (“tactical tilts”) added to relative returns. The overall performance of the Underlying Funds detracted from the Portfolio’s 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 contributed positively 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 ten Underlying Funds. Nine 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 eight of the nine Underlying Strategic Funds, three 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.) One of the Underlying Strategic Funds that underperformed in relative terms—the Goldman Sachs International Equity Dividend and Premium Fund—is one of two in which the Portfolio invested a significant percentage of its equity allocation. The Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Small

4

PORTFOLIO RESULTS

Cap Equity Insights Fund also underperformed their respective benchmark indices during the Reporting Period.

The Goldman Sachs U.S. Equity Dividend and Premium Fund, the other Underlying Fund in which the Portfolio invested a significant percentage of its equity allocation, outperformed its benchmark index. The Goldman Sachs Small Cap Equity Insights Fund and the Goldman Sachs MLP Energy Infrastructure Fund also outperformed their respective benchmark indices during the Reporting Period. In addition, the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Real Estate Securities Fund, which were added as Underlying Funds in September 2017, outperformed their respective benchmark indices during the Reporting Period overall.

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index by approximately 65 basis points¹ during the Reporting Period. (A basis point is 1/100th of a percent.)

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. The Portfolio also utilized forward foreign currency exchange contracts to take positions in the British pound, euro, Australian dollar, Swiss franc and Japanese yen. Overall, the Portfolio’s strategic weightings detracted from performance during the Reporting Period.

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 As mentioned previously, two new Underlying Funds — the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Real Estate Securities Fund — were added to 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.

¹  Performance quoted is for Institutional Shares.

5

FUND BASICS

Enhanced Dividend Global Equity Portfolio

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Portfolio Total Return (based on NAV)1			EDGE Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			MSCI ACWI IMI4
Class A		5.28	%		7.90	%		-2.18	%		9.06	%
Institutional		5.54			7.90			-2.18			9.06
December 29, 2017– February 28, 2018
Class R6		-0.33	%		0.68	%		-2.09	%		1.13	%

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

²  The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,605 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2018, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STANDARDIZED TOTAL RETURNS5
For the period ended 12/31/17	One Year			Five Years			Since Inception			Inception Date
Class A		8.38	%		7.81	%		5.32	%	4/30/08
Institutional		15.18			9.47			6.38		4/30/08
Class R6		N/A			N/A			0.00		12/29/17

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 5.50% for Class A Shares. Because Institutional Shares 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 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)
Class A		1.34	%		1.44	%
Institutional		0.95			1.05
Class R6		0.94			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 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, 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.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 12/31/177
Class A Shares	One Year			Five Years			Since Inception (4/30/08)
Return before taxes*		8.38	%		7.81	%		5.32	%
Return after taxes on distributions**		7.58			6.60			4.47
Return after taxes on distributions and sale of Portfolio shares***		5.34			5.93			4.12

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 for 2017, 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 5.50% 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.

7

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.

8

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 six-month period ended February 28, 2018 (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 cumulative total returns, without sales charges, of 7.75% and 7.95%, respectively. These returns compare to the 7.90% cumulative 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 cumulative total returns of -2.18% and 9.06% for the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI All Country World Index (ACWI) Investable Market Index^® (“MSCI ACWI IMI”), respectively, during the Reporting Period.

During the period since their inception on December 29, 2017 through February 28, 2018, the Portfolio’s Class R6 Shares generated a cumulative total return, without sales charges, of 0.64% compared to the 0.68% cumulative total return of the TAG Composite Index. The components of the TAG Composite Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI ACWI IMI, generated cumulative total returns of -2.09% and 1.13%, respectively, during the same 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 TAG Composite Index. It benefited from our tactical asset allocation decisions (“tactical tilts”). The overall performance of the Underlying Funds also added to the Portfolio’s relative returns.

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 results 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 nine Underlying Funds. Eight 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 seven of the eight Underlying Strategic funds, three 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. The Goldman Sachs MLP Energy Infrastructure Fund also outperformed its benchmark index. In addition, the Goldman Sachs Global Infrastructure Fund

9

PORTFOLIO RESULTS

and the Goldman Sachs Real Estate Securities Fund, which were added as Underlying Funds in September 2017, outperformed their respective benchmark indices during the Reporting Period overall.

The Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Small Cap Insights Fund underperformed their respective benchmark indices during the Reporting Period.

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index by more than 65 basis points¹ during the Reporting Period. (A basis point is 1/100th of a percent.)

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. The Portfolio also utilized forward foreign currency exchange contracts to take positions in the British pound, euro, Australian dollar, Swiss franc and Japanese yen. Overall, the Portfolio’s strategic weightings detracted from performance during the Reporting Period.

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 As mentioned previously, two new Underlying Funds—the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Real Estate Securities Fund—were added to 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.

¹  Performance quoted is for Institutional Shares.

10

FUND BASICS

Tax-Advantaged Global Equity Portfolio

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Portfolio Total Return (based on NAV)1			TAG Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			MSCI ACWI IMI4
Class A		7.75	%		7.90	%		-2.18	%		9.06	%
Institutional		7.95			7.90			-2.18			9.06
December 29, 2017–February 28, 2018
Class R6		0.64	%		0.68	%		-2.09	%		1.13	%

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

²  The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage-backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,605 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2018, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STANDARDIZED TOTAL RETURNS5
For the period ended 12/31/17	One Year			Five Years			Since Inception			Inception Date
Class A		12.06	%		9.92	%		6.06	%	4/30/08
Institutional		19.14			11.63			7.12		4/30/08
Class R6		N/A			N/A			0.00		12/29/17

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 5.50% for Class A Shares. Because Institutional Shares 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 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.

11

FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		1.42	%
Institutional		0.95			1.03
Class R6		0.94			1.02

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 29, 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.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 12/31/177
Class A Shares	One Year			Five Years			Since Inception (4/30/08)
Return before taxes*		12.06	%		9.92	%		6.06	%
Return after taxes on distributions**		11.80			9.42			5.65
Return after taxes on distributions and sale of Portfolio shares***		7.04			7.76			4.78

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 for 2017, 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 5.50% 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.

12

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.

13

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Index Definitions

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.

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.

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

14

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 99.1%
Equity – 99.1%
	22,530,761	Goldman Sachs US Equity Dividend and Premium Fund	$	296,955,433
	19,037,263	Goldman Sachs International Equity Dividend and Premium Fund		145,635,062
	6,962,953	Goldman Sachs Tactical Tilt Overlay Fund		67,888,789
	2,032,316	Goldman Sachs Small Cap Equity Insights Fund		52,677,641
	3,238,598	Goldman Sachs Emerging Markets Equity Insights Fund		35,754,127
	1,967,504	Goldman Sachs International Small Cap Insights Fund		25,459,500
	1,510,962	Goldman Sachs Global Real Estate Securities Fund		15,064,287
	1,464,344	Goldman Sachs Global Infrastructure Fund		14,775,226
	2,111,491	Goldman Sachs MLP Energy Infrastructure Fund		14,484,828
	TOTAL INVESTMENTS – 99.1%
	(Cost $543,460,589)		$	668,694,893
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			5,856,804
	NET ASSETS – 100.0%		$	674,551,697

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 an Affiliated Issuer.

Investment Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD	5,525,710	AUD	7,309,962	$	5,677,762		03/21/2018	$	(152,052	)
	USD	6,750,435	CHF	6,630,844		7,033,706		03/21/2018		(283,271	)
	USD	27,758,548	EUR	23,384,225		28,571,892		03/21/2018		(813,344	)
	USD	14,842,325	GBP	11,049,415		15,225,456		03/21/2018		(383,131	)
	USD	21,185,554	JPY	2,368,272,100		22,228,958		03/22/2018		(1,043,404	)
TOTAL									$	(2,675,202	)

FUTURES CONTRACTS — At February 28, 2018, 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	03/16/2018	$	6,921,720	$	127,281

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 99.1%
Equity – 99.1%
	58,362,075	Goldman Sachs US Tax-Managed Equity Fund	$	1,354,000,135
	50,976,018	Goldman Sachs International Tax-Managed Equity Fund		555,128,836
	26,641,169	Goldman Sachs Tactical Tilt Overlay Fund		259,751,397
	12,381,512	Goldman Sachs Emerging Markets Equity Insights Fund		136,691,891
	7,561,526	Goldman Sachs International Small Cap Insights Fund		97,846,149
	5,783,995	Goldman Sachs Global Real Estate Securities Fund		57,666,428
	5,620,095	Goldman Sachs Global Infrastructure Fund		56,706,763
	7,970,097	Goldman Sachs MLP Energy Infrastructure Fund		54,674,867
	TOTAL INVESTMENTS – 99.1%
	(Cost $1,855,408,703)		$	2,572,466,466
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			23,009,972
	NET ASSETS – 100.0%		$	2,595,476,438

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)	Representsan Affiliated Issuer.

Investment Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT WITH UNREALIZED GAIN

Counterparty

Currency Purchased

Currency Sold

Current Value

Settlement Date

Unrealized Gain

Morgan Stanley Co., Inc.

USD

2,281,967

AUD

2,900,000

$

2,252,476

03/21/2018

$

29,491

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty		Currency Purchased			Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD		18,765,351	AUD		24,954,774	$	19,382,762		03/21/2018	$	(617,411	)
	USD		25,207,475	CHF		24,762,984		26,267,479		03/21/2018		(1,060,004	)
	USD		101,597,845	EUR		85,463,958		104,423,689		03/21/2018		(2,825,844	)
	USD		55,503,327	GBP		41,271,169		56,869,292		03/21/2018		(1,365,965	)
	USD		77,697,314	JPY		8,711,154,282		81,764,200		03/22/2018		(4,066,886	)
TOTAL											$	(9,936,110	)

FUTURES CONTRACTS — At February 28, 2018, 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	180	03/16/2018	$	24,429,600	$	449,228

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Assets:
Investments in affiliated Underlying Funds, at value (cost $543,460,589 and $1,855,408,703)	$	668,694,893		$	2,572,466,466
Cash		4,636,591			17,645,290
Foreign currencies, at value (cost $0 and $121,834)		—			129,462
Receivables:
Collateral on certain derivative contracts(a)		3,810,000			13,250,000
Portfolio shares sold		577,586			2,815,815
Investments sold		—			410,882
Foreign tax reclaims		—			7,573
Unrealized gain on forward foreign currency exchange contracts		—			29,491
Other assets		40,485			73,938
Total assets		677,759,555			2,606,828,917
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		2,675,202			9,936,110
Variation margin on futures		178,497			629,997
Payables:
Portfolio shares redeemed		136,801			426,607
Investments purchased		84,515			—
Management fees		53,841			180,426
Distribution and Service fees and Transfer Agency fees		23,756			79,720
Accrued expenses		55,246			99,619
Total liabilities		3,207,858			11,352,479
Net Assets:
Paid-in capital		562,709,708			1,934,681,591
Distributions in excess of net investment income		(4,781,397	)		(7,108,185	)
Accumulated net realized loss		(6,062,997	)		(39,705,332	)
Net unrealized gain		122,686,383			707,608,364
NET ASSETS	$	674,551,697		$	2,595,476,438
Net Assets:
Class A	$	10,195,708		$	707,330
Institutional		664,346,025			2,594,759,046
Class R6		9,964			10,062
Total Net Assets	$	674,551,697		$	2,595,476,438
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		848,255			44,848
Institutional		54,790,285			165,434,334
Class R6		822			641
Net asset value, offering and redemption price per share:(b)
Class A	$	12.02		$	15.77
Institutional		12.13			15.68
Class R6		12.13			15.69

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Forwards		Futures
Enhanced Dividend Global Equity	$	3,360,000	$	450,000
Tax-Advantaged Global Equity		12,000,000		1,250,000

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios is $12.72 and $16.69, respectively.

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

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from affiliated Underlying Funds	$	5,192,163		$	24,702,992
Dividends — unaffiliated issuers (net of foreign taxes withheld of $0 and $14,152)		—			111,293
Total investment income		5,192,163			24,814,285
Expenses:
Management fees		498,967			1,803,189
Transfer Agency fees(a)		140,126			481,324
Custody, accounting and administrative services		46,284			125,435
Professional fees		35,781			35,235
Printing and mailing costs		19,887			32,788
Distribution and Service fees — Class A Shares		12,620			841
Trustee fees		9,413			11,403
Other		4,560			16,833
Total expenses		767,638			2,507,048
Less — expense reductions		(301,787	)		(903,260	)
Net expenses		465,851			1,603,788
NET INVESTMENT INCOME		4,726,312			23,210,497
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		1,972,946			1,356,849
In-kind transactions from affiliated Underlying Funds		—			9,340,073
Investments — unaffiliated issuers		—			528,601
Futures contracts		574,138			1,983,815
Forward foreign currency exchange contracts		(756,962	)		(2,309,330	)
Foreign currency transactions		—			(50,958	)
Capital gain distributions from affiliated Underlying Funds		15,156,592			10,436,142
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		15,062,271			134,911,926
Futures contracts		45,529			178,324
Forward foreign currency exchange contracts		(939,292	)		(3,956,676	)
Foreign currency translation		—			7,992
Net realized and unrealized gain		31,115,222			152,426,758
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,841,534		$	175,637,255

(a) Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Portfolio	Class A		Institutional		Class R6(b)
Enhanced Dividend Global Equity	$	9,086	$	131,039	$	1
Tax-Advantaged Global Equity		605		480,718		1

(b) Commenced operations on December 29, 2017.

18 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 Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	4,726,312		$	11,065,533		$	23,210,497		$	25,214,547
Net realized gain		16,946,714			9,358,530			21,285,192			3,742,698
Net change in unrealized gain		14,168,508			47,542,565			131,141,566			262,589,711
Net increase in net assets resulting from operations		35,841,534			67,966,628			175,637,255			291,546,956
Distributions to shareholders:
From net investment income
Class A Shares		(139,148	)		(132,791	)		(6,733	)		(3,269	)
Institutional Shares		(10,451,825	)		(11,362,300	)		(32,796,134	)		(21,198,986	)
From net realized gains
Class A Shares		(107,367	)		(41,151	)		—			—
Institutional Shares		(6,901,317	)		(3,506,959	)		—			—
Total distributions to shareholders		(17,599,657	)		(15,043,201	)		(32,802,867	)		(21,202,255	)
From share transactions:
Proceeds from sales of shares		44,273,593			118,289,334			298,588,879			311,048,414
Reinvestment of distributions		17,345,997			15,008,368			32,786,693			21,200,470
Cost of shares redeemed		(51,599,360	)		(52,769,501	)		(87,176,006	)		(211,652,542	)
Net increase in net assets resulting from share transactions		10,020,230			80,528,201			244,199,566			120,596,342
TOTAL INCREASE		28,262,107			133,451,628			387,033,954			390,941,043
Net assets:
Beginning of period		646,289,590			512,837,962			2,208,442,484			1,817,501,441
End of period	$	674,551,697		$	646,289,590		$	2,595,476,438		$	2,208,442,484
Undistributed (distributions in excess of) net     investment  income	$	(4,781,397	)	$	1,083,264		$	(7,108,185	)	$	2,484,185

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)(a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	11.70	$	0.06		$	0.56		$	0.62		$	(0.17	)	$	(0.13	)	$	(0.30	)
2018 - Institutional		11.80		0.09			0.56			0.65			(0.19	)		(0.13	)		(0.32	)
2018 - R6 (Commenced December 29, 2017)		12.17		(0.01	)		(0.03	)		(0.04	)		—			—			—
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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would 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.

(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.

(f) Annualized.

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

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Net asset value, end of period		Total return(c)			Net assets, end of period (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 (loss) to average net assets(b)			Portfolio turnover rate(e)
$	12.02		5.28	%	$	10,196		0.52	%(f)		0.61	%(f)		1.01	%(f)		13	%
	12.13		5.54			664,346		0.13	(f)		0.22	(f)		1.43	(f)		13
	12.13		(0.33	)		10		0.12	(f)		0.16	(f)		(0.31	)(f)		13
	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. 21

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)(a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - A	$	14.78	$	0.14		$	1.01		$	1.15		$	(0.16	)	$	—		$	(0.16	)
2018 - Institutional		14.72		0.15			1.02			1.17			(0.21	)		—			(0.21	)
2018 - R6 (Commenced December 29, 2017)		15.59		(0.01	)		0.11			0.10			—			—			—
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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would 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.

(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.

(f) Annualized.

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

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Net asset value, end of period		Total return(c)			Net assets, end of period (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 (loss) to average net assets(b)			Portfolio turnover rate(e)
$	15.77		7.75	%	$	707		0.52	%(f)		0.60	%(f)		1.75	%(f)		11	%
	15.68		7.95			2,594,759		0.13	(f)		0.21	(f)		1.93	(f)		11
	15.69		0.64			10		0.11	(f)		0.17	(f)		(0.29	)(f)		11
	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. 23

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “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, Institutional and R6(a)	Diversified

(a) Commenced operations on December 29, 2017.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional Shares and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the 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

24

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

D.  Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, 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 translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

F.  In-Kind Transactions — Each Portfolio may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Portfolio shares are valued in the same manner as they are valued for purposes of computing a Portfolio’s NAV, in accordance with the Portfolios’ Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Portfolios’ prospectus.

25

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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.

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:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

26

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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;

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 February 28, 2018:

ENHANCED DIVIDEND GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Equity Funds	$	668,694,893	$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	127,281	$	—		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(2,675,202	)	$	—
TAX-ADVANTAGED GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Underlying Equity Funds	$	2,572,466,466	$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	29,491		$	—
Futures Contracts		449,228		—			—
Total	$	449,228	$	29,491		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(9,936,110	)	$	—

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

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

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2018. 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	—	$	—		Payable for unrealized loss on forward foreign currency exchange contracts	$	(2,675,202)
Equity	Variation margin on futures contracts		127,281	(a)	—		—
Total		$	127,281			$	(2,675,202)
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	$	29,491		Payable for unrealized loss on forward foreign currency exchange contracts	$	(9,936,110)
Equity	Variation margin on futures contracts		449,228	(a)	—		—
Total		$	478,719			$	(9,936,110)

(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 February 28, 2018 is reported within the Statements of Assets and Liabilities.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2018. 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) on forward foreign currency exchange contracts		$(756,962)			$(939,292)			7
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		574,138			45,529			51
Total			$(182,824)			$(893,763)			58
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) on forward foreign currency exchange contracts	$	(2,309,330	)	$	(3,956,676	)		8
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,983,815			178,324			180
Total		$	(325,515	)	$	(3,778,352	)		188

(a) Average number of contracts is based on the average of month end balances for the period ended February 28, 2018.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. GSAM has agreed to waive a portion of its management fee in order to achieve an effective rate of 0.08% as an annual percentage rate of average daily net assets of each Portfolio through at least December 29, 2018, 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 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 six months ended February 28, 2018,

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs advised that it retained front-end sales charges of $1,937 and $0 for the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio, 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; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolios (excluding acquired underlying 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, 2018, 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 six months ended February 28, 2018, 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	$	232,850	$	66,206	$	2,731	$	301,787
Tax-Advantaged Global Equity		841,483		53,331		8,446		903,260

F.  Line of Credit Facility — As of February 28, 2018, 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 six months ended February 28, 2018, the Portfolios did not have any borrowings under the facility.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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 six months ended February 28, 2018:

Enhanced Dividend Global Equity
Underlying Funds	Beginning Value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2018		Shares as of February 28, 2018		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	39,993,290	$	3,592,417	$	(8,979,104	)	$	—		$	1,251,126		$	(103,602	)	$	35,754,127		3,238,598	$	520,678		$	1,366,031
Goldman Sachs Global Infrastructure Fund		—		16,610,147		(775,311	)		—			(3,110	)		(1,056,500	)		14,775,226		1,464,344		145,049			—
Goldman Sachs Global Real Estate Securities Fund		—		16,513,567		(775,311	)		—			(311	)		(673,658	)		15,064,287		1,510,962		187,068			1,614
Goldman Sachs International Equity Dividend and Premium Fund		157,193,002		8,514,334		(25,937,951	)		—			844,751			5,020,926			145,635,062		19,037,263		1,269,945			—
Goldman Sachs International Small Cap Insights Fund		26,190,930		3,221,189		(4,201,559	)		—			419,468			(170,528	)		25,459,500		1,967,504		448,588			1,551,213
Goldman Sachs MLP Energy Infrastructure Fund		27,449,308		1,453,249		(13,623,352	)		(1,309,817	)		(903,980	)		1,419,420			14,484,828		2,111,491		(864,503	)		—
Goldman Sachs Small Cap Equity Insights Fund		52,037,790		2,702,692		(6,918,490	)		—			412,338			4,443,311			52,677,641		2,032,316		144,500			—
Goldman Sachs Tactical Tilt Overlay Fund		60,858,023		10,658,552		(3,755,879	)		—			(231,688	)		359,781			67,888,789		6,962,953		610,061			—
Goldman Sachs U.S. Equity Dividend and Premium Fund		272,525,512		36,854,746		(18,432,298	)		—			184,352			5,823,121			296,955,433		22,530,761		2,730,777			12,237,734
Total	$	636,247,855	$	100,120,893	$	(83,399,255	)	$	(1,309,817	)	$	1,972,946		$	15,062,271		$	668,694,893			$	5,192,163		$	15,156,592

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity
Underlying Funds	Beginning Value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2018		Shares as of February 28, 2018		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	136,657,630	$	18,889,300	$	(22,617,925	)	$	—		$	3,343,540		$	419,346		$	136,691,891		12,381,512	$	1,873,392		$	4,882,561
Goldman Sachs Global Infrastructure Fund		—		61,272,127		(444,694	)		—			(8,953	)		(4,111,717	)		56,706,763		5,620,095		521,187
Goldman Sachs Global Real Estate Securities Fund		—		60,801,237		(444,694	)		—			(6,001	)		(2,684,114	)		57,666,428		5,783,995		673,016			5,768
Goldman Sachs International Small Cap Insights Fund		89,487,425		16,054,564		(8,250,630	)		—			1,222,740			(667,950	)		97,846,149		7,561,526		1,614,979			5,547,813
Goldman Sachs International Tax-Managed Equity Fund		539,411,330		65,548,453		(76,127,964	)(a)		—			9,181,363	(a)		17,115,654			555,128,836		50,976,018		9,759,401			—
Goldman Sachs MLP Energy Infrastructure Fund		93,571,247		7,491,233		(43,206,614	)		(4,519,564	)		(3,083,143	)		4,421,708			54,674,867		7,970,097		(2,900,152	)		—
Goldman Sachs Tactical Tilt Overlay Fund		207,785,574		54,952,988		(3,038,982	)		—			(206,783	)		258,600			259,751,397		26,641,169		2,204,375			—
Goldman Sachs U.S. Tax-Managed Equity Fund		1,120,052,606		149,621,899		(36,088,928	)(b)		—			254,159	(b)		120,160,399			1,354,000,135		58,362,075		10,956,794			—
Total	$	2,186,965,812	$	434,631,801	$	(190,220,431	)	$	(4,519,564	)	$	10,696,922		$	134,911,926		$	2,572,466,466			$	24,702,992		$	10,436,142

(a) Includes Proceeds from Sales of $66,410,000 and Net Realized Gain/(Loss) from Affiliated Investment Companies of $9,069,811 related to in-kind transactions.

(b) Includes Proceeds from Sales of $20,510,000 and Net Realized Gain/(Loss) from Affiliated Investment Companies of $270,262 related to in-kind transactions.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2018, 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		—	%		7	%
Goldman Sachs Global Infrastructure Fund		7			27
Goldman Sachs Global Real Estate Securities Fund		—			18
Goldman Sachs International Equity Dividend and Premium Fund		35			—
Goldman Sachs International Tax-Managed Equity  Fund		—			81
Goldman Sachs Small Cap Equity Insights Fund		17			—
Goldman Sachs Tactical Tilt Overlay Fund		—			5
Goldman Sachs U.S. Equity Dividend and Premium Fund		9			—
Goldman Sachs U.S. Tax-Managed Equity Fund		—			87

As of February 28, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of the following share classes of the Portfolios:

Portfolio	Class R6
Enhanced Dividend Global Equity		100	%
Tax-Advantaged Global Equity		100

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018 were as follows:

Portfolio	Purchases		Sales
Enhanced Dividend Global Equity	$	100,120,893	$	83,399,255
Tax-Advantaged Global Equity		434,631,801		274,400,152

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, August 31, 2017, the Portfolios’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
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	)

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7. TAX INFORMATION (continued)

As of February 28, 2018, 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	$	565,391,067		$	1,900,039,850
Gross unrealized gain		129,734,693			737,417,017
Gross unrealized loss		(28,978,788	)		(74,447,792	)
Net unrealized gain	$	100,755,905		$	662,969,225

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.

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

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

8. OTHER RISKS (continued)

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 allocated to each. As of February 28, 2018, the Enhanced Dividend Global Equity Portfolio invested 44.0% and 21.6% 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 (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% 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 (sell) 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 20% and 75% of the value of its portfolio.

As of February 28, 2018, the Tax-Advantaged Global Equity Portfolio invested 52.2% and 21.4% 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.

36

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

Liquidity Risk — An Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio and/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.

37

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		156,179		$	1,884,965			587,434		$	6,559,204
Reinvestment of distributions		20,422			246,077			15,220			168,144
Shares redeemed		(122,629	)		(1,482,937	)		(275,640	)		(3,110,263	)
		53,972			648,105			327,014			3,617,085
Institutional Shares
Shares sold		3,484,212			42,378,628			9,888,524			111,730,130
Reinvestment of distributions		1,407,772			17,099,920			1,333,001			14,840,224
Shares redeemed		(4,095,499	)		(50,116,423	)		(4,411,203	)		(49,659,238	)
		796,485			9,362,125			6,810,322			76,911,116
Class R6 Shares(a)
Shares sold		822			10,000			—			—
		822			10,000			—			—
NET INCREASE		851,279		$	10,020,230			7,137,336		$	80,528,201

(a) Commenced operations on December 29, 2017.

38

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		8,228		$	127,809			6,967		$	100,062
Reinvestment of distributions		427			6,733			244			3,268
Shares redeemed		(5,434	)		(86,187	)		(11,345	)		(152,128	)
		3,221			48,355			(4,134	)		(48,798	)
Institutional Shares
Shares sold		19,020,312			298,451,070			22,609,613			310,948,352
Reinvestment of distributions		2,094,566			32,779,960			1,596,175			21,197,202
Shares redeemed		(5,620,978	)		(87,089,819	)		(15,517,596	)		(211,500,414	)
		15,493,900			244,141,211			8,688,192			120,645,140
Class R6 Shares(a)
Shares sold		641			10,000			—			—
		641			10,000			—			—
NET INCREASE		15,497,762		$	244,199,566			8,684,058		$	120,596,342

(a) Commenced operations on December 29, 2017.

39

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Portfolio Expenses — Six Month Period Ended February 28,  2018 (Unaudited)

As a shareholder of Class A, Institutional or Class R6 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, Institutional and Class R6 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 September 1, 2017 through February 28, 2018, which represents a period of 181 days of a 365 day year. The Class R6 Example is based on the period from January 02, 2018 through February 28, 2018, which represents a period of 58 out of 365 days.

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 9/01/17		Ending Account Value 2/28/18			Expenses Paid for the 6 Months Ended 2/28/18*		Beginning Account Value 9/01/17		Ending Account Value 2/28/18			Expenses Paid for the 6 Months Ended 2/28/18*
Class A
Actual	$	1,000	$	1,052.80		$	2.65	$	1,000	$	1,077.50		$	2.68
Hypothetical 5% return		1,000		1,022.22	+		2.61		1,000		1,022.22	+		2.61
Institutional
Actual		1,000		1,055.40			0.66		1,000		1,079.50			0.67
Hypothetical 5% return		1,000		1,024.15	+		0.65		1,000		1,024.15	+		0.65
Class R6(a)
Actual		1,000		996.70			0.19		1,000		1,006.40			0.18
Hypothetical 5% return		1,000		1,024.20	+		0.60		1,000		1,024.25	+		0.55

⁺  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.

* 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 February 28, 2018. 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			Class R6(a)
Enhanced Dividend Global Equity		0.52	%		0.13	%		0.12	%
Tax-Advantaged Global Equity		0.52			0.13			0.11

(a) Commenced operations on December 29, 2017.

40

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰ Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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 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-Qs. The Portfolios’ Form N-Qs 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’ 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. Forms N-Qs 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).

Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts 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.

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 February 28, 2018 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. Diversification does not protect an investor from market risk and does not ensure a profit.

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).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

© 2018 Goldman Sachs. All rights reserved. 127043-TMPL-04/2018-746260/TAGEDSAR-18/2.7K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	Investor FundsSM
	Money Market
	Tax-Exempt Money Market

Goldman Sachs Investor Funds

∎ MONEY MARKET

∎ TAX-EXEMPT MONEY MARKET

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	4
Yield Summary	6
Sector Allocations	7
Schedule of Investments	10
Financial Statements	21
Financial Highlights	24
Notes to Financial Statements	28
Other Information	37

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 six-month period ended February 28, 2018 (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 a Federal Reserve (“Fed”) interest rate hike and its start of balance sheet normalization as well as action by other central banks, including the European Central Bank’s (“ECB”) tapering of asset purchases. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

In December 2017, the Fed delivered its third rate hike of the calendar year, raising the targeted federal funds rate by 25 basis points to a range between 1.25% and 1.50%. (A basis point is 1/100th of a percentage point.) Policymakers cited ongoing strength in the U.S. labor market and a pickup in household spending and business fixed investment. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three rate increases were on tap for 2018 and potentially two more in 2019. During February 2018, new Fed chair Jerome Power noted an improvement in the U.S. economic outlook since the Fed’s December 2017 policy meeting. His comments were met with a hawkish market reaction, with U.S. Treasury yields climbing amid raised market expectations for a shift in the Fed’s dot plot at its March 2018 meeting. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Outside the U.S., the ECB announced in October 2017 that it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” Also in October 2017, the Bank of England reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union.

In the tax-exempt money market, investment inflows increased from approximately $128 billion in August 2017 to $136 billion in February 2018. The Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index, representing seven-day tax-exempt variable rate demand obligations, rose 30 basis points, from 0.79% on August 31, 2017 to 1.09% on February 28, 2018. Furthermore, three-month and one-month LIBOR were at 2.02% and 1.67%, respectively, at the end of the Reporting Period. (LIBOR, or the London Inter-Bank Offered Rate, is the interest rate that banks charge each other for short-term loans.) The ratio of the SIFMA Municipal Swap Index to LIBOR continued to average less than 71%, as it has since 1997.

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 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, tender option bonds, municipal debt and non-U.S. sovereign government debt.

1

PORTFOLIO RESULTS

In the taxable Fund, we maintained a rather short weighted average maturity of approximately 20 days, as the Fed continued to signal the likelihood of a December 2017 interest rate hike. We focused Fund purchases on floating rate securities and agency securities, which offered what we considered attractive opportunities.

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, short-term tax-exempt securities, non-financial tax-exempt commercial paper and other municipal securities.

We maintained a rather short weighted average maturity of approximately 15 days in the tax-exempt Fund, as the Fed continued to signal the likelihood of a December 2017 interest rate hike.

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 the taxable Fund, we maintained a weighted average life in a range between 75 days and 83 days during the first three months of the Reporting Period. Through December 2017 and January 2018, we allowed the weighted average life of the taxable Fund to shorten to approximately 58 days. We then extended it to approximately 76 days during February 2018. In the tax-exempt Fund, we maintained a weighted average life in a range between 20 days and 32 days during the first three months of the Reporting Period. Through December 2017 and January 2018, we allowed the weighted average life to shorten to approximately 16 days, which we maintained through February 2018. 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 the U.S. to continue to take the lead in unwinding the ultra-accommodative monetary policy put in place following the global financial crisis. We think the Fed will raise interest rates three times in 2018 and continue balance sheet normalization. Although we believe the markets have interpreted Jerome Powell’s appointment as Fed Chair as preserving continuity at the Fed, the high turnover on the Federal Open Market Committee could challenge the status quo, in our view, as Powell will need to build consensus among policymakers, some of whom have yet to be nominated. Elsewhere, we see scope for several developed markets’ central banks, including the Bank of Canada and Reserve Bank of New Zealand, to tighten monetary policy because of domestic economic strength in those nations. In contrast, we anticipate prolonged monetary policy accommodation in Europe and Japan, where core inflation appears to lack upward momentum.

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.

2

PORTFOLIO RESULTS

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.

3

FUND BASICS

Investor Funds

as of February 28, 2018

PERFORMANCE REVIEW1,2
September 1, 2017–February 28, 2018	Fund Total Return (based on NAV)3 Class I Shares			iMoneyNet Institutional Average4
Money Market		0.64	%		0.88	%5
Tax-Exempt Money Market		0.43			0.61	6

The returns represent past performance. Past performance does not guarantee future results. The Fund’s 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) or administration and/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) or 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 investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  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.

⁴  Source: iMoneyNet, Inc. February 2018.

⁵  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.

⁶  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.

4

FUND BASICS

STANDARDIZED TOTAL RETURNS1,2,7
For the period ended 12/31/17	SEC 7-Day Current Yield8			One Year			Five Years			Ten Years			Since Inception			Inception Date
Money Market		1.42	%		1.05	%		N/A			N/A			1.52	%	1/29/16
Tax-Exempt Money Market		1.37			0.69			0.21	%		0.36	%		1.75		7/19/94

⁷  The Standardized Total Returns are average annual 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 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.

⁸  The SEC 7-Day Current Yield figures are as of 12/31/17 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.

5

YIELD SUMMARY

SUMMARY OF THE CLASS I SHARES AS OF 2/28/181,2
Fund	7-Day Dist. Yield9			SEC 7-Day Effective Yield10			30-Day Average Yield11			Weighted Avg. Maturity (days)12		Weighted Avg. Life (days)13
Money Market		1.48	%		1.49	%		1.45	%		27		76
Tax-Exempt Money Market		0.94			0.95			0.87			13		18

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.

⁹ 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.

¹⁰ 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.

¹¹  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.

¹²  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.

¹³  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

INVESTOR MONEY MARKET FUND14
As of February 28, 2018
Security Type	Percentage of Net Assets
Certificate of Deposit		1.0	%
Certificates of Deposit - Eurodollar		1.8
Certificates of Deposit - Yankeedollar		4.2
Commercial Paper & Corporate Obligations		27.4
Fixed Rate Municipal Debt Obligations		10.5
Repurchase Agreements		23.0
U.S. Treasury Obligation		3.2
Variable Rate Municipal Debt Obligations		6.0
Variable Rate Obligations		22.9
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

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND15
As of February 28, 2018
Security Type	Percentage of Net Assets
Commercial Paper		9.9	%
General Obligations		0.4
Revenue Anticipation Notes		1.3
Tax and Revenue Anticipation Notes		2.0
Tax Anticipation Notes		0.7
Variable Rate Obligations		84.5
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 (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

Index Definitions

ICE^® BofAML^® 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.

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.

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

9

INVESTOR MONEY MARKET FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – 27.4%
	Albion Capital LLC
$	3,000,000		1.533	%		03/02/18	$	2,999,875
	3,000,000		1.969			04/20/18		2,992,000
	Alpine Securitization Ltd.
	3,000,000		1.847			05/01/18		2,990,850
	Atlantic Asset Securitization LLC
	2,500,000		1.868			05/04/18		2,491,911
	Banque et Caisse d’Epargne de l’Etat, Luxembourg
	3,500,000		1.995			07/06/18		3,476,046
	Barton Capital S.A.
	3,000,000		1.804			04/04/18		2,995,013
	3,000,000		1.794			04/05/18		2,994,896
	Cancara Asset Securitisation LLC
	4,000,000		1.636			03/05/18		3,999,289
	Chariot Funding LLC
	3,000,000		1.767			05/29/18		2,987,244
	CHARTA LLC
	2,000,000		1.746			06/07/18		1,990,744
	Collateralized Commercial Paper Co., LLC
	3,500,000		1.972			06/05/18		3,482,080
	CRC Funding LLC
	3,000,000		1.753			04/12/18		2,994,015
	First Abu Dhabi Bank
	7,000,000		1.533			03/07/18		6,998,250
	J.P. Morgan Securities LLC
	3,000,000		1.670			09/05/18		2,974,620
	Kells Funding LLC
	3,500,000		1.639			03/22/18		3,496,733
	2,000,000		1.846			05/08/18		1,993,200
	Landesbank Hessen-Thueringen Gironzentrale
	3,250,000		1.619			03/20/18		3,247,290
	Liberty Street Funding LLC
	2,400,000		1.784			04/10/18		2,395,360
	3,500,000		2.054			05/23/18		3,483,861
	LMA-Americas LLC
	2,000,000		1.788			03/19/18		1,998,220
	1,500,000		1.867			05/09/18		1,494,768
	Matchpoint Finance PLC
	5,000,000		1.470			03/01/18		5,000,000
	3,000,000		1.846			04/03/18		2,995,050
	3,500,000		2.147			05/29/18		3,481,916
	Nederlandse Waterschapsbank N.V.
	2,000,000		1.794			05/02/18		1,993,972
	Nieuw Amsterdam Receivables Corp.
	3,500,000		1.794			04/18/18		3,491,833
	NRW.Bank
	3,000,000		1.741			04/09/18		2,994,475
	Old Line Funding Corp.
	3,500,000		1.773			04/12/18		3,492,936
	Sheffield Receivables Company LLC
	3,500,000		1.691			03/15/18		3,497,754
	Societe Generale
	1,000,000		1.900			05/31/18		995,324
	Victory Receivables Corp.
	3,000,000		1.680			03/08/18		2,999,043
	2,000,000		1.794			04/17/18		1,995,431
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	97,413,999
Certificate of Deposit – 1.0%
	Citibank N.A.
$	3,500,000		1.750			03/21/18	$	3,500,000
Certificates of Deposit-Eurodollar – 1.8%
	KBC Bank NV
$	3,250,000		1.720	%		03/06/18	$	3,250,002
	3,000,000		1.980			05/14/18		3,000,000
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	6,250,002
Certificates of Deposit-Yankeedollar – 4.2%
	Abbey National Treasury Services PLC
$	3,000,000		1.800	%		05/01/18	$	3,000,000
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank
	2,000,000		1.700			03/16/18		2,000,000
	National Bank of Kuwait
	5,000,000		1.900			05/01/18		5,000,000
	2,000,000		1.950			05/14/18		2,000,000
	Toronto-Dominion Bank (The)
	3,000,000		1.600			08/22/18		3,000,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	15,000,000
Fixed Rate Municipal Debt Obligations – 10.5%
	ANZ New Zealand International Ltd. (London)
$	4,000,000		1.750	%(a)		03/29/18	$	4,000,633
	Bank of America, N.A.
	2,000,000		1.650			03/26/18		2,000,229
	Bank of Montreal
	4,000,000		1.450			04/09/18		3,999,170
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
	1,500,000		1.700	(a)		03/05/18		1,500,014
	Cooperatieve Rabobank U.A.
	4,140,000		1.700			03/19/18		4,140,288
	Credit Suisse AG
	2,000,000		1.700			04/27/18		1,999,631
	HSBC Bank PLC
	3,428,000		1.500	(a)		05/15/18		3,425,259
	ING Bank N.V.
	1,300,000		2.050	(a)		08/17/18		1,300,102
	Nordea Bank AB
	3,000,000		1.625	(a)		05/15/18		2,999,459
	Skandinaviska Enskilda Banken AB
	3,740,000		1.750	(a)		03/19/18		3,740,181
	Sumitomo Mitsui Trust Bank Ltd.
	4,000,000		1.800	(a)		03/28/18		4,000,233
	UBS AG
	4,100,000		1.800			03/26/18		4,100,693
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	37,205,892

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

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligation – 3.2%
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.00%)
$	11,500,000		1.652	%(b)		01/31/20	$	11,497,402
Variable Rate Municipal Debt Obligations(c) – 6.0%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	2,000,000		1.600	%		03/07/18	$	2,000,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(a)
	4,000,000		1.600			03/01/18		4,000,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,000,000		1.600			03/01/18		4,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	3,185,000		1.570			03/07/18		3,185,000
	Providence St. Joseph Health Obligated Group (Bank of Toyoko-Mitsubishi UFJ, LOC)
	5,000,000		1.520			03/07/18		5,000,000
	Triborough Bridge & Tunnel Authority VRDN Refunding Floating RB Series 2013 Subseries 2B RMKT (Bank of America N.A., LOC)
	3,000,000		1.600			03/07/18		3,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	21,185,000
Variable Rate Obligations(b) – 22.9%
	Abbey National Treasury Services PLC (1 Mo. LIBOR + 0.18%)
$	2,000,000		1.760	%		05/31/18	$	2,000,025
	Bank of Montreal (3 Mo. LIBOR + 0.17%)
	1,500,000		2.114			05/25/18		1,500,429
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.23%)
	3,000,000		1.824			09/17/18		3,000,000
	Bank of Nova Scotia (The) (1 Mo. LIBOR + 0.25%)
	2,000,000		1.830			11/06/18		2,000,000
	Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (3 Mo. LIBOR + 0.55%)
	3,000,000		2.045	(a)		03/05/18		3,000,140
	Barclays Bank PLC (1 Mo. LIBOR + 0.50%)
	2,000,000		2.080			04/03/18		2,000,468
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.22%)
	3,000,000		1.816	(a)		08/22/18		3,000,000
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.23%)
	3,000,000		1.826			09/21/18		3,000,000
	Collateralized Commercial Paper Co., LLC (1 Mo. LIBOR + 0.21%)
	3,000,000		1.813			07/23/18		3,000,000
	Collateralized Commercial Paper II Co., LLC (3 Mo. LIBOR + 0.18%)
	1,500,000		1.884	(a)		07/06/18		1,500,000
	Commonwealth Bank of Australia (1 Mo. LIBOR + 0.18%)
	3,000,000		1.783	(a)		08/23/18		3,000,000
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.11%)
	2,000,000		1.870	(a)		04/27/18		2,000,000
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.17%)
	1,000,000		1.758			09/14/18		1,000,000
Variable Rate Obligations(b) – (continued)
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.18%)
	3,000,000		1.760			08/03/18		2,998,752
	ING (U.S.) Funding LLC (1 Mo. LIBOR + 0.19%)
	3,000,000		1.770			07/03/18		3,000,000
	1,500,000		1.769			07/09/18		1,500,000
	Mizuho Bank, Ltd. (1 Mo. LIBOR + 0.19%)
	3,200,000		1.778			03/15/18		3,200,000
	Mizuho Bank, Ltd. (1 Mo. LIBOR + 0.20%)
	3,000,000		1.780			04/06/18		3,000,000
	National Australia Bank Ltd. (1 Mo. LIBOR + 0.30%)
	2,000,000		1.880	(a)		04/03/18		2,000,000
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.18%)
	2,000,000		1.874	(a)		04/03/18		2,000,000
	Royal Bank of Canada (1 Mo. LIBOR + 0.25%)
	3,000,000		1.830			11/06/18		3,000,000
	Royal Bank of Canada (3 Mo. LIBOR + 0.13%)
	1,000,000		1.679			06/12/18		1,000,000
	Standard Chartered Bank (1 Mo. LIBOR + 0.21%)
	2,000,000		1.804			04/19/18		2,000,000
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.22%)
	3,000,000		1.868			05/29/18		3,000,000
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.30%)
	3,500,000		1.896			08/21/18		3,500,000
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.14%)
	2,500,000		1.720			04/06/18		2,500,000
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.23%)
	3,500,000		1.824			11/19/18		3,500,000
	Swedbank AB (1 Mo. LIBOR + 0.10%)
	3,000,000		1.694			04/18/18		3,000,000
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.11%)
	3,000,000		1.814			11/06/18		3,000,000
	Toyota Finance Australia Limited (1 Mo. LIBOR + 0.20%)
	1,000,000		1.781			09/07/18		1,000,000
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.19%)
	2,000,000		1.770			06/11/18		2,000,000
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.24%)
	3,000,000		1.815			12/03/18		3,000,000
	Westpac Banking Corp. (1 Mo. LIBOR + 0.15%)
	3,000,000		1.733	(a)		07/13/18		3,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	81,199,814
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	273,252,109
Repurchase Agreements(d) – 23.0%
	BNP Paribas (OBFR + 0.20%)
$	5,000,000		1.620	%(b)		03/07/18	$	5,000,000
	Maturity Value: $5,078,525
	Settlement Date: 03/24/17
	Collateralized by various asset-backed obligations, 1.878% to 8.145%, due 11/16/20 to 06/15/39, various corporate security issuers, 3.450% to 13.750%, due 10/31/20 to 11/01/43 and various sovereign debt security issuers, 3.600%, due 01/30/25. The aggregate market value of the collateral, including accrued interest, was $5,577,688.

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

INVESTOR MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(d) – (continued)
	Joint Repurchase Agreement Account III
$	75,800,000		1.377	%		03/01/18	$	75,800,000
	Maturity Value: $75,802,899
	Mizuho Securities USA LLC (3 Mo. LIBOR + 0.95%)
	1,000,000		2.741	(b)(e)		05/29/18		1,000,000
	Maturity Value: $1,029,463
	Settlement Date: 05/08/17
	Collateralized by various corporate security issuers, 3.000% to 12.000%, due 05/15/19 to 08/15/46. The aggregate market value of the collateral, including accrued interest, was $1,060,731.
	TOTAL REPURCHASE AGREEMENTS						$	81,800,000
	TOTAL INVESTMENTS – 100.0%						$	355,052,109
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							51,818
	NET ASSETS – 100.0%						$	355,103,927

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 February 28, 2018, these securities amounted to $48,466,021 or approximately 13.6% of net assets.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.
(c)	Rate shown is that which is in effect on February 28, 2018. 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 February 28, 2018. 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 February 28, 2018, this security amounted to $1,000,000 or approximately 0.3% of net assets.

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

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

Investment Abbreviations:
GO	—General Obligation
LIBOR	—London Interbank Offered Rates
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MMY	—Money Market Yield
OBFR	—Overnight Bank Funding Rate
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
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

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – 98.8%
Alabama – 3.2%
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 2014 C(a)
$	10,000,000		1.280	%		03/01/18	$	10,000,000
	Heath Care Authority of The City of Huntsville (The) CP Series 2018 A-2
	14,000,000		1.260			04/03/18		14,000,000
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2007 C RMKT(a)
	11,500,000		1.180			03/07/18		11,500,000
								35,500,000
Alaska – 2.6%
	Alaska Housing Finance Corp. VRDN RB Refunding for Governmental Purpose Series 2001 B RMKT(a)
	28,610,000		1.080			03/07/18		28,610,000
Arizona – 0.8%
	Arizona Health Facilities Authority VRDN RB for Banner Health Series 2015 C RMKT (Bank of America N.A., LOC)(a)
	6,600,000		1.090			03/07/18		6,600,000
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 G (Wells Fargo Bank N.A., LOC)(a)
	2,050,000		1.180			03/07/18		2,050,000
								8,650,000
California – 2.8%
	California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C(a)
	14,000,000		1.090			03/07/18		14,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2018 A-2
	4,790,000		1.450			06/07/18		4,790,000
	California Statewide Communities Development Authority VRDN RB Refunding for Kaiser Permanente Series 2003 B (GTY AGMT – Kaiser Foundation Health Plan, Inc.)(a)
	10,805,000		1.150			03/07/18		10,805,000
	Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments Series 1996 C RMKT (FNMA) (FNMA, LIQ)(a)
	805,000		1.010			03/07/18		805,000
	San Diego County Regional Transportation Commission VRDN RB Refunding for Limited Tax Series 2008 C RMKT (Bank of America N.A., SPA)(a)
	1,000,000		1.020			03/07/18		1,000,000
								31,400,000
Colorado – 5.2%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	5,050,000		1.160			03/07/18		5,050,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2005 A RMKT (Mizuho Bank, Ltd., SPA)(a)
	6,880,000		1.140			03/07/18		6,880,000
Municipal Debt Obligations – (continued)
Colorado – (continued)
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2006 B RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	1,300,000		1.150			03/07/18		1,300,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C (Barclays Bank PLC, SPA)(a)
	245,000		1.750			03/07/18		245,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 B (Wells Fargo Bank N.A., LIQ)(a)
	2,200,000		1.130			03/07/18		2,200,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 D (Wells Fargo Bank N.A., LIQ)(a)
	11,200,000		1.090			03/07/18		11,200,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Sumitomo Mitsui Banking Corp., LOC)(a)
	2,150,000		1.800			03/07/18		2,150,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-1(a)
	18,000,000		1.120			03/07/18		18,000,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-2(a)
	11,200,000		1.120			03/07/18		11,200,000
								58,225,000
Connecticut – 2.7%
	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		1.070			03/07/18		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		1.100			03/07/18		5,500,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2016 Subseries E-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	750,000		1.110			03/07/18		750,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2017 Subseries A-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	175,000		1.160			03/07/18		175,000
	State of Connecticut GO VRDN Refunding SIFMA Index Series 2015 D (SIFMA + 0.75%)
	20,740,000		1.840			06/15/18		20,770,115
	State of Connecticut GO VRDN SIFMA Index Series 2013 A (SIFMA + 0.42%)
	1,850,000		1.510			03/01/18		1,850,000
								30,690,115
Delaware – 0.9%
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2010 B(a)
	10,500,000		1.100			03/07/18		10,500,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		��	Amortized Cost
Municipal Debt Obligations – (continued)
District of Columbia – 3.5%
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-1 (TD Bank N.A., SPA)(a)
$	4,585,000		1.110	%		03/07/18		$	4,585,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)(a)
	18,115,000		1.100			03/07/18			18,115,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-1 (TD Bank N.A., LOC)(a)
	1,700,000		1.130			03/07/18			1,700,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-2 (TD Bank N.A., LOC)(a)
	2,300,000		1.160			03/01/18			2,300,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	12,175,000		1.090			03/07/18			12,175,000
									38,875,000
Florida – 8.6%
	City of Gainesville Utilities System VRDN RB Refunding Series 2007 A (State Street Bank & Trust Co., SPA)(a)
	17,655,000		1.070			03/07/18			17,655,000
	City of Gainesville Utilities System VRDN RB Refunding Series 2012 B RMKT (Citibank N.A., SPA)(a)
	22,225,000		1.070			03/07/18			22,225,000
	Jacksonville Electric Authority Electric System VRDN RB Refunding Series Three 2008 C-2 (JPMorgan Chase Bank N.A., SPA)(a)
	7,400,000		1.120			03/07/18			7,400,000
	Jacksonville Electric Authority Electric System VRDN RB Refunding Series Three 2008 B-2 (Royal Bank of Canada. SPA)(a)
	1,800,000		1.100			03/07/18			1,800,000
	Jacksonville Electric Authority Electric System VRDN RB Series Three 2008 A (Royal Bank of Canada, SPA)(a)
	6,120,000		1.100			03/07/18			6,120,000
	Jacksonville Electric Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-1 (State Street Bank & Trust Co., SPA)(a)
	2,990,000		1.110			03/07/18			2,990,000
	Orlando Utilities Commission VRDN RB Water Utility Improvements Series 2008-2 RMKT (TD Bank N.A., SPA)(a)
	24,910,000		1.150			03/07/18			24,910,000
	Pinellas County Health Facilities Authority VRDN RB for BayCare Health System Series 2009 A2 (Northern Trust Co., LOC)(a)
	13,025,000		1.130			03/07/18			13,025,000
									96,125,000
Georgia – 1.8%
	Municipal Electric Authority of Georgia VRDN Project 1 Subordinated RB Series 2008 B (Bank of Tokyo-Mitsubishi UFJ, LOC)(a)
	785,000		1.090			03/07/18			785,000
Municipal Debt Obligations – (continued)
Georgia – (continued)
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University RMKT Series 2005 C-5(a)
	10,125,000		1.050			03/07/18			10,125,000
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-1(a)
	9,075,000		1.070			03/07/18			9,075,000
									19,985,000
Idaho – 0.7%
	State of Idaho GO TRANS Series 2017
	7,610,000		4.000			06/29/18			7,678,830
Illinois – 1.7%
	Illinois Educational Facilities Authority VRDN RB for University of Chicago Series 2003 B(a)
	400,000		1.090			03/07/18			400,000
	Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B(a)
	503,000		1.090			03/07/18			503,000
	Illinois Finance Authority VRDN RB Refunding for Advocate Health Care Network Series 2008 Subseries C-2B (JPMorgan Chase Bank N.A., SPA)(a)
	1,650,000		1.070			03/07/18			1,650,000
	Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C(a)
	7,700,000		1.090			03/07/18			7,700,000
	Illinois Health Facilities Authority VRDN RB Refunding for Evanston Hospital Corp. Series 1996 RMKT (JPMorgan Chase Bank N.A., SPA)(a)
	6,700,000		1.120			03/07/18			6,700,000
	Illinois Toll Highway Authority VRDN RB Senior Priority Series 2007 A-1B RMKT (Bank of America N.A., LOC)(a)
	800,000		1.140			03/07/18			800,000
	Illinois Toll Highway Authority VRDN RB Senior Priority Series 2007 A-2C RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	800,000		1.730			03/07/18			800,000
									18,553,000
Indiana – 0.3%
	Indiana Finance Authority VRDN RB Refunding for Ascension Health Senior Credit Group Series 2008 E-7 Convertible(a)
	3,000,000		1.020			03/07/18			3,000,000
Iowa – 0.4%
	Iowa Finance Authority VRDN RB Refunding for Trinity Health Series 2000 D(a)
	4,280,000		1.130			03/07/18			4,280,000
Louisiana – 2.9%
	East Baton Rouge Parish IDB, Inc. Pollution Control VRDN RB Refunding for Exxon Project Series 1993(a)
	4,000,000		1.140			03/01/18			4,000,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A(a)
	13,000,000		1.140			03/01/18			13,000,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 B(a)
	5,660,000		1.140			03/01/18			5,660,000

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)
Louisiana – (continued)
	East Baton Rouge Parish Pollution Control VRDN RB Refunding for ExxonMobil Project Series 1989 RMKT(a)
$	10,145,000		1.140	%		03/01/18	$	10,145,000
								32,805,000
Maryland – 1.8%
	County of Montgomery, Maryland CP BANS Series 2018 10-A
	9,750,000		1.350			03/02/18		9,750,000
	Maryland Health & Higher Educational Facilities Authority VRDN RB Refunding for The Johns Hopkins Health System Series 2013 B (1 Mo. LIBOR x 0.7 + 0.58%)
	10,235,000		1.635			05/15/18		10,236,173
	Washington Suburban Sanitary District GO VRDN BANS Series 2013 A (TD Bank N.A., SPA)(a)
	300,000		1.090			03/07/18		300,000
								20,286,173
Massachusetts – 7.6%
	Commonwealth of Massachusetts RAN GO Series 2017 B
	15,000,000		2.000			05/21/18		15,021,162
	Commonwealth of Massachusetts VRDN GO Refunding Bonds Series 2017 A (SIFMA + 0.47%)
	5,000,000		1.560			02/01/19		5,008,376
	Massachusetts Bay Transportation Authority VRDN RB Refunding for General Transportation System Series 2000 A-2 RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)(a)
	100,000		1.100			03/07/18		100,000
	Massachusetts Department of Transportation Metropolitan Highway System VRDN RB Refunding for Contract Assistance Series 2010 A-3 (Landesbank Hessen-Thueringen Gironzentrale, LOC)(a)
	1,025,000		1.110			03/07/18		1,025,000
	Massachusetts Department of Transportation Metropolitan Highway System VRDN RB Refunding for Contract Assistance Series 2010 A-6 (Sumitomo Mitsui Banking Corp., SPA)(a)
	24,975,000		1.110			03/07/18		24,975,000
	Massachusetts Health & Educational Facilities Authority VRDN RB Refunding for Tufts University Series 2008 N-1 (U.S. Bank N.A., SPA)(a)
	13,500,000		1.100			03/01/18		13,500,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 1997-P2-RMKT (JPMorgan Chase & Co. SPA)(a)
	1,000,000		1.090			03/07/18		1,000,000
	Massachusetts Water Resources Authority CP Series 2018-99
	10,000,000		1.160			05/09/18		10,000,000
	Massachusetts Water Resources Authority VRDN Multi-Modal RB Subordinated General Series 1999 B (Landesbank Hessen- Thueringen Gironzentrale, LOC)(a)
	13,000,000		1.110			03/07/18		13,000,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)(a)
	940,000		1.110			03/07/18		940,000
								84,569,538
Municipal Debt Obligations – (continued)
Michigan – 4.0%
	Michigan State Hospital Finance Authority VRDN RB Refunding for Trinity Health Credit Group Series 2005 E(a)
	3,455,000		1.070			03/07/18		3,455,000
	Michigan State University Board of Trustees CP Series 2018 F
	5,205,000		1.330			03/01/18		5,205,000
	Michigan State University VRDN RB Board of Trustees of Michigan Series 2003 A (Northern Trust Co., SPA)(a)
	15,000,000		1.030			03/07/18		15,000,000
	Michigan State University VRDN RB General Series 2000 A (Northern Trust Co., SPA)(a)
	300,000		1.030			03/07/18		300,000
	University of Michigan CP Series 2018 K-1
	16,660,000		1.130			03/05/18		16,660,000
	3,000,000		1.300			03/07/18		3,000,000
	900,000		1.330			03/08/18		900,000
								44,520,000
Minnesota – 0.9%
	County of Hennepin GO VRDN Series 2017 B (U.S. Bank N.A., SPA)(a)
	6,935,000		1.110			03/07/18		6,935,000
	Minnesota Higher Education Facilities Authority VRDN RB Refunding for Carleton College Series 2005 Six D (JPMorgan Chase Bank N.A., SPA)(a)
	3,545,000		1.110			03/07/18		3,545,000
								10,480,000
Mississippi – 2.5%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 D (GTY AGMT – Chevron Corp.)(a)
	4,400,000		1.150			03/01/18		4,400,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 A (GTY AGMT – Chevron Corp.)(a)
	4,800,000		1.120			03/01/18		4,800,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 B (GTY AGMT – Chevron Corp.)(a)
	1,500,000		1.110			03/01/18		1,500,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (GTY AGMT – Chevron Corp.)(a)
	2,000,000		1.090			03/07/18		2,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 F (GTY AGMT – Chevron Corp.)(a)
	1,860,000		1.090			03/07/18		1,860,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 H (GTY AGMT – Chevron Corp.)(a)
	6,000,000		1.110			03/01/18		6,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 K (GTY AGMT – Chevron Corp.)(a)
	4,000,000		1.110			03/01/18		4,000,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Mississippi – (continued)
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 L (GTY AGMT – Chevron Corp.)(a)
$	2,700,000		1.110	%		03/01/18	$	2,700,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 F (GTY AGMT – Chevron Corp.)(a)
	200,000		1.150			03/01/18		200,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 G (GTY AGMT – Chevron Corp.)(a)
	100,000		1.110			03/01/18		100,000
								27,560,000
Missouri – 2.0%
	Curators of the University of Missouri System Facilities VRDN RB Refunding Series 2007 B(a)
	2,300,000		1.600			03/07/18		2,300,000
	Curators University of Missouri CP Series 2018 A
	1,650,000		1.320			03/07/18		1,650,000
	18,000,000		1.350			04/04/18		18,000,000
								21,950,000
Multi-State – 3.5%
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2013-M027 Class A (FHLMC, LIQ)(a)
	20,355,000		1.110			03/07/18		20,355,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2014-M031 Class A (FHLMC, LIQ)(a)
	12,030,000		1.120			03/07/18		12,030,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate Certificates Series 2015-M033 Class A (FHLMC, LIQ)(a)
	7,315,000		1.120			03/07/18		7,315,000
								39,700,000
Nebraska – 0.8%
	Nebraska Investment Finance Authority VRDN Single Family Housing RB Series 2017 C (GNMA/FNMA/FHLMC) (Federal Home Loan Bank, SPA)(a)
	9,000,000		1.070			03/07/18		9,000,000
New York – 13.9%
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-2 (Bank of Tokyo-Mitsubishi UFJ, LOC)(a)
	4,425,000		1.060			03/07/18		4,425,000
	Metropolitan Transportation Authority VRDN RB Refunding Series 2015 Subseries E-3 (Citibank N.A., LOC)(a)
	200,000		1.050			03/07/18		200,000
	Nassau County Interim Finance Authority VRDN RB Refunding for Sales Tax Revenue Series 2008 A (TD Bank N.A., SPA)(a)
	850,000		1.120			03/07/18		850,000
	New York City GO VRDN Refunding Series 2008 Subseries J-5 (Bank of America N.A., SPA)(a)
	1,500,000		1.110			03/01/18		1,500,000
Municipal Debt Obligations – (continued)
New York – (continued)
	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		1.110			03/01/18		300,000
	New York City GO VRDN Series 2012 Subseries G-3 (Citibank N.A., LOC)(a)
	8,700,000		1.050			03/07/18		8,700,000
	New York City GO VRDN Series 2013 Subseries F-3 (Bank of America N.A., LIQ)(a)
	3,325,000		1.110			03/01/18		3,325,000
	New York City GO VRDN Series 2018 Subseries B-5 (Barclays Bank PLC, SPA)(a)
	6,400,000		1.120			03/01/18		6,400,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for Bruckner by the Bridge Series 2008 A (FHLMC, LIQ)(a)
	7,900,000		1.080			03/07/18		7,900,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for Elliot Chelsea Development Series 2010 A (FHLMC, LIQ)(a)
	800,000		1.130			03/07/18		800,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding for Second General Resolution Series 2007 CC-2 (Bank of Montreal, SPA)(a)
	3,000,000		1.110			03/01/18		3,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding for Second General Resolution Series 2009 Subseries BB-1 (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	12,350,000		1.150			03/01/18		12,350,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding for Second General Resolution Series 2016 Subseries AA-2 (PNC Bank N.A., SPA)(a)
	2,000,000		1.110			03/01/18		2,000,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT(a)
	11,900,000		1.080			03/07/18		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		1.080			03/07/18		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		1.080			03/07/18		6,675,000
	New York State Dormitory Authority Non-State Supported VRDN RB for Rockefeller University Series 2008 A (JPMorgan Chase Bank N.A., SPA)(a)
	200,000		1.120			03/07/18		200,000
	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		1.110			03/07/18		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		1.100			03/07/18		9,000,000

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 Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ) (FNMA, LOC)(a)
$	5,100,000		1.070	%		03/07/18	$	5,100,000
	New York State Housing Finance Agency VRDN RB Refunding for Economic Development Series 2005 C (JPMorgan Chase Bank N.A., SPA)(a)
	7,000,000		1.070			03/07/18		7,000,000
	New York State Housing Finance Agency VRDN RB Refunding for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ) (FNMA, LOC)(a)
	12,500,000		1.100			03/07/18		12,500,000
	New York State Housing Finance Agency VRDN RB Refunding Series 2003 L RMKT (Bank of America N.A., LOC)(a)
	4,060,000		1.070			03/07/18		4,060,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2003 4-V (Bank of America N.A., SPA)(a)
	4,000,000		1.070			03/07/18		4,000,000
	Power Authority of the State of New York CP Series 2018-2
	4,000,000		1.230			04/04/18		4,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2001 B RMKT (State Street Bank & Trust Co., LOC)(a)
	10,000,000		1.060			03/07/18		10,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2001 C RMKT (Bank of Tokyo-Mitsubishi UFJ, LOC)(a)
	830,000		1.170			03/07/18		830,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2002 F RMKT (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	17,300,000		1.140			03/01/18		17,300,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2000 Subseries ABCD-5 (AGM) (SIFMA + 0.44%)
	1,000,000		1.530			01/01/19		1,002,163
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 RMKT (Bank of Tokyo-Mitsubishi UFJ, LOC)(a)
	2,700,000		1.170			03/07/18		2,700,000
								156,057,163
North Carolina – 3.7%
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)(a)
	975,000		1.110			03/07/18		975,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 B RMKT (Bank of America N.A., SPA)(a)
	600,000		1.110			03/07/18		600,000
	City of Raleigh VRDN COPS for Downtown Improvement Project Series 2005 B-1 RMKT (Wells Fargo Bank N.A., SPA)(a)
	6,100,000		1.090			03/07/18		6,100,000
	County of Union Enterprise System VRDN RB Series 2009 (U.S. Bank N.A., LOC)(a)
	15,785,000		1.080			03/07/18		15,785,000
Municipal Debt Obligations – (continued)
North Carolina – (continued)
	North Carolina Capital Facilities Finance Agency Educational Facilities VRDN RB Refunding for Wake Forest University Series 2004 A(a)
	13,600,000		1.100			03/07/18		13,600,000
	University of North Carolina at Chapel Hill VRDN RB Refunding Series 2001 B(a)
	255,000		1.020			03/07/18		255,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Refunding Series 2001 A RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	250,000		1.090			03/01/18		250,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Refunding Series 2003 A (Bank of America N.A., SPA)(a)
	1,700,000		1.160			03/07/18		1,700,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Series 2001 B RMKT (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	2,500,000		1.090			03/01/18		2,500,000
								41,765,000
Ohio – 5.4%
	City of Columbus GO VRDN for Sanitation Sewer System Series 2006-1(a)
	2,480,000		1.070			03/07/18		2,480,000
	City of Columbus Sewerage System VRDN RB Refunding Series 2008 B(a)
	1,760,000		1.070			03/07/18		1,760,000
	County of Hamilton VRDN RB Refunding for Cincinnati Children’s Hospital Medical Center Series 2018 AA(a)
	14,030,000		1.090			03/07/18		14,030,000
	Ohio Higher Educational Facility Commission CP Series 2018 B-5
	13,000,000		1.290			04/12/18		13,000,000
	Ohio State University VRDN RB Series 2014 B-1(a)
	1,245,000		1.010			03/07/18		1,245,000
	Ohio State University VRDN RB Series 2014 B-2(a)
	1,800,000		1.070			03/07/18		1,800,000
	Ohio Water Development Authority VRDN RB for Water Pollution Control Loan Fund Series 2016 A (BMO Harris Bank, N.A., LIQ)(a)
	770,000		1.200			03/07/18		770,000
	State of Ohio GO VRDN for Common Schools Series 2003 D RMKT(a)
	2,800,000		1.200			03/07/18		2,800,000
	State of Ohio GO VRDN for Common Schools Series 2005 A (State of Ohio, LIQ)(a)
	4,400,000		1.010			03/07/18		4,400,000
	State of Ohio GO VRDN for Common Schools Series 2005 B (State of Ohio, LIQ)(a)
	18,285,000		1.010			03/07/18		18,285,000
								60,570,000
Rhode Island – 0.4%
	Rhode Island Health & Educational Building Corp. Higher Education Facilities VRDN RB for Brown University Series 2003 B (Northern Trust Co., SPA)(a)
	4,700,000		1.070			03/07/18		4,700,000

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

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
South Carolina – 0.6%
	City of Columbia, South Carolina Waterworks & Sewer System VRDN RB Series 2009 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
$	6,750,000		1.120	%		03/07/18	$	6,750,000
Texas – 7.8%
	City of San Antonio Water Systems CP Series 2018 A
	9,655,000		1.300			03/01/18		9,655,000
	Harris County Cultural Education Facilities Finance Corp. CP Series 2018 C-2
	150,000		1.170			04/12/18		150,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-1(a)
	11,000,000		1.140			03/01/18		11,000,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-2(a)
	3,900,000		1.140			03/01/18		3,900,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 A-1(a)
	12,000,000		1.140			03/01/18		12,000,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 A-2(a)
	10,090,000		1.140			03/01/18		10,090,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB for ExxonMobil Project Series 2010 (GTY AGMT—Exxon Mobil Corp.)(a)
	5,600,000		1.140			03/01/18		5,600,000
	State of Texas GO VRDN Veterans Bonds Series 2016 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	8,975,000		1.100			03/07/18		8,975,000
	State of Texas GO VRDN Veterans Bonds Series 2017 (Sumitomo Mitsui Banking Corp., SPA)(a)
	2,255,000		1.150			03/07/18		2,255,000
	State of Texas TRANS Series 2017
	21,495,000		4.000			08/30/18		21,816,602
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 C RMKT(a)
	2,450,000		1.170			03/07/18		2,450,000
								87,891,602
Utah – 0.9%
	Murray City, Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B(a)
	10,000,000		1.070			03/07/18		10,000,000
Virginia – 0.5%
	Fairfax County IDA VRDN RB for Fairfax Hospital Series 1988 A (Northern Trust Co., LOC)(a)
	300,000		1.120			03/07/18		300,000
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2016 C(a)
	625,000		1.070			03/07/18		625,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 E(a)
	4,300,000		1.090			03/07/18		4,300,000
Municipal Debt Obligations – (continued)
Virginia – (continued)
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F(a)
	770,000		1.090			03/07/18		770,000
								5,995,000
Washington – 3.4%
	County of King Sewer Revenue VRDN RB Junior Lien Series 2001 A (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	6,650,000		1.230			03/07/18		6,650,000
	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		1.170			03/07/18		12,960,000
	Washington State Housing Finance Commission VRDN RB for Discovery Heights Apartments Series 2010 (FHLMC, LIQ)(a)
	4,800,000		1.140			03/07/18		4,800,000
	Washington State Housing Finance Commission VRDN RB for Interurban Senior Living Apartments Project (FHLMC, LIQ) (FHLMC, LOC)(a)
	13,325,000		1.140			03/07/18		13,325,000
								37,735,000
Wyoming – 1.0%
	Unita County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (GTY AGMT – Chevron Corp.)(a)
	10,800,000		1.120			03/01/18		10,800,000
	TOTAL INVESTMENTS – 98.8%						$	1,105,206,421
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%							13,399,308
	NET ASSETS – 100.0%						$	1,118,605,729

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 February 28, 2018. 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.

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:
AGM	—Insured by Assured Guaranty Municipal Corp.
BANS	—Bond Anticipation Notes
COPS	—Certificates of Participation
CP	—Commercial Paper
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GNMA	—Insured by Government 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 Rates
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

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 28, 2018, Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of March 1, 2018, as follows:

Principal Amount	Maturity Value	Collateral Value
$75,800,000	$75,802,899	$77,918,800

REPURCHASE AGREEMENTS — At February 28, 2018, 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.		1.370	%	$	9,586,536
Bank of America, N.A.		1.400			3,687,129
Bank of Nova Scotia (The)		1.380			16,223,368
BNP Paribas		1.370			5,161,981
Citigroup Global Markets, Inc.		1.370			4,527,794
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.400			7,853,585
TD Securities (USA), LLC		1.370			1,474,852
Wells Fargo Securities, LLC		1.370			27,284,755
TOTAL				$	75,800,000

At February 28, 2018, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 8.000	%		05/01/26 to 03/01/48
Federal National Mortgage Association		2.500 to 7.500			08/01/18 to 03/01/48
Government National Mortgage Association		2.500 to 6.500			12/15/26 to 01/20/48
U.S. Treasury Bonds		2.250 to 3.125			11/15/41 to 05/15/47
U.S. Treasury Inflation-Indexed Bond		1.000			02/15/48
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/25 to 11/15/44
U.S. Treasury Notes		1.000 to 3.625			04/30/18 to 02/15/27
U.S. Treasury Principal-Only Stripped Securities		0.000			02/15/29 to 05/15/44

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
Investments based on amortized cost	$	273,252,109	$	1,105,206,421
Repurchase agreements based on amortized cost		81,800,000		—
Cash		66,934		33,956
Receivables:
Investments sold		—		44,266,718
Interest		459,518		1,996,152
Fund shares sold		927,028		68,991
Reimbursement from investment advisor		80,131		41,983
Other assets		1,851		7,362
Total assets		356,587,571		1,151,621,583
Liabilities:
Payables:
Investments purchased		1,005,130		32,003,528
Dividend distribution		141,413		670,979
Management fees		43,212		145,661
Fund shares redeemed		144,346		25,488
Distribution and Service fees and Transfer Agency fees		3,278		10,162
Accrued expenses		146,265		160,036
Total liabilities		1,483,644		33,015,854
Net Assets:
Paid-in capital		355,090,471		1,118,612,738
Undistributed (distributions in excess of) net investment income		13,291		(29	)
Accumulated net realized gain (loss)		165		(6,980	)
NET ASSETS	$	355,103,927	$	1,118,605,729
Net asset value, offering and redemption price per share		$1.00		$1.00
Net Assets:
Class I Shares	$	251,649,245	$	1,103,871,993
Select Shares		—		2,889,744
Preferred Shares		—		45,645
Capital Shares		—		1,008
Administration Shares		100,065,546		3,546,782
Premier Shares		—		1,006
Service Shares		50,414		926,916
Resource Shares		50,308		4,140,271
Cash Management Shares		1,120,686		52,206
Class A Shares		2,104,031		3,121,160
Class C Shares		63,697		8,998
Total Net Assets	$	355,103,927	$	1,118,605,729
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class I Shares		251,649,129		1,103,828,628
Select Shares		—		2,889,630
Preferred Shares		—		45,644
Capital Shares		—		1,008
Administration Shares		100,065,499		3,546,642
Premier Shares		—		1,005
Service Shares		50,413		926,879
Resource Shares		50,308		4,140,109
Cash Management Shares		1,120,686		52,205
Class A Shares		2,104,030		3,121,036
Class C Shares		63,697		8,998

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

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Investment income:
Interest income	$	2,372,078		$	5,487,282
Total investment income		2,372,078			5,487,282
Expenses:
Fund-Level Expenses:
Management fees		328,280			1,057,817
Transfer Agency fees		16,171			52,109
Custody, accounting and administrative services		30,861			32,786
Registration fees		86,193			31,442
Printing and mailing fees		8,806			29,692
Professional fees		56,243			18,089
Trustee fees		10,912			11,858
Other		6,608			41,630
Subtotal		544,074			1,275,423
Class Specific Expenses:
Resource Share fees		124			8,972
Administration Share fees		124,166			4,462
Distribution fees — Resource Shares		37			2,692
Distribution and Service fees — Class A Shares		1,071			2,469
Service Share fees		125			2,278
Select Share fees		—			309
Cash Management Share fees		1,428			111
Distribution fees — Cash Management Shares		857			67
Distribution fees — Class C Shares		237			33
Preferred Share fees		—			22
Class C Share fees		79			11
Premier Share fees		—			2
Capital Share fees		—			1
Total expenses		672,198			1,296,852
Less — expense reductions		(246,911	)		(318,881	)
Net expenses		425,287			977,971
NET INVESTMENT INCOME	$	1,946,791		$	4,509,311
Net realized gain (loss) from investment transactions		2,386			(6,980	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,949,177		$	4,502,331

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 Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	1,946,791		$	1,749,664		$	4,509,311		$	5,332,420
Net realized gain (loss) from investment transactions		2,386			19,712			(6,980	)		654
Net increase in net assets resulting from operations		1,949,177			1,769,376			4,502,331			5,333,074
Distributions to shareholders:
From net investment income:
Class I Shares		(1,430,118	)		(1,302,341	)		(4,476,450	)		(5,305,155	)
Select Shares		—			—			(8,893	)		(7,167	)
Preferred Shares		—			—			(172	)		(151	)
Capital Shares		—			—			(6	)		(105	)
Administration Shares		(510,016	)		(439,885	)		(11,302	)		(13,462	)
Premier Shares		—			—			(4	)		(4	)
Service Shares		(194	)		(182	)		(1,676	)		(3,876	)
Resource Shares		(155	)		(110	)		(3,999	)		(803	)
Cash Management Shares		(1,644	)		(131	)		(21	)		(4	)
Class A Shares		(4,576	)		(6,996	)		(6,785	)		(1,689	)
Class C Shares		(88	)		(19	)		(3	)		(4	)
From net realized gains:
Class I Shares		(2,071	)		(14,540	)		(574	)		(567,168	)
Select Shares		—			—			(2	)		(1	)
Preferred Shares		—			—			—			(12	)
Capital Shares		—			—			—			(1	)
Administration Shares		(979	)		(4,239	)		(2	)		(2,773	)
Premier Shares		—			—			—			(1	)
Service Shares		(1	)		(5	)		(1	)		(560	)
Resource Shares		(1	)		(5	)		(2	)		(3,473	)
Cash Management Shares		(1	)		(6	)		—			(10	)
Class A Shares		(6	)		(87	)		(1	)		(388	)
Class C Shares		(1	)		(5	)		—			(5	)
Total distributions to shareholders		(1,949,851	)		(1,768,551	)		(4,509,893	)		(5,906,812	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		239,036,524			638,143,101			874,400,896			1,278,168,435
Reinvestment of distributions		1,180,182			847,042			666,946			679,285
Cost of shares redeemed		(202,724,161	)		(332,357,615	)		(695,073,590	)		(1,805,926,440	)
Net increase (decrease) in net assets resulting from share transactions		37,492,545			306,632,528			179,994,252			(527,078,720	)
NET INCREASE (DECREASE)		37,491,871			306,633,353			179,986,690			(527,652,458	)
Net assets:
Beginning of period		317,612,056			10,978,703			938,619,039			1,466,271,497
End of period	$	355,103,927		$	317,612,056		$	1,118,605,729		$	938,619,039
Undistributed (distributions in excess of) net investment income	$	13,291		$	13,291		$	(29	)	$	(29	)

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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Class I Shares	$	1.00	$	0.006		$	—	(d)	$	0.006		$	(0.006	)	$	—	(d)	$	(0.006	)
2018 - Administration Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Service Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Resource Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Cash Management Shares		1.00		0.003			(0.001	)		0.002			(0.002	)		—	(d)		(0.002	)
2018 - Class A Shares		1.00		0.005			—	(d)		0.005			(0.005	)		—	(d)		(0.005	)
2018 - Class C Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
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		0.64	%	$	251,649		0.18	%(e)		0.33	%(e)		1.29	%(e)
	1.00		0.51			100,066		0.43	(e)		0.58	(e)		1.03	(e)
	1.00		0.39			50		0.68	(e)		0.83	(e)		0.78	(e)
	1.00		0.31			50		0.83	(e)		0.98	(e)		0.62	(e)
	1.00		0.24			1,121		0.98	(e)		1.13	(e)		0.58	(e)
	1.00		0.51			2,104		0.43	(e)		0.58	(e)		1.07	(e)
	1.00		0.14			64		1.18	(e)		1.33	(e)		0.28	(e)
	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 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Class I Shares	$	1.00	$	0.004		$	—	(d)	$	0.004		$	(0.004	)	$	—	(d)	$	(0.004	)
2018 - Select Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Preferred Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Capital Shares		1.00		0.006			—	(d)		0.006			(0.006	)		—	(d)		(0.006	)
2018 - Administration Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Premier Shares		1.00		0.004			—	(d)		0.004			(0.004	)		—	(d)		(0.004	)
2018 - Service Shares		1.00		0.002			—	(d)		0.002			(0.002	)		—	(d)		(0.002	)
2018 - Resource Shares		1.00		0.001			—	(d)		0.001			(0.001	)		—	(d)		(0.001	)
2018 - Cash Management Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
2018 - Class A Shares		1.00		0.003			—	(d)		0.003			(0.003	)		—	(d)		(0.003	)
2018 - Class C Shares		1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
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 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		0.43	%	$	1,103,872		0.18	%(e)		0.24	%(e)		0.87	%(e)
	1.00		0.42			2,890		0.21	(e)		0.27	(e)		0.86	(e)
	1.00		0.38			46		0.28	(e)		0.34	(e)		0.77	(e)
	1.00		0.36			1		0.18	(e)		0.39	(e)		1.16	(e)
	1.00		0.31			3,547		0.43	(e)		0.49	(e)		0.63	(e)
	1.00		0.26			1		0.54	(e)		0.59	(e)		0.80	(e)
	1.00		0.18			927		0.68	(e)		0.74	(e)		0.37	(e)
	1.00		0.11			4,140		0.83	(e)		0.89	(e)		0.22	(e)
	1.00		0.05			52		0.95	(e)		1.04	(e)		0.09	(e)
	1.00		0.31			3,121		0.43	(e)		0.49	(e)		0.69	(e)
	1.00		0.02			9		0.97	(e)		1.24	(e)		0.07	(e)
	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

February 28, 2018 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-Diversified
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 (“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 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.

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. A Fund may defer or accelerate the timing of the distributions of short-term capital gains (or any portion thereof).

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.  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.

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

29

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 February 28, 2018, 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.

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.

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.

30

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 six months ended February 28, 2018, 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, 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 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(b)			Preferred Shares(b)			Capital Shares(b)			Administration Shares			Premier Shares(b)			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Management Fee(a)		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
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	(c)		0.15	(d)		0.30	(d)		0.25			0.75	(d)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

N/A—Fees not applicable to respective share class

(a) Prior to February 21, 2018, the contractual management fee rate for each of the Funds was 0.205% of the Fund’s average daily net assets.

(b) Tax-Exempt Money Market Fund only.

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

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

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased. Prior to February 21, 2018, GSAM contractually agreed to not impose a portion of the management fee equal annually to 0.045% of each Fund’s average daily net assets. During the six months ended February 28, 2018, GSAM and Goldman Sachs (as applicable) 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 six months ended February 28, 2018, 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			Custody Fee Reduction			Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	70	$	—		$	—	*	$	177	$	247
Investor Tax-Exempt Money Market		224		—	*		2			93		319

* Amount less than one thousand.

For the six months ended February 28, 2018, the net effective management fee rate for each of the Funds was 0.16%.

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 six months ended February 28, 2018, 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	$	—	$	11,050,468	$	—
Investor Tax-Exempt Money Market		70,933,097		—		—

As of February 28, 2018, The Goldman Sachs Group, 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	%		—	%		—	%		79	%
Investor Tax-Exempt Money Market		—			—	%		—	%		100	%		—			100	%		—			—			—			—			100	%

I.  Line of Credit Facility — As of February 28, 2018, 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

32

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2018, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2017, the Funds’ certain timing differences on a tax basis were as follows:

	Investor Money Market			Investor Tax-Exempt Money Market
Timing differences (Distribution Payable)	$	(121,563	)	$	(435,065	)

At February 28, 2018, 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.

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.

33

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

6. OTHER RISKS (continued)

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.

9. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

Share activity is as follows:

	Investor Money Market Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
Class I Shares
Shares sold		225,786,606			498,952,302
Reinvestment of distributions		672,328			408,136
Shares redeemed		(191,251,839	)		(293,596,890	)
		35,207,095			205,763,548
Administration Shares
Shares sold		8,697,903			133,622,121
Reinvestment of distributions		501,207			431,344
Shares redeemed		(9,484,021	)		(33,753,107	)
		(284,911	)		100,300,358
Service Shares
Shares sold		—			—
Reinvestment of distributions		194			195
Shares redeemed		—			—
		194			195
Resource Shares
Shares sold		—			—
Reinvestment of distributions		157			128
Shares redeemed		—			—
		157			128
Cash Management Shares
Shares sold		1,476,332			389,929
Reinvestment of distributions		1,645			124
Shares redeemed		(448,659	)		(348,708	)
		1,029,318			41,345
Class A Shares
Shares sold		3,075,683			5,154,530
Reinvestment of distributions		4,563			7,081
Shares redeemed		(1,539,632	)		(4,648,247	)
		1,540,614			513,364
Class C Shares
Shares sold		—			24,219
Reinvestment of distributions		88			34
Shares redeemed		(10	)		(10,663	)
		78			13,590
NET INCREASE IN SHARES		37,492,545			306,632,528

35

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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

Share activity is as follows:

	Investor Tax-Exempt Money Market Fund
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
Class I Shares
Shares sold		851,038,948			1,225,526,857
Reinvestment of distributions		646,328			662,201
Shares redeemed		(672,132,452	)		(1,688,955,547	)
		179,552,824			(462,766,489	)
Select Shares
Shares sold		3,930,411			20,001,000
Reinvestment of distributions		8,894			7,166
Shares redeemed		(6,450,376	)		(14,607,772	)
		(2,511,071	)		5,400,394
Preferred Shares
Shares sold		9,701			21,815
Reinvestment of distributions		5			8
Shares redeemed		(990	)		(30,953	)
		8,716			(9,130	)
Capital Shares
Shares sold		—			1,000
Reinvestment of distributions		4			4
Shares redeemed		—			(885,172	)
		4			(884,168	)
Administration Shares
Shares sold		5,535,164			12,585,227
Reinvestment of distributions		232			2,624
Shares redeemed		(5,563,047	)		(22,049,174	)
		(27,651	)		(9,461,323	)
Premier Shares
Shares sold		—			—
Reinvestment of distributions		2			3
Shares redeemed		—			—
		2			3
Service Shares
Shares sold		136,268			5,380,517
Reinvestment of distributions		939			963
Shares redeemed		(51,066	)		(62,689,231	)
		86,141			(57,307,751	)
Resource Shares
Shares sold		8,270,731			13,759,611
Reinvestment of distributions		3,719			4,221
Shares redeemed		(7,865,391	)		(16,499,097	)
		409,059			(2,735,265	)
Cash Management Shares
Shares sold		140,283			225,518
Reinvestment of distributions		21			12
Shares redeemed		(142,388	)		(172,241	)
		(2,084	)		53,289
Class A Shares
Shares sold		5,339,390			666,890
Reinvestment of distributions		6,800			2,078
Shares redeemed		(2,867,880	)		(36,243	)
		2,478,310			632,725
Class C Shares
Shares sold		—			—
Reinvestment of distributions		2			5
Shares redeemed		—			(1,010	)
		2			(1,005	)
NET INCREASE (DECREASE) IN SHARES		179,994,252			(527,078,720	)

36

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended February 28,  2018 (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 September 1, 2017 through February 28, 2018, which represents a period of 181 days in a 365-day year.

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

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

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

	Investor Money Market Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class I Shares
Actual	$	1,000.00	$	1,006.36		$	0.90
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Administration Shares
Actual		1,000.00		1,005.12			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Service Shares
Actual		1,000.00		1,003.87			3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.42	+		3.41
Resource Shares
Actual		1,000.00		1,003.12			4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.68	+		4.16
Cash Management Shares
Actual		1,000.00		1,002.38			4.87
Hypothetical (5% return before expenses)		1,000.00		1,019.93	+		4.91
Class A Shares
Actual		1,000.00		1,005.12			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Class C Shares
Actual		1,000.00		1,001.39			5.86
Hypothetical (5% return before expenses)		1,000.00		1,018.94	+		5.91

37

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended February 28, 2018 (Unaudited)  (continued)

	Investor Tax-Exempt Money Market Fund
Share Class	Beginning Account Value 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Class I Shares
Actual	$	1,000.00	$	1,004.30		$	0.89
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Select Shares
Actual		1,000.00		1,004.16			1.04
Hypothetical (5% return before expenses)		1,000.00		1,023.75	+		1.05
Preferred Shares
Actual		1,000.00		1,003.81			1.39
Hypothetical (5% return before expenses)		1,000.00		1,023.41	+		1.40
Capital Shares
Actual		1,000.00		1,003.56			0.89
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Administration Shares
Actual		1,000.00		1,003.06			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Premier Shares
Actual		1,000.00		1,002.56			2.68
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		2.71
Service Shares
Actual		1,000.00		1,001.82			3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.42	+		3.41
Resource Shares
Actual		1,000.00		1,001.07			4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.68	+		4.16
Cash Management Shares
Actual		1,000.00		1,000.49			4.71
Hypothetical (5% return before expenses)		1,000.00		1,020.08	+		4.76
Class A Shares
Actual		1,000.00		1,003.06			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Class C Shares
Actual		1,000.00		1,000.21			4.81
Hypothetical (5% return before expenses)		1,000.00		1,019.98	+		4.86

* 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 February 28, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

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			0.68	%		0.83	%		0.98	%		0.43	%		1.18	%
Investor Tax-Exempt Money Market		0.18			0.21	%		0.28	%		0.18	%		0.43			0.54	%		0.68			0.83			0.95			0.43			0.97

38

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰ Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹ 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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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 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.

Each 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 Funds’ 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 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 February 28, 2018 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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 & Co. LLC by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2018 Goldman Sachs. All rights reserved. 126218-OTU-744849 IMMITEMMSAR-18/2.3k

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	Strategic Factor Allocation Fund

Goldman Sachs Strategic Factor Allocation Fund

TABLE OF CONTENTS
Portfolio Management Discussions and Performance Summary	1
Index Definition	6
Schedule of Investments	7
Financial Statements	9
Financial Highlights	12
Notes to the Financial Statements	14
Other Information	23

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 six-month period ended February 28, 2018 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Institutional Shares generated a cumulative total return of 0.23%. This compares to the 4.22% cumulative total return of the Portfolio’s blended benchmark, the Strategic Factor Allocation Composite Index (the “Index”), which is composed 50% of the S&P 500^® Index and 50% of the Bloomberg Barclays U.S. Aggregate Bond Index, during the same period. The components of the Portfolio’s blended benchmark, the S&P 500^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, generated cumulative total returns of 10.84% and -2.18%, respectively, during the Reporting Period.

During the period since their inception on December 29, 2017 through February 28, 2018, the Portfolio’s Class R6 Shares generated a cumulative total return, without sales charges, of -3.42% compared to the -0.08% cumulative total return of the Index. The components of the Portfolio’s blended benchmark, the S&P 500^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, generated cumulative total returns of 1.83% and -2.09%, respectively, during the same period.

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

A During the Reporting Period, global economic growth indicators, shifting expectations about central bank policy, rising corporate earnings and a general lack of negative financial headlines influenced the financial markets and the Portfolio. U.S. stocks posted double-digit gains, while the fixed income markets recorded negative returns.

When the Reporting Period began in September 2017, U.S. stocks advanced. Economic activity and labor market data showed consistent strength, with the reversal in August of five consecutive downside inflation surprises, the unemployment rate down to 4.2% in September and the Gross Domestic Product (“GDP”) growing at an annualized rate above 3% during the third calendar quarter. Progress on tax reform and strong economic activity data was supportive of U.S. equities during October and November 2017. While December 2017 payroll data undershot consensus expectations, November 2017 data was revised such that the U.S. unemployment rate stood at a 17-year low of 4.1% and average hourly earnings ticked up. In December, the Federal Reserve (“Fed”) delivered the third interest rate hike of 2017, having previously raised rates in March and June, and maintained its projections for three hikes in 2018. U.S. equities gained additional momentum toward the end of the calendar year from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%. The fourth quarter of 2017 marked the ninth consecutive quarter of positive returns for the S&P 500^® Index, its strongest quarterly advance in four years.

U.S. equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion U.S. tax reform plan and robust corporate earnings across the U.S., Europe and Japan. Fourth quarter 2017 U.S. GDP came in below the growth rates recorded in the second and third calendar quarters but was still at a respectable annualized rate of 2.5%. The labor market also continued to highlight the tightening of slack in the economy during January 2018. U.S. corporate earnings showed strong revenue and earnings growth relative to historical data. Companies were beginning to provide discrete guidance on tax rates, and 2018 earnings forecasts were being upgraded as a result. The S&P 500^® Index saw 14 closing highs in the month of January 2018.

In February 2018, U.S. equities sold off on market speculation about a faster pace of Fed interest rate hikes,

1

PORTFOLIO RESULTS

which led to a sharp rise in yields and volatility. Robust labor market data sparked the initial “risk-off” sentiment, or reduced risk appetite, as nonfarm payroll employment increased by 200,000 in January 2018. Meanwhile, the unemployment rate remained steady at 4.1%, and average hourly earnings rose 0.34% month over month. Concerns about Fed monetary policy tightening were further exacerbated by solid U.S. inflation data. New Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed policy meeting, surprised the markets with its hawkish tilt. (A hawkish tilt suggests higher interest rates; opposite of dovish.) Renewed concerns about the increasingly hostile exchanges between North Korea and the White House further fueled volatility. On February 5, 2018, the CBOE Volatility Index^® (“VIX^®”), a measure of volatility in the U.S. equity market, recorded its largest ever one day increase. Though the S&P 500^® Index posted a negative return for February 2018, the U.S. equity markets rallied after February 8th and the VIX^® declined from a month high of 50.30 to end the Reporting Period at 19.85.

As for the fixed income markets, government bond sectors sold off and spread (or non-government bond) sectors generally advanced during September 2017. The Fed kept its monetary policy unchanged but unveiled its plans for balance sheet normalization, set to begin in October 2017. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) This prompted some hawkish market reaction, with yields on U.S. government bonds rising, though the move had been largely anticipated given earlier signaling by policymakers. The central banks of other developed countries also set the stage for less accommodative monetary policy. The Bank of England (“BoE”) noted “a majority” of its policymakers were in favor of tightening policy “over the coming months,” while the Bank of Canada (“BoC”) surprised the markets with its second interest rate hike of 2017.

During the fourth calendar quarter, spread sector performance was broadly positive, supported by ongoing strength in the global macro environment and contained market, macro and political volatility. Passage of U.S. tax legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. In October 2017, the European Central Bank (“ECB”) announced it would reduce its monthly asset purchases from €60 billion to €30 billion for nine months beginning in January 2018, mainly by purchasing fewer sovereign government bonds. The ECB also said its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” During the same month, the BoE reversed an emergency interest rate cut, made in August 2016 following the Brexit referendum, and signaled that future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s eventual departure from the European Union. As mentioned previously, the Fed raised short-term interest rates at its December policy meeting. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, indicated that three rate increases were on tap for 2018 and potentially two more in 2019.

Ongoing momentum in global economic growth and accommodative financial conditions supported spread sectors in January 2018, though a pickup in interest rate volatility near month end and into February tempered performance. The Fed and ECB kept their respective monetary policies unchanged, while the BoC delivered another interest rate hike. Fed policymakers noted they expect “further” gradual adjustments in monetary policy, suggesting there might be scope for upward revisions to their median projections for three rate hikes in 2018.

The equity market volatility at the start of February 2018 upset long-standing correlations between asset classes and among currencies. In this environment, spread sectors turned in mixed results. After Jerome Powell noted an improvement in the outlook for the U.S. economy since the Fed’s December 2017 policy meeting, U.S. Treasury yields rose, as the markets anticipated a shift in the Fed’s dot plot at its March 2018 meeting.

In the currency markets, the U.S. dollar weakened versus many developed markets currencies during September 2017 and the fourth calendar quarter. In particular, market expectations for a BoE rate hike in November 2017, along with a constructive tone for Brexit negotiations, drove the British pound higher versus the U.S. dollar. In January 2018, the U.S. dollar weakened further against most developed markets currencies despite higher U.S. interest rates. However, in February 2018, the U.S. dollar strengthened relative to most major currencies, except the Japanese yen.

What were the primary contributors to and detractors from the Portfolio’s performance during the Reporting Period?

The Portfolio seeks to achieve its investment objective through the implementation of the Goldman Sachs Strategic

2

PORTFOLIO RESULTS

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 added marginally to the Portfolio’s absolute performance. The Equity factor contributed positively to returns, while the Term, Volatility and Flow factors detracted from results.

In terms of underlying asset classes and instruments, the Portfolio’s allocation to U.S. fixed income hurt performance. Allocations to U.S. equities and listed U.S. equity index options bolstered returns. The Portfolio’s allocations to developed markets currencies, accomplished through forward foreign currency exchange contracts, generated mixed results. More specifically, the Portfolio benefited from its positions in the British pound, Australian dollar and Japanese yen. It was hurt by its positions in the Canadian dollar and Swiss franc. The impact of the Portfolio’s positions in the euro and New Zealand dollar did not have a meaningful impact on performance during the Reporting Period.

Q How was the Portfolio positioned at the beginning of the Reporting Period?

A In terms of its Strategic Allocation at the start of the Reporting Period, the Portfolio maintained 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, British pound and Japanese yen. It held short positions versus the U.S. dollar in the Swiss franc, euro and New Zealand dollar. The Portfolio did not hold a position versus the U.S. dollar in the Australian dollar at the beginning of the Reporting Period.

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, which also detracted from performance. In addition, the Portfolio utilized forward foreign currency exchange contracts to take long and short positions in select developed markets currencies. Forward foreign currency exchange contracts had a slightly positive 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, Term, Flow and Volatility factors.

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 Swiss franc, British pound and Japanese yen. It held short positions versus the U.S. dollar in the New Zealand dollar and Australian dollar. The Portfolio did not hold positions versus the U.S. dollar in the Canadian dollar or euro at the end of the Reporting Period.

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.

3

PORTFOLIO BASICS

Strategic Factor Allocation Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Portfolio Total Return (based on NAV)1			Strategic Factor Allocation Composite Index2			S&P 500® Index3			Bloomberg Barclays U.S. Aggregate Bond Index4
Institutional		0.23	%		4.22	%		10.84	%		-2.18	%
December 29, 2017–February 28, 2018
Class R6		-3.42	%		-0.08	%		1.83	%		-2.09	%

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 12/31/17	One Year			Since Inception			Inception Date
Institutional		11.09	%		8.95	%		5/31/16
Class R6		N/A			0.00			12/29/17

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

4

PORTFOLIO BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.88	%		0.98	%
Class R6		0.87			0.97

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 29, 2018, and prior to such date Goldman Sachs Asset Management, L.P., the Portfolio’s investment adviser, may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

HOLDINGS AS OF 2/28/187
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square		68.4	%	Investment Companies
SPDR S&P 500 ETF Trust		25.1		Exchange Traded Funds

⁷  The 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.

5

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION

Index Definitions

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.

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

6

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Exchange Traded Fund – 25.1%
	2,243,700	SPDR S&P 500 ETF Trust	$	609,501,105
	(Cost $614,182,237)

Shares		Distribution Rate	Value
Investment Company(a) – 68.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,662,257,238	1.262%	$	1,662,257,238
	(Cost $1,662,257,238)
	TOTAL INVESTMENTS – 93.5%
	(Cost $2,276,439,475)		$	2,271,758,343
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.5%			156,881,743
	NET ASSETS – 100.0%		$	2,428,640,086

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.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
NZD	—New Zealand Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, 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
MS & Co. Int. PLC	USD	159,089,731	AUD	202,490,000	$	157,277,271		03/23/18	$	1,812,461
	USD	39,119,182	CAD	50,090,000		39,053,604		03/23/18		65,578
	USD	79,965,169	EUR	65,400,000		79,937,252		03/23/18		27,917
	USD	81,450,621	NZD	110,770,000		79,869,548		03/23/18		1,581,073
TOTAL									$	3,487,029

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	CAD	50,090,000	USD	39,412,155		39,053,604		03/23/18		(358,551	)
	CHF	36,520,000	USD	38,799,386		38,755,251		03/23/18		(44,135	)
	EUR	65,400,000	USD	80,764,658		79,937,252		03/23/18		(827,406	)
	GBP	28,010,000	USD	38,659,724		38,605,116		03/23/18		(54,609	)
	JPY	4,179,050,000	USD	39,249,531		39,235,027		03/23/18		(14,504	)
TOTAL									$	(1,299,205	)

FUTURES CONTRACTS — At February 28, 2018, the Portfolio had the following futures contracts:

Type	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
20 Year U.S. Treasury Bonds	8,720	06/20/18	$	1,250,775,000	$	2,656,000

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At February 28, 2018, the Portfolio had the following written and purchased options:

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	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		2,545.00		03/16/18		(1,986	)	$	(198,600	)	$	(1,410,060	)	$	(4,026,336	)	$	2,616,276
S&P 500 Index		2,605.00		04/20/18		(3,745	)		(374,500	)		(11,010,300	)		(9,868,075	)		(1,142,225	)
S&P 500 Index		2,585.00		04/20/18		(1,992	)		(199,200	)		(3,824,640	)		(5,908,198	)		2,083,558
TOTAL						(7,723	)	$	(772,300	)	$	(16,245,000	)	$	(19,802,609	)	$	3,557,609

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Assets and Liabilities

February 28, 2018 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $614,182,237)	$	609,501,105
Investments of affiliated issuers, at value (cost $1,662,257,238)		1,662,257,238
Cash		71,489,372
Unrealized gain on forward foreign currency exchange contracts		3,487,029
Variation margin on futures contracts		3,436,145
Receivables:
Collateral on certain derivative contracts(a)		276,877,970
Investments sold		9,868,075
Portfolio shares sold		3,696,883
Dividends and interest		1,612,165
Other assets		37,560
Total assets		2,642,263,542
Liabilities:
Due to custodian		597,594
Unrealized loss on forward foreign currency exchange contracts		1,299,205
Written option contracts, at value (premium received $19,802,609)		16,245,000
Payables:
Investments purchased		184,194,668
Portfolio shares redeemed		10,034,736
Management fees		1,146,706
Transfer Agency fees		73,288
Accrued expenses		32,259
Total liabilities		213,623,456
Net Assets:
Paid-in capital		2,431,741,215
Undistributed net investment income		2,268,124
Accumulated net realized loss		(9,089,554	)
Net unrealized gain		3,720,301
NET ASSETS	$	2,428,640,086
Net Assets:
Institutional		2,428,630,421
Class R6(b)		9,665
Total Net Assets	$	2,428,640,086
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		226,299,441
Class R6(b)		901
Net asset value, offering and redemption price per share:
Institutional		$10.73
Class R6(b)		10.73

(a) Includes amounts segregated for initial margin requirements and/or collateral on futures, options and forward foreign currency exchange contract transactions of $23,980,000, $246,317,970 and $6,580,000, respectively.

(b) Class R6 Shares commenced operations on December 29, 2017.

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

Investment income:
Dividends — unaffiliated issuers	$	4,296,780
Dividends — affiliated issuers		6,290,095
Total investment income		10,586,875
Expenses:
Management fees		7,323,281
Transfer Agency fees(a)		393,099
Custody, accounting and administrative services		72,335
Professional fees		51,660
Printing and mailing costs		21,362
Registration fees		18,031
Trustee fees		9,813
Prime Broker Fees		10,006
Other		11,705
Total expenses		7,911,292
Less — expense reductions		(927,213	)
Net expenses		6,984,079
NET INVESTMENT INCOME		3,602,796
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		47,102,878
Futures contracts		(66,464,861	)
Written options		23,201,465
Forward foreign currency exchange contracts		867,880
Foreign currency transactions		(938,039	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(28,939,433	)
Futures contracts		437,766
Written options		2,802,105
Forward foreign currency exchange contracts		3,059,009
Net realized and unrealized loss		(18,871,230	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,268,434	)
(a) Class specific Transfer Agency fees were as follows:
Institutional		393,098
Class R6(b)		1
(b) Class R6 Shares commenced operations on December 29, 2017.

10 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 Six Months Ended February 28, 2018 (Unaudited)			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	3,602,796		$	107,199
Net realized gain		3,769,323			35,112,824
Net change in unrealized gain (loss)		(22,640,553	)		24,412,499
Net decrease (increase) in net assets resulting from operations		(15,268,434	)		59,632,522
Distributions to shareholders:
Institutional Shares
From net investment income		(2,205,857	)		(120,094	)
From net realized gains		(45,152,819	)		(4,375,157	)
Total distributions to shareholders		(47,358,676	)		(4,495,251	)
From share transactions:
Proceeds from sales of shares		1,154,374,598			1,117,562,980
Reinvestment of distributions		47,358,676			4,495,251
Cost of shares redeemed		(169,699,715	)		(56,553,609	)
Net decrease in net assets resulting from share transactions		1,032,033,559			1,065,504,622
TOTAL INCREASE		969,406,449			1,120,641,893
Net assets:
Beginning of period		1,459,233,637			338,591,744
End of period	$	2,428,640,086		$	1,459,233,637
Undistributed net investment income	$	2,268,124		$	871,185

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income(loss) from Investment Operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional	$	10.96	$	0.02		$	0.01		$	0.03		$	(0.01	)	$	(0.25	)	$	(0.26	)
2018 - Class R6 (Commenced December 29, 2017)		11.10		—	(e)		(0.37	)		(0.37	)		—			—			—
2017 - Institutional		10.34		—	(e)		0.70			0.70			—	(e)		(0.08	)		(0.08	)
2016 - Institutional (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) Annualized.

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

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	10.73		0.23	%	$	2,428,630		0.71	%(d)		0.81	%(d)		0.37	%(d)		351	%
	10.73		(3.42	)		10		0.69	(d)		0.79	(d)		0.06	(d)		351
	10.96		6.88			1,459,234		0.74			0.84			0.01			589
	10.34		3.40			338,592		0.87	(d)		1.07	(d)		(0.51	)(d)		86

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”) is a non-diversified portfolio and currently offers two classes of shares — Institutional Shares and Class R6 Shares. Class R6 Shares commenced operations on December 29, 2017. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“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.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio 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 Transfer Agency fees.

D.  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.

E.  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 translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

14

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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 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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share 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

15

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

16

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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 February 28, 2018:

Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Fund	$	609,501,105		$	—		$	—
Investment Company		1,662,257,238			—			—
Total	$	2,271,758,343		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	3,487,029		$	—
Futures Contracts		2,656,000			—			—
Total	$	2,656,000		$	3,487,029		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,299,205	)	$	—
Written Options		(16,245,000	)		—			—
Total	$	(16,245,000	)	$	(1,299,205	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of February 28, 2018. 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 futures contracts	$	2,656,000	(a)	—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,487,029		Payable for unrealized loss on forward foreign currency exchange contracts		(1,299,205)
Equity	—		—		Written options, at value		(16,245,000)
Total		$	6,143,029			$	(17,544,205)

(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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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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 six months ended February 28, 2018. 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/Net change in unrealized gain (loss) on futures contracts	$	(66,464,861	)	$	437,766		5,893
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		867,880			3,059,009		13
Equity	Net realized gain (loss) from written options contracts/change in unrealized gain (loss) from written options contracts		23,201,465			2,802,105		3
Total		$	(42,395,516	)	$	6,298,880		5,909

(a) Average number of contracts is based on the average of month end balances for the period ended February 28, 2018.

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 six months ended February 28, 2018, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate										Effective Net Management Rate*^
First $2 Billion		Next $3 Billion		Next $3 Billion		Over $8 Billion		Effective Rate
	0.75%		0.68%		0.64%		0.62%		0.75%		0.65%

* GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Portfolio invests through at least December 29, 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.

The Portfolio invests 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 Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund 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 six months ended February 28, 2018, GSAM waived $927,213 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: of 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class R6 Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired (underlying) 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 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 December 29, 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.

D.  Line of Credit Facility — As of February 28, 2018, 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 six months ended February 28, 2018, the Portfolio did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — For the six months ended February 28, 2018, 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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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2018 The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of Class R6 Shares of the Portfolio.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2018:

Affiliated Investment Company	Beginning Value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2018		Shares as of February 28, 2018		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	762,872,567	$	3,495,842,630	$	(2,596,457,959	)	$	1,662,257,238	$	1,662,257,238	$	6,290,095

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were $ 2,824,744,690, and $ 2,667,108,190, respectively.

7. TAX INFORMATION

As of the Portfolio’s most recent fiscal year ended August 31, 2017, the Portfolio had no capital loss carryforwards nor certain timing differences on a tax basis.

As of February 28, 2018, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	2,283,021,760
Gross unrealized gain		—
Gross unrealized loss		(11,263,417	)
Net unrealized gains (losses)	$	(11,263,417	)

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.

GSAM has reviewed the Portfolio’s tax positions for all open tax years (the current and prior two 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.

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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

8. OTHER RISKS (continued)

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.

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 Risk — 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.

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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

8. OTHER RISKS (continued)

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.

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 Six Months Ended February 28, 2018 (Unaudited)						For the Fiscal Year Ended August 31, 2017
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		104,367,517			1,154,364,598			105,328,746			1,117,562,980
Reinvestment of distributions		4,267,627			47,358,676			439,814			4,495,251
Shares redeemed		(15,495,921	)		(169,699,715	)		(5,361,153	)		(56,553,609	)
		93,139,223			1,032,023,559			100,407,407			1,065,504,622
Class R6 Shares(a)
Shares sold		901			10,000			—			—
NET INCREASE		93,140,124		$	1,032,033,559			100,407,407		$	1,065,504,622

(a) Class R6 Shares commenced operations on December 29, 2017.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Portfolio Expenses — Period Ended February 28, 2018  (Unaudited)

As a shareholder of Institutional Shares and Class R6 Shares of the Portfolio, you incur two types of costs: 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 Institutional and Class R6 Shares of 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 September 1, 2017 through February 28, 2018, which represents a period of 181 days in a 365-day year (58 days for Class R6 Shares).

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 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional
Actual		1,000.00		1,002.30			3.52
Hypothetical 5% return		1,000.00		1,021.27	+		3.56
Class R6(a)
Actual		1,000.00		965.80			1.08
Hypothetical 5% return		1,000.00		1,006.85	+		1.10

(*) 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 for each Class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2018. 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 is as follows: 0.71% for Institutional Share and 0.69% for Class R6 Shares.

(a) Class R6 Shares commenced December 29, 2017.

23

PORTFOLIO 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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ 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 Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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.

Portfolio holdings and allocations shown are as of February 28, 2018 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

THIS MATERIAL IS 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.

© 2018 Goldman Sachs. All rights reserved. 126328-OTU-745085/STRATFACALSAR-18/811

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	Tactical Exposure Fund

Goldman Sachs Tactical Exposure Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Schedule of Investments	6
Financial Statements	11
Financial Highlights	14
Notes to the Financial Statements	16
Other Information	28

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Tactical Exposure Fund

Investment Objective and Principal Strategy

The Fund seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Group discusses the Goldman Sachs Tactical Exposure Fund’s (the “Fund”) performance and positioning for the period since its inception on September 6, 2017 through February 28, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Institutional and Class R6 Shares generated cumulative total returns, without sales charges, of 0.19% and 0.09%. This return compares to the 0.58% cumulative total return of the Fund’s benchmark, the ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

References to the Fund’s benchmark are for informational purposes only, and unless otherwise noted, are not indications of how the Fund is managed. The use of the Index as the Fund’s benchmark does not imply the Fund is being managed like cash and does not imply low risk or low volatility.

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

A During the Reporting Period, the Fund was influenced most by three economic and market factors. The first of these factors was the acceleration of global economic growth during the fourth quarter of 2017. Although global economic growth moderated after the beginning of 2018, it remained strong through the end of the Reporting Period. The second factor was a pickup in U.S. inflation starting in October 2017. The third factor was U.S. tax reform, which was passed by Congress in December 2017. The timing surprised the markets, as most observers had expected it to be enacted during the first quarter of 2018.

The ongoing global economic expansion supported strong corporate earnings growth during the Reporting Period. This, in turn, supported the performance of U.S. and other developed markets stock markets, despite investor concerns about potential trade protectionism. Regarding fixed income, global interest rates rose in anticipation of tighter monetary policies by central banks and a higher U.S. fiscal deficit than the markets previously expected. During the Reporting Period, central bank officials continued to signal the gradual removal of accommodative monetary policies based on their expectations for robust growth and diminishing slack in their respective economies. Among commodities, West Texas Intermediate (“WTI”) crude oil prices rallied approximately 25% during the Reporting Period overall, pushed higher by a drop in inventories as the Organization of the Petroleum Exporting Countries (“OPEC”) cut production. In addition, demand for crude oil was strong amid the global economic growth.

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

A The Fund 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, the Fund benefited from its tactical long position in global equities as well as from our preference for emerging markets equities over developed markets equities.

Within fixed income, the Fund’s tactical breakeven inflation position, in which the Fund held a long position in Treasury inflation protected securities and a short position in U.S. Treasury futures, added to returns, as inflation increased toward the end of the Reporting Period. (The breakeven inflation rate is the difference between the nominal yield on a fixed-rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality. If inflation averages more than the breakeven, the inflation-linked investment will outperform the fixed-rate. Conversely, if inflation averages below the breakeven, the fixed-rate will outperform the inflation-linked.)

The Fund was also helped during the Reporting Period by its long tactical position in equities versus its short tactical

1

PORTFOLIO RESULTS

position in fixed income, as global economic growth improved and U.S. inflation picked up.

Within commodities, the Fund was hampered by a short tactical position in crude oil, implemented through a short call spread strategy and long put options. (A call spread strategy involves purchasing call options at a specific strike price, while also selling the same number of calls of the same asset and expiration date but at a higher strike price. A call option is an option that gives the holder the right, but not the obligation, to buy an underlying asset at an agreed-upon price at any time up to an agreed-upon date. 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.) Crude oil prices rallied during the Reporting Period, as the balance between supply and demand tightened, largely because of production cuts by OPEC, supply disruptions in Venezuela and increases in geopolitical risk. At the same time, demand remained strong in line with global economic activity. In addition, during the Reporting Period, the Fund was hurt by a short tactical position in gold, as gold prices benefited from a weaker U.S. dollar.

Within currencies, a short tactical position in the South Korean won and a long tactical position in the Turkish lira detracted from the Fund’s returns. The South Korean won appreciated due to the strengthening global manufacturing cycle. The Turkish lira suffered as Turkey’s real interest rates became unattractive, in our view, because of rising inflation. Furthermore, the U.S.-Turkey relationship deteriorated during the fourth quarter of 2017 after locally employed staff at the U.S. consulate were detained over alleged links to an attempted coup in 2016.

Q How was the Fund positioned at the beginning of the Reporting Period?

A At the beginning of the Reporting Period, the Fund had approximately 46.74% of its total net assets in long equity-related investments; approximately 114.18% of its total net assets in long fixed income-related investments; approximately 2.50% of its total net assets in long commodity-related investments; and approximately 48.00% of its total net assets in long currency-related investments. It had short positions of approximately -43.34% of its total net assets in equity-related investments; approximately -101.31% of its total net assets in fixed income-related assets; approximately -2.51% of its total net assets in commodity-related investments; and approximately -48.00% of its total net assets in currency-related investments. These positions were accomplished through the use of exchange traded funds, equity futures, equity index options, interest rates futures, crude oil options and currency forwards.

Q How did you tactically manage the Fund’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 Fund’s tactical exposures. First, we increased the Fund’s position in equities. We believed that improving global economic growth would support corporate earnings, which should lead to higher equity returns, in our view. Second, we reduced the Fund’s exposure to interest rates by decreasing its tactical breakeven inflation position and increasing its long position in U.S.-dollar denominated emerging markets debt, as U.S. Treasury yields climbed during the Reporting Period. Although we believed yields would continue to rise, we took advantage of the opportunity to capture gains. Third, we shifted the Fund from a neutral position in crude oil to a short position in December 2017, as WTI crude oil prices inched toward the top end of our expected $40 to $60 price range. In our opinion, the increase in prices would be capped by growing U.S. shale production. Finally, we favored emerging markets currencies, mostly versus the Swiss franc and Japanese yen, throughout the Reporting Period.

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

A The Fund used derivatives and similar instruments as part of its investment strategy to express views implemented in the Fund. Positions were supported predominantly by cash held in the Fund specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced.

During the Reporting Period, the Fund employed foreign exchange currency forward contracts to express our currency views, which detracted from performance. The Fund benefited from the use of equity futures and equity index options to gain exposure to or express our bullish and/or bearish views about the equities of certain countries. Eurodollar futures, which were used to express our views on the pace of U.S. Federal Reserve interest rate hikes, contributed positively to performance. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. The Fund’s use of call and put options to express our views on crude oil prices had a negative impact on returns during the Reporting Period.

2

PORTFOLIO RESULTS

Q How was the Fund positioned at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had approximately 43.25% of its total net assets in long equity-related investments; approximately 113.85% of its total net assets in long fixed income-related investments; 0% of its total net assets in long commodity-related investments; and approximately 37.00% of its total net assets in long currency-related investments. It had short positions of approximately -22.59% of its total net assets in equity-related investments; approximately -101.75% of its total net assets in fixed income-related investments; and -37.00% of its total net assets in currency-related investments. These positions were accomplished through the use of exchange traded funds, equity futures, equity index options, interest rates futures, crude oil options and currency forwards.

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 expected the global economy to continue expanding, though at a more moderate pace in the near term than during 2017. Therefore, we think corporate earnings may continue to grow, supporting equity prices overall. In our view, global equities are likely to deliver positive returns during the 2018 calendar year.

Regarding fixed income, we think global yields will continue rising, driven by diminishing economic slack and higher inflation around the world. However, we believe intermediate-term yields will rise more slowly during the last 10 months of 2018 than they did during January and February.

Within the commodities markets, OPEC production cuts, Venezuelan supply outages and increased geopolitical risk caused oil prices to rally significantly during the Reporting Period. As a result, at the end of February 2018, crude oil prices were well above the cost of production for what we consider marginal producers. Longer term, we expect U.S. shale producers and other efficient producers to take advantage of this opportunity to ramp up production. In the short term, we believe crude oil prices will likely remain elevated, as Venezuelan production continues to decline and if, as we expect, OPEC extends supply cuts.

In terms of positioning, we favored equities over corporate credit and corporate credit over government bonds at the end of the Reporting Period. Within equities, we prefer emerging markets equities, as we expect emerging markets economic growth to accelerate further relative to developed markets economic growth. Additionally, emerging markets equities appeared undervalued relative to developed markets equities, in our opinion. Within fixed income, we are expressing our view that yields will likely rise through the Fund’s long U.S. breakeven inflation position and its short position in Eurodollar futures.

At the end of the Reporting Period, we saw three risks that might cause us to modify the Fund’s positioning. The first is an escalation in trade protectionism, though we believed trade tensions were contained at the end of the Reporting Period and unlikely to impact global economic growth. Should a trade war emerge, however, we may reduce the Fund’s equity exposure, especially its exposure to emerging markets equities. The second risk is that inflation increases at a faster pace than we anticipate. Higher inflation might lead us to reduce the Fund’s long equity positions and increase its short fixed income positions. The third risk is a slowdown in global economic growth, though this is not our base case. That said, we may reevaluate the Fund’s positioning in growth-sensitive assets, such as equities and emerging markets currencies, if weakness in macroeconomic data, seen in the closing months of the Reporting Period, extends into the second quarter of 2018.

3

PORTFOLIO BASICS

Tactical Exposure Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 6, 2017–February 28, 2018	Fund Total Return (based on NAV)1			ICE® BofAML® U.S.  Dollar Three-Month LIBOR Constant Maturity Index2
Institutional Shares		0.19	%		0.58	%
Class R6 Shares		0.09			0.58

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

²  The ICE^® BofAML^® 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 12/31/17	Since Inception			Inception Date
Institutional Shares		-0.82	%	9/6/17
Class R6 Shares		-0.82		9/6/17

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 and Class R6 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.

4

PORTFOLIO BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional Shares		0.95	%		1.23	%
Class R6 Shares		0.94			1.22

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 Consolidated 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 September 6, 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.

PORTFOLIO COMPOSITION5
As of February 28, 2018
Investment Companies	65.9	%
Exchange Traded Funds	24.8

⁵  Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected above in this table. 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 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 Consolidated Schedule of Investments.

TOP FIVE HOLDINGS AS OF 2/28/186,7
Holding	% of Net Assets			Line of Business
iShares TIPS Bond ETF		19.9	%	Exchange Traded Funds
Goldman Sachs Emerging Markets Debt Fund – Institutional Shares		14.9		Investment Companies
Health Care Select Sector SPDR Fund		2.7		Exchange Traded Funds
Goldman Sachs MLP Energy Infrastructure Fund – Institutional Shares		2.6		Investment Companies
iShares MSCI Brazil Capped ETF		2.1		Exchange Traded Funds

⁶  The top 5 holdings may not be representative of the Fund’s future investments.

⁷  The Fund’s overall top 5 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 48.5% of the Fund’s net assets as of 2/28/18.

5

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Schedule of Investments

February 28, 2018 (Unaudited)

Shares		Description	Value
Exchange Traded Funds – 24.8%
	84,343	Health Care Select Sector SPDR Fund	$	7,096,620
	117,553	iShares MSCI Brazil Capped ETF		5,346,311
	456,873	iShares TIPS Bond ETF		51,133,226
	TOTAL EXCHANGE TRADED FUNDS (Cost $64,125,015)		$	63,576,157
Shares			Value
Investment Companies(a) – 65.9%
	Goldman Sachs Emerging Markets Debt Fund – Institutional Shares
	3,016,707		$	38,191,515
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	124,547,584			124,547,584
	Goldman Sachs MLP Energy Infrastructure Fund – Institutional Shares
	969,815			6,652,931
	TOTAL INVESTMENT COMPANIES
	(Cost $171,022,020)		$	169,392,030
	TOTAL INVESTMENTS – 90.7%
	(Cost $235,147,035)		$	232,968,187
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 9.3%			23,874,451
	NET ASSETS – 100.0%		$	256,842,638

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

Currency Abbreviations:
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNY	—Chinese Yuan Renminbi
COP	—Colombian Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
NOK	—Norwegian Krone
PHP	—Philippine Peso
RUB	—Russian Ruble
SEK	—Swedish Krona
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
TIPS	—Treasury Inflation Protected Securities

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, the Fund 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
MS & Co.	BRL	1,460,000	USD	442,760	$	449,547		03/02/18	$	6,787
	BRL	25,180,000	USD	7,697,599		7,728,004		04/03/18		30,405
	CAD	120,000	USD	93,550		93,556		03/21/18		5
	CLP	9,005,000,000	USD	14,143,242		15,130,922		03/21/18		987,680
	CNY	48,950,000	USD	7,513,480		7,726,508		03/21/18		213,028
	COP	20,768,000,000	USD	6,874,545		7,243,554		03/21/18		369,009
	GBP	5,150,000	USD	6,949,997		7,097,229		03/21/18		147,232
	JPY	2,136,000,000	USD	19,687,484		20,052,162		03/22/18		364,679
	KRW	30,000,000	USD	27,515		27,665		03/21/18		150
	NOK	60,800,000	USD	7,609,397		7,704,520		03/21/18		95,124
	RUB	874,250,000	USD	15,033,174		15,488,173		03/21/18		454,997
	SEK	137,250,000	USD	16,395,730		16,590,167		03/21/18		194,437
	TRY	29,250,000	USD	7,556,322		7,644,103		03/21/18		87,781
	USD	8,130,749	CHF	7,620,000		8,084,690		03/21/18		46,059
MS & Co. Int. PLC	USD	8,066,555	EUR	6,540,000		7,992,292		03/21/18		74,263
	USD	30,672	INR	2,000,000		30,549		03/21/18		124
	USD	244,315	KRW	260,000,000		239,762		03/21/18		4,553
	USD	38,253	NOK	300,000		38,016		03/21/18		237
	USD	7,718,828	PHP	403,000,000		7,713,304		03/21/18		5,524
	USD	7,082,144	SEK	57,375,000		6,935,234		03/21/18		146,910
TOTAL									$	3,228,984

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	BRL	23,720,000	USD	7,394,706		7,303,598		03/02/18	$	(91,108	)
	CAD	9,610,000	USD	7,534,959		7,492,255		03/21/18		(42,704	)
	CHF	290,000	USD	309,944		307,685		03/21/18		(2,259	)
	HUF	1,950,000,000	USD	7,704,465		7,590,183		03/21/18		(114,282	)
	IDR	210,060,000,000	USD	15,406,044		15,215,723		03/21/18		(190,323	)
	INR	502,000,000	USD	7,727,297		7,667,761		03/21/18		(59,537	)
	KRW	120,000,000	USD	110,939		110,660		03/21/18		(279	)
	SEK	3,375,000	USD	417,470		407,955		03/21/18		(9,516	)
	TRY	120,000	USD	31,441		31,360		03/21/18		(80	)
	USD	7,722,505	BRL	25,180,000		7,753,145		03/02/18		(30,640	)
	USD	30,600	BRL	100,000		30,691		04/03/18		(91	)
	USD	14,563,871	CHF	14,300,000		15,172,057		03/21/18		(608,186	)
	USD	14,308,453	CLP	9,005,000,000		15,130,922		03/21/18		(822,469	)
	USD	6,874,545	COP	20,768,000,000		7,243,554		03/21/18		(369,009	)
	USD	14,514,075	EUR	12,220,000		14,933,608		03/21/18		(419,534	)
	USD	6,917,830	GBP	5,150,000		7,097,229		03/21/18		(179,399	)
	USD	33,943,766	JPY	3,789,000,000		35,570,057		03/22/18		(1,626,291	)
	USD	7,489,751	KRW	8,170,000,000		7,534,075		03/21/18		(44,324	)
	USD	25,012	RUB	1,500,000		26,574		03/21/18		(1,562	)
	USD	17,829,403	TWD	527,700,000		18,020,346		03/21/18		(190,942	)
TOTAL									$	(4,802,535	)

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At February 28, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds		250			03/15/18	$	24,814,167		$	(93,623	)
Euro Stoxx 50 Index		1,299			12/20/19		20,253,492			1,011,264
Eurodollars		1,800			06/18/18		439,762,500			(610,142	)
H-Shares Index		162			03/28/18		12,780,485			(218,807	)
Mini MSCI Emerging Market		335			03/16/18		19,815,250			476,821
Set 50 Index		1,384			03/29/18		10,626,686			626,844
STOXX 600 Banks Index		545			03/16/18		6,163,624			6,608
Topix Index		84			03/08/18		13,919,303			(738,123	)
5 Year German Euro-Bobl		312			03/08/18		60,689,251			(487,465	)
5 Year U.S Treasury Notes		1,184			06/29/18		134,892,750			135,183
Total									$	108,560
Short position contracts:
Amsterdam Exchanges Index		(8	)		03/16/18		(1,045,003	)		(23,445	)
CAC40 Index		(35	)		03/16/18		(2,271,213	)		(70,297	)
Canada 10 Year Government Bonds		(422	)		06/20/18		(43,304,988	)		(328,808	)
DAX Index		(5	)		03/16/18		(1,895,957	)		106,344
Eurodollars		(1,801	)		03/16/20		(437,327,825	)		2,210,986
FTSE 100 Index		(33	)		03/16/18		(3,282,850	)		118,885
FTSE/JSE Top 40 Index		(276	)		03/15/18		(12,009,320	)		100,934
FTSE/MIB Index		(2	)		03/16/18		(275,744	)		275
Hang Seng Index		(3	)		03/28/18		(589,044	)		5,148
Japan 10 Year Government Bonds		(29	)		03/13/18		(41,023,197	)		(144,836	)
MSCI Singapore Index		(16	)		03/28/18		(483,895	)		4,560
OMXS 30 Index		(46	)		03/16/18		(872,703	)		(37,208	)
SPI 200 Index		(93	)		03/15/18		(10,836,774	)		(18,862	)
S&P 500 E-Mini Index		(54	)		03/16/18		(7,328,880	)		242,138
Stoxx Europe 600 Index		(339	)		03/16/18		(7,835,274	)		317,606
The IBEX 35 Index		(5	)		03/16/18		(599,899	)		(3,974	)
Ultra Long U.S. Treasury Bonds		(180	)		06/20/18		(28,057,500	)		(432,118	)
10 Year U.S Treasury Notes		(896	)		06/20/18		(107,562,000	)		(224,411	)
Total									$	1,822,917
TOTAL									$	1,931,477

SWAP CONTRACTS — At February 28, 2018, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS ON COMMODITY INDICES^#

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date	Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
S&P GSCI 3M Forward Copper Index	0.000%	MS & Co.	06/29/18	$	7,730	$	—	$	—	$	—

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(a) Payments made quarterly

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN AND PURCHASED OPTIONS CONTRACTS — At February 28, 2018, the Fund had the following written and purchased options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
USO Index	Citibank NA	$	13.25		03/27/2018		3,526,448		$	3,526,448		$	297,096		$	352,645		$	(55,549	)
Puts
USO Index	Citibank NA		12.00		07/31/2018		1,444,417			1,444,417			904,348			710,653			193,695
XLP Index	CS International (London)		56.89		03/27/2018		85,114			85,114			313,991			102,137			211,854
							1,529,531					$	1,218,339		$	812,790		$	405,549
Total purchased option contracts							5,055,979					$	1,515,435		$	1,165,435		$	350,000
Written option contracts
Calls
USO Index	Citibank NA		12.25		03/27/2018		(3,526,448	)		(3,526,448	)		(1,414,067	)		(945,088	)		(468,979	)
XLP Index	CS International (London)		56.89		03/27/2018		(85,114	)		(85,114	)		(495	)		(92,451	)		91,956
							(3,611,562	)				$	(1,414,562	)	$	(1,037,539	)	$	(377,023	)
Puts
EEM Index	Citibank NA		45.88		03/05/2018		(271,497	)		(271,497	)		(7,769	)		(195,315	)		187,546
SPX Flex Indices	Citibank NA	$	2,648.94		03/05/2018		(68	)		(6,800	)		(20,098	)		(632,399	)		612,301
							(271,565	)				$	(27,867	)	$	(827,714	)	$	799,847
Total written option contracts							(3,883,127	)				$	(1,442,429	)	$	(1,865,253	)	$	422,824
TOTAL							1,172,852					$	73,006		$	(699,818	)	$	772,824

Abbreviations:
CS International (London)	—Credit Suisse International (London)
EEM Index	—iShares MSCI Emerging Markets Index ETF
MS & Co.	—Morgan Stanley & Co.
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SPX Flex Indices	—Standard & Poor’s 500 Flex Indices
USO Index	—United States Oil Fund LP ETF
XLP Index	—Consumer Select Sector SPDR ETF

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Statement of Assets and Liabilities^(a)

February 28, 2018 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $64,125,015)	$	63,576,157
Investments of affiliated issuers, at value (cost $171,022,020)		169,392,030
Purchased options (cost $1,165,435)		1,515,435
Cash		3,962,742
Foreign currencies, at value (cost $414,325)		374,594
Unrealized gain on forward foreign currency exchange contracts		3,228,984
Receivables:
Collateral on certain derivative contracts(b)		21,930,597
Reimbursement from investment adviser		721,826
Dividends and interest		208,759
Other assets		97,049
Total assets		265,008,173
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		4,802,535
Variation margin on futures		1,095,010
Written option contracts, at value (premium received $920,164)		1,442,429
Payables:
Collateral on swaps		300,000
Investments purchased		215,941
Management fees		161,598
Transfer Agency fees		6,562
Accrued expenses		141,460
Total liabilities		8,165,535
Net Assets:
Paid-in capital		258,260,247
Undistributed net investment income		506,982
Accumulated net realized loss		(829,792	)
Net unrealized loss		(1,094,799	)
NET ASSETS	$	256,842,638
Net Assets:
Institutional	$	295,260
Class R6		256,547,378
Total Net Assets	$	256,842,638
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		29,689
Class R6		25,807,008
Net asset value, offering and redemption price per share:
Institutional		$9.95
Class R6		9.94

(a) Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TEX, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes segregated cash of $10,127,034, $8,710,000, $2,203,293 and $890,270 relating to initial margin requirements and/or collateral on futures, forwards, options and swaps transactions, respectively.

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Statement of Operations^(a)

For the Period Ended February 28, 2018 (Unaudited)^(b)

Investment income:
Dividends — unaffiliated issuers	$	669,188
Dividends — affiliated issuers		1,193,729
Total investment income		1,862,917
Expenses:
Management fees		857,982
Amortization of offering costs		87,827
Professional fees		69,523
Organization costs		62,000
Custody, accounting and administrative services		60,784
Transfer Agency fees(c)		44,435
Printing and mailing costs		24,861
Trustee fees		8,699
Other		6,448
Total expenses		1,222,559
Less — expense reductions		(444,472	)
Net expenses		778,087
NET INVESTMENT INCOME		1,084,830
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(224,318	)
Purchased options		(1,103,943	)
Futures contracts		2,541,384
Written options		209,596
Swap contracts		(203,600	)
Forward foreign currency exchange contracts		(1,030,508	)
Foreign currency transactions		3,970
Unrealized gain (loss) on:
Investments — unaffiliated issuers		(548,858	)
Investments — affiliated issuers		(1,629,990	)
Purchased options		350,000
Futures contracts		1,931,477
Written options		422,824
Forward foreign currency exchange contracts		(1,573,551	)
Foreign currency translation		(46,701	)
Net realized and unrealized loss		(902,218	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	182,612

(a) Statement of Operations for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TEX, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Commenced operations on September 6, 2017.

(c) Class specific Transfer Agency fees were as follows:

Transfer Agency Fees
Institutional	Class R6
$40,463	$3,972

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Statement of Changes in Net Assets^(a)

For the Period Ended February 28, 2018 (Unaudited)^(b)

From operations:
Net investment income	$	1,084,830
Net realized gain		192,581
Unrealized loss		(1,094,799	)
Net increase in net assets resulting from operations		182,612
Distributions to shareholders:
From net investment income
Institutional Shares		(577,823	)
Class R6 Shares		(25	)
From net realized gains
Institutional Shares		(1,022,329	)
Class R6 Shares		(44	)
Total distributions to shareholders		(1,600,221	)
From share transactions:
Proceeds from sales of shares		513,150,891
Reinvestment of distributions		1,600,221
Cost of shares redeemed		(256,490,865	)
Net increase in net assets resulting from share transactions		258,260,247
TOTAL INCREASE		256,842,638
Net assets:
Beginning of period		—
End of period	$	256,842,638
Undistributed net investment income	$	506,982

(a) Statement of Changes in Net Assets for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TEX, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Commenced operations on September 6, 2017.

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

			From Investment Operations							Distributions to shareholders
Period - 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 ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional (Commenced September 6, 2017)	$	10.00	$	0.04	$	(0.03	)	$	0.01	$	(0.02	)	$	(0.04	)	$	(0.06	)
2018 - Class R6 (Commenced September 6, 2017)		10.00		0.06		(0.06	)		—		(0.02	)		(0.04	)		(0.06	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value 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 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 Underlying Funds in which the Fund invests.

(d) Annualized.

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

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

GOLDMAN SACHS TACTICAL EXPOSURE 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)(d)			Ratio of total expenses to average net assets(c)(d)			Ratio of net investment income to average net assets(d)			Portfolio turnover rate(e)
$	9.95		0.19	%	$	295		0.68	%		1.02	%		0.90	%		40	%
	9.94		0.09			256,547		0.66			0.99			1.29			40

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

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Tactical Exposure Fund (the “Fund”) is a diversified fund and currently offers two classes of shares — Institutional and Class R6 Shares. The Fund commenced operations on September 6, 2017. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Basis of Consolidation for Goldman Sachs Tactical Exposure Fund — Cayman Commodity-TEX, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on June 27, 2017 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of September 6, 2017, and it is intended that the Fund 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 inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2018, the Fund’s net assets were $256,842,638, of which, $13,895,873, or 5.4%, represented the Subsidiary’s net assets.

B.  Investment Valuation — The Fund’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 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.

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 Consolidated 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.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund 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 Transfer Agency fees.

E.  Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

16

GOLDMAN SACHS TACTICAL EXPOSURE FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

F.  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 Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

G.  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 exchange rates are included in the Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the 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.

17

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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, and are generally classified as Level 2.

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

18

GOLDMAN SACHS TACTICAL EXPOSURE FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Consolidated 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 Consolidated 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.

iv.  Swap Contracts — Swaps are marked-to-market daily using pricing vendor quotations, counterparty prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss.

A total return swap is an agreement that gives the Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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 February 28, 2018:

Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Funds	$	63,576,157	$	—	$	—
Investment Companies		169,392,030		—		—
Total	$	232,968,187	$	—	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	3,228,984	$	—
Futures Contracts(a)		5,363,596		—		—
Options Purchased		—		1,515,435		—
Total	$	5,363,596	$	4,744,419	$	—

19

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(4,802,535	)	$	—
Futures Contracts(a)		(3,432,119	)		—			—
Options Written		—			(1,442,429	)		—
Total	$	(3,432,119	)	$	(6,244,964	)	$	—

(a) 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 tables set forth, by certain risk types, the gross value of derivative contracts as of February 28, 2018. 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	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	2,346,169	(a)	Variation margin on futures contracts	$	(2,321,403)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,228,984		Payable for unrealized loss on forward foreign currency exchange contracts		(4,802,535)
Equity	Variation margin on futures contracts; Purchased options, at value		4,532,862	(a)	Variation margin on futures contracts; Written options, at value		(2,553,145)	(a)
Total		$	10,108,015			$	(9,677,083)

(a) Includes unrealized gain (loss) on futures contracts 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 tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the period ended February 28, 2018. 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 “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 /Unrealized gain (loss) on futures contracts	$	2,899,817		$	24,766		4,435
Credit	Net realized gain (loss) from swap contracts		(181,000	)		—		1

20

GOLDMAN SACHS TACTICAL EXPOSURE FUND

4. INVESTMENTS IN DERIVATIVES (continued)

Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts and swap contracts	$	(824,839	)	$	—			62
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Unrealized gain (loss) on forward foreign currency exchange contracts		(1,030,508	)		(1,573,551	)		66
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Unrealized gain (loss) on futures contracts, purchased options and written options		(450,541	)		2,679,535			4,355
Total		$	412,929		$	1,130,750			8,919

(a) Average number of contracts is based on the average of month end balances for the period ended February 28, 2018.

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.

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 Consolidated 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 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 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.

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GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2018:

	Derivative Assets(1)						Derivative Liabilities(1)
Counterparty	Options Purchased		Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Citibank NA	$	1,201,444	$	—	$	1,201,444	$	—		$	(1,441,934	)	$	(1,441,934	)	$	(240,490	)	$	240,490		$	—
Credit Suisse International (London)		313,991		—		313,991		—			(495	)		(495	)		313,496			(280,000	)		33,496
Morgan Stanley & Co. International PLC		—		3,228,984		3,228,984		(4,802,535	)		—			(4,802,535	)		(1,573,551	)		1,573,551			—
Total	$	1,515,435	$	3,228,984	$	4,744,419	$	(4,802,535	)	$	(1,442,429	)	$	(6,244,964	)	$	(1,500,545	)	$	1,534,041		$	33,496

(1) Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2) 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 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 the Fund’s average daily net assets. For the period ended February 28, 2018, 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 Fee Rate		Effective Net Management Fee Rate^
	0.75%		0.68%		0.64%		0.63%		0.75%		0.60%

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

The Fund invests in Institutional Shares of the Goldman Sachs Emerging Markets Debt Fund, Goldman Sach Financial Square Government Fund and the Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment advisor to any of the affiliated Underlying Funds in which the Fund invests. For the period ended February 28, 2018, GSAM waived $177,216 of the Fund’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 Fund’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 February 28, 2018, GSAM waived $28,969 of the Subsidiary’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

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GOLDMAN SACHS TACTICAL EXPOSURE FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 annual rates as follows: 0.03% of the average daily net assets of Class R6 Shares; and 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 Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, 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 limitation as an annual percentage rate of average daily net assets for the Fund is 0.044%. This Other Expense limitation will remain in place through at least September 6, 2018, and prior to such date GSAM may not terminate the arrangement 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” limitation described above.

For the period ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	177,216	$	267,256	$	444,472

D.  Other Transactions with Affiliates — For the period ended February 28, 2018 , Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the period ended February 28, 2018:

Underlying Funds	Beginning Value as of September 6, 2017		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 February 28, 2018		Shares as of February 28, 2018		Dividend Income from Affiliated Investment Companies
Goldman Sachs Emerging Markets Debt Fund — Institutional Shares	$	—	$	39,370,439	$	—		$	—	$	(1,178,924	)	$	38,191,515		3,016,707	$	551,342
Goldman Sachs Financial Square Government Fund — Institutional Shares		—		208,786,119		(84,238,535	)		—		—			124,547,584		124,547,584		538,390
Goldman Sachs MLP Energy Infrastructure Fund — Institutional Shares		—		7,103,996		—			—		(451,065	)		6,652,931		969,815		103,997
	$	—	$	255,260,554	$	(84,238,535	)	$	—	$	(1,629,989	)	$	169,392,030			$	1,193,729

23

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2018, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Fund:

Goldman Sachs Balanced Strategy Portfolio		Goldman Sachs Growth Strategy Portfolio		Goldman Sachs Growth & Income Strategy Portfolio
	22%		38%		40%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2018, were $154,443,003 and $43,617,607, respectively.

7. TAX INFORMATION

As of February 28, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	235,147,035
Gross unrealized gain		663,091
Gross unrealized loss		(2,841,939	)
Net unrealized security gain (loss)	$	(2,178,848	)

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

8. OTHER RISKS

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

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 being hedged, if any.

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, 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)

24

GOLDMAN SACHS TACTICAL EXPOSURE FUND

8. OTHER RISKS (continued)

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.

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, it will subject the Fund, 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 Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with 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 Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Investments in Other Investment Companies Risk — 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.

Tax Risk — The Fund 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”) 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 Fund has not received a PLR, and is not able to rely on

25

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

8. OTHER RISKS (continued)

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 Fund’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 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 Fund has obtained an opinion of counsel that the Fund’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 Fund’s income from such investments was not “qualifying income,” in which case the Fund 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 Fund 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 Fund shareholders.

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 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.

10. 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.

26

GOLDMAN SACHS TACTICAL EXPOSURE FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Period Ended February 28, 2018 (Unaudited)
	Shares			Dollars
Institutional Shares(a)
Shares sold		25,814,085		$	258,050,036
Reinvestment of distributions		161,187			1,600,152
Shares redeemed		(25,945,583	)		(256,490,865	)
		29,689			3,159,323
Class R6 Shares(a)
Shares sold		25,807,001			255,100,855
Reinvestment of distributions		7			69
		25,807,008			255,100,924
NET INCREASE		25,836,697		$	258,260,247

(a) Commenced operations on September 6, 2017.

27

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Fund Expenses — Period Ended February 28, 2018  (Unaudited)

As a shareholder of Institutional and Class R6 Shares of the Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing Institutional or Class R6 Shares of 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 September 6, 2017 through February 28, 2018, which represents a period of 176 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 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 would have been higher.

Share Class	Beginning Account Value 9/6/17		Ending Account Value 2/28/18			Expenses Paid for  the Period Ended 2/28/18*
Institutional
Actual	$	1,000.00	$	1,001.90		$	3.26
Hypothetical 5% return		1,000.00		1,020.71	+		3.29
Class R6
Actual		1,000.00		1,000.90			3.17
Hypothethical 5% return		1,000.00		1,020.81	+		3.20

+ 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.

* 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 February 28, 2018. 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 period; 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:

Institutional	Class R6
0.68%		0.66	%

28

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Tactical Exposure Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on August 24, 2017. At a meeting held on August 16-17, 2017 (the “Meeting”) in connection with the Fund’s organization, the Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund. Various information was also provided at a prior meeting at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services to Be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the investment team and noted that the Fund’s portfolio manager was currently managing other series of the Trust. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. In this regard, the Trustees noted that, although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other funds and accounts that employ similar asset allocation investment strategies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

Costs of Services to Be Provided and Profitability

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

In particular, the Trustees reviewed information on the proposed management fees and the Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.

The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund’s shareholders would be investing in the Fund in part because of the Fund’s relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their Fund shares if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

29

GOLDMAN SACHS TACTICAL EXPOSURE FUND

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

Economies of Scale

The Trustees considered the proposed breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Fund:

Average Daily Net Assets	Management Fee Annual Rate
First $2 billion		0.75	%
Next $3 billion		0.68	%
Next $3 billion		0.64	%
Over $8 billion		0.63	%

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Fund, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending, an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs.

Conclusion

In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and the Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund.

30

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ 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 Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰ Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹ 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 Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara 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 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 the Fund 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.

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

The Fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Forms N-Q. The Fund’s Forms N-Q will be 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 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).

Fund holdings and allocations shown are as of February 28, 2018 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 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.

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.

© 2018 Goldman Sachs. All rights reserved. 127261-TMPL-04/2018-744871 TACTEXPSAR-18/118

Goldman Sachs Funds

Semi-Annual Report	February 28, 2018
	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	9
Financial Statements	19
Financial Highlights	22
Notes to the Financial Statements	24
Other Information	39

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

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Tactical Tilt Overlay Fund’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2018 (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 1.25%. This return compares to the 0.60% cumulative total return of the Portfolio’s benchmark, the ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

During the period since their inception on December 29, 2017 through February 28, 2018, the Portfolio’s Class R6 Shares generated a cumulative total return, without sales charges, of -0.61% compared to the 0.22% cumulative total return of the Index.

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 When the Reporting Period began in September 2017, investor sentiment was buoyant, with developed markets equities posting positive returns amid global economic growth. Within developed markets, European stocks recorded gains due to improving macroeconomic conditions, a moderately weaker euro and rising bond yields. Japanese equities rallied on the prospect of a national election, as market participants expected the Prime Minister to retain his leadership and reinforce Abenomics. (Abenomics refers to the multi-pronged economic program of Japanese Prime Minister Shinzo Abe. It seeks to remedy two decades of economic stagnation by increasing Japan’s money supply, boosting government spending and enacting reforms to make the economy more competitive.) As for emerging markets equities, they started September 2017 strongly but sold off into month end in response to renewed geopolitical tensions and hawkish comments from the U.S. Federal Reserve (the “Fed”). (Hawkish comments suggest higher interest rates; opposite of dovish.) U.S. inflation data beat market expectations, which, alongside optimism about potential tax reform, pushed U.S. bond yields higher. Within commodities, crude oil prices rallied more than 8%, driven by the tighter compliance of the Organization of the Petroleum Exporting Countries (“OPEC”) with pledged production cuts as well as suggestions that those cuts would be extended until the end of 2018.

Global equities continued to rally in October 2017, as macroeconomic data remained strong, especially in the developed markets. Japanese equities advanced, as the Japanese yen weakened and the Prime Minister won a super-majority in the country’s elections. U.S. stocks gained, slightly outperforming European stocks. Emerging markets equities delivered positive returns and outpaced global equities broadly. In fixed income, 10-year U.S. Treasury yields rose on optimism about potential U.S. tax reform and anticipation about a new Fed chair. Higher yields, along with slightly dovish commentary from the European Central Bank (“ECB”) and Bank of Canada, helped drive appreciation in the U.S. dollar. (Dovish commentary suggests lower interest rates; opposite of hawkish.) Commodity prices surged, fueled by better global economic growth data and positive investor risk sentiment.

In the first half of November 2017, global equities broadly retreated on market expectations for sluggish corporate earnings as well as on soft data emanating from China and uncertainty about the passage of U.S. tax reform. U.S. equities rallied into month-end, as hopes of an earlier than consensus expected tax bill were renewed, while European equities lagged in the face of a stronger euro. The U.S. President

1

PORTFOLIO RESULTS

nominated Jerome Powell to be the new Fed chair when Janet Yellen’s term expired in February 2018. Investors generally expected Powell to continue the gradual normalization of Fed monetary policy. Emerging markets equities outperformed developed markets for the first three weeks of November before selling off amid weakness in technology stocks. The U.S. Treasury yield curve (or spectrum of maturities) reached its flattest in a decade, as the U.S. Department of the Treasury boosted supply of short-maturity paper and the market anticipated a Fed interest rate hike in December 2017. (In a flattening yield curve, the differential in yields between longer-term and shorter-term maturities narrows.) Crude oil prices rose during November, as OPEC announced an extension of its production cuts into the end of 2018.

Global equities rallied in December 2017 amid continued strength in global economic data and the much-anticipated U.S. tax reform bill being signed by the President. European equities retreated, as separatists won a majority in regional elections in Catalonia, Spain and the upcoming Italian election weighed on investor sentiment. China’s economic growth remained stable, helping emerging markets equities move higher. At their December policy meeting, Fed officials raised short-term interest rates and upgraded their economic growth forecasts for 2018 through 2020, after accounting for the potential impact of a U.S. corporate tax cut. Ten-year U.S. Treasury yields dropped slightly, as the corporate tax cut offset lackluster U.S. inflation. Commodities experienced a broad-based rally, with oil, copper and gold all ending the month in positive territory.

In January 2018, global equities were supported by improving macroeconomic data along with positive corporate earnings reports. Within developed markets, U.S. equities advanced, while Japanese and U.K. equities sold off as the strength of the Japanese yen and British pound weighed on their exporting companies. Emerging markets equities outperformed developed markets equities, bolstered by global economic growth, what many considered to be attractive valuations and higher commodity prices. Within fixed income, 10-year U.S. Treasury and German government bond yields rose on positive economic data, stabilization in U.S. inflation and the hawkish tone of minutes from the ECB’s December 2017 policy meeting. The U.S. dollar, which had depreciated during 2017 as a whole, continued to weaken versus other major currencies in January 2018 amid contained geopolitical concerns and trade conflicts, improved global economic growth and expectations for tighter monetary policy by the central banks of major developed markets.

During February 2018, U.S. equities declined as volatility surged. The CBOE Volatility Index^® (“VIX^®”), a measure of volatility in the U.S. equity market, rose to touch 50 points intra-day on February 6, 2018. Volatility subsequently subsided, and the VIX^® ended the month just below 20. Still, U.S. stocks were pressured by strong wage growth data, which led to a shift in market expectations for Fed interest rate hikes. Global economic growth remained healthy, according to manufacturing data, though some moderation was seen in Europe and China. Global equities broadly retreated, with emerging markets equities underperforming developed markets equities. Rising U.S. Treasury yields and falling commodity prices dampened the performance of emerging markets stocks. The increase in U.S. Treasury yields was the result of better than consensus expected inflation and wage growth data. Also in February, the U.S. dollar gained against most major currencies except the Japanese yen. Commodities, including crude oil, experienced a broad-based selloff, pressured by U.S. dollar strength and the decline of the U.S. equity market.

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, the Portfolio benefited from its systematic downside mitigation tactical tilt during the last two months of the Reporting Period. The systematic downside mitigation tactical tilt was designed to limit the Portfolio’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market. Conversely, the Portfolio was hurt by its long position in Spanish equities, which retreated near the end of 2017 after separatists won a majority in Catalonian regional elections. Spanish stocks were also pushed down by prolonged uncertainty surrounding Catalonia, leading to lower economic growth forecasts for Spain as a whole.

In addition, the Portfolio’s long positions in the Alerian MLP Index detracted at the beginning of the Reporting Period because of earlier distribution cuts by energy master limited partnerships (“MLPs”) and because natural gas prices did not rally as crude oil prices did. Energy MLPs transport both crude oil and natural gas. In February 2018, these long

2

PORTFOLIO RESULTS

positions had a significantly negative impact on the Portfolio’s performance in line with the broader downturn in commodities markets during the month.

Within fixed income, the Portfolio’s position in energy-related high yield corporate bonds added to returns. These holdings benefited from the rally in crude oil prices in September 2017 that was driven by OPEC’s tighter compliance with its production cuts and market expectations that those cuts would be extended until the end of 2018.

Regarding its currency exposures, the Portfolio was helped by a long position in the British pound versus a short position in the U.S. dollar. Early in the Reporting Period, the British pound appreciated strongly, as the Bank of England (“BoE”) signaled a potential interest rate increase. Later in the Reporting Period, the British pound gained against the U.S. dollar, benefiting from perceived hawkish comments by a BoE policymaker. The U.S. dollar remained sensitive to downside event risks and the threat of a U.S. government shutdown in January 2018.

Conversely, the Portfolio was hampered by a long position in the U.S. dollar versus a short position in the Japanese yen. The U.S. dollar hit a two-month low against the Japanese yen during November 2017, as minutes from the Fed’s October policy meeting highlighted policymakers’ concerns about the U.S. inflation outlook. The U.S. dollar continued to depreciate in early 2018, with the U.S. Dollar Index finishing January down more than 3%.

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 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.

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 Portfolio’s 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.

In terms of equity-related exposures, we increased the Portfolio’s long position in Spanish equities (implemented through IBEX 35 Index futures) over the course of the Reporting Period. Despite market concerns, economic growth remained healthy in Spain and in the Eurozone, where leading indicators suggested growth momentum would continue for the foreseeable future, in our view. During October 2017, the IBEX 35 Index was trading more than 6% below its 2017 year-to-date peak price level and valuations were below their historical median level, despite what we considered the country’s supportive economic and monetary policy backdrop. In November 2017, we added a long position in Japanese equities, implemented through Japanese equity call options. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.) Japanese equity prices had not risen in line with profit margins and corporate earnings, which had reached multi-decade highs.

In addition, we implemented a systematic downside mitigation tactical tilt, which we increased during the Reporting Period because of what we viewed as elevated equity valuations and low volatility. During the first few months of the Reporting Period, we allowed the Portfolio’s hedging positions on U.S. equities, which had been implemented using put options on the S&P 500^® Index, to mature. (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.) Although the position expired “out of the money,” it served its intended purpose, which was to allow the Portfolio to remain invested in tactical tilts we found attractive, while also acknowledging several sources of potential downside event risk. (“Out of the money” is a term used to describe a call option with a strike price that is higher than the market price of the underlying asset, or a put option with a strike price that is lower than the market price of the underlying asset.)

Also, during the Reporting Period, we decreased the Portfolio’s short position in S&P 500^® Energy Index put options, which had been implemented to provide the Portfolio with premium income and/or to allow it to gain

3

PORTFOLIO RESULTS

exposure to the U.S. energy sector at what we considered attractive valuations. We eliminated the position after the energy sector rallied, as we believed there was limited remaining upside potential. Near the end of the Reporting Period, we added a long position in South African equities through FTSE/JSE Top 40 Index futures versus a short position in emerging markets equities through MSCI Emerging Markets Index futures. Retail sales and loan growth have been stronger in South Africa than in a number of other emerging countries, and we thought the long rally in the MSCI Emerging Markets Index increased the odds of an eventual decline. Additionally, we replaced the Portfolio’s long position in EURO STOXX 50^® 2018 dividend futures with long positions in select country-specific equity index futures within the EAFE (Europe, Asia, Far East) region during the Reporting Period. We believed that transitioning the Portfolio’s exposure offered an attractive risk-reward tradeoff, as the Portfolio had already realized most of the gains we expected from the long position in EURO STOXX 50^® 2018 dividend futures and the MSCI EAFE Index had recently experienced a selloff.

In fixed income, near the beginning of the Reporting Period, we established a position that was short the three-year U.S. swap rate one-year forward. We believed the interest rate on a three-year U.S. interest rate swap would be higher in one year than the market was anticipating. We removed this position toward the end of the Reporting Period, as we believed the market had limited ability to price in additional Fed interest rate hikes. Also during the Reporting Period, we reduced the Portfolio’s allocation to U.S. high yield loans and added a duration-neutral high yield corporate bond tactical tilt. This positioning sought to benefit from the spread (i.e., the difference in yields between securities of comparable maturity) offered as compensation for the risk of potential default, which we thought was more attractive for high yield corporate bonds than for high yield loans. In addition, we closed the Portfolio’s short position in five-year German government bonds, as we believed German government bond spreads no longer offered an attractive risk/reward opportunity due to market expectations about the ECB’s monetary policy stance. Furthermore, we reduced the Portfolio’s long position in energy-related high yield corporate bonds, as we believed valuations offered an attractive exit point and crude oil prices were at the high end of our forecast. Additionally, we established a position that was short the three-year British pound swap rate one-year forward. In our view, there was scope for U.K. interest rates to catch up to global interest rates, as evidenced by an increase in two-year U.S. Treasury yields during the Reporting Period.

Regarding currency-related exposures, we added a short position in the euro versus a long position in the Swedish krona and increased it during the Reporting Period. In our view, Sweden’s economic recovery was more advanced than that of the Eurozone overall. We also considered the Swedish krona undervalued versus the euro. For similar reasons, we established a short position in the U.S. dollar versus the Swedish krona. In addition, during September 2017 and again in January 2018, we decreased the Portfolio’s long position in the British pound versus its short position in the U.S. dollar as existing market levels provided an attractive point at which to reduce the position. Between the time we had initiated the position in January 2017 and January 2018, the British pound had appreciated approximately 13% against the U.S. dollar. Finally, toward the end of the Reporting Period, we reduced the Portfolio’s long position in the U.S. dollar versus its short position in the Japanese yen. Between January 1, 2018 and the end of the Reporting Period, the U.S. dollar depreciated almost 6% versus the Japanese yen, which we believed raised the risk that the Japanese yen would bounce back in the near future. Longer term, however, we expected the Bank of Japan (“BoJ”) to maintain an accommodative monetary policy, while we anticipated higher interest rates in the U.S. Given these competing short-term and long-term views, we decided to reduce the position.

Separately, we increased the Portfolio’s allocation to energy MLPs during the Reporting Period. In our opinion, their valuations were attractive due to earlier underperformance by the Alerian MLP Index. Also, we considered the distribution yields of energy MLPs more attractive than the yields offered by other types of securities. Additionally, in September 2017, we eliminated the Portfolio’s position in natural gas futures, as we believed the risk-reward opportunity diminished. Mild weather had been an impediment to natural gas prices moving higher, and we exited the position at a loss.

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, bond and commodity futures, equity and interest rate swaps, currency forwards and options to express active investment views with greater versatility across regional equity markets,

4

PORTFOLIO RESULTS

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 negative impact on performance. Bond futures, which the Portfolio employed for its short position in five-year German government bonds, and for a long position in investment grade fixed income, detracted from returns. Commodities futures, employed to express our views on natural gas prices, had a slightly negative impact on results. The Portfolio employed an equity swap on a custom basket of stocks to implement short positions in U.S. large-cap stocks within the systematic downside mitigation tactical tilt, which contributed positively to performance. The Portfolio’s use of interest rate swaps to express our views on the U.S. dollar and on U.K. interest rates had a positive impact on returns. The use of currency forwards to implement a long position in the British pound versus a short position in the U.S. dollar added to performance, while the use of currency forwards to implement a long position in the U.S. dollar versus a short position in the Japanese yen detracted from results. To afford greater risk management precision, options on equity indices were also employed 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^® Energy Index, added to performance.

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 27.64% of its total net assets invested in long equity-related investments; approximately 32.73% of its total net assets invested in long fixed income-related investments; approximately 18.81% of its total net assets invested in long currency-related investments; and 0% of its total net assets invested in long commodity-related investments. It had short positions of approximately 11.04% of its total net assets in equity-related investments and no short positions in fixed income-related investments at the end of 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 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, we expected global economic activity to accelerate in 2018, with modestly higher growth rates in the U.S., Eurozone and many emerging markets but with slightly slower growth rates in the U.K., Japan and China. In the U.S., tax legislation signed into law during December 2017 seemed likely to modestly boost 2018 economic growth, in our view. In Europe, we believe Germany’s fourth budget surplus in as many years is a potential source of fiscal stimulus and higher economic growth.

As for central bank monetary policy, we expect it to remain relatively accommodative in the U.S., given the steady pace at which the Fed has been raising short-term interest rates from their still low levels compared with long-term historical measures. We think the ECB may allow quantitative easing to end later in 2018, and we believe the BoJ is likely to stay on hold. In our opinion, favorable monetary and fiscal policies and the absence of fiscal imbalances substantially reduce the probability of recession in key developed and emerging markets countries in the near term.

Despite this positive backdrop, we see no shortage of global risks, including rising political polarization in the U.S., growing populism globally, heightening geopolitical tensions, spreading terrorism and increasing cyberattacks. China remains a big source of uncertainty in the long term because of its growing debt burden, but capital controls, a stronger government role in the economy and faster global economic growth have lowered near-term risks, we believe. We also believe there is the potential of a notable deterioration in the U.S.-China relationship under the current U.S. Administration, driven by changing trade and foreign policy. The collective impact of these various risks is not large enough to undermine our core view that the U.S. is experiencing a longer than normal economic recovery and that this recovery is more likely than not to continue through 2018.

Looking ahead, we think the global environment is supportive of positive equity market returns, which we expect to exceed those of cash and bonds. Thus, we plan to focus the Portfolio on opportunities in equities, including tactical tilts to certain U.S. equity sectors as well as to European and Japanese stocks. We also favor U.S. high yield corporate bonds. In addition, we continue to hold positions related to individual currency views. Overall, we have modest return expectations for the rest of 2018.

5

PORTFOLIO RESULTS

Index Definitions

ICE^® BofAML^® 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.

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.

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.

S&P 500^® Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS^® energy sector.

IBEX 35 Index is the benchmark stock market index of the Bolsa de Madrid, Spain’s principal stock exchange.

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.

MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries in the index include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the U.K.

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

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.

Alerian MLP Index is a float-adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted market capitalization. It is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

FTSE/JSE Top 40 Index is a capitalization weighted index of the 40 largest companies by market capitalization included in the FTSE/JSE All Shares Index. The FTSE/JSE All-Share Index represents 99% of the full market capital value (i.e., before the application of any investability weightings) of all ordinary securities listed on the main board of the Johannesburg Stock Exchange, subject to minimum free-float and liquidity criteria.

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

6

PORTFOLIO BASICS

Tactical Tilt Overlay Fund

as of February 28, 2018

PERFORMANCE REVIEW
September 1, 2017–February 28, 2018	Portfolio Total Return (based on NAV)1	ICE® BofAM® U.S. Dollar Three- Month LIBOR Constant Maturity Index2
Institutional Shares	1.25%		0.60	%
December 29, 2017–February 28, 2018
Class R6 Shares	-0.61%		0.22	%

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 ICE^® BofAM^® 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 12/31/17	One Year			Since Inception			Inception Date
Institutional Shares		0.84	%		1.96	%	7/31/14
Class R6 Shares		N/A			0.0		12/29/17

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		0.83	%		0.97	%
Class R6 Shares		0.82			0.96

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 December 29, 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 COMPOSITION

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 1.8% and 3.0% of the Portfolio’s net assets as of February 28, 2018 and August 31, 2017. 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

Consolidated Schedule of Investments

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 3.8%
Energy – Exploration & Production(a)(b)(c) – 0.0%
	Berry Petroleum Co. LLC
$	1,200,000		6.750	%		11/01/20	$	—
	18,124,000		6.375			09/15/22		—
								—
Gas(c) – 0.1%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	3,650,000		5.875			08/20/26		3,659,124
Oil Field Services – 2.7%
	Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.(c)
	2,800,000		7.875			12/15/24		2,982,000
	Antero Resources Corp.(c)
	3,250,000		5.375			11/01/21		3,323,125
	550,000		5.125			12/01/22		556,875
	California Resources Corp.(c)
	2,700,000		8.000	(d)		12/15/22		2,146,500
	263,000		6.000			11/15/24		163,060
	Carrizo Oil & Gas, Inc.(c)
	3,238,000		7.500			09/15/20		3,286,570
	Chesapeake Energy Corp.
	1,200,000		5.375	(c)		06/15/21		1,161,000
	4,150,000		5.750			03/15/23		3,766,125
	1,125,000		8.000	(c)(d)		01/15/25		1,102,500
	1,100,000		8.000	(c)(d)		06/15/27		1,056,000
	Continental Resources, Inc.(c)
	6,150,000		3.800			06/01/24		5,965,500
	CrownRock LP/CrownRock Finance, Inc.(c)(d)
	4,200,000		5.625			10/15/25		4,126,500
	CVR Refining LLC/Coffeyville Finance, Inc.(c)
	2,536,000		6.500			11/01/22		2,599,400
	Denbury Resources, Inc.(c)
	2,050,000		9.000	(d)		05/15/21		2,101,250
	1,650,000		5.500			05/01/22		1,287,000
	Endeavor Energy Resources LP/EER Finance, Inc.(c)(d)
	1,050,000		5.750			01/30/28		1,050,000
	Ensco PLC
	650,000		4.500	(c)		10/01/24		529,750
	200,000		5.200	(c)		03/15/25		166,000
	4,500,000		7.750			02/01/26		4,230,000
	EP Energy LLC/Everest Acquisition Finance, Inc.(c)(d)
	3,800,000		9.375			05/01/24		2,802,500
	Exterran Energy Solutions LP/EES Finance Corp.(c)(d)
	1,850,000		8.125			05/01/25		1,988,750
	Gulfport Energy Corp.(c)
	3,100,000		6.000			10/15/24		3,045,750
	1,000,000		6.375	(d)		01/15/26		985,000
	Halcon Resources Corp.(c)
	220,000		6.750	(d)		02/15/25		220,000
	1,708,000		6.750			02/15/25		1,716,540
	Indigo Natural Resources LLC(c)(d)
	1,100,000		6.875			02/15/26		1,075,250
	Jones Energy Holdings LLC/Jones Energy Finance Corp.(c)
	800,000		6.750			04/01/22		518,000
	Laredo Petroleum, Inc.(c)
	1,050,000		6.250			03/15/23		1,057,875
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Matador Resources Co.(c)
	1,950,000		6.875			04/15/23		2,040,188
	MEG Energy Corp.(c)(d)
	4,600,000		7.000			03/31/24		3,921,500
	400,000		6.500			01/15/25		393,000
	Nabors Industries, Inc.
	2,250,000		4.625			09/15/21		2,193,750
	Newfield Exploration Co.(c)
	2,650,000		5.375			01/01/26		2,729,500
	Noble Holding International Ltd.
	3,700,000		7.750	(c)		01/15/24		3,380,875
	2,155,000		7.875	(c)(d)		02/01/26		2,160,387
	250,000		5.250			03/15/42		158,125
	Oasis Petroleum, Inc.(c)
	4,050,000		6.875			03/15/22		4,141,125
	Parsley Energy LLC/Parsley Finance Corp.(c)(d)
	2,650,000		5.625			10/15/27		2,630,125
	Precision Drilling Corp.(c)
	1,191,000		6.500			12/15/21		1,208,865
	550,000		7.750			12/15/23		580,250
	QEP Resources, Inc.(c)
	4,120,000		5.625			03/01/26		4,047,900
	Range Resources Corp.(c)
	1,750,000		5.000			08/15/22		1,719,375
	1,000,000		4.875			05/15/25		957,500
	Rowan Cos., Inc.(c)
	1,050,000		4.875			06/01/22		981,750
	950,000		7.375			06/15/25		938,125
	3,250,000		5.400			12/01/42		2,388,750
	Sanchez Energy Corp.(c)
	2,900,000		6.125			01/15/23		2,175,000
	SESI LLC(c)(d)
	2,500,000		7.750			09/15/24		2,600,000
	Seven Generations Energy Ltd.(c)(d)
	1,200,000		6.875			06/30/23		1,254,000
	SM Energy Co.(c)
	1,500,000		6.500			11/15/21		1,522,500
	1,200,000		6.500			01/01/23		1,212,000
	950,000		5.000			01/15/24		895,375
	1,800,000		6.750			09/15/26		1,800,000
	Transocean, Inc.
	1,600,000		9.000	(c)(d)		07/15/23		1,720,000
	700,000		7.500	(c)(d)		01/15/26		703,500
	3,800,000		7.500			04/15/31		3,420,000
	2,900,000		6.800			03/15/38		2,320,000
	Trinidad Drilling Ltd.(c)(d)
	3,750,000		6.625			02/15/25		3,637,500
	Weatherford International Ltd.
	2,200,000		7.750	(c)		06/15/21		2,191,750
	2,100,000		8.250	(c)		06/15/23		2,026,500
	2,250,000		6.500			08/01/36		1,710,000
	Whiting Petroleum Corp.
	1,300,000		1.250			04/01/20		1,223,624
	2,600,000		5.750	(c)		03/15/21		2,652,000
	WPX Energy, Inc.(c)
	3,950,000		6.000			01/15/22		4,088,250
	350,000		5.250			09/15/24		349,125
								129,081,034

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – 1.0%
	Blue Racer Midstream LLC/Blue Racer Finance Corp.(c)(d)
$	4,700,000		6.125	%		11/15/22	$	4,829,250
	Cheniere Corpus Christi Holdings LLC(c)
	3,100,000		7.000			06/30/24		3,472,000
	3,050,000		5.125			06/30/27		3,084,312
	Cheniere Energy Partners LP(c)(d)
	4,625,000		5.250			10/01/25		4,671,250
	DCP Midstream Operating LP(d)
	1,050,000		9.750			03/15/19		1,114,313
	150,000		6.750			09/15/37		168,000
	Energy Transfer Equity LP
	1,750,000		7.500			10/15/20		1,894,375
	885,000		4.250	(c)		03/15/23		866,194
	1,200,000		5.875	(c)		01/15/24		1,269,000
	2,100,000		5.500	(c)		06/01/27		2,163,000
	Genesis Energy LP/Genesis Energy Finance Corp.(c)
	5,000,000		6.000			05/15/23		4,987,500
	NGPL PipeCo LLC(c)(d)
	685,000		4.875			08/15/27		690,994
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(c)
	4,700,000		5.750			04/15/25		4,711,750
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)
	5,800,000		5.250			05/01/23		5,887,000
	2,300,000		6.750			03/15/24		2,438,000
	The Williams Cos., Inc.
	1,650,000		7.500			01/15/31		1,988,250
	1,850,000		7.750			06/15/31		2,277,812
	1,500,000		5.750	(c)		06/24/44		1,588,125
								48,101,125
	TOTAL CORPORATE OBLIGATIONS
	(Cost $173,307,793)						$	180,841,283

Shares		Description	Value
Common Stocks(b) – 0.3%
Oil, Gas & Consumable Fuels – 0.3%
	758,151	Berry Petroleum Corp.	$	6,823,359
	200,259	Blue Ridge Mountain Resources, Inc.		1,682,176
	108,621	Chaparral Energy, Inc. Class A		2,552,593
	79,709	Chaparral Energy, Inc.		1,835,469
	TOTAL COMMON STOCKS
	(Cost $14,215,133)		$	12,893,597

Shares	Rate	Value
Preferred Stocks(b) – 0.1%
Energy – Exploration & Production – 0.1%
Berry Petroleum Corp.
14,849	0.000%	$	163,339
718,233	0.000		7,900,563
TOTAL PREFERRED STOCKS – 0.1%
(Cost $7,330,820)		$	8,063,902

Shares		Description	Value
Exchange Traded Funds(f) – 7.2%
	24,952,817	Alerian MLP ETF	$	252,023,452
	1,916,601	SPDR S&P Bank ETF		94,507,595
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $323,713,217)		$	346,531,047

Shares	Distribution Rate	Value
Investment Companies(e) – 37.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,653,005,860	1.262%	$	1,653,005,860
Goldman Sachs High Yield Floating Rate Fund – Institutional Shares
16,666,437	3.336		161,497,777
TOTAL INVESTMENT COMPANIES
(Cost $1,813,876,597)		$	1,814,503,637

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 47.1%
Certificates of Deposit – 20.3%
	Abbey National Treasury Services PLC
$	2,000,000		1.700	%		03/22/18	$	2,000,159
	(1M USD LIBOR + 0.180%)
	20,000,000		1.760	(g)		05/31/18		20,006,628
	Banco Del Estado De Chile
	1,800,000		1.700			03/22/18		1,800,126
	(1M USD LIBOR + 0.180%)
	20,000,000		1.747	(g)		03/27/18		20,004,707
	(1M USD LIBOR + 0.250%
	11,000,000		1.830	(g)		08/02/18		11,003,812
	Bank of Montreal
	17,500,000		1.700			10/09/18		17,440,523
	(1M USD LIBOR + 0.250%)								��
	11,000,000		1.831	(g)		01/11/19		10,997,302
	Bank of Nova Scotia
	6,900,000		0.000	%(h)		07/06/18		6,849,927
	(3M USD LIBOR + 0.160%)
	22,000,000		1.696	(g)		03/09/18		22,001,394

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
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Barclays Bank PLC
$	22,000,000		1.910	(i)		03/09/18	$	22,002,189
	(3M USD LIBOR + 0.250%)
	11,000,000		2.194	(g)		02/22/19		11,004,254
	(3M USD LIBOR + 0.420%)
	5,000,000		2.113	(g)		03/29/18		5,002,430
	Bayerische Landesbank
	(3M USD LIBOR + 0.250%)
	17,000,000		1.972	(g)		01/11/19		17,043,995
	(3M USD LIBOR + 0.470%)
	21,125,000		2.145			03/23/18		21,123,690
	BNP Paribas New York(g)
	20,000,000		1.780			05/02/18		20,008,701
	Cancara Asset Securitization LLC(h)
	18,000,000		0.000			03/05/18		17,996,292
	Cooperatieve Rabobank UA
	15,000,000		1.750			09/07/18		14,995,890
	(1M USD LIBOR + 0.180%)
	11,000,000		1.774	(g)		07/20/18		11,000,310
	Credit Agricole SA
	22,000,000		1.560			07/20/18		21,955,775
	7,000,000		1.560			09/10/18		6,975,727
	Credit Industriel et Commercial NY
	11,000,000		1.430			03/12/18		10,999,788
	Credit Suisse New York(g)
	(1M USD LIBOR + 0.210%)
	10,600,000		1.770			10/16/18		10,597,679
	(1M USD LIBOR + 0.320%)
	4,000,000		1.880			09/20/18		4,001,942
	(1M USD LIBOR + 0.350%)
	11,000,000		1.906			01/16/19		11,000,364
	(1M USD LIBOR + 0.370%)
	15,000,000		1.964			05/02/18		15,010,418
	DG Bank NY
	22,000,000		1.700			03/16/18		22,001,395
	DnB NOR Bank ASA
	5,000,000		1.560			09/19/18		4,982,641
	(1M USD LIBOR + 0.310%)
	30,800,000		1.904	(g)		03/20/18		30,807,337
	Federation Des Caisses Desjardins du Qubec(h)
	8,500,000		0.000			03/21/18		8,492,077
	HSBC Bank PLC(g)
	(1M USD LIBOR + 0.200%)
	11,000,000		1.761			07/25/18		11,002,719
	(1M USD LIBOR + 0.280%)
	23,900,000		1.836			04/18/18		23,911,345
	Industrial and Commercial Bank of China Ltd.
	14,000,000		2.100			04/23/18		14,003,167
	Kreditanstalt fuer Wiederaufbau
	22,000,000		1.000			04/11/18		21,958,009
	Landesbank Baden-Wuerttemberg
	28,000,000		0.010			03/23/18		28,002,090
	22,000,000		0.010	%		04/24/18		21,998,200
	3,750,000		1.850			11/07/18		3,738,185
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Landesbank Hessen-Thuringen
$	13,000,000		1.000			03/20/18	$	12,988,676
	Mizuho Bank Ltd.
	(3M USD LIBOR + 0.500%)
	22,500,000		2.175	(g)		09/24/18		22,516,191
	(3M USD LIBOR + 0.540%)
	10,000,000		2.027			09/04/18		10,013,673
	National Bank of Kuwait SAKP
	7,000,000		1.650			03/07/18		6,999,989
	13,000,000		1.700			03/21/18		12,999,788
	11,000,000		1.900			04/27/18		10,999,949
	Norinchukin Bank NY
	35,000,000		1.720			03/22/18		35,001,595
	Royal Bank of Canada
	(1M USD LIBOR + 0.180%)
	3,000,000		1.774	(g)		07/18/18		3,000,193
	(1M USD LIBOR + 0.200%)
	16,000,000		1.788			07/16/18		16,002,346
	Sanofi(h)
	20,000,000		0.000			04/12/18		19,959,652
	Sheffield Receivables Corp.
	5,500,000		0.000	(h)		03/09/18		5,497,920
	3,500,000		1.000			03/15/18		3,497,740
	Skandinaviska Enskilda Banken AB
	30,800,000		1.894			03/20/18		30,807,166
	Southern Co.(h)
	8,000,000		0.000			03/07/18		7,997,278
	Sumitomo Mitsui Banking Corp.
	(1M USD LIBOR + 0.230%)
	22,000,000		1.811			08/10/18		21,999,660
	(1M USD LIBOR + 0.300%)
	8,000,000		1.896	(g)		08/21/18		8,000,498
	Sumitomo Trust & Banking Corp.
	(1M USD LIBOR + 0.210%)
	14,000,000		1.771	(g)		05/25/18		14,005,464
	(1M USD LIBOR + 0.290%)
	2,000,000		1.870			08/06/18		2,000,488
	(3M USD LIBOR + 0.200%)
	22,000,000		1.875			09/25/18		22,026,119
	Suncor Energy, Inc.(h)
	5,331,000		0.000			03/14/18		5,327,264
	5,000,000		0.000			05/02/18		4,982,027
	The Bank of Tokyo-Mitsubishi UFJ Ltd.
	21,500,000		1.610			06/04/18		21,474,547
	21,950,000		1.720	(i)		03/07/18		21,950,804
	Thunder Bay Funding LLC(h)
	11,000,000		0.000			03/20/18		10,990,241
	Toronto-Dominion Bank
	5,000,000		1.600			08/22/18		4,985,468
	(1M USD LIBOR + 0.340%)
	26,400,000		1.923			03/13/18		26,404,498
	Toyota Finance Australia Ltd.
	4,500,000		1.754			09/07/18		4,500,491

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	U.S. Bank NA(i)
$	17,000,000		1.700	%		07/23/18	$	16,999,472
	UBS AG Stamford
	21,950,000		1.980			03/07/18		21,952,340
	Wells Fargo Bank NA
	(1M USD LIBOR + 0.210%)
	15,000,000		1.771	(g)		10/22/18		14,996,488
	(3M USD LIBOR + 0.150%)
	29,500,000		1.843			04/03/18		29,508,513
								974,107,724
Commercial Paper – 26.8%
	ABN AMRO Funding USA LLC
	20,000,000		0.000	(h)		04/25/18		19,944,653
	4,000,000		1.000			04/23/18		3,989,356
	Agricultural Bank of China Ltd.
	10,000,000		2.100			03/20/18		10,001,345
	Alaska Housing Finance Corp.
	9,482,000		1.000			03/22/18		9,473,423
	Alpine Securitization Ltd.
	3,000,000		0.000	(h)		05/22/18		2,985,530
	18,000,000		1.000			07/25/18		17,838,521
	Atlantic Asset Securitization Corp.(h)
	25,150,000		0.000			06/04/18		25,010,770
	Australia & New Zealand Banking Group Ltd.
	22,000,000		1.552	(i)		08/23/18		22,000,443
	(1M USD LIBOR + 0.110%)
	8,100,000		1.706			03/22/18		8,101,114
	Bank of China Ltd.(h)
	10,600,000		0.000			03/12/18		10,593,905
	Barton Capital Corp.
	20,000,000		1.000			04/05/18		19,964,800
	20,000,000		1.000			05/16/18		19,915,899
	Bedford Row Funding Corp.
	(1M USD LIBOR + 0.360%)
	8,750,000		1.940			03/05/18		8,750,625
	(3M USD LIBOR + 0.190%)
	24,000,000		1.790	(g)		03/16/18		24,003,465
	Canadian Imperial Bank of Commerce
	5,500,000		1.700			10/10/18		5,481,003
	21,950,000		1.920			03/07/18		21,950,018
	(1M USD LIBOR + 0.330%)
	22,000,000		1.890	(g)		03/16/18		22,004,487
	Chariot Funding LLC(h)
	15,000,000		0.000			05/29/18		14,923,500
	10,000,000		0.000			05/30/18		9,948,383
	China Construction Banking Corp.
	11,000,000		1.000			04/30/18		11,002,624
	14,000,000		2.100			04/23/18		14,003,797
	Ciesco LLC(i)
	4,600,000		0.010			06/06/18		4,574,254
	Collateralized Commercial Paper Co. LLC(g)
	1,862,000		1.794			07/31/18		1,862,357
	Collateralized Commercial Paper Co. Ltd.(g)
	(1M USD LIBOR + 0.280%)
	12,000,000		1.567			11/19/18		12,001,240
Short-term Investments – (continued)
Commercial Paper – (continued)
	(3M USD LIBOR + 0.200%)
	20,000,000		1.945			10/25/18		20,029,391
	Commonwealth Bank of Australia(g)
	(1M USD LIBOR + 0.190%)
	5,000,000		1.427			09/14/18		4,999,128
	(1M USD LIBOR + 0.190%)
	3,000,000		1.428			09/24/18		2,999,402
	(1M USD LIBOR + 0.230%)
	270,000		1.702			12/07/18		269,951
	(1M USD LIBOR + 0.260%)
	5,000,000		1.821			12/21/18		5,000,069
	(1M USD LIBOR + 0.320%)
	25,500,000		1.880			03/16/18		25,505,065
	Ei Dupont(h)
	7,250,000		0.000			04/16/18		7,231,032
	Electricite De France SA(h)
	11,000,000		0.000			03/26/18		10,984,969
	10,500,000		0.000			04/10/18		10,476,334
	Erste Bank der oesterreichischen Sparkassen AG(h)
	22,000,000		0.000			03/19/18		21,981,515
	Ford Motor Credit Co. LLC(h)
	5,000,000		0.000			05/02/18		4,982,859
	11,700,000		0.000			05/11/18		11,652,826
	3,650,000		0.000			07/10/18		3,620,369
	15,000,000		0.000			02/20/19		14,583,203
	Gotham Funding Corp.(h)
	20,000,000		0.000			03/26/18		19,976,196
	11,000,000		0.000			03/28/18		10,985,721
	9,000,000		0.000			04/03/18		8,985,431
	ING Funding LLC
	4,000,000		0.000	(h)		07/09/18		3,969,812
	(1M USD LIBOR + 0.220%)
	23,000,000		1.448	(g)		05/11/18		23,010,473
	Kells Funding LLC
	15,000,000		0.000	(h)		03/09/18		14,994,424
	18,000,000		0.010			04/23/18		17,950,590
	Liberty Funding LLC(h)
	5,000,000		0.000			03/22/18		4,995,065
	10,000,000		0.000			04/03/18		9,983,841
	15,000,000		0.000			05/14/18		14,939,219
	13,000,000		0.000			06/01/18		12,930,233
	LMA SA LMA Americas
	18,000,000		0.000	(h)		06/08/18		17,892,150
	8,000,000		0.010			05/02/18		7,973,302
	14,250,000		0.010			07/02/18		14,143,293
	Macquarie Bank Ltd.
	11,000,000		0.000	(h)		05/18/18		10,951,843
	19,000,000		0.000	(h)		11/07/18		18,692,238
	(1M USD LIBOR + 0.300%)
	19,500,000		1.867	(g)		06/29/18		19,503,817
	Marriott International, Inc.
	11,000,000		1.850			03/05/18		10,997,349
	Matchpoint Finance PLC
	7,000,000		0.000	(h)		03/01/18		6,999,693
	25,000,000		0.000	(h)		04/16/18		24,939,259
	8,000,000		1.000			03/22/18		7,991,713

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)
	MetLife, Inc.(h)
$	4,000,000		0.000	%		03/27/18	$	3,995,053
	Mondelez International, Inc.
	8,877,000		0.000	(h)		03/19/18		8,868,370
	6,350,000		0.010			04/10/18		6,335,688
	National Australia Bank Ltd.
	21,250,000		1.919			03/08/18		21,252,288
	National Bank of Canada
	5,000,000		0.000	(h)		03/22/18		4,995,123
	(1M USD LIBOR + 0.230%)
	11,000,000		1.826			09/21/18		11,000,270
	(1M USD LIBOR + 0.320%)
	22,000,000		1.881			03/20/18		22,005,363
	Nederlandse Wtrschbnk(h)
	24,000,000		0.000			04/09/18		23,954,480
	Nieuw Amsterdam Receivables Corp.(h)
	22,000,000		0.000			04/18/18		21,943,674
	8,000,000		0.000			04/23/18		7,977,104
	Old Line Funding LLC
	9,000,000		0.000	(h)		04/03/18		8,985,457
	6,000,000		0.000	(h)		05/29/18		5,968,950
	15,700,000		0.000	(h)		06/21/18		15,594,983
	15,000,000		0.010			05/21/18		14,931,291
	Oversea-Chinese Banking Corp. Ltd.
	(1M USD LIBOR + 0.120%)
	12,000,000		1.350			03/13/18		12,001,092
	(1M USD LIBOR + 0.250%)
	11,000,000		1.804			01/10/19		10,998,868
	Private Export Funding Corp.
	43,700,000		1.886			03/28/18		43,711,065
	Schlumberger Holdings Corp.
	8,900,000		0.000	(h)		05/01/18		8,869,360
	2,000,000		1.000			03/15/18		1,998,508
	Societe Generale SA
	20,000,000		0.010			05/31/18		19,892,002
	(1M USD LIBOR + 0.270%)
	12,000,000		1.830	(g)		12/03/18		12,000,252
	(3M USD LIBOR + 0.330%)
	22,375,000		1.597			03/19/18		22,380,519
	Svenska Handelsbanken AB
	23,000,000		1.781			01/25/19		22,989,798
	UBS AG London
	20,000,000		1.526			06/15/18		20,011,326
	Versailles Commercial Paper LLC(h)
	12,500,000		0.000			04/09/18		12,475,320
	22,000,000		0.000			05/01/18		21,922,896
	11,000,000		0.000			05/14/18		10,952,677
	Victory Receivables Corp.(h)
	28,000,000		0.000			04/17/18		27,933,621
	Westpac Banking Corp.
	11,500,000		1.408			08/13/18		11,500,165
	(1M USD LIBOR + 0.150%)
	9,000,000		1.378			07/13/18		8,999,380
	(1M USD LIBOR + 0.190%)
	14,803,000		1.751			08/20/18		14,803,787
Short-term Investments – (continued)
Commercial Paper – (continued)
	(1M USD LIBOR + 0.320%)
	32,500,000		1.552			03/02/18		32,500,875
	(1M USD LIBOR + 0.320%)
	20,000,000		1.874			03/12/18		20,003,016
	Westpac Securities NZ Ltd.
	(3M USD LIBOR + 0.100%)
	14,000,000		1.867	(g)		07/30/18		14,014,349
	(3M USD LIBOR + 0.140%)
	9,150,000		1.320			05/10/18		9,155,466
								1,284,369,723
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $2,258,777,347)						$	2,258,477,447
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $4,591,220,907)						$	4,621,310,914

Shares		Distribution Rate			Value
Securities Lending Reinvestment Vehicle(e) – 1.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	84,768,886		1.262	%		84,768,886
	(Cost $84,768,886)
	TOTAL INVESTMENTS – 98.1%
	(Cost $4,675,989,793)				$	4,706,079,800
	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%					90,177,408
	NET ASSETS – 100.0%				$	4,796,257,208

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)	Security is currently in default and/or non-income producing.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	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 $49,148,069, which represents approximately 1.0% of net assets as of February 28, 2018 and the liquidity determination is unaudited.
(e)	Represents an affiliated issuer/fund.
(f)	All or a portion of security is on loan.
(g)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2018.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)	Rate shown is that which is in effect on February 28, 2018. 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.

Currency Abbreviations:
AUD	—Australian Dollar
CNH	—Chinese Yuan Renminbi Offshore
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
JPY	—Japanese Yen
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2018, 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
MS & Co. Int. PLC	CNH	1,156,710,000	USD	172,288,649	$	181,943,779		05/16/18	$	9,655,131
	GBP	230,930,000	USD	310,224,203		318,245,256		03/21/18		8,021,053
	JPY	2,566,000,000	USD	22,893,074		24,088,880		03/22/18		1,195,806
	SEK	1,298,925,000	USD	155,168,058		157,008,256		03/21/18		1,840,198
	USD	173,518,662	GBP	121,830,000		167,894,251		03/21/18		5,624,410
	ZAR	1,092,980,000	USD	90,291,758		92,352,314		03/22/18		2,060,555
TOTAL									$	28,397,153

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	16,630,000	USD	20,816,636	$	20,322,906		03/21/18	$	(493,730	)
	JPY	34,987,000,000	USD	330,282,583		328,448,034		03/22/18		(1,834,549	)
	SEK	1,180,425,000	USD	146,396,351		142,684,505		03/21/18		(3,711,847	)
	USD	162,573,436	CNH	1,156,710,000		181,943,779		05/16/18		(19,370,343	)
	USD	311,592,167	EUR	262,490,000		320,779,283		03/21/18		(9,187,116	)
	USD	771,992,631	JPY	85,881,000,000		806,226,472		03/22/18		(34,233,842	)
TOTAL									$	(68,831,427	)

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At February 28, 2018, the Portfolio had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Amsterdam Exchanges Index		35			03/16/18	$	4,571,890		$	108,173
CAC40 Index		186			03/16/18		12,069,877			344,621
DAX Index		31			03/16/18		11,754,931			229,680
FTSE 100 Index		187			03/16/18		18,602,815			386,940
FTSE/JSE Top 40 Index		2,068			03/15/18		89,982,877			(1,558,972	)
FTSE/MIB Index		10			03/16/18		1,378,722			15,041
Hang Seng Index		17			03/28/18		3,337,916			(26,946	)
IBEX 35 Index		2,402			03/16/18		288,191,238			1,272,075
MSCI Singapore Index		91			03/28/18		2,752,153			8,778
OMXS 30 Index		234			03/16/18		4,439,401			187,936
S&P 500 E-Mini Index		3,287			03/16/18		446,111,640			707,829
SPI 200 Index		62			03/15/18		7,224,516			337,523
Topix Index		136			03/08/18		22,536,014			284,784
2 Year U.S Treasury Notes		568			06/29/18		120,682,250			7,784
5 Year U.S Treasury Notes		409			06/29/18		46,597,242			2,480
10 Year U.S Treasury Notes		866			06/20/18		103,960,594			130,851
Total									$	2,438,577
Short position contracts:
MSCI Emerging Markets Index		(1,464	)		03/16/18		(86,595,600	)	$	3,208,029
Total Futures Contracts									$	5,646,606

SWAP CONTRACTS — At February 28, 2018, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Portfolio(a)	Payments Received by Portfolio (%)	Termination Date	Notional Amount (000s)	Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1.302%	6M LIBOR	01/24/22	GBP 431,000(b)	$	2,048,804	$	5,542	$	2,043,262

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 28, 2018.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index(b)	Financing Rate Received/(Paid) by the Portfolio (%)	Credit Spread at February 28, 2018(a)		Termination Date		Notional Amount (000s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX North America High Yield Index 28	3.302%		5.000%		12/20/22	$	304,100	$	24,133,714	$	20,192,998	$	3,940,716

(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 fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

(b) Payments made quarterly.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Portfolio	Counterparty	Termination Date(a)		Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
JPGSVENK Index(b)	1M LIBOR + 0.070%	JPMorgan Securities, Inc.		04/05/18	$	459,553	$	16,660,294

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(b) The top 50 components are shown below.

A basket (JPGSVENK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Mattel Inc	Consumer, Cyclical		921,715		14,655,275		3.08	%
Sempra Energy	Utilities		132,551		14,445,434		3.04	%
Pinnacle West Capital Corp	Utilities		179,973		13,850,723		2.91	%
Duke Energy Corp	Utilities		183,767		13,845,029		2.91	%
Dominion Energy Inc	Utilities		186,043		13,780,225		2.90	%
Crown Castle International Cor	Financial		124,884		13,744,780		2.89	%
Southern Co/The	Utilities		318,177		13,700,687		2.88	%
Federal Realty Investment Trus	Financial		119,921		13,663,783		2.87	%
Regency Centers Corp	Financial		232,669		13,520,397		2.84	%
PPL Corp	Utilities		452,151		12,954,133		2.72	%
XL Group Ltd	Financial		191,909		8,119,681		1.71	%
Netflix Inc	Communications		26,636		7,761,127		1.63	%
Coty Inc	Consumer, Non-cyclical		374,355		7,232,543		1.52	%
Alliant Energy Corp	Utilities		180,664		6,982,657		1.47	%
Essex Property Trust Inc	Financial		31,080		6,956,537		1.46	%
NextEra Energy Inc	Utilities		45,160		6,871,120		1.44	%
Alexandria Real Estate Equitie	Financial		56,383		6,839,881		1.44	%
Dr Pepper Snapple Group Inc	Consumer, Non-cyclical		58,787		6,834,011		1.44	%
DTE Energy Co	Utilities		67,745		6,827,298		1.44	%
Xcel Energy Inc	Utilities		157,562		6,819,273		1.43	%
CMS Energy Corp	Utilities		159,881		6,786,945		1.43	%
Realty Income Corp	Financial		136,855		6,730,522		1.41	%
Consolidated Edison Inc	Utilities		89,655		6,714,272		1.41	%
Incyte Corp	Consumer, Non-cyclical		78,737		6,705,238		1.41	%
Eversource Energy	Utilities		117,359		6,689,483		1.41	%
American Tower Corp	Financial		48,010		6,689,226		1.41	%
Weyerhaeuser Co	Financial		189,998		6,655,642		1.40	%
Mid-America Apartment Communit	Financial		76,952		6,604,014		1.39	%
Equity Residential	Financial		117,029		6,580,524		1.38	%
Regeneron Pharmaceuticals Inc	Consumer, Non-cyclical		20,418		6,542,744		1.38	%
Johnson Controls International	Industrial		177,351		6,538,929		1.37	%
Advanced Micro Devices Inc	Technology		532,856		6,452,884		1.36	%
Molson Coors Brewing Co	Consumer, Non-cyclical		84,504		6,443,461		1.35	%
Equinix Inc	Financial		15,882		6,227,469		1.31	%
Kraft Heinz Co/The	Consumer, Non-cyclical		89,861		6,025,149		1.27	%
Chesapeake Energy Corp	Energy		2,040,560		5,754,380		1.21	%
TransDigm Group Inc	Industrial		18,659		5,379,528		1.13	%
Amazon.com Inc	Communications		2,540		3,841,156		0.81	%
Edwards Lifesciences Corp	Consumer, Non-cyclical		27,801		3,716,161		0.78	%
CME Group Inc	Financial		22,215		3,691,230		0.78	%
Cintas Corp	Consumer, Non-cyclical		21,372		3,647,289		0.77	%
NVIDIA Corp	Technology		14,678		3,552,187		0.75	%
Arthur J Gallagher & Co	Financial		51,021		3,526,090		0.74	%
Boston Properties Inc	Financial		29,618		3,520,691		0.74	%
McCormick & Co Inc/MD	Consumer, Non-cyclical		32,833		3,505,873		0.74	%

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

February 28, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Boston Scientific Corp	Consumer, Non-cyclical		127,766		3,482,897		0.73	%
Stryker Corp	Consumer, Non-cyclical		21,424		3,474,039		0.73	%
Analog Devices Inc	Technology		38,518		3,472,393		0.73	%
Entergy Corp	Utilities		45,775		3,470,662		0.73	%
Abbott Laboratories	Consumer, Non-cyclical		56,773		3,425,137		0.72	%

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2018, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
EQO TOPIX Index	Citibank NA		17.70		05/07/2018		10,240,740		$	10,240,740		$	613,467		$	2,659,042		$	(2,045,575	)
EQO AMLP Index	MS & Co. Int. PLC		10.89		04/19/2018		6,577,267			6,577,267			370,564			2,630,907			(2,260,343	)
Total Purchased option contracts									$	16,818,007		$	984,031		$	5,289,949		$	(4,305,918	)
Written option contracts
Puts
EQO AMLP Index	MS & Co. Int. PLC		10.89		04/19/2018		(6,577,267	)		(6,577,267	)		(5,367,648	)		(3,956,884	)		(1,410,764	)

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Assets and Liabilities^(a)

February 28, 2018 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $2,777,344,310)(b)	$	2,806,807,276
Investments of affiliated issuers, at value (cost $1,813,876,597)		1,814,503,637
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		84,768,886
Purchased options, at value (cost $5,289,949)		984,031
Cash		84,456,872
Foreign currencies, at value (cost $7,880,387)		2,537,037
Unrealized gain on swap contracts		16,660,294
Unrealized gain on forward foreign currency exchange contracts		28,397,153
Receivables:
Collateral on certain derivative contracts(c)		148,402,274
Dividends and interest		9,450,932
Portfolio shares sold		2,132,537
Foreign tax reclaims		93,603
Securities lending income		13,141
Reimbursement from investment adviser		3,269
Other assets		159,972
Total assets		4,999,370,914
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		68,831,427
Variation margin on future contracts		7,228,795
Variation margin on swap contracts		765,634
Written option contracts, at value (premium received $3,956,884)		5,367,648
Payables:
Payable upon return of securities loaned		84,768,886
Investments purchased		15,065,261
Collateral on certain derivative contracts(d)		13,510,000
Portfolio shares redeemed		4,708,072
Management fees		2,557,933
Transfer Agency fees		146,467
Accrued expenses		163,583
Total liabilities		203,113,706
Net Assets:
Paid-in capital		4,976,417,854
Undistributed net investment income		22,868,418
Accumulated net realized loss		(209,926,028	)
Net unrealized gain		6,896,964
NET ASSETS	$	4,796,257,208
Net Assets:
Institutional	$	4,468,723,170
Class R6		327,534,038
Total Net Assets	$	4,796,257,208
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		458,133,149
Class R6		33,605,141
Net asset value, offering and redemption price per share:
Institutional		$9.75
Class R6		9.75

(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 $81,496,347.

(c) Includes amounts segregated for initial margin requirements and/or collateral on futures, forward foreign currency exchange contracts and swaps of $57,340,000, $62,870,000, and $28,192,274 respectively.

(d) Includes amounts segregated for initial margin requirements and/or collateral on swaps of $13,510,000.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Operations^(a)

For the Six Months Ended February 28, 2018 (Unaudited)

Investment income:
Dividends — unaffiliated issuers	$	8,899,467
Dividends — affiliated issuers		14,280,250
Interest		28,196,855
Securities lending income — affiliated issuer		157,775
Total investment income		51,534,347
Expenses:
Management fees		17,648,061
Transfer Agency fees(b)		996,445
Custody, accounting and administrative services		165,001
Professional fees		80,973
Registration fees		26,017
Printing and mailing costs		19,321
Trustee fees		14,256
Other		74,985
Total expenses		19,025,059
Less — expense reductions		(1,787,962	)
Net expenses		17,237,097
NET INVESTMENT INCOME		34,297,250
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		15,404,450
Investment — affiliated issuers		(4,064,083	)
Purchased options		(14,758,319	)
Futures contracts		(15,206,571	)
Written options		20,153,562
Swap contracts		8,801,412
Forward foreign currency exchange contracts		1,410,369
Foreign currency transactions		4,587,857
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(12,933,879	)
Investment — affiliated issuers		3,615,160
Purchased options		(752,923	)
Futures contracts		6,615,958
Written options		(693,887	)
Swap contracts		20,560,017
Forward foreign currency exchange contracts		2,652,226
Foreign currency translation		(5,361,417	)
Net realized and unrealized gain		30,029,932
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	64,327,182

(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) Class specific Transfer Agency fees were as follows:

Transfer Agency Fees
Institutional		Class R6(c)
$	990,790	$	5,655

(c) Commenced operations on December 29, 2017

20 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)

February 28, 2018 (Unaudited)

	For the Six Months Ended February 28, 2018 (Unaudited)			For the Period November 1, 2016- August 31, 2017(b)			For the Fiscal Year Ended October 31, 2016
From operations:
Net investment income	$	34,297,250		$	49,910,860		$	57,341,246
Net realized gain (loss)		16,328,677			100,749,497			(283,400,665	)
Net change in unrealized gain (loss)		13,701,255			(108,786,521	)		206,720,215
Net increase (decrease) in net assets resulting from operations		64,327,182			41,873,836			(19,339,204	)
Distributions to shareholders:
From net investment income
Institutional Shares		(45,296,029	)		(94,407,307	)		(216,014,287	)
Total distributions to shareholders		(45,296,029	)		(94,407,307	)		(216,014,287	)
From share transactions:
Proceeds from sales of shares		868,775,028			1,091,408,140			1,527,879,564
Reinvestment of distributions		45,296,029			94,407,307			216,014,287
Cost of shares redeemed		(1,379,773,069	)		(1,105,199,452	)		(958,354,546	)
Net increase (decrease) in net assets resulting from share transactions		(465,702,012	)		80,615,995			785,539,305
TOTAL INCREASE (DECREASE)		(446,670,859	)		28,082,524			550,185,814
Net assets:
Beginning of period		5,242,928,067			5,214,845,543			4,664,659,729
End of period	$	4,796,257,208		$	5,242,928,067		$	5,214,845,543
Undistributed net investment income	$	22,868,418		$	33,867,197		$	74,789,723

(a) Statements 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. 21

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) 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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2018 - Institutional	$	9.73	$	0.07	$	0.04		$	0.11		$	(0.09	)
2018 - Class R6 (Commenced December 29, 2017)		9.81		0.04		(0.10	)		(0.06	)		—
FOR THE PERIOD NOVEMBER 1, 2016 - AUGUST 31,*
2017 - Institutional		9.83		0.09		(0.01	)		0.08			(0.18	)
FOR THE FISCAL YEAR 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.

22 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 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)
$	9.75		1.25	%	$	4,468,723		0.69	%(e)		0.76	%(e)		1.37	%(e)		18	%
	9.75		(0.61	)		327,534		0.73	(e)		0.76	(e)		2.32	(e)		18
	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. 23

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements

February 28, 2018 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”) is a diversified fund and currently offers two classes of shares — Institutional and Class R6 Shares. Class R6 Shares commenced operations on December 29, 2017. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“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 inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2018, the Portfolio’s net assets were $4,796,257,208, of which, $356,141,403, or 7.4%, 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 Consolidated 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. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

D.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Transfer Agency fees.

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.

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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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.

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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 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

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 reference 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 reference 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 reference 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 reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, 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 reference security or obligation where the Portfolio bought credit protection.

A total return swap is an agreement that gives the Portfolio the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of February 28, 2018:

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	180,841,284		$	—
Common Stock and/or Other Equity Investments(a)
North America		1,682,176			19,275,323			—
Exchange Traded Funds		346,531,047			—			—
Investment Companies		1,814,503,637			—			—
Short-term Investments		—			2,258,477,447			—
Securities Lending Reinvestment Vehicle		84,768,886			—			—
Total	$	2,247,485,746		$	2,458,594,054		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	28,397,153		$	—
Futures Contracts(b)		7,232,524			—			—
Interest Rate Swap Contracts(b)		—			2,043,262			—
Credit Default Swap Contracts(b)		—			3,940,716			—
Total Return Swap Contracts(b)		—			16,660,294			—
Options Purchased		—			984,031			—
Total	$	7,232,524		$	52,025,456		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(68,831,427	)	$	—
Futures Contracts(b)		(1,585,918	)		—			—
Written Options Contracts		—			(5,367,649	)		—
Total	$	(1,585,918	)	$	(74,199,076	)	$	—

(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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purpose) as of February 28, 2018. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures and swap contracts	$	2,184,377	(a)	—	$	—
Credit	Receivable for unrealized gain on swap contracts		3,940,716	(a)	—		—
Commodity	Receivable for unrealized gain on swap contracts		16,660,294		—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		28,397,153		Payable for unrealized loss on forward foreign currency exchange contracts		(68,831,427)
Equity	Variation margin on futures contracts; Purchased options, at value		8,075,440	(a)	Variation margin on futures contracts; Written options, at value		(6,953,567)	(a)
Total		$	59,257,980			$	(75,784,994)

(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 six months ended February 28, 2018. 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	$	(7,034,543	)	$	1,949,692		3,041
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,893,423			1,856,461		1
Commodity	Net change in unrealized gain (loss) on futures contracts		—			20,634,104		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		1,410,369			2,652,226		27
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		4,131,206			1,288,907		11,292
Total		$	400,455		$	28,381,390		14,632

(a) Average number of contracts is based on the average of month end balances for the period February 28, 2018.

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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 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 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 table sets forth the Portfolio’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2018:

	Derivative Assets(a)								Derivative Liabilities(a)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(a)			Net Amount(b)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total
Citibank NA	$	613,467	$	—	$	—	$	613,467	$	—		$	—		$	—		$	613,467		$	(540,000	)	$	73,467
JPMorgan Securities, Inc.		—		16,660,294		—		16,660,294		—			—			—			16,660,294			(7,820,000	)		8,840,294
MS & Co. Int. PLC		370,564		—		28,397,153		28,767,717		(68,831,427	)		(5,367,649	)		(74,199,076	)		(45,431,359	)		45,431,359			—
Total	$	984,031	$	16,660,294	$	28,397,153	$	46,041,478	$	(68,831,427	)	$	(5,367,649	)	$	(74,199,076	)	$	(28,157,598	)	$	37,071,359		$	8,913,761

(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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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 six months ended February 28, 2018, 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 Management Fee Rate		Effective Net Management Fee Rate*^(a)
	0.75%		0.68%		0.64%		0.62%		0.70%		0.65%

* GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fees it earns as an investment adviser to any of the affiliated underlying funds in which the Portfolio invests through at least December 29, 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”) and the Goldman Sachs High Yield Floating Rate 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 six months ended February 28, 2018, GSAM waived $1,761,037 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 six months ended February 28, 2018, GSAM waived $740,078 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 annual rates of 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class R6 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, 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 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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	1,761,037	$	26,925	$	1,787,962

D.  Line of Credit Facility — As of February 28, 2018, 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 six months ended February 28, 2018, the Portfolio did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — For the six months ended February 28, 2018 , Goldman Sachs earned $87,193, 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 six months ended February 28, 2018, 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 six months ended February 28, 2018:

Affiliated Investment Companies	Beginning Value as of August 31, 2017		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 February 28, 2018		Shares as of February 28, 2018		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund	$	1,695,818,753	$	1,289,106,230	$	(1,331,919,123	)	$	—		$	—	$	1,653,005,860		1,653,005,860	$	8,930,581
Goldman Sachs High Yield Floating Rate Fund		368,545,426		6,670,235		(213,268,961	)		(4,064,083	)		3,615,160		161,497,777		16,666,437		5,349,669
Total	$	2,064,364,179	$	1,295,776,465	$	(1,545,188,084	)	$	(4,064,083	)	$	3,615,160	$	1,814,503,637			$	14,280,250

As of February 28, 2018, the following Fund of Funds Portfolios were the benefiical owners of 5% or more of total outstanding shares of the Portfolio:

Goldman Sachs Tax-Advantaged Global Equity Portfolio 5 % 

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were $165,422,595 and $494,255,975 respectively.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

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 Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received a management fee upto 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 Portfolio’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 Portfolio’s overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2018, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statement of Assets and Liabilities, where applicable.

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 six months ended February 28, 2018, 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 six months ended February 28, 2018.

Beginning Value as of August 31, 2017	Purchases at Cost	Proceeds from Sales			Ending Value as of February 28, 2018
$155,454,690	$776,023,855	$	(846,709,647	)	$	84,768,886

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8. TAX INFORMATION

As of the Portfolio’s most recent fiscal year end, August 31, 2017, the Portfolio’s capital loss carryforwards were as follows:

Capital loss carryforwards:
Perpetual Short-term	$	(195,779,673	)
Perpetual Long-term		(60,213,884	)
Total capital loss carryforwards	$	(255,993,557	)

As of February 28, 2018, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	4,639,442,532
Gross unrealized gain		94,076,092
Gross unrealized loss		(27,438,824	)
Net unrealized security gain	$	66,637,268

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.

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.

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 being hedged, if any.

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, (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 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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

9. OTHER RISKS (continued)

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. 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, 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.

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

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GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

9. OTHER RISKS (continued)

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.

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”) 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. 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 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’s 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.

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Notes to Financial Statements (continued)

February 28, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

	For the Six Months Ended February 28, 2018 (Unaudited)						For the Period Ended August 31, 2017(a)						For the Fiscal Year Ended October 31, 2016
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		54,590,043		$	537,824,857			111,043,563		$	1,091,408,140			159,963,476		$	1,527,879,564
Reinvestment of distributions		4,617,332			45,296,029			9,613,779			94,407,307			22,361,727			216,014,287
Shares redeemed		(140,073,777	)		(1,379,482,212	)		(112,301,237	)		(1,105,199,452	)		(100,184,535	)		(958,354,546	)
		(80,866,402	)		(796,361,326	)		8,356,105			80,615,995			82,140,668			785,539,305
Class R6(b)
Shares sold		33,634,875			330,950,171			—			—			—			—
Shares redeemed		(29,734	)		(290,857	)		—			—			—			—
		33,605,141			330,659,314			—			—			—			—
NET INCREASE (DECREASE)		(47,261,261	)	$	(465,702,012	)		8,356,105		$	80,615,995			82,140,668		$	785,539,305

(a) The Portfolio changed its fiscal year end from October 31 to August 31.

(b) Commenced operations on December 29, 2017.

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Portfolio Expenses — Six Month Period Ended February 28,  2018 (Unaudited)

As a shareholder of Institutional and Class R6 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 Institutional and Class R6 Shares of the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2017 through February 28, 2018, which represents a period of 181 and 58 days in a 365 day year for Institutional and Class R6 Shares.

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 9/1/17		Ending Account Value 2/28/18			Expenses Paid for the 6 months ended 2/28/18*
Institutional Shares
Actual	$	1,000.00	$	1,012.50		$	3.44
Hypothetical 5% return		1,000.00		1,021.37	+		3.46
Class R6 Shares(a)
Actual		1,000.00		993.90			1.16
Hypothetical 5% return		1,000.00		1,006.79	+		1.16

(a) Commenced operations on December 29, 2017.

+ 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 for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2018. 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 0.69% for Institutional Shares and 0.73% for Class R6 Shares.

39

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 $1.29 trillion in assets under supervision as of December 31, 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

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

∎ Total Emerging Markets Income Fund⁴

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

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

∎ International Equity Income Fund⁹

∎ International Equity ESG Fund¹⁰

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund¹¹

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy 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

∎ Target Date 2060 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 after the close of business on December 26, 2017, the Goldman Sachs Dynamic Emerging Markets Debt Fund was renamed the Goldman Sachs Total Emerging Markets Income 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund was renamed the Goldman Sachs International Equity Income Fund.

¹⁰  Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund was renamed the Goldman Sachs International Equity ESG Fund.

¹¹  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	OFFICERS
Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Roy W. Templin Gregory G. Weaver	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 February 28, 2018 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.

© 2018 Goldman Sachs. All rights reserved. 126469-OTU-744317 TACTSAR-18/1,275

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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:	May 2, 2018

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:	May 2, 2018
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	May 2, 2018