Goldman Sachs Mid Cap Value Fund (GCMAX) 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: October 31

Date of reporting period: April 30, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	April 30, 2018
	Absolute Return Multi-Asset Fund

Goldman Sachs Absolute Return Multi-Asset Fund

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summary	2
Schedule of Investments	12
Financial Statements	19
Financial Highlights	22
Notes to the Financial Statements	24
Other Information	39

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

What Differentiates Goldman Sachs Absolute Return Multi-Asset Fund’s Investment Process?

The Goldman Sachs Absolute Return Multi-Asset Fund (the “Fund”) seeks to deliver consistent returns in all market environments through broad diversification and dynamic management. The Fund aims to provide exposure beyond traditional asset classes, with less dependence on the direction of stock and bond markets, and thoughtfully combines the investment capabilities across Goldman Sachs Asset Management (GSAM).

∎ By investing across asset classes using less-traditional strategies and techniques, we aim to incorporate distinct sources of return into the portfolio that are different from traditional core equities and bond returns

∎ We use a proprietary, factor-based risk-budgeting framework that seeks to balance risk across unique return drivers and active strategies

∎ The Fund seeks to capitalize on the changing economic cycle and tactically adjusts for dislocations in the current environment, with the aim of enhancing returns and mitigating portfolio losses

∎ We seek to profit from opportunities across medium- to shorter-term time horizons and multiple geographies

∎ For over two decades, we have managed multi-asset class solutions for clients including sovereign wealth funds, pension plans, endowments, and foundations

∎ We leverage the insights and alpha generation of GSAM’s 700+ investment professionals in 30 offices around the globe (as of September 30, 2017)

∎ We monitor portfolio risk daily and have a robust risk management framework with multiple layers of oversight at the strategic allocation, security selection and firm levels

Diversification does not protect an investor from market risk and does not ensure a profit. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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FUND RESULTS

Goldman Sachs Absolute Return Multi-Asset Fund

Investment Objective

The Fund seeks to achieve long-term absolute return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Absolute Return Multi-Asset Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 shares generated cumulative total returns, without sales charges, of -0.95%, -1.31%, -0.81%, -0.95%, -1.10% and -0.79%, respectively. These returns compare to the 0.69% cumulative total return of the Fund’s benchmark, the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of 0.20% compared to the 0.09% cumulative total return of the Index.

References to the Fund’s benchmark and to other indices mentioned herein 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 overall, investor sentiment was dominated by global economic data, central bank monetary policy, rising commodity prices and political events.

In November and December 2017, the first two months of the Reporting Period, a mix of strong global economic growth data, higher commodity prices and the absence of hawkish surprises from major central banks supported a continued rally in global equities. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In the fourth calendar quarter overall, Japanese equities performed best, as the Prime Minister’s big win in Japan’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. equities outpaced global equities, as investors priced in a higher probability of a U.S. corporate tax rate cut. Conversely, European and U.K. equities lagged, as strength in the euro and British pound weighed on their respective equity markets. 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 Federal Reserve (“Fed”) chair. In December, Fed policymakers raised interest rates and upgraded their cumulative growth projections after taking into account the potential impact of a corporate tax cut included in the tax reform legislation passed by the U.S. Congress that same month. During the fourth calendar quarter overall, the 10-year U.S. Treasury yield rose, driven by low inflation and market expectations of tax cuts. In commodities, crude oil prices rallied more than 10% as the market anticipated an extension of the Organization of the Petroleum Exporting Countries’ (“OPEC”) production cuts. Metals also rallied, with base metals outperforming precious metals amid continuing strong global economic growth and steady Chinese economic data. Overall, the fourth quarter of 2017 was noteworthy for investors’ broad “risk on” sentiment, or reduced risk aversion, as equities, bond yields and commodity prices all moved higher. The U.S. dollar weakened versus other developed markets currencies during the fourth calendar quarter.

After a strong finish to 2017, the first quarter of 2018 saw increased volatility, and global equity markets experienced their first pullback after rallying for eight consecutive

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calendar quarters. Global equity prices peaked during the last week of January 2018 before retreating on news of stronger than expected U.S. wage growth data in early February. In addition to the wage growth data, which led investors to anticipate a faster pace of Fed interest rate hikes, rising concerns about potential trade protectionism and worsening market sentiment about U.S. information technology stocks weighed on global equity prices. In the second half of March 2018, U.S. information technology stocks sold off due to investor concerns about data privacy. During the first calendar quarter overall, macroeconomic data moderated in the developed markets, particularly in Europe and Japan. Emerging markets equities generally outperformed their developed markets peers because of what many considered to be attractive valuations and because of the comparatively stronger economic data within emerging markets countries as well as higher commodity prices. In the fixed income markets, the 10-year U.S. Treasury yield rose during the first quarter of 2018, driven by the Fed’s decision to raise interest rates at its March policy meeting as well as by a modest pickup in inflation and a higher than expected U.S. fiscal deficit. The outcome of the Fed’s policy meeting was generally considered dovish by investors but was also in line with market expectations. The U.S. dollar continued to weaken relative to other major developed markets currencies during the first calendar quarter.

In April 2018, global equities overall recorded gains, recovering some of the losses they had sustained in February and March. The advance was supported by the absence of a trade war escalation, receding concerns about the potential regulation of U.S. information technology companies and better than consensus expected corporate earnings. Meanwhile, economic growth around the world, especially in Europe and Japan, continued to moderate from the strong pace seen during the 2017 calendar year. Overall, however, global economic growth remained healthy, driven primarily by the U.S. The 10-year U.S. Treasury yield rose in April 2018 as U.S. inflationary pressures increased and investors anticipated a faster pace of Fed interest rate hikes. Emerging markets stocks underperformed developed markets stocks amid softer macroeconomic data in the emerging markets, higher U.S. Treasury yields and strength in the U.S. dollar. Within developed markets equities, the U.K. and Europe outperformed despite somewhat weaker economic growth, benefiting from depreciation in the British pound and euro versus the U.S. dollar. In commodities, crude oil prices rallied as supply/demand conditions remained fairly constrained due to OPEC production cuts and supply disruptions in Venezuela.

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 investments in different asset classes, geographic regions and security selection strategies in a portfolio primarily of equity, fixed income, real assets and currency asset classes. Real assets are physical assets that derive their value from their own intrinsic qualities (e.g., precious metals, commodities and real estate). The Fund’s performance is driven by four sources of return: long-term strategic asset allocation to market exposures, medium-term cycle-aware allocation, short-term tactical allocation and excess returns from investments in underlying funds through which the Fund gains exposure to underlying asset classes. Strategic asset allocation is the process by which the Fund’s assets are allocated across underlying asset classes and strategies in a way that considers the risks of each underlying asset class and strategy. Medium-term cycle-aware allocation is the process by which we adjust the portfolio for changes in the business or economic cycle. Short-term tactical allocation is the implementation of tactical market views with the goal of improving the Fund’s risk-adjusted return. The risk-adjusted return on an investment takes into account the risk associated with that investment relative to other potential investments.

During the Reporting Period, the Fund posted negative returns due to its strategic asset allocation, short-term tactical asset allocation and security selection within the underlying funds, all of which detracted from its performance. The Fund’s medium-term cycle-aware allocation added to its performance.

Strategic asset allocation overall hurt the Fund’s returns during the Reporting Period. At the asset class level, allocations to fixed income and currencies detracted from returns, while allocations to real assets contributed positively. Allocations to equities had a rather neutral impact on the Fund’s results during the Reporting Period. Within its strategic fixed income allocation, the Fund was hurt by our long U.S. interest rate options strategy, through which we seek to profit if interest rates fall, remain constant or rise less than anticipated. This strategy detracted from performance as U.S. Treasury yields rose over the course of the Reporting Period. (Our long U.S. interest rate options strategy is a macroeconomic hedge that buys put options on short-term interest rates. 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.) Our active macro fixed income strategy further detracted from the Fund’s performance. In addition,

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the Fund’s strategic allocation to high yield corporate bonds was a drag on results, mainly because of its sensitivity to the increase in yields during the Reporting Period. On the positive side, the Fund was helped by its strategic allocations to local emerging markets debt, which benefited from continued strength in emerging markets macroeconomic data. Within its strategic allocations to currencies, the Fund was hampered by our decision to hedge foreign currency exposure back to the U.S. dollar (accomplished through foreign exchange currency forward contracts), as the U.S. dollar broadly weakened and other developed markets currencies strengthened during the Reporting Period overall. A strategic allocation to a systematic currency carry strategy detracted from returns, while a strategic allocation to a systematic currency value strategy contributed positively. (The systematic currency carry strategy seeks to go long higher yielding currencies and short lower yielding currencies, with returns driven by short-term interest rate differentials. The systematic currency value strategy seeks to capture differences between a currency spot price and its estimated fair value relative to other currencies.) Within its strategic allocations to real assets, the Fund was aided by its exposure to international real estate securities and global infrastructure securities. A strategic allocation to a systematic commodity carry strategy also added to performance. On the other hand, a strategic allocation to a systematic momentum strategy detracted from returns. (The systematic commodity carry strategy seeks to construct a long/short commodity strategy that uses the shape of the commodity curve as a trading signal to benefit from information on supply and demand mismatches. The systematic commodity momentum strategy seeks to capture the momentum risk premium in commodities and is implemented by going long historically well performing commodities and going short the underperforming ones.) Within its strategic allocations to equities, the Fund’s performance was driven primarily by its exposure to emerging markets stocks, which outperformed amid U.S. dollar depreciation and strong emerging markets macroeconomic data. In addition, a strategic allocation to U.S. small-cap stocks bolstered returns. Offsetting these positive results was the Fund’s strategic allocation to a U.S. equity volatility strategy, which seeks to benefit from the difference between implied volatility (i.e., expectations of future volatility) and realized volatility (i.e., historical volatility) in equity markets, as market volatility spiked toward the end of the Reporting Period. In addition, the Fund was hurt by an equity hedge (implemented through short positions in futures on the S&P 500^® Index and the MSCI EAFE Index), used to moderate exposure to equity beta, which detracted from performance as global equity markets recorded positive returns during the Reporting Period overall. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.)

Our tactical asset allocation decisions hurt the Fund’s performance during the Reporting Period. The primary detractor was a tactical position in a long-short emerging markets currencies basket. In addition, tactical positioning in real assets, specifically a short position in gold, hampered returns. The Fund’s tactical long position in U.S. dollar-denominated emerging markets debt also detracted amid broad weakness in emerging markets currencies. However, the Fund benefited from a 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, which added to returns as inflation increased during the Reporting Period overall. (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.)

Security selection overall detracted from the Fund’s returns during the Reporting Period. The Fund was hurt most by security selection within our active macro fixed income strategy (implemented primarily through the Goldman Sachs Strategic Macro Fund) and our emerging markets equity strategy (implemented primarily through the Goldman Sachs Emerging Markets Equity Fund). (The Goldman Sachs Strategic Macro Fund was liquidated on March 26, 2018.)

The Fund’s medium-term cycle-aware allocation bolstered the Fund’s performance. We held two medium-term cycle-aware views during the Reporting Period. The first was to have a short duration position, which we expressed through a short position in long-maturity German government bonds and a tactical steepening position on the U.S. Treasury yield curve. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens. Yield curve is a spectrum of maturities.) Collectively, these positions added to the Fund’s performance. Our second medium-term cycle-aware view was to hold a long position in emerging markets equities

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FUND RESULTS

versus developed markets equities. This positioning also contributed positively to the Fund’s returns, as emerging markets equities outperformed developed markets equities during the Reporting Period.

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 48% of its total net assets in long equity-related investments; approximately 63% of its total net assets in long fixed income-related investments; approximately 9% of its total net assets in long real assets investments; and approximately 25% of its total net assets in long currency-related investments. It had short positions of approximately -25% of its total net assets in equity-related investments; approximately -39% of its total net assets in fixed income-related assets; approximately -5% of its total net assets in real asset investments; and approximately -25% of its total net assets in currency-related investments. These positions were accomplished through the use of equity index futures, equity options, interest rate futures, commodity futures and currency forwards.

Q How did you manage the Fund’s allocations during the Reporting Period?

A When the Reporting Period started, we maintained the Fund’s overall exposure to risk assets, focusing primarily on equities. Within equities, we favored emerging markets stocks, as we believed they remained undervalued and thought they would continue to outperform due to the relatively stronger economic growth in emerging markets countries. We maintained the Fund’s tactical long positions in the stocks of select emerging markets countries, such as Brazil, Singapore and China, and we added a tactical long position in South African equities. Within developed markets stocks, we added a tactical long position in Japanese equities because of improved corporate earnings and what we considered to be inexpensive valuations. The Fund held tactical positions in certain market sectors, including long positions in European bank stocks and U.S. health care stocks as well as a short position in consumer stocks broadly. With regard to fixed income, we believed yields were likely to rise, a view we expressed through a tactical steepening position on the U.S. Treasury yield curve and a tactical breakeven inflation position. Within real assets at the beginning of the Reporting Period, we added a tactical short position in copper, as copper prices had rallied significantly, and we thought they were higher than fair value, making them vulnerable to a sell-off, in our view.

At the beginning of January 2018, we added a tactical allocation to the Goldman Sachs Hedge Industry VIP ETF, which seeks to track fundamentally driven hedge fund managers’ top conviction long positions.

Heading into February 2018, we reduced the Fund’s overall exposure to risk assets. We believed they could experience a short-term pullback, given their especially strong performance during the 2017 calendar year. Indeed, market volatility increased during the second half of the Reporting Period, and risk assets experienced two large sell-offs, one in February 2018 and the other in March. These sell-offs, which we expected to be short-lived, gave us opportunities to increase the Fund’s exposure to equities at what we saw as attractive valuations. After the February sell-off, we added tactical long positions in U.S. and emerging markets stocks. At the same time, we added some downside protection through the purchase of put options on the iShares MSCI Emerging Markets Index ETF. (Downside protection refers to the use of an option or other hedging instrument to limit or reduce losses in the case of decline in the value of an underlying security or asset class.) After the March sell-off, we established and subsequently increased the size of a basket containing relative value positions in U.S. and Japanese short-term interest rates.

Within equities during the second half of the Reporting Period, we eliminated the Fund’s tactical long positions in Taiwanese and Singaporean equities. We added tactical long positions in Thai, South Korean and Chinese equities and a tactical short position in Mexican equities. In terms of sector positioning, we exited the Fund’s tactical short position in consumer staples, as this sector had declined significantly along with other defensive sectors. We eliminated the Fund’s tactical long position in the U.S. health care sector and added tactical long positions in the U.S. information technology and banking sectors. Within fixed income, we changed the Fund’s tactical steepening position on the U.S. Treasury yield curve to an outright short duration position at the front, or short-term, end of the curve as we sought to mitigate the Fund’s exposure to market expectations about Fed monetary policy. We increased the Fund’s tactical short duration position on the U.S. Treasury yield curve as U.S. inflationary pressures continued to build. Within real assets, we added a tactical short position in crude oil as we believed West Texas Intermediate crude oil prices had risen higher than supply/demand conditions warranted. We also initiated a tactical long position in U.S. energy master limited partnerships, as these securities had sold off at the beginning of March 2018 in response to a U.S. Tax Court ruling. In addition, we

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FUND RESULTS

eliminated the Fund’s short position in gold during the second half of the Reporting Period.

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

A During the Reporting Period, the Fund used exchange-traded index futures contracts to gain short exposure to U.S. large-cap equities (negative impact on performance); short exposure to international developed equities (negative impact); long exposure to U.S. small-cap equities (positive impact); long exposure to broad emerging markets equities (positive impact); long and short exposure to non-U.S. developed markets and emerging markets equities (positive impact); long exposure to Chinese, Singaporean, South Korean and Thai equities (positive impact); long exposure to Taiwanese, Japanese and European stocks (negative impact); short exposure to Australian, Mexican and U.K. equities (negative impact); short exposure to South African equities (positive impact); and long exposure to European bank stocks (positive impact).

In addition, the Fund employed listed equity options to gain or reduce exposure to the equity markets of certain developed markets and emerging markets countries. The Fund used listed equity options to modulate the Fund’s participation in Brazilian and U.S. equities (positive impact on performance), European and Japanese equities (negative impact) and South Korean equities (neutral impact). The Fund utilized listed equity options to gain exposure to the U.S. energy sector (positive impact). Also, the Fund used options on fixed income assets to obtain exposure to U.S. high yield corporate bonds (negative impact) and European investment grade government bonds (neutral impact).

Interest rate futures were used to manage the Fund’s interest rate exposures and to facilitate the implementation of specific duration and yield curve views (positive impact on performance). The Fund employed U.S. Treasury futures as part of a breakeven inflation position during the Reporting Period (negative impact). In addition, the Fund used German bund futures to express a view on the direction of long-term German interest rates (negative impact). The Fund also utilized options on Eurodollar futures to take tactical positions on the U.S. interest rate yield curve (negative impact). (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Different positions may be taken within the Fund based on expectations of changes in interest rates and expectations of changes in the yield curve. Changes in the shape of the yield curve will change the relative price of bonds represented by the curve.

Options and futures on individual commodities and total return swaps on commodity indices were used to implement directional views or to implement systematic curve and carry strategies (positive impact overall).

In addition, the Fund used forward foreign currency exchange contracts to take long and short positions in select non-U.S. developed markets and in emerging markets as well as to take advantage of relative-value, momentum-based investment opportunities (negative impact overall).

Lastly, the Fund obtained exposure to the underlying asset classes through the use of underlying funds, which may also invest in derivatives to provide exposure to equity, fixed income and commodity asset classes. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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 28% of its total net assets in long equity-related investments; approximately 42% of its total net assets in long fixed income-related investments; approximately 11% of its total net assets in long real assets investments; approximately 12% of its total net assets in long currency-related investments; and approximately 35% of its total net assets in long multi-strategy investments. It had short positions of approximately -11% of its total net assets in equity-related investments; approximately -31% of its total net assets in fixed income-related assets; approximately -0.2% of its total net assets in real asset investments; and approximately -12% of its total net assets in currency-related investments. These positions were accomplished through the use of equity index futures, equity options, interest rates futures, commodity futures 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 emphasized three macro themes. First, we expected the global economic expansion to continue in 2018, with growth remaining above trend, although we thought the pace of growth was likely to moderate relative to the momentum seen in the middle of

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2017. Second, we believed Fed monetary policy tightening would continue to have an impact on interest rates. In 2017, broader market developments offset hawkish monetary policy surprises, and benign inflation led to the easing of U.S. financial conditions. This is likely changing in 2018, in our view, as supply-side constraints increase and financial conditions tighten. (Supply-side constraints mean production is unable to keep pace with rising demand.) Third, we expected the global economic expansion to push global equity prices to new highs, but we thought the markets may experience temporary bouts of volatility. Accordingly, at the end of the Reporting Period, we believed the environment may favor a dynamic approach to asset allocation.

On the asset class level, we expect global equities to generate positive but moderate returns over the medium term. In our opinion, global equity performance may well be supported by ongoing global economic expansion, corporate earnings growth and inexpensive valuations relative to macroeconomic conditions, though valuations are likely to remain high in absolute terms. Regarding fixed income, we think the 10-year U.S. Treasury yield was at a reasonable level at the end of the Reporting Period, but we believe it could move higher before the end of 2018. We are monitoring credit spreads (or yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity), which were tight relative to macroeconomic conditions at the end of the Reporting Period, because we believe the corporate bond market may be approaching the point in the economic cycle when credit spreads historically start to widen. Overall, at the end of the Reporting Period, we favored emerging markets debt over developed markets debt. We held this view because of the strong economic growth backdrop in emerging markets countries as well as investor uncertainty about when global yields might rise, which allowed us to remain confident about a widening gap between the economic growth trajectories of emerging and developed markets.

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FUND BASICS

Goldman Sachs Absolute Return Multi-Asset Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			ICE BofA ML U.S. Dollar 3-Month LIBOR Constant Maturity Index2
Class A		-0.95	%		0.69	%
Class C		-1.31			0.69
Institutional		-0.81			0.69
Investor		-0.95			0.69
Class R		-1.10			0.69
Class R6		-0.79			0.69
April 16, 2018–April 30, 2018	Fund Total Return (based on NAV)1			ICE BofA ML U.S. Dollar 3-Month LIBOR Constant Maturity Index2
Class P		0.20	%		0.09	%

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

²  The Fund’s benchmark index is the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”). The Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Since Inception			Inception Date
Class A		-4.60	%		-2.14	%		9/2/2015
Class C		-0.90			-0.75			9/2/2015
Institutional		1.32			0.39			9/2/2015
Investor		1.17			0.25			9/2/2015
Class P		N/A			N/A			4/16/2018
Class R		0.61			-0.26			9/2/2015
Class R6		1.34			0.41			9/2/2015

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 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

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FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.42	%		3.69	%
Class C		2.17			4.44
Institutional		1.03			3.30
Investor		1.17			3.44
Class P		1.01			3.29
Class R		1.67			3.94
Class R6		1.01			3.29

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019 with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund6		24.8	%	Investment Companies
Goldman Sachs Tactical Exposure Fund6		19.8		Investment Companies
Goldman Sachs Alternative Premia Fund6		15.0		Investment Companies
Goldman Sachs Short-Term Conservative Income Fund6		7.9		Investment Companies
Goldman Sachs Emerging Markets Equity Fund6		6.0		Investment Companies
Goldman Sachs International Real Estate Securities Fund6		4.5		Investment Companies
Goldman Sachs Global Infrastructure Fund6		3.5		Investment Companies
United States Treasury Bills		3.0		U.S. Treasury Obligations
Goldman Sachs Real Estate Securities Fund6		2.6		Investment Companies
Goldman Sachs Emerging Markets Debt Fund6		2.2		Investment Companies

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

⁶  Institutional Shares.

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FUND BASICS

SECTOR ALLOCATION⁷

As of April 30, 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. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

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FUND BASICS

Index Definitions

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

The 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.

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

11

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments

April 30, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligation(a)(b) – 3.0%
	United States Treasury Bills
$	900,000		0.000	%		05/03/18	$	899,922
	(Cost $899,930)

Shares	Distribution Rate			Value
Investment Companies(c) – 88.3%
Dynamic – 34.8%
Goldman Sachs Alternative Premia Fund – Institutional Shares
506,293		0.000	%	$	4,445,252
Goldman Sachs Tactical Exposure Fund – Institutional Shares
592,952		0.000			5,882,080
					10,327,332
Equity – 16.6%
Goldman Sachs Emerging Markets Equity Fund – Institutional Shares
77,536		0.000			1,782,548
Goldman Sachs Global Infrastructure Fund – Institutional Shares
99,708		0.000			1,032,977
Goldman Sachs International Real Estate Securities Fund – Institutional Shares
210,582		0.000			1,349,829
Goldman Sachs Real Estate Securities Fund – Institutional Shares
51,432		0.000			770,959
					4,936,313
Fixed Income – 36.9%
Goldman Sachs Emerging Markets Debt Fund – Institutional Shares
53,429		0.051			664,658
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,357,764		1.623			7,357,764
Goldman Sachs Local Emerging Markets Debt Fund – Institutional Shares
90,057		0.035			591,673
Goldman Sachs Short-Term Conservative Income Fund – Institutional Shares
234,601		0.017			2,350,698
					10,964,793
TOTAL INVESTMENT COMPANIES
(Cost $26,211,053)				$	26,228,438
TOTAL INVESTMENTS – 91.3%
(Cost $27,110,983)				$	27,128,360
OTHER ASSETS IN EXCESS OF     LIABILITIES – 8.7%					2,569,195
NET ASSETS – 100.0%				$	29,697,555

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on centrally cleared swap contracts.
(c)	Represents an affiliated fund.

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNY	—Chinese Yuan Renminbi
CZK	—Czech Koruna
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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. Int. PLC	CAD	390,000	USD	302,877	$	304,116		06/20/18	$	1,239
	CNY	1,410,000	USD	221,409		222,362		06/20/18		953
	JPY	21,000,000	USD	192,712		192,775		06/20/18		63
	KRW	156,650,000	USD	145,236		146,347		05/31/18		1,111
	PHP	11,500,000	USD	220,391		221,979		06/20/18		1,588
	SGD	10,000	USD	7,538		7,550		06/20/18		12
	TRY	240,000	USD	58,607		58,631		05/23/18		24
	TRY	40,000	USD	9,533		9,692		06/20/18		160
	TWD	5,500,000	USD	185,013		186,157		05/30/18		1,143
	USD	226,979	AUD	300,000		225,865		05/23/18		1,116
	USD	389,543	AUD	500,000		376,482		06/20/18		13,061
	USD	219,019	BRL	740,000		211,166		05/03/18		7,853
	USD	86,925	BRL	300,000		85,378		05/30/18		1,548
	USD	77,959	CAD	100,000		77,922		05/23/18		37
	USD	222,025	CAD	280,000		218,340		06/20/18		3,685
	USD	523,228	CHF	510,000		515,678		05/23/18		7,550
	USD	887,211	CHF	830,000		841,304		06/20/18		45,906
	USD	23,674	CLP	14,500,000		23,638		05/30/18		36
	USD	222,311	CNY	1,400,000		220,785		06/20/18		1,526
	USD	74,733	CZK	1,560,000		73,694		05/23/18		1,039
	USD	46,981	DKK	280,000		45,564		06/20/18		1,416
	USD	145,823	EUR	120,000		145,164		05/23/18		659
	USD	1,161,718	EUR	930,000		1,127,481		06/20/18		34,237
	USD	125,403	GBP	90,000		124,039		05/23/18		1,364
	USD	474,162	GBP	340,000		469,247		06/20/18		4,914
	USD	80,650	HKD	630,000		80,367		06/20/18		283
	USD	72,861	HUF	18,780,000		72,392		05/23/18		469
	USD	223,678	HUF	56,000,000		216,261		06/20/18		7,416
	USD	82,973	IDR	1,154,450,000		82,640		05/31/18		332
	USD	434,828	IDR	6,030,000,000		430,688		06/20/18		4,140
	USD	356,549	ILS	1,260,000		350,608		05/23/18		5,941
	USD	11,634	ILS	40,000		11,148		06/20/18		486
	USD	101,708	INR	6,710,000		100,634		05/02/18		1,074
	USD	42,328	INR	2,820,000		42,253		05/30/18		74
	USD	226,378	INR	15,000,000		224,238		06/20/18		2,140
	USD	120,157	JPY	13,100,000		120,021		05/23/18		136
	USD	1,062,848	JPY	112,000,000		1,028,132		06/20/18		34,717
	USD	18,353	KRW	19,600,000		18,311		05/31/18		42
	USD	224,919	KRW	240,000,000		224,369		06/20/18		550
	USD	20,821	MXN	390,000		20,774		05/23/18		47
	USD	234,606	NOK	1,870,000		233,291		05/23/18		1,316
	USD	393,358	NOK	3,050,000		380,893		06/20/18		12,465
	USD	212,491	NZD	300,000		211,059		05/23/18		1,432
	USD	228,594	NZD	310,000		218,090		06/20/18		10,504
	USD	97,728	PLN	340,000		96,894		05/23/18		834
	USD	78,105	RUB	4,870,000		77,306		05/03/18		799
	USD	33,035	RUB	2,040,000		32,271		05/30/18		764
	USD	417,307	RUB	26,000,000		410,356		06/20/18		6,950
	USD	188,141	SEK	1,590,000		181,903		05/23/18		6,239

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	73,223	SEK	600,000	$	68,793		06/20/18	$	4,431
	USD	30,458	SGD	40,000		30,200		06/20/18		258
	USD	222,765	TRY	910,000		220,500		06/20/18		2,265
	USD	172,775	TWD	5,090,000		172,279		05/30/18		496
	USD	528,826	TWD	15,300,000		518,662		06/20/18		10,165
	USD	16,936	ZAR	210,000		16,792		05/23/18		144
	USD	221,082	ZAR	2,660,000		211,957		06/20/18		9,126
TOTAL									$	258,275

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	40,000	USD	30,634	$	30,115		05/23/18	$	(518	)
	AUD	360,000	USD	277,704		271,067		06/20/18		(6,637	)
	BRL	740,000	USD	223,402		211,166		05/03/18		(12,236	)
	CAD	190,000	USD	149,199		148,051		05/23/18		(1,148	)
	CHF	200,000	USD	203,592		202,227		05/23/18		(1,366	)
	CHF	710,000	USD	735,858		719,670		06/20/18		(16,189	)
	CLP	101,690,000	USD	170,371		165,777		05/30/18		(4,594	)
	CZK	3,440,000	USD	164,726		162,505		05/23/18		(2,221	)
	DKK	110,000	USD	18,039		17,900		06/20/18		(139	)
	EUR	220,000	USD	269,604		266,134		05/23/18		(3,470	)
	EUR	490,000	USD	603,801		594,049		06/20/18		(9,751	)
	GBP	240,000	USD	336,813		330,772		05/23/18		(6,041	)
	GBP	135,000	USD	188,512		186,319		06/20/18		(2,194	)
	HKD	210,000	USD	26,794		26,789		06/20/18		(5	)
	HUF	31,110,000	USD	122,269		119,920		05/23/18		(2,349	)
	HUF	56,000,000	USD	224,458		216,261		06/20/18		(8,196	)
	IDR	6,030,000,000	USD	433,938		430,689		06/20/18		(3,249	)
	ILS	830,000	USD	231,621		230,956		05/23/18		(665	)
	ILS	40,000	USD	11,192		11,148		06/20/18		(44	)
	INR	6,710,000	USD	102,401		100,634		05/02/18		(1,766	)
	INR	7,250,000	USD	109,328		108,631		05/30/18		(698	)
	INR	15,000,000	USD	228,043		224,238		06/20/18		(3,806	)
	JPY	17,420,000	USD	161,940		159,600		05/23/18		(2,340	)
	JPY	48,000,000	USD	449,579		440,628		06/20/18		(8,952	)
	KRW	240,000,000	USD	226,007		224,369		06/20/18		(1,638	)
	MXN	10,200,000	USD	545,980		543,316		05/23/18		(2,664	)
	NOK	2,160,000	USD	276,107		269,469		05/23/18		(6,638	)
	NOK	2,950,000	USD	377,305		368,405		06/20/18		(8,900	)
	NZD	340,000	USD	243,710		239,200		05/23/18		(4,510	)
	NZD	310,000	USD	226,747		218,090		06/20/18		(8,657	)
	PLN	590,000	USD	173,599		168,138		05/23/18		(5,460	)
	RUB	4,870,000	USD	84,231		77,306		05/03/18		(6,925	)
	RUB	26,000,000	USD	452,421		410,356		06/20/18		(42,065	)
	SEK	380,000	USD	44,489		43,474		05/23/18		(1,015	)
	SEK	225,000	USD	26,402		25,797		06/20/18		(605	)
	TRY	870,000	USD	221,426		210,807		06/20/18		(10,619	)
	TWD	15,300,000	USD	524,735		518,662		06/20/18		(6,073	)
	USD	147,699	CAD	190,000		148,051		05/23/18		(353	)

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	231,523	CAD	300,000	$	233,936		06/20/18	$	(2,413	)
	USD	40,439	CHF	40,000		40,445		05/23/18		(6	)
	USD	1,567	CNY	10,000		1,577		06/20/18		(10	)
	USD	27,558	GBP	20,000		27,564		05/23/18		(7	)
	USD	117,233	IDR	1,645,780,000		117,812		05/31/18		(579	)
	USD	104,808	INR	7,030,000		105,334		05/30/18		(526	)
	USD	28,295	JPY	3,090,000		28,310		05/23/18		(15	)
	USD	18,256	KRW	19,670,000		18,376		05/31/18		(120	)
	USD	449,809	MXN	8,630,000		459,688		05/23/18		(9,878	)
	USD	216,228	PHP	11,340,000		219,173		05/30/18		(2,945	)
	USD	219,382	PHP	11,500,000		221,979		06/20/18		(2,597	)
	USD	176,708	TRY	730,000		178,336		05/23/18		(1,628	)
	USD	47,663	TWD	1,410,000		47,723		05/30/18		(60	)
	USD	232,046	ZAR	2,910,000		232,685		05/23/18		(639	)
	ZAR	3,910,000	USD	322,642		312,646		05/23/18		(9,996	)
	ZAR	2,660,000	USD	225,950		211,958		06/20/18		(13,993	)
TOTAL									$	(250,108	)

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year German Euro-Bund		1		06/07/18	$	191,694	$	675
10 Year U.S. Treasury Notes		35		06/20/18		4,186,875		(12,095	)
5 Year German Euro-Bobl		1		06/07/18		158,196		(26	)
Amsterdam Exchanges Index		1		05/18/18		133,548		1,446
CAC40 Index		2		05/18/18		132,184		2,363
E-mini Russell 2000 Index		1		06/15/18		77,190		(901	)
Euro Stoxx 50 Index		3		06/15/18		125,856		1,601
French 10 Year Government Bonds		1		06/07/18		185,741		(907	)
FTSE 100 Index		1		06/15/18		102,702		1,196
FTSE/MIB Index		1		06/15/18		142,485		1,728
Italian 10 Year Government Bonds		2		06/07/18		335,737		7,025
MSCI Emerging Markets Index		48		06/15/18		2,765,280		(41,161	)
OMXS 30 Index		2		05/18/18		35,744		(41	)
S&P 500 E-Mini Index		2		06/15/18		264,700		(3,841	)
SET50 Index		10		06/28/18		74,708		(61	)
SGX S&P CNX Nifty Index		2		05/31/18		43,140		615
Total							$	(42,384	)

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts: (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.K. Long Gilt		(1	)		06/27/18	$	(168,315	)	$	(29	)
10 Year U.S. Treasury Notes		(13	)		06/20/18		(1,555,125	)		8,298
3 Month Sterling Interest Rate		(3	)		12/19/18		(511,461	)		(470	)
3 Month Sterling Interest Rate		(3	)		09/18/19		(510,274	)		(470	)
3 Month Sterling Interest Rate		(3	)		06/17/20		(509,293	)		(538	)
5 Year U.S. Treasury Notes		(11	)		06/29/18		(1,248,586	)		6,252
Australian 10 Year Government Bonds		(2	)		06/15/18		(192,569	)		(910	)
Bank Accept Index		(2	)		03/18/19		(380,369	)		(120	)
Canada 10 Year Government Bonds		(3	)		06/20/18		(307,138	)		(1,082	)
Euro Buxl 30 Year Bonds		(8	)		06/07/18		(1,579,927	)		(25,324	)
Eurodollars		(6	)		12/17/18		(1,460,325	)		(2	)
Eurodollars		(9	)		09/16/19		(2,184,525	)		(368	)
Eurodollars		(81	)		03/16/20		(19,644,525	)		84,862
Eurodollars		(8	)		06/15/20		(1,940,000	)		(706	)
Mini MSCI EAFE Index		(8	)		06/15/18		(810,600	)		624
S&P 500 E-Mini Index		(9	)		06/15/18		(1,191,150	)		44,233
U.S. Long Bonds		(3	)		06/20/18		(431,531	)		(5,659	)
Total									$	108,591
TOTAL FUTURES CONTRACTS									$	66,207

SWAP CONTRACTS — At April 30, 2018, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)			Credit Spread at April 30, 2018(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 30		5.000	%		3.393	%		06/20/23	$	150	$	(4,448,783	)	$	(4,450,506	)	$	1,723
CDX.NA.HY Index 30		5.000			3.393			06/20/23		4,460		4,793,450			4,708,949			84,501
CDX.NA.IG Index 30		1.000			0.608			06/20/23		400		7,853			7,293			560
iTraxx Europe Series 29		1.000			0.545			06/20/23	EUR	300		8,787			7,792			995
iTraxx Europe Crossover Series 29		5.000			2.713			06/20/23		150		20,242			18,384			1,858
TOTAL											$	381,549		$	291,912		$	89,637

(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 ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN AND PURCHASED OPTIONS CONTRACTS — At April 30, 2018, the Fund had the following written and purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	97.38		09/17/2018		3	$	7,500	$	1,143	$	4,544	$	(3,401	)
Eurodollar Futures	97.63		06/18/2018		8		20,000		800		9,864		(9,064	)
Eurodollar Futures	97.75		06/17/2019		8		20,000		600		22,018		(21,418	)
Eurodollar Futures	98.00		03/18/2019		15		37,500		375		30,723		(30,348	)
Eurodollar Futures	98.13		12/17/2018		12		30,000		150		26,930		(26,780	)
Eurodollar Futures	98.25		09/17/2018		11		27,500		69		23,253		(23,184	)
Eurodollar Futures	98.38		06/18/2018		10		25,000		63		18,275		(18,212	)
Eurodollar Futures	99.00		12/17/2018		74		185,000		463		5,721		(5,258	)
Eurodollar Futures	99.00		03/18/2019		22		55,000		138		2,251		(2,113	)
Eurodollar Futures	99.00		06/17/2019		14		35,000		87		1,732		(1,645	)
Eurodollar Futures	96.00		03/16/2020		7		17,500		17,806		18,191		(385	)
Eurodollar Futures	96.50		12/16/2019		11		27,500		15,882		20,126		(4,244	)
Eurodollar Futures	96.75		06/18/2018		19		47,500		41,800		43,382		(1,582	)
Eurodollar Futures	96.75		09/16/2019		19		47,500		19,475		44,507		(25,032	)
Eurodollar Futures	96.88		06/17/2019		21		52,500		17,587		43,786		(26,199	)
Eurodollar Futures	97.00		09/17/2018		13		32,500		16,575		17,443		(868	)
Eurodollar Futures	97.13		03/18/2019		17		42,500		8,606		32,339		(23,733	)
Eurodollar Futures	97.25		12/17/2018		3		7,500		1,237		4,844		(3,607	)
Eurodollar Futures	97.75		09/16/2019		4		10,000		450		2,509		(2,059	)
TOTAL						$	727,500	$	143,306	$	372,438	$	(229,132	)

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index		2,670.00		04/30/2018		(2	)	$	(200	)	$	(10	)	$	(7,494	)	$	7,484
S&P 500 Index		2,675.00		04/30/2018		(2	)		(200	)		(6	)		(7,087	)		7,081
S&P 500 Index		2,680.00		04/30/2018		(2	)		(200	)		(10	)		(6,716	)		6,706
S&P 500 Index		2,685.00		04/30/2018		(3	)		(300	)		(15	)		(6,468	)		6,453
S&P 500 Index		2,690.00		04/30/2018		(2	)		(200	)		(10	)		(6,071	)		6,061
S&P 500 Index		2,810.00		04/30/2018		(1	)		(100	)		(5	)		(3,046	)		3,041
S&P 500 Index		2,840.00		04/30/2018		(1	)		(100	)		(5	)		(2,164	)		2,159
S&P 500 Index		2,685.00		05/02/2018		(3	)		(300	)		(390	)		(9,629	)		9,239
S&P 500 Index		2,725.00		05/09/2018		(3	)		(300	)		(483	)		(3,707	)		3,224
S&P 500 Index		2,760.00		05/16/2018		(3	)		(300	)		(816	)		(2,941	)		2,125
S&P 500 Index		2,690.00		05/23/2018		(3	)		(300	)		(4,710	)		(5,878	)		1,168
S&P 500 Index		2,705.00		05/31/2018		(1	)		(100	)		(1,557	)		(3,626	)		2,069
S&P 500 Index		2,710.00		05/31/2018		(1	)		(100	)		(1,865	)		(3,003	)		1,138
S&P 500 Index		2,715.00		05/31/2018		(2	)		(200	)		(2,610	)		(2,827	)		217
S&P 500 Index		2,720.00		05/31/2018		(2	)		(200	)		(2,080	)		(2,525	)		445
S&P 500 Index		2,725.00		05/31/2018		(2	)		(200	)		(1,730	)		(2,213	)		483

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES (continued)

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
S&P 500 Index		2,730.00		05/31/2018		(2	)	$	(200	)	$	(1,756	)	$	(1,823	)	$	67
S&P 500 Index		2,735.00		05/31/2018		(2	)		(200	)		(1,860	)		(1,732	)		(128	)
S&P 500 Index		2,745.00		05/31/2018		(1	)		(100	)		(593	)		(2,107	)		1,514
S&P 500 Index		2,810.00		05/31/2018		(1	)		(100	)		(113	)		(2,325	)		2,212
S&P 500 Index		2,720.00		06/29/2018		(1	)		(100	)		(2,580	)		(2,809	)		229
S&P 500 Index		2,795.00		06/29/2018		(1	)		(100	)		(740	)		(869	)		129
								$	(4,100	)	$	(23,944	)	$	(87,060	)	$	63,116
Puts
S&P 500 Index		2,520.00		04/30/2018		(2	)	$	(200	)	$	(10	)	$	(3,692	)	$	3,682
S&P 500 Index		2,525.00		04/30/2018		(2	)		(200	)		(10	)		(3,809	)		3,799
S&P 500 Index		2,530.00		04/30/2018		(2	)		(200	)		(10	)		(3,993	)		3,983
S&P 500 Index		2,535.00		04/30/2018		(2	)		(200	)		(10	)		(4,087	)		4,077
S&P 500 Index		2,540.00		04/30/2018		(2	)		(200	)		(10	)		(4,073	)		4,063
S&P 500 Index		2,630.00		04/30/2018		(1	)		(100	)		(5	)		(3,366	)		3,361
S&P 500 Index		2,545.00		05/02/2018		(3	)		(300	)		(60	)		(5,112	)		5,052
S&P 500 Index		2,590.00		05/09/2018		(3	)		(300	)		(1,602	)		(7,506	)		5,904
S&P 500 Index		2,660.00		05/16/2018		(3	)		(300	)		(8,835	)		(9,057	)		222
S&P 500 Index		2,575.00		05/23/2018		(3	)		(300	)		(3,879	)		(7,438	)		3,559
S&P 500 Index		2,505.00		05/31/2018		(1	)		(100	)		(970	)		(5,371	)		4,401
S&P 500 Index		2,515.00		05/31/2018		(1	)		(100	)		(1,040	)		(3,686	)		2,646
S&P 500 Index		2,570.00		05/31/2018		(1	)		(100	)		(1,630	)		(4,094	)		2,464
S&P 500 Index		2,610.00		05/31/2018		(2	)		(200	)		(5,150	)		(4,821	)		(329	)
S&P 500 Index		2,615.00		05/31/2018		(2	)		(200	)		(5,420	)		(5,066	)		(354	)
S&P 500 Index		2,620.00		05/31/2018		(2	)		(200	)		(5,354	)		(5,350	)		(4	)
S&P 500 Index		2,625.00		05/31/2018		(3	)		(300	)		(9,750	)		(8,912	)		(838	)
S&P 500 Index		2,630.00		05/31/2018		(3	)		(300	)		(9,150	)		(10,595	)		1,445
S&P 500 Index		2,550.00		06/29/2018		(1	)		(100	)		(3,207	)		(4,059	)		852
S&P 500 Index		2,635.00		06/29/2018		(1	)		(100	)		(5,250	)		(6,589	)		1,339
								$	(4,000	)	$	(61,352	)	$	(110,676	)	$	49,324
TOTAL								$	(8,100	)	$	(85,296	)	$	(197,736	)	$	112,440

Abbreviations:
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Statement of Assets and Liabilities^(a)

April 30, 2018 (Unaudited)

Assets:
Investments, at value (cost and $899,930)	$	899,922
Investments of affiliated issuers, at value (cost and $26,211,053)		26,228,438
Purchased options, at value (cost $372,438)		143,306
Cash		458,153
Foreign currencies, at value (cost $26,607)		22,242
Unrealized gain on forward foreign currency exchange contracts		258,275
Receivables:
Collateral on certain derivative contracts(b)		1,994,604
Reimbursement from investment adviser		135,690
Investments sold		41,541
Dividends and interest		21,498
Foreign tax reclaims		1,190
Due from broker — upfront payment		225
Other assets		34,093
Total assets		30,239,177
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		250,108
Written option contracts, at value (premium received $197,736)		85,296
Variation margin on futures		11,343
Variation margin on swaps		1,894
Payables:
Investments purchased		23,885
Management fees		14,091
Distribution and service fees and transfer agency fees		2,030
Accrued expenses		152,975
Total liabilities		541,622
Net Assets:
Paid-in capital		29,673,647
Distributions in excess of net investment income		(7,028	)
Accumulated net realized loss		(29,361	)
Net unrealized gain		60,297
NET ASSETS	$	29,697,555
Net Assets:
Class A	$	3,219,924
Class C		24,612
Institutional		26,367,397
Investor		25,271
Class P		10,023
Class R		24,939
Class R6		25,389
Total Net Assets	$	29,697,555
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		325,981
Class C		2,509
Institutional		2,658,517
Investor		2,549
Class P		1,010
Class R		2,526
Class R6		2,560
Net asset value, offering and redemption price per share:(c)
Class A		$9.88
Class C		9.81
Institutional		9.92
Investor		9.91
Class P		9.92
Class R		9.87
Class R6		9.92

(a) Statement of Assets and Liabilities for the Absolute Return Multi-Asset Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — ARM, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes amounts segregated for initial margin and/or collateral on futures transactions, options and swaps transactions of $299,231, $1,440,186 and $255,187, respectively, for the Fund.

(c) Maximum public offering price per share for Class A Shares of the Fund is $10.46. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Statement of Operations^(a)

For the Six Months Ended April 30, 2018 (Unaudited)

Investment income:
Dividends — affiliated issuers	$	218,400
Dividends — unaffiliated issuers		139,406
Interest		5,426
Total investment income		363,232
Expenses:
Professional fees		223,650
Management fees		126,068
Custody, accounting and administrative services		90,687
Printing and mailing costs		38,976
Trustee fees		8,652
Transfer Agency fees(b)		8,412
Distribution and Service fees(b)		4,523
Other		19,712
Total expenses		520,680
Less — expense reductions		(409,870	)
Net expenses		110,810
NET INVESTMENT INCOME		252,422
Realized and unrealized gain (loss):
Capital gain distributions from Affiliated Underlying Funds		138,013
Net realized gain (loss) from:
Investment — unaffiliated issuers		53,532
Investments — affiliated issuers		(40,505	)
Purchased options		(63,221	)
Futures contracts		184,781
Written options		(241,193	)
Swap contracts		26,211
Forward foreign currency exchange contracts		(108,557	)
Foreign currency transactions		(15,533	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(42,739	)
Investments — affiliated issuers		(221,055	)
Purchased options		(94,684	)
Futures contracts		(92,218	)
Written options		86,005
Swap contracts		27,960
Forward foreign currency exchange contracts		(90,756	)
Foreign currency translation		(4,017	)
Net realized and unrealized loss		(497,976	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(245,554	)

(a) Statement of Operations for the Absolute Return Multi-Asset Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — ARM, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Distribution and Service, and Transfer Agency fees were as follows:

Distribution and Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P(c)		Class R		Class R6
$	4,338	$	123	$	62	$	3,123	$	22	$	5,218	$	23		—	$	22	$	4

(c) Commenced operations on April 16, 2018.

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Statements of Changes in Net Assets^(a)

	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income	$	252,422		$	139,565
Net realized gain (loss)		(66,472	)		359,122
Net change in unrealized gain (loss)		(431,504	)		543,960
Net increase (decrease) in net assets resulting from operations		(245,554	)		1,042,647
Distributions to shareholders:
From net investment income
Class A Shares		(9,391	)		(761	)
Class C Shares		—			(40	)
Institutional Shares		(102,701	)		(322,090	)
Investor Shares		(63	)		(283	)
Class P Shares(b)		—			—
Class R Shares		—			(161	)
Class R6 Shares		(105	)		(327	)
Total distributions to shareholders		(112,260	)		(323,662	)
From share transactions:
Proceeds from sales of shares		726,165			4,641,836
Reinvestment of distributions		111,950			322,747
Cost of shares redeemed		(1,034,692	)		(154,129	)
Net increase (decrease) in net assets resulting from share transactions		(196,577	)		4,810,454
TOTAL INCREASE (DECREASE)		(554,391	)		5,529,439
Net assets:
Beginning of period		30,251,946			24,722,507
End of period	$	29,697,555		$	30,251,946
Distributions in excess of net investment income	$	(7,028	)	$	(147,190	)

(a) Statement of Changes in Net Assets for the Absolute Return Multi-Asset Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — ARM, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Commenced operations on April 16, 2018.

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET 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 investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	10.00	$	0.07		$	(0.17	)	$	(0.10	)	$	(0.02	)
2018 - C		9.94		0.03			(0.16	)		(0.13	)		—
2018 - Institutional		10.04		0.09			(0.17	)		(0.08	)		(0.04	)
2018 - Investor		10.02		0.08			(0.17	)		(0.09	)		(0.02	)
2018 - P (Commenced April 16, 2018)		9.90		0.01			0.01			0.02			—
2018 - R		9.98		0.05			(0.16	)		(0.11	)		—
2018 - R6		10.04		0.09			(0.17	)		(0.08	)		(0.04	)
FOR THE FISCAL YEARS ENDED OCTOBER 31 ,
2017 - A		9.75		—	(f)		0.34			0.34			(0.09	)
2017 - C		9.68		(0.06	)		0.34			0.28			(0.02	)
2017 - Institutional		9.78		0.05			0.34			0.39			(0.13	)
2017 - Investor		9.76		0.04			0.33			0.37			(0.11	)
2017 - R		9.72		(0.01	)		0.33			0.32			(0.06	)
2017 - R6		9.78		0.06			0.33			0.39			(0.13	)
2016 - A		9.93		0.05			(0.19	)		(0.14	)		(0.04	)
2016 - C		9.92		—	(g)		(0.22	)		(0.22	)		(0.02	)
2016 - Institutional		9.94		0.11			(0.21	)		(0.10	)		(0.06	)
2016 - Investor		9.93		0.10			(0.22	)		(0.12	)		(0.05	)
2016 - R		9.93		0.05			(0.22	)		(0.17	)		(0.04	)
2016 - R6		9.94		0.11			(0.21	)		(0.10	)		(0.06	)
FOR THE PERIOD ENDED OCTOBER 31 ,
2015 - A (Commenced September 2, 2015)		10.00		(0.01	)		(0.06	)		(0.07	)		—
2015 - C (Commenced September 2, 2015)		10.00		(0.02	)		(0.06	)		(0.08	)		—
2015 - Institutional (Commenced September 2, 2015)		10.00		—	(f)		(0.06	)		(0.06	)		—
2015 - Investor (Commenced September 2, 2015)		10.00		—	(g)		(0.07	)		(0.07	)		—
2015 - R (Commenced September 2, 2015)		10.00		(0.01	)		(0.06	)		(0.07	)		—
2015 - R6 (Commenced September 2, 2015)		10.00		—	(f)		(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 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) 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) Amount is less than $0.005 per share.

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

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets(c)			Ratio of total expenses to average net assets(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(d)
$	9.88		(0.95	)%	$	3,220		1.09	%(e)		3.83	%(e)		1.44	%(e)		112	%
	9.81		(1.31	)		25		1.84	(e)		4.60	(e)		0.61	(e)		112
	9.92		(0.81	)		26,367		0.70	(e)		3.47	(e)		1.74	(e)		112
	9.91		(0.95	)		25		0.84	(e)		3.61	(e)		1.60	(e)		112
	9.92		0.20			10		0.75	(e)		2.49	(e)		2.60	(e)		112
	9.87		(1.10	)		25		1.34	(e)		4.10	(e)		1.11	(e)		112
	9.92		(0.79	)		25		0.69	(e)		3.45	(e)		1.76	(e)		112
	10.00		3.54			3,909		1.05			3.21			(0.01	)		96
	9.94		2.75			25		1.80			4.05			(0.59	)		96
	10.04		4.02			26,242		0.65			2.91			0.55			96
	10.02		3.97			25		0.80			3.05			0.41			96
	9.98		3.36			25		1.30			3.56			(0.09	)		96
	10.04		4.05			26		0.63			2.89			0.58			96
	9.75		(1.36	)		83		0.79			4.01			0.53			38
	9.68		(2.01	)		24		1.65			4.46			(0.02	)		38
	9.78		(0.93	)		24,542		0.49			3.31			1.13			38
	9.76		(1.18	)		25		0.65			3.47			0.98			38
	9.72		(1.64	)		24		1.15			3.97			0.48			38
	9.78		(0.92	)		25		0.47			3.28			1.16			38
	9.93		(0.70	)		25		1.23	(e)		3.81	(e)		(0.36	)(e)		1
	9.92		(0.90	)		26		1.98	(e)		4.55	(e)		(1.10	)(e)		1
	9.94		(0.70	)		24,718		0.82	(e)		3.40	(e)		0.04	(e)		1
	9.93		(0.70	)		25		0.98	(e)		3.57	(e)		(0.11	)(e)		1
	9.93		(0.80	)		25		1.48	(e)		4.07	(e)		(0.62	)(e)		1
	9.94		(0.70	)		25		0.77	(e)		3.35	(e)		0.10	(e)		1

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements

April 30, 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 Absolute Return Multi-Asset Fund (the “Fund”) is a diversified fund and currently offers seven classes of shares — Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares.

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, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. 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 Absolute Return Multi-Asset Fund — Cayman Commodity-ARM, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on May 14, 2015 and is currently a wholly-owned subsidiary of the Absolute Return Multi-Asset Fund (the “Fund”). On April 16, 2018 the Fund ceased its investment in the Subsidiary. The Subsidiary acted as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund was the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of September 2, 2015. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary conferred 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 April 30, 2018, the Fund’s net assets were $29,697,555, of which, $5, or 0.0%, 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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Underlying Fund invested in REITs.

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 Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

E.  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.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Fund 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 Fund 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 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.

F.  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

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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 April 30, 2018:

ABSOLUTE RETURN MULTI-ASSET
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	899,922	$	—	$	—
Investment Companies		26,228,438		—		—
Total	$	27,128,360	$	—	$	—

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ABSOLUTE RETURN MULTI-ASSET (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	258,275		$	—
Futures Contracts(a)		160,918			—			—
Credit Default Swap Contracts(a)		—			89,637			—
Options Purchased		143,306			—			—
Total	$	304,224		$	347,912		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(250,108	)	$	—
Futures Contracts(a)		(94,711	)		—			—
Written Options		(85,296	)		—			—
Total	$	(180,007	)	$	(250,108	)	$	—

(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 (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 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 Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	250,418	(a)	Variation margin on futures contracts	$	(48,706)	(a)
Credit	Variation margin on swap contracts		89,637		—		—
Equity	Variation margin on futures contracts		53,806	(a)	Variation margin on futures contracts; Written options, at value		(131,301)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		258,275		Payable for unrealized loss on forward foreign currency exchange contracts		(250,106)
Total		$	652,136			$	(430,113)

(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 Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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

Risk	Consolidated Statements 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 purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options	$	(56,100	)	$	19,590			329
Commodity	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		48,096			(105,743	)		19
Credit	Net realized gain (loss) on swap contracts /Net change in unrealized gain (loss) on swap contracts		38,005			27,960			5
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain (loss) on forward foreign currency exchange contracts		(108,557	)		(90,756	)		148
Equity	Net realized gain (loss) from futures contracts, swap contracts, and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(127,578	)		(14,744	)		264
Total		$	(206,134	)	$	(163,693	)		765

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

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

4. INVESTMENTS IN DERIVATIVES (continued)

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

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 April 30, 2018:

	Derivative Assets(1)				Derivative Liabilities(1)
Counterparty	Forward Currency Contracts		Total		Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)		Collateral (Received) Pledged(1)		Net Amount(2)
MS & Co. Int. PLC	$	258,275	$	258,275	$	(250,108	)	$	(250,108	)	$	8,167	$	—	$	8,167

(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 six months ended April 30, 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)
	0.85%		0.77%		0.73%		0.71%		0.85%		0.55%

* GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least February 28, 2019. 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 Fund invests in Institutional Shares of the Goldman Sachs Alternative Premia Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Global Infrastructure Fund, Goldman Sachs International Real Estate Securities Fund, Goldman Sachs Local Emerging Markets Debt Fund, Goldman Sachs Real Estate Securities Fund, Goldman Sachs Short-Term Conservative Income Fund and the Goldman Sachs Tactical Exposure 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 adviser to the affiliated Underlying Funds in which the Fund invests. For the six months ended April 30, 2018, GSAM waived $44,058 of the Fund’s management fee.

GSAM also provided management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and was 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 remained in effect, GSAM had 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

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Agreement. For the six months ended April 30, 2018, GSAM waived $9,570 of the Fund’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

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

The Trust, on behalf of Class C Shares of the 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 Fund, as set forth below.

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended April 30, 2018, Goldman Sachs advised that it retained $8 of the front end sales charges and $0 of the CDSC for this Fund.

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

E.  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: 0.18% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.04% of the average daily net assets of Institutional Shares; and 0.03% of the average daily net assets of Class P and Class R6 Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund are 0.104%. These Other Expense limitations will remain in place through at least February 28, 2019 for Class A, Class C, Institutional, Investor, Class R and Class R6 Shares, and through at least April 16, 2019 for Class P Shares, and prior to such dates 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.

32

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management fees		Other Expense Reimbursements		Total Expense Reimbursements
Absolute Return Multi-Asset	$	44,058	$	365,812	$	409,870

G.  Line of Credit Facility — As of April 30, 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 six months ended April 30, 2018, the Fund did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the six months ended April 30, 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 Fund.

As of April 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100%, 96%, 100%, 100%, 100% and 100% of outstanding Class C, Institutional, Investor, Class P, Class R and Class R6 Shares, respectively of the Fund.

The following table provides information about the Fund’s investments in the Underlying Funds as noted below as of and for the six months ended April 30, 2018:

Fund	Market Value as of 10/31/17		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on sales of Affiliated Investment Companies			Net Change in Unrealized Appreciation/ Depreciation			Market Value as of 4/30/18		Shares as of 4/30/18		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Alternative Premia Fund — Institutional Shares	$	—	$	4,425,000	$	—		$	—		$	20,252		$	4,445,252		506,293	$	—	$	—
Goldman Sachs Emerging Markets Debt Fund — Institutional Shares		1,492,360		431,155		(1,205,000	)		(14,592	)		(39,265	)		664,658		53,429		29,962		—
Goldman Sachs Emerging Markets Equity Fund — Institutional Shares		—		1,770,917		—			—			11,631			1,782,548		77,536		—		—
Goldman Sachs Emerging Markets Equity Insights Fund — Institutional Shares		2,060,317		184,098		(2,191,640	)		196,016			(248,791	)		—		—		30,146		78,951
Goldman Sachs Financial Square Government Fund — Institutional Shares		14,799,592		13,454,693		(20,896,521	)		—			—			7,357,764		7,357,764		84,679		—
Goldman Sachs Global Infrastructure Fund — Institutional Shares		—		1,025,000		—			—			7,977			1,032,977		99,708		—		—
Goldman Sachs Hedge Industry VIP ETF		—		602,824		(613,531	)		10,707			—			—		—		—		—
Goldman Sachs High Yield Floating Rate Fund — Institutional Shares		1,608,058		631,314		(2,228,657	)		(7,416	)		(3,299	)		—		—		29,978		—

33

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Market Value as of 10/31/17		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ Depreciation			Market Value as of 4/30/18		Shares as of 4/30/18		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Inflation Protected Securities Fund — Institutional Shares	$	1,769,389	$	16,175	$	(1,775,467	)	$	50,715		$	(60,812	)	$	—		—	$	3,761	$	—
Goldman Sachs International Real Estate Securities Fund — Institutional		760,652		545,787		—			—			43,390			1,349,829		210,582		20,788		—
Goldman Sachs Local Emerging Markets Debt Fund — Institutional Shares		476,106		104,078		—			—			11,489			591,673		90,057		13,549		—
Goldman Sachs Managed Futures Strategy Fund		—		400,000		(381,919	)		(18,081	)		—			—		—		—		—
Goldman Sachs MLP Energy Infrastructure Fund		—		318,343		(312,666	)		(5,677	)		—			—		—		3,343		—
Goldman Sachs Real Estate Securities Fund — Institutional Shares		369,530		460,558		—			—			(59,129	)		770,959		51,432		1,496		59,062
Goldman Sachs Short-Term Conservative Income Fund — Institutional		—		2,350,698		—			—			—			2,350,698		234,601		698		—
Goldman Sachs Strategic Income Fund		—		1,000,000		(997,919	)		(2,081	)		—			—		—		—		—
Goldman Sachs Strategic Macro Fund — Institutional Shares		1,970,021		113,112		(1,946,459	)		(244,035	)		107,361			—		—		—		—
Goldman Sachs Tactical Exposure Fund — Institutional Shares		—		7,400,000		(1,500,000	)		(6,061	)		(11,859	)		5,882,080		592,952		—		—
TOTAL	$	25,306,025	$	35,233,752	$	(34,049,779	)	$	(40,505	)	$	(221,055	)	$	26,228,438			$	218,400	$	138,013

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2018, were $22,310,828 and $14,266,735, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, October 31, 2017, the Fund’s capital loss carryforwards and certain timing differences on a tax basis were as follows:

Capital loss carryforwards:
Perpetual Long-Term	$	(99,335)
Timing differences (Straddle Loss Deferral and Qualified Late Year Loss Deferral)	$	(9,082)

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GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

7. TAX INFORMATION (continued)

As of April 30, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Absolute Return Multi-Asset Fund
Tax Cost	$	27,142,184
Gross unrealized gain		144,978
Gross unrealized loss		(158,802	)
Net unrealized security gain (loss)	$	(13,824	)

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, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of underlying fund investments and swap transactions.

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.

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 (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls, 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, it 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.

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.

35

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

8. OTHER RISKS (continued)

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 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.

Liquidity Risk — The 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 the 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, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the 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.

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. The Fund 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 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

36

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

8. OTHER RISKS (continued)

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. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Fund’s fiscal year ended October 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments to the 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 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.

37

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Absolute Return Multi-Asset Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		29,820		$	293,516			394,106		$	3,906,079
Reinvestment of distributions		943			9,391			79			761
Shares redeemed		(95,607	)		(951,055	)		(11,839	)		(117,718	)
		(64,844	)		(648,148	)		382,346			3,789,122
Class C Shares
Reinvestment of distributions		—			—			4			40
		—			—			4			40
Institutional Shares
Shares sold		42,127			422,644			74,702			735,747
Reinvestment of distributions		10,249			102,391			33,421			321,175
Shares redeemed		(8,444	)		(83,632	)		(3,686	)		(36,401	)
		43,932			441,403			104,437			1,020,521
Investor Shares
Reinvestment of distributions		6			63			29			283
		6			63			29			283
Class P Shares(a)
Shares sold		1,011			10,005			—			—
Shares redeemed		(1	)		(5	)		—			—
		1,010			10,000			—			—
Class R Shares
Reinvestment of distributions		—			—			17			161
		—			—			17			161
Class R6
Shares sold		—			—			1			10
Reinvestment of distributions		11			105			34			327
Shares redeemed		—			—			(1	)		(10	)
		11			105			34			327
NET INCREASE (DECREASE)		(19,885	)	$	(196,577	)		486,867		$	4,810,454

(a) Commenced operations on April 16, 2018.

38

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Fund Expenses — Six Month Period Ended April 30, 2018  (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, Class R or 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 and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, Class R and 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 November 1, 2017 through April 30, 2018, which represents a period of 181 days in a 365-day year. The Class P example is based on the period from April 17, 2018 through April 30, 2018, which represents a period of 14 out of 365 days. The Class P example for hypothetical expenses reflects projected activity for the period from November 1, 2017 through April 30, 2018 for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the 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.

	Absolute Return Multi-Asset Fund
Share Class	Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*
Class A
Actual	$	1,000.00	$	990.50		$	5.38
Hypothetical 5% return		1,000.00		1,019.39	+		5.46
Class C
Actual		1,000.00		986.90			9.06
Hypothetical 5% return		1,000.00		1,015.67	+		9.20
Institutional
Actual		1,000.00		991.90			3.46
Hypothetical 5% return		1,000.00		1,021.32	+		3.51
Investor
Actual		1,000.00		990.50			4.15
Hypothetical 5% return		1,000.00		1,020.63	+		4.21
Class P(a)
Actual		1,000.00		1,002.00			0.31
Hypothethical 5% return		1,000.00		1,021.08	+		3.97
Class R
Actual		1,000.00		989.00			6.61
Hypothetical 5% return		1,000.00		1,018.15	+		6.71
Class R6
Actual		1,000.00		992.10			3.41
Hypothethical 5% return		1,000.00		1,021.37	+		3.46

+ 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 six months ended April 30, 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:

(a) Commenced operations on April 16, 2018.

Fund	Class A			Class C			Institutional			Investor			Class P(a)			Class R			Class R6
Absolute Return Multi-Asset Fund+		1.09	%		1.84	%		0.70	%		0.84	%		0.80	%		1.34	%		0.69	%

39

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 March 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ 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 website at www.gsamfunds.com to obtain the most recent month-end returns.

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

The reports concerning the 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 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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q 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 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 be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown are as of April 30, 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.

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. 132321-OTU-06/2018 MACSAR-18/214

Goldman Sachs Funds

Semi-Annual Report	April 30, 2018
	Dividend Focus Funds
	Income Builder
	Rising Dividend Growth

Goldman Sachs Dividend Focus Funds

∎ INCOME BUILDER

∎ RISING DIVIDEND GROWTH

TABLE OF CONTENTS
Investment Process — Income Builder	1
Portfolio Management Discussion and Performance Summary — Income Builder	2
Portfolio Management Discussion and Performance Summary — Rising Dividend Growth	13
Schedules of Investments	22
Financial Statements	35
Financial Highlights	38
Notes to Financial Statements	42
Other Information	62

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS INCOME BUILDER FUND

What Differentiates Goldman Sachs’

Income Builder Fund Investment Process?

Income Builder Fund is a broadly diversified portfolio that seeks to provide income and capital appreciation.

The Goldman Sachs Income Builder Fund provides exposure to the wealth-building opportunities of stocks and the regular income potential of bonds. The Fund invests in both equity and fixed income securities with a focus on yield enhancing strategies to earn a monthly income stream. The Fund seeks to maintain broad exposure to equities with lower than general equity market volatility.

We believe that similar themes can perform differently across asset classes. The Fund can potentially take advantage of these cross-asset class opportunities as it is a dynamic portfolio that allows the flexibility to allocate across equities and fixed income from a top-down perspective, given our views on macro opportunities and valuations.

In our risk management process, we identify, monitor and measure a fund’s risk profile. We consider the risk relative to the benchmark and the Fund’s investment goal to seek income stability and capital growth.

The Fund’s portfolio comprises the ideas of two experienced Goldman Sachs investment groups:

Global Fundamental Equity Group: A group of investment professionals averaging over 17 years of investment experience and with a strong commitment to fundamental research.

Global Fixed Income Group: Broad, deep capabilities across global fixed income markets, with a total return investment philosophy.

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FUND RESULTS

Goldman Sachs Income Builder Fund

Investment Objective

The Goldman Sachs Income Builder Fund seeks to provide income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team, the Goldman Sachs Fixed Income Investment Management Team, and the Goldman Sachs Global Portfolio Solutions Group, collectively the Goldman Sachs Income Builder Team (the “Income Builder Team”), discuss the Goldman Sachs Income Builder Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares generated cumulative total returns, without sales charges, of -0.45%, -0.83%, -0.30%, -0.37% and -0.29%, respectively. These returns compare to the 1.94% and -0.63% cumulative total returns of the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”) and the ICE Bank of America Merrill Lynch BB to B U.S. High Yield Constrained Index (the “ICE BofAML Index”), respectively, during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -0.82% compared to the -1.07% and -0.67% cumulative total returns of the Russell Index and the ICE BofAML Index, respectively.

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

A U.S. equities recorded a gain during the Reporting Period overall, with Federal Reserve (“Fed”) monetary policy economic data and political events dominating market sentiment. When the Reporting Period began in November 2017, progress on tax reform and strong economic activity were supportive of U.S. equities. In December, the Fed delivered the third interest rate hike of 2017, as had been widely expected, having done similarly in March and June 2017, and maintained its projections for three additional interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of December from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%.

U.S. equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion tax reform law and a favorable corporate earnings season. In February 2018, however, equities sold off globally on market speculation of a faster pace of Fed interest rates hikes, which stoked a sharp rise in bond yields and an increase in equity market volatility. Concerns about Fed monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. In late February 2018, new Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed meeting, surprised equity markets with its hawkish tilt and sparked a sell-off. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In March 2018, escalating trade tensions and potential tariffs weighed on investor sentiment. Meanwhile, the Fed raised short-term interest rates, much as the market had expected. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, continued to point to a total of three interest rate increases in 2018. However, Fed policymakers acknowledged that the “economic outlook has strengthened in recent months,” revising their growth forecast higher and their employment forecast lower.

The U.S. equity market was relatively muted in April 2018, as the U.S. and China continued to generate trade headlines and geopolitical uncertainty about sanctions on Russia surfaced. A number of macroeconomic drivers, including U.S. labor market strength, higher inflation and fiscal stimulus, pushed up U.S. Treasury yields, with the 10-year U.S. Treasury yield breaching 3% toward month end. With more than half of S&P 500^® Index companies having reported their first quarter 2018 results, the earnings season began strongly during April 2018.

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The broad U.S. fixed income market posted negative returns during the Reporting Period overall. Spread, or non-government bond, sectors generally outperformed U.S. Treasury securities, led by high yield corporate bonds. The U.S. Treasury yield curve, or spectrum of maturities, flattened slightly, as yields on longer-term maturities rose less than yields on shorter- and intermediate-term maturities. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.)

During November and December 2017, the performance of spread sectors was largely positive, supported by continued strength in the global macro environment and contained market, macro and political volatility. Passage of U.S. tax reform legislation and solid corporate earnings were particularly supportive of U.S. corporate credit. As mentioned previously, the Fed raised short-term interest rates in December 2017 and, at the same time, maintained its forecast for three rate hikes in 2018. Spread sectors were then challenged during the first quarter of 2018, as volatility surged. Among the catalysts were firmer than consensus expected U.S. wage and price inflation data at the beginning of February 2018, equity market declines in February and March, and rising concerns about trade tensions during March. As mentioned earlier, Fed policymakers raised short-term interest rates again in March 2018. Beyond the U.S., monetary policy action was muted in the developed markets during the first calendar quarter overall, though policymakers in Europe and Japan sounded mildly dovish and those in Norway appeared more hawkish. Economic activity data moderated in emerging markets and developed markets countries but remained in expansionary territory, which was supportive of cyclical asset classes geared toward growth.

In April 2018, spread sectors produced mixed results. Global economic activity data continued to moderate, though some indicators appeared to have bottomed. Price pressures varied, with higher inflation in the U.S., diminishing inflation in the U.K. and an unexpected drop in Eurozone inflation. Firmer U.S. inflation data raised market expectations for a faster pace of Fed rate hikes, helping to push the 10-year U.S. Treasury yield to 3% for the first time since 2014. Elsewhere, developed markets’ central banks exhibited a dovish tilt, with the Bank of England and Sweden’s Riksbank announcing they would delay anticipated interest rate hikes.

Q What was the Fund’s asset allocation positioning during the Reporting Period?

A As part of its principal investment strategies, the Fund has a baseline allocation of 60% to fixed income securities and 40% to equity securities, though in seeking to meet its investment objective, the Fund has the flexibility to opportunistically tilt the allocation to fixed income and equity securities up to 15% above or below that baseline allocation. The Fund seeks to provide a high and stable income stream plus capital appreciation, with lower volatility than the equity market. The percentage of the portfolio invested in equity and fixed income securities will vary from time to time as the Income Builder Team evaluates such securities’ relative attractiveness based on, among other factors, income opportunities, market valuations, economic growth and inflation prospects. Because of these stated goals of the Fund, the Income Builder Team believes the returns of the Russell Index and the ICE BofAML Index should be considered for reference only.

At the beginning of the Reporting Period, the Fund was invested 38.5% in equities and 60.2% in fixed income, with the balance of 1.3% in cash and cash equivalents. During the Reporting Period, we modestly increased the Fund’s overall exposure to equities, particularly U.S. equities. Though U.S. equity valuations were elevated in historical terms, we believed they offered a reasonable risk premium compared to other asset classes. We also thought U.S. tax reform would be a tailwind for corporations, which was not yet being fully reflected in equity valuations, in our view. Regarding fixed income, we modestly reduced the Fund’s overall allocation but maintained our bias toward higher quality credits by tilting the Fund toward investment grade corporate bonds. At the end of the Reporting Period, the Fund was invested 41.6% in equities and 55.5% in fixed income, with the balance of 2.9% in cash and cash equivalents.

Q What was the Fund’s 12-month distribution rate and what was its 30-day SEC yield during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Investor and R6 Shares* provided 12-month distribution rates of 3.71%, 3.01%, 4.03%, 3.89% and 4.03%, respectively. On April 30, 2018, the Fund’s 30-day

* As the Fund’s Class P Shares have an inception date of April 16, 2018 and the Reporting Period ended on April 30, 2018, neither a 12-month distribution rate nor a 30-Day SEC yield is available for this share class.

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FUND RESULTS

SEC yields (subsidized) for its Class A, C, Institutional, Investor and R6 Shares were 3.45%, 2.91%, 4.06%, 3.92% and 4.06%, respectively.

Q What key factors had the greatest impact on the performance of the Fund’s equity allocation during the Reporting Period?

A Relative to the Russell Index, stock selection had the greatest impact on the Fund’s equity allocation during the Reporting Period. The Fund’s call writing strategy, which seeks to generate additional cash flow and potentially reduce volatility by sales of call options on the S&P 500^® Index or other regional stock market indices (or related ETFs), did not have a material impact on performance during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt by overweight positions relative to the Russell Index in the health care and utilities sectors. An underweight in the consumer staples sector also hampered relative performance. Stock selection in all three sectors further detracted from the Fund’s returns. On the other hand, the Fund benefited from its overweight positions in the information technology and industrials sectors and its neutral position in the materials sectors. Stock selection in all three sectors also added to results.

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

A The largest detractors from the Fund’s performance relative to the Russell Index were Duke Energy, MetLife and British American Tobacco.

The Fund’s top detractor was Duke Energy, a regulated utility company and the largest electric power holding company in the U.S. Its shares retreated after the passage of U.S. tax reform and as investors grew concerned about the potential of lower rates for customers, which could lead to weaker cash flows across the utilities sector. In our view, these challenges are transitory, and we continued to have a positive view of Duke Energy at the end of the Reporting Period.

MetLife, a provider of insurance and financial services to individual and institutional customers, also dampened relative returns. The company announced it had discovered material weakness in its internal controls related to variable annuities within its Japanese operations. Additionally, its management issued fourth quarter 2017 guidance well below market consensus due to an annuity-related increase in reserves and also said a review was being conducted of international annuity/pension reserves. We viewed all this news negatively, with our greatest concern focused on MetLife’s investigation into its international businesses, which could potentially be an overhang on the company’s share price. We ultimately decided to eliminate the Fund’s position in the stock in favor of higher conviction ideas.

Another key detractor during the Reporting Period was British American Tobacco, a multinational cigarette manufacturer. Its stock price declined after the company reported 2017 earnings with lower than consensus expected revenue and organic sales growth. Although the company missed on these metrics, we believe it has a brand portfolio, geographic mix and synergies from the acquisition of Reynolds American that can support significant growth through 2020. Furthermore, in our view, British American Tobacco is a leader in next generation products, such as vaping and “heat not burn” products, which could provide a boost to its earnings in the longer term.

Q Which stocks contributed significantly to the Fund’s relative performance during the Reporting Period?

A During the Reporting Period, the Fund benefited most compared to the Russell Index from investments in Royal Dutch Shell, Cisco Systems and Microsoft.

Shares of Royal Dutch Shell rose amid positive market sentiment about the progress of the British-Dutch oil and gas company’s asset disposal program as well as on solid production results. Its management announced it was comfortable with its ongoing plan to shed assets and said new projects could boost cash flows. At the end of the Reporting Period, we maintained a positive view of Royal Dutch Shell because of its attractive dividend yield and the potential upside of increased volumes in its integrated gas business.

Cisco Systems, a provider of Internet-based networking hardware and communications services, also added to relative returns. Its shares traded higher after the company reported solid quarterly earnings and gave higher guidance on growing revenues in a healthy operating environment. Investors reacted positively as Cisco Systems showed it continues to diversify its revenue streams while improving its older businesses in a manner we believe eases the challenges

4

FUND RESULTS

of such diversification. Cisco Systems seems poised for steady revenue growth, in our view, as its enterprise clients continue to focus on reducing operating expenses and increasing agility through network automation, an area well served by Cisco Systems’ campus LAN (local area network) switching product line. Additionally, we believe the company’s shares were trading, at the end of the Reporting Period, at compelling valuations relative to those of large cap technology peers and offered what we consider to be an attractive and sustainable dividend yield.

The Fund was also helped by a position in Microsoft, a developer and marketer of software and hardware services. In our view, the company has been executing well as it seeks to become a leader in cloud computing, effectively migrating its customer base and expanding its total available market. A recent reorganization further highlighted Microsoft’s commitment to its cloud business, as its management reallocated resources from Windows initiatives to further drive growth. As a result, we believe the company was well positioned at the end of the Reporting Period to increase revenues going forward. In our opinion, the company’s growth may accelerate over the next several years, which could potentially increase its multiples expansion. Additionally, we believe Microsoft was trading at the end of the Reporting Period at an attractive valuation and was supported by a strong yield.

Q Were any significant purchases or sales made within the equity allocation of the Fund during the Reporting Period?

A During the Reporting Period, the Fund initiated a position in Enel, an Italian distributor of gas and electricity across Eastern Europe and Latin America. We have a positive view on the European utilities market and thought Enel was trading at an attractive valuation.

Another notable purchase was First Horizon National, a financial holding company that offers checking accounts, savings products, mortgage banking, lending and financing to individuals and businesses. In our view, the stock’s underperformance in early 2018 provided a buying opportunity, as its shares were trading at a discount compared to those of the company’s peers. Looking ahead, we are optimistic that First Horizon National’s balance sheet will remain “asset sensitive,” which should allow the company to perform well in a rising interest rate environment. (Asset sensitivity refers to a balance sheet structure where assets re-price or reset faster than liabilities.) In addition, we think First Horizon stands to benefit from an increase in loan discounts as a result of its merger with Capital Bank Financial in late 2017.

Among those sales implemented during the Reporting Period was the Fund’s investment in Exxon Mobil. The stock had been purchased because of our positive views on the oil and gas company’s integrated business model and its management team’s ability to identify accretive acquisitions. During the Reporting Period, we exited the Fund’s position to purchase shares of another oil and gas company that offered what we considered to be more compelling risk-adjusted opportunities over the long term.

During the Reporting Period, we eliminated the Fund’s position in FirstEnergy, which is engaged in the generation, transmission and distribution of electricity in the U.S. Our original thesis was predicated on the view that FirstEnergy traded at an inexpensive valuation and provided a solid dividend yield. We also believed the company could benefit from the divestiture of its power generation business and a conversion to a fully regulated utility. We decided to eliminate the Fund’s position because we believed other utility stocks offered better risk/reward opportunities.

Q What changes were made to the Fund’s equity market sector and industry weightings during the Reporting Period?

A During the Reporting Period, we reduced the Fund’s exposures to energy, financials and utilities companies. We increased its exposures to information technology, real estate investment trusts and materials companies. At the end of the Reporting Period, the Fund was overweight relative to the Russell Index in the energy, health care, industrials, information technology, telecommunication services, utilities and real estate sectors. Within the energy sector, it was overweight energy master limited partnerships/energy infrastructure securities. The Fund was underweight relative to the Russell Index in the consumer discretionary, consumer staples and financials sectors. Compared to the Russell Index, the Fund was rather neutrally weighted in the materials sector at the end of the Reporting Period.

Q Which fixed income market sectors significantly affected the Fund’s performance during the Reporting Period?

A In absolute terms, the Fund’s performance was hampered by exposure to high yield corporate bonds within the communications and commercial services/products market segments. However, exposure to investment grade corporate

5

FUND RESULTS

bonds within the technology and telecommunications market segments contributed positively during the Reporting Period.

Relative to the ICE BofAML Index, the Fund was hurt by its overweight positions in communications-related high yield corporate bonds and tobacco industry investment grade corporate bonds. Conversely, underweight positions in energy-related and industrial manufacturing industry high yield corporate bonds added to relative returns. In addition, the Fund benefited from its underweight position overall in high yield corporate bonds, especially during November 2017 and the first quarter of 2018 when credit spreads (or yield differentials versus duration-equivalent U.S. Treasury securities) widened.

Q How did the Fund’s duration and yield curve positioning strategies affect performance during the Reporting Period?

A During the Reporting Period, the Fund’s duration strategy detracted from its performance. More specifically, the Fund was hurt by its duration positioning during April 2018. Duration is a measure of the Fund’s sensitivity to changes in interest rates. We do not actively manage the Fund’s yield curve positioning as part of our investment process.

Q What changes were made to the Fund’s fixed income weightings during the Reporting Period?

A Over the course of the Reporting Period, we increased the size of the Fund’s underweight position compared to the ICE BofAML Index in retail and apparel as that market segment, in our view, continues to face secular challenges due to pressures from e-commerce. We also increased the Fund’s underweight in energy because we remain cautious about cyclical sectors despite the rise in crude oil prices during the Reporting Period. In addition, we tilted the Fund toward investment grade corporate bonds as a way to maintain its bias toward higher quality credits.

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

A As mentioned previously, the Income Builder Team wrote equity index options on a portion of the Fund’s equity allocation in an effort to generate additional cash flow and potentially reduce volatility. The use of equity index options did not have a material impact on performance during the Reporting Period. In managing the Fund’s fixed income allocation, the Income Builder Team used U.S. Treasury futures and Eurodollar futures to hedge and manage interest rate exposure. (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 also utilized forward foreign currency exchange contracts to hedge currency exposure. The use of forward foreign currency exchange contracts and U.S. Treasury futures detracted from the performance of the Fund’s fixed income allocation during the Reporting Period. The use of Eurodollar futures had a modestly positive impact on returns.

Q What is the Income Builder Team’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, the Income Builder Team was cautiously optimistic a favorable macroeconomic backdrop would continue to support U.S. equities. As a result of the tax reform legislation passed in December 2017, we expect investors to benefit from corporate tax savings deployment, including the return of capital through stock buybacks and dividends, increased mergers and acquisitions, and reinvestments. Although we considered equity valuations full at the end of the Reporting Period, we thought U.S. stocks offered a reasonable risk premium over other asset classes. Furthermore, after several years of thematic-driven markets, we are pleased to see increasing performance dispersion among individual stocks. In this environment, we believe an active approach to selecting stocks may continue to be rewarded. Regardless of market direction, however, fundamental, bottom-up stock selection will continue to drive our process, not headlines or investor sentiment. At the end of the Reporting Period, we maintained high conviction in the companies owned by the equity portion of the Fund, and we believed they have the potential to outperform relative to the broader market regardless of the growth environment. We intend to continue to focus on undervalued companies we believe are in control of their own future, such as innovators with differentiated products, companies with low-cost structures and firms that have been investing in their own businesses and are poised to gain market share. We will maintain our discipline in identifying companies with what we consider to be strong or improving balance sheets, led by quality management teams and trading at discounted valuations, seeking to generate long-term outperformance.

Regarding fixed income, the Income Builder Team had a cautiously positive outlook for high yield corporate bonds when the Reporting Period ended. In the near term, we expect solid corporate earnings growth, along with the tailwinds of fiscal stimulus and tax reform, to keep high yield credit spreads anchored close to their levels at the end of the Reporting Period. The key headwind for the asset class, in

6

FUND RESULTS

our view, is tight valuations. Going forward, we expect intermittent pull-backs, particularly during times when new issuance is strong. A potential source of increased new issuance is elevated mergers and acquisitions activity. We believe the largest risk to our outlook overall is a rise in interest rate volatility, which could be driven by more aggressive than consensus anticipated Fed monetary policy action, an inflation shock, escalating trade tensions, higher risk premiums due to idiosyncratic events, and/or market disruptions resulting from credit downgrades of investment grade corporate bonds. Persistent equity market volatility, which is historically a headwind for high yield credit spreads, is another possible risk to our outlook. At the end of the Reporting Period, we favored communications industries broadly because of what we consider to be their robust fundamentals and consumers’ non-cyclical demand for data. In addition, we have a positive view of financials companies, as we believe their earnings are likely to benefit from a modest increase in U.S. interest rates. Within technology, we like software companies because of their relative stability and the greater visibility we have into their operations. We intend to maintain the Fund’s underweight in retail and apparel due to the secular challenges we think the industry is facing. In terms of ratings, we continued to favor higher quality credits at the end of the Reporting Period.

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FUND BASICS

Income Builder Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			Russell 1000 Value Index2			ICE Bank of America Merrill Lynch BB to B U.S. High Yield Constrained Index3
Class A		-0.45	%		1.94	%		-0.63	%
Class C		-0.83			1.94			-0.63
Institutional		-0.30			1.94			-0.63
Investor		-0.37			1.94			-0.63
Class R6		-0.29			1.94			-0.63
April 16, 2018–April 30, 2018 Class P		-0.82	%		-1.07	%		-0.67	%

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

²  The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. This index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. It is not possible to invest directly in an unmanaged index.

³  The ICE BofA Merrill Lynch BB to B US High Yield Constrained Index contains all securities in the ICE BofA Merrill Lynch U.S. High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index.

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

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FUND BASICS

PERFORMANCE REVIEW (continued)
November 1, 2017–April 30, 2018	12-Month Distribution Rate4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5
Class A		3.71	%		3.45	%		3.34	%
Class C		3.01			2.91			2.80
Institutional		4.03			4.06			3.95
Investor		3.89			3.92			3.81
Class P		N/A			N/A			N/A
Class R6		4.03			4.06			3.95

⁴  The 12 month distribution rate is calculated by taking the sum of all cash distributions over the past 12 months and dividing by the month end NAV in the last month of the period. Distributions may include interest from fixed income, dividends from equities, short term and long term capital gains, return of capital, and special distributions. Return of capital distribution may include a return of some or all of the money that an investor invested in Fund shares. Distributions from securities such as MLPs passing through the Fund may also be characterized as return of capital. Special distributions may include any off-cycle distributions that occur outside of regular interest or dividend payment dates, such as when a company opts to pay a special dividend. The amounts and sources of distribution are not provided for tax reporting purposes. The Fund reports the character of distributions for federal income tax purposes each calendar year on Form 1099-DIV. Distributions will fluctuate over time and a large proportion of the distribution may occur at the end of the year in the form of capital gains. Distributions and market value movements affect the NAV of the Fund and will also affect this calculation. 12 month distribution rate numbers are based on historical distributions and NAVs and are not predictive of future distributions or yields. 12 month distribution rate is calculated to provide a sense of the total cash flow associated with investment in the Fund, but should not be confused with SEC yield, dividend yield or interest yield.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the SEC and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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FUND BASICS

STANDARDIZED TOTAL RETURNS6
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.52	%		3.58	%		5.49	%		6.40	%		10/12/1994
Class C		1.39			3.96			5.29			3.95			8/15/1997
Institutional		3.54			5.16			6.50			5.19			8/15/1997
Investor		3.45			5.00			N/A			8.10			8/31/2010
Class P		N/A			N/A			N/A			N/A			4/16/2018
Class R6		3.60			N/A			N/A			3.88			7/31/2015

⁶ 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 P 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 table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS7
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.97	%		0.99	%
Class C		1.72			1.74
Institutional		0.58			0.60
Investor		0.72			0.74
Class P		0.57			0.59
Class R6		0.57			0.59

⁷ 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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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.

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FUND BASICS

TOP TEN EQUITY HOLDINGS AS OF 4/30/188
Holding	% of Net Assets			Line of Business
Microsoft Corp.		1.8	%	Software
Pfizer, Inc.		1.7		Pharmaceuticals
Chevron Corp.		1.4		Oil, Gas & Consumable Fuels
Royal Dutch Shell PLC ADR Class A		1.4		Oil, Gas & Consumable Fuels
Johnson & Johnson		1.3		Pharmaceuticals
BB&T Corp.		1.3		Banks
Cisco Systems, Inc.		1.3		Communications Equipment
Vodafone Group PLC ADR		0.9		Wireless Telecommunication Services
Medtronic PLC		0.9		Health Care Equipment & Supplies
JPMorgan Chase & Co.		0.9		Banks

⁸  The top 10 holdings may not be representative of the Fund’s future investments.

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK⁹

As of April 30, 2018

⁹  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 0.0% of the Fund’s net assets as of April 30, 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. Figures above may not sum to 100% due to rounding.

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FUND BASICS

FUND’S FIXED INCOME FUND COMPOSITION¹⁰

¹⁰  The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. Short-term investments represent certificates of deposits and commercial papers. 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. Figures above may not sum to 100% due to rounding.

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FUND RESULTS

Goldman Sachs Rising Dividend Growth Fund

Investment Objective

The Fund seeks long-term growth of capital and current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) portfolio management team, the Goldman Sachs Global Portfolio Solutions Group and the Dividend Assets Capital, LLC (“DAC”) portfolio management team, the Fund’s sub-adviser, discuss the Goldman Sachs Rising Dividend Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R Shares generated cumulative total returns, without sales charges, of 4.09%, 3.70%, 4.36%, 4.25% and 3.98%, respectively. These returns compare to the 3.82% cumulative total return of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested) (the “S&P 500 Index”), during the same time period.

From their inception on February 28, 2018 through the end of the Reporting Period, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges of -0.73%. This return compares to the -2.17% cumulative total return of the S&P 500 Index during the same time period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P shares generated a cumulative total return, without sales charges of -1.24%. This return compares to the -1.08% cumulative total return of the S&P 500 Index during the same time period.

Q What changes were made to the Fund during the Reporting Period?

A Effective at the close of business on March 30, 2018, changes were made to the investment management responsibilities for the Fund. Goldman Sachs Asset Management, L.P. (“GSAM”) now manages the Fund’s dividend-paying investments using a systematic, rules-based approach, while DAC continues to manage the Fund’s investments in Master Limited Partnerships (“MLPs”). The Fund’s investment objective and benchmark did not change.

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

A The factors that most influenced the equity markets as a whole during the Reporting Period can, in general, be broken down into two segments — those from the start of the Reporting Period in November 2017 through the end of January 2018 and those from the beginning of February 2018 through the end of the Reporting Period.

Through the latter part of January 2018 was generally a continuation of the relatively low volatility environment experienced by the U.S. equity markets through most of 2017. Indeed, the VIX, a volatility index that serves as a proxy for investor worries or the lack thereof, remained at rather low levels during these months. Further, investors looked with anticipation to the potential impact on bottom lines of the new tax reform legislation passed by Congress in late December 2017 along with the potential for synchronous global economic growth. The Federal Reserve (the “Fed”) increased interest rates by 25 basis points at its December 2017 meeting, as expected. (A basis point is 1/100^th of a percentage point.) The S&P 500 Index, which had been appreciating each month of the Reporting Period to date, reached a fresh high in late January 2018.

At the beginning of February 2018, however, inflation fears took center stage, as wage growth came in higher than consensus expectations. Investors began to worry that a combination of higher wage growth and rising raw material costs could erode company margins and, in turn, corporate earnings growth. Further, investors grew concerned that rising inflation could drive the Fed to increase interest rates at a faster clip than previously expected by the consensus. From a geopolitical perspective, trade tensions increased dramatically with the U.S. Administration’s announcement of potential tariffs, which further exacerbated equity market volatility. The S&P 500 Index ended an extended streak of monthly advances, declining in both February and March 2018 before rebounding to eke out a modest gain in April 2018.

The U.S. equity markets remained relatively muted in April 2018 amid the U.S. and China generating trade headlines and

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FUND RESULTS

geopolitical uncertainty stemming from sanctions on Russia surfacing. A number of macro drivers, including labor market strength, inflation normalization and fiscal stimulus, moved U.S. Treasury yields higher. Still, reports of first quarter 2018 corporate earnings were generally strong, with more than half of S&P 500 Index companies having reported results by the end of the Reporting Period.

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

A The Alerian MLP Index, the leading measure of energy MLPs, returned -0.73% for the Reporting Period. On the one hand, energy MLPs were supported during the Reporting Period by higher crude oil prices, strong domestic shale oil and natural gas production and healthy crude/liquid natural gas/refined exports as well as a generally favorable economic backdrop both domestically and globally.

Further, fundamentally, MLPs delivered strong earnings before interest, taxes, amortization and depreciation (“EBITDA”) growth both year over year and sequentially, with strong distribution coverage and reduced financial leverage, as managements throughout the industry focused on business execution and reduced dependence on equity financing.

MLP performance during the Reporting Period, however, diverged from improved business fundamentals, offering, in our view, potentially attractive investment opportunities. As of April 30, 2018, MLPs offered 8.12% trailing 12-month distribution yields, which were significantly higher than their own 10-year average and higher than the yields of both the 10-year U.S. Treasury and the S&P 500 Index. MLPs also delivered strong EBITDA growth over the previous year, reduced balance sheet leverage and enhanced distribution coverage during the Reporting Period.

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

A Most share classes of the Fund outperformed the S&P 500 Index for the Reporting Period as a whole.

From November 1, 2017 through March 30, 2018 (“the initial part of the Reporting Period”), the Fund, comprised of both MLP assets and dividend-paying investments, outperformed the S&P 500 Index, driven by strong stock selection that was only partially offset by the detracting effect of sector allocation decisions overall. Also, the Fund averaged a 1.83% allocation to cash during the initial part of the Reporting Period, which detracted modestly from relative results.

From March 31, 2018 through the end of the Reporting Period on April 30, 2018 (“the latter part of the Reporting Period”), the Fund’s overall benchmark remained the S&P 500 Index. Given that the MLP sleeve of the Fund gives exposure to energy stocks, however, the dividend-paying growers portion of the Fund, under its new investment approach, used the S&P 500 Ex-Energy Index as its benchmark. During the latter part of the Reporting Period, the Fund’s dividend-paying investments underperformed the S&P 500 Ex-Energy Index. While sector allocation contributed positively, albeit modestly, to relative results, stock selection detracted.

For the Reporting Period overall, the Fund’s MLP assets underperformed the Alerian MLP Index, the benchmark used for the MLP portion of the Fund. Such underperformance was driven by less than favorable stock selection. At the end of the Reporting Period, excluding cash, 96.8% of the Fund’s MLP assets were allocated to the oil and gas storage and transportation industry.

Q Which equity market sectors most significantly affected Fund performance during the initial part of the Reporting Period?

A As measured by the S&P 500 Index, the sectors that detracted most on a relative basis during the initial part of the Reporting Period were energy, materials and telecommunication services. Both stock selection in and having an overweight to the underperforming energy sector detracted. Most of the Fund’s energy sector exposure was through MLPs, which experienced a negative effect from tax reform as well as from a Federal Energy Regulatory Commission policy change that resulted in low correlation for MLPs to the upturn in the price of oil. Similarly, weak stock selection in and having an overweight in the materials sector, which lagged the S&P 500 Index during the initial part of the Reporting Period, hurt the Fund’s relative results. The Fund had no exposure to telecommunication services, which dampened results, as the sector outperformed the S&P 500 Index during the initial part of the Reporting Period.

Only partially offsetting these detractors was effective stock selection in the consumer staples, consumer discretionary and industrials sectors, which contributed positively. Having an underweight allocation to consumer staples, which lagged the S&P 500 Index during the initial part of the Reporting

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FUND RESULTS

Period, and an overweight allocation to industrials, which outperformed the S&P 500 Index during the initial part of the Reporting Period, also buoyed the Fund’s relative results.

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

A Detracting most from the Fund’s results relative to the S&P 500 Index during the initial part of the Reporting Period were positions in specialty chemicals producer Albemarle, exploration and production company Dominion Energy Midstream Partners, L.P. and refined petroleum products and ammonia storage, transportation and distribution company Magellan Midstream Partners, L.P.

Shares of Albemarle fell on worries that potential new lithium supply coming online in the years ahead could exceed demand. Shares of Dominion Energy Midstream Partners, L.P. declined significantly on the negative effect on its assets and potential impact on drop-down economics after the Federal Energy Regulatory Commission (“FERC”) announced it would no longer allow MLPs to use an income tax recovery allowance as part of the cost of service calculation for FERC regulated pipelines. (Drop-down refers to the act of a parent company selling energy MLP-qualified assets to the associated energy MLP.) In addition to general weakness in the MLP space, Magellan Midstream Partners, L.P.’s shares dropped, as its 2018 guidance was viewed as below expectation by many analysts. Additionally, while only marginally affected by the FERC policy change, Magellan Midstream Partners, L.P.’s shares sold off with the rest of the industry.

Q What were some of the Fund’s best-performing individual stocks during the initial part of the Reporting Period?

A The top contributors to the Fund’s relative performance during the initial part of the Reporting Period were athletic apparel, equipment and accessories company Nike, China-based technology company Tencent Holdings and off-price retailer Ross Stores.

Strong fundamentals and increased transparency on the drivers of its long-term earnings per share growth outlook drove the stock of Nike higher during the initial part of the Reporting Period. Key long-term earnings per share growth drivers included the shift to direct-to-consumer sales, innovation and supply chain revolution. Shares of Tencent Holdings rose on solid company reports during the initial part of the Reporting Period, which drove positive investor sentiment toward the company and its growth potential. Ross Stores’ strong stock performance was driven by its solid fundamentals. U.S. consumers found value and rewarding shopping experiences in Ross Stores, which drove high traffic.

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

A Detracting most from the Fund’s results relative to the S&P 500 Ex-Energy Index during the latter part of the Reporting Period were overweight positions in out-of-benchmark institutional financial services firm SEI Investments and in semiconductor company Xilinx, which each posted double-digit negative returns. Not having a position in e-commerce giant Amazon.com, which performed well during the latter part of the Reporting Period, also proved to be a significant detractor.

Q What were some of the Fund’s best-performing individual stocks during the latter part of the Reporting Period?

A As the Fund transitioned on March 31, 2018, the QIS team received in-kind securities from the DAC team, and to avoid short-term capital gains, the QIS team held on to some stocks for a time, including some energy and non-U.S. companies. Given then-current market conditions, the top individual contributors to the Fund’s relative performance during the latter part of the Reporting Period were each an energy-related stock — Occidental Petroleum, Suncor Energy and Canadian Natural Resources. None of these stocks are components of the S&P 500 Ex-Energy Index, but each outperformed the S&P 500 Ex-Energy Index during the latter part of the Reporting Period.

Q Which MLPs detracted significantly from the Fund’s performance during the Reporting Period as a whole?

A Detracting most from the Fund’s results relative to the Alerian MLP Index during the Reporting Period were positions in Dominion Energy Midstream Partners, L.P., discussed earlier; EQT Midstream Partners, L.P., whose shares declined as investors increasingly focused on its complicated structure and on its most recent announcement about streamlining transactions, which fell short of investor expectations; and Tallgrass Energy GP, L.P., (“TEGP”) whose shares fell as investors demanded a simplified structure between TEGP and its limited partnership TEP, as drop-down inventory dried up. TEGP shares recouped some

15

FUND RESULTS

of its loss after announcing it had entered into a definitive agreement to acquire TEP in a unit for unit transaction.

Q What were some of the Fund’s best-performing MLPs during the Reporting Period overall?

A Relative to the Alerian MLP Index, the MLPs that contributed most to the Fund’s performance during the Reporting Period were Enterprise Products Partners, L.P., Viper Energy Partners, L.P. and Energy Transfer Partners, L.P.

The Fund had an overweight position in Enterprise Products Partners, L.P., as we viewed favorably its leading position in the midstream space and its strong export capability. (The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side, i.e. energy producers, and the demand side, i.e. energy end-users, for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.) We also liked its proactive approach to slow its distribution growth to partially fund its future growth projects and reduce the need for an equity offering. Viper Energy Partners, L.P. was a new position in the Fund, initiated in early April 2018, as we anticipate higher crude oil prices. Viper Energy Partners, L.P. is a royalty MLP that benefits from growth in production via the royalties earned on acreage it leases to other producers. Energy Transfer Partners, L.P. experienced a rebound during the Reporting Period, as major projects were placed in service and improvement in its distribution coverage supported its distribution growth. We believe Energy Transfer Partners, L.P. had been unreasonably undervalued compared to its peers, and we see strong upside potential for the MLP based on its assets. Each of these three MLPs’ shares delivered a double-digit gain during the Reporting Period.

Q How did the Fund use derivatives during the Reporting Period?

A The MLP portion of the Fund did not use derivatives during the Reporting Period. The dividend-paying equity investments portion of the Fund used index futures contracts during the latter part of the Reporting Period to equitize its modest cash position. In other words, we bought index futures to avoid cash drag in the portfolio sleeve. (When a part of one’s total balance is not invested in securities but in a cash or cash-equivalent security it has no market exposure and is referred to as cash drag.) The use of these derivatives did not have a material impact on Fund results during the latter part of the Reporting Period.

Q Did the Fund make any significant equity purchases or sales during the initial part of the Reporting Period?

A We initiated a Fund position in International Business Machines (“IBM”). We believe IBM will successfully execute on its strategic imperatives initiative, which could lead to growth in excess of low consensus expectations. In our view, the company has an opportunity to build on its leadership position in artificial intelligence via Watson, thus driving growth in its cognitive solutions business segment. Further, we think revenues generated from its strategic imperatives initiative could drive the need for in-house talent at clients for implementation purposes, thus driving growth potential in its global business services segment. Finally, we believe IBM’s technology services & cloud business segment is well positioned to benefit in terms of cloud resources necessary to support the use of Watson along with hybrid cloud at clients.

We established a Fund position in medical products developer Medtronic, as we believe the company has strong upside potential. Our investment thesis is based on what we view as its industry-leading product portfolio driving sustainable sales growth, operating margin expansion through synergies and, at the time of purchase, an attractive valuation.

Conversely, we exited the Fund’s position in business outsourcing solutions provider Automatic Data Processing (“ADP”). Shares of ADP exceeded our price target, and we believed it prudent to reallocate to other opportunities.

We eliminated the Fund’s position in health care services provider Cardinal Health, as we believe the company faces ongoing challenges in its business. Further, guidance reductions have come because its management called out little visibility in earnings per share growth.

Q Did the Fund make any significant equity purchases or sales during the latter part of the Reporting Period?

A During the latter part of the Reporting Period, we focused on beginning to transition the dividend-paying growers portion of the Fund to its new systematic, rules-based approach.

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

A In addition to the purchase of Cheniere Energy Partners, L.P. already mentioned, we initiated a Fund position in Hess

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FUND RESULTS

Midstream Partners, L.P. (“HESM”). HESM has what we view as strategically located assets, strong sponsorship and visible growth potential, both in earnings and distributions. While sponsored by Hess, HESM’s assets have already been spun off from its parent into a privately-held holding company, thus insulating it from a potential takeover of Hess. This structure, in our option, means most of HESM’s drop-downs are simply a larger percentage of the assets it already has. Additionally, its location in the Bakken shale gives it exposure to a high growth area, and its assets cover both crude oil and natural gas, enabling it to benefit from the production growth of both commodities in North Dakota.

Conversely, we sold the Fund’s positions in Genesis Energy, L.P. after its distributions were cut due to a challenging business environment and increasing cost of capital.

We exited the Fund’s position in Energy Transfer Equity, L.P. due to ongoing weakness in the MLP space along with enhanced headline risk surrounding the Energy Transfer family, which includes Energy Transfer Equity, L.P. and Energy Transfer Partners, L.P. Because Energy Transfer Equity, L.P. owns the general partner and incentive distribution rights for Energy Transfer Partners, L.P., we felt it was less of a risk to sell Energy Transfer Equity, L.P. while continuing to hold Energy Transfer Partners, L.P.

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

A During the initial part of the Reporting Period, the Fund’s exposure to information technology and consumer discretionary increased relative to the S&P 500 Index, and its allocations to the energy and materials sectors decreased relative to the S&P 500 Index.

Under the QIS team’s new investment approach, implemented during the latter part of the Reporting Period, the Fund does not take sector bets by design. Therefore, the dividend-paying investments portion of the Fund, using a quantitative process, strove to be similar to the S&P 500 Ex-Energy Index in terms of sector allocation. We seek to provide exposure to high quality, dividend-paying growers within each sector.

Q How was the dividend-paying investments portion of the Fund positioned relative to the S&P 500 Ex-Energy Index at the end of the Reporting Period?

A As mentioned earlier, it is not part of the dividend-paying investments portion of the Fund’s approach to take sector bets. That said, at the end of April 2018, the dividend-paying investments portion of the Fund had a slightly overweighted position relative to the S&P 500 Ex-Energy Index in health care. On the same date, the Fund had no exposure to telecommunication services and rather neutral positions in all other sectors within the S&P 500 Ex-Energy Index. The Fund also had exposure to the energy sector at the end of the Reporting Period, as the transition to its new investment process was in the early stages.

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

A As described earlier, effective after the close of business on March 30, 2018, the QIS team manages the Fund’s dividend-paying investments, while DAC continued to manage the Fund’s investments in MLPs.

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

A The Fund seeks long-term growth of capital and current income. Within the dividend-paying growers sleeve, we maintained confidence at the end of the Reporting Period in high quality business models that have demonstrated commitment to grow their dividend in a rather stable manner.

As for MLPs, we expect their trailing 12-month distribution yield to grow during the coming year as a natural hedge to inflation. We believe, over time, the performance of MLPs will likely catch up with their strong business fundamentals. At the end of the Reporting Period, we continued to favor high quality MLPs, with top-tier balance sheets and distribution growth, along with competitive costs of capital and strong rates of return on future growth projects. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund.

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FUND RESULTS

Index Definitions

The 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).

The S&P 500^® Index is a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value.

The S&P 500^® Ex-Energy Index is designed to provide broad market exposure except for members of the energy sector.

The ICE Bank of America Merrill Lynch BB to B U.S. High Yield Constrained Index contains all securities in the ICE Bank of America Merrill Lynch U.S. High Yield Index rated BB1 through B3 (based on an average of Moody’s Investors Service, S&P Ratings and Fitch Ratings) but caps issuer exposure at 2%. The Index is rebalanced on the last calendar day of the month.

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. It is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

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

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FUND BASICS

Rising Dividend Growth Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			S&P 500 Index2
Class A		4.09	%		3.82	%
Class C		3.70			3.82
Institutional		4.36			3.82
Investor		4.25			3.82
Class R		3.98			3.82
February 28, 2018–April 30, 2018 Class R6		-0.73	%		-2.17	%
April 16, 2018–April 30, 2018 Class P		-1.24	%		-1.08	%

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 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		3.92	%		7.19	%		7.44	%		7.58	%	3/23/2004
Class C		8.05			7.59			7.39			7.51		4/14/2005
Institutional		10.41			8.83			8.51			7.90		3/21/2007
Investor		10.37			8.69			N/A			9.34		2/27/2012
Class P		N/A			N/A			N/A			N/A		4/16/2018
Class R		9.75			8.14			N/A			8.79		2/27/2012
Class R6		N/A			N/A			N/A			-1.37		2/28/2018

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. Effective February 27, 2012, the Rising Dividend Growth Fund, a series of Dividend Growth Trust (the “Predecessor Fund”), was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. 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). Prior to February 27, 2012 (the effective date of the reorganization of the Predecessor Fund into the Fund), the maximum initial sales charge applicable to sales of Class A Shares of the Predecessor Fund was 5.75%, which is not reflected in the average annual total return figures shown. Because Institutional, Investor, Class P, 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.

19

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.19	%
Class C		1.90			1.94
Institutional		0.76			0.80
Investor		0.90			0.94
Class P		0.75			0.79
Class R		1.40			1.44
Class R6		0.75			0.79

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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185
Holding	% of Net Assets			Line of Business
Microsoft Corp.		2.0	%	Software
International Business Machines Corp.		1.9		IT Services
Texas Instruments, Inc.		1.8		Semiconductors & Semiconductor Equipment
Mastercard, Inc. Class A		1.8		IT Services
Enterprise Products Partners LP		1.7		Oil, Gas & Consumable Fuels
Accenture PLC Class A		1.7		IT Services
Magellan Midstream Partners LP		1.7		Oil, Gas & Consumable Fuels
Medtronic PLC		1.6		Health Care Equipment & Supplies
UnitedHealth Group, Inc.		1.5		Health Care Providers & Services
Energy Transfer Partners LP		1.5		Oil, Gas & Consumable Fuels

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

20

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of April 30, 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. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding.

21

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 40.3%
Aerospace & Defense – 0.6%
	19,127	Northrop Grumman Corp.	$	6,159,659
	44,578	United Technologies Corp.		5,356,047
				11,515,706
Air Freight & Logistics – 0.4%
	67,119	United Parcel Service, Inc. Class B		7,618,006
Banks – 5.3%
	180,398	Bank of the Ozarks, Inc.		8,442,626
	470,833	BB&T Corp.		24,859,982
	103,551	Commerce Bancshares, Inc.		6,577,560
	38,158	Cullen/Frost Bankers, Inc.		4,367,183
	567,742	First Horizon National Corp.		10,389,679
	152,566	JPMorgan Chase & Co.		16,596,129
	49,250	M&T Bank Corp.		8,976,798
	230,587	SunTrust Banks, Inc.		15,403,212
	123,523	Wells Fargo & Co.		6,418,255
				102,031,424
Beverages – 0.4%
	71,087	Anheuser-Busch InBev SA ADR		7,114,387
Biotechnology – 0.2%
	59,320	Gilead Sciences, Inc.		4,284,684
Capital Markets – 1.0%
	206,058	AllianceBernstein Holding LP		5,604,778
	119,010	Northern Trust Corp.		12,704,317
				18,309,095
Chemicals – 0.9%
	47,332	DowDuPont, Inc.		2,993,276
	93,976	Praxair, Inc.		14,333,219
				17,326,495
Commercial Services & Supplies – 0.2%
	63,991	Republic Services, Inc.		4,138,938
Communications Equipment – 1.3%
	545,782	Cisco Systems, Inc.		24,172,685
Construction & Engineering – 0.7%
	515,481	Vinci SA ADR		12,814,858
Diversified Telecommunication Services – 0.9%
	327,742	AT&T, Inc.		10,717,164
	133,869	Verizon Communications, Inc.		6,606,435
				17,323,599
Electric Utilities – 2.1%
	126,708	Duke Energy Corp.		10,156,913
	1,910,661	Enel SpA ADR		11,989,398
	314,366	Fortis, Inc.		10,528,117
	97,708	Pinnacle West Capital Corp.		7,865,494
				40,539,922
Electrical Equipment – 0.3%
	96,526	Emerson Electric Co.		6,410,292
Common Stocks – (continued)
Energy Equipment & Services – 0.5%
	142,565	Schlumberger Ltd.		9,774,256
Equity Real Estate Investment Trusts (REITs) – 2.5%
	41,167	American Tower Corp.		5,613,532
	38,207	AvalonBay Communities, Inc.		6,227,741
	63,470	Camden Property Trust		5,420,338
	94,146	Crown Castle International Corp.		9,496,507
	705,487	DDR Corp.		5,114,781
	200,138	Hudson Pacific Properties, Inc.		6,578,536
	142,834	Klepierre SA		5,846,012
	63,201	Ventas, Inc.		3,249,796
				47,547,243
Food & Staples Retailing – 0.2%
	190,944	The Kroger Co.		4,809,879
Food Products – 0.3%
	111,664	The Kraft Heinz Co.		6,295,616
Health Care Equipment & Supplies – 1.7%
	252,014	Abbott Laboratories		14,649,574
	216,823	Medtronic PLC		17,374,027
				32,023,601
Health Care Providers & Services – 0.5%
	54,273	Aetna, Inc.		9,717,581
Hotels, Restaurants & Leisure – 0.3%
	34,976	McDonald’s Corp.		5,856,381
Industrial Conglomerates – 0.5%
	24,438	3M Co.		4,750,503
	38,230	Honeywell International, Inc.		5,531,116
				10,281,619
Insurance – 0.9%
	91,870	Principal Financial Group, Inc.		5,440,541
	42,946	RenaissanceRe Holdings Ltd.		5,842,374
	42,004	The Travelers Cos., Inc.		5,527,727
				16,810,642
Internet Software & Services – 0.3%
	5,435	Alphabet, Inc. Class A		5,535,982
IT Services – 0.2%
	48,221	Fidelity National Information Services, Inc.		4,579,548
Media – 0.5%
	146,436	Comcast Corp. Class A		4,596,626
	166,303	Viacom, Inc. Class B		5,015,698
				9,612,324
Metals & Mining – 0.2%
	61,425	Nucor Corp.		3,785,008
Multi-Utilities – 0.2%
	81,246	Public Service Enterprise Group, Inc.		4,236,979

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 5.3%
	132,133	Antero Midstream Partners LP	$	3,542,486
	260,072	Blue Ridge Mountain Resources, Inc.(a)(b)(c)		1,924,533
	332,804	BP PLC ADR		14,839,730
	217,437	Chevron Corp.		27,203,543
	100,138	ConocoPhillips		6,559,039
	287,728	Energy Transfer Partners LP		5,184,859
	177,732	Plains All American Pipeline LP		4,178,479
	383,960	Royal Dutch Shell PLC ADR Class A		26,838,804
	437,098	The Williams Cos., Inc.		11,246,531
				101,518,004
Personal Products – 0.5%
	159,750	Unilever NV		9,124,920
Pharmaceuticals – 4.3%
	42,916	Allergan PLC		6,594,044
	191,236	Bristol-Myers Squibb Co.		9,969,133
	197,441	Johnson & Johnson		24,974,312
	159,061	Merck & Co., Inc.		9,363,921
	892,089	Pfizer, Inc.		32,659,378
				83,560,788
Road & Rail – 0.4%
	55,423	Union Pacific Corp.		7,406,175
Semiconductors & Semiconductor Equipment – 0.9%
	31,798	Broadcom, Inc.		7,295,097
	189,412	Intel Corp.		9,777,448
				17,072,545
Software – 2.3%
	361,845	Microsoft Corp.		33,839,744
	213,132	Oracle Corp.		9,733,739
				43,573,483
Technology Hardware, Storage & Peripherals – 0.4%
	48,070	Apple, Inc.		7,944,048
Tobacco – 1.0%
	174,079	Altria Group, Inc.		9,767,573
	177,070	British American Tobacco PLC ADR		9,671,563
				19,439,136
Transportation Infrastructure(d) – 0.8%
	875,576	Atlantia SpA ADR		14,499,539
Water Utilities – 0.4%
	99,351	American Water Works Co., Inc.		8,601,810
Wireless Telecommunication Services – 0.9%
	609,136	Vodafone Group PLC ADR		17,914,690
	TOTAL COMMON STOCKS
	(Cost $698,468,986)			775,121,888

Shares		Rate	Value
Preferred Stocks(e) – 1.3%
Capital Markets(f) – 0.3%
	Morgan Stanley (3M USD LIBOR + 3.708%)
$	183,597	6.375%	$	4,909,384
Diversified Telecommunication Services – 0.3%
	Qwest Corp.
	43,276	6.500		913,989
	Verizon Communications, Inc.
	205,549	5.900		5,247,666
				6,161,655
Electric Utilities(f) – 0.5%
	SCE Trust III (3M USD LIBOR + 2.990%)
	377,865	5.750		9,994,529
Insurance(f) – 0.2%
	Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%)
	143,849	5.029		3,200,640
	TOTAL PREFERRED STOCKS – 1.3%
	(Cost $23,458,606)		$	24,266,208

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 44.6%
Agriculture(e)(g) – 0.8%
	BAT Capital Corp.
$	17,000,000		4.390	%		08/15/37	$	16,299,759
Airlines(g) – 0.1%
	Air Canada Pass Through Trust Series 2013-1, Class B
	2,078,095		5.375			11/15/22		2,124,229
Automotive – 1.1%
	Delphi Technologies PLC(g)
	5,000,000		5.000			10/01/25		4,823,775
	General Motors Co.(e)
	2,500,000		6.750			04/01/46		2,831,389
	IHO Verwaltungs GmbH(e)(g)(h) (PIK+ 3.110%)
	14,000,000		4.500			09/15/23		13,650,000
								21,305,164
Banks – 3.6%
	Bank of America Corp.(e)(f) (3M USD LIBOR + 3.898%)
	6,275,000		6.100			12/29/49		6,502,469
	Barclays PLC(e)(f) (5 year USD Swap + 5.022%)
	3,000,000		6.625			06/29/49		3,067,500
	CIT Group, Inc.(e)
	4,025,000		5.250			03/07/25		4,110,531
	Citigroup, Inc.(e)(f) (3M USD LIBOR + 4.517%)
	7,000,000		6.250			12/29/49		7,271,250
	Credit Agricole SA(e)(f)(g) (5 year USD Swap + 4.697%)
	2,500,000		6.625			09/29/49		2,562,500
	Credit Suisse Group AG(e)(f)(g) (5 year USD Swap + 4.598%)
	4,025,000		7.500			12/29/49		4,362,094

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	ING Groep NV(e)(f)
	(5 year USD Swap + 4.445%)
$	4,275,000		6.000	%		12/29/49	$	4,365,844
	(5 year USD Swap + 4.446%)
	5,000,000		6.500			12/29/49		5,150,000
	Intesa Sanpaolo SpA(g)
	7,000,000		5.017			06/26/24		6,833,750
	JPMorgan Chase & Co.(e)(f) (3M USD LIBOR + 3.330%)
	9,000,000		6.125			12/29/49		9,360,000
	Lloyds Banking Group PLC(e)(f) (5 year GBP Swap + 5.060%)
GBP	3,491,000		7.000			12/29/49		5,021,657
	Royal Bank of Scotland Group PLC
$	2,975,000		6.000			12/19/23		3,153,565
	UBS Group AG(e)(f) (5 year USD Swap + 4.590%)
	7,000,000		6.875			12/29/49		7,374,850
								69,136,010
Beverages(g) – 0.2%
	Pernod Ricard SA
	3,000,000		5.500			01/15/42		3,388,500
Building Materials(e)(g) – 0.6%
	BMC East LLC
	3,000,000		5.500			10/01/24		2,962,500
	Builders FirstSource, Inc.
	4,000,000		5.625			09/01/24		3,960,000
	Masonite International Corp.
	5,000,000		5.625			03/15/23		5,150,000
								12,072,500
Chemicals(e) – 0.5%
	Ashland LLC
	3,010,000		6.875			05/15/43		3,220,700
	PQ Corp.(g)
	3,400,000		6.750			11/15/22		3,604,000
	Valvoline, Inc.
	1,950,000		5.500			07/15/24		1,993,875
								8,818,575
Commercial Services(e)(g) – 0.7%
	Nielsen Finance LLC/Nielsen Finance Co.
	8,000,000		5.000			04/15/22		8,060,000
	WEX, Inc.
	5,001,000		4.750			02/01/23		5,032,256
								13,092,256
Computers(e) – 0.8%
	Dell International LLC/EMC Corp.(g)
	4,000,000		8.100			07/15/36		4,727,398
	Hewlett Packard Enterprise Co.
	3,000,000		6.200			10/15/35		3,164,257
	NCR Corp.
	5,000,000		5.875			12/15/21		5,087,500
	Western Digital Corp.
	2,640,000		4.750			02/15/26		2,600,400
								15,579,555
Diversified Financial Services – 2.3%
	Ally Financial, Inc.
	5,000,000		8.000			11/01/31		6,075,000
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	CoBank ACB(e)(f) (3M USD LIBOR + 4.660%)
	5,350,000		6.250			12/29/49		5,694,053
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.(e)
	5,000,000		6.250			02/01/22		5,100,000
	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(e)(g)
	2,500,000		5.875			08/01/21		2,550,000
	4,000,000		5.250			03/15/22		4,010,000
	Nationstar Mortgage LLC/Nationstar Capital Corp.(e)
	3,000,000		6.500			08/01/18		3,007,500
	6,000,000		6.500			07/01/21		6,082,500
	Navient Corp.
	3,000,000		5.500			01/15/19		3,033,750
	5,000,000		5.875			03/25/21		5,125,000
	3,000,000		5.500			01/25/23		2,951,250
								43,629,053
Electrical(e) – 0.7%
	Calpine Corp.(g)
	3,000,000		5.875			01/15/24		3,011,250
	Electricite de France SA(f)(g) (10 year USD Swap + 3.709%)
	2,500,000		5.250			01/29/49		2,506,650
	Vistra Energy Corp.
	4,552,000		6.750			11/01/19		4,620,280
	3,000,000		7.375			11/01/22		3,161,250
								13,299,430
Entertainment(e)(g) – 0.2%
	WMG Acquisition Corp.
	4,251,000		5.625			04/15/22		4,351,961
Food & Drug Retailing(e) – 0.6%
	B&G Foods, Inc.
	3,020,000		5.250			04/01/25		2,759,525
	Post Holdings, Inc.(g)
	8,000,000		5.500			03/01/25		7,850,000
								10,609,525
Gas(e) – 0.2%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	4,000,000		5.875			08/20/26		3,970,000
Healthcare Providers & Services – 3.4%
	Becton Dickinson & Co.(e)
	4,000,000		3.700			06/06/27		3,788,951
	Centene Corp.(e)
	3,000,000		6.125			02/15/24		3,142,500
	CHS/Community Health Systems, Inc.(e)
	6,000,000		6.875			02/01/22		3,255,000
	3,000,000		6.250			03/31/23		2,730,000
	DaVita, Inc.(e)
	10,000,000		5.000			05/01/25		9,475,000
	HCA, Inc.
	5,000,000		4.750			05/01/23		5,037,050
	15,000,000		5.000			03/15/24		15,168,750
	10,000,000		5.875	(e)		02/15/26		10,137,500

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Tenet Healthcare Corp.
$	9,095,000		7.500	%(e)(g)		01/01/22	$	9,595,225
	3,000,000		8.125			04/01/22		3,123,750
								65,453,726
Home Builders – 0.3%
	PulteGroup, Inc.
	3,000,000		7.875			06/15/32		3,555,000
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
	3,000,000		4.375			06/15/19		3,007,500
								6,562,500
Household Products(e) – 0.5%
	Spectrum Brands, Inc.
	8,835,000		6.625			11/15/22		9,144,225
Insurance – 0.2%
	Fidelity & Guaranty Life Holdings, Inc.(e)(g)
	2,850,000		5.500			05/01/25		2,835,750
	Transatlantic Holdings, Inc.
	75,000		8.000			11/30/39		102,514
								2,938,264
Internet – 0.6%
	Netflix, Inc.
	2,000,000		5.875			02/15/25		2,055,000
	Symantec Corp.(e)(g)
	6,000,000		5.000			04/15/25		6,008,112
	VeriSign, Inc.(e)
	4,000,000		5.250			04/01/25		4,105,000
								12,168,112
Iron/Steel(e) – 0.3%
	Cleveland-Cliffs, Inc.
	5,000,000		5.750			03/01/25		4,825,000
Lodging – 0.5%
	MGM Resorts International
	9,750,000		6.750			10/01/20		10,335,000
Media – 6.8%
	Altice Financing SA(e)(g)
	6,000,000		6.625			02/15/23		5,992,500
	Altice Finco SA(e)(g)
	2,000,000		8.125			01/15/24		2,052,500
	Altice France SA(e)(g)
	17,000,000		6.000			05/15/22		16,872,500
	Altice US Finance I Corp.(e)(g)
	5,450,000		5.500			05/15/26		5,327,375
	CCO Holdings LLC/CCO Holdings Capital Corp.(e)(g)
	6,020,000		5.750			02/15/26		5,974,850
	4,000,000		5.875			05/01/27		3,920,000
	Charter Communications Operating LLC/Charter Communications Operating Capital(e)
	15,000,000		6.384			10/23/35		16,365,037
	Clear Channel Worldwide Holdings, Inc.(e)
	4,000,000		6.500			11/15/22		4,080,000
Corporate Obligations – (continued)
Media – (continued)
	DISH DBS Corp.
$	9,000,000		5.875	%		07/15/22		8,257,500
	1,500,000		7.750			07/01/26		1,365,000
	Meredith Corp.(e)(g)
	1,710,000		6.875			02/01/26		1,727,100
	Sirius XM Radio, Inc.(e)(g)
	15,000,000		6.000			07/15/24		15,431,250
	Univision Communications, Inc.(e)(g)
	12,000,000		5.125			05/15/23		11,430,000
	UPCB Finance IV Ltd.(e)(g)
	10,000,000		5.375			01/15/25		9,775,000
	Videotron Ltd.(e)(g)
	13,000,000		5.375			06/15/24		13,357,500
	Virgin Media Secured Finance PLC(e)
GBP	4,000,000		4.875			01/15/27		5,407,069
	Ziggo Bond Finance BV(e)(g)
$	3,000,000		5.875			01/15/25		2,850,000
								130,185,181
Mining(g) – 0.4%
	First Quantum Minerals Ltd.(e)
	4,000,000		7.250			04/01/23		3,980,000
	Glencore Finance Canada Ltd.
	4,000,000		5.550			10/25/42		4,138,175
								8,118,175
Oil Field Services – 2.4%
	Antero Resources Corp.(e)
	6,000,000		5.125			12/01/22		6,045,000
	3,000,000		5.625			06/01/23		3,063,750
	Carrizo Oil & Gas, Inc.(e)
	1,084,000		7.500			09/15/20		1,094,840
	Chesapeake Energy Corp.
	3,000,000		8.000	(e)(g)		01/15/25		2,917,500
	2,000,000		5.500			09/15/26		1,749,720
	Gulfport Energy Corp.(e)
	3,200,000		6.375			01/15/26		3,072,000
	Halcon Resources Corp.(e)
	1,089,000		6.750			02/15/25		1,087,639
	Laredo Petroleum, Inc.(e)
	4,000,000		5.625			01/15/22		4,040,000
	MEG Energy Corp.(e)(g)
	3,000,000		6.375			01/30/23		2,707,500
	Nexen Energy ULC
	5,000		6.400			05/15/37		6,080
	50,000		7.500			07/30/39		68,735
	Noble Holding International Ltd.(e)
	6,000,000		7.750	(i)		01/15/24		5,640,000
	1,975,000		7.875	(g)		02/01/26		1,984,875
	Range Resources Corp.(e)
	5,250,000		5.875			07/01/22		5,302,500
	Weatherford International Ltd.
	1,000,000		5.875			07/01/21		950,242
	6,000,000		6.500			08/01/36		4,515,000

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Whiting Petroleum Corp.
$	1,000,000		1.250	%		04/01/20	$	952,505
								45,197,886
Packaging(e)(g) – 0.6%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	3,834,000		7.250			05/15/24		4,054,455
	5,400,000		6.000			02/15/25		5,467,500
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Lu
	2,250,000		5.125			07/15/23		2,255,625
								11,777,580
Pharmaceuticals(e) – 0.9%
	CVS Health Corp.
	2,875,000		4.780			03/25/38		2,842,990
	Endo Dac/Endo Finance LLC/Endo Finco, Inc.(g)
	9,000,000		6.000			07/15/23		6,480,000
	Mylan NV
	4,000,000		3.950			06/15/26		3,800,369
	Valeant Pharmaceuticals International, Inc.(g)
	1,950,000		6.500			03/15/22		2,023,125
	2,400,000		7.000			03/15/24		2,532,000
								17,678,484
Pipelines – 3.0%
	DCP Midstream Operating LP(g)
	5,000,000		6.750			09/15/37		5,418,750
	Energy Transfer Equity LP(e)
	5,145,000		4.250			03/15/23		4,977,788
	Energy Transfer Partners LP
	235,000		6.625			10/15/36		258,257
	Enterprise Products Operating LLC(e)(f) (3M USD LIBOR + 2.778%)
	1,000,000		4.784			06/01/67		988,918
	(3M USD LIBOR + 3.708%)
	3,000,000		5.481			08/01/66		3,011,880
	Genesis Energy LP/Genesis Energy Finance Corp.(e)
	5,200,000		6.000			05/15/23		5,083,000
	Kinder Morgan Energy Partners LP
	8,000,000		7.300			08/15/33		9,630,360
	NGPL PipeCo LLC(e)(g)
	1,315,000		4.375			08/15/22		1,315,000
	Plains All American Pipeline LP/PAA Finance Corp.(e)
	7,475,000		3.600			11/01/24		7,091,684
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(e)
	5,000,000		5.125			02/01/25		4,837,500
	The Williams Cos., Inc.
	10,000,000		7.500			01/15/31		12,000,000
	Williams Partners LP
	2,345,000		6.300			04/15/40		2,648,679
								57,261,816
Corporate Obligations – (continued)
Real Estate Investment Trusts(e) – 2.7%
	Equinix, Inc.
	3,000,000		5.375			04/01/23		3,082,500
	8,000,000		5.750			01/01/25		8,320,000
	5,210,000		5.375			05/15/27		5,301,175
	MPT Operating Partnership LP/MPT Finance Corp.
	6,000,000		6.375			03/01/24		6,270,000
	4,055,000		5.000			10/15/27		3,842,113
	SBA Communications Corp.
	15,016,000		4.875			07/15/22		15,053,540
	6,000,000		4.875			09/01/24		5,760,000
	VEREIT Operating Partnership LP
	4,000,000		4.125			06/01/21		4,041,712
								51,671,040
Retailing – 1.0%
	New Red Finance, Inc.(e)(g)
	4,850,000		5.000			10/15/25		4,680,250
	JC Penney Corp., Inc.
	850,000		8.625	(e)(g)		03/15/25		794,750
	6,000,000		7.400	(j)		04/01/37		3,990,000
	L Brands, Inc.
	3,000,000		6.875			11/01/35		2,842,500
	Rite Aid Corp.(e)
	6,000,000		6.750			06/15/21		6,105,000
	The Neiman Marcus Group LLC
	1,500,000		7.125			06/01/28		1,162,500
								19,575,000
Semiconductors(e) – 0.2%
	Qorvo, Inc.
	4,000,000		6.750			12/01/23		4,250,000
Software(e) – 1.2%
	BMC Software Finance, Inc.(g)
	8,000,000		8.125			07/15/21		7,980,000
	CURO Financial Technologies Corp.(g)
	5,188,000		12.000			03/01/22		5,706,800
	First Data Corp.(g)
	7,000,000		5.750			01/15/24		7,087,500
	Nuance Communications, Inc.
	3,000,000		5.625			12/15/26		2,977,500
								23,751,800
Telecommunication Services – 7.1%
	AT&T, Inc.(e)
	5,000,000		5.250			03/01/37		5,109,496
	CenturyLink, Inc.
	4,000,000		6.450			06/15/21		4,085,000
	Digicel Group Ltd.(e)(g)
	3,800,000		8.250			09/30/20		3,410,500
	Frontier Communications Corp.(e)
	6,000,000		11.000			09/15/25		4,605,000
	1,675,000		8.500	(g)		04/01/26		1,624,750
	Intelsat Jackson Holdings SA(e)
	7,000,000		7.250			10/15/20		6,825,000
	10,000,000		8.000	(g)		02/15/24		10,550,000

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

GOLDMAN SACHS INCOME BUILDER FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Nokia of America Corp.
$	3,000,000		6.450	%		03/15/29	$	3,022,500
	SoftBank Group Corp.
	10,000,000		4.500	(g)		04/15/20		10,262,500
	5,000,000		6.000	(e)		07/30/25		4,912,500
	Sprint Communications, Inc.
	2,000,000		6.000			11/15/22		2,025,000
	Sprint Corp.
	16,000,000		7.875			09/15/23		17,160,000
	6,000,000		7.125			06/15/24		6,195,000
	T-Mobile USA, Inc.(e)
	3,950,000		4.000			04/15/22		3,950,000
	2,000,000		6.375			03/01/25		2,090,000
	10,550,000		6.500			01/15/26		11,209,375
	Telecom Italia Capital SA
	3,000,000		7.721			06/04/38		3,611,250
	Telecom Italia SpA(g)
	8,000,000		5.303			05/30/24		8,140,000
	Verizon Communications, Inc.
	4,000,000		5.250			03/16/37		4,177,193
	Wind Tre SpA(e)(g)
	14,010,000		5.000			01/20/26		11,663,325
	Windstream Services LLC/Windstream Finance Corp.(e)(g)
	4,638,000		6.375			08/01/23		2,632,065
	10,008,000		8.625			10/31/25		9,132,300
								136,392,754
Trucking & Leasing(g) – 0.1%
	Park Aerospace Holdings Ltd.
	2,000,000		5.250			08/15/22		1,986,192
	TOTAL CORPORATE OBLIGATIONS
	(Cost $860,430,141)						$	856,949,252
Mortgage-Backed Obligations(f) – 0.0%
Collateralized Mortgage Obligations – 0.0%
Interest Only(k) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X (1 year CMT + 2.912%)
$	6,311		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X (1 year CMT + 2.999%)
	8,969		0.000			07/25/33		—	��
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX (6M USD LIBOR + 3.592%)
	21,744		0.123			08/25/33		112
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX (6M USD LIBOR + 3.176%)
	4,230		0.320			07/25/33		71
								183
Sequential Floating Rate – 0.0%
	Countrywide Alternative Loan Trust Series 2005-31, Class 2A1 (1M LIBOR + 0.300%)
	105,549		2.472			08/25/35		102,439
Mortgage-Backed Obligations(f) – (continued)
Sequential Floating Rate – (continued)
	JPMorgan Alternative Loan Trust Series 2005-A2, Class 1A1 (1M LIBOR + 0.520%)
	78,423		2.132			01/25/36		77,363
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M LIBOR + 0.190%)
	291,784		2.062			07/25/47		268,718
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-06, Class 3A2
	82,475		3.473			06/25/34		83,910
								532,430
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $357,617)						$	532,613
Asset-Backed Securities(f) – 0.0%
Home Equity – 0.0%
	Countrywide Home Equity Loan Trust Series 2004-N, Class 2A
$	21,787		2.057	%		02/15/34	$	21,656
	(Cost $21,776)
Bank Loans(f)(l) – 6.8%
Aerospace – 0.4%
	TransDigm, Inc.
	(1M LIBOR + 2.750%)
$	1,930,150		5.052	%		06/09/23	$	1,937,832
	(3M LIBOR + 2.500%)
	5,487,389		4.802			08/22/24		5,512,521
								7,450,353
Building Materials – 0.2%
	Builders FirstSource, Inc. (3M LIBOR + 3.000%)
	3,192,950		5.302			02/29/24		3,208,914
Chemicals – 0.2%
	Axalta Coating Systems US Holdings, Inc. (3M LIBOR + 1.750%)
	3,451,766		4.052			06/01/24		3,463,917
Energy – Coal – 0.1%
	Murray Energy Corp. (3M LIBOR + 7.250%)
	2,381,350		9.552			04/16/20		2,101,256
Environmental – 0.2%
	EnergySolutions LLC (1M LIBOR + 4.750%)
	3,709,739		6.660			05/29/20		3,737,562
Food & Beverages – 0.5%
	Shearer’s Foods, Inc.
	(3M LIBOR + 4.250%)
	1,959,391		6.552			06/30/21		1,949,594
	(3M LIBOR + 4.250%)
	1,735,063		6.552			06/30/21		1,719,881
	(3M LIBOR + 6.750%)
	1,420,000		9.052	(m)		06/30/22		1,331,250
	US Foods, Inc. (1M LIBOR + 2.500%)
	4,137,706		4.401			06/27/23		4,172,876
								9,173,601

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(f)(l) – (continued)
Health Care – Services – 0.2%
	U.S. Renal Care, Inc. (3M LIBOR + 4.250%)
$	4,081,063		6.552	%		12/31/22	$	4,060,657
Media – Broadcasting & Radio – 0.3%
	Getty Images, Inc. (3M LIBOR + 3.500%)
	5,596,441		5.802			10/18/19		5,308,672
Media – Cable – 0.3%
	CSC Holdings LLC
	(1M LIBOR + 2.250%)
	1,737,914		4.147			07/17/25		1,731,831
	(1M LIBOR + 2.500%)
	3,850,000		4.397			01/25/26		3,850,000
								5,581,831
Noncaptive – Financial – 0.3%
	Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. (1M LIBOR + 2.250%)
	5,384,313		4.147			04/03/22		5,392,551
Oil Field Services – 0.0%
	MEG Energy Corp. (3M LIBOR + 3.500%)
	540,737		5.810			12/31/23		542,900
Packaging – 0.1%
	Crown Holdings, Inc. (1M LIBOR + 2.000%)
	1,050,000		4.312			01/29/25		1,058,536
	SIG Combibloc U.S. Acquisition, Inc. (1M LIBOR + 2.750%)
	1,811,173		4.651			03/13/22		1,819,215
								2,877,751
Pharmaceutical – 0.4%
	Alphabet Holding Co., Inc. (1M LIBOR + 7.750%)
	5,000,000		9.651			09/26/25		3,883,350
	Valeant Pharmaceuticals International, Inc. (1M LIBOR + 3.500%)
	4,126,575		5.400			04/01/22		8,053,791
Restaurants – 0.2%
	1011778 B.C. Unlimited Liability Co. (1M LIBOR + 2.250%)
	3,286,244		4.151			02/16/24		3,294,460
Retailers – 0.3%
	Neiman Marcus Group Ltd., Inc. (1M LIBOR + 3.250%)
	2,024,239		5.141			10/25/20		1,779,489
	PetSmart, Inc. (1M LIBOR + 3.000%)
	6,133,666		4.890			03/11/22		4,813,394
								6,592,883
Services Cyclical – Business Services – 0.3%
	Sabre GLBL, Inc. (1M LIBOR + 2.000%)
	2,693,087		3.901			02/22/24		2,702,432
	Vantiv LLC (1M LIBOR + 2.000%)
	2,425,000		3.896			01/16/23		2,434,094
								5,136,526
Technology – Software/Services – 2.6%
	Ancestry.com Operations, Inc. (1M LIBOR + 3.250%)
	5,207,250		5.150			10/19/23		5,236,567
Bank Loans(f)(l) – (continued)
Technology – Software/Services – (continued)
	Aspect Software, Inc. (1M LIBOR + 10.500%)
	5,319,464		12.556			05/25/20		5,136,634
	Avast Software BV
	(1M LIBOR + 2.750%)
	2,112,170		5.052			09/30/23		2,122,139
	(3M LIBOR + 2.750%)
	2,112,170		5.052			09/30/23		2,122,139
	BMC Software Finance, Inc. (1M LIBOR + 3.250%)
	6,645,198		5.151			09/10/22		6,667,725
	First Data Corp.
	(1M LIBOR + 2.250%)
	4,306,101		4.147			07/08/22		4,321,172
	(1M LIBOR + 2.250%)
	2,794,554		4.147			04/26/24		2,804,028
	Infor (US), Inc. (1M LIBOR + 2.750%)
	3,177,192		4.651			02/01/22		3,189,773
	MA FinanceCo. LLC
	(1M LIBOR + 2.500%)
	5,674,376		4.401			11/19/21		5,664,900
	(1M LIBOR + 2.750%)
	578,951		4.651			06/21/24		576,925
	Micron Technology, Inc. (1M LIBOR + 1.750%)
	3,242,250		3.660			04/26/22		3,265,205
	Renaissance Learning, Inc. (3M LIBOR + 7.000%)
	147,048		9.302			04/11/22		147,354
	Seattle SpinCo, Inc. (1M LIBOR + 2.750%)
	3,909,799		4.651			06/21/24		3,896,115
	SS&C Technologies Holdings Europe S.a.r.l. (1M LIBOR + 2.250%)
	1,643,284		4.000			04/16/25		1,653,555
	SS&C Technologies, Inc. (1M LIBOR + 2.250%)
	4,441,432		4.000			04/16/25		4,469,191
								51,273,422
Wireless Telecommunications – 0.2%
	Intelsat Jackson Holdings SA (3M LIBOR + 3.750%)
	3,000,000		5.706			11/27/23		3,017,820
	TOTAL BANK LOANS
	(Cost $132,605,871)						$	130,268,867
U.S. Treasury Obligations – 1.7%
	United States Treasury Notes
$	26,180,000		1.875	%(n)		12/15/20	$	25,712,424
	7,960,000		1.375			09/30/20		7,739,428
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $34,001,911)						$	33,451,852

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

GOLDMAN SACHS INCOME BUILDER FUND

Shares		Distribution Rate	Value
Investment Companies(c) – 3.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	49,373,423	1.623%	$	49,373,423
	Goldman Sachs Financial Square Government Fund – Class R6 Shares
	11,317,293	1.623		11,317,293
	TOTAL INVESTMENT COMPANIES
	(Cost $60,690,716)		$	60,690,716

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 0.5%
Certificate of Deposit(f) – 0.1%
	Credit Suisse New York
$	2,500,000		2.217	%		09/20/18	$	2,499,695
Commercial Paper(o) – 0.4%
	Marriott International, Inc.
	3,699,000		0.000			05/04/18		3,698,103
	Potash Corp. of Saskatchewan, Inc.
	2,832,000		0.000			06/15/18		2,823,279
								6,521,382
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $9,020,246)						$	9,021,077
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,819,055,870)						$	1,890,324,129

Shares		Distribution Rate			Value
Securities Lending Reinvestment Vehicle(c) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,425		1.623	%	$	22,425
	(Cost $22,425)
	TOTAL INVESTMENTS – 98.3%
	(Cost $1,819,078,295)				$	1,890,346,554

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
Reverse Repurchase Agreements – (0.2)%
	Barclays Reverse Repurchase Agreement
$	(4,543,750	)		3.250	%		12/31/18	$	(4,543,750	)
	(Cost $(4,543,750))
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%								37,424,737
	NET ASSETS – 100.0%							$	1,923,227,541

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security is currently in default and/or non-income producing.

(b) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $1,924,533, which represents approximately 0.1% of the Fund’s net assets as of April 30, 2018. See additional details below:

Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc.		05/06/16 – 08/18/16	$	2,595,080
(Common Stock)

(c)	Represents an affiliated issuer/fund.
(d)	All or a portion of security is on loan.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Variable rate security. Interest rate disclosed is that which is in effect on April 30, 2018 and may not reflect a rate based on the variable spread shown.
(g)	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 $355,895,721, which represents approximately 18.5% of the Fund’s net assets as of April 30, 2018. The liquidity determination is unaudited.
(h)	Pay-in-kind securities.
(i)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of April 30, 2018, the value of securities pledged amounted to $4,700,000.
(j)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at April 30, 2018.
(k)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(l)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on April 30, 2018. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(m)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(n)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(o)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
Investment Abbreviations:
ADR	—American Depositary Receipt
CMT	—Constant Maturity Treasury Indexes
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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. Int. PLC		USD	4,452,856		EUR	3,593,316	$	4,352,056		06/08/18	$	100,800
		USD	10,069,045		GBP	7,268,132		10,018,070		05/25/18		50,975
Total											$	151,775

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		221			06/15/18	$	29,249,350		$	372,577
Ultra Long U.S. Treasury Bonds		329			06/20/18		51,694,125			19,921
Ultra 10 Year U.S. Treasury Notes		198			06/20/18		25,322,344			1,493
2 Year U.S. Treasury Notes		19			06/29/18		4,028,891			(10,913	)
Total									$	383,078
Short position contracts:
U.S. Long Bonds		(10	)		06/20/18		(1,438,438	)		(7,500	)
5 Year U.S. Treasury Notes		(47	)		06/29/18		(5,334,867	)		(817	)
10 Year U.S. Treasury Notes		(168	)		06/20/18		(20,097,000	)		2,314
Total									$	(6,003	)
Total Futures Contracts									$	377,075

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

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Aerospace & Defense – 0.5%
	8,250	General Dynamics Corp.	$	1,660,808
	17,645	Harris Corp.		2,760,031
	7,860	Raytheon Co.		1,610,828
	14,070	United Technologies Corp.		1,690,510
				7,722,177
Air Freight & Logistics – 0.7%
	44,990	FedEx Corp.		11,121,528
Automobiles – 0.3%
	40,575	Thor Industries, Inc.		4,306,630
Banks – 1.1%
	332,330	Bank of the Ozarks, Inc.		15,553,044
	20,825	Prosperity Bancshares, Inc.		1,494,610
				17,047,654
Biotechnology – 0.8%
	81,215	Shire PLC ADR		12,948,107
Building Products – 0.9%
	98,160	A.O. Smith Corp.		6,022,116
	30,220	Lennox International, Inc.		5,843,642
	65,265	Universal Forest Products, Inc.		2,080,648
				13,946,406
Capital Markets – 5.1%
	151,660	Ameriprise Financial, Inc.		21,264,249
	19,985	BlackRock, Inc.		10,422,177
	85,300	CME Group, Inc.		13,450,104
	38,250	Evercore, Inc. Class A		3,872,812
	26,990	FactSet Research Systems, Inc.		5,104,079
	268,630	SEI Investments Co.		16,985,475
	66,745	T. Rowe Price Group, Inc.		7,596,916
				78,695,812
Chemicals – 2.2%
	122,235	Ecolab, Inc.		17,695,961
	106,240	Monsanto Co.		13,319,309
	3,410	NewMarket Corp.		1,294,265
	6,070	The Sherwin-Williams Co.		2,231,696
				34,541,231
Commercial Services & Supplies – 0.3%
	103,310	Rollins, Inc.		5,012,601
Consumer Finance – 0.7%
	148,395	Discover Financial Services		10,573,144
Electrical Equipment – 0.5%
	45,985	Rockwell Automation, Inc.		7,565,912
Electronic Equipment, Instruments & Components – 4.3%
	218,300	Amphenol Corp. Class A		18,273,893
	769,115	Corning, Inc.		20,781,487
	185,520	National Instruments Corp.		7,585,913
	207,785	TE Connectivity Ltd.		19,064,274
				65,705,567
Common Stocks – (continued)
Energy Equipment & Services – 0.5%
	100,000	Helmerich & Payne, Inc.		6,955,000
Equity Real Estate Investment Trusts (REITs) – 2.1%
	119,530	Digital Realty Trust, Inc.		12,633,126
	46,290	Equity LifeStyle Properties, Inc.		4,127,216
	70,640	Extra Space Storage, Inc.		6,328,638
	49,870	Public Storage		10,062,768
				33,151,748
Food & Staples Retailing – 3.4%
	62,915	Casey’s General Stores, Inc.		6,077,589
	105,635	Costco Wholesale Corp.		20,826,997
	321,410	The Kroger Co.		8,096,318
	201,820	Walgreens Boots Alliance, Inc.		13,410,939
	48,085	Walmart, Inc.		4,253,599
				52,665,442
Food Products – 1.9%
	27,865	Calavo Growers, Inc.		2,610,951
	173,140	Flowers Foods, Inc.		3,914,695
	441,330	Hormel Foods Corp.		15,998,212
	50,040	Ingredion, Inc.		6,059,344
	7,465	J&J Snack Foods Corp.		1,025,766
			29,608,968
Health Care Equipment & Supplies – 4.4%
	17,015	Becton Dickinson & Co.		3,945,268
	129,460	Danaher Corp.		12,987,427
	309,840	Medtronic PLC		24,827,480
	135,960	STERIS PLC		12,850,939
	76,100	Stryker Corp.		12,892,862
			67,503,976
Health Care Providers & Services – 7.3%
	120,920	Aetna, Inc.		21,650,726
	150,850	AmerisourceBergen Corp.		13,663,993
	226,460	Cardinal Health, Inc.		14,531,938
	23,175	Chemed Corp.		7,142,998
	117,085	McKesson Corp.		18,289,848
	132,580	Quest Diagnostics, Inc.		13,417,096
	100,885	UnitedHealth Group, Inc.		23,849,214
			112,545,813
Hotels, Restaurants & Leisure – 1.9%
	61,045	Brinker International, Inc.		2,660,952
	9,000	Churchill Downs, Inc.		2,471,400
	21,270	Cracker Barrel Old Country Store, Inc.		3,500,829
	92,420	Darden Restaurants, Inc.		8,582,121
	141,725	Yum! Brands, Inc.		12,344,248
			29,559,550
Household Durables – 0.2%
	75,320	Tupperware Brands Corp.		3,356,259
Household Products – 0.7%
	240,000	Church & Dwight Co., Inc.		11,088,000

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 1.3%
	57,975	3M Co.	$	11,269,760
	32,510	Roper Technologies, Inc.		8,588,817
				19,858,577
Insurance – 5.9%
	51,990	American Financial Group, Inc.		5,886,308
	59,880	Assurant, Inc.		5,558,061
	92,000	Assured Guaranty Ltd.		3,338,680
	148,970	Chubb Ltd.		20,210,760
	201,995	Principal Financial Group, Inc.		11,962,144
	144,000	Prudential Financial, Inc.		15,310,080
	17,595	Reinsurance Group of America, Inc.		2,628,693
	161,175	The Hanover Insurance Group, Inc.		18,510,949
	147,750	Unum Group		7,148,145
				90,553,820
Internet Software & Services – 0.8%
	243,330	Tencent Holdings Ltd. ADR		11,954,803
IT Services – 9.2%
	174,550	Accenture PLC Class A		26,391,960
	136,900	Broadridge Financial Solutions, Inc.		14,677,049
	213,295	Fidelity National Information Services, Inc.		20,256,626
	201,670	International Business Machines Corp.		29,234,083
	81,935	Jack Henry & Associates, Inc.		9,789,594
	155,620	Mastercard, Inc. Class A		27,742,378
	727,175	The Western Union Co.		14,361,706
				142,453,396
Leisure Products – 1.1%
	92,125	Hasbro, Inc.		8,115,291
	77,295	Polaris Industries, Inc.		8,102,062
			16,217,353
Machinery – 1.6%
	44,965	Donaldson Co., Inc.		1,990,151
	59,915	Illinois Tool Works, Inc.		8,509,128
	35,050	Parker-Hannifin Corp.		5,769,931
	35,605	Snap-on, Inc.		5,171,626
	49,650	The Toro Co.		2,899,064
				24,339,900
Media – 1.3%
	67,555	John Wiley & Sons, Inc. Class A		4,455,252
	149,515	The Walt Disney Co.		15,000,840
			19,456,092
Metals & Mining – 0.2%
	27,515	Reliance Steel & Aluminum Co.		2,419,119
Multi-Utilities – 2.4%
	292,265	CMS Energy Corp.		13,791,986
	105,590	Sempra Energy		11,804,962
	176,115	WEC Energy Group, Inc.		11,320,672
			36,917,620
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 16.1%
	338,250	Andeavor Logistics LP		14,355,330
	415,000	Antero Midstream Partners LP		11,126,150
	65,000	Buckeye Partners LP		2,700,750
	260,000	Cheniere Energy Partners LP		8,127,600
	250,000	Dominion Energy Midstream Partners LP		3,625,000
	429,919	Enable Midstream Partners LP		6,143,543
	1,310,000	Energy Transfer Partners LP		23,606,200
	580,000	EnLink Midstream Partners LP		8,468,000
	995,000	Enterprise Products Partners LP		26,705,800
	253,500	EQT Midstream Partners LP		14,261,910
	237,000	Hess Midstream Partners LP		4,820,580
	385,000	Magellan Midstream Partners LP		25,344,550
	624,100	MPLX LP		22,049,453
	106,300	Noble Midstream Partners LP		4,783,500
	67,025	Occidental Petroleum Corp.		5,178,351
	290,000	Phillips 66 Partners LP		14,378,200
	229,000	Spectra Energy Partners LP		8,163,850
	40,000	Suncor Energy, Inc.		1,529,200
	140,000	Tallgrass Energy GP LP		2,864,400
	360,000	Tallgrass Energy Partners LP		14,835,600
	25,000	The Williams Cos., Inc.		643,250
	213,000	Valero Energy Partners LP		8,398,590
	50,000	Viper Energy Partners LP		1,440,000
	195,000	Western Gas Equity Partners LP		6,608,550
	177,300	Western Gas Partners LP		8,521,038
				248,679,395
Personal Products – 0.9%
	56,270	Nu Skin Enterprises, Inc. Class A		4,003,611
	65,535	The Estee Lauder Cos., Inc. Class A		9,705,078
				13,708,689
Pharmaceuticals – 0.6%
	126,220	Perrigo Co. PLC		9,862,831
Professional Services – 0.2%
	41,910	Insperity, Inc.		3,363,277
Road & Rail – 0.8%
	47,190	Canadian National Railway Co.		3,646,843
	60,000	Union Pacific Corp.		8,017,800
				11,664,643
Semiconductors & Semiconductor Equipment – 4.8%
	110,840	KLA-Tencor Corp.		11,276,862
	435,650	QUALCOMM, Inc.		22,222,506
	278,745	Texas Instruments, Inc.		28,273,105
	189,690	Xilinx, Inc.		12,185,686
				73,958,159
Software – 2.0%
	328,155	Microsoft Corp.		30,689,056

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – 3.4%
	369,490	Aaron’s, Inc.	$	15,433,597
	144,190	Best Buy Co., Inc.		11,034,861
	40,900	Ross Stores, Inc.		3,306,765
	201,885	The Gap, Inc.		5,903,118
	203,685	The TJX Cos., Inc.		17,282,672
				52,961,013
Technology Hardware, Storage & Peripherals – 1.4%
	992,120	HP, Inc.		21,320,659
Textiles, Apparel & Luxury Goods – 2.8%
	65,725	Columbia Sportswear Co.		5,455,832
	295,150	NIKE, Inc. Class B		20,185,308
	72,010	Ralph Lauren Corp.		7,910,299
	118,870	VF Corp.		9,613,017
				43,164,456
Trading Companies & Distributors – 1.7%
	161,400	Fastenal Co.		8,068,386
	52,090	MSC Industrial Direct Co., Inc. Class A		4,502,660
	32,810	W.W. Grainger, Inc.		9,231,093
	29,650	Watsco, Inc.		4,964,003
				26,766,142
	TOTAL COMMON STOCKS
	(Cost $1,370,560,193)		$	1,515,930,525
Shares		Distribution Rate	Value
Investment Company(a) – 0.8%
	Goldman Sachs Financial Square Government Fund – Class R6 Shares
	13,554,146	1.623%	$	13,554,146
	(Cost $13,554,146)

Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment(b) – 0.2%
Repurchase Agreements – 0.2%
Joint Repurchase Agreement Account II
$2,800,000	1.740%		05/01/18	$	2,800,000
(Cost $2,800,000)
TOTAL INVESTMENTS – 99.3%
(Cost $1,390,914,339)				$	1,532,284,671
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%					10,021,623
NET ASSETS – 100.0%				$	1,542,306,294

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated issuer/fund.
(b)	Joint repurchase agreement was entered into on April 30, 2018. Additional information appears on page 34.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	227	06/15/18	$	30,043,450	$	790,376

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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2018, the Rising Dividend Growth Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of May 1, 2018, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Rising Dividend Growth	$	2,800,000	$	2,800,135	$2,856,000

REPURCHASE AGREEMENTS — At April 30, 2018, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:

Counterparty	Interest Rate		Rising Dividend Growth
Merrill Lynch & Co., Inc.		1.74%		$2,800,000
TOTAL				$2,800,000

At April 30, 2018, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
Federal National Mortgage Association		2.500% to 3.000%		11/01/32 to 05/01/46

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2018 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Assets:
Investments, at value (cost $1,755,770,074 and $1,377,360,193, respectively)(a)	$	1,827,708,880		$	1,518,730,525
Investments of affiliated issuers, at value (cost $63,285,796 and $13,554,146, respectively)		62,615,249			13,554,146
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $22,425 and $0, respectively)		22,425			—
Cash		27,525,755			283,163
Foreign currencies, at value (cost $156,528 and $0, respectively)		156,528			—
Unrealized gain on forward foreign currency exchange contracts		151,775			—
Variation margin on futures		13,371			—
Receivables:
Dividends and interest		14,777,818			2,046,542
Investments sold		9,960,330			8,919,664
Collateral on futures contracts		1,643,980			1,448,260
Bank loan settlements		1,322,084			—
Fund shares sold		627,685			302,863
Foreign tax reclaims		390,329			2,603,528
Other assets		52,855			69,123
Total assets		1,946,969,064			1,547,957,814
Liabilities:
Reverse Repurchase Agreement, at value		4,543,750			—
Variation margin on futures		269,787			276,668
Payables:
Investments purchased on an extended settlement basis		8,183,500			—
Investments purchased		5,270,845			24,267
Fund shares redeemed		3,925,904			3,529,457
Distribution and service fees and transfer agency fees		738,019			569,098
Management fees		644,995			934,514
Payable to investment adviser		75,679			53,751
Payable upon return of securities loaned		22,425			—
Distributions payable		916			—
Accrued expenses and other liabilities		65,703			263,765
Total liabilities		23,741,523			5,651,520
Net Assets:
Paid-in capital		1,938,247,854			951,157,426
Distributions in excess of net investment income		(370,266	)		(16,610,427	)
Accumulated net realized gain (loss)		(86,443,261	)		465,598,588
Net unrealized gain		71,793,214			142,160,707
NET ASSETS	$	1,923,227,541		$	1,542,306,294
Net Assets:
Class A	$	348,098,335		$	318,859,575
Class C		555,384,032			396,916,131
Institutional		744,715,696			545,123,933
Investor		275,000,899			277,057,402
Class P		9,917			9,873
Class R		—			4,329,457
Class R6		18,662			9,923
Total Net Assets	$	1,923,227,541		$	1,542,306,294
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		15,675,419			16,404,304
Class C		25,430,759			20,263,905
Institutional		32,826,989			27,323,868
Investor		12,156,597			13,899,498
Class P		437			495
Class R		—			223,297
Class R6		823			497
Net asset value, offering and redemption price per share(b)
Class A	$	22.21		$	19.44
Class C		21.84			19.59
Institutional		22.69			19.95
Investor		22.62			19.93
Class P		22.69			19.95
Class R		—			19.39
Class R6		22.68			19.95	(c)

(a) Includes loaned securities having a market value of $21,733 and $0, respectively.

(b) Maximum public offering price per share for Class A shares of the Income Builder and the Rising Dividend Growth Funds is $23.32 and 20.41, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2018 (Unaudited)

	Income Builder Fund			Rising Dividend Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $355,790 and $144,676)	$	13,383,230		$	11,854,890
Interest		32,560,514			186,404
Dividends — affiliated issuers		286,230			24,267
Securities lending income — affiliated issuer		9,361			18,153
Total investment income		46,239,335			12,083,714
Expenses:
Management fees		5,937,824			6,281,998
Distribution and Service fees(a)		3,411,772			2,628,127
Transfer Agency fees(a)		1,282,186			1,126,757
Printing and mailing costs		159,368			147,482
Custody, accounting and administrative services		63,411			52,212
Professional fees		60,136			83,127
Trustee fees		11,196			11,061
Other		44,723			59,197
Total expenses		10,970,616			10,389,961
Less — expense reductions		(1,137,960	)		(233,604	)
Net expenses		9,832,656			10,156,357
NET INVESTMENT INCOME		36,406,679			1,927,357
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $16,323 and $0)		5,531,193			468,951,976
Investments — affiliated issuers		(44	)		—
Purchased options		343,082			—
Futures contracts		(2,017,589	)		—
Written options		136,387			—
Forward foreign currency exchange contracts		(722,050	)		—
Foreign currency transactions		207,676			8,857
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(52,690,296	)		(388,599,616	)
Investments — affiliated issuers		(365,260	)		—
Purchased options		(202,572	)		—
Futures contracts		(1,240,375	)		790,376
Written options		(88,513	)		—
Forward foreign currency exchange contracts		(38,724	)		—
Foreign currency translation		(12,427	)		—
Net realized and unrealized gain (loss)		(51,429,512	)		81,151,593
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,022,833	)	$	83,078,950

(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		Investor		Class P(b)		Class R		Class R6
Income Builder	$	87,340	$	556,050	$	—	$	62,885	$	100,089	$	29,820	$	49,488		—	$	—	$	1
Rising Dividend Growth		96,020		476,186		2,574		314,250		392,440		126,925		289,020		—		4,121		1

(b) Less than $0.50.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets

	Income Builder Fund						Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income	$	36,406,679		$	74,840,083		$	1,927,357		$	12,045,828
Net realized gain		3,478,655			47,727,993			468,960,833			346,655,898
Net change in unrealized gain (loss)		(54,908,167	)		65,951,039			(387,809,240	)		34,529,936
Net increase (decrease) in net assets resulting from operations		(15,022,833	)		188,519,115			83,078,950			393,231,662
Distributions to shareholders:
From net investment income
Class A Shares		(6,712,479	)		(15,722,047	)		(1,959,425	)		(4,983,787	)
Class C Shares		(8,730,758	)		(19,121,107	)		(885,291	)		(3,010,489	)
Institutional Shares		(15,526,648	)		(30,453,810	)		(4,445,476	)		(11,543,848	)
Investor Shares		(5,570,750	)		(9,979,052	)		(2,087,911	)		(5,024,363	)
Class P Shares(a)		(31	)		—			—			—
Class R Shares		—			—			(21,037	)		(47,915	)
Class R6 Shares(b)		(282	)		(417	)		(35	)		—
From net realized gains
Class A Shares		—			—			(61,957,330	)		(14,410,687	)
Class C Shares		—			—			(76,660,722	)		(11,275,125	)
Institutional Shares		—			—			(112,305,625	)		(21,365,244	)
Investor Shares		—			—			(57,291,311	)		(6,901,908	)
Class P Shares(a)		—			—			—			—
Class R Shares		—			—			(803,213	)		(108,993	)
Class R6 Shares(b)		—			—			—			—
Return of capital
Class A Shares		—			(810,592	)		—			—
Class C Shares		—			(985,840	)		—			—
Institutional Shares		—			(1,570,128	)		—			—
Investor Shares		—			(514,497	)		—			—
Class P Shares(a)		—			—			—			—
Class R Shares		—			—			—			—
Class R6 Shares(b)		—			(21	)		—			—
Total distributions to shareholders		(36,540,948	)		(79,157,511	)		(318,417,376	)		(78,672,359	)
From share transactions:
Proceeds from sales of shares		231,491,719			613,120,572			83,588,942			442,273,481
Reinvestment of distributions		32,674,577			70,117,828			283,436,394			68,860,961
Cost of shares redeemed		(417,179,247	)		(805,193,692	)		(549,225,721	)		(1,370,224,106	)
Net increase (decrease) in net assets resulting from share transactions		(153,012,951	)		(121,955,292	)		(182,200,385	)		(859,089,664	)
TOTAL INCREASE (DECREASE)		(204,576,732	)		(12,593,688	)		(417,538,811	)		(544,530,361	)
Net assets:
Beginning of period		2,127,804,273			2,140,397,961			1,959,845,105			2,504,375,466
End of period	$	1,923,227,541		$	2,127,804,273		$	1,542,306,294		$	1,959,845,105
Distribution in excess of net investment income	$	(370,266	)	$	(235,997	)	$	(16,610,427	)	$	(9,138,609	)

(a) Commenced operations on April 16, 2018.

(b) Commenced operations on February 28, 2018 for the Rising Dividend Growth Fund.

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

GOLDMAN SACHS INCOME BUILDER 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			From capital			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	22.72	$	0.40	$	(0.50	)	$	(0.10	)	$	(0.41	)	$	—		$	—		$	(0.41	)
2018 - C		22.35		0.32		(0.50	)		(0.18	)		(0.33	)		—			—			(0.33	)
2018 - Institutional		23.20		0.46		(0.51	)		(0.05	)		(0.46	)		—			—			(0.46	)
2018 - Investor		23.14		0.44		(0.52	)		(0.08	)		(0.44	)		—			—			(0.44	)
2018 - P (Commenced April 16, 2018)		22.95		0.03		(0.22	)		(0.19	)		(0.07	)		—			—			(0.07	)
2018 - R6		23.20		0.47		(0.53	)		(0.06	)		(0.46	)		—			—			(0.46	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		21.60		0.79		1.17			1.96			(0.80	)		—			(0.04	)		(0.84	)
2017 - C		21.26		0.61		1.16			1.77			(0.65	)		—			(0.03	)		(0.68	)
2017 - Institutional		22.04		0.90		1.19			2.09			(0.88	)		—			(0.05	)		(0.93	)
2017 - Investor		21.98		0.86		1.20			2.06			(0.85	)		—			(0.05	)		(0.90	)
2017 - R6		22.04		0.90		1.19			2.09			(0.88	)		—			(0.05	)		(0.93	)
2016 - A		21.77		0.79		(0.16	)		0.63			(0.80	)		—			—			(0.80	)
2016 - C		21.45		0.62		(0.16	)		0.46			(0.65	)		—			—			(0.65	)
2016 - Institutional		22.20		0.89		(0.17	)		0.72			(0.88	)		—			—			(0.88	)
2016 - Investor		22.14		0.85		(0.16	)		0.69			(0.85	)		—			—			(0.85	)
2016 - R6		22.20		0.89		(0.17	)		0.72			(0.88	)		—			—			(0.88	)
2015 - A		22.83		0.84		(0.99	)		(0.15	)		(0.82	)		—			(0.09	)		(0.91	)
2015 - C		22.51		0.66		(0.98	)		(0.32	)		(0.66	)		—			(0.08	)		(0.74	)
2015 - Institutional		23.25		0.94		(0.99	)		(0.05	)		(0.90	)		—			(0.10	)		(1.00	)
2015 - Investor		23.20		0.91		(1.01	)		(0.10	)		(0.86	)		—			(0.10	)		(0.96	)
2015 - R6 (Commenced July 31, 2015)		22.83		0.18		(0.56	)		(0.38	)		(0.22	)		—			(0.03	)		(0.25	)
2014 - A		22.47		0.89		0.64			1.53			(0.96	)		(0.21	)		—			(1.17	)
2014 - C		22.17		0.70		0.65			1.35			(0.80	)		(0.21	)		—			(1.01	)
2014 - Institutional		22.86		1.01		0.64			1.65			(1.05	)		(0.21	)		—			(1.26	)
2014 - Investor		22.81		0.96		0.66			1.62			(1.02	)		(0.21	)		—			(1.23	)
2013 - A		20.99		0.75		2.21			2.96			(0.88	)		(0.60	)		—			(1.48	)
2013 - C		20.74		0.57		2.19			2.76			(0.73	)		(0.60	)		—			(1.33	)
2013 - Institutional		21.33		0.83		2.27			3.10			(0.97	)		(0.60	)		—			(1.57	)
2013 - Investor		21.29		0.79		2.27			3.06			(0.94	)		(0.60	)		—			(1.54	)

(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) 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.

(d) Annualized.

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

GOLDMAN SACHS INCOME BUILDER 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)
$	22.21		(0.45	)%	$	348,098		0.93	%(d)		1.05	%(d)		3.61	%(d)		24	%
	21.84		(0.83	)		555,384		1.68	(d)		1.80	(d)		2.86	(d)		24
	22.69		(0.30	)		744,716		0.54	(d)		0.66	(d)		4.00	(d)		24
	22.62		(0.37	)		275,001		0.68	(d)		0.80	(d)		3.86	(d)		24
	22.69		(0.82	)		10		0.44	(d)		0.55	(d)		3.62	(d)		24
	22.68		(0.29	)		19		0.52	(d)		0.64	(d)		4.09	(d)		24
	22.72		9.21			387,349		0.98			1.10			3.55			51
	22.35		8.41			619,357		1.73			1.85			2.79			51
	23.20		9.64			818,309		0.58			0.70			3.93			51
	23.14		9.51			302,778		0.73			0.85			3.77			51
	23.20		9.69			11		0.57			0.69			3.93			51
	21.60		3.04			574,574		0.98			1.10			3.75			80
	21.26		2.25			682,819		1.73			1.85			2.98			80
	22.04		3.42			740,182		0.58			0.70			4.13			80
	21.98		3.28			142,813		0.73			0.85			3.96			80
	22.04		3.38			10		0.58			0.70			4.12			80
	21.77		(0.70	)		708,457		0.97			1.10			3.73			57
	21.45		(1.44	)		704,566		1.72			1.85			2.98			57
	22.20		(0.25	)		766,537		0.57			0.70			4.13			57
	22.14		(0.45	)		130,575		0.72			0.85			3.98			57
	22.20		(1.63	)		10		0.58	(d)		0.69	(d)		3.15	(d)		57
	22.83		6.96			660,692		0.95			1.13			3.89			52
	22.51		6.20			530,983		1.70			1.88			3.10			52
	23.25		7.39			644,757		0.55			0.73			4.31			52
	23.20		7.24			94,528		0.70			0.88			4.13			52
	22.47		14.81			279,374		0.97			1.27			3.48			53
	22.17		13.94			155,764		1.71			2.02			2.64			53
	22.86		15.25			180,419		0.56			0.86			3.74			53
	22.81		15.06			33,886		0.71			1.01			3.55			53

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

GOLDMAN SACHS RISING DIVIDEND 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			From capital			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	22.54	$	0.02		$	0.90		$	0.92		$	(0.11	)	$	(3.91	)	$	—		$	(4.02	)
2018 - C		22.69		(0.05	)		0.90			0.85			(0.04	)		(3.91	)		—			(3.95	)
2018 - Institutional		23.02		0.06			0.93			0.99			(0.15	)		(3.91	)		—			(4.06	)
2018 - Investor		23.01		0.05			0.91			0.96			(0.13	)		(3.91	)		—			(4.04	)
2018 - P (Commenced April 16, 2018)		20.21		0.01			(0.27	)		(0.26	)		—			—			—			—
2018 - R		22.49		—	(e)		0.90			0.90			(0.09	)		(3.91	)		—			(4.00	)
2018 - R6 (Commenced February 28, 2018)		20.18		0.02			(0.18	)		(0.16	)		(0.07	)		—			—			(0.07	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		19.66		0.11			3.48			3.59			(0.25	)		(0.46	)		—			(0.71	)
2017 - C		19.79		(0.05	)		3.50			3.45			(0.13	)		(0.42	)		—			(0.55	)
2017 - Institutional		20.08		0.20			3.55			3.75			(0.31	)		(0.50	)		—			(0.81	)
2017 - Investor		20.07		0.17			3.54			3.71			(0.27	)		(0.50	)		—			(0.77	)
2017 - R		19.63		0.06			3.47			3.53			(0.21	)		(0.46	)		—			(0.67	)
2016 - A		20.68		0.07			(0.83	)		(0.76	)		(0.12	)		(0.14	)		—			(0.26	)
2016 - C		20.84		(0.08	)		(0.84	)		(0.92	)		(0.06	)		(0.07	)		—			(0.13	)
2016 - Institutional		21.12		0.15			(0.85	)		(0.70	)		(0.15	)		(0.19	)		—			(0.34	)
2016 - Investor		21.10		0.12			(0.84	)		(0.72	)		(0.14	)		(0.17	)		—			(0.31	)
2016 - R		20.66		0.02			(0.84	)		(0.82	)		(0.08	)		(0.13	)		—			(0.21	)
2015 - A		21.25		0.06			(0.42	)		(0.36	)		(0.10	)		—			(0.11	)		(0.21	)
2015 - C		21.41		(0.10	)		(0.42	)		(0.52	)		(0.02	)		—			(0.03	)		(0.05	)
2015 - Institutional		21.69		0.15			(0.43	)		(0.28	)		(0.14	)		—			(0.15	)		(0.29	)
2015 - Investor		21.68		0.11			(0.43	)		(0.32	)		(0.13	)		—			(0.13	)		(0.26	)
2015 - R		21.20		0.01			(0.43	)		(0.42	)		(0.06	)		—			(0.06	)		(0.12	)
2014 - A		18.50		0.03			2.88			2.91			(0.07	)		—			(0.09	)		(0.16	)
2014 - C		18.65		(0.13	)		2.92			2.79			(0.02	)		—			(0.01	)		(0.03	)
2014 - Institutional		18.88		0.11			2.94			3.05			(0.11	)		—			(0.13	)		(0.24	)
2014 - Investor		18.87		0.07			2.95			3.02			(0.10	)		—			(0.11	)		(0.21	)
2014 - R		18.46		(0.03	)		2.89			2.86			(0.06	)		—			(0.06	)		(0.12	)
2013 - A		15.16		(0.03	)		3.54			3.51			(0.04	)		—			(0.13	)		(0.17	)
2013 - C		15.30		(0.17	)		3.58			3.41			(0.02	)		—			(0.04	)		(0.06	)
2013 - Institutional		15.46		0.04			3.61			3.65			(0.06	)		—			(0.17	)		(0.23	)
2013 - Investor		15.46		—	(e)		3.61			3.61			(0.04	)		—			(0.16	)		(0.20	)
2013 - R		15.15		(0.11	)		3.57			3.46			(0.02	)		—			(0.13	)		(0.15	)

(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) 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.

(d) Annualized.

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

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

GOLDMAN SACHS RISING DIVIDEND 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)
$	19.44		4.09	%	$	318,867		1.16	%(d)		1.19	%(d)		0.23	%(d)		19	%
	19.59		3.70			396,926		1.91	(d)		1.94	(d)		(0.52	)(d)		19
	19.95		4.36			545,137		0.77	(d)		0.80	(d)		0.60	(d)		19
	19.93		4.25			277,064		0.91	(d)		0.94	(d)		0.47	(d)		19
	19.95		(1.24	)		9.87		0.77	(d)		0.77	(d)		1.87	(d)		19
	19.39		3.98			4,330		1.41	(d)		1.44	(d)		(0.01	)(d)		19
	19.95		(0.73	)��		10		0.77	(d)		0.77	(d)		0.46	(d)		19
	22.54		18.59			370,204		1.16			1.19			0.52			45
	22.69		17.68			463,110		1.91			1.94			(0.23	)		45
	23.02		19.01			759,274		0.76			0.79			0.92			45
	23.01		18.85			362,752		0.91			0.94			0.79			45
	22.49		18.27			4,506		1.41			1.44			0.27			45
	19.66		(3.71	)		697,430		1.14			1.16			0.35			16
	19.79		(4.43	)		571,438		1.89			1.91			(0.40	)		16
	20.08		(3.35	)		958,317		0.74			0.76			0.74			16
	20.07		(3.45	)		272,442		0.89			0.91			0.59			16
	19.63		(3.96	)		4,749		1.39			1.41			0.10			16
	20.68		(1.72	)		1,054,093		1.13			1.15			0.28			25
	20.84		(2.44	)		732,998		1.88			1.90			(0.47	)		25
	21.12		(1.29	)		1,476,799		0.73			0.74			0.67			25
	21.10		(1.49	)		437,422		0.88			0.89			0.53			25
	20.66		(2.00	)		3,740		1.38			1.39			0.05			25
	21.25		15.81			1,063,292		1.15			1.16			0.13			12
	21.41		14.93			632,859		1.90			1.91			(0.63	)		12
	21.69		16.26			1,509,224		0.75			0.76			0.52			12
	21.68		16.10			428,787		0.90			0.91			0.37			12
	21.20		15.53			7,268		1.40			1.41			(0.14	)		12
	18.50		23.27			858,185		1.18			1.21			(0.18	)		13
	18.65		22.35			384,551		1.93			1.96			(0.98	)		13
	18.88		23.77			918,912		0.78			0.81			0.21			13
	18.87		23.55			258,492		0.93			0.96			0.03			13
	18.46		22.98			4,141		1.42			1.45			(0.63	)		13

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

April 30, 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
Income Builder	A, C, Institutional, Investor, P* and R6	Diversified
Rising Dividend Growth	A, C, Institutional, Investor, P*, R and R6**	Diversified

*   Commenced operations on April 16, 2018.

** Commenced operations on February 28, 2018.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Dividend Assets Capital, LLC (“DAC” or the “Sub-Adviser”) serves as the sub-adviser to the Rising Dividend Growth Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Funds record their 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. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), 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.

42

GOLDMAN SACHS DIVIDEND FOCUS 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, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Income Builder	Monthly	Annually
Rising Dividend Growth	Quarterly	Annually

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

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

43

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 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.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations.

44

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

ii.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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

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

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

iv.  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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

45

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

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 a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily 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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i.  Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as

46

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

B.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2018:

INCOME BUILDER
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stocks(a)
Europe	$	142,181,916	$	5,846,012		$	—
North America		627,093,960		—			—
Preferred Stocks(a)
North America		—		24,266,208			—
Fixed Income
Corporate Obligations		—		856,949,252			—
Mortgage-Backed Obligations		—		532,613			—
Asset-Backed Securities		—		21,656			—
Bank Loans		—		128,937,617			1,331,250
U.S. Treasury Obligations		33,451,852		—			—
Investment Companies		60,690,716		—			—
Short-term Investments		—		9,021,077			—
Securities Lending Reinvestment Vehicle		22,425		—			—
Total	$	863,440,869	$	1,025,574,435		$	1,331,250
Liabilities
Reverse Repurchase Agreements	$	—	$	(4,543,750	)	$	—

47

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INCOME BUILDER (continued)
Derivative Type	Level 1			Level 2		Level 3
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	151,775	$	—
Futures Contracts		396,305			—		—
Total	$	396,305		$	151,775	$	—
Liabilities(b)
Futures Contracts	$	(19,230	)	$	—	$	—
RISING DIVIDEND GROWTH
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stocks(a)
Asia	$	11,954,803		$	—	$	—
Europe		113,208,244			—		—
North America		1,390,767,478			—		—
Investment Company		13,554,146			—		—
Short-term Investments		—			2,800,000		—
Total	$	1,529,484,671		$	2,800,000	$	—
Derivative Type
Assets(b)
Futures Contracts	$	790,376		$	—	$	—

(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 the country of domicile noted in the table. The Funds utilize fair value model prices provided by an independent fair value service for international equity securities, resulting in a Level 2 classification.

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2018. These instruments were used as part of the Funds’ investment

48

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	23,728	(a)	Variation margin on futures contracts	$	(19,230)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		151,775		—		—
Equity	Variation margin on futures contracts		372,577	(a)	—		—
Total		$	548,080			$	(19,230)
Rising Dividend Growth
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	790,376		—		—

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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:

Income Builder
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts and written options/Net change in unrealized gain (loss) on purchased options, futures contracts and written options	$	(1,674,507	)	$	(1,815,524	)		1,400
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(722,050	)		(38,724	)		2
Equity	Net realized gain (loss) from purchased options, futures contracts and written options/Net change in unrealized gain (loss) on purchased options, futures contracts and written options		136,387			284,064			37
Total		$	(2,260,170	)	$	(1,570,184	)		1,439

Rising Dividend Growth
Risk	Statements of Operations	Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Equity	Net change in unrealized gain (loss) futures contracts	$	790,376		38

(a) Average number of contracts is based on the average of month end balances for the six months ended April 30, 2018.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar

49

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a 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 a Fund and the counterparty. Additionally, a 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 a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a 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 a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2018 , contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund Name	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Goldman Sachs Income Builder Fund		0.54	%		0.49	%		0.46	%		0.45	%		0.44	%		0.58	%		0.47	%*
Goldman Sachs Rising Dividend Growth Fund		0.75			0.68			0.64			0.63			0.62			0.72			0.72

* GSAM has agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least February 28, 2019, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. The Effective Net Management Rates above are calculated based on management rates before and after waivers had been adjusted, if applicable.

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Prior to February 28, 2018, the contractual management fee rates for the Income Builder Fund were as stated below:

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Income Builder		0.65	%		0.59	%		0.56	%		0.55	%		0.54	%

The Income Builder Fund invests in Institutional and Class R6 Shares of the Goldman Sachs Financial Square Government Fund and the Goldman Sachs High Yield 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 adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended April 30, 2018, GSAM waived $35,500 of the Fund’s management fee.

The Rising Dividend Growth Fund invests in Class R6 Shares of the Goldman Sachs Financial Square Government Fund which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as investment adviser to any of the affiliated underlying funds in which the Fund invests. For the six months ended April 30, 2018, GSAM waived $2,402 of the Fund’s management fee.

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2018, Goldman Sachs advised that it retained the following front end sales charges:

	Front End Sales Charge
Fund Name	Class A
Goldman Sachs Income Builder Fund	$	37,013
Goldman Sachs Rising Dividend Growth Fund		15,177

No CDSC was retained for the six months ended April 30, 2018.

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.034% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2019 for Class A, Class C, Investor, Institutional, Class R and Class R6 Shares, and through at least April 16, 2019 for Class P Shares, and prior to such dates GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund Name	Management Fee Waiver		Transfer Agency Fee Waiver/ Credits		Other Expense Reimbursements		Total Expense Reductions
Income Builder Fund	$	1,137,654	$	306	$	—	$	1,137,960
Rising Dividend Growth Fund		2,402		289		230,913		233,604

G.  Line of Credit Facility — As of April 30, 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 April 30, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — For the six months ended April 30, 2018 , Goldman Sachs earned $26,503 and $0, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder and Rising Dividend Growth Funds, respectively.

As of April 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class P and Class R6 Shares of the following Funds:

Fund Name	Class P			Class R6
Goldman Sachs Income Builder Fund		100	%		60	%
Goldman Sachs Rising Dividend Growth Fund		100			100

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2018:

Fund	Underlying Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ Depreciation		Ending Value as of April 30, 2018		Shares as of April 30, 2018		Dividend Income
Income Builder	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	27,881,408	$	324,392,723	$	(302,900,708	)	$	—		$	—	$	49,373,423		49,373,423	$	186,143
	Goldman Sachs Financial Square Government Fund — Class R6 Shares		—		72,874,089		(61,556,796	)		—			—		11,317,293		11,317,293		42,668
	Goldman Sachs High Yield Fund — Institutional Shares		3,313,300		57,408		(3,668,587	)		(44	)		297,923		—		—		57,419
Total		$	31,194,708	$	397,324,220	$	(368,126,091	)	$	(44	)	$	297,923	$	60,690,716			$	286,230
Rising Dividend Growth	Goldman Sachs Financial Square Government Fund — Class R6 Shares		—		66,267,555		(52,713,409	)		—			—		13,554,146		13,554,146		24,267

The following table provides information about the investment in the shares of issuers deemed to be affiliates of the Income Builder Fund for the six months ended April 30, 2018:

Name of Affiliated Issuer	Beginning Value as of October 31, 2017		Change in Unrealized Appreciation/ Depreciation			Ending Value as of April 30, 2018		Shares as of April 30, 2018
Blue Ridge Mountain Resources, Inc. (Common Stock)	$	2,587,716	$	(663,183	)	$	1,924,533		260,072

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2018, were:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Income Builder	$	26,094,185	$	452,368,420	$	29,607,321	$	549,793,880
Rising Dividend Growth		—		1,071,232,281		—		324,284,005

The table below summarizes the reverse repurchase agreement activity for the six months ended April 30, 2018:

Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Income Builder	$	17,582,500		(0.008	)%		181

The following table sets forth the Income Builder Fund’s different types of investments pledged as collateral and the remaining contractual maturities of the reverse repurchase agreements as of April 30, 2018:

	Remaining Contractual Maturity of the Agreements As of April 30, 2018
	Overnight and Continuous		< 30 days		Between 30 and 90 days		> 90 days		Total
Reverse Repurchase Agreements
Sovereign Debt Obligations	$	—	$	—	$	—	$	4,543,750	$	4,543,750
Total Borrowings	$	—	$	—	$	—	$	4,543,750	$	4,543,750
Gross amount of recognized liabilities for reverse repurchase agreements									$	4,543,750

7. SECURITIES LENDING

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

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7. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the 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, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2018 are reported under “Investment Income” on the Statements of Operations.

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

	For the Six Months Ended April 30, 2018				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2018
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Rising Dividend Growth	$	1,936	$	—	$	—

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund for the six months ended April 30, 2018.

Fund	Beginning value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2018		Shares as of April 30, 2018
Income Builder	$	6,049,808	$	12,438,853	$	(18,587,684	)	$	22,425		22,425
Rising Dividend Growth		38,778,950		59,856,150		(98,635,100	)		—		—

8. TAX INFORMATION

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

	Income Builder			Rising Dividend Growth
Capital loss carryforwards:
Perpetual Short-Term	$	(14,798,257	)	$	—
Perpetual Long-Term		(68,975,068	)		—
Total capital loss carryforwards	$	(83,773,325	)	$	—

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

8. TAX INFORMATION (continued)

As of April 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Income Builder			Rising Dividend Growth
Tax Cost	$	1,825,462,883		$	1,410,308,365
Gross unrealized gain		483,156,109			190,102,870
Gross unrealized loss		(418,272,438	)		(68,126,564	)
Net unrealized security gain	$	64,883,671		$	121,976,306

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, market gains/(losses) on regulated futures contracts and options contracts, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of underlying fund investments, partnership investments, and material modification of debt securities.

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

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets 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 Funds invest. 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 Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

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

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9. OTHER RISKS (continued)

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.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds 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 Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, 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.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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. 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.

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

9. OTHER RISKS (continued)

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

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

10. OTHER MATTERS

On March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The amendments are effective for the Funds’ fiscal year ended October 31, 2019. GSAM is currently evaluating the impact, if any, of the amendments to the Funds.

11. 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

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11. INDEMNIFICATIONS (continued)

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.

12. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		858,663		$	19,487,908			3,218,687		$	71,655,468
Reinvestment of distributions		282,693			6,381,539			704,393			15,670,769
Shares redeemed		(2,513,357	)		(56,774,738	)		(13,479,221	)		(299,529,672	)
		(1,372,001	)		(30,905,291	)		(9,556,141	)		(212,203,435	)
Class C Shares
Shares sold		1,188,270			26,515,878			3,621,153			79,351,521
Reinvestment of distributions		355,200			7,886,470			811,909			17,811,164
Shares redeemed		(3,820,858	)		(84,973,324	)		(8,841,222	)		(193,827,710	)
		(2,277,388	)		(50,570,976	)		(4,408,160	)		(96,665,025	)
Institutional Shares
Shares sold		6,436,930			155,518,126			10,121,760			230,030,516
Reinvestment of distributions		556,673			12,836,128			1,148,073			26,144,314
Shares redeemed		(9,433,405	)		(218,445,180	)		(9,591,322	)		(217,886,775	)
		(2,439,802	)		(50,090,926	)		1,678,511			38,288,055
Investor Shares
Shares sold		1,297,471			29,952,183			10,254,805			232,083,067
Reinvestment of distributions		242,283			5,570,188			460,613			10,491,143
Shares redeemed		(2,468,862	)		(56,985,987	)		(4,126,966	)		(93,949,535	)
		(929,108	)		(21,463,616	)		6,588,452			148,624,675
Class P Shares(a)
Shares sold		436			10,005			—			—
Reinvestment of distributions		1			26			—			—
		437			10,031			—			—
Class R6 Shares
Shares sold		333			7,617			—			—
Reinvestment of distributions		10			221			19			438
Shares redeemed		(1	)		(11	)		—			—
		342			7,827			19			438
NET DECREASE		(7,017,520	)	$	(153,012,951	)		(5,697,319	)	$	(121,955,292	)

(a) Commenced operations on April 16, 2018.

60

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		603,439		$	12,190,847			1,472,789		$	31,125,757
Reinvestment of distributions		3,074,881			60,067,874			879,866			18,341,204
Shares redeemed		(3,700,749	)		(75,230,840	)		(21,400,993	)		(455,109,651	)
		(22,429	)		(2,972,119.00	)		(19,048,338	)		(405,642,690	)
Class C Shares
Shares sold		699,781			14,015,450			895,940			19,107,865
Reinvestment of distributions		3,438,436			67,663,822			581,355			12,188,937
Shares redeemed		(4,288,846	)		(88,228,414	)		(9,943,810	)		(212,609,311	)
		(150,629	)		(6,549,142	)		(8,466,515	)		(181,312,509	)
Institutional Shares
Shares sold		2,147,197			44,186,681			5,434,081			118,177,788
Reinvestment of distributions		4,778,290			95,821,931			1,228,775			26,321,933
Shares redeemed		(12,578,401	)		(270,848,625	)		(21,410,677	)		(463,911,403	)
		(5,652,914	)		(130,840,013	)		(14,747,821	)		(319,411,682	)
Investor Shares
Shares sold		573,065			12,037,125			12,497,683			272,958,425
Reinvestment of distributions		2,960,908			59,320,667			553,674			11,919,085
Shares redeemed		(5,400,000	)		(113,684,103	)		(10,862,875	)		(236,692,041	)
		(1,866,027	)		(42,326,311	)		2,188,482			48,185,469
Class P Shares(a)
Shares sold		495			10,000			—			—
		495			10,000			—			—
Class R Shares
Shares sold		55,532			1,138,835			42,474			903,646
Reinvestment of distributions		28,845			562,064			4,296			89,802
Shares redeemed		(61,393	)		(1,233,734	)		(88,352	)		(1,901,700	)
		22,984			467,165			(41,582	)		(908,252	)
Class R6 Shares(b)
Shares sold		495			10,000			—			—
Reinvestment of distributions		2			35			—			—
		497			10,035			—			—
NET DECREASE		(7,668,023	)	$	(182,200,385.00	)		(40,115,774	)	$	(859,089,664	)

(a) Commenced operations on April 16, 2018.

(b) Commenced operations on February 28, 2018.

61

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2018  (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, 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 and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, 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 November 1, 2017 through April 30, 2018, which represents a period of 181 days in a 365 day year. The Class R6 Shares example for the Rising Dividend Growth Fund is based on the period from March 1, 2018 through April 30, 2018, which represents a period of 61 out of 365 days, and the Class P Shares example is based on the period from April 17, 2018 through April 30, 2018, which represents a period of 14 out of 365 days. The Class P Shares example and the Class R6 Shares example (for the Rising Dividend Growth Fund) for hypothetical expenses reflect projected activity for the period from November 1, 2017 through April 30, 2018 for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

		Income Builder Fund							Rising Dividend Growth Fund
Share Class		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*
Class A	��
Actual		$	1,000.00	$	995.50		$	4.60	$	1,000.00	$	1,040.90		$	5.87
Hypothetical 5% return			1,000.00		1,020.18	+		4.66		1,000.00		1,019.04	+		5.81
Class C
Actual			1,000.00		991.70			8.30		1,000.00		1,037.00			9.65
Hypothetical 5% return			1,000.00		1,016.46	+		8.40		1,000.00		1,015.32	+		9.54
Institutional
Actual			1,000.00		997.00			2.67		1,000.00		1,043.60			3.90
Hypothetical 5% return			1,000.00		1,022.12	+		2.71		1,000.00		1,020.98	+		3.86
Investor
Actual			1,000.00		996.30			3.32		1,000.00		1,042.50			4.56
Hypothetical 5% return			1,000.00		1,021.47	+		3.36		1,000.00		1,020.33	+		4.51
Class P^
Actual			1,000.00		991.80			0.17		1,000.00		992.70			0.30
Hypothetical 5% return			1,000.00		1,022.61	+		2.21		1,000.00		1,020.98	+		3.86
Class R
Actual			N/A		N/A			N/A		1,000.00		1,039.80			7.13
Hypothetical 5% return			N/A		N/A			N/A		1,000.00		1,017.80	+		7.05
Class R6^^
Actual			1,000.00		997.10			2.57		1,000.00		992.70			1.29
Hypothetical 5% return			1,000.00		1,022.22	+		2.61		1,000.00		1,020.98	+		3.86

* 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 April 30, 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.

^ Class P Shares of the Funds commenced operations on April 16, 2018.

^^ Class R6 Shares of the Rising Dividend Growth Fund commenced operations on February 28, 2018.

Fund	Class A			Class C			Institutional			Investor			Class P			Class R			Class R6
Income Builder+		0.93	%		1.68	%		0.54	%		0.68	%		0.44	%		N/A			0.52	%
Rising Dividend Growth+		1.16			1.91			0.77			0.91			0.77			1.41	%		0.77

62

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 March 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ 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 Fund¹⁰

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 website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

All or a portion of the Funds’ distributions may be treated for tax purposes as a return of capital, however, the final characterization of such distributions will be reported annually on Form 1099-DIV. The final tax status of the distributions may differ substantially from the above dividend information.

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

THIS MATERIAL IS 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 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. 132640-OTU-779305 DIVFOSAR-18/62.4K

Goldman Sachs Funds

Semi-Annual Report	April 30, 2018
	Domestic Equity Insights Funds
	Large Cap Growth Insights
	Large Cap Value Insights
	Small Cap Equity Insights
	Small Cap Growth Insights
	Small Cap Value Insights
	U.S. Equity Insights

Goldman Sachs Domestic Equity Insights Funds

∎ LARGE CAP GROWTH INSIGHTS

∎ LARGE CAP VALUE INSIGHTS

∎ SMALL CAP EQUITY INSIGHTS

∎ SMALL CAP GROWTH INSIGHTS

∎ SMALL CAP VALUE INSIGHTS

∎ U.S. EQUITY INSIGHTS

TABLE OF CONTENTS
Market Review	1
Investment Process	3
Portfolio Management Discussion and Performance Summaries	5
Schedules of Investments	36
Financial Statements	64
Financial Highlights	72
Notes to Financial Statements	84
Other Information	102

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Domestic Equity Insights Funds

Market Review

U.S. equities recorded a gain during the six months ended April 30, 2018 (the “Reporting Period”), with Federal Reserve (“Fed”) monetary policy, economic data and political events dominating market sentiment.

When the Reporting Period began in November 2017, progress on tax reform and strong economic activity were supportive of U.S. equities. In December, the Fed delivered the third rate hike of 2017, as had been widely expected, having done similarly in March and June 2017, and maintained its projections for three additional interest rate hikes in 2018. U.S. equities gained additional momentum toward the end of December from the passage of a tax reform bill that reduced the corporate tax rate from 35% to 21%.

U.S. equities saw a strong start to 2018, driven by positive economic data, the $1.5 trillion tax reform law and a favorable corporate earnings season. In February 2018, however, equities sold off globally on market speculation of a faster pace of Fed short-term interest rate hikes, which stoked a sharp rise in bond yields and an increase in equity market volatility. Concerns about Fed monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. In late February 2018, new Fed Chair Jerome Powell’s testimony before Congress, positing a more optimistic economic outlook since the December 2017 Fed meeting, surprised equity markets with its hawkish tilt and sparked a sell-off. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In March 2018, escalating trade tensions and potential tariffs weighed on investor sentiment. Meanwhile, the Fed raised short-term interest rates again, much as the market had expected. The Fed’s dot plot, which shows rate projections of the members of the Fed’s Open Market Committee, continued to point to a total of three interest rate increases in 2018. However, Fed policymakers acknowledged that the “economic outlook has strengthened in recent months,” revising their growth forecast higher and their employment rate forecast lower.

The U.S. equity market was relatively muted in April 2018, as the U.S. and China continued to generate trade headlines and geopolitical uncertainty about sanctions on Russia surfaced. A number of macroeconomic drivers, including U.S. labor market strength, higher inflation and fiscal stimulus, pushed up U.S. Treasury yields, with the 10-year U.S. Treasury yield breaching 3% toward month end. With more than half of S&P 500^® Index companies having reported their first quarter 2018 results, the earnings season began strongly during April 2018.

For the Reporting Period overall, the S&P 500^® Index (with dividends reinvested) returned 3.82%, with seven of its 11 sectors generating positive absolute returns. Consumer discretionary and energy were the best performing sectors in the S&P 500^® Index by some distance, followed by information technology and financials, which also posted solidly positive absolute returns. Utilities, consumer staples, real estate and materials were the only sectors in the S&P 500^® Index that declined during the Reporting Period.

In terms of market capitalization, large-cap stocks outperformed small-cap stocks. The Russell 2000^® Index, which measures the small-cap universe, returned 3.27% during the Reporting Period. In the style arena, growth stocks outperformed value stocks overall. The Russell 1000^® Growth Index, representing large-cap growth stocks, rose 5.68% during the Reporting Period, while the Russell 1000^® Value Index, representing large-cap value stocks, returned 1.94%.

1

MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

2

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

What Differentiates Goldman Sachs’

Domestic Equity Insights Funds Investment Process?

At Goldman Sachs Asset Management, L.P. (“GSAM”), Equity Insights combines traditional fundamental analysis with sophisticated quantitative modeling. Our approach is not unlike that of a more traditional active manager: we look at fundamental investment themes that have been effective historically in forecasting excess returns of stocks. However, where we differ from traditional managers is that we seek to rigorously test every potential research theme or signal to verify whether they have shown consistent predictive ability across a wide variety of stocks in different time periods and under different market conditions.

∎ Comprehensive – We calculate expected excess returns for more than 10,000 stocks on a daily basis.

∎ Rigorous – We evaluate stocks based on fundamental investment criteria that have outperformed historically.

∎ Objective – Our stock selection process is free from the emotion that may lead to biased investment decisions.

∎ Our computer optimization process allocates risk to our high conviction investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.

∎ We use a proprietary risk model that is designed to be more precise, more focused and faster to respond because it seeks to identify, track and manage risk specific to our process, using daily data.

Fully invested, well-diversified portfolio that seeks to:

∎ Maintain style, sector, risk and capitalization characteristics similar to the benchmark.

∎ Offer broad access to a clearly defined equity universe.

∎ Generate excess returns that are positive, consistent and repeatable.

3

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2018

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2018 (the “Reporting Period”).

We introduced two new signals within our Profitability theme that use various alternative data sources, seeking to identify companies benefiting from consumer spending. The first signal aims to forecast sales growth trends, not just for the upcoming quarter but for multiple quarters ahead, by looking for underlying trends. The second signal analyzes profitability of retailers by assessing customer traffic in the retailer’s location.

We also introduced new signals within our Momentum theme that help us create economic links between companies with similar businesses. The first signal identifies companies linked by a common theme based on company descriptions. The second signal seeks to identify linked companies by looking at searches made on the same day for regulatory filings of multiple companies.

Additionally, we introduced an Environmental, Social and Governance (“ESG”) signal within our Management theme that helps us quantify reputational risk. The signal looks at ESG risk events to form a view of the peak risk of a given company from an ESG perspective.

4

PORTFOLIO RESULTS

Goldman Sachs Large Cap Growth Insights Fund

Investment Objective

The Fund seeks long-term growth of capital, with dividend income as a secondary consideration.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Growth Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 5.57%, 5.18%, 5.78%, 5.49%, 5.72%, 5.43% and 5.80%, respectively. These returns compare to the 5.68% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -1.25% compared to the -1.05% cumulative total return of the Index.

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

A During the Reporting Period, five of our quantitative model’s six investment themes added to relative performance. However, the Fund generally underperformed the Index because of certain individual stock positions.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, five of our six investment themes contributed positively to the Fund’s relative results. Quality was our best performing theme. The Quality theme seeks to assess both firm and management quality. Profitability, Sentiment, Momentum and Management also bolstered relative returns. The Profitability theme assesses whether a company is earning more than its cost of capital. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Management theme assesses the characteristics, policies and strategic decisions of company management.

Our Valuation theme detracted from relative performance. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

5

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, certain individual stock positions, including holdings in the health care, consumer discretionary and financials sectors, detracted from relative returns. On the positive side, the Fund benefited from stock selection in the energy, materials and industrials sectors.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual stock positions, the Fund was hampered during the Reporting Period by overweights relative to the Index in Mettler Toledo, a manufacturer of scales and analytical instruments; Applied Materials, a provider of equipment, services and software to semiconductor, flat panel display and solar products companies; and Biogen, a biotechnology firm. We chose to overweight Mettler Toledo and Applied Materials because of our positive views on Sentiment and Momentum. Our positive views on Sentiment and Valuation led us to overweight Biogen.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund benefited from overweight positions in Valero Energy and F5 Networks. An underweight in The 3M Company also contributed positively. The overweight in petroleum refiner Valero Energy was due to our positive views on Valuation and Momentum. We adopted the overweight in F5 Networks, which specializes in application delivery networking technology, because of our positive views on Sentiment and Quality. The Fund was underweight The 3M Company, a manufacturer of industrial, safety, medical and consumer products, because of our negative views on Momentum and Valuation.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the health care, financials, energy and real estate sectors relative to the Index. Compared to the Index, the Fund was underweight the consumer staples, industrials, information technology, materials and consumer discretionary sectors.

6

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		5.57	%		5.68	%
Class C		5.18			5.68
Institutional		5.78			5.68
Service		5.49			5.68
Investor		5.72			5.68
Class R		5.43			5.68
Class R6		5.80			5.68
April 16, 2018–April 30, 2018
Class P		-1.25	%		-1.05	%

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

²  The Russell 1000^® Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		14.03	%		14.77	%		10.02	%		6.39	%		05/01/97
Class C		18.74			15.21			9.83			5.12			08/15/97
Institutional		21.14			16.53			11.09			7.10			05/01/97
Service		20.58			15.96			10.55			6.58			05/01/97
Investor		20.94			16.36			10.92			9.08			11/30/07
Class P		N/A			N/A			N/A			N/A			04/16/18
Class R		20.38			15.78			10.38			8.55			11/30/07
Class R6		21.17			N/A			N/A			13.61			07/31/15

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 P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

7

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.93	%		0.98	%
Class C		1.68			1.73
Institutional		0.54			0.59
Service		1.04			1.09
Investor		0.68			0.73
Class P		0.53			0.58
Class R		1.18			1.23
Class R6		0.53			0.58

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, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.5	%	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		4.7		Internet & Direct Marketing Retail
Microsoft Corp.		4.4		Software
Facebook, Inc. Class A		3.1		Internet Software & Services
Alphabet, Inc. Class C		2.4		Internet Software & Services
Alphabet, Inc. Class A		2.3		Internet Software & Services
AbbVie, Inc.		2.2		Biotechnology
International Business Machines Corp.		1.7		IT Services
The Boeing Co.		1.7		Aerospace & Defense
American Tower Corp.		1.4		Equity Real Estate Investment Trusts (REITs)

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

8

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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.

9

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Insights Fund

Investment Objective

The Fund seeks long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Value Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 3.56%, 3.18%, 3.75%, 3.49%, 3.70%, 3.42% and 3.72%, respectively. These returns compare to the 1.94% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -1.19% compared to the -1.07% cumulative total return of the Index.

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

A During the Reporting Period, the Fund outperformed the Index, with five of our quantitative model’s six investment themes adding to relative returns. Stock selection overall enhanced performance.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, five of our six investment themes contributed positively to the Fund’s relative performance. Quality was our best performing theme. The Quality theme seeks to assess both firm and management quality. Profitability, Momentum, Management and Sentiment also added to relative returns. The Profitability theme assesses whether a company is earning more than its cost of capital. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

Our Valuation theme detracted from relative performance. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

10

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, security selection bolstered the Fund’s relative performance, highlighted by holdings in the energy, financials and industrials sectors. Stock selection in the information technology, health care and telecommunication services sectors detracted from relative returns.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund benefited from overweights compared to the Index in Valero Energy and HollyFrontier, both petroleum refiners. Our positive views on Valuation and Momentum led us to overweight both Valero Energy and HollyFrontier. An underweight in industrial conglomerate General Electric, based on our negative views on Sentiment and Quality, also added to the Fund’s relative performance.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A During the Reporting Period, the Fund’s overweight positions in Pacific Gas and Electric Company (“PG&E”) and Realogy Holdings detracted from relative returns. The overweight in utilities company PG&E was the result of our positive views on Sentiment and Valuation. We chose to overweight Realogy Holdings, a provider of real estate and relocation services, because of our positive views on Valuation and Momentum. An underweight in Cisco Systems, an information technology and networking company, also hurt relative results. The Fund’s underweight in Cisco Systems was driven by our negative views on Momentum and Profitability.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the health care, real estate, consumer discretionary and energy sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, consumer staples, telecommunication services and industrials sectors. The Fund was relatively neutral compared to the Index in the financials, information technology and materials sectors at the end of the Reporting Period.

11

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		3.56	%		1.94	%
Class C		3.18			1.94
Institutional		3.75			1.94
Service		3.49			1.94
Investor		3.70			1.94
Class R		3.42			1.94
Class R6		3.72			1.94
April 16, 2018–April 30, 2018
Class P		-1.19	%		-1.07	%

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

²  The Russell 1000^® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		5.81	%		10.86	%		7.14	%		5.76	%		12/31/98
Class C		10.14			11.28			6.94			5.28			12/31/98
Institutional		12.38			12.56			8.17			6.49			12/31/98
Service		11.84			12.01			7.64			5.96			12/31/98
Investor		12.28			12.40			8.01			6.53			11/30/07
Class P		N/A			N/A			N/A			N/A			04/16/18
Class R		11.71			11.84			7.47			6.01			11/30/07
Class R6		12.43			N/A			N/A			10.53			07/31/15

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 P, 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.

12

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		1.02	%
Class C		1.70			1.77
Institutional		0.56			0.63
Service		1.06			1.13
Investor		0.70			0.77
Class P		0.55			0.62
Class R		1.20			1.27
Class R6		0.55			0.62

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, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185
Holding	% of Net Assets			Line of Business
Johnson & Johnson		2.7	%	Pharmaceuticals
JPMorgan Chase & Co.		2.1		Banks
Berkshire Hathaway, Inc. Class B		2.1		Diversified Financial Services
Medtronic PLC		1.8		Health Care Equipment & Supplies
Merck & Co., Inc.		1.8		Pharmaceuticals
Exxon Mobil Corp.		1.7		Oil, Gas & Consumable Fuels
ConocoPhillips		1.6		Oil, Gas & Consumable Fuels
Valero Energy Corp.		1.5		Oil, Gas & Consumable Fuels
Phillips 66		1.4		Oil, Gas & Consumable Fuels
General Motors Co.		1.4		Automobiles

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

13

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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.

14

PORTFOLIO RESULTS

Goldman Sachs Small Cap Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 3.71%, 3.39%, 3.93%, 3.69%, 3.86%, 3.62% and 3.96%, respectively. These returns compare to the 3.27% cumulative total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -1.98% compared to the -1.33% cumulative total return of the Index.

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

A During the Reporting Period, the Fund outperformed the Index, with four of our quantitative model’s six investment themes adding to relative returns. Stock selection overall bolstered performance.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, four of our six investment themes–Profitability, Quality, Management and Sentiment–added to the Fund’s relative returns. The Profitability theme assesses whether a company is earning more than its cost of capital. The Quality theme seeks to assess both firm and management quality. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

Our Valuation and Momentum themes detracted from the Fund’s relative performance. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

15

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, security selection in the financials, industrials and consumer discretionary sectors contributed positively. Holdings in the health care sector detracted from relative performance.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund benefited most from overweights relative to the Index in Enova International, American Eagle Outfitters and Etsy. Our positive views on Quality and Sentiment led to the Fund’s overweight in Enova International, an online lending company. The overweight position in clothing retailer American Eagle Outfitters was based on our positive views on Sentiment and Profitability. The Fund was overweight e-commerce website Etsy due to our positive views on Sentiment and Quality.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A The Fund was hurt during the Reporting Period by an underweight position in Nektar Therapeutics as well as by overweight positions in Akebia Therapeutics and Argan. Our negative views on Valuation and Quality led us to underweight biopharmaceutical maker Nektar Therapeutics. The Fund’s overweight in biopharmaceutical company Akebia was driven by our positive views on Sentiment and Quality. We chose to overweight construction engineering firm Argan because of our positive views on Valuation and Quality.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the industrials and consumer discretionary sectors relative to the Index. Compared to the Index, the Fund was underweight the health care, utilities, information technology and financials sectors. The Fund was relatively neutral compared to the Index in the energy, telecommunication services, materials, consumer staples and real estate sectors at the end of the Reporting Period.

16

FUND BASICS

Small Cap Equity Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			Russell 2000® Index2
Class A		3.71	%		3.27	%
Class C		3.39			3.27
Institutional		3.93			3.27
Service		3.69			3.27
Investor		3.86			3.27
Class R		3.62			3.27
Class R6		3.96			3.27
April 16, 2018–April 30, 2018
Class P		-1.98	%		-1.33	%

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		6.47	%		10.59	%		9.40	%		6.89	%		08/15/97
Class C		10.82			11.02			9.19			6.40			08/15/97
Institutional		13.14			12.31			10.46			7.61			08/15/97
Service		12.59			11.74			9.90			7.08			08/15/97
Investor		12.96			12.14			10.30			8.73			11/30/07
Class P		N/A			N/A			N/A			N/A			04/16/18
Class R		12.42			11.57			9.76			8.21			11/30/07
Class R6		13.16			N/A			N/A			11.24			07/31/15

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 P, 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.

17

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.38	%
Class C		1.98			2.13
Institutional		0.84			0.99
Service		1.34			1.49
Investor		0.98			1.13
Class P		0.83			0.98
Class R		1.48			1.63
Class R6		0.83			0.98

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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.

18

FUND BASICS

TOP TEN HOLDINGS AS OF 4/30/185
Holding	% of Net Assets			Line of Business
American Eagle Outfitters, Inc.		0.8	%	Specialty Retail
Insperity, Inc.		0.8		Professional Services
Texas Roadhouse, Inc.		0.7		Hotels, Restaurants & Leisure
Carpenter Technology Corp.		0.7		Metals & Mining
Cabot Microelectronics Corp.		0.7		Semiconductors & Semiconductor Equipment
KLX, Inc.		0.7		Aerospace & Defense
First Citizens BancShares, Inc. Class A		0.7		Banks
Entegris, Inc.		0.7		Semiconductors & Semiconductor Equipment
American Equity Investment Life Holding Co.		0.7		Insurance
McGrath RentCorp		0.7		Commercial Services & Supplies

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

19

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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 0.9% of the Fund’s net assets as of April 30, 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.

20

PORTFOLIO RESULTS

Goldman Sachs Small Cap Growth Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Growth Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 5.30%, 4.88%, 5.50%, 5.43%, 5.16% and 5.47%, respectively. These returns compare to the 5.46% cumulative total return of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -2.39% compared to the -1.96% cumulative total return of the Index.

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

A During the Reporting Period, four of our quantitative model’s six investment themes added to relative performance. However, the Fund generally underperformed the Index largely because of certain individual stock positions.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, four of our six investment themes–Quality, Profitability, Sentiment and Management–contributed positively to the Fund’s relative returns. The Quality theme seeks to assess both firm and management quality. The Profitability theme assesses whether a company is earning more than its cost of capital. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Management theme assesses the characteristics, policies and strategic decisions of company management.

Our Valuation and Momentum themes detracted from the Fund’s relative performance. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

21

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

Certain stock positions caused the Fund to underperform the Index. During the Reporting Period, the Fund was hurt by security selection in the health care, information technology and telecommunication services sectors. Investments in the industrials, consumer discretionary and financials sectors added to relative returns.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A In terms of individual stock positions, the Fund’s underweights relative to the Index in Nektar Therapeutics and AveXis detracted from performance. Our negative views on Valuation and Quality led us to underweight biopharmaceutical maker Nektar Therapeutics. We chose to underweight biotechnology company AveXis because of our negative views on Quality and Profitability. The Fund’s overweight in biopharmaceutical company Akebia Therapeutics, which was driven by our positive views on Sentiment and Quality, was also a drag on relative returns.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund benefited from overweight positions in Enova International, Etsy and TriNet Group. Our positive views on Quality and Sentiment led to the Fund’s overweight in Enova International, an online lending company. The Fund’s overweight position in e-commerce website Etsy was due to our positive views on Sentiment and Quality. We adopted the overweight in TriNet Group, a provider of human resources solutions to small and mid-sized businesses, because of our positive views on Momentum and Sentiment.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the financials sector relative to the Index. Compared to the Index, the Fund was underweight the health care and information technology sectors. The Fund was relatively neutral compared to the Index in the telecommunication services, energy, materials, consumer discretionary, industrials, utilities, consumer staples and real estate sectors at the end of the Reporting Period.

22

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			Russell 2000 Growth® Index2
Class A		5.30	%		5.46	%
Class C		4.88			5.46
Institutional		5.50			5.46
Investor		5.43			5.46
Class R		5.16			5.46
Class R6		5.47			5.46
April 16, 2018–April 30, 2018
Class P		-2.39	%		-1.96	%

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

²  The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The 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 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		12.41	%		11.37	%		10.91	%		7.58	%		06/25/07
Class C		17.05			11.80			10.70			7.34			06/25/07
Institutional		19.39			13.07			11.97			8.57			06/25/07
Investor		19.28			12.92			11.81			9.77			11/30/07
Class P		N/A			N/A			N/A			N/A			04/16/18
Class R		18.67			12.36			11.24			9.22			11/30/07
Class R6		19.41			N/A			N/A			10.83			07/31/15

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 P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

23

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.36	%
Class C		1.98			2.11
Institutional		0.84			0.97
Investor		0.98			1.11
Class P		0.83			0.96
Class R		1.48			1.61
Class R6		0.83			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, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185
Holding	% of Net Assets			Line of Business
Aspen Technology, Inc.		1.1	%	Software
Nektar Therapeutics		1.0		Pharmaceuticals
EPAM Systems, Inc.		1.0		IT Services
Grand Canyon Education, Inc.		0.9		Diversified Consumer Services
Fair Isaac Corp.		0.9		Software
Entegris, Inc.		0.9		Semiconductors & Semiconductor Equipment
Texas Roadhouse, Inc.		0.9		Hotels, Restaurants & Leisure
ASGN, Inc.		0.9		Professional Services
Insperity, Inc.		0.8		Professional Services
Louisiana-Pacific Corp.		0.8		Paper & Forest Products

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

24

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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 1.8% of the Fund’s net assets as of April 30, 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.

25

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Value Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 3.73%, 3.34%, 3.92%, 3.86%, 3.59% and 3.93%, respectively. These returns compare to the 0.94% cumulative total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -0.98% compared to the -0.62% cumulative total return of the Index.

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

A During the Reporting Period, the Fund outperformed the Index, with four of our quantitative model’s six investment themes adding to relative returns. Stock selection overall contributed positively.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, the Fund’s relative performance was bolstered by four of our six investment themes–Profitability, Quality, Management and Sentiment. The Profitability theme assesses whether a company is earning more than its cost of capital. The Quality theme seeks to assess both firm and management quality. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

Our Valuation theme detracted from relative returns. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

The impact of our Momentum theme was rather neutral during the Reporting Period. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

26

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, stock selection enhanced the Fund’s relative results. Investments in the financials, consumer discretionary and information technology sectors added to performance. Security selection in the health care, utilities and consumer staples sectors limited the Fund’s gains versus the Index.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A In terms of individual positions, the Fund benefited from its overweights compared to the Index in Enova International, American Eagle Outfitters and Delek U.S. Holdings. Our positive views on Quality and Sentiment led to the Fund’s overweight in Enova International, an online lending company. The overweight position in clothing retailer American Eagle Outfitters was based on our positive views on Sentiment and Profitability. We adopted the overweight in Delek U.S. Holdings, an energy company focused on petroleum refining, logistics and convenience store retailing, because of our positive views on Quality and Sentiment.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A During the Reporting Period, the Fund was hampered by its overweight positions in Consolidated Communications Holdings, an Internet service provider and telecommunications company; Esterline Technologies, a designer and manufacturer of specialty products primarily for aerospace and defense customers; and Rush Enterprises, a commercial vehicle retailer. We chose to overweight Consolidated Communications Holdings due to our positive views on Valuation and Sentiment. The Fund was overweight Esterline Technologies as a result of our positive views on Momentum and Profitability. Our positive views on Momentum and Quality led us to overweight Rush Enterprises.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the industrials, consumer discretionary and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, information technology and financials sectors. The Fund was relatively neutral compared to the Index in the real estate, consumer staples, energy, telecommunication services and health care sectors at the end of the Reporting Period.

27

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		3.73	%		0.94	%
Class C		3.34			0.94
Institutional		3.92			0.94
Investor		3.86			0.94
Class R		3.59			0.94
Class R6		3.93			0.94
April 16, 2018–April 30, 2018
Class P		-0.98	%		-0.62	%

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

²  The Russell 2000^® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The 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 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.93	%		9.65	%		8.73	%		5.37	%		06/25/07
Class C		5.98			10.08			8.53			5.12			06/25/07
Institutional		8.29			11.34			9.81			6.36			06/25/07
Investor		8.14			11.17			9.59			8.12			11/30/07
Class P		N/A			N/A			N/A			N/A			04/16/18
Class R		7.61			10.62			9.06			7.62			11/30/07
Class R6		8.30			N/A			N/A			11.92			07/31/15

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 P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

28

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.44	%
Class C		1.98			2.19
Institutional		0.84			1.05
Investor		0.98			1.19
Class P		0.83			1.04
Class R		1.48			1.69
Class R6		0.83			1.04

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185
Holding	% of Net Assets			Line of Business
KLX, Inc.		0.9	%	Aerospace & Defense
First Citizens BancShares, Inc. Class A		0.9		Banks
American Eagle Outfitters, Inc.		0.9		Specialty Retail
Portland General Electric Co.		0.9		Electric Utilities
Sunstone Hotel Investors, Inc.		0.9		Equity Real Estate Investment Trusts (REITs)
Carpenter Technology Corp.		0.9		Metals & Mining
UMB Financial Corp.		0.8		Banks
Callaway Golf Co.		0.8		Leisure Products
McGrath RentCorp		0.8		Commercial Services & Supplies
American Equity Investment Life Holding Co.		0.8		Insurance

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

29

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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 April 30, 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.

30

PORTFOLIO RESULTS

Goldman Sachs U.S. Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 4.60%, 4.21%, 4.81%, 4.54%, 4.74%, 4.48% and 4.81%, respectively. These returns compare to the 3.82% cumulative total return of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -1.08% compared to the -1.08% cumulative total return of the Index.

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

A During the Reporting Period, the Fund outperformed the Index, with five of our quantitative model’s six investment themes adding to relative returns. Stock selection overall bolstered results.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, five of our six investment themes–Quality, Profitability, Momentum, Management and Sentiment–contributed positively to the Fund’s relative performance. The Quality theme seeks to assess both firm and management quality. The Profitability theme assesses whether a company is earning more than its cost of capital. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

Our Valuation theme detracted from relative returns. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Q How did the Fund’s sector and industry allocations affect relative performance?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

31

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, security selection overall enhanced relative results. The Fund benefited from its holdings in the energy, financials and industrials sectors. Investments in the health care, information technology and consumer discretionary sectors detracted from relative returns.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund was helped by its overweights compared to the Index in petroleum refiner Valero Energy and aerospace and defense company Boeing. Our positive views on Valuation and Momentum led us to overweight Valero Energy, while the overweight in Boeing was due to our positive views on Quality and Sentiment. An underweight in industrial conglomerate General Electric, based on our negative views on Sentiment and Quality, also added to the Fund’s relative performance.

Q Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

A During the Reporting Period, the Fund’s overweight positions in Pacific Gas and Electric Company (“PG&E”) and Cigna detracted from relative returns. The overweight in utilities company PG&E was the result of our positive views on Sentiment and Valuation. We decided to overweight health care insurer Cigna because of our positive views on Sentiment and Momentum. An underweight in Cisco Systems, an information technology and networking company, also hurt relative results. The Fund’s underweight in Cisco Systems was driven by our negative views on Momentum and Profitability.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight the health care, consumer discretionary, real estate and energy sectors relative to the Index. Compared to the Index, the Fund was underweight the information technology, consumer staples, utilities, industrials, telecommunication services and materials sectors. The Fund was relatively neutral compared to the Index in the financials sector at the end of the Reporting Period.

32

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		4.60	%		3.82	%
Class C		4.21			3.82
Institutional		4.81			3.82
Service		4.54			3.82
Investor		4.74			3.82
Class R		4.48			3.82
Class R6		4.81			3.82
April 16, 2018–April 30, 2018
Class P		-1.08	%		-1.08	%

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		9.76	%		12.30	%		8.58	%		8.56	%		05/24/91
Class C		14.15			12.72			8.38			5.77			08/15/97
Institutional		16.61			14.03			9.62			9.04			06/15/95
Service		16.02			13.45			9.08			7.67			06/07/96
Investor		16.44			13.85			9.46			7.78			11/30/07
Class P		N/A			N/A			N/A			N/A			04/16/18
Class R		15.87			13.29			8.93			7.25			11/30/07
Class R6		16.61			N/A			N/A			11.64			07/31/15

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 P, 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.

33

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		1.02	%
Class C		1.70			1.77
Institutional		0.56			0.63
Service		1.06			1.13
Investor		0.70			0.77
Class P		0.55			0.62
Class R		1.20			1.27
Class R6		0.55			0.62

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, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185
Holding	% of Net Assets			Line of Business
Apple, Inc.		2.7	%	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		2.7		Internet & Direct Marketing Retail
Johnson & Johnson		2.5		Pharmaceuticals
Microsoft Corp.		2.2		Software
Facebook, Inc. Class A		1.8		Internet Software & Services
AbbVie, Inc.		1.7		Biotechnology
Medtronic PLC		1.5		Health Care Equipment & Supplies
International Business Machines Corp.		1.5		IT Services
Alphabet, Inc. Class C		1.4		Internet Software & Services
Merck & Co., Inc.		1.4		Pharmaceuticals

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

34

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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.

35

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.4%
Aerospace & Defense – 2.7%
	64,847	Lockheed Martin Corp.	$	20,805,511
	102,146	The Boeing Co.		34,071,820
				54,877,331
Air Freight & Logistics – 0.4%
	127,197	Expeditors International of Washington, Inc.		8,122,800
Airlines – 0.3%
	58,036	Copa Holdings SA Class A		6,800,078
Auto Components – 0.4%
	69,313	Gentex Corp.		1,576,178
	40,617	Lear Corp.		7,594,160
				9,170,338
Automobiles – 1.0%
	538,966	General Motors Co.		19,801,611
Banks – 1.2%
	496,530	Citizens Financial Group, Inc.		20,601,030
	15,299	SVB Financial Group*		4,583,733
				25,184,763
Beverages – 0.1%
	22,590	Molson Coors Brewing Co. Class B		1,609,312
	4,207	PepsiCo, Inc.		424,654
				2,033,966
Biotechnology – 6.2%
	473,132	AbbVie, Inc.		45,680,895
	34,812	Alexion Pharmaceuticals, Inc.*		4,094,936
	1,985	Amgen, Inc.		346,343
	75,315	Biogen, Inc.*		20,606,184
	254,515	Celgene Corp.*		22,168,256
	128,208	Exelixis, Inc.*		2,669,291
	35,030	Regeneron Pharmaceuticals, Inc.*		10,637,910
	135,922	Vertex Pharmaceuticals, Inc.*		20,817,813
				127,021,628
Building Products – 0.6%
	333,110	Masco Corp.		12,614,876
Capital Markets – 1.8%
	177,255	BGC Partners, Inc. Class A		2,368,127
	92,642	Intercontinental Exchange, Inc.		6,712,839
	93,730	S&P Global, Inc.		17,677,478
	110,763	State Street Corp.		11,051,932
				37,810,376
Chemicals – 0.5%
	183,672	Huntsman Corp.		5,467,915
	84,820	W.R. Grace & Co.		5,805,081
				11,272,996
Commercial Services & Supplies – 0.5%
	219,189	KAR Auction Services, Inc.		11,395,636
Common Stocks – (continued)
Communications Equipment* – 2.3%
	52,341	Arista Networks, Inc.		13,846,811
	118,632	F5 Networks, Inc.		19,347,693
	78,927	Palo Alto Networks, Inc.		15,194,237
				48,388,741
Consumer Finance – 0.3%
	224,472	Ally Financial, Inc.		5,858,719
Containers & Packaging – 1.3%
	206,081	Berry Global Group, Inc.*		11,334,455
	921,553	Graphic Packaging Holding Co.		13,178,208
	95,665	Owens-Illinois, Inc.*		1,944,869
				26,457,532
Distributors – 0.2%
	26,259	Pool Corp.		3,645,012
Diversified Consumer Services – 0.1%
	21,169	Bright Horizons Family Solutions, Inc.*		2,008,515
	21,053	Service Corp. International		768,645
				2,777,160
Diversified Financial Services – 0.2%
	171,362	Leucadia National Corp.		4,119,542
Electrical Equipment – 0.8%
	233,397	AMETEK, Inc.		16,291,111
Electronic Equipment, Instruments & Components – 0.8%
	39,407	CDW Corp.		2,809,325
	60,258	Jabil, Inc.		1,602,863
	218,648	National Instruments Corp.		8,940,517
	18,903	Zebra Technologies Corp. Class A*		2,548,691
				15,901,396
Energy Equipment & Services – 0.8%
	293,998	Halliburton Co.		15,578,954
Equity Real Estate Investment Trusts (REITs) – 3.6%
	207,459	American Tower Corp.		28,289,109
	13,190	Equinix, Inc.		5,550,220
	205,592	Forest City Realty Trust, Inc. Class A		4,124,176
	32,809	Gaming and Leisure Properties, Inc.		1,124,364
	774,155	Host Hotels & Resorts, Inc.		15,142,472
	11,580	Lamar Advertising Co. Class A		737,762
	125,367	SBA Communications Corp.*		20,087,554
				75,055,657
Food & Staples Retailing – 0.8%
	65,664	Sprouts Farmers Market, Inc.*		1,643,570
	211,306	Walgreens Boots Alliance, Inc.		14,041,284
				15,684,854
Food Products – 1.1%
	502,402	Conagra Brands, Inc.		18,624,042
	92,377	General Mills, Inc.		4,040,570
				22,664,612

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – 3.6%
	915,421	Boston Scientific Corp.*	$	26,290,891
	59,293	Edwards Lifesciences Corp.*		7,551,557
	70,372	IDEXX Laboratories, Inc.*		13,686,650
	280,403	Medtronic PLC		22,468,693
	23,624	Varian Medical Systems, Inc.*		2,730,698
	27,654	West Pharmaceutical Services, Inc.		2,439,359
				75,167,848
Health Care Providers & Services – 3.0%
	76,198	HCA Healthcare, Inc.		7,295,196
	58,823	Humana, Inc.		17,304,550
	66,088	UnitedHealth Group, Inc.		15,623,203
	103,216	WellCare Health Plans, Inc.*		21,175,795
				61,398,744
Health Care Technology* – 0.1%
	38,791	Cerner Corp.		2,259,576
Hotels, Restaurants & Leisure – 3.9%
	139,901	Hilton Worldwide Holdings, Inc.		11,029,795
	94,470	Las Vegas Sands Corp.		6,927,485
	144,748	Marriott International, Inc. Class A		19,784,157
	55,692	McDonald’s Corp.		9,325,068
	32,027	Vail Resorts, Inc.		7,344,111
	81,222	Wyndham Worldwide Corp.		9,276,365
	181,802	Yum! Brands, Inc.		15,834,954
				79,521,935
Household Durables – 0.6%
	10,752	D.R. Horton, Inc.		474,593
	265,295	PulteGroup, Inc.		8,054,356
	26,410	Whirlpool Corp.		4,092,230
				12,621,179
Industrial Conglomerates – 0.3%
	36,526	Honeywell International, Inc.		5,284,582
Insurance – 2.9%
	83,845	Arch Capital Group Ltd.*		6,718,500
	62,212	Arthur J. Gallagher & Co.		4,354,218
	228,927	The Allstate Corp.		22,393,639
	425,825	The Progressive Corp.		25,672,989
				59,139,346
Internet & Direct Marketing Retail – 6.5%
	62,835	Amazon.com, Inc.*		98,407,778
	7,322	Booking Holdings, Inc.*		15,947,316
	14,841	Expedia Group, Inc.		1,708,793
	57,700	Netflix, Inc.*		18,028,942
				134,092,829
Internet Software & Services* – 7.8%
	46,839	Alphabet, Inc. Class A(a)		47,709,269
	47,585	Alphabet, Inc. Class C		48,409,648
	374,426	Facebook, Inc. Class A		64,401,272
				160,520,189
Common Stocks – (continued)
IT Services – 3.9%
	92,051	Accenture PLC Class A		13,918,111
	37,721	Black Knight, Inc.*		1,835,127
	74,979	DXC Technology Co.		7,727,336
	236,654	International Business Machines Corp.		34,305,364
	27,422	Mastercard, Inc. Class A		4,888,520
	4,685	PayPal Holdings, Inc.*		349,548
	45,026	Teradata Corp.*		1,842,464
	118,788	Visa, Inc. Class A		15,071,821
				79,938,291
Life Sciences Tools & Services* – 0.4%
	13,673	Mettler-Toledo International, Inc.		7,655,923
Machinery – 2.1%
	62,127	Caterpillar, Inc.		8,968,654
	248,933	Ingersoll-Rand PLC		20,882,989
	220,097	The Toro Co.		12,851,464
				42,703,107
Media – 2.0%
	21,895	Charter Communications, Inc. Class A*		5,939,895
	662,608	Comcast Corp. Class A		20,799,265
	662,561	The Interpublic Group of Cos., Inc.		15,629,814
				42,368,974
Metals & Mining – 0.0%
	21,554	Steel Dynamics, Inc.		965,835
Multiline Retail* – 0.2%
	39,615	Dollar Tree, Inc.		3,798,682
Oil, Gas & Consumable Fuels – 2.6%
	233,528	CNX Resources Corp.*		3,470,226
	261,338	Marathon Petroleum Corp.		19,576,830
	93,117	Phillips 66		10,364,853
	192,298	Valero Energy Corp.		21,331,617
				54,743,526
Personal Products – 1.4%
	44,494	Nu Skin Enterprises, Inc. Class A		3,165,748
	171,627	The Estee Lauder Cos., Inc. Class A		25,416,243
				28,581,991
Pharmaceuticals – 2.4%
	256,677	Bristol-Myers Squibb Co.		13,380,572
	70,002	Johnson & Johnson		8,854,553
	322,317	Zoetis, Inc.		26,907,023
				49,142,148
Professional Services* – 0.2%
	11,381	CoStar Group, Inc.		4,172,957
Real Estate Management & Development* – 0.9%
	394,573	CBRE Group, Inc. Class A		17,878,103

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Road & Rail – 1.6%
	232,171	CSX Corp.	$	13,788,636
	17,387	Ryder System, Inc.		1,172,405
	134,407	Union Pacific Corp.		17,960,807
				32,921,848
Semiconductors & Semiconductor Equipment – 3.9%
	513,872	Applied Materials, Inc.		25,524,022
	139,041	KLA-Tencor Corp.		14,146,031
	70,397	Lam Research Corp.		13,027,669
	54,926	Maxim Integrated Products, Inc.		2,993,467
	371,929	Micron Technology, Inc.*		17,101,296
	126,812	Teradyne, Inc.		4,127,731
	34,617	Texas Instruments, Inc.		3,511,202
				80,431,418
Software – 9.3%
	77,152	Adobe Systems, Inc.*		17,096,883
	236,356	Citrix Systems, Inc.*		24,323,396
	173,091	Fortinet, Inc.*		9,582,318
	7,955	Intuit, Inc.		1,470,005
	973,910	Microsoft Corp.		91,080,063
	159,710	salesforce.com, Inc.*		19,323,313
	82,953	ServiceNow, Inc.*		13,781,811
	155,326	Splunk, Inc.*		15,944,214
				192,602,003
Specialty Retail – 2.3%
	206,623	Best Buy Co., Inc.		15,812,858
	55,397	Burlington Stores, Inc.*		7,525,683
	144,006	Dick’s Sporting Goods, Inc.		4,765,159
	64,484	Ross Stores, Inc.		5,213,531
	70,410	The Home Depot, Inc.		13,011,768
	14,466	The TJX Cos., Inc.		1,227,440
				47,556,439
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 7.5%
	684,472	Apple, Inc.(a)		113,115,842
	338,468	NetApp, Inc.		22,535,200
	233,713	Western Digital Corp.		18,414,247
				154,065,289
	TOTAL COMMON STOCKS
	(Cost $1,776,960,255)		$	2,008,062,451
Shares		Distribution Rate	Value
Investment Company(b) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	23,211,669	1.623%	$	23,211,669
	(Cost $23,211,669)
	TOTAL INVESTMENTS – 98.5%
	(Cost $1,800,171,924)		$	2,031,274,120
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%			31,604,852
	NET ASSETS – 100.0%		$	2,062,878,972

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 segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount	Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	253		06/15/18	$33,484,550	$	(1,795,490	)

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Aerospace & Defense – 0.3%
	12,206	Arconic, Inc.	$	217,389
	3,609	Lockheed Martin Corp.		1,157,911
				1,375,300
Air Freight & Logistics – 0.4%
	29,528	Expeditors International of Washington, Inc.		1,885,658
Airlines – 0.5%
	8,691	Copa Holdings SA Class A		1,018,324
	26,122	Delta Air Lines, Inc.		1,364,091
				2,382,415
Auto Components – 0.4%
	48,579	Gentex Corp.		1,104,686
	4,440	Lear Corp.		830,147
				1,934,833
Automobiles – 1.4%
	167,678	General Motors Co.		6,160,490
Banks – 10.6%
	205,680	Bank of America Corp.		6,153,946
	31,124	Citigroup, Inc.		2,124,835
	126,586	Citizens Financial Group, Inc.		5,252,053
	42,785	Comerica, Inc.		4,046,605
	86,788	JPMorgan Chase & Co.		9,440,799
	166,765	KeyCorp		3,321,959
	3,743	M&T Bank Corp.		682,237
	16,543	PacWest Bancorp		847,663
	156,157	Regions Financial Corp.		2,920,136
	35,562	SunTrust Banks, Inc.		2,375,542
	13,715	SVB Financial Group*		4,109,151
	37,591	Synovus Financial Corp.		1,964,882
	77,387	Wells Fargo & Co.		4,021,028
	3,475	Western Alliance Bancorp*		204,955
				47,465,791
Beverages – 1.1%
	67,287	Molson Coors Brewing Co. Class B		4,793,526
Biotechnology – 3.2%
	37,660	AbbVie, Inc.		3,636,073
	7,277	Alexion Pharmaceuticals, Inc.*		855,994
	26,848	Amgen, Inc.		4,684,439
	13,647	Biogen, Inc.*		3,733,819
	5,245	Celgene Corp.*		456,839
	5,443	Vertex Pharmaceuticals, Inc.*		833,650
				14,200,814
Building Products – 0.6%
	71,466	Masco Corp.		2,706,417
Capital Markets – 3.2%
	11,161	Ameriprise Financial, Inc.		1,564,884
	166,556	BGC Partners, Inc. Class A		2,225,188
	59,688	Intercontinental Exchange, Inc.		4,324,993
	4,319	S&P Global, Inc.		814,563
Common Stocks – (continued)
Capital Markets – (continued)
	55,697	State Street Corp.		5,557,447
				14,487,075
Chemicals – 0.8%
	18,347	CF Industries Holdings, Inc.		711,864
	56,094	Huntsman Corp.		1,669,918
	11,754	LyondellBasell Industries NV Class A		1,242,750
				3,624,532
Communications Equipment – 1.2%
	2,944	Arista Networks, Inc.*		778,835
	9,033	ARRIS International PLC*		243,891
	78,156	Cisco Systems, Inc.		3,461,530
	3,667	Palo Alto Networks, Inc.*		705,934
				5,190,190
Construction & Engineering* – 0.1%
	9,727	AECOM		334,998
Consumer Finance – 2.0%
	179,784	Ally Financial, Inc.		4,692,362
	16,640	Capital One Financial Corp.		1,507,917
	81,527	Synchrony Financial		2,704,251
				8,904,530
Containers & Packaging – 1.2%
	116,746	Graphic Packaging Holding Co.		1,669,468
	5,779	International Paper Co.		297,965
	5,838	Owens-Illinois, Inc.*		118,686
	52,336	WestRock Co.		3,096,198
				5,182,317
Diversified Consumer Services – 0.1%
	7,544	H&R Block, Inc.		208,592
Diversified Financial Services – 2.9%
	48,340	Berkshire Hathaway, Inc. Class B*		9,364,908
	142,997	Leucadia National Corp.		3,437,648
				12,802,556
Diversified Telecommunication Services – 0.8%
	114,643	AT&T, Inc.		3,748,826
Electric Utilities – 1.0%
	37,915	Exelon Corp.		1,504,467
	1,850	Pinnacle West Capital Corp.		148,925
	103,582	PPL Corp.		3,014,236
				4,667,628
Electrical Equipment – 1.0%
	64,446	AMETEK, Inc.		4,498,331
Electronic Equipment, Instruments & Components – 0.9%
	109,495	Jabil, Inc.		2,912,567
	21,995	National Instruments Corp.		899,376
				3,811,943

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy Equipment & Services – 1.7%
	96,961	Halliburton Co.	$	5,137,964
	36,263	Schlumberger Ltd.		2,486,191
				7,624,155
Equity Real Estate Investment Trusts (REITs) – 5.4%
	149,181	American Homes 4 Rent Class A		3,013,456
	3,348	American Tower Corp.		456,533
	5,518	Apartment Investment & Management Co. Class A		224,031
	18,710	Duke Realty Corp.		507,041
	231,113	Forest City Realty Trust, Inc. Class A		4,636,127
	54,653	Gaming and Leisure Properties, Inc.		1,872,958
	15,465	Hospitality Properties Trust		384,769
	254,658	Host Hotels & Resorts, Inc.		4,981,111
	144,209	Kimco Realty Corp.		2,092,473
	27,505	Mid-America Apartment Communities, Inc.		2,515,607
	94,893	Piedmont Office Realty Trust, Inc. Class A		1,700,483
	5,915	SBA Communications Corp.*		947,760
	17,317	Weyerhaeuser Co.		636,919
				23,969,268
Food & Staples Retailing – 1.7%
	10,795	US Foods Holding Corp.*		368,973
	91,988	Walgreens Boots Alliance, Inc.		6,112,603
	9,936	Walmart, Inc.		878,938
				7,360,514
Food Products – 1.8%
	131,989	Conagra Brands, Inc.		4,892,832
	56,937	General Mills, Inc.		2,490,425
	6,449	Tyson Foods, Inc. Class A		452,075
				7,835,332
Gas Utilities – 0.2%
	20,739	UGI Corp.		1,003,560
Health Care Equipment & Supplies – 2.8%
	152,385	Boston Scientific Corp.*		4,376,497
	1,414	Hill-Rom Holdings, Inc.		121,364
	101,437	Medtronic PLC		8,128,147
				12,626,008
Health Care Providers & Services – 2.8%
	2,491	Anthem, Inc.		587,851
	32,185	HCA Healthcare, Inc.		3,081,392
	15,437	Humana, Inc.		4,541,257
	1,088	Universal Health Services, Inc. Class B		124,249
	20,286	WellCare Health Plans, Inc.*		4,161,876
				12,496,625
Hotels, Restaurants & Leisure – 0.4%
	8,683	Hilton Worldwide Holdings, Inc.		684,568
	36,110	MGM Resorts International		1,134,576
	1,084	Royal Caribbean Cruises Ltd.		117,278
				1,936,422
Common Stocks – (continued)
Household Durables – 1.0%
	66,518	PulteGroup, Inc.		2,019,487
	15,471	Whirlpool Corp.		2,397,231
				4,416,718
Household Products – 0.4%
	27,251	The Procter & Gamble Co.		1,971,337
Independent Power and Renewable Electricity Producers – 0.1%
	17,521	AES Corp.		214,457
	9,247	NRG Energy, Inc.		286,657
				501,114
Industrial Conglomerates – 0.1%
	1,826	Honeywell International, Inc.		264,186
Insurance – 7.0%
	46,750	Arch Capital Group Ltd.*		3,746,077
	49,236	Arthur J. Gallagher & Co.		3,446,028
	79,322	Assured Guaranty Ltd.		2,878,595
	23,976	Athene Holding Ltd. Class A*		1,174,824
	3,807	First American Financial Corp.		194,576
	18,980	Prudential Financial, Inc.		2,017,954
	27,140	Reinsurance Group of America, Inc.		4,054,716
	54,963	The Allstate Corp.		5,376,481
	27,899	The Progressive Corp.		1,682,031
	48,075	Torchmark Corp.		4,170,025
	2,689	White Mountains Insurance Group Ltd.		2,326,765
				31,068,072
Internet Software & Services* – 0.1%
	8,416	Twitter, Inc.		255,089
IT Services – 1.2%
	38,310	International Business Machines Corp.		5,553,418
Machinery – 1.2%
	1,398	AGCO Corp.		87,627
	4,915	Caterpillar, Inc.		709,529
	55,183	Ingersoll-Rand PLC		4,629,302
				5,426,458
Media – 3.2%
	3,542	Charter Communications, Inc. Class A*		960,909
	143,994	Comcast Corp. Class A		4,519,972
	99,157	News Corp. Class A		1,584,529
	179,876	The Interpublic Group of Cos., Inc.		4,243,275
	26,919	Time Warner, Inc.		2,551,921
	15,045	Viacom, Inc. Class B		453,757
				14,314,363
Metals & Mining – 0.7%
	80,357	Freeport-McMoRan, Inc.		1,222,230
	42,472	Steel Dynamics, Inc.		1,903,170
				3,125,400
Multi-Utilities – 1.6%
	64,020	CenterPoint Energy, Inc.		1,621,627

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Multi-Utilities – (continued)
	35,958	CMS Energy Corp.	$	1,696,858
	132,279	MDU Resources Group, Inc.		3,726,299
				7,044,784
Multiline Retail* – 0.1%
	5,850	Dollar Tree, Inc.		560,957
Oil, Gas & Consumable Fuels – 11.1%
	47,743	Chevron Corp.(a)		5,973,127
	212,514	CNX Resources Corp.*		3,157,958
	110,406	ConocoPhillips		7,231,593
	99,146	Exxon Mobil Corp.		7,708,601
	63,542	HollyFrontier Corp.		3,856,364
	141,926	Marathon Oil Corp.		2,590,150
	74,764	Marathon Petroleum Corp.		5,600,571
	15,730	PBF Energy, Inc. Class A		602,931
	57,051	Phillips 66		6,350,347
	57,983	Valero Energy Corp.		6,432,054
				49,503,696
Personal Products – 0.1%
	8,807	Nu Skin Enterprises, Inc. Class A		626,618
Pharmaceuticals – 7.9%
	9,591	Allergan PLC		1,473,657
	98,597	Bristol-Myers Squibb Co.		5,139,862
	96,405	Johnson & Johnson		12,194,269
	135,807	Merck & Co., Inc.		7,994,958
	9,680	Perrigo Co. PLC		756,395
	93,100	Pfizer, Inc.		3,408,391
	52,578	Zoetis, Inc.		4,389,211
				35,356,743
Professional Services – 0.1%
	6,077	ManpowerGroup, Inc.		581,690
Real Estate Management & Development – 2.2%
	99,692	CBRE Group, Inc. Class A*		4,517,044
	9,129	Jones Lang LaSalle, Inc.		1,547,457
	155,300	Realogy Holdings Corp.		3,852,993
				9,917,494
Road & Rail – 2.1%
	49,745	CSX Corp.		2,954,356
	14,773	Kansas City Southern		1,575,245
	17,482	Norfolk Southern Corp.		2,508,142
	31,435	Ryder System, Inc.		2,119,662
				9,157,405
Semiconductors & Semiconductor Equipment – 1.6%
	87,535	Intel Corp.		4,518,557
	49,558	Micron Technology, Inc.*		2,278,677
	7,295	Teradyne, Inc.		237,452
				7,034,686
Common Stocks – (continued)
Software – 1.1%
	46,006	Citrix Systems, Inc.*		4,734,477
	3,596	Oracle Corp.		164,229
	1,967	Splunk, Inc.*		201,913
				5,100,619
Specialty Retail – 1.6%
	69,249	Best Buy Co., Inc.		5,299,626
	7,905	Burlington Stores, Inc.*		1,073,894
	11,822	Dick’s Sporting Goods, Inc.		391,190
	4,333	Foot Locker, Inc.		186,666
	4,435	Urban Outfitters, Inc.*		178,597
				7,129,973
Technology Hardware, Storage & Peripherals – 2.2%
	36,960	HP, Inc.		794,270
	68,091	NetApp, Inc.		4,533,499
	56,252	Western Digital Corp.		4,432,095
				9,759,864
Tobacco – 0.1%
	7,758	Philip Morris International, Inc.		636,156
	TOTAL COMMON STOCKS
	(Cost $417,833,345)		$	434,525,486
Shares		Distribution Rate	Value
Investment Company(b) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,657,952	1.623%	$	4,657,952
	(Cost $4,657,952)
	TOTAL INVESTMENTS – 98.4%
	(Cost $422,491,297)		$	439,183,438
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			7,270,923
	NET ASSETS – 100.0%		$	446,454,361

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 segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	54	06/15/18	$	7,146,900	$	(383,227	)

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Aerospace & Defense – 1.5%
	4,268	Curtiss-Wright Corp.	$	546,475
	26,223	Esterline Technologies Corp.*		1,884,123
	30,176	KLX, Inc.*		2,360,668
	1,897	Vectrus, Inc.*		68,292
				4,859,558
Air Freight & Logistics* – 0.4%
	43,876	Echo Global Logistics, Inc.		1,197,815
Airlines – 0.2%
	11,393	SkyWest, Inc.		648,262
Auto Components – 1.1%
	16,277	Cooper-Standard Holdings, Inc.*		2,015,092
	5,389	Modine Manufacturing Co.*		92,691
	36,007	Tenneco, Inc.		1,609,153
				3,716,936
Banks – 6.5%
	1,540	1st Source Corp.		80,080
	6,051	Banner Corp.		347,327
	45,103	Cadence BanCorp		1,318,361
	57,813	Central Pacific Financial Corp.		1,681,202
	55,901	CVB Financial Corp.		1,238,207
	8,880	Fidelity Southern Corp.		201,842
	1,900	First Bancorp/Southern Pines NC		72,485
	57,582	First Busey Corp.		1,707,306
	5,327	First Citizens BancShares, Inc. Class A		2,302,809
	11,778	First Financial Corp.		503,510
	4,964	First Foundation, Inc.*		88,806
	10,153	First Internet Bancorp		347,233
	41,800	Hanmi Financial Corp.		1,153,680
	1,742	Hilltop Holdings, Inc.		39,056
	32,208	Home BancShares, Inc.		748,514
	48,369	International Bancshares Corp.		1,925,086
	6,733	Mercantile Bank Corp.		237,675
	6,514	NBT Bancorp, Inc.		238,022
	1,679	Nicolet Bankshares, Inc.*		93,302
	7,392	Northeast Bancorp		144,144
	43,272	OFG Bancorp		584,172
	9,797	Old National Bancorp		168,508
	15,427	Pacific Premier Bancorp, Inc.*		613,223
	2,751	Peapack Gladstone Financial Corp.		90,893
	4,340	Peoples Bancorp, Inc.		155,632
	11,042	Seacoast Banking Corp. of Florida*		305,090
	5,398	Sierra Bancorp		150,388
	36,718	TriCo Bancshares		1,372,152
	6,630	TriState Capital Holdings, Inc.*		165,750
	28,462	UMB Financial Corp.		2,179,620
	13,177	Umpqua Holdings Corp.		310,450
	19,432	United Community Banks, Inc.		620,464
				21,184,989
Beverages – 0.3%
	10,286	National Beverage Corp.		908,871
Biotechnology* – 7.2%
	22,963	Acceleron Pharma, Inc.		801,638
Common Stocks – (continued)
Biotechnology* – (continued)
	60,895	Array BioPharma, Inc.		825,736
	14,052	BioSpecifics Technologies Corp.		596,086
	5,807	Bluebird Bio, Inc.		988,061
	11,287	Calithera Biosciences, Inc.		69,415
	18,232	Catalyst Pharmaceuticals, Inc.		51,050
	25,725	ChemoCentryx, Inc.		281,174
	6,783	Concert Pharmaceuticals, Inc.		123,790
	57,342	CytomX Therapeutics, Inc.		1,508,095
	12,938	Editas Medicine, Inc.		406,253
	10,658	Emergent BioSolutions, Inc.		552,724
	13,218	Enanta Pharmaceuticals, Inc.		1,229,935
	7,404	Epizyme, Inc.		95,141
	6,531	Exact Sciences Corp.		326,615
	25,902	FibroGen, Inc.		1,177,246
	55,097	Genomic Health, Inc.		1,748,228
	10,805	Global Blood Therapeutics, Inc.		477,041
	105,647	Halozyme Therapeutics, Inc.		1,999,898
	5,084	Ligand Pharmaceuticals, Inc.		787,257
	6,817	Loxo Oncology, Inc.		858,328
	8,806	MacroGenics, Inc.		203,066
	38,438	Myriad Genetics, Inc.		1,087,411
	187,239	PDL BioPharma, Inc.		546,738
	70,750	Pieris Pharmaceuticals, Inc.		450,678
	44,014	PTC Therapeutics, Inc.		1,220,508
	1,952	Puma Biotechnology, Inc.		124,440
	12,097	REGENXBIO, Inc.		451,823
	42,692	Retrophin, Inc.		1,071,569
	10,320	Sage Therapeutics, Inc.		1,485,254
	51,852	Sangamo Therapeutics, Inc.		819,262
	7,263	Sarepta Therapeutics, Inc.		554,603
	18,236	Xencor, Inc.		528,662
				23,447,725
Building Products* – 0.9%
	10,776	Builders FirstSource, Inc.		196,446
	66,727	Continental Building Products, Inc.		1,875,029
	44,580	PGT Innovations, Inc.		777,921
				2,849,396
Capital Markets – 2.4%
	14,199	Evercore, Inc. Class A		1,437,648
	41,930	Houlihan Lokey, Inc.		1,865,885
	68,722	Investment Technology Group, Inc.		1,389,559
	25,446	Moelis & Co. Class A		1,368,995
	25,501	Piper Jaffray Cos.		1,786,345
				7,848,432
Chemicals – 2.6%
	4,662	Balchem Corp.		411,375
	12,801	Chase Corp.		1,433,712
	28,860	Ingevity Corp.*		2,217,314
	26,122	Innophos Holdings, Inc.		1,080,928
	4,050	Innospec, Inc.		294,435
	19,778	Kraton Corp.*		903,261
	27,129	Minerals Technologies, Inc.		1,873,257
	1,046	Stepan Co.		73,555
	3,141	Trinseo SA		229,136
				8,516,973

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – 1.9%
	22,678	ACCO Brands Corp.	$	273,270
	48,160	Brady Corp. Class A		1,753,024
	74,173	Kimball International, Inc. Class B		1,225,338
	38,869	McGrath RentCorp		2,290,550
	25,216	Quad/Graphics, Inc.		623,088
	522	UniFirst Corp.		83,833
	1,004	VSE Corp.		51,495
				6,300,598
Communications Equipment – 0.9%
	28,917	CalAmp Corp.*		571,111
	31,032	Comtech Telecommunications Corp.		949,269
	57,968	NetScout Systems, Inc.*		1,573,831
				3,094,211
Construction & Engineering – 1.9%
	16,195	Argan, Inc.		647,800
	12,498	Comfort Systems USA, Inc.		527,416
	27,887	EMCOR Group, Inc.		2,052,204
	6,126	Granite Construction, Inc.		320,880
	85,761	KBR, Inc.		1,431,351
	47,899	Primoris Services Corp.		1,225,735
				6,205,386
Consumer Finance – 1.2%
	59,046	Enova International, Inc.*		1,730,048
	25,362	Green Dot Corp. Class A*		1,542,263
	9,243	Nelnet, Inc. Class A		488,123
	2,916	Regional Management Corp.*		95,849
				3,856,283
Containers & Packaging – 0.0%
	2,563	Greif, Inc. Class A		149,987
Distributors – 0.0%
	1,662	Weyco Group, Inc.		60,995
Diversified Consumer Services* – 2.2%
	30,233	Adtalem Global Education, Inc.		1,439,091
	7,149	American Public Education, Inc.		288,105
	18,064	Grand Canyon Education, Inc.		1,878,475
	194,349	Houghton Mifflin Harcourt Co.		1,321,573
	57,027	K12, Inc.		872,513
	25,835	Sotheby’s		1,364,088
	1,564	Weight Watchers International, Inc.		109,558
				7,273,403
Diversified Financial Services* – 0.0%
	22,556	On Deck Capital, Inc.		118,419
Diversified Telecommunication Services – 1.2%
	43,372	Cogent Communications Holdings, Inc.		2,044,990
	173,969	Vonage Holdings Corp.*		1,944,973
				3,989,963
Electric Utilities – 0.6%
	48,324	Portland General Electric Co.		2,052,804
Common Stocks – (continued)
Electrical Equipment – 0.4%
	1,776	Encore Wire Corp.		93,506
	16,103	EnerSys		1,104,022
				1,197,528
Electronic Equipment, Instruments & Components – 1.7%
	50,216	AVX Corp.		741,188
	11,743	Benchmark Electronics, Inc.		308,841
	9,800	CTS Corp.		293,510
	6,843	Daktronics, Inc.		61,655
	87,966	Electro Scientific Industries, Inc.*		1,583,388
	1,994	ePlus, Inc.*		159,221
	1,599	Fabrinet*		45,108
	20,336	Kimball Electronics, Inc.*		322,326
	5,173	OSI Systems, Inc.*		331,175
	9,530	Rogers Corp.*		1,016,851
	2,805	SYNNEX Corp.		280,977
	20,443	Vishay Intertechnology, Inc.		360,819
				5,505,059
Energy Equipment & Services – 2.5%
	24,522	Archrock, Inc.		264,838
	6,054	Cactus, Inc. Class A*		173,810
	2,361	Dril-Quip, Inc.*		97,863
	62,065	Exterran Corp.*		1,817,884
	44,678	Matrix Service Co.*		688,041
	31,185	Newpark Resources, Inc.*		327,442
	39,401	Oil States International, Inc.*		1,416,466
	73,524	Pioneer Energy Services Corp.*		253,658
	9,278	ProPetro Holding Corp.*(a)		169,787
	21,690	SEACOR Holdings, Inc.*		1,189,480
	84,516	Superior Energy Services, Inc.*		906,857
	43,721	TETRA Technologies, Inc.*		171,824
	24,766	Unit Corp.*		561,693
				8,039,643
Equity Real Estate Investment Trusts (REITs) – 5.5%
	20,447	Chatham Lodging Trust		389,515
	59,790	Cousins Properties, Inc.		531,533
	185,829	DiamondRock Hospitality Co.		2,053,410
	1,133	EastGroup Properties, Inc.		101,721
	21,721	InfraREIT, Inc.		462,875
	73,102	iStar, Inc.*		741,254
	108,946	Mack-Cali Realty Corp.		1,870,603
	56,460	Pebblebrook Hotel Trust		1,975,535
	16,953	PS Business Parks, Inc.		1,954,342
	18,734	Rexford Industrial Realty, Inc.		572,324
	28,902	Ryman Hospitality Properties, Inc.		2,265,339
	140,035	Sunstone Hotel Investors, Inc.		2,184,546
	24,809	Terreno Realty Corp.		921,654
	96,783	Xenia Hotels & Resorts, Inc.		1,992,762
				18,017,413
Food & Staples Retailing – 0.3%
	10,076	Ingles Markets, Inc. Class A		345,103
	20,562	Smart & Final Stores, Inc.*		104,866
	16,737	Village Super Market, Inc. Class A		455,247
	1,557	Weis Markets, Inc.		71,653
				976,869

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Food Products – 0.9%
	5,408	Calavo Growers, Inc.(a)	$	506,730
	24,801	Darling Ingredients, Inc.*		425,089
	31,530	Dean Foods Co.		271,473
	14,001	Fresh Del Monte Produce, Inc.		688,149
	879	J&J Snack Foods Corp.		120,784
	3,229	John B. Sanfilippo & Son, Inc.		183,698
	6,671	Sanderson Farms, Inc.		741,548
				2,937,471
Gas Utilities – 0.2%
	11,676	ONE Gas, Inc.		814,051
Health Care Equipment & Supplies – 2.0%
	3,912	Analogic Corp.		325,087
	19,397	Anika Therapeutics, Inc.*		853,662
	2,208	Cantel Medical Corp.		247,451
	5,352	Cutera, Inc.*		268,403
	2,146	Inogen, Inc.*		301,685
	14,701	Integer Holdings Corp.*		807,085
	9,012	LivaNova PLC*		800,085
	11,544	NuVasive, Inc.*		614,256
	15,373	NxStage Medical, Inc.*		409,229
	30,432	Orthofix International NV*		1,856,961
				6,483,904
Health Care Providers & Services – 2.1%
	16,167	Amedisys, Inc.*		1,068,477
	2,579	Encompass Health Corp.		156,855
	16,964	Magellan Health, Inc.*		1,422,432
	26,768	Molina Healthcare, Inc.*		2,228,436
	9,572	National HealthCare Corp.		586,572
	4,353	RadNet, Inc.*		57,677
	4,537	Tivity Health, Inc.*		163,105
	39,678	Triple-S Management Corp. Class B*		1,124,871
				6,808,425
Health Care Technology* – 0.2%
	42,758	Allscripts Healthcare Solutions, Inc.		496,848
	2,709	Vocera Communications, Inc.		67,915
				564,763
Hotels, Restaurants & Leisure – 1.8%
	17,895	BJ’s Restaurants, Inc.		999,436
	8,749	Bloomin’ Brands, Inc.		207,001
	48,920	Brinker International, Inc.(a)		2,132,423
	2,743	Monarch Casino & Resort, Inc.*		117,017
	38,316	Texas Roadhouse, Inc.		2,455,289
				5,911,166
Household Durables – 1.4%
	3,236	Bassett Furniture Industries, Inc.		94,006
	53,694	KB Home(a)		1,425,576
	26,651	MDC Holdings, Inc.		773,145
	124,106	TRI Pointe Group, Inc.*		2,123,454
	6,517	William Lyon Homes Class A*		175,046
				4,591,227
Common Stocks – (continued)
Household Products* – 0.3%
	23,095	Central Garden & Pet Co. Class A		819,872
Insurance – 3.0%
	75,878	American Equity Investment Life Holding Co.		2,291,516
	35,449	Argo Group International Holdings Ltd.		2,071,994
	17,078	FBL Financial Group, Inc. Class A		1,327,815
	131,465	Genworth Financial, Inc. Class A*		362,843
	20,026	Health Insurance Innovations, Inc. Class A*(a)		570,741
	21,143	Horace Mann Educators Corp.		945,092
	20,833	Maiden Holdings Ltd.		159,372
	28,477	Stewart Information Services Corp.		1,187,776
	32,196	Trupanion, Inc.*(a)		846,111
				9,763,260
Internet & Direct Marketing Retail – 0.5%
	38,363	Groupon, Inc.*		178,004
	65,376	Liberty TripAdvisor Holdings, Inc. Class A*		601,459
	20,846	Nutrisystem, Inc.		604,534
	7,602	PetMed Express, Inc.(a)		254,363
				1,638,360
Internet Software & Services – 3.9%
	16,826	Appfolio, Inc. Class A*		806,807
	58,352	Apptio, Inc. Class A*		1,721,968
	17,681	Box, Inc. Class A*		404,188
	27,611	Cornerstone OnDemand, Inc.*		1,218,473
	16,494	Envestnet, Inc.*		895,624
	28,103	Etsy, Inc.*		841,404
	24,718	Five9, Inc.*		725,968
	6,882	GrubHub, Inc.*		696,046
	23,637	Hortonworks, Inc.*		400,174
	2,505	MINDBODY, Inc. Class A*		99,323
	32,263	New Relic, Inc.*		2,254,861
	26,843	NIC, Inc.		398,619
	24,177	Q2 Holdings, Inc.*		1,190,717
	11,601	QuinStreet, Inc.*		130,395
	23,589	Web.com Group, Inc.*		438,755
	12,798	Yelp, Inc.*		573,990
				12,797,312
IT Services – 1.3%
	18,362	EPAM Systems, Inc.*		2,099,695
	37,157	EVERTEC, Inc.		678,115
	22,167	Perficient, Inc.*		548,190
	26,271	ServiceSource International, Inc.*		99,567
	30,991	Syntel, Inc.*		895,020
				4,320,587
Leisure Products – 1.7%
	129,738	Callaway Golf Co.		2,239,278
	4,473	Johnson Outdoors, Inc. Class A		289,671
	10,758	Malibu Boats, Inc. Class A*		362,545
	39,775	MCBC Holdings, Inc.*		954,600
	107,809	Vista Outdoor, Inc.*		1,805,801
				5,651,895

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Machinery – 1.7%
	1,363	Barnes Group, Inc.	$	75,688
	39,430	Hillenbrand, Inc.		1,827,581
	9,308	Hurco Cos., Inc.		411,414
	5,909	Kadant, Inc.		545,105
	4,494	Kennametal, Inc.		163,806
	40,406	Milacron Holdings Corp.*		728,520
	10,212	Miller Industries, Inc.		252,747
	6,328	Rexnord Corp.*		174,083
	28,516	SPX FLOW, Inc.*		1,283,220
	8,461	TriMas Corp.*		229,293
				5,691,457
Marine – 0.2%
	17,348	Matson, Inc.		507,082
Media – 0.8%
	45,578	Gannett Co., Inc.		440,739
	19,001	MSG Networks, Inc. Class A*		389,521
	102,580	New Media Investment Group, Inc.		1,700,776
				2,531,036
Metals & Mining – 1.7%
	44,580	Carpenter Technology Corp.		2,374,331
	29,855	Materion Corp.		1,515,141
	57,685	Schnitzer Steel Industries, Inc. Class A		1,698,823
				5,588,295
Mortgage Real Estate Investment Trusts (REITs) – 0.3%
	2,319	AG Mortgage Investment Trust, Inc.		41,000
	180,394	Anworth Mortgage Asset Corp.		853,264
	30,682	Dynex Capital, Inc.		201,887
				1,096,151
Multi-Utilities – 0.5%
	15,681	Black Hills Corp.		888,799
	10,783	NorthWestern Corp.		592,418
				1,481,217
Oil, Gas & Consumable Fuels – 2.5%
	16,569	Arch Coal, Inc. Class A		1,339,272
	17,835	Denbury Resources, Inc.*		58,677
	13,343	Oasis Petroleum, Inc.*		147,173
	53,396	Par Pacific Holdings, Inc.*		900,791
	37,142	PDC Energy, Inc.*		1,988,583
	53,926	Peabody Energy Corp.		1,987,173
	15,265	REX American Resources Corp.*		1,141,517
	15,729	Stone Energy Corp.*		559,952
				8,123,138
Paper & Forest Products – 0.7%
	80,719	Louisiana-Pacific Corp.		2,286,769
Personal Products – 0.4%
	10,058	Inter Parfums, Inc.		514,970
	7,079	Medifast, Inc.		710,590
	1,677	USANA Health Sciences, Inc.*		177,007
				1,402,567
Common Stocks – (continued)
Pharmaceuticals – 2.3%
	5,472	Amphastar Pharmaceuticals, Inc.*		104,461
	16,876	Catalent, Inc.*		693,772
	6,639	Horizon Pharma PLC*		87,900
	68,189	Innoviva, Inc.*		988,741
	17,375	Intersect ENT, Inc.*		694,131
	16,143	Nektar Therapeutics*		1,350,523
	46,929	Phibro Animal Health Corp. Class A		1,985,097
	31,840	Supernus Pharmaceuticals, Inc.*		1,493,296
				7,397,921
Professional Services – 5.7%
	28,033	ASGN, Inc.*		2,260,301
	6,599	Barrett Business Services, Inc.		577,544
	50,788	CBIZ, Inc.*		944,657
	15,722	CRA International, Inc.		887,821
	13,700	Exponent, Inc.		1,183,680
	1,211	Forrester Research, Inc.		48,198
	19,838	FTI Consulting, Inc.*		1,158,539
	9,469	Heidrick & Struggles International, Inc.		356,508
	10,296	ICF International, Inc.		690,862
	31,638	Insperity, Inc.		2,538,949
	46,003	Kelly Services, Inc. Class A		1,346,048
	37,097	Korn/Ferry International		1,983,206
	44,337	Navigant Consulting, Inc.*		948,368
	88,731	RPX Corp.		960,957
	40,986	TriNet Group, Inc.*		2,116,927
	7,516	TrueBlue, Inc.*		200,301
	7,161	WageWorks, Inc.*		298,256
				18,501,122
Real Estate Management & Development – 0.6%
	17,236	HFF, Inc. Class A		605,673
	8,318	RE/MAX Holdings, Inc. Class A		450,420
	43,012	The St. Joe Co.*		741,957
				1,798,050
Road & Rail – 1.5%
	8,774	ArcBest Corp.		281,645
	24,972	Avis Budget Group, Inc.*		1,233,867
	85,066	Marten Transport Ltd.		1,658,787
	52,969	Werner Enterprises, Inc.		1,816,837
				4,991,136
Semiconductors & Semiconductor Equipment – 3.3%
	40,991	Amkor Technology, Inc.*		339,405
	12,636	Axcelis Technologies, Inc.*		277,992
	23,271	Cabot Microelectronics Corp.(b)		2,360,843
	43,666	Diodes, Inc.*		1,246,664
	71,366	Entegris, Inc.		2,297,985
	56,317	FormFactor, Inc.*		646,238
	6,335	MKS Instruments, Inc.		648,704
	67,338	Photronics, Inc.*		515,136
	70,478	Rambus, Inc.*		951,453
	9,885	Rudolph Technologies, Inc.*		250,585
	11,998	Silicon Laboratories, Inc.*		1,114,614
				10,649,619

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Software* – 3.2%
	13,911	Aspen Technology, Inc.	$	1,220,690
	27,537	Bottomline Technologies de, Inc.		1,088,262
	9,542	Fair Isaac Corp.		1,652,484
	10,733	HubSpot, Inc.		1,136,625
	7,089	Imperva, Inc.		317,233
	10,390	MicroStrategy, Inc. Class A		1,324,309
	14,357	Paylocity Holding Corp.		784,323
	7,094	Proofpoint, Inc.		836,666
	19,510	RingCentral, Inc. Class A		1,308,145
	8,116	Varonis Systems, Inc.		530,381
	4,600	Zendesk, Inc.		224,250
				10,423,368
Specialty Retail – 3.5%
	75,117	Abercrombie & Fitch Co. Class A		1,924,498
	5,818	America’s Car-Mart, Inc.*		310,099
	123,491	American Eagle Outfitters, Inc.		2,553,794
	27,718	Asbury Automotive Group, Inc.*		1,858,492
	2,314	Caleres, Inc.		75,737
	19,194	Citi Trends, Inc.		587,912
	13,348	DSW, Inc. Class A		297,660
	130,142	Express, Inc.*		1,020,313
	1,257	Five Below, Inc.*		88,757
	23,230	Hibbett Sports, Inc.*		631,856
	25,800	Tailored Brands, Inc.		813,990
	1,094	The Children’s Place, Inc.		139,540
	42,738	Zumiez, Inc.*		1,000,069
				11,302,717
Technology Hardware, Storage & Peripherals* – 0.6%
	95,061	Pure Storage, Inc. Class A		1,923,084
Textiles, Apparel & Luxury Goods – 0.4%
	1,084	Columbia Sportswear Co.		89,983
	78,989	Crocs, Inc.*		1,248,026
				1,338,009
Thrifts & Mortgage Finance – 3.1%
	8,467	BankFinancial Corp.		143,346
	85,400	Beneficial Bancorp, Inc.		1,353,590
	149,814	Capitol Federal Financial, Inc.		1,868,181
	21,020	Federal Agricultural Mortgage Corp. Class C		1,797,420
	4,807	First Defiance Financial Corp.		286,786
	13,733	Home Bancorp, Inc.		595,326
	5,460	Meta Financial Group, Inc.		606,879
	123,645	TrustCo Bank Corp. NY		1,057,165
	36,820	United Community Financial Corp.		372,987
	14,462	United Financial Bancorp, Inc.		239,057
	29,914	Walker & Dunlop, Inc.		1,708,388
	3,178	Washington Federal, Inc.		100,901
				10,130,026
Tobacco – 0.5%
	86,293	Vector Group Ltd.		1,682,713
Common Stocks – (continued)
Trading Companies & Distributors – 0.9%
	23,850	Aircastle Ltd.		467,460
	47,997	H&E Equipment Services, Inc.		1,552,703
	9,556	Herc Holdings, Inc.*		503,123
	28,817	Titan Machinery, Inc.*		556,745
				3,080,031
Water Utilities – 0.0%
	1,283	Artesian Resources Corp. Class A		49,139
	1,699	Middlesex Water Co.		70,780
				119,919
Wireless Telecommunication Services – 0.2%
	17,952	Boingo Wireless, Inc.*		421,154
	9,669	Spok Holdings, Inc.		144,068
				565,222
	TOTAL COMMON STOCKS
	(Cost $287,045,731)		$	317,730,460

Shares	Distribution Rate		Value
Investment Company(c) – 1.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,751,978		1.623%	$	5,751,978
(Cost $5,751,978)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $292,797,709)			$	323,482,438
Securities Lending Reinvestment Vehicle(c) – 0.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,861,925		1.623%		2,861,925
(Cost $2,861,925)
TOTAL INVESTMENTS – 100.0%
(Cost $295,659,634)			$	326,344,363
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%				114,522
NET ASSETS – 100.0%			$	326,458,885

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)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-mini Russell 2000 Index	89		06/15/18		$6,869,910	$	(152,508	)

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.1%
Aerospace & Defense – 1.1%
	17,684	Aerojet Rocketdyne Holdings, Inc.*	$	494,091
	10,983	Curtiss-Wright Corp.		1,406,263
	48,428	Esterline Technologies Corp.*		3,479,552
	29,730	KLX, Inc.*		2,325,778
				7,705,684
Air Freight & Logistics* – 0.1%
	37,579	Echo Global Logistics, Inc.		1,025,907
Airlines – 0.0%
	2,310	SkyWest, Inc.		131,439
Auto Components – 1.2%
	30,087	Cooper-Standard Holdings, Inc.*		3,724,771
	101,419	Tenneco, Inc.		4,532,415
				8,257,186
Banks – 1.3%
	58,982	Central Pacific Financial Corp.		1,715,197
	53,591	First Busey Corp.		1,588,973
	4,118	First Citizens BancShares, Inc. Class A		1,780,170
	31,132	Home BancShares, Inc.		723,508
	74,908	International Bancshares Corp.		2,981,338
				8,789,186
Beverages(a) – 0.4%
	30,510	National Beverage Corp.		2,695,864
Biotechnology – 10.3%
	66,514	Acceleron Pharma, Inc.*		2,322,004
	11,899	Acorda Therapeutics, Inc.*		274,867
	49,632	Akebia Therapeutics, Inc.*		457,111
	41,113	Amicus Therapeutics, Inc.*		581,749
	205,535	Array BioPharma, Inc.*		2,787,054
	22,823	BioSpecifics Technologies Corp.*		968,152
	9,311	Bluebird Bio, Inc.*		1,584,267
	20,468	Blueprint Medicines Corp.*		1,570,305
	41,819	Calithera Biosciences, Inc.*		257,187
	126,778	Catalyst Pharmaceuticals, Inc.*		354,978
	79,585	ChemoCentryx, Inc.*		869,864
	27,118	Concert Pharmaceuticals, Inc.*		494,903
	148,589	CytomX Therapeutics, Inc.*		3,907,891
	29,876	Dyax Corp.(b)		89,628
	38,236	Editas Medicine, Inc.*		1,200,610
	46,614	Emergent BioSolutions, Inc.*		2,417,402
	12,587	Enanta Pharmaceuticals, Inc.*		1,171,220
	38,437	Epizyme, Inc.*		493,915
	63,467	Exact Sciences Corp.*		3,173,985
	87,081	FibroGen, Inc.*		3,957,831
	3,468	Foundation Medicine, Inc.*		264,782
	124,168	Genomic Health, Inc.*		3,939,851
	38,071	Global Blood Therapeutics, Inc.*		1,680,835
	258,047	Halozyme Therapeutics, Inc.*		4,884,830
	50,873	ImmunoGen, Inc.*		559,094
	95,181	Ironwood Pharmaceuticals, Inc.*		1,724,680
	15,860	Karyopharm Therapeutics, Inc.*		207,449
	18,439	Ligand Pharmaceuticals, Inc.*		2,855,279
Common Stocks – (continued)
Biotechnology – (continued)
	27,102	Loxo Oncology, Inc.*		3,412,413
	36,631	MacroGenics, Inc.*		844,711
	25,490	MiMedx Group, Inc.*(a)		209,273
	38,635	Myriad Genetics, Inc.*		1,092,984
	226,195	Pieris Pharmaceuticals, Inc.*		1,440,862
	11,728	Prothena Corp. PLC*		140,736
	114,557	PTC Therapeutics, Inc.*		3,176,666
	16,158	Puma Biotechnology, Inc.*		1,030,072
	37,346	REGENXBIO, Inc.*		1,394,873
	57,768	Retrophin, Inc.*		1,449,977
	37,304	Sage Therapeutics, Inc.*		5,368,792
	128,951	Sangamo Therapeutics, Inc.*		2,037,426
	29,224	Sarepta Therapeutics, Inc.*		2,231,545
	15,384	Ultragenyx Pharmaceutical, Inc.*		782,122
	26,589	Vanda Pharmaceuticals, Inc.*		370,916
	89,492	Xencor, Inc.*		2,594,373
				72,629,464
Building Products – 1.1%
	49,648	Builders FirstSource, Inc.*		905,083
	142,000	Continental Building Products, Inc.*		3,990,200
	131,545	PGT Innovations, Inc.*		2,295,460
	5,718	Universal Forest Products, Inc.		182,290
				7,373,033
Capital Markets – 2.7%
	38,268	Evercore, Inc. Class A		3,874,635
	88,954	Houlihan Lokey, Inc.		3,958,453
	130,686	Investment Technology Group, Inc.		2,642,471
	85,401	Moelis & Co. Class A		4,594,574
	45,100	Piper Jaffray Cos.		3,159,255
	10,266	Westwood Holdings Group, Inc.		595,222
				18,824,610
Chemicals – 2.9%
	31,398	Balchem Corp.		2,770,559
	22,686	Chase Corp.		2,540,832
	14,455	Ferro Corp.*		318,155
	70,789	Ingevity Corp.*		5,438,719
	2,618	Koppers Holdings, Inc.*		114,668
	46,875	Kraton Corp.*		2,140,781
	56,093	Minerals Technologies, Inc.		3,873,222
	17,040	PolyOne Corp.		713,124
	1,202	Quaker Chemical Corp.		176,682
	7,953	Stepan Co.		559,255
	25,123	Trinseo SA		1,832,723
				20,478,720
Commercial Services & Supplies – 2.4%
	107,846	Brady Corp. Class A		3,925,594
	3,323	Deluxe Corp.		227,758
	153,081	Kimball International, Inc. Class B		2,528,898
	40,375	Matthews International Corp. Class A		1,984,431
	74,471	McGrath RentCorp		4,388,576
	31,734	MSA Safety, Inc.		2,755,781

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
	41,697	Quad/Graphics, Inc.	$	1,030,333
	14,130	Steelcase, Inc. Class A		187,223
	1,494	Tetra Tech, Inc.		72,310
				17,100,904
Communications Equipment – 0.4%
	19,491	Aerohive Networks, Inc.*		79,328
	93,574	CalAmp Corp.*		1,848,086
	9,981	Comtech Telecommunications Corp.		305,319
	24,205	Extreme Networks, Inc.*		258,994
				2,491,727
Construction & Engineering – 2.3%
	39,390	Argan, Inc.		1,575,600
	46,686	Comfort Systems USA, Inc.		1,970,149
	67,641	EMCOR Group, Inc.		4,977,701
	28,032	Granite Construction, Inc.		1,468,316
	136,976	KBR, Inc.		2,286,130
	137,903	Primoris Services Corp.		3,528,938
				15,806,834
Consumer Finance* – 1.3%
	157,320	Enova International, Inc.		4,609,476
	76,026	Green Dot Corp. Class A		4,623,141
	7,323	Regional Management Corp.		240,707
				9,473,324
Containers & Packaging – 0.2%
	27,747	Greif, Inc. Class A		1,623,754
Diversified Consumer Services – 2.4%
	14,512	Adtalem Global Education, Inc.*		690,771
	4,525	Collectors Universe, Inc.		70,907
	61,740	Grand Canyon Education, Inc.*		6,420,343
	485,774	Houghton Mifflin Harcourt Co.*		3,303,263
	56,859	K12, Inc.*		869,943
	84,730	Sotheby’s*		4,473,744
	13,067	Weight Watchers International, Inc.*		915,343
				16,744,314
Diversified Telecommunication Services – 1.4%
	102,117	Cogent Communications Holdings, Inc.		4,814,817
	446,608	Vonage Holdings Corp.*		4,993,077
				9,807,894
Electrical Equipment – 0.5%
	3,525	Allied Motion Technologies, Inc.		140,542
	51,842	EnerSys		3,554,287
				3,694,829
Electronic Equipment, Instruments & Components – 1.3%
	158,880	Electro Scientific Industries, Inc.*		2,859,840
	10,977	ePlus, Inc.*		876,513
	11,688	Fabrinet*		329,719
	32,043	OSI Systems, Inc.*		2,051,393
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	27,896	Rogers Corp.*		2,976,503
	3,806	SYNNEX Corp.		381,247
				9,475,215
Energy Equipment & Services – 0.7%
	10,456	Cactus, Inc. Class A*		300,192
	67,834	Exterran Corp.*		1,986,858
	15,350	FTS International, Inc.*		306,539
	35,910	Matrix Service Co.*		553,014
	19,860	ProPetro Holding Corp.*(a)		363,438
	6,678	SEACOR Holdings, Inc.*		366,222
	35,702	Superior Energy Services, Inc.*		383,082
	9,163	Unit Corp.*		207,817
	18,249	US Silica Holdings, Inc.		549,477
				5,016,639
Equity Real Estate Investment Trusts (REITs) – 3.7%
	301,266	DiamondRock Hospitality Co.		3,328,989
	8,682	EastGroup Properties, Inc.		779,470
	11,938	First Industrial Realty Trust, Inc.		371,391
	201,111	Mack-Cali Realty Corp.		3,453,076
	100,334	Pebblebrook Hotel Trust		3,510,687
	41,609	PS Business Parks, Inc.		4,796,685
	3,681	QTS Realty Trust, Inc. Class A		130,270
	4,394	Rexford Industrial Realty, Inc.		134,237
	68,258	Ryman Hospitality Properties, Inc.		5,350,062
	117,508	Sunstone Hotel Investors, Inc.		1,833,125
	44,693	Terreno Realty Corp.		1,660,345
	24,318	Xenia Hotels & Resorts, Inc.		500,708
				25,849,045
Food & Staples Retailing* – 0.1%
	26,837	Performance Food Group Co.		870,861
Food Products – 0.7%
	20,094	Calavo Growers, Inc.(a)		1,882,808
	84,364	Dean Foods Co.		726,374
	7,658	Freshpet, Inc.*(a)		151,628
	5,114	J&J Snack Foods Corp.		702,715
	4,580	John B. Sanfilippo & Son, Inc.		260,556
	9,305	Lancaster Colony Corp.		1,168,615
				4,892,696
Health Care Equipment & Supplies – 4.5%
	6,609	Abaxis, Inc.		439,961
	3,278	Analogic Corp.		272,402
	49,378	Anika Therapeutics, Inc.*		2,173,126
	59,514	AtriCure, Inc.*		1,322,996
	39,109	Cantel Medical Corp.		4,382,946
	45,581	Cutera, Inc.*		2,285,887
	8,458	Haemonetics Corp.*		660,062
	23,929	Inogen, Inc.*		3,363,939
	16,783	Integer Holdings Corp.*		921,387
	7,316	LeMaitre Vascular, Inc.		230,088
	20,488	Masimo Corp.*		1,838,388

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares			Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	10,984		Merit Medical Systems, Inc.*	$	532,724
	76,174		NuVasive, Inc.*		4,053,218
	103,427		NxStage Medical, Inc.*		2,753,227
	60,495		Orthofix International NV*		3,691,405
	17,857		Penumbra, Inc.*		2,220,518
	11,472		STAAR Surgical Co.*		186,420
					31,328,694
Health Care Providers & Services – 3.1%
	57,671		Amedisys, Inc.*		3,811,476
	6,663		American Renal Associates Holdings, Inc.*		97,613
	1,872		Chemed Corp.		576,988
	5,314		CorVel Corp.*		260,652
	23,660		Cross Country Healthcare, Inc.*		297,643
	50,077		Encompass Health Corp.		3,045,683
	43,785		Magellan Health, Inc.*		3,671,372
	68,430		Molina Healthcare, Inc.*		5,696,798
	1,948		National HealthCare Corp.		119,374
	72,617		RadNet, Inc.*		962,175
	33,399		Tivity Health, Inc.*		1,200,694
	72,481		Triple-S Management Corp. Class B*		2,054,836
					21,795,304
Health Care Technology – 0.5%
	15,560		HealthStream, Inc.		360,836
	14,400		HMS Holdings Corp.*		259,344
	20,116		Inovalon Holdings, Inc. Class A*(a)		212,224
	23,337		Medidata Solutions, Inc.*		1,665,328
	45,397		Vocera Communications, Inc.*		1,138,103
					3,635,835
Hotels, Restaurants & Leisure – 2.8%
	47,832		BJ’s Restaurants, Inc.		2,671,417
	84,633		Bloomin’ Brands, Inc.		2,002,417
	111,741		Brinker International, Inc.(a)		4,870,790
	40,339		Planet Fitness, Inc. Class A*		1,625,258
	98,332		Texas Roadhouse, Inc.		6,301,115
	42,366		The Cheesecake Factory, Inc.(a)		2,200,914
					19,671,911
Household Durables – 1.4%
	121,601		KB Home		3,228,506
	41,477		MDC Holdings, Inc.		1,203,248
	15,252		Taylor Morrison Home Corp. Class A*		362,387
	11,138		TopBuild Corp.*		887,699
	225,615		TRI Pointe Group, Inc.*		3,860,273
	18,284		William Lyon Homes Class A*		491,108
					10,033,221
Household Products* – 0.2%
	38,768		Central Garden & Pet Co. Class A		1,376,264
Insurance – 1.8%
	98,652		American Equity Investment Life Holding Co.		2,979,291
Common Stocks – (continued)
Insurance – (continued)
	62,303		Argo Group International Holdings Ltd.		3,641,610
	2,545		FBL Financial Group, Inc. Class A		197,874
	44,196		Health Insurance Innovations, Inc. Class A*(a)		1,259,586
	93,819		Maiden Holdings Ltd.		717,715
	38,492		Stewart Information Services Corp.		1,605,501
	93,797		Trupanion, Inc.*(a)		2,464,985
					12,866,562
Internet & Direct Marketing Retail – 0.6%
	214,961		Groupon, Inc.*		997,419
	14,133		Liberty TripAdvisor Holdings, Inc. Class A*		130,024
	64,950		Nutrisystem, Inc.		1,883,550
	26,559		PetMed Express, Inc.(a)		888,664
					3,899,657
Internet Software & Services – 6.5%
	60,933		Appfolio, Inc. Class A*		2,921,737
	135,818		Apptio, Inc. Class A*		4,007,989
	132,498		Box, Inc. Class A*		3,028,904
	102,642		Cornerstone OnDemand, Inc.*		4,529,592
	67,150		Envestnet, Inc.*		3,646,245
	82,848		Etsy, Inc.*		2,480,469
	88,640	��	Five9, Inc.*		2,603,357
	36,945		GrubHub, Inc.*		3,736,617
	83,687		Hortonworks, Inc.*		1,416,821
	37,864		MINDBODY, Inc. Class A*		1,501,308
	73,859		New Relic, Inc.*		5,162,006
	92,358		NIC, Inc.		1,371,516
	39,097		Nutanix, Inc. Class A*		1,977,917
	67,383		Q2 Holdings, Inc.*		3,318,613
	5,664		SPS Commerce, Inc.*		388,381
	76,330		Web.com Group, Inc.*		1,419,738
	51,044		Yelp, Inc.*		2,289,323
					45,800,533
IT Services – 2.3%
	59,632		EPAM Systems, Inc.*		6,818,919
	66,328		EVERTEC, Inc.		1,210,486
	4,732		MAXIMUS, Inc.		320,025
	105,146		Perficient, Inc.*		2,600,261
	12,508		Science Applications International Corp.		1,073,061
	102,013		ServiceSource International, Inc.*		386,629
	123,201		Syntel, Inc.*		3,558,045
	7,633		Virtusa Corp.*		367,453
					16,334,879
Leisure Products – 1.4%
	232,053		Callaway Golf Co.		4,005,235
	46,182		Malibu Boats, Inc. Class A*		1,556,334
	85,852		MCBC Holdings, Inc.*		2,060,448
	16,248		Nautilus, Inc.*		236,408
	98,959		Vista Outdoor, Inc.*		1,657,563
					9,515,988

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – 0.1%
	17,725	Luminex Corp.	$	378,429
Machinery – 2.5%
	8,795	Alamo Group, Inc.		962,789
	15,754	Barnes Group, Inc.		874,820
	44,829	Evoqua Water Technologies Corp.*		915,856
	101,983	Hillenbrand, Inc.		4,726,912
	5,867	Hyster-Yale Materials Handling, Inc.		417,730
	24,223	Kadant, Inc.		2,234,572
	51,896	Kennametal, Inc.		1,891,609
	132,619	Milacron Holdings Corp.*		2,391,121
	5,350	Miller Industries, Inc.		132,412
	65,899	SPX FLOW, Inc.*		2,965,455
				17,513,276
Marine – 0.1%
	30,957	Matson, Inc.		904,873
Media – 0.3%
	132,205	New Media Investment Group, Inc.		2,191,959
Metals & Mining – 0.8%
	74,414	Carpenter Technology Corp.		3,963,290
	2,570	Materion Corp.		130,427
	48,713	Schnitzer Steel Industries, Inc. Class A		1,434,598
				5,528,315
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	25,632	Anworth Mortgage Asset Corp.		121,239
Oil, Gas & Consumable Fuels – 1.5%
	34,975	Arch Coal, Inc. Class A		2,827,029
	123,165	Par Pacific Holdings, Inc.*		2,077,794
	11,501	PDC Energy, Inc.*		615,763
	94,200	Peabody Energy Corp.		3,471,270
	22,168	REX American Resources Corp.*		1,657,723
				10,649,579
Paper & Forest Products – 1.0%
	14,900	Boise Cascade Co.		619,840
	203,133	Louisiana-Pacific Corp.		5,754,758
	27,603	Verso Corp. Class A*		498,510
				6,873,108
Personal Products – 0.6%
	17,246	Inter Parfums, Inc.		882,995
	16,648	Medifast, Inc.		1,671,126
	14,416	USANA Health Sciences, Inc.*		1,521,609
				4,075,730
Pharmaceuticals – 3.8%
	51,496	Amphastar Pharmaceuticals, Inc.*		983,059
	121,182	Catalent, Inc.*		4,981,792
	12,645	Depomed, Inc.*		79,410
	210,830	Innoviva, Inc.*		3,057,035
	56,779	Intersect ENT, Inc.*		2,268,321
	81,530	Nektar Therapeutics*(c)		6,820,800
Common Stocks – (continued)
Pharmaceuticals – (continued)
	100,009	Phibro Animal Health Corp. Class A		4,230,381
	98,197	Supernus Pharmaceuticals, Inc.*		4,605,439
				27,026,237
Professional Services – 4.2%
	75,418	ASGN, Inc.*		6,080,953
	13,369	Barrett Business Services, Inc.		1,170,055
	13,734	CRA International, Inc.		775,559
	59,011	Exponent, Inc.		5,098,550
	9,855	Forrester Research, Inc.		392,229
	3,502	FTI Consulting, Inc.*		204,517
	73,882	Insperity, Inc.		5,929,030
	7,362	Korn/Ferry International		393,573
	14,681	Navigant Consulting, Inc.*		314,027
	65,381	RPX Corp.		708,076
	102,432	TriNet Group, Inc.*		5,290,613
	46,615	TrueBlue, Inc.*		1,242,290
	41,348	WageWorks, Inc.*		1,722,144
				29,321,616
Real Estate Management & Development – 0.3%
	55,793	HFF, Inc. Class A		1,960,566
	4,458	Marcus & Millichap, Inc.*		152,285
				2,112,851
Road & Rail – 1.2%
	23,263	ArcBest Corp.		746,742
	79,904	Avis Budget Group, Inc.*		3,948,057
	29,379	Marten Transport Ltd.		572,891
	91,648	Werner Enterprises, Inc.		3,143,526
				8,411,216
Semiconductors & Semiconductor Equipment – 4.5%
	87,171	Amkor Technology, Inc.*		721,776
	55,035	Axcelis Technologies, Inc.*		1,210,770
	50,680	Cabot Microelectronics Corp.		5,141,486
	9,056	Cirrus Logic, Inc.*		330,272
	84,232	Diodes, Inc.*		2,404,824
	195,794	Entegris, Inc.		6,304,567
	160,378	FormFactor, Inc.*		1,840,337
	35,903	MKS Instruments, Inc.		3,676,467
	204,695	Rambus, Inc.*		2,763,382
	72,011	Rudolph Technologies, Inc.*		1,825,479
	54,794	Silicon Laboratories, Inc.*		5,090,363
				31,309,723
Software – 6.2%
	52,965	American Software, Inc. Class A		675,833
	84,955	Aspen Technology, Inc.*		7,454,801
	63,140	Bottomline Technologies de, Inc.*		2,495,293
	36,443	Fair Isaac Corp.*		6,311,199
	43,192	HubSpot, Inc.*		4,574,033
	38,540	Imperva, Inc.*		1,724,665
	28,090	MicroStrategy, Inc. Class A*		3,580,351
	59,342	Paylocity Holding Corp.*		3,241,854

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	4,123	Pegasystems, Inc.	$	251,709
	6,164	Progress Software Corp.		227,637
	39,116	Proofpoint, Inc.*		4,613,341
	62,558	RingCentral, Inc. Class A*		4,194,514
	31,815	Varonis Systems, Inc.*		2,079,110
	49,469	Zendesk, Inc.*		2,411,614
				43,835,954
Specialty Retail – 2.7%
	133,103	Abercrombie & Fitch Co. Class A		3,410,099
	16,628	America’s Car-Mart, Inc.*		886,272
	117,919	American Eagle Outfitters, Inc.		2,438,565
	64,565	Asbury Automotive Group, Inc.*		4,329,083
	237,546	Express, Inc.*		1,862,361
	29,898	Five Below, Inc.*		2,111,098
	12,011	Hibbett Sports, Inc.*		326,699
	39,887	Tailored Brands, Inc.		1,258,435
	11,312	The Children’s Place, Inc.		1,442,846
	42,931	Zumiez, Inc.*		1,004,585
				19,070,043
Technology Hardware, Storage & Peripherals* – 0.7%
	247,087	Pure Storage, Inc. Class A		4,998,570
Textiles, Apparel & Luxury Goods – 0.5%
	8,392	Columbia Sportswear Co.		696,620
	173,877	Crocs, Inc.*		2,747,257
				3,443,877
Thrifts & Mortgage Finance – 0.8%
	81,018	Capitol Federal Financial, Inc.		1,010,294
	2,034	Federal Agricultural Mortgage Corp. Class C		173,927
	6,653	Meta Financial Group, Inc.		739,481
	69,796	Walker & Dunlop, Inc.		3,986,050
				5,909,752
Tobacco – 0.5%
	176,355	Vector Group Ltd.		3,438,923
Trading Companies & Distributors – 0.9%
	3,163	Applied Industrial Technologies, Inc.		202,274
	106,984	H&E Equipment Services, Inc.		3,460,933
	29,537	Herc Holdings, Inc.*		1,555,123
	28,069	Rush Enterprises, Inc. Class A*		1,146,057
				6,364,387
Common Stocks – (continued)
Wireless Telecommunication Services* – 0.3%
	86,524	Boingo Wireless, Inc.		2,029,853
	TOTAL COMMON STOCKS
	(Cost $601,772,856)		$	682,527,487
Shares		Distribution Rate	Value
Investment Company(d) – 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,800,978	1.623%	$	11,800,978
	(Cost $11,800,978)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $613,573,834)		$	694,328,465
Securities Lending Reinvestment Vehicle(d) – 1.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,825,038	1.623%		12,825,038
	(Cost $12,825,038)
	TOTAL INVESTMENTS – 100.6%
	(Cost $626,398,872)		$	707,153,503
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%			(4,169,232	)
	NET ASSETS – 100.0%		$	702,984,271

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount	Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-mini Russell 2000 Index	124		06/15/18	$9,571,560	$	(356,413	)

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.2%
Aerospace & Defense* – 1.8%
	7,400	Ducommun, Inc.	$	215,266
	19,261	Esterline Technologies Corp.		1,383,903
	23,987	KLX, Inc.		1,876,503
	2,774	Vectrus, Inc.		99,864
				3,575,536
Air Freight & Logistics* – 0.5%
	34,773	Echo Global Logistics, Inc.		949,303
Airlines – 0.4%
	14,513	SkyWest, Inc.		825,790
Auto Components – 1.1%
	12,017	Cooper-Standard Holdings, Inc.*		1,487,704
	3,033	Modine Manufacturing Co.*		52,168
	14,990	Tenneco, Inc.		669,903
				2,209,775
Banks – 15.4%
	9,375	1st Source Corp.		487,500
	3,873	Arrow Financial Corp.		137,104
	7,643	Atlantic Capital Bancshares, Inc.*		147,510
	15,300	Banner Corp.		878,220
	2,528	Berkshire Hills Bancorp, Inc.		95,938
	10,351	Blue Hills Bancorp, Inc.		210,384
	40,509	Cadence BanCorp		1,184,078
	966	Camden National Corp.		42,803
	39,632	Central Pacific Financial Corp.		1,152,499
	66,209	CVB Financial Corp.		1,466,529
	5,409	Equity Bancshares, Inc. Class A*		206,245
	22,861	Fidelity Southern Corp.		519,631
	6,188	Financial Institutions, Inc.		192,447
	2,152	First Bancorp/Southern Pines NC		82,099
	41,198	First Busey Corp.		1,221,521
	4,294	First Citizens BancShares, Inc. Class A(b)		1,856,253
	13,243	First Financial Corp.		566,138
	25,143	First Foundation, Inc.*		449,808
	6,843	First Internet Bancorp		234,031
	28,518	First Merchants Corp.		1,228,555
	1,441	Great Southern Bancorp, Inc.		76,157
	40,059	Hanmi Financial Corp.		1,105,628
	46,072	Hilltop Holdings, Inc.		1,032,934
	35,045	Home BancShares, Inc.		814,446
	7,617	Hope Bancorp, Inc.		131,698
	5,837	Horizon Bancorp		167,872
	37,101	International Bancshares Corp.		1,476,620
	10,615	Lakeland Bancorp, Inc.		206,993
	3,595	Lakeland Financial Corp.		170,834
	16,324	LegacyTexas Financial Group, Inc.		670,427
	9,116	Macatawa Bank Corp.		97,359
	5,199	MBT Financial Corp.		52,900
	17,792	Mercantile Bank Corp.		628,058
	805	National Commerce Corp.*		34,857
	14,865	NBT Bancorp, Inc.		543,167
	3,322	Nicolet Bankshares, Inc.*		184,604
	12,115	Northeast Bancorp		236,242
	57,321	OFG Bancorp		773,833
Common Stocks – (continued)
Banks – (continued)
	54,997	Old National Bancorp		945,948
	7,639	Opus Bank		215,420
	22,727	Pacific Premier Bancorp, Inc.*		903,398
	17,202	Peapack Gladstone Financial Corp.		568,354
	1,361	People’s Utah Bancorp		43,348
	6,813	Peoples Bancorp, Inc.		244,314
	7,938	Republic Bancorp, Inc. Class A		334,745
	19,166	Seacoast Banking Corp. of Florida*		529,557
	15,385	Sierra Bancorp		428,626
	2,868	Stock Yards Bancorp, Inc.		107,407
	3,946	The Bancorp, Inc.*		40,841
	29,967	TriCo Bancshares		1,119,867
	7,690	TriState Capital Holdings, Inc.*		192,250
	21,676	UMB Financial Corp.		1,659,948
	64,970	Umpqua Holdings Corp.		1,530,693
	35,685	United Community Banks, Inc.		1,139,422
	4,518	WesBanco, Inc.		197,888
				30,965,948
Beverages – 0.0%
	620	National Beverage Corp.		54,783
Biotechnology* – 3.7%
	2,433	Acceleron Pharma, Inc.		84,936
	15,875	Array BioPharma, Inc.		215,265
	3,284	Bluebird Bio, Inc.		558,772
	2,622	Concert Pharmaceuticals, Inc.		47,851
	15,133	CytomX Therapeutics, Inc.		397,998
	4,381	Editas Medicine, Inc.		137,563
	7,549	Enanta Pharmaceuticals, Inc.		702,434
	868	FibroGen, Inc.		39,451
	31,945	Genomic Health, Inc.		1,013,615
	44,976	Halozyme Therapeutics, Inc.		851,396
	4,452	MacroGenics, Inc.		102,663
	24,358	Myriad Genetics, Inc.		689,088
	199,739	PDL BioPharma, Inc.		583,238
	27,933	Pieris Pharmaceuticals, Inc.		177,933
	22,312	PTC Therapeutics, Inc.		618,712
	5,336	REGENXBIO, Inc.		199,299
	29,248	Retrophin, Inc.		734,125
	762	Sage Therapeutics, Inc.		109,667
	9,942	Sangamo Therapeutics, Inc.		157,084
	724	Sarepta Therapeutics, Inc.		55,285
				7,476,375
Building Products* – 0.3%
	22,701	Continental Building Products, Inc.		637,898
Capital Markets – 1.8%
	21,585	Houlihan Lokey, Inc.		960,533
	51,643	Investment Technology Group, Inc.		1,044,221
	11,270	Moelis & Co. Class A		606,326
	15,242	Piper Jaffray Cos.		1,067,702
				3,678,782

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Chemicals – 2.2%
	5,005	American Vanguard Corp.	$	107,858
	893	Chase Corp.		100,016
	6,440	Ingevity Corp.*		494,785
	18,211	Innophos Holdings, Inc.		753,571
	7,833	Innospec, Inc.		569,459
	18,045	Kraton Corp.*		824,115
	16,350	Minerals Technologies, Inc.		1,128,968
	2,938	OMNOVA Solutions, Inc.*		32,024
	1,430	Stepan Co.		100,558
	3,836	Trinseo SA		279,836
				4,391,190
Commercial Services & Supplies – 2.2%
	26,834	ACCO Brands Corp.		323,350
	29,358	Brady Corp. Class A		1,068,631
	3,520	Ennis, Inc.		63,008
	39,452	Kimball International, Inc. Class B		651,747
	26,792	McGrath RentCorp		1,578,852
	12,042	Quad/Graphics, Inc.		297,558
	2,018	UniFirst Corp.		324,091
	1,252	VSE Corp.		64,215
				4,371,452
Communications Equipment – 0.9%
	21,618	Comtech Telecommunications Corp.		661,295
	44,487	NetScout Systems, Inc.*		1,207,822
				1,869,117
Construction & Engineering – 1.2%
	14,572	EMCOR Group, Inc.		1,072,354
	4,293	Granite Construction, Inc.		224,867
	67,672	KBR, Inc.		1,129,446
				2,426,667
Consumer Finance – 1.1%
	48,257	Enova International, Inc.*		1,413,930
	3,250	Green Dot Corp. Class A*		197,632
	5,638	Nelnet, Inc. Class A		297,743
	6,355	Regional Management Corp.*		208,889
				2,118,194
Containers & Packaging – 0.1%
	2,395	Greif, Inc. Class A		140,155
Diversified Consumer Services* – 1.6%
	27,380	Adtalem Global Education, Inc.		1,303,288
	4,897	American Public Education, Inc.		197,349
	3,090	Career Education Corp.		40,077
	1,007	Grand Canyon Education, Inc.		104,718
	94,888	Houghton Mifflin Harcourt Co.		645,238
	54,128	K12, Inc.		828,159
	665	Sotheby’s		35,112
				3,153,941
Common Stocks – (continued)
Diversified Financial Services – 0.1%
	6,830	Banco Latinoamericano de Comercio Exterior SA Class E		185,025
	17,120	On Deck Capital, Inc.*		89,880
				274,905
Diversified Telecommunication Services – 0.8%
	21,953	Cogent Communications Holdings, Inc.		1,035,084
	57,246	Vonage Holdings Corp.*		640,010
				1,675,094
Electric Utilities – 0.9%
	41,982	Portland General Electric Co.		1,783,395
Electrical Equipment – 0.0%
	1,262	Encore Wire Corp.		66,444
Electronic Equipment, Instruments & Components – 1.8%
	54,441	AVX Corp.		803,549
	21,605	Benchmark Electronics, Inc.		568,211
	5,109	CTS Corp.		153,015
	10,668	Daktronics, Inc.		96,119
	53,088	Electro Scientific Industries, Inc.*		955,584
	23,778	Kimball Electronics, Inc.*		376,881
	849	SYNNEX Corp.		85,044
	29,224	Vishay Intertechnology, Inc.		515,804
	1,287	Vishay Precision Group, Inc.*		36,422
				3,590,629
Energy Equipment & Services – 4.0%
	46,126	Archrock, Inc.		498,161
	7,428	Cactus, Inc. Class A*		213,258
	2,118	Dril-Quip, Inc.*		87,791
	40,467	Exterran Corp.*		1,185,278
	6,669	FTS International, Inc.*		133,180
	24,412	Matrix Service Co.*		375,945
	6,149	Natural Gas Services Group, Inc.*		148,191
	48,051	Newpark Resources, Inc.*		504,535
	34,822	Oil States International, Inc.*		1,251,851
	54,459	Pioneer Energy Services Corp.*		187,884
	19,067	ProPetro Holding Corp.*(a)		348,926
	12,461	Rowan Cos. PLC Class A*		179,937
	18,769	SEACOR Holdings, Inc.*		1,029,292
	97,095	Superior Energy Services, Inc.*		1,041,829
	53,562	TETRA Technologies, Inc.*		210,499
	27,716	Unit Corp.*		628,599
				8,025,156
Equity Real Estate Investment Trusts (REITs) – 8.3%
	23,437	Alexander & Baldwin, Inc.		536,707
	4,664	Braemar Hotels & Resorts, Inc.		48,506
	49,705	Chatham Lodging Trust		946,880
	4,716	CorEnergy Infrastructure Trust, Inc.		181,755
	29,998	Cousins Properties, Inc.		266,682
	133,572	DiamondRock Hospitality Co.		1,475,971
	29,154	First Industrial Realty Trust, Inc.		906,981
	5,018	Getty Realty Corp.		125,701
	34,104	InfraREIT, Inc.*		726,756

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	68,964	iStar, Inc.*	$	699,295
	51,816	Kite Realty Group Trust		762,731
	79,437	Mack-Cali Realty Corp.		1,363,933
	4,293	MedEquities Realty Trust, Inc.		43,746
	4,537	NexPoint Residential Trust, Inc.		121,546
	42,656	Pebblebrook Hotel Trust		1,492,533
	8,276	Quality Care Properties, Inc.*		181,824
	45,036	Rexford Industrial Realty, Inc.		1,375,850
	8,810	Ryman Hospitality Properties, Inc.		690,528
	16,058	Summit Hotel Properties, Inc.		232,520
	110,472	Sunstone Hotel Investors, Inc.		1,723,363
	17,321	Terreno Realty Corp.		643,475
	38,789	Tier REIT, Inc.		737,379
	70,297	Xenia Hotels & Resorts, Inc.		1,447,415
				16,732,077
Food & Staples Retailing – 0.6%
	13,106	Ingles Markets, Inc. Class A		448,880
	28,388	Smart & Final Stores, Inc.*		144,779
	15,134	Village Super Market, Inc. Class A		411,645
	2,499	Weis Markets, Inc.		115,004
				1,120,308
Food Products – 1.1%
	41,679	Darling Ingredients, Inc.*		714,378
	39,047	Dean Foods Co.		336,195
	6,370	Fresh Del Monte Produce, Inc.		313,085
	7,185	Sanderson Farms, Inc.		798,685
				2,162,343
Gas Utilities – 1.2%
	19,597	ONE Gas, Inc.		1,366,303
	14,938	Southwest Gas Holdings, Inc.		1,090,324
				2,456,627
Health Care Equipment & Supplies* – 1.1%
	7,322	Anika Therapeutics, Inc.		322,241
	8,562	Integer Holdings Corp.		470,054
	2,351	LivaNova PLC		208,722
	19,615	Orthofix International NV		1,196,907
				2,197,924
Health Care Providers & Services – 0.9%
	7,253	Magellan Health, Inc.*		608,164
	3,787	Molina Healthcare, Inc.*		315,268
	4,021	National HealthCare Corp.		246,407
	2,339	RadNet, Inc.*		30,992
	19,418	Triple-S Management Corp. Class B*		550,500
				1,751,331
Health Care Technology* – 0.1%
	21,311	Allscripts Healthcare Solutions, Inc.		247,634
Hotels, Restaurants & Leisure – 0.7%
	30,912	Brinker International, Inc.(a)		1,347,454
	1,466	Texas Roadhouse, Inc.		93,941
				1,441,395
Common Stocks – (continued)
Household Durables – 1.7%
	2,715	CSS Industries, Inc.		46,318
	45,165	KB Home		1,199,131
	16,471	MDC Holdings, Inc.		477,824
	89,523	TRI Pointe Group, Inc.*		1,531,738
	8,774	William Lyon Homes Class A*		235,670
				3,490,681
Household Products* – 0.3%
	18,038	Central Garden & Pet Co. Class A		640,349
Independent Power and Renewable Electricity Producers – 0.1%
	13,232	NRG Yield, Inc. Class C		235,530
Insurance – 4.4%
	52,204	American Equity Investment Life Holding Co.		1,576,561
	1,875	AMERISAFE, Inc.		111,188
	24,706	Argo Group International Holdings Ltd.		1,444,066
	5,301	Baldwin & Lyons, Inc. Class B		123,513
	7,178	Employers Holdings, Inc.		293,580
	17,126	FBL Financial Group, Inc. Class A		1,331,546
	217,617	Genworth Financial, Inc. Class A*		600,623
	2,236	Health Insurance Innovations, Inc. Class A*(a)		63,726
	10,164	Horace Mann Educators Corp.		454,331
	19,778	James River Group Holdings Ltd.		718,337
	49,613	Maiden Holdings Ltd.		379,539
	1,122	National Western Life Group, Inc. Class A		356,134
	28,749	Stewart Information Services Corp.		1,199,121
	9,031	Trupanion, Inc.*(a)		237,335
				8,889,600
Internet & Direct Marketing Retail* – 0.0%
	8,349	Liberty TripAdvisor Holdings, Inc. Class A		76,811
Internet Software & Services* – 0.8%
	17,172	Apptio, Inc. Class A		506,746
	14,171	New Relic, Inc.		990,411
	3,602	QuinStreet, Inc.		40,487
	877	Yelp, Inc.		39,333
				1,576,977
IT Services – 0.4%
	501	EPAM Systems, Inc.*		57,289
	1,526	EVERTEC, Inc.		27,850
	24,749	Perficient, Inc.*		612,043
	21,977	ServiceSource International, Inc.*		83,293
	2,059	Virtusa Corp.*		99,120
				879,595
Leisure Products – 1.6%
	92,095	Callaway Golf Co.		1,589,560
	3,337	Johnson Outdoors, Inc. Class A		216,104
	14,567	MCBC Holdings, Inc.*		349,608
	65,249	Vista Outdoor, Inc.*		1,092,921
				3,248,193

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Machinery – 2.0%
	357	Alamo Group, Inc.	$	39,081
	11,333	Barnes Group, Inc.		629,322
	1,385	Hillenbrand, Inc.		64,195
	2,565	Hurco Cos., Inc.		113,373
	1,830	Hyster-Yale Materials Handling, Inc.		130,296
	34,791	Milacron Holdings Corp.*		627,282
	14,027	Miller Industries, Inc.		347,168
	19,346	Rexnord Corp.*		532,208
	18,426	SPX FLOW, Inc.*		829,170
	27,842	TriMas Corp.*		754,518
				4,066,613
Media – 1.0%
	50,465	Gannett Co., Inc.		487,997
	17,753	MSG Networks, Inc. Class A*		363,936
	70,790	New Media Investment Group, Inc.		1,173,698
				2,025,631
Metals & Mining – 2.3%
	31,669	Carpenter Technology Corp.		1,686,691
	21,531	Coeur Mining, Inc.*		162,990
	9,541	Gold Resource Corp.		48,373
	68,825	Hecla Mining Co.		263,600
	23,406	Materion Corp.		1,187,854
	1,914	Olympic Steel, Inc.		44,883
	37,709	Schnitzer Steel Industries, Inc. Class A		1,110,530
	6,440	SunCoke Energy, Inc.*		73,996
				��
				4,578,917
Mortgage Real Estate Investment Trusts (REITs) – 0.9%
	16,643	AG Mortgage Investment Trust, Inc.		294,248
	122,871	Anworth Mortgage Asset Corp.		581,180
	48,668	Capstead Mortgage Corp.		428,279
	16,219	CYS Investments, Inc.		116,290
	50,416	Dynex Capital, Inc.		331,737
				1,751,734
Multi-Utilities – 1.2%
	20,164	Black Hills Corp.		1,142,896
	8,311	NorthWestern Corp.		456,606
	18,409	Unitil Corp.		894,493
				2,493,995
Oil, Gas & Consumable Fuels – 3.6%
	16,308	Arch Coal, Inc. Class A		1,318,176
	93,081	Denbury Resources, Inc.*		306,237
	7,886	Energy XXI Gulf Coast, Inc.*		45,581
	999	NACCO Industries, Inc. Class A		36,813
	56,404	Oasis Petroleum, Inc.*		622,136
	12,225	Overseas Shipholding Group, Inc. Class A*		45,599
	31,523	Par Pacific Holdings, Inc.*		531,793
	28,843	PDC Energy, Inc.*		1,544,254
	41,814	Peabody Energy Corp.		1,540,846
	10,245	REX American Resources Corp.*		766,121
	11,609	Stone Energy Corp.*		413,280
				7,170,836
Common Stocks – (continued)
Paper & Forest Products – 0.9%
	13,404	Boise Cascade Co.		557,606
	42,418	Louisiana-Pacific Corp.		1,201,702
	4,196	Verso Corp. Class A*		75,780
				1,835,088
Personal Products – 0.2%
	7,615	Inter Parfums, Inc.		389,888
Pharmaceuticals – 0.9%
	24,297	Horizon Pharma PLC*		321,692
	15,092	Innoviva, Inc.*		218,834
	27,991	Phibro Animal Health Corp. Class A		1,184,019
	2,802	Supernus Pharmaceuticals, Inc.*		131,414
				1,855,959
Professional Services – 4.6%
	1,838	ASGN, Inc.*		148,198
	39,009	CBIZ, Inc.*		725,567
	11,891	CRA International, Inc.		671,485
	1,970	Exponent, Inc.		170,208
	15,443	FTI Consulting, Inc.*		901,871
	10,634	Heidrick & Struggles International, Inc.		400,370
	13,481	ICF International, Inc.		904,575
	14,287	Insperity, Inc.		1,146,532
	13,199	Kelly Services, Inc. Class A		386,203
	24,864	Korn/Ferry International		1,329,230
	38,817	Navigant Consulting, Inc.*		830,296
	2,748	Resources Connection, Inc.		43,006
	62,234	RPX Corp.		673,994
	7,236	TriNet Group, Inc.*		373,739
	22,122	TrueBlue, Inc.*		589,551
	1,065	WageWorks, Inc.*		44,357
				9,339,182
Real Estate Management & Development – 0.5%
	1,157	HFF, Inc. Class A		40,657
	8,521	RE/MAX Holdings, Inc. Class A		461,412
	2,135	Tejon Ranch Co.*		51,944
	28,219	The St. Joe Co.*		486,778
				1,040,791
Road & Rail – 1.3%
	5,332	ArcBest Corp.		171,157
	54,390	Marten Transport Ltd.		1,060,605
	37,951	Werner Enterprises, Inc.		1,301,720
				2,533,482
Semiconductors & Semiconductor Equipment – 1.1%
	23,116	Amkor Technology, Inc.*		191,401
	3,449	Cabot Microelectronics Corp.		349,901
	20,262	Diodes, Inc.*		578,480
	9,961	Entegris, Inc.		320,744
	31,866	Photronics, Inc.*		243,775
	35,782	Rambus, Inc.*		483,057
				2,167,358

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares			Description	Value
Common Stocks – (continued)
Software* – 0.4%
	4,600		Bottomline Technologies de, Inc.	$	181,792
	5,606		MicroStrategy, Inc. Class A		714,541
					896,333
Specialty Retail – 4.1%
	52,290		Abercrombie & Fitch Co. Class A		1,339,670
	5,168		America’s Car-Mart, Inc.*		275,454
	86,969		American Eagle Outfitters, Inc.		1,798,519
	5,162		Asbury Automotive Group, Inc.*		346,112
	48,403		Chico’s FAS, Inc.		480,642
	10,572		Citi Trends, Inc.		323,820
	29,093		DSW, Inc. Class A		648,774
	85,030		Express, Inc.*		666,635
	6,648		Guess?, Inc.		154,832
	23,536		Hibbett Sports, Inc.*		640,179
	11,087		Kirkland’s, Inc.*		117,411
	18,417		Tailored Brands, Inc.		581,056
	10,103		The Cato Corp. Class A		163,770
	2,269		Tilly’s, Inc. Class A		25,436
	28,265		Zumiez, Inc.*		661,401
					8,223,711
Technology Hardware, Storage & Peripherals* – 0.3%
	29,875		Pure Storage, Inc. Class A		604,371
Textiles, Apparel & Luxury Goods – 0.4%
	1,987		Columbia Sportswear Co.		164,941
	44,070		Crocs, Inc.*		696,306
					861,247
Thrifts & Mortgage Finance – 4.6%
	4,913	��	BankFinancial Corp.		83,177
	77,004		Beneficial Bancorp, Inc.		1,220,514
	106,108		Capitol Federal Financial, Inc.		1,323,167
	14,307		Federal Agricultural Mortgage Corp. Class C		1,223,392
	10,043		First Defiance Financial Corp.		599,165
	12,437		Home Bancorp, Inc.		539,144
	19,340		Kearny Financial Corp.		271,727
	10,407		Meridian Bancorp, Inc.		196,692
	5,141		Meta Financial Group, Inc.		571,422
	4,036		PCSB Financial Corp.*		81,810
	1,537		Provident Financial Holdings, Inc.		28,204
	1,726		Provident Financial Services, Inc.		45,083
	5,674		Riverview Bancorp, Inc.		53,279
	111,499		TrustCo Bank Corp. NY		953,317
	18,118		United Community Financial Corp.		183,535
	17,446		United Financial Bancorp, Inc.		288,382
	18,281		Walker & Dunlop, Inc.		1,044,028
	17,475		Washington Federal, Inc.		554,831
					9,260,869
Tobacco – 0.6%
	59,342		Vector Group Ltd.		1,157,169
Common Stocks – (continued)
Trading Companies & Distributors – 0.9%
	17,595		Aircastle Ltd.		344,862
	11,588		H&E Equipment Services, Inc.		374,872
	13,604		Rush Enterprises, Inc. Class A*		555,451
	23,193		Titan Machinery, Inc.*		448,089
					1,723,274
Water Utilities – 0.2%
	4,034		Artesian Resources Corp. Class A		154,502
	3,404		Middlesex Water Co.		141,811
					296,313
	TOTAL COMMON STOCKS
	(Cost $177,191,677)			$	195,680,665
Shares			Distribution Rate	Value
Investment Company(c) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,510,778		1.623%	$	2,510,778
	(Cost $2,510,778)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $179,702,455)			$	198,191,443
Securities Lending Reinvestment Vehicle(c) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,512,337		1.623%		1,512,337
	(Cost $1,512,337)
	TOTAL INVESTMENTS — 99.2%
	(Cost $181,214,792)			$	199,703,780
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%				1,644,295
	NET ASSETS – 100.0%			$	201,348,075

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)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-mini Russell 2000 Index	39	06/15/18	$	3,010,410	$	(112,098	)

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.4%
Aerospace & Defense – 2.3%
	29,622	Lockheed Martin Corp.	$	9,503,922
	21,748	The Boeing Co.		7,254,263
				16,758,185
Air Freight & Logistics – 0.1%
	15,654	Expeditors International of Washington, Inc.		999,664
Airlines – 0.1%
	8,352	Copa Holdings SA Class A		978,604
Auto Components – 0.2%
	9,644	Lear Corp.		1,803,139
Automobiles – 1.2%
	240,113	General Motors Co.		8,821,752
	2,937	Thor Industries, Inc.		311,733
				9,133,485
Banks – 4.2%
	69,035	Bank of America Corp.		2,065,527
	195,323	Citizens Financial Group, Inc.		8,103,951
	67,268	Comerica, Inc.		6,362,208
	45,203	JPMorgan Chase & Co.		4,917,182
	68,546	KeyCorp		1,365,436
	108,882	Regions Financial Corp.		2,036,093
	21,142	SunTrust Banks, Inc.		1,412,286
	9,678	SVB Financial Group*		2,899,626
	33,814	Synovus Financial Corp.		1,767,458
				30,929,767
Beverages – 1.1%
	109,564	Molson Coors Brewing Co. Class B		7,805,339
Biotechnology – 4.6%
	128,193	AbbVie, Inc.		12,377,034
	12,063	Alexion Pharmaceuticals, Inc.*		1,418,971
	15,801	Amgen, Inc.		2,756,958
	21,856	Biogen, Inc.*		5,979,802
	52,910	Celgene Corp.*		4,608,461
	3,929	Exelixis, Inc.*		81,802
	6,828	Regeneron Pharmaceuticals, Inc.*		2,073,527
	31,136	Vertex Pharmaceuticals, Inc.*		4,768,790
				34,065,345
Building Products – 0.5%
	89,697	Masco Corp.		3,396,825
Capital Markets – 3.3%
	2,299	Ameriprise Financial, Inc.		322,343
	94,625	BGC Partners, Inc. Class A		1,264,190
	74,090	Intercontinental Exchange, Inc.		5,368,561
	4,013	LPL Financial Holdings, Inc.		243,067
	46,485	S&P Global, Inc.		8,767,071
	84,407	State Street Corp.		8,422,131
				24,387,363
Common Stocks – (continued)
Chemicals – 0.5%
	35,411	Huntsman Corp.		1,054,186
	24,881	LyondellBasell Industries NV Class A		2,630,668
				3,684,854
Commercial Services & Supplies – 0.0%
	6,077	KAR Auction Services, Inc.		315,943
Communications Equipment* – 1.5%
	6,836	Arista Networks, Inc.		1,808,464
	33,398	F5 Networks, Inc.		5,446,880
	21,811	Palo Alto Networks, Inc.		4,198,835
				11,454,179
Construction & Engineering* – 0.0%
	7,686	AECOM		264,706
Consumer Finance – 1.6%
	255,694	Ally Financial, Inc.		6,673,613
	10,924	Capital One Financial Corp.		989,933
	119,559	Synchrony Financial		3,965,772
				11,629,318
Containers & Packaging – 1.0%
	28,535	Berry Global Group, Inc.*		1,569,425
	55,405	Graphic Packaging Holding Co.		792,291
	27,411	Owens-Illinois, Inc.*		557,266
	73,307	WestRock Co.		4,336,842
				7,255,824
Diversified Financial Services – 1.1%
	25,382	Berkshire Hathaway, Inc. Class B*		4,917,255
	123,557	Leucadia National Corp.		2,970,310
				7,887,565
Diversified Telecommunication Services – 0.3%
	76,317	AT&T, Inc.		2,495,566
Electric Utilities – 0.6%
	111,229	Exelon Corp.		4,413,567
Electrical Equipment – 0.9%
	97,129	AMETEK, Inc.		6,779,604
Electronic Equipment, Instruments & Components – 0.5%
	123,782	Jabil, Inc.		3,292,601
	12,442	National Instruments Corp.		508,753
	2,009	Zebra Technologies Corp. Class A*		270,874
				4,072,228
Energy Equipment & Services – 1.6%
	172,455	Halliburton Co.		9,138,390
	34,816	Schlumberger Ltd.		2,386,985
				11,525,375
Equity Real Estate Investment Trusts (REITs) – 4.9%
	54,985	American Homes 4 Rent Class A		1,110,697
	63,959	American Tower Corp.		8,721,449

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	5,948	Apartment Investment & Management Co. Class A	$	241,489
	11,497	Equinix, Inc.		4,837,823
	114,983	Forest City Realty Trust, Inc. Class A		2,306,559
	7,110	Gaming and Leisure Properties, Inc.		243,660
	406,427	Host Hotels & Resorts, Inc.		7,949,712
	86,380	Kimco Realty Corp.		1,253,374
	26,361	Mid-America Apartment Communities, Inc.		2,410,977
	64,173	Piedmont Office Realty Trust, Inc. Class A		1,149,980
	37,679	SBA Communications Corp.*		6,037,306
				36,263,026
Food & Staples Retailing – 1.8%
	13,231	US Foods Holding Corp.*		452,236
	141,417	Walgreens Boots Alliance, Inc.		9,397,160
	38,373	Walmart, Inc.		3,394,475
				13,243,871
Food Products – 1.3%
	197,097	Conagra Brands, Inc.		7,306,386
	60,892	General Mills, Inc.		2,663,416
				9,969,802
Health Care Equipment & Supplies – 3.2%
	302,987	Boston Scientific Corp.*		8,701,787
	15,745	Edwards Lifesciences Corp.*		2,005,283
	11,474	IDEXX Laboratories, Inc.*		2,231,578
	137,702	Medtronic PLC		11,034,061
	953	West Pharmaceutical Services, Inc.		84,064
				24,056,773
Health Care Providers & Services – 2.2%
	51,230	HCA Healthcare, Inc.		4,904,760
	27,912	Humana, Inc.		8,211,152
	14,841	WellCare Health Plans, Inc.*		3,044,780
				16,160,692
Health Care Technology* – 0.1%
	9,988	Cerner Corp.		581,801
Hotels, Restaurants & Leisure – 4.6%
	28,939	Hilton Worldwide Holdings, Inc.		2,281,551
	54,290	Las Vegas Sands Corp.		3,981,086
	63,818	Marriott International, Inc. Class A		8,722,644
	53,820	McDonald’s Corp.		9,011,621
	3,639	Vail Resorts, Inc.		834,459
	25,169	Wyndham Worldwide Corp.		2,874,551
	73,832	Yum! Brands, Inc.		6,430,767
				34,136,679
Household Durables – 0.8%
	17,526	D.R. Horton, Inc.		773,598
	35,452	PulteGroup, Inc.		1,076,323
Common Stocks – (continued)
Household Durables – (continued)
	24,189	Whirlpool Corp.		3,748,085
				5,598,006
Industrial Conglomerates – 0.3%
	11,002	Honeywell International, Inc.		1,591,769
	1,518	Roper Technologies, Inc.		401,041
				1,992,810
Insurance – 3.7%
	29,011	Arch Capital Group Ltd.*		2,324,651
	4,888	Arthur J. Gallagher & Co.		342,111
	50,064	Assured Guaranty Ltd.		1,816,823
	7,037	Athene Holding Ltd. Class A*		344,813
	23,683	Prudential Financial, Inc.		2,517,977
	10,581	Reinsurance Group of America, Inc.		1,580,801
	86,715	The Allstate Corp.		8,482,461
	139,655	The Progressive Corp.		8,419,800
	11,469	Torchmark Corp.		994,821
	1,090	White Mountains Insurance Group Ltd.		943,166
				27,767,424
Internet & Direct Marketing Retail – 3.6%
	12,735	Amazon.com, Inc.*		19,944,665
	1,416	Booking Holdings, Inc.*		3,084,048
	2,757	Expedia Group, Inc.		317,441
	11,604	Netflix, Inc.*		3,625,786
				26,971,940
Internet Software & Services* – 4.7%
	9,732	Alphabet, Inc. Class A		9,912,821
	9,921	Alphabet, Inc. Class C		10,092,931
	42,830	eBay, Inc.		1,622,400
	77,901	Facebook, Inc. Class A		13,398,972
				35,027,124
IT Services – 1.5%
	74,942	International Business Machines Corp.		10,863,592
Life Sciences Tools & Services* – 0.3%
	4,462	Mettler-Toledo International, Inc.		2,498,408
Machinery – 1.4%
	15,324	Caterpillar, Inc.		2,212,173
	94,806	Ingersoll-Rand PLC		7,953,275
	4,858	The Toro Co.		283,659
				10,449,107
Media – 3.1%
	10,354	Charter Communications, Inc. Class A*		2,808,936
	300,248	Comcast Corp. Class A		9,424,785
	98,597	News Corp. Class A		1,575,580
	239,747	The Interpublic Group of Cos., Inc.		5,655,632
	18,484	The Walt Disney Co.		1,854,500
	20,436	Time Warner, Inc.		1,937,333
				23,256,766

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – 0.2%
	98,635	Freeport-McMoRan, Inc.	$	1,500,238
Multi-Utilities – 0.1%
	20,730	CenterPoint Energy, Inc.		525,091
	13,115	MDU Resources Group, Inc.		369,449
				894,540
Multiline Retail* – 0.3%
	25,490	Dollar Tree, Inc.		2,444,236
Oil, Gas & Consumable Fuels – 6.6%
	22,686	Chevron Corp.		2,838,246
	195,676	CNX Resources Corp.*		2,907,745
	150,784	ConocoPhillips		9,876,352
	43,309	Exxon Mobil Corp.		3,367,275
	62,976	HollyFrontier Corp.		3,822,013
	108,168	Marathon Petroleum Corp.		8,102,865
	81,602	Phillips 66		9,083,119
	82,442	Valero Energy Corp.		9,145,291
				49,142,906
Personal Products – 0.5%
	23,711	The Estee Lauder Cos., Inc. Class A		3,511,362
Pharmaceuticals – 6.4%
	8,144	Allergan PLC		1,251,326
	168,963	Bristol-Myers Squibb Co.		8,808,041
	6,684	Eli Lilly & Co.		541,872
	143,762	Johnson & Johnson		18,184,455
	171,360	Merck & Co., Inc.		10,087,963
	104,897	Zoetis, Inc.		8,756,802
				47,630,459
Professional Services – 0.1%
	3,915	ManpowerGroup, Inc.		374,744
Real Estate Management & Development – 0.8%
	87,372	CBRE Group, Inc. Class A*		3,958,825
	1,327	Jones Lang LaSalle, Inc.		224,940
	68,429	Realogy Holdings Corp.		1,697,724
				5,881,489
Road & Rail – 2.4%
	143,279	CSX Corp.		8,509,340
	20,679	Kansas City Southern		2,205,002
	28,688	Norfolk Southern Corp.		4,115,867
	14,911	Ryder System, Inc.		1,005,449
	13,702	Union Pacific Corp.		1,830,998
				17,666,656
Semiconductors & Semiconductor Equipment – 2.6%
	106,756	Applied Materials, Inc.		5,302,571
	8,931	Intel Corp.		461,018
	22,802	KLA-Tencor Corp.		2,319,875
	19,985	Lam Research Corp.		3,698,424
	138,992	Micron Technology, Inc.*		6,390,852
	7,576	Teradyne, Inc.		246,599
	5,469	Texas Instruments, Inc.		554,721
				18,974,060
Common Stocks – (continued)
Software – 6.0%
	37,351	Adobe Systems, Inc.*		8,276,981
	76,703	Citrix Systems, Inc.*		7,893,506
	17,391	Fortinet, Inc.*		962,766
	4,477	Intuit, Inc.		827,305
	173,923	Microsoft Corp.		16,265,279
	38,259	salesforce.com, Inc.*		4,628,956
	17,478	ServiceNow, Inc.*		2,903,795
	30,180	Splunk, Inc.*		3,097,977
				44,856,565
Specialty Retail – 1.9%
	101,905	Best Buy Co., Inc.		7,798,790
	12,644	Burlington Stores, Inc.*		1,717,687
	13,753	Dick’s Sporting Goods, Inc.		455,087
	9,703	L Brands, Inc.		338,732
	40,155	Ross Stores, Inc.		3,246,532
	5,336	The TJX Cos., Inc.		452,759
				14,009,587
Technology Hardware, Storage & Peripherals – 4.8%
	121,550	Apple, Inc.(a)		20,087,353
	119,816	NetApp, Inc.		7,977,349
	91,507	Western Digital Corp.		7,209,837
				35,274,539
	TOTAL COMMON STOCKS
	(Cost $647,595,330)		$	723,035,647

Shares		Distribution Rate	Value
Investment Company(b) – 1.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,431,762	1.623%	$	9,431,762
	(Cost $9,431,762)
	TOTAL INVESTMENTS – 98.7%
	(Cost $657,027,092)		$	732,467,409
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			9,651,015
	NET ASSETS – 100.0%		$	742,118,424

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 segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	93	06/15/18	$	12,308,550	$	(660,002	)

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2018 (Unaudited)

	Large Cap Growth Insights Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,776,960,255, $417,833,345, $287,045,731, $601,772,856, $177,191,677 and $647,595,330)(a)	$	2,008,062,451
Investments of affiliated issuers, at value (cost $23,211,669, $4,657,952, $5,751,978, $11,800,978, $2,510,778 and $9,431,762)		23,211,669
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $0, $0, $2,861,925, $12,825,038, $1,512,337, $0)		—
Cash		31,198,300
Receivables:
Fund shares sold		2,576,176
Dividends		1,072,539
Investments sold		—
Reimbursement from investment adviser		—
Securities lending income		—
Other assets		92,676
Total assets		2,066,213,811
Liabilities:
Variation margin on futures		308,621
Payables:
Fund shares redeemed		1,702,429
Management fees		836,188
Distribution and Service fees and Transfer Agency fees		298,342
Investments purchased		24,433
Payable upon return of securities loaned		—
Accrued expenses		164,826
Total liabilities		3,334,839
Net Assets:
Paid-in capital		1,717,674,764
Undistributed (distributions in excess of) net investment income (loss)		4,051,115
Accumulated net realized gain		111,846,387
Net unrealized gain		229,306,706
NET ASSETS	$	2,062,878,972
Net Assets:
Class A	$	324,439,584
Class C		67,749,034
Institutional		746,347,474
Service		69,680,483
Investor		423,578,365
Class P		9,876
Class R		30,614,178
Class R6		400,459,978
Total Net Assets	$	2,062,878,972
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		10,584,323
Class C		2,461,531
Institutional		23,550,952
Service		2,310,858
Investor		13,998,185
Class P		312
Class R		1,022,364
Class R6		12,642,207
Net asset value, offering and redemption price per share:(b)
Class A		$30.65
Class C		27.52
Institutional		31.69
Service		30.15
Investor		30.26
Class P		31.67
Class R		29.94
Class R6		31.68

(a) Includes loaned securities having a market value of $2,786,594, $12,394,650 and $1,452,109 for Small Cap Equity Insights, Small Cap Growth Insights and Small Cap Value Insights Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $32.43, $22.90, $27.19, $39.21, $45.48 and $49.87, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Large Cap Value Insights Fund		Small Cap Equity Insights Fund		Small Cap Growth Insights Fund			Small Cap Value Insights Fund		U.S. Equity Insights Fund
$	434,525,486	$	317,730,460	$	682,527,487		$	195,680,665	$	723,035,647
	4,657,952		5,751,978		11,800,978			2,510,778		9,431,762
	—		2,861,925		12,825,038			1,512,337		—
	6,820,102		5,344,759		10,731,402			3,114,163		11,259,497
	921,184		195,545		1,916,846			51,539		754,920
	345,532		42,481		60,261			34,873		467,277
	—		5,114,359		10,137,273			3,676,162		16,658,256
	—		—		23,177			—		—
	—		2,493		8,782			894		—
	62,766		46,663		62,592			49,896		64,555
	447,333,022		337,090,663		730,093,836			206,631,307		761,671,914
	65,874		67,146		93,585			29,424		113,411
	462,233		175,897		779,626			107,039		317,274
	189,473		213,369		457,393			132,174		314,828
	52,109		39,724		95,424			55,703		175,772
	6,894		7,110,588		12,773,571			3,343,349		18,523,877
	—		2,861,925		12,825,038			1,512,337		—
	102,078		163,128		84,928			103,206		108,328
	878,661		10,631,777		27,109,565			5,283,232		19,553,490
	418,686,206		284,218,241		593,958,822			174,388,555		621,418,259
	196,776		380,513		(570,303	)		242,348		2,209,750
	11,262,465		11,327,910		29,197,534			8,340,282		43,710,100
	16,308,914		30,532,221		80,398,218			18,376,890		74,780,315
$	446,454,361	$	326,458,885	$	702,984,271		$	201,348,075	$	742,118,424
$	62,726,784	$	41,284,875	$	78,876,527		$	100,131,242	$	281,489,077
	11,513,968		9,024,592		10,198,208			16,317,445		28,452,884
	90,950,539		129,397,815		278,665,904			71,945,625		321,907,404
	8,828,712		1,254,061		—			—		6,322,289
	47,091,983		7,637,654		257,759,874			5,231,807		49,435,272
	9,881		9,801		9,760			9,902		9,892
	5,671,810		14,338,778		16,055,112			1,584,769		50,895,816
	219,660,684		123,511,309		61,418,886			6,127,285		3,605,790
$	446,454,361	$	326,458,885	$	702,984,271		$	201,348,075	$	742,118,424
	2,899,092		1,606,967		2,128,975			2,329,859		5,973,038
	537,138		405,149		352,389			527,102		670,628
	4,207,338		4,852,929		6,443,560			1,273,457		6,624,491
	406,449		49,554		—			—		134,951
	2,183,513		299,043		6,795,657			122,214		1,062,557
	457		368		226			175		204
	263,792		569,841		449,024			37,420		1,101,117
	10,164,068		4,631,844		1,419,618			108,465		74,249
	$21.64		$25.69		$37.05			$42.98		$47.13
	21.44		22.27		28.94			30.96		42.43
	21.62		26.66		43.25			56.50		48.59
	21.72		25.31		—			—		46.85
	21.57		25.54		37.93			42.81		46.52
	21.61		26.67		43.27			56.49		48.56
	21.50		25.16		35.76			42.35		46.22
	21.61		26.67		43.26			56.49		48.56

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2018 (Unaudited)

	Large Cap Growth Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $0, $519, $0, $688 and $0)	$	12,502,703
Dividends — affiliated issuers		136,318
Securities lending income — affiliated issuer		826
Total investment income		12,639,847
Expenses:
Management fees		4,955,422
Distribution and Service fees(a)		819,477
Transfer Agency fees(a)		967,612
Professional fees		51,972
Custody, accounting and administrative services		3,573
Printing and mailing costs		89,110
Trustee fees		10,873
Service Share fees — Service Plan		88,026
Service Share fees — Shareholder Administration Plan		88,026
Other		49,223
Total expenses		7,123,314
Less — expense reductions		(181,960	)
Net expenses		6,941,354
NET INVESTMENT INCOME (LOSS)		5,698,493
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		111,408,015
Futures contracts		2,751,036
Net change in unrealized gain (loss) on:
Investments		(11,078,317	)
Futures contracts		(1,830,056	)
Net realized and unrealized gain		101,250,678
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	106,949,171

(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 P(b)		Class R		Class R6
Large Cap Growth Insights	$	406,426	$	334,917	$	78,134	$	292,627	$	60,285	$	169,955	$	14,084	$	363,751	$	—	$	28,128	$	38,782
Large Cap Value Insights		78,812		57,549		13,878		56,744		10,359		38,918		1,722		35,954		—		4,996		14,724
Small Cap Equity Insights		51,892		46,532		36,875		37,362		8,376		37,175		205		4,016		—		13,275		8,481
Small Cap Growth Insights		99,028		50,165		35,536		71,300		9,030		52,648		—		202,525		—		12,793		7,727
Small Cap Value Insights		125,574		83,270		4,193		90,414		14,989		12,174		—		4,704		—		1,510		786
U.S. Equity Insights		353,084		144,959		135,163		254,220		26,093		58,391		1,367		41,719		—		48,658		491

(b) Commenced operations April 16, 2018.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Large Cap Value Insights Fund			Small Cap Equity Insights Fund			Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
$	4,123,639		$	1,945,000		$	2,518,255		$	1,613,851		$	5,844,503
	36,685			20,718			57,553			13,552			49,258
	218			34,890			140,447			9,704			33
	4,160,542			2,000,608			2,716,255			1,637,107			5,893,794
	1,095,690			1,253,885			2,573,015			760,536			1,856,251
	150,239			135,299			184,729			213,037			633,206
	163,417			108,890			356,023			124,577			430,939
	49,892			49,892			52,350			51,962			51,960
	30,842			2,452			24,213			11,638			7,945
	25,204			21,606			117,699			30,695			54,929
	9,118			8,983			9,341			8,846			9,442
	10,761			1,282			—			—			8,547
	10,761			1,282			—			—			8,547
	7,405			11,750			38,877			26,469			31,467
	1,553,329			1,595,321			3,356,247			1,227,760			3,093,233
	(120,355	)		(91,118	)		(278,161	)		(127,673	)		(147,723	)
	1,432,974			1,504,203			3,078,086			1,100,087			2,945,510
	2,727,568			496,405			(361,831	)		537,020			2,948,284
	10,991,276			11,378,928			29,817,705			8,346,533			43,726,444
	565,217			151,544			924,480			326,711			686,381
	(1,225,900	)		(277,321	)		2,884,268			(2,040,828	)		(15,657,766	)
	(383,227	)		(152,508	)		(852,373	)		(260,886	)		(660,002	)
	9,947,366			11,100,643			32,774,080			6,371,530			28,095,057
$	12,674,934		$	11,597,048		$	32,412,249		$	6,908,550		$	31,043,341

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income	$	5,698,493		$	7,960,098
Net realized gain		114,159,051			113,581,156
Net change in unrealized gain (loss)		(12,908,373	)		229,840,094
Net increase in net assets resulting from operations		106,949,171			351,381,348
Distributions to shareholders:
From net investment income
Class A Shares		(809,713	)		(1,237,586	)
Class C Shares		—			—
Institutional Shares		(5,450,085	)		(3,993,399	)
Service Shares		(253,590	)		(83,880	)
Investor Shares		(2,093,893	)		(508,915	)
Class P Shares(a)		—			—
Class R Shares		(16,516	)		(70,878	)
Class R6 Shares		(907,923	)		(117,502	)
From net realized gains
Class A Shares		(13,388,524	)		—
Class C Shares		(2,987,929	)		—
Institutional Shares		(37,141,845	)		—
Service Shares		(2,915,814	)		—
Investor Shares		(16,248,649	)		—
Class P Shares(a)		—			—
Class R Shares		(1,315,655	)		—
Class R6 Shares		(5,657,032	)		—
Total distributions to shareholders		(89,187,168	)		(6,012,160	)
From share transactions:
Proceeds from sales of shares		602,883,873			1,212,021,021
Reinvestment of distributions		79,836,761			5,487,280
Cost of shares redeemed		(511,699,060	)		(529,881,680	)
Net increase (decrease) in net assets resulting from share transactions		171,021,574			687,626,621
TOTAL INCREASE (DECREASE)		188,783,577			1,032,995,809
Net assets:
Beginning of period		1,874,095,395			841,099,586
End of period	$	2,062,878,972		$	1,874,095,395
Undistributed (distributions in excess of) net investment income	$	4,051,115		$	7,884,342

(a) Commenced operations April 16, 2018.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Large Cap Value Insights Fund						Small Cap Equity Insights Fund
For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
$	2,727,568		$	7,443,780		$	496,405		$	1,167,860
	11,556,493			64,155,237			11,530,472			29,813,457
	(1,609,127	)		21,198,767			(429,829	)		31,177,220
	12,674,934			92,797,784			11,597,048			62,158,537
	(340,586	)		(940,133	)		—			(97,192	)
	(22,549	)		(91,588	)		—			—
	(1,394,923	)		(5,996,741	)		(640,783	)		(1,223,631	)
	(41,642	)		(108,847	)		—			(1,402	)
	(263,576	)		(423,614	)		(3,431	)		(52,520	)
	—			—			—			—
	(24,403	)		(52,750	)		—			(13,506	)
	(738,887	)		(845	)		(999	)		(277	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(2,826,566	)		(7,614,518	)		(645,213	)		(1,388,528	)
	309,092,689			121,316,875			165,668,952			118,589,838
	2,720,585			7,397,342			640,255			1,367,531
	(254,929,941	)		(268,232,894	)		(152,487,273	)		(117,654,373	)
	56,883,333			(139,518,677	)		13,821,934			2,302,996
	66,731,701			(54,335,411	)		24,773,769			63,073,005
	379,722,660			434,058,071			301,685,116			238,612,111
$	446,454,361		$	379,722,660		$	326,458,885		$	301,685,116
$	196,776		$	295,774		$	380,513		$	529,321

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income (loss)	$	(361,831	)	$	(16,983	)
Net realized gain		30,742,185			24,881,776
Net change in unrealized gain (loss)		2,031,895			74,581,013
Net increase in net assets resulting from operations		32,412,249			99,445,806
Distributions to shareholders:
From net investment income
Class A Shares		(31	)		—
Class C Shares		—			—
Institutional Shares		—			(215,269	)
Service Shares		—			—
Investor Shares		—			(165,943	)
Class P Shares(a)		—			—
Class R Shares		—			—
Class R6 Shares		—			(17,101	)
From net realized gains
Class A Shares		(3,251,706	)		—
Class C Shares		(521,416	)		—
Institutional Shares		(9,557,173	)		—
Service Shares		—			—
Investor Shares		(8,261,586	)		—
Class P Shares(a)		—			—
Class R Shares		(567,593	)		—
Class R6 Shares		(1,567,068	)		—
Total distributions to shareholders		(23,726,573	)		(398,313	)
From share transactions:
Proceeds from sales of shares		166,494,275			410,435,969
Reinvestment of distributions		22,652,616			357,428
Cost of shares redeemed		(94,882,194	)		(131,852,818	)
Net increase (decrease) in net assets resulting from share transactions		94,264,697			278,940,579
TOTAL INCREASE (DECREASE)		102,950,373			377,988,072
Net assets:
Beginning of period		600,033,898			222,045,826
End of period	$	702,984,271		$	600,033,898
Undistributed (distributions in excess of) net investment income (loss)	$	(570,303	)	$	(208,441	)

(a) Commenced operations April 16, 2018.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Small Cap Value Insights Fund						U.S. Equity Insights Fund
For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
$	537,020		$	1,031,101		$	2,948,284		$	7,054,674
	8,673,244			18,330,510			44,412,825			60,219,067
	(2,301,714	)		13,872,348			(16,317,768	)		71,055,193
	6,908,550			33,233,959			31,043,341			138,328,934
	(406,735	)		(617,358	)		(2,715,807	)		(1,901,340	)
	—			(42,467	)		(88,290	)		(13,485	)
	(339,987	)		(358,224	)		(3,484,320	)		(2,041,814	)
	—			—			(64,497	)		(42,934	)
	(34,619	)		(49,629	)		(567,893	)		(216,480	)
	—			—			—			—
	—			(31,204	)		(480,854	)		(175,187	)
	(29,742	)		(91	)		(37,980	)		(1,127	)
	(10,280,836	)		(3,697,883	)		(24,270,701	)		(8,414,369	)
	(2,305,227	)		(812,978	)		(2,769,317	)		(1,145,513	)
	(4,424,518	)		(1,012,988	)		(22,262,774	)		(6,017,503	)
	—			—			(601,122	)		(185,727	)
	(553,267	)		(192,503	)		(3,936,754	)		(647,912	)
	—			—			—			—
	(177,610	)		(241,746	)		(4,612,564	)		(1,048,717	)
	(377,526	)		(346	)		(234,149	)		(3,121	)
	(18,930,067	)		(7,057,417	)		(66,127,022	)		(21,855,229	)
	28,847,708			74,838,850			130,566,617			162,634,133
	18,382,160			6,806,909			63,915,868			20,897,271
	(21,073,209	)		(56,458,736	)		(77,436,105	)		(154,299,884	)
	26,156,659			25,187,023			117,046,380			29,231,520
	14,135,142			51,363,565			81,962,699			145,705,225
	187,212,933			135,849,368			660,155,725			514,450,500
$	201,348,075		$	187,212,933		$	742,118,424		$	660,155,725
$	242,348		$	516,411		$	2,209,750		$	6,701,107

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS 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 APRIL 30, (UNAUDITED)
2018 - A	$	30.36	$	0.05		$	1.61		$	1.66		$	(0.08	)	$	(1.29	)	$	(1.37	)
2018 - C		27.42		(0.06	)		1.45			1.39			—			(1.29	)		(1.29	)
2018 - Institutional		31.39		0.12			1.65			1.77			(0.18	)		(1.29	)		(1.47	)
2018 - Service		29.94		0.03			1.58			1.61			(0.11	)		(1.29	)		(1.40	)
2018 - Investor		30.03		0.09			1.59			1.68			(0.16	)		(1.29	)		(1.45	)
2018 - P (Commenced April 16, 2018)		32.07		—	(e)		(0.40	)		(0.40	)		—			—			—
2018 - R		29.67		0.01			1.57			1.58			(0.02	)		(1.29	)		(1.31	)
2018 - R6		31.38		0.11			1.67			1.78			(0.19	)		(1.29	)		(1.48	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		23.44		0.10			6.93			7.03			(0.11	)		—			(0.11	)
2017 - C		21.23		(0.09	)		6.28			6.19			—			—			—
2017 - Institutional		24.21		0.22			7.15			7.37			(0.19	)		—			(0.19	)
2017 - Service		23.15		0.04			6.88			6.92			(0.13	)		—			(0.13	)
2017 - Investor(g)		23.19		0.16			6.86			7.02			(0.18	)		—			(0.18	)
2017 - R		22.93		0.04			6.78			6.82			(0.08	)		—			(0.08	)
2017 - R6		24.21		0.21			7.16			7.37			(0.20	)		—			(0.20	)
2016 - A		23.13		0.11			0.33			0.44			(0.13	)		—			(0.13	)
2016 - C		21.02		(0.05	)		0.30			0.25			(0.04	)		—			(0.04	)
2016 - Institutional		23.86		0.21			0.34			0.55			(0.20	)		—			(0.20	)
2016 - Service		22.89		0.08			0.33			0.41			(0.15	)		—			(0.15	)
2016 - Investor(g)		22.88		0.17			0.32			0.49			(0.18	)		—			(0.18	)
2016 - R		22.71		0.05			0.32			0.37			(0.15	)		—			(0.15	)
2016 - R6		23.86		0.18			0.38			0.56			(0.21	)		—			(0.21	)
2015 - A		21.57		0.16			1.55			1.71			(0.15	)		—			(0.15	)
2015 - C		19.67		(0.01	)		1.41			1.40			(0.05	)		—			(0.05	)
2015 - Institutional		22.22		0.26			1.60			1.86			(0.22	)		—			(0.22	)
2015 - Service		21.41		0.13			1.55			1.68			(0.20	)		—			(0.20	)
2015 - Investor(g)		21.36		0.22			1.52			1.74			(0.22	)		—			(0.22	)
2015 - R		21.25		0.09			1.55			1.64			(0.18	)		—			(0.18	)
2015 - R6 (Commenced July 31, 2015)		23.90		0.06			(0.10	)		(0.04	)		—			—			—
2014 - A		18.05		0.12			3.54			3.66			(0.14	)		—			(0.14	)
2014 - C		16.51		(0.02	)		3.23			3.21			(0.05	)		—			(0.05	)
2014 - Institutional		18.59		0.21			3.62			3.83			(0.20	)		—			(0.20	)
2014 - Service		17.81		0.18			3.42			3.60			—			—			—
2014 - Investor(g)		17.88		0.14			3.52			3.66			(0.18	)		—			(0.18	)
2014 - R		17.85		0.07			3.48			3.55			(0.15	)		—			(0.15	)
2013 - A		14.05		0.21	(f)		3.95			4.16			(0.16	)		—			(0.16	)
2013 - C		12.88		0.06	(f)		3.65			3.71			(0.08	)		—			(0.08	)
2013 - Institutional		14.48		0.27	(f)		4.07			4.34			(0.23	)		—			(0.23	)
2013 - Service		13.88		0.16	(f)		3.93			4.09			(0.16	)		—			(0.16	)
2013 - Investor(g)		13.95		0.22	(f)		3.93			4.15			(0.22	)		—			(0.22	)
2013 - R		13.97		0.11	(f)		3.97			4.08			(0.20	)		—			(0.20	)

(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) 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.

(d) Annualized.

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

(f) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.31% of average net assets.

(g) Effective August 15, 2017, Class IR changed its name to Investor.

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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS 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)
$	30.65		5.57	%	$	324,440		0.93	%(d)		0.94	%(d)		0.34	%(d)		84	%
	27.52		5.18			67,749		1.68	(d)		1.69	(d)		(0.42	)(d)		84
	31.69		5.78			746,347		0.54	(d)		0.56	(d)		0.73	(d)		84
	30.15		5.49			69,680		1.04	(d)		1.05	(d)		0.23	(d)		84
	30.26		5.72			423,578		0.68	(d)		0.69	(d)		0.58	(d)		84
	31.67		(1.25	)		10		0.52	(d)		0.52	(d)		(0.29	)(d)		84
	29.94		5.43			30,614		1.18	(d)		1.19	(d)		0.09	(d)		84
	31.68		5.80			400,460		0.53	(d)		0.54	(d)		0.72	(d)		84
	30.36		30.11			316,689		0.95			1.10			0.38			196
	27.42		29.16			63,500		1.70			1.85			(0.37	)		196
	31.39		30.63			897,009		0.56			0.70			0.78			196
	29.94		30.04			67,450		1.05			1.19			0.17			196
	30.03		30.43			365,836		0.70			0.84			0.59			196
	29.67		29.81			29,734		1.20			1.35			0.14			196
	31.38		30.64			133,877		0.54			0.67			0.74			196
	23.44		1.93			254,036		0.96			1.15			0.49			254
	21.23		1.18			48,610		1.71			1.90			(0.25	)		254
	24.21		2.35			448,961		0.56			0.75			0.89			254
	23.15		1.82			12,517		1.06			1.26			0.34			254
	23.19		2.18			48,133		0.71			0.90			0.74			254
	22.93		1.66			20,635		1.21			1.40			0.22			254
	24.21		2.38			8,208		0.54			0.74			0.72			254
	23.13		7.96			200,634		0.96			1.16			0.72			222
	21.02		7.12			49,658		1.71			1.91			(0.05	)		222
	23.86		8.41			493,322		0.56			0.76			1.13			222
	22.89		7.88			3,096		1.06			1.26			0.60			222
	22.88		8.21			36,001		0.71			0.91			0.97			222
	22.71		7.73			10,660		1.21			1.41			0.39			222
	23.86		(0.17	)		10		0.54	(d)		0.74	(d)		1.00	(d)		222
	21.57		20.41			94,053		0.96			1.20			0.63			234
	19.67		19.51			19,448		1.71			1.95			(0.12	)		234
	22.22		20.88			269,611		0.56			0.80			1.05			234
	21.41		20.21			408		1.06			1.30			0.96			234
	21.36		20.69			20,793		0.71			0.97			0.68			234
	21.25		20.10			535		1.21			1.45			0.37			234
	18.05		29.90			74,524		0.95			1.20			1.34	(f)		232
	16.51		28.96			14,133		1.70			1.95			0.42	(f)		232
	18.59		30.40			289,326		0.55			0.80			1.65	(f)		232
	17.81		29.77			1,155		1.05			1.30			1.05	(f)		232
	17.88		30.26			784		0.70			0.95			1.40	(f)		232
	17.85		29.53			359		1.20			1.46			0.70	(f)		232

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS 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 investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	21.01	$	0.11		$	0.64		$	0.75		$	(0.12	)
2018 - C		20.82		0.03			0.63			0.66			(0.04	)
2018 - Institutional		20.99		0.16			0.63			0.79			(0.16	)
2018 - Service		21.09		0.10			0.64			0.74			(0.11	)
2018 - Investor		20.94		0.13			0.65			0.78			(0.15	)
2018 - P (Commenced April 16, 2018)		21.87		(0.01	)		(0.25	)		(0.26	)		—
2018 - R		20.88		0.09			0.62			0.71			(0.09	)
2018 - R6		20.99		0.15			0.63			0.78			(0.16	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		17.27		0.27			3.77			4.04			(0.30	)
2017 - C		17.12		0.11			3.75			3.86			(0.16	)
2017 - Institutional		17.25		0.35			3.77			4.12			(0.38	)
2017 - Service		17.34		0.25			3.79			4.04			(0.29	)
2017 - Investor		17.22		0.34			3.74			4.08			(0.36	)
2017 - R		17.18		0.24			3.73			3.97			(0.27	)
2017 - R6		17.25		0.36			3.77			4.13			(0.39	)
2016 - A		16.92		0.23			0.33			0.56			(0.21	)
2016 - C		16.78		0.10			0.33			0.43			(0.09	)
2016 - Institutional		16.91		0.29			0.32			0.61			(0.27	)
2016 - Service		16.99		0.21			0.33			0.54			(0.19	)
2016 - Investor		16.88		0.26			0.33			0.59			(0.25	)
2016 - R		16.84		0.18			0.33			0.51			(0.17	)
2016 - R6		16.90		0.29			0.34			0.63			(0.28	)
2015 - A		16.86		0.24			0.06			0.30			(0.24	)
2015 - C		16.71		0.11			0.07			0.18			(0.11	)
2015 - Institutional		16.85		0.31			0.06			0.37			(0.31	)
2015 - Service		16.92		0.22			0.07			0.29			(0.22	)
2015 - Investor		16.81		0.27			0.08			0.35			(0.28	)
2015 - R		16.81		0.18			0.08			0.26			(0.23	)
2015 - R6 (Commenced July 31, 2015)		17.23		0.07			(0.32	)		(0.25	)		(0.08	)
2014 - A		14.75		0.16			2.10			2.26			(0.15	)
2014 - C		14.63		0.04			2.08			2.12			(0.04	)
2014 - Institutional		14.74		0.22			2.11			2.33			(0.22	)
2014 - Service		14.81		0.14			2.11			2.25			(0.14	)
2014 - Investor		14.72		0.21			2.08			2.29			(0.20	)
2014 - R		14.71		0.08			2.13			2.21			(0.11	)
2013 - A		11.49		0.25	(e)		3.22			3.47			(0.21	)
2013 - C		11.40		0.12	(e)		3.23			3.35			(0.12	)
2013 - Institutional		11.48		0.28	(e)		3.25			3.53			(0.27	)
2013 - Service		11.54		0.21	(e)		3.26			3.47			(0.20	)
2013 - Investor		11.47		0.23	(e)		3.27			3.50			(0.25	)
2013 - R		11.46		0.16	(e)		3.28			3.44			(0.19	)

(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) 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.

(d) Annualized.

(e) Reflects income recognized from a special dividend which amounted to $0.04 per share and 0.32% of average net assets.

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS 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)
$	21.64		3.56	%	$	62,727		0.95	%(d)		1.01	%(d)		1.05	%(d)		86	%
	21.44		3.18			11,514		1.70	(d)		1.76	(d)		0.28	(d)		86
	21.62		3.75			90,951		0.56	(d)		0.63	(d)		1.44	(d)		86
	21.72		3.49			8,829		1.06	(d)		1.12	(d)		0.93	(d)		86
	21.57		3.70			47,092		0.70	(d)		0.76	(d)		1.23	(d)		86
	21.61		(1.19	)		10		0.55	(d)		0.55	(d)		(1.61	)(d)		86
	21.50		3.42			5,672		1.20	(d)		1.26	(d)		0.80	(d)		86
	21.61		3.72			219,661		0.55	(d)		0.59	(d)		1.37	(d)		86
	21.01		23.51			63,848		0.96			1.10			1.37			208
	20.82		22.59			10,601		1.71			1.85			0.59			208
	20.99		24.02			261,684		0.56			0.70			1.78			208
	21.09		23.37			8,403		1.06			1.20			1.28			208
	20.94		23.79			29,871		0.71			0.84			1.70			208
	20.88		23.19			5,240		1.21			1.34			1.22			208
	20.99		24.05			75		0.55			0.67			1.81			208
	17.27		3.35			60,942		0.96			1.15			1.36			229
	17.12		2.56			13,437		1.71			1.90			0.61			229
	17.25		3.69			341,830		0.56			0.75			1.73			229
	17.34		3.22			6,014		1.06			1.24			1.27			229
	17.22		3.57			9,947		0.71			0.90			1.56			229
	17.18		3.08			1,877		1.21			1.40			1.07			229
	17.25		3.76			10		0.54			0.74			1.77			229
	16.92		1.82			62,150		0.96			1.12			1.39			221
	16.78		1.11			15,658		1.71			1.87			0.64			221
	16.91		2.24			296,403		0.56			0.72			1.81			221
	16.99		1.77			7,271		1.06			1.22			1.29			221
	16.88		2.14			5,425		0.71			0.87			1.60			221
	16.84		1.56			1,270		1.21			1.37			1.07			221
	16.90		(1.41	)		10		0.58	(d)		0.74	(d)		1.62	(d)		221
	16.86		15.42			62,704		0.96			1.14			1.00			222
	16.71		14.50			16,567		1.71			1.89			0.25			222
	16.85		15.89			389,534		0.56			0.74			1.39			222
	16.92		15.24			6,062		1.06			1.24			0.91			222
	16.81		15.62			5,238		0.71			0.88			1.27			222
	16.81		15.13			332		1.21			1.39			0.49			222
	14.75		30.54			52,993		0.95			1.14			1.95	(e)		221
	14.63		29.61			13,723		1.70			1.90			0.91	(e)		221
	14.74		31.13			245,662		0.55			0.75			2.21	(e)		221
	14.81		30.40			5,061		1.05			1.25			1.64	(e)		221
	14.72		30.88			293		0.71			0.91			1.72	(e)		221
	14.71		30.25			79		1.20			1.40			1.23	(e)		221

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS 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 investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	24.77	$	0.01		$	0.91		$	0.92		$	—
2018 - C		21.56		(0.08	)		0.79			0.71			—
2018 - Institutional		25.73		0.05			0.95			1.00			(0.07	)
2018 - Service		24.41		(0.01	)		0.91			0.90			—
2018 - Investor		24.61		0.03			0.92			0.95			(0.02	)
2018 - P (Commenced April 16, 2018)		27.21		(0.01	)		(0.53	)		(0.54	)		—
2018 - R		24.29		(0.03	)		0.90			0.87			—
2018 - R6		25.73		0.07			0.95			1.02			(0.08	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		19.73		0.04			5.06			5.10			(0.06	)
2017 - C		17.25		(0.11	)		4.42			4.31			—
2017 - Institutional		20.47		0.13			5.27			5.40			(0.14	)
2017 - Service		19.44		0.01			5.00			5.01			(0.04	)
2017 - Investor		19.61		0.14			4.99			5.13			(0.13	)
2017 - R		19.36		(0.02	)		4.98			4.96			(0.03	)
2017 - R6		20.47		0.11			5.29			5.40			(0.14	)
2016 - A		19.10		0.08			0.58			0.66			(0.03	)
2016 - C		16.81		(0.05	)		0.49			0.44			—
2016 - Institutional		19.84		0.17			0.57			0.74			(0.11	)
2016 - Service		18.82		0.06			0.56			0.62			—
2016 - Investor		19.02		0.09			0.59			0.68			(0.09	)
2016 - R		18.78		0.03			0.55			0.58			—	(e)
2016 - R6		19.84		0.17			0.58			0.75			(0.12	)
2015 - A		18.25		0.03			0.82			0.85			—
2015 - C		16.18		(0.10	)		0.73			0.63			—
2015 - Institutional		18.94		0.11			0.86			0.97			(0.07	)
2015 - Service		18.00		0.02			0.80			0.82			—
2015 - Investor		18.14		0.06			0.84			0.90			(0.02	)
2015 - R		17.98		(0.02	)		0.82			0.80			—
2015 - R6 (Commenced July 31, 2015)		20.22		0.02			(0.40	)		(0.38	)		—
2014 - A		16.86		0.01			1.52			1.53			(0.14	)
2014 - C		15.01		(0.11	)		1.36			1.25			(0.08	)
2014 - Institutional		17.48		0.09			1.57			1.66			(0.20	)
2014 - Service		16.64		(0.01	)		1.50			1.49			(0.13	)
2014 - Investor		16.70		0.08			1.48			1.56			(0.12	)
2014 - R		16.67		(0.03	)		1.49			1.46			(0.15	)
2013 - A		12.93		0.20	(f)		3.75			3.95			(0.02	)
2013 - C		11.57		0.06	(f)		3.38			3.44			—
2013 - Institutional		13.42		0.25	(f)		3.91			4.16			(0.10	)
2013 - Service		12.78		0.17	(f)		3.72			3.89			(0.03	)
2013 - Investor		12.83		0.23	(f)		3.72			3.95			(0.08	)
2013 - R		12.81		0.03	(f)		3.86			3.89			(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 shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. 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 $0.13 per share and 0.85% of average net assets.

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS 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)
$	25.69		3.71	%	$	41,285		1.23	%(d)		1.29	%(d)		0.04	%(d)		55	%
	22.27		3.39			9,025		1.98	(d)		2.04	(d)		(0.71	)(d)		55
	26.66		3.93			129,398		0.84	(d)		0.92	(d)		0.40	(d)		55
	25.31		3.69			1,254		1.34	(d)		1.39	(d)		(0.05	)(d)		55
	25.54		3.86			7,638		0.98	(d)		0.99	(d)		0.25	(d)		55
	26.67		(1.98	)		10		0.84	(d)		0.84	(d)		(0.97	)(d)		55
	25.16		3.62			14,339		1.48	(d)		1.54	(d)		(0.21	)(d)		55
	26.67		3.96			123,511		0.83	(d)		0.81	(d)		0.56	(d)		55
	24.77		25.87			41,945		1.24			1.43			0.16			137
	21.56		24.93			9,439		1.99			2.18			(0.56	)		137
	25.73		26.44			231,226		0.84			1.03			0.56			137
	24.41		25.77			769		1.34			1.53			0.06			137
	24.61		26.22			2,684		0.99			1.17			0.60			137
	24.29		25.60			15,284		1.49			1.68			(0.10	)		137
	25.73		26.45			337		0.83			1.02			0.47			137
	19.73		3.44			31,733		1.25			1.49			0.43			144
	17.25		2.61			12,133		2.00			2.24			(0.32	)		144
	20.47		3.77			176,644		0.85			1.08			0.84			144
	19.44		3.29			651		1.35			1.59			0.31			144
	19.61		3.63			7,462		0.99			1.22			0.45			144
	19.36		3.11			9,954		1.50			1.74			0.18			144
	20.47		3.81			35		0.83			1.06			0.85			144
	19.10		4.66			34,680		1.26			1.47			0.15			127
	16.81		3.89			14,153		2.01			2.22			(0.60	)		127
	19.84		5.13			81,067		0.86			1.07			0.57			127
	18.82		4.56			959		1.36			1.58			0.12			127
	19.02		4.99			1,119		1.01			1.23			0.32			127
	18.78		4.45			8,986		1.51			1.72			(0.11	)		127
	19.84		(1.88	)		10		0.86	(d)		1.06	(d)		0.38	(d)		127
	18.25		9.16			40,458		1.27			1.51			0.07			130
	16.18		8.33			15,348		2.02			2.26			(0.68	)		130
	18.94		9.58			119,013		0.87			1.11			0.47			130
	18.00		9.02			1,769		1.37			1.60			(0.04	)		130
	18.14		9.39			448		1.02			1.24			0.47			130
	17.98		8.83			8,126		1.52			1.76			(0.18	)		130
	16.86		30.64			42,607		1.26			1.46			1.39	(f)		151
	15.01		29.73			16,202		2.01			2.21			0.45	(f)		151
	17.48		31.18			134,276		0.86			1.06			1.61	(f)		151
	16.64		30.55			2,514		1.36			1.56			1.13	(f)		151
	16.70		30.94			1,767		1.01			1.21			1.62	(f)		151
	16.67		30.39			7,450		1.51			1.73			0.18	(f)		151

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS 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 APRIL 30, (UNAUDITED)
2018 - A	$	36.71	$	(0.07	)	$	1.94		$	1.87		$	—	(d)	$	(1.53	)	$	(1.53	)
2018 - C		29.12		(0.16	)		1.51			1.35			—			(1.53	)		(1.53	)
2018 - Institutional		42.53		—	(d)		2.25			2.25			—			(1.53	)		(1.53	)
2018 - Investor		37.50		(0.02	)		1.98			1.96			—			(1.53	)		(1.53	)
2018 - P (Commenced April 16, 2018)		44.33		(0.02	)		(1.04	)		(1.06	)		—			—			—
2018 - R		35.53		(0.11	)		1.87			1.76			—			(1.53	)		(1.53	)
2018 - R6		42.54		—	(d)		2.25			2.25			—			(1.53	)		(1.53	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		28.34		(0.07	)		8.44			8.37			—			—			—
2017 - C		22.64		(0.25	)		6.73			6.48			—			—			—
2017 - Institutional		32.76		0.05			9.79			9.84			(0.07	)		—			(0.07	)
2017 - Investor		28.93		—	(d)		8.63			8.63			(0.06	)		—			(0.06	)
2017 - R		27.49		(0.16	)		8.20			8.04			—			—			—
2017 - R6		32.78		0.04			9.80			9.84			(0.08	)		—			(0.08	)
2016 - A		31.15		—	(d)		(0.12	)(f)		(0.12	)		—			(2.69	)		(2.69	)
2016 - C		25.61		(0.16	)		(0.12	)(f)		(0.28	)		—			(2.69	)		(2.69	)
2016 - Institutional		35.46		0.13			(0.14	)(f)		(0.01	)		—			(2.69	)		(2.69	)
2016 - Investor		31.68		0.01			(0.07	)(f)		(0.06	)		—			(2.69	)		(2.69	)
2016 - R		30.37		(0.06	)		(0.13	)(f)		(0.19	)		—			(2.69	)		(2.69	)
2016 - R6		35.46		0.13			(0.12	)(f)		0.01			—			(2.69	)		(2.69	)
2015 - A		31.17		(0.10	)		1.87			1.77			—			(1.79	)		(1.79	)
2015 - C		26.12		(0.28	)		1.56			1.28			—			(1.79	)		(1.79	)
2015 - Institutional		35.10		0.02			2.13			2.15			—			(1.79	)		(1.79	)
2015 - Investor		31.59		(0.04	)		1.92			1.88			—			(1.79	)		(1.79	)
2015 - R		30.51		(0.18	)		1.83			1.65			—			(1.79	)		(1.79	)
2015 - R6 (Commenced July 31, 2015)		36.95		(0.01	)		(1.48	)		(1.49	)		—			—			—
2014 - A		31.10		(0.10	)		2.67			2.57			—			(2.50	)		(2.50	)
2014 - C		26.64		(0.27	)		2.25			1.98			—			(2.50	)		(2.50	)
2014 - Institutional		34.59		0.01			3.00			3.01			—			(2.50	)		(2.50	)
2014 - Investor		31.41		(0.04	)		2.72			2.68			—			(2.50	)		(2.50	)
2014 - R		30.56		(0.19	)		2.64			2.45			—			(2.50	)		(2.50	)
2013 - A		23.40		0.18	(g)		7.70			7.88			(0.18	)		—			(0.18	)
2013 - C		20.09		(0.03	)(g)		6.63			6.60			(0.05	)		—			(0.05	)
2013 - Institutional		26.01		0.29	(g)		8.57			8.86			(0.28	)		—			(0.28	)
2013 - Investor		23.64		0.18	(g)		7.83			8.01			(0.24	)		—			(0.24	)
2013 - R		23.08		—	(d)(g)		7.68			7.68			(0.20	)		—			(0.20	)

(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) 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.

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

(e) Annualized.

(f) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(g) Reflects income recognized from special dividends which amounted to $0.17 per share and 0.65% of average net assets.

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS 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)
$	37.05		5.30	%	$	78,877		1.20	%(e)		1.31	%(e)		(0.36	)%(e)		54	%
	28.94		4.88			10,198		1.96	(e)		2.06	(e)		(1.11	)(e)		54
	43.25		5.50			278,666		0.84	(e)		0.91	(e)		0.01	(e)		54
	37.93		5.43			257,760		0.96	(e)		1.05	(e)		(0.12	)(e)		54
	43.27		(2.39	)		10		0.84	(e)		0.84	(e)		(0.89	)(e)		54
	35.76		5.16			16,055		1.46	(e)		1.55	(e)		(0.61	)(e)		54
	43.26		5.47			61,419		0.83	(e)		0.90	(e)		—	(e)		54
	36.71		29.53			77,969		1.22			1.40			(0.21	)		136
	29.12		28.62			9,852		1.97			2.15			(0.95	)		136
	42.53		30.04			265,199		0.85			1.01			0.13			136
	37.50		29.87			192,860		0.96			1.16			0.01			136
	35.53		29.25			12,113		1.46			1.66			(0.50	)		136
	42.54		30.05			42,042		0.83			1.00			0.09			136
	28.34		(0.37	)		65,195		1.25			1.51			—			139
	22.64		(1.14	)		7,420		2.00			2.26			(0.74	)		139
	32.76		0.01			91,248		0.85			1.11			0.40			139
	28.93		(0.15	)		47,826		1.00			1.23			0.04			139
	27.49		(0.63	)		3,689		1.50			1.76			(0.21	)		139
	32.78		0.07			6,667		0.83			1.06			0.40			139
	31.15		5.95			43,647		1.26			1.60			(0.33	)		145
	25.61		5.18			7,964		2.01			2.36			(1.06	)		145
	35.46		6.39			64,023		0.86			1.20			0.06			145
	31.68		6.24			4,683		1.01			1.33			(0.12	)		145
	30.37		5.67			2,299		1.51			1.85			(0.60	)		145
	35.46		(4.03	)		10		0.85	(e)		1.16	(e)		(0.07	)(e)		145
	31.17		8.74			32,390		1.30			1.86			(0.33	)		162
	26.12		7.96			7,124		2.05			2.61			(1.08	)		162
	35.10		9.15			30,166		0.90			1.47			0.02			162
	31.59		9.02			1,269		1.05			1.62			(0.12	)		162
	30.51		8.48			847		1.54			2.09			(0.63	)		162
	31.10		33.98			30,803		1.30			1.93			0.67	(g)		163
	26.64		32.92			7,402		2.05			2.68			(0.12	)(g)		163
	34.59		34.48			14,171		0.90			1.53			0.96	(g)		163
	31.41		34.25			639		1.05			1.71			0.62	(g)		163
	30.56		33.60			209		1.55			2.18			(0.01	)(g)		163

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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 APRIL 30, (UNAUDITED)
2018 - A	$	46.29	$	0.11		$	1.47		$	1.58		$	(0.17	)	$	(4.72	)	$	(4.89	)
2018 - C		34.65		(0.04	)		1.07			1.03			—			(4.72	)		(4.72	)
2018 - Institutional		59.38		0.25			1.92			2.17			(0.33	)		(4.72	)		(5.05	)
2018 - Investor		46.17		0.15			1.48			1.63			(0.27	)		(4.72	)		(4.99	)
2018 - P (Commenced April 16, 2018)		57.05		(0.02	)		(0.54	)		(0.56	)		—			—			—
2018 - R		45.57		0.05			1.45			1.50			—			(4.72	)		(4.72	)
2018 - R6		59.38		0.25			1.93			2.18			(0.35	)		(4.72	)		(5.07	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		38.86		0.23	(e)		9.04			9.27			(0.25	)		(1.59	)		(1.84	)
2017 - C		29.53		(0.07	)(e)		6.85			6.78			(0.07	)		(1.59	)		(1.66	)
2017 - Institutional		49.35		0.50	(e)		11.53			12.03			(0.41	)		(1.59	)		(2.00	)
2017 - Investor		38.78		0.31	(e)		9.05			9.36			(0.38	)		(1.59	)		(1.97	)
2017 - R		38.32		0.14	(e)		8.89			9.03			(0.19	)		(1.59	)		(1.78	)
2017 - R6		49.35		0.46	(e)		11.56			12.02			(0.40	)		(1.59	)		(1.99	)
2016 - A		38.37		0.28			2.55			2.83			(0.29	)		(2.05	)		(2.34	)
2016 - C		29.75		0.01			1.92			1.93			(0.10	)		(2.05	)		(2.15	)
2016 - Institutional		48.06		0.55			3.23			3.78			(0.44	)		(2.05	)		(2.49	)
2016 - Investor		38.31		0.37			2.54			2.91			(0.39	)		(2.05	)		(2.44	)
2016 - R		37.99		0.20			2.50			2.70			(0.32	)		(2.05	)		(2.37	)
2016 - R6		48.07		0.55			3.23			3.78			(0.45	)		(2.05	)		(2.50	)
2015 - A		38.89		0.30			(0.09	)		0.21			(0.14	)		(0.59	)		(0.73	)
2015 - C		30.40		—			(0.06	)		(0.06	)		—			(0.59	)		(0.59	)
2015 - Institutional		48.49		0.55			(0.10	)		0.45			(0.29	)		(0.59	)		(0.88	)
2015 - Investor		38.84		0.39			(0.10	)		0.29			(0.23	)		(0.59	)		(0.82	)
2015 - R		38.50		0.14			(0.04	)		0.10			(0.02	)		(0.59	)		(0.61	)
2015 - R6 (Commenced July 31, 2015)		48.87		0.10			(0.90	)		(0.80	)		—			—			—
2014 - A		35.97		0.15			2.95			3.10			(0.18	)		—			(0.18	)
2014 - C		28.20		(0.10	)		2.31			2.21			(0.01	)		—			(0.01	)
2014 - Institutional		44.76		0.38			3.67			4.05			(0.32	)		—			(0.32	)
2014 - Investor		35.92		0.25			2.94			3.19			(0.27	)		—			(0.27	)
2014 - R		35.62		0.07			2.92			2.99			(0.11	)		—			(0.11	)
2013 - A		28.75		0.42	(f)		7.12			7.54			(0.32	)		—			(0.32	)
2013 - C		22.62		0.15	(f)		5.60			5.75			(0.17	)		—			(0.17	)
2013 - Institutional		35.67		0.69	(f)		8.84			9.53			(0.44	)		—			(0.44	)
2013 - Investor		28.75		0.49	(f)		7.11			7.60			(0.43	)		—			(0.43	)
2013 - R		28.54		0.31	(f)		7.09			7.40			(0.32	)		—			(0.32	)

(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) 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.

(d) Annualized.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.20 per share and 0.65% of average net assets.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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)
$	42.98		3.73	%	$	100,131		1.23	%(d)		1.37	%(d)		0.49	%(d)		57	%
	30.96		3.34			16,317		1.98	(d)		2.12	(d)		(0.26	)(d)		57
	56.50		3.92			71,946		0.84	(d)		0.97	(d)		0.88	(d)		57
	42.81		3.86			5,232		0.98	(d)		1.12	(d)		0.72	(d)		57
	56.49		(0.98	)		10		0.84	(d)		0.84	(d)		(1.05	)(d)		57
	42.35		3.59			1,585		1.48	(d)		1.62	(d)		0.26	(d)		57
	56.49		3.93			6,127		0.83	(d)		0.96	(d)		0.89	(d)		57
	46.29		23.98			102,127		1.24			1.49			0.53	(e)		138
	34.65		23.09			17,037		1.99			2.24			(0.22	)(e)		138
	59.38		24.49			56,191		0.84			1.09			0.90	(e)		138
	46.17		24.30			5,695		0.99			1.24			0.72	(e)		138
	45.57		23.67			1,621		1.49			1.73			0.33	(e)		138
	59.38		24.49			4,542		0.83			1.11			0.83	(e)		138
	38.86		7.99			91,210		1.25			1.54			0.78			129
	29.53		7.15			15,224		2.00			2.29			0.03			129
	49.35		8.41			21,717		0.85			1.14			1.19			129
	38.78		8.26			1,925		1.00			1.29			1.02			129
	38.32		7.72			5,762		1.50			1.79			0.55			129
	49.35		8.41			11		0.84			1.14			1.18			129
	38.37		0.53			93,151		1.25			1.52			0.76			133
	29.75		(0.21	)		16,416		2.00			2.27			0.01			133
	48.06		0.93			21,036		0.85			1.12			1.13			133
	38.31		0.76			1,774		1.00			1.27			1.00			133
	37.99		0.27			4,992		1.51			1.77			0.36			133
	48.07		(1.64	)		10		0.83	(d)		1.09	(d)		0.83	(d)		133
	38.89		8.66			96,094		1.27			1.59			0.41			114
	30.40		7.84			18,994		2.02			2.34			(0.34	)		114
	48.49		9.12			15,973		0.87			1.20			0.81			114
	38.84		8.94			1,788		1.02			1.35			0.66			114
	38.50		8.40			1,176		1.52			1.84			0.18			114
	35.97		26.54			99,381		1.26			1.54			1.32	(f)		141
	28.20		25.63			19,416		2.00			2.29			0.58	(f)		141
	44.76		27.05			12,204		0.86			1.13			1.74	(f)		141
	35.92		26.91			1,310		1.01			1.29			1.53	(f)		141
	35.62		26.21			1,154		1.51			1.79			0.96	(f)		141

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS 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 APRIL 30, (UNAUDITED)
2018 - A	$	49.73	$	0.17		$	2.06		$	2.23		$	(0.45	)	$	(4.38	)	$	(4.83	)
2018 - C		45.08		(0.01	)		1.87			1.86			(0.13	)		(4.38	)		(4.51	)
2018 - Institutional		51.21		0.27			2.12			2.39			(0.63	)		(4.38	)		(5.01	)
2018 - Service		49.47		0.14			2.05			2.19			(0.43	)		(4.38	)		(4.81	)
2018 - Investor		49.22		0.22			2.04			2.26			(0.58	)		(4.38	)		(4.96	)
2018 - P (Commenced April 16, 2018)		49.09		(0.01	)		(0.52	)		(0.53	)		—			—			—
2018 - R		48.89		0.11			2.02			2.13			(0.42	)		(4.38	)		(4.80	)
2018 - R6		51.19		0.27			2.12			2.39			(0.64	)		(4.38	)		(5.02	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		40.76		0.49			10.17			10.66			(0.31	)		(1.38	)		(1.69	)
2017 - C		37.10		0.13			9.25			9.38			(0.02	)		(1.38	)		(1.40	)
2017 - Institutional		41.92		0.70			10.45			11.15			(0.48	)		(1.38	)		(1.86	)
2017 - Service		40.60		0.43			10.14			10.57			(0.32	)		(1.38	)		(1.70	)
2017 - Investor		40.39		0.61			10.05			10.66			(0.45	)		(1.38	)		(1.83	)
2017 - R		40.12		0.37			10.01			10.38			(0.23	)		(1.38	)		(1.61	)
2017 - R6		41.91		0.82			10.33			11.15			(0.49	)		(1.38	)		(1.87	)
2016 - A		41.46		0.38			0.49			0.87			(0.38	)		(1.19	)		(1.57	)
2016 - C		37.88		0.08			0.44			0.52			(0.11	)		(1.19	)		(1.30	)
2016 - Institutional		42.60		0.54			0.52			1.06			(0.55	)		(1.19	)		(1.74	)
2016 - Service		41.37		0.33			0.50			0.83			(0.41	)		(1.19	)		(1.60	)
2016 - Investor		41.13		0.45			0.50			0.95			(0.50	)		(1.19	)		(1.69	)
2016 - R		40.91		0.27			0.49			0.76			(0.36	)		(1.19	)		(1.55	)
2016 - R6		42.60		0.56			0.50			1.06			(0.56	)		(1.19	)		(1.75	)
2015 - A		40.20		0.43			1.12			1.55			(0.29	)		—			(0.29	)
2015 - C		36.78		0.11			1.03			1.14			(0.04	)		—			(0.04	)
2015 - Institutional		41.29		0.60			1.16			1.76			(0.45	)		—			(0.45	)
2015 - Service		40.12		0.36			1.15			1.51			(0.26	)		—			(0.26	)
2015 - Investor		39.89		0.51			1.13			1.64			(0.40	)		—			(0.40	)
2015 - R		39.80		0.26			1.18			1.44			(0.33	)		—			(0.33	)
2015 - R6 (Commenced July 31, 2015)		43.19		0.14			(0.73	)		(0.59	)		—			—			—
2014 - A		34.52		0.33			5.71			6.04			(0.36	)		—			(0.36	)
2014 - C		31.63		0.05			5.24			5.29			(0.14	)		—			(0.14	)
2014 - Institutional		35.44		0.49			5.86			6.35			(0.50	)		—			(0.50	)
2014 - Service		34.44		0.29			5.71			6.00			(0.32	)		—			(0.32	)
2014 - Investor		34.26		0.42			5.67			6.09			(0.46	)		—			(0.46	)
2014 - R		34.16		0.23			5.67			5.90			(0.26	)		—			(0.26	)
2013 - A		26.80		0.44			7.68			8.12			(0.40	)		—			(0.40	)
2013 - C		24.59		0.19			7.07			7.26			(0.22	)		—			(0.22	)
2013 - Institutional		27.51		0.53			7.91			8.44			(0.51	)		—			(0.51	)
2013 - Service		26.76		0.41			7.65			8.06			(0.38	)		—			(0.38	)
2013 - Investor		26.62		0.45			7.67			8.12			(0.48	)		—			(0.48	)
2013 - R		26.58		0.36			7.61			7.97			(0.39	)		—			(0.39	)

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

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

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

(d) Annualized.

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

GOLDMAN SACHS U.S. EQUITY INSIGHTS 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)
$	47.13		4.60	%	$	281,489		0.95	%(d)		0.99	%(d)		0.70	%(d)		86	%
	42.43		4.21			28,453		1.70	(d)		1.74	(d)		(0.04	)(d)		86
	48.59		4.81			321,907		0.56	(d)		0.60	(d)		1.08	(d)		86
	46.85		4.54			6,322		1.06	(d)		1.11	(d)		0.60	(d)		86
	46.52		4.74			49,435		0.70	(d)		0.74	(d)		0.95	(d)		86
	48.56		(1.08	)		10		0.56	(d)		0.56	(d)		(0.27	)(d)		86
	46.22		4.48			50,896		1.20	(d)		1.25	(d)		0.46	(d)		86
	48.56		4.81			3,606		0.55	(d)		0.59	(d)		1.09	(d)		86
	49.73		26.89			278,516		0.96			1.14			1.08			193
	45.08		25.93			28,756		1.71			1.89			0.31			193
	51.21		27.40			249,034		0.56			0.74			1.50			193
	49.47		26.76			6,739		1.06			1.24			0.96			193
	49.22		27.21			43,290		0.71			0.89			1.36			193
	48.89		26.58			51,263		1.21			1.39			0.84			193
	51.19		27.41			2,557		0.55			0.71			1.70			193
	40.76		2.25			251,466		0.96			1.18			0.96			213
	37.10		1.48			31,377		1.71			1.93			0.21			213
	41.92		2.66			177,412		0.56			0.78			1.33			213
	40.60		2.15			5,473		1.06			1.28			0.83			213
	40.39		2.48			18,322		0.71			0.93			1.13			213
	40.12		1.99			30,341		1.21			1.43			0.70			213
	41.91		2.66			60		0.55			0.77			1.36			213
	41.46		3.86			272,738		0.96			1.17			1.04			224
	37.88		3.09			37,811		1.71			1.92			0.28			224
	42.60		4.27			121,863		0.56			0.77			1.42			224
	41.37		3.75			3,344		1.06			1.27			0.86			224
	41.13		4.12			4,615		0.71			0.92			1.24			224
	40.91		3.58			27,685		1.21			1.42			0.64			224
	42.60		(1.37	)		10		0.55	(d)		0.74	(d)		1.37	(d)		224
	40.20		17.67			275,574		0.97			1.21			0.88			222
	36.78		16.80			36,503		1.72			1.96			0.13			222
	41.29		18.14			105,300		0.57			0.81			1.27			222
	40.12		17.57			1,132		1.07			1.31			0.78			222
	39.89		17.98			1,003		0.72			0.96			1.13			222
	39.80		17.42			457		1.22			1.46			0.63			222
	34.52		30.75			256,626		0.95			1.21			1.46			203
	31.63		29.78			34,143		1.70			1.96			0.70			203
	35.44		31.27			64,809		0.56			0.82			1.70			203
	34.44		30.57			1,020		1.05			1.31			1.37			203
	34.26		31.06			546		0.71			0.97			1.48			203
	34.16		30.42			343		1.20			1.46			1.19			203

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 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
Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights	A, C, Institutional, Service, Investor, P*, R and R6	Diversified
Small Cap Growth Insights and Small Cap Value Insights	A, C, Institutional, Investor, P*, R and R6	Diversified

* Commenced operations on April 16, 2018.

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.

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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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

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

84

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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.

85

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Government Money Market Fund’s accounting policies and investment holdings, please see the Government Money Market Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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.  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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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.

86

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third-party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2018:

LARGE CAP GROWTH INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	36,386,804		$	—	$	—
North America		1,971,675,647			—		—
Investment Company		23,211,669			—		—
Total	$	2,031,274,120		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(1,795,490	)	$	—	$	—
LARGE CAP VALUE INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	13,513,844		$	—	$	—
North America		421,011,642			—		—
Investment Company		4,657,952			—		—
Total	$	439,183,438		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(383,227	)	$	—	$	—

87

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	45,108		$	—	$	—
Europe		800,085			—		—
North America		316,885,267			—		—
Investment Company		5,751,978			—		—
Securities Lending Reinvestment Vehicle		2,861,925			—		—
Total	$	326,344,363		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(152,508	)	$	—	$	—
SMALL CAP GROWTH INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	329,719		$	—	$	—
Europe		140,736			—		—
North America		681,967,404			—		89,628
Investment Company		11,800,978			—		—
Securities Lending Reinvestment Vehicle		12,825,038			—		—
Total	$	707,063,875		$	—	$	89,628
Derivative Type
Liabilities(b)
Futures Contracts	$	(356,413	)	$	—	$	—
SMALL CAP VALUE INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	208,722		$	—	$	—
North America		195,471,943			—		—
Investment Company		2,510,778			—		—
Securities Lending Reinvestment Vehicle		1,512,337			—		—
Total	$	199,703,780		$	—	$	—

88

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL CAP VALUE INSIGHTS (continued)
Derivative Type	Level 1			Level 2		Level 3
Liabilities(b)
Futures Contracts	$	(112,098	)	$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	11,034,061		$	—	$	—
North America		712,001,586			—		—
Investment Company		9,431,762			—		—
Total	$	732,467,409		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(660,002	)	$	—	$	—

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

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2018. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities	Liabilities(a)
Equity	Large Cap Growth Insights	Variation Margin on Futures Contracts	$	(1,795,490	)
Equity	Large Cap Value Insights	Variation Margin on Futures Contracts		(383,227	)
Equity	Small Cap Equity Insights	Variation Margin on Futures Contracts		(152,508	)
Equity	Small Cap Growth Insights	Variation Margin on Futures Contracts		(356,413	)
Equity	Small Cap Value Insights	Variation Margin on Futures Contracts		(112,098	)
Equity	U.S. Equity Insights	Variation Margin on Futures Contracts		(660,002	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2018 is reported within the Statements of Assets and Liabilities.

89

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts		Net Change in Unrealized Gain (Loss) on Futures Contracts			Average Number of Contracts(a)
Equity	Large Cap Growth Insights	$	2,751,036	$	(1,830,056	)		253
Equity	Large Cap Value Insights		565,217		(383,227	)		45
Equity	Small Cap Equity Insights		151,544		(152,508	)		82
Equity	Small Cap Growth Insights		924,480		(852,373	)		126
Equity	Small Cap Value Insights		326,711		(260,886	)		39
Equity	U.S. Equity Insights		686,381		(660,002	)		84

(a) Average number of contracts is based on the month end balances for the six months ended April 30, 2018.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a 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 a 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 a Fund and the counterparty. Additionally, a 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 a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a 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 a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A 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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5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2018, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Large Cap Growth Insights		0.52	%		0.47	%		0.44	%		0.44	%		0.43	%		0.49	%		0.49	%
Large Cap Value Insights		0.52			0.47			0.44			0.44			0.43			0.52			0.52
Small Cap Equity Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Growth Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Value Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Equity Insights		0.52			0.47			0.44			0.44			0.43			0.52			0.52

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

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Government Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest, 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 April 30, 2018, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Large Cap Growth Insights	$	17,154
Large Cap Value Insights		4,435
Small Cap Equity Insights		2,686
Small Cap Growth Insights		7,021
Small Cap Value Insights		1,738
U.S. Equity Insights		6,120

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

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

	Distribution and Service Plan Rates
	Class A*			Class C			Class R*			Service Shares
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 and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	32,986	$	—
Large Cap Value Insights		7,559		373
Small Cap Equity Insights		2,721		96
Small Cap Growth Insights		1,349		—
Small Cap Value Insights		2,301		1
U.S. Equity Insights		11,548		192

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 P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2017, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Goldman Sachs Small Cap Growth Insights Fund. This arrangement was in effect at the start of fiscal year and discontinued as of February 28, 2018.

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5. 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 are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2019 for Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares, and through at least April 16, 2019 for Class P Shares, and prior to such dates, GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/ Credits		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	17,154	$	182	$	164,624	$	181,960
Large Cap Value Insights		4,435		25		115,895		120,355
Small Cap Equity Insights		2,686		16		88,416		91,118
Small Cap Growth Insights		7,021		41,525		229,615		278,161
Small Cap Value Insights		1,738		128		125,807		127,673
U.S. Equity Insights		6,120		139		141,464		147,723

G.  Line of Credit Facility — As of April 30, 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 April 30, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2018, Goldman Sachs earned $743, $454, $266, $457, $94 and $370 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

As of April 30, 2018, the following Goldman Sachs Fund of Funds Portfolios and Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Balanced Strategy			Goldman Sachs Equity Growth Strategy			Goldman Sachs Growth Strategy			Goldman Sachs Equity Growth and Strategy			Goldman Sachs Enhanced Dividend Global Equity
Large Cap Value Insights		5	%		10	%		18	%		17	%		—	%
Small Cap Equity Insights		—			7			10			—			16

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of outstanding Class P Shares of Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds.

The following table provides information about the Funds’ investments in the Government Money Market Fund as of and for the six months ended April 30, 2018:

Fund	Market Value as of October 31, 2017		Purchased at Cost		Proceeds from Sales			Market Value as of April 30, 2017		Shares as of April 30, 2018		Dividend Income from Affiliated Investment Companies
Large Cap Growth Insights	$	2,014,724	$	148,223,628	$	(127,026,683	)	$	23,211,669		23,211,669	$	136,318
Large Cap Value Insights		—		76,592,273		(71,934,321	)		4,657,952		4,657,952		36,685
Small Cap Equity Insights		1,888,255		35,110,026		(31,246,303	)		5,751,978		5,751,978		20,718
Small Cap Growth Insights		6,845,839		90,952,983		(85,997,844	)		11,800,978		11,800,978		57,553
Small Cap Value Insights		2,138,517		22,921,677		(22,549,416	)		2,510,778		2,510,778		13,552
U.S. Equity Insights		7,537		86,677,388		(77,253,163	)		9,431,762		9,431,762		49,258

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2018 were as follows:

Fund	Purchases		Sales and Maturities
Large Cap Growth Insights	$	1,703,261,222	$	1,640,795,708
Large Cap Value Insights		406,479,324		355,931,495
Small Cap Equity Insights		181,031,475		169,274,607
Small Cap Growth Insights		409,414,427		341,492,400
Small Cap Value Insights		114,339,386		106,155,336
U.S. Equity Insights		646,341,452		599,651,293

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities

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7. SECURITIES LENDING (continued)

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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Large Cap Growth Insights, Large Cap Value Insights, and U.S. Equity Insights Funds did not have securities on loan as of April 30, 2018.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2018, are reported under Investment Income on the Statements of Operations.

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

	For the Period Ended April 30, 2018				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2018
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	92	$	15	$	—
Large Cap Value Insights		24		—		—
Small Cap Equity Insights		3,854		5,405		230,325
Small Cap Growth Insights		15,437		9,870		1,921,200
Small Cap Value Insights		1,069		2,476		38,000
U.S. Equity Insights		4		—		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2018:

Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018
Large Cap Growth Insights	$	—	$	13,035,500	$	(13,035,500	)	$	—
Large Cap Value Insights		—		4,244,500		(4,244,500	)		—
Small Cap Equity Insights		3,814,124		21,898,736		(22,850,935	)		2,861,925
Small Cap Growth Insights		9,975,846		54,969,585		(52,120,393	)		12,825,038
Small Cap Value Insights		1,754,725		10,538,392		(10,780,780	)		1,512,337
U.S. Equity Insights		—		3,410,900		(3,410,900	)		—

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

8. TAX INFORMATION

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

	Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights			Small Cap Value Insights		U.S Equity Insights
Timing differences (Qualified Late Year Ordinary Loss Deferrals):	$	—	$	—	$	—	$	(218,113	)	$	—	$	—

As of April 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	1,802,480,515		$	422,668,739		$	295,852,148		$	627,932,603		$	181,542,497		$	657,684,806
Gross unrealized gain		275,328,279			32,566,326			42,085,593			100,254,963			125,134,242			93,700,803
Gross unrealized loss		(46,534,674	)		(16,051,627	)		(11,593,378	)		(21,034,063	)		(106,972,959	)		(18,918,200	)
Net unrealized gain		228,793,605			16,514,699			30,492,215			79,220,900			18,161,283			74,782,603

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, and differences in the tax treatment of underlying fund investments and real estate investment trusts.

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

9. OTHER RISKS

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

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

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9. OTHER RISKS (continued)

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

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,594,586		$	49,119,902			5,156,133		$	135,665,162
Reinvestment of distributions		368,877			11,027,208			42,896			1,054,814
Shares redeemed		(1,809,186	)		(55,777,691	)		(5,606,697	)		(147,687,466	)
		154,277			4,369,419			(407,668	)		(10,967,490	)
Class C Shares
Shares sold		332,880			9,217,542			706,134			16,925,441
Reinvestment of distributions		93,096			2,498,705			—			—
Shares redeemed		(279,922	)		(7,731,153	)		(679,932	)		(16,427,926	)
		146,054			3,985,094			26,202	��		497,515
Institutional Shares
Shares sold		4,729,529			151,212,469			19,993,972			549,427,327
Reinvestment of distributions		1,221,475			37,829,628			146,880			3,721,935
Shares redeemed		(10,975,085	)		(339,315,615	)		(10,111,072	)		(283,638,805	)
		(5,024,081	)		(150,273,518	)		10,029,780			269,510,457
Service Shares
Shares sold		317,142			9,635,346			2,147,028			58,878,257
Reinvestment of distributions		106,775			3,145,083			2,689			65,256
Shares redeemed		(366,155	)		(11,040,032	)		(437,214	)		(11,689,352	)
		57,762			1,740,397			1,712,503			47,254,161
Investor Shares
Shares sold		3,345,442			101,757,810			12,034,053			319,213,183
Reinvestment of distributions		620,319			18,342,393			20,951			508,700
Shares redeemed		(2,147,923	)		(65,220,212	)		(1,950,131	)		(52,002,689	)
		1,817,838			54,879,991			10,104,873			267,719,194
Class P Shares(a)
Shares sold		312			10,005			—			—
Shares redeemed		—			(5	)		—			—
		312			10,000			—			—
Class R Shares
Shares sold		191,329			5,722,229			554,938			14,366,418
Reinvestment of distributions		14,724			429,404			792			19,073
Shares redeemed		(185,854	)		(5,594,165	)		(453,392	)		(11,967,082	)
		20,199			557,468			102,338			2,418,409
Class R6 Shares
Shares sold		9,006,117			276,208,570			4,149,527			117,545,233
Reinvestment of distributions		212,022			6,564,340			4,639			117,502
Shares redeemed		(841,881	)		(27,020,187	)		(227,276	)		(6,468,360	)
		8,376,258			255,752,723			3,926,890			111,194,375
NET INCREASE (DECREASE)		5,548,619		$	171,021,574			25,494,918		$	687,626,621

(a) Commenced operations on April 16, 2018.

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Large Cap Value Insights Fund												Small Cap Equity Insights Fund
For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017						For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	490,798		$	10,714,015			938,642		$	18,325,585			112,668		$	2,873,018			704,895		$	16,033,151
	13,850			299,526			41,408			831,300			—			—			3,894			89,903
	(644,711	)		(14,135,094	)		(1,470,486	)		(28,520,531	)		(199,168	)		(5,062,753	)		(624,039	)		(14,181,081	)
	(140,063	)		(3,121,553	)		(490,436	)		(9,363,646	)		(86,500	)		(2,189,735	)		84,750			1,941,973
	95,546			2,060,125			155,187			3,005,263			21,896			482,004			137,899			2,725,601
	1,000			21,494			4,317			86,981			—			—			—			—
	(68,586	)		(1,482,943	)		(435,318	)		(8,416,740	)		(54,639	)		(1,204,580	)		(403,390	)		(7,999,719	)
	27,960			598,676			(275,814	)		(5,324,496	)		(32,743	)		(722,576	)		(265,491	)		(5,274,118	)
	2,539,266			56,418,959			3,634,705			70,136,767			1,100,212			29,199,386			3,733,505			88,306,553
	61,304			1,335,573			296,835			5,903,889			24,305			635,825			50,681			1,211,288
	(10,858,540	)		(228,197,113	)		(11,277,388	)		(221,248,461	)		(5,259,207	)		(134,334,675	)		(3,424,030	)		(80,667,613	)
	(8,257,970	)		(170,442,581	)		(7,345,848	)		(145,207,805	)		(4,134,690	)		(104,499,464	)		360,156			8,850,228
	54,634			1,194,478			126,977			2,490,712			21,073			540,622			20,415			463,044
	1,917			41,587			5,367			108,696			—			—			24			557
	(48,526	)		(1,050,108	)		(80,809	)		(1,578,770	)		(3,001	)		(74,698	)		(22,418	)		(501,963	)
	8,025			185,957			51,535			1,020,638			18,072			465,924			(1,979	)		(38,362	)
	837,378			18,414,226			1,221,228			23,843,819			225,416			5,754,386			179,915			4,058,493
	12,247			263,255			20,975			422,970			137			3,431			2,293			52,520
	(92,408	)		(2,015,774	)		(393,594	)		(7,748,706	)		(35,574	)		(891,348	)		(453,613	)		(10,078,212	)
	757,217			16,661,707			848,609			16,518,083			189,979			4,866,469			(271,405	)		(5,967,199	)
	457			10,005			—			—			368			10,005			—			—
	—			(5	)		—			—			—			(5	)		—			—
	457			10,000			—			—			368			10,000			—			—
	79,296			1,732,822			175,752			3,454,830			106,837			2,683,239			302,315			6,719,996
	997			21,383			2,106			42,661			—			—			572			12,986
	(67,421	)		(1,474,189	)		(36,231	)		(719,513	)		(166,258	)		(4,164,429	)		(187,672	)		(4,209,761	)
	12,872			280,016			141,627			2,777,978			(59,421	)		(1,481,190	)		115,215			2,523,221
	10,429,985			218,548,059			2,971			59,899			4,873,449			124,126,292			12,053			283,000
	34,832			737,767			41			845			38			999			12			277
	(304,346	)		(6,574,715	)		(8	)		(173	)		(254,758	)		(6,754,785	)		(674	)		(16,024	)
	10,160,471			212,711,111			3,004			60,571			4,618,729			117,372,506			11,391			267,253
	2,568,969		$	56,883,333			(7,067,323	)	$	(139,518,677	)		513,794		$	13,821,934			32,637		$	2,302,996

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		388,553		$	14,368,400			1,136,249		$	37,199,052
Reinvestment of distributions		89,749			3,166,328			—			—
Shares redeemed		(473,037	)		(17,367,161	)		(1,313,240	)		(42,282,750	)
		5,265			167,567			(176,991	)		(5,083,698	)
Class C Shares
Shares sold		29,532			851,876			102,607			2,660,555
Reinvestment of distributions		18,384			508,120			—			—
Shares redeemed		(33,893	)		(967,394	)		(91,970	)		(2,394,250	)
		14,023			392,602			10,637			266,305
Institutional Shares
Shares sold		1,191,440			51,444,151			4,659,005			177,869,765
Reinvestment of distributions		211,110			8,682,959			4,666			174,384
Shares redeemed		(1,195,204	)		(50,617,204	)		(1,212,399	)		(46,266,257	)
		207,346			9,509,906			3,451,272			131,777,892
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Investor Shares
Shares sold		1,926,281			72,846,467			4,505,011			149,045,196
Reinvestment of distributions		228,916			8,261,586			5,030			165,943
Shares redeemed		(501,792	)		(18,987,417	)		(1,020,946	)		(34,220,908	)
		1,653,405			62,120,636			3,489,095			114,990,231
Class P Shares(a)
Shares sold		226			10,005			—			—
Shares redeemed		—			(5	)		—			—
		226			10,000			—			—
Class R Shares
Shares sold		136,876			4,843,218			276,199			8,757,965
Reinvestment of distributions		13,690			466,555			—			—
Shares redeemed		(42,482	)		(1,498,217	)		(69,462	)		(2,201,233	)
		108,084			3,811,556			206,737			6,556,732
Class R6 Shares
Shares sold		519,597			22,130,158			901,874			34,903,436
Reinvestment of distributions		38,091			1,567,068			457			17,101
Shares redeemed		(126,372	)		(5,444,796	)		(117,452	)		(4,487,420	)
		431,316			18,252,430			784,879			30,433,117
NET INCREASE (DECREASE)		2,419,665		$	94,264,697			7,765,629		$	278,940,579

(a) Commenced operations on April 16, 2018.

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Small Cap Value Insights Fund												U.S. Equity Insights Fund
For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017						For the Six Months Ended April 30, 2018 (Unaudited)							For the Fiscal Year Ended October 31, 2017
Shares			Dollars			Shares			Dollars			Shares			Dollars				Shares			Dollars
	105,513		$	4,581,881			210,248		$	9,215,874			244,216		$	11,654,191				444,307		$	20,229,205
	248,444			10,399,770			93,198			4,222,632			540,991			25,388,649				228,207			9,688,682
	(230,255	)		(9,926,639	)		(444,455	)		(19,351,639	)		(412,357	)		(19,817,134	)			(1,241,858	)		(55,458,022	)
	123,702			5,055,012			(141,009	)		(5,913,133	)		372,850			17,225,706				(569,344	)		(25,540,135	)
	19,657			609,539			70,947			2,350,748			37,198			1,610,959				74,268			3,052,518
	75,551			2,274,846			23,439			798,161			65,851			2,772,693				26,804			1,032,502
	(59,779	)		(1,849,839	)		(118,162	)		(3,861,488	)		(70,237	)		(3,029,322	)			(309,071	)		(12,642,103	)
	35,429			1,034,546			(23,776	)		(712,579	)		32,812			1,354,330				(207,999	)		(8,557,083	)
	366,355			20,550,052			812,411			46,070,997			1,879,687			92,452,142				1,821,964			83,752,938
	84,092			4,631,023			22,451			1,300,286			525,650			25,470,196				183,080			7,994,734
	(123,329	)		(6,921,686	)		(328,579	)		(18,217,268	)		(643,389	)		(31,564,385	)			(1,374,603	)		(63,460,830	)
	327,118			18,259,389			506,283			29,154,015			1,761,948			86,357,953				630,441			28,286,842
	—			—			—			—			11,907			568,014				33,426			1,560,910
	—			—			—			—			13,459			628,029				5,039			213,019
	—			—			—			—			(26,638	)		(1,281,647	)			(37,040	)		(1,638,279	)
	—			—			—			—			(1,272	)		(85,604	)			1,425			135,650
	22,140			946,502			213,800			9,389,755			237,174			11,276,883				576,197			25,554,721
	14,076			587,886			5,359			242,132			97,081			4,504,647				20,573			864,392
	(37,343	)		(1,623,320	)		(145,468	)		(6,290,855	)		(151,161	)		(7,196,989	)			(170,917	)		(7,688,730	)
	(1,127	)		(88,932	)		73,691			3,341,032			183,094			8,584,541				425,853			18,730,383
	175			10,005			—			—			204			10,005				—			—
	—			(5	)		—			—			—			(5	)			—			—
	175			10,000			—			—			204			10,000				—			—
	9,923			421,190			67,892			2,921,620			246,048			11,631,723				566,443			26,105,639
	1,979			81,367			5,447			243,261			105,956			4,879,524				26,329			1,099,694
	(10,047	)		(420,041	)		(188,151	)		(8,158,331	)		(299,393	)		(14,144,031	)	��		(300,543	)		(13,224,161	)
	1,855			82,516			(114,812	)		(4,993,450	)		52,611			2,367,216				292,229			13,981,172
	30,416			1,728,539			86,823			4,889,856			26,939			1,362,700				52,331			2,378,202
	7,394			407,268			8			437			5,619			272,130				97			4,248
	(5,838	)		(331,679	)		(10,556	)		(579,155	)		(8,260	)		(402,592	)			(3,916	)		(187,759	)
	31,972			1,804,128			76,275			4,311,138			24,298			1,232,238				48,512			2,194,691
	519,124		$	26,156,659			376,652		$	25,187,023			2,426,545		$	117,046,380				621,117		$	29,231,520

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Fund Expenses — Period Ended April 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R or 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 P, 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 November 1, 2017 through April 30, 2018, which represents a period of 181 days in a 365 day year. The Class P example is based on the period from April 17, 2018 through April 30, 2018, which represents a period of 14 out of 365 days. The Class P example for hypothetical expenses reflects projected activity for the period from November 1, 2017 through April 30, 2018 for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund							Small Cap Growth Insights Fund
Share Class	Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*
Class A
Actual	$	1,000.00	$	1,055.70		$	4.74	$	1,000.00	$	1,035.60		$	4.79	$	1,000.00	$	1,037.10		$	6.21	$	1,000.00	$	1,053.00		$	6.11
Hypothetical 5% return		1,000.00		1,020.18	+		4.66		1,000.00		1,020.08	+		4.76		1,000.00		1,018.70	+		6.16		1,000.00		1,018.84	+		6.01
Class C
Actual		1,000.00		1,051.80			8.55		1,000.00		1,031.80			8.56		1,000.00		1,033.90			9.99		1,000.00		1,048.80			9.96
Hypothetical 5% return		1,000.00		1,016.46	+		8.40		1,000.00		1,016.36	+		8.50		1,000.00		1,014.98	+		9.89		1,000.00		1,015.08	+		9.79
Institutional
Actual		1,000.00		1,057.80			2.76		1,000.00		1,037.50			2.83		1,000.00		1,039.30			4.25		1,000.00		1,055.00			4.28
Hypothetical 5% return		1,000.00		1,022.12	+		2.71		1,000.00		1,022.02	+		2.81		1,000.00		1,020.63	+		4.21		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		1,054.90			5.30		1,000.00		1,034.90			5.35		1,000.00		1,036.90			6.77		—		—			—
Hypothetical 5% return		1,000.00		1,019.64	+		5.21		1,000.00		1,019.54	+		5.31		1,000.00		1,018.15	+		6.71		—		—			—
Investor
Actual		1,000.00		1,057.20			3.47		1,000.00		1,037.00			3.54		1,000.00		1,038.60			4.95		1,000.00		1,054.30			4.89
Hypothetical 5% return		1,000.00		1,021.42	+		3.41		1,000.00		1,021.32	+		3.51		1,000.00		1,019.94	+		4.91		1,000.00		1,020.03	+		4.81
Class P(a)
Actual		1,000.00		987.21			0.21		1,000.00		988.10			0.22		1,000.00		980.20			0.34		1,000.00		976.10			0.34
Hypothetical 5% return		1,000.00		1,022.22	+		2.58		1,000.00		1,022.07	+		2.73		1,000.00		1,020.63	+		4.16		1,000.00		1,020.63	+		4.16

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Fund Expenses — Period Ended April 30, 2018 (Unaudited) (continued)

	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund							Small Cap Growth Insights Fund
Share Class	Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*
Class R
Actual		1,000.00		1,054.30			6.01		1,000.00		1,034.20			6.05		1,000.00		1,036.20			7.47		1,000.00		1,051.60			7.43
Hypothetical 5% return		1,000.00		1,018.94	+		5.91		1,000.00		1,018.84	+		6.01		1,000.00		1,017.46	+		7.40		1,000.00		1,017.56	+		7.30
Class R6
Actual	$	1,000.00	$	1,058.00		$	2.70	$	1,000.00	$	1,037.20		$	2.78	$	1,000.00	$	1,039.60		$	4.20	$	1,000.00	$	1,054.70		$	4.23
Hypothetical 5% return		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16

(a) Commenced operations on April 16, 2018.

	Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*
Class A
Actual	$	1,000.00	$	1,037.30		$	6.21	$	1,000.00	$	1,046.00		$	4.82
Hypothetical 5% return		1,000.00		1,018.70	+		6.16		1,000.00		1,020.08	+		4.76
Class C
Actual		1,000.00		1,033.40			9.98		1,000.00		1,042.10			8.61
Hypothetical 5% return		1,000.00		1,014.98	+		9.89		1,000.00		1,016.36	+		8.50
Institutional
Actual		1,000.00		1,039.20			4.25		1,000.00		1,048.10			2.84
Hypothetical 5% return		1,000.00		1,020.63	+		4.21		1,000.00		1,022.02	+		2.81
Service
Actual		—		—			—		1,000.00		1,045.40			5.38
Hypothetical 5% return		—		—			—		1,000.00		1,019.54	+		5.31
Investor
Actual		1,000.00		1,038.60			4.95		1,000.00		1,047.40			3.55
Hypothetical 5% return		1,000.00		1,019.94	+		4.91		1,000.00		1,021.32	+		3.51
Class P(a)
Actual	$	1,000.00	$	990.20		$	0.34	$	1,000.00	$	989.20		$	0.23
Hypothetical 5% return		1,000.00		1,020.63	+		4.16		1,000.00		1,022.02	+		2.78
Class R
Actual		1,000.00		1,035.90			7.47		1,000.00		1,044.80			6.08
Hypothetical 5% return		1,000.00		1,017.46	+		7.40		1,000.00		1,018.84	+		6.01

103

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Period Ended April 30, 2018 (Unaudited) (continued)

	Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*		Beginning Account Value 11/1/17		Ending Account Value 4/30/18			Expenses Paid for the 6 months ended 4/30/18*
Class R6
Actual		1,000.00		1,039.30			4.20		1,000.00		1,048.10			2.79
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,022.07	+		2.76

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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 A			Class C			Institutional			Service			Investor			Class P(a)			Class R			Class R6
Large Cap Growth Insights+		0.93	%		1.68	%		0.54	%		1.04	%		0.68	%		0.52	%		1.18	%		0.53	%
Large Cap Value Insights+		0.95			1.70			0.56			1.06			0.70			0.55			1.20			0.55
Small Cap Equity Insights+		1.23			1.98			0.84			1.34			0.98			0.07			1.48			0.83
Small Cap Growth Insights+		1.20			1.96			0.84			N/A			0.96			0.84			1.46			0.83
Small Cap Value Insights+		1.23			1.98			0.84			N/A			0.98			0.84			1.48			0.83
U.S. Equity Insights+		0.95			1.70			0.56			1.06			0.70			0.56			1.20			0.55

(a) Commenced operations on April 16, 2018.

104

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 March 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ 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-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

THIS MATERIAL IS 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 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. 132644-OTU-779566 DOMINSSAR-18/101.1K

Goldman Sachs Funds

Semi-Annual Report	April 30, 2018
	Fundamental Emerging Markets Equity Funds
	Asia Equity
	Emerging Markets Equity
	N-11 Equity

Goldman Sachs Fundamental Emerging Markets Equity Funds

∎ ASIA EQUITY

∎ EMERGING MARKETS EQUITY

∎ N-11 EQUITY

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	4
Schedules of Investments	23
Financial Statements	32
Financial Highlights	36
Notes to the Financial Statements	42
Other Information	57

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental Emerging Markets Equity Investment Process?

Goldman Sachs’ Fundamental Emerging Markets Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by our dedicated Emerging Markets Team that works together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to seek to identify its best investment ideas.

∎ The Emerging Markets Equity research team, based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, India and Australia, focuses on long-term business and management quality

∎ Proprietary, bottom-up research is the key driver of our investment process

∎ Analysts collaborate regularly to leverage regional and industry-specific research and insights

∎ Members of each local investment team are aligned by sector and are responsible for finding ideas with the best risk-adjusted upside in their respective areas of coverage

∎ The decision-making process includes active participation in frequent and regular research meetings

∎ The Emerging Market Equity team benefits from the country and currency expertise of our Global Emerging Markets Debt and Currency teams

∎ Security selections are aligned with levels of investment conviction and risk-adjusted upside

∎ Continual risk monitoring identifies various risks at the stock and portfolio level and assesses whether they are intended and justified

∎ Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds

Emerging markets equity portfolios that strive to offer:

∎ Access to markets across emerging markets

∎ Disciplined approach to stock selection

∎ Optimal risk/return profiles

1

MARKET REVIEW

Goldman Sachs Fundamental Emerging Markets Equity Funds

Market Review

Emerging markets equities advanced during the six-month period ended April 30, 2018 (the “Reporting Period”). The MSCI Emerging Markets Index (Net, USD, Unhedged) (the “MSCI EM Index”) posted a return of 4.80%.* Emerging markets equities outperformed developed markets equities on a relative basis, as measured by the MSCI Europe, Australasia, Far East (EAFE) Index, which returned 3.41% for the same time period.

As the Reporting Period began in November 2017, a robust third calendar quarter corporate earnings reporting season was a positive driver for emerging market equities, despite a pullback from a global technology sell-off. A weaker U.S. dollar and commodities strength also helped emerging market equities close out calendar year 2017 with a healthy total return. In December 2017, the U.S. Federal Reserve (the “Fed”) delivered its third interest rate hike of 2017, as had been widely expected, and maintained its projections for three additional interest rate hikes in 2018.

Emerging market equities endured a rather volatile first three months of 2018 to post positive returns for a fifth consecutive quarter. The new calendar year began strongly, with emerging market equities outperforming developed market equities in January 2018, buoyed by a strong global economic backdrop, rising oil prices and a softer U.S. dollar. Latin American equities were the strongest performers, led by Brazil, while Asian equities were largely driven by a notable rally in Chinese equities. In February 2018, however, the MSCI EM Index lost 4.61%, as equities sold off globally on market speculation of a faster pace of interest rate hikes by the Fed, which stoked a sharp rise in bond yields and in equity market volatility. Concerns about monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. While the hawkish Fed minutes released were largely expected, Fed Chair Jerome Powell’s Congressional testimony surprised markets with its hawkish tilt, sparking another sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) In March 2018, a global equity market sell-off was driven by escalating concerns about trade relations with the U.S., as the current Administration’s announcement of a 25% tariff on an estimated $50 billion of Chinese imports weighed on investor sentiment broadly.

April saw volatility continue, driven by trade headlines around U.S. and China, rising U.S. Treasury yields and increased focus on the technology sector given ongoing discussion around the regulatory environment. Investor concern also increased with rising geopolitical risks surrounding North Korea and Syria as well as by the announcement of additional sanctions on Russia. The MSCI EM Index posted a modest decline for the month.

For the Reporting Period as a whole, health care and energy were the best performing sectors in the MSCI EM Index by some distance, followed by materials and financials, which also posted robust positive returns. Consumer discretionary was the weakest sector in the MSCI EM Index and the only one to post a negative absolute return during the Reporting Period. Information technology, telecommunication services and real estate were also weak performers but eked out modestly positive absolute returns for the Reporting Period.

From a country perspective, Colombia, Greece, Peru, Qatar, Malaysia and Thailand were the best performing individual constituents of the MSCI EM Index for the Reporting Period, each posting double-digit absolute gains for the Reporting Period. Conversely, Turkey, the Philippines, United Arab Emirates, Poland and Indonesia were the weakest individual country constituents of the MSCI EM Index, each posting a negative absolute return during the Reporting Period.

*All index returns are expressed in U.S. dollar terms.

2

MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we believed emerging market equities were still a bright spot. In our view, emerging market equities could be in the early stages of a multi-year recovery, underpinned by economic growth acceleration, corporate earnings revival and what we see as attractive valuations. We expect accelerating emerging market economic growth to exceed that of developed market economies in the next few years. Indeed, a variety of economists expect the emerging markets to contribute more than 70% of global Gross Domestic Product (“GDP”) growth from 2015 to 2025, and we estimate that 1.2 billion people in the emerging markets may rise into middle and higher income classes during this 10-year period, with real consumption expanding more than 100%. (Real consumption is the value of goods and services bought by people to be used up out of a household’s current income.) This shift toward a higher income, higher consuming level has been evident in the changing composition of emerging market equity markets toward the information technology and consumer-oriented sectors. Further bolstering our positive view on emerging market equities going forward are supportive macro fundamentals, which have revived emerging market corporate earnings growth to the point of outpacing that of developed markets, and valuations that were trading, at the end of the Reporting Period, at approximately a 20% discount to developed market equities.

We were particularly optimistic on India at the end of the Reporting Period given the earnings recovery spurred by its government’s focus on improving the ease of doing business, simplifying taxation, pushing for infrastructure and promoting a stable inflationary outlook. We believe Goods and Services Tax (“GST”) implementation could be a structural growth driver in India in the coming years. Anecdotally, a logistics company we met with not long ago saw a one-third reduction in the time taken to transport goods between Mumbai and Delhi due to the abandoning of checkpoints at state borders. GST could also accelerate, in our view, the shift toward the organized segment, and those companies operating in industries until now dominated by unorganized players could be key beneficiaries, such as jewelry, retail, ceramics and textiles. (The organized segment refers to the portion of India’s market that is formally registered with state governments and thus subject to regulation.) At the end of the Reporting Period, we continued to favor businesses exposed to the cyclical recovery in sectors such as building materials, industrials and non-banking financials.

As always, we maintain our focus on seeking high-quality equity investments trading at compelling valuations and intend to stay true to our long-term discipline as we seek to navigate potentially volatile markets ahead.

3

PORTFOLIO RESULTS

Goldman Sachs Asia Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Asia ex Japan Equity Portfolio Management Team discusses the Goldman Sachs Asia Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 and Investor Shares generated cumulative total returns, without sales charges, of 3.69%, 3.32%, 3.88% and 3.77%, respectively. These returns compare to the 4.77% cumulative total return of the Fund’s benchmark, the MSCI All Country Asia ex-Japan Index (Net, USD, Unhedged) (the “Index”), during the same time period.

From their inception on February 28, 2018 through the end of the Reporting Period, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of -2.66%. This return compares to the -0.81% cumulative total return of the Index during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -1.96%. This return compares to the 0.51% cumulative total return of the Index during the same period.

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

A The Fund posted positive absolute returns but underperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, stock selection in South Korea and Taiwan and positioning in Malaysia detracted from the Fund’s relative results most. Stock selection in China/Hong Kong, Singapore and the Philippines contributed most positively.

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

A Detracting most from the Fund’s results relative to the Index were positions in NCSoft, Brilliance China Automotive Holdings and Kingpak Technology.

NCSoft is a South Korea-based company that develops and markets online games and designs and constructs databases, Intranet and commercial Internet access systems. Its share price declined during the Reporting Period mainly due to investors rotating from the information technology sector into more late-cyclical names. A delay in the normalization of Korea/China political relations further affected the overall sentiment around the stock, as the company has been on course to launch a new game in China. Despite these headwinds, we remained positive on the stock at the end of the Reporting Period, as we view the company as a leading game development and distribution company with a strong user base.

Shares of Brilliance China Automotive Holdings declined significantly during the Reporting Period. The company manufactures motor vehicles and is a distributor of a variety of automotive components. It also holds a joint venture with BMW for the production and sales of BMW passenger cars in China. Brilliance China Automotive Holdings reported positive 2017 results with strong profitability and free cash flow for the BMW joint venture. It also reported strong auto sales during the Reporting Period. However, increased friction in the China/U.S. trade relationship, along with uncertainty with regard to regulatory changes, affected its share price performance. At the end of the Reporting Period, we maintained our positive view of the company’s fundamentals and were carefully monitoring any visible regulatory changes that might affect the company.

4

PORTFOLIO RESULTS

Kingpak Technology was a new purchase for the Fund during the Reporting Period. Not a component of the Index, it underperformed the Index during the time held in the Fund and thus detracted. Kingpak Technology is an integrated circuit packaging company listed in the Taiwanese market with a focus on complementary metal-oxide semiconductor (“CMOS”) image sensor packaging services and automotive applications. We initiated the position during the first quarter of 2018 on our expectations of an increase in camera adoption per vehicle following growing high safety requirements as well as a need for driver-assisted and driverless systems in automobiles. In our view, Kingpak Technology offers a unique packaging technology for auto CMOS sensor packaging, and we expect this technology to help extend its customer base in the coming years. The stock detracted from Fund results, during the Reporting Period, however, as information technology companies in Taiwan experienced weak end-demand during the first quarter of 2018, which led multi-layer ceramic capacitor and memory companies to become the favored space for investors in an effort to avoid weak seasonality.

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

A The Fund benefited most relative to the Index from holdings in DBS Group Holdings, Jiangsu Hengrui Medicine and Celltrion Healthcare.

The Fund’s overweight position in DBS Group Holdings, a Singapore-based bank, contributed the most to its relative results during the Reporting Period. The company, through its subsidiaries, provides consumer banking, financial advisory and brokerage services. Its shares performed well on expectations of an increase in profit margins, as DBS Group Holdings, with its high current and savings account ratio, could benefit from an upward U.S. interest rate cycle. Higher commodity prices also helped in the recovery of loan loss provisions for the oil and gas sector. Additionally, diminishing concerns about a slowdown in both the Singapore property market and Chinese market growth supported its stock price’s rally.

Jiangsu Hengrui Medicine, one of the largest pharmaceutical producers in China, is not a component of the Index but outperformed the Index during the Reporting Period. Its stock’s strong performance was driven by the company’s significant progress in research and development, as some of its pipeline products progressed into advanced stages of clinical trials while others are awaiting final regulatory approval. At the end of the Reporting Period, we believed that, along with its strong research and development capability, what we view as Jiangsu Hengrui Medicine’s healthy pipeline of both first-to-market generics and innovation drugs could yield positive results for the business in the coming years.

Celltrion Healthcare is a marketer of biopharmaceutical products in the South Korean health care sector. Following the success of its first product, infliximab similar, in Europe in 2016, the company launched the same product in the U.S. during the Reporting Period. The company also has two more products in its pipeline — Rituxan and Herceptin similar, each of which either completed its last phase of clinical testing or has already received approval from regulatory bodies in both the European Union and the U.S. Given fixed profit sharing plans between the manufacturing and sales companies, we believed at the end of the Reporting Period that robust sales performance of its biosimilar products in these major markets may well be a primary driver of both top-line and bottom-line growth over the next three to five years. That said, we opted to sell the Fund’s position in Celltrion Healthcare, taking profits, as its share price rose well above our target price under any scenario we foresaw. (A biosimilar product is a biological product that is approved based on a showing that it is highly similar to a Food and Drug Administration-approved biological product, known as a reference product, and has no clinically meaningful differences in terms of safety and effectiveness from the reference product.)

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that detracted most from the Fund’s relative results during the Reporting Period were consumer discretionary, information technology and energy, each driven primarily by weak stock selection. Having an overweighted allocation to consumer discretionary, which lagged the Index during the Reporting Period, and an underweighted allocation to energy, which outpaced the Index during the Reporting Period, also hurt. At an individual stock level, the Fund’s position in Brilliance China Automotive Holdings, mentioned earlier, disappointed most in the consumer discretionary sector. In information technology, the Fund’s overweight position in NCSoft, also mentioned earlier, detracted most. The Fund’s overweight position in Bharat Petroleum, an India-based exploration and oil marketing company, dampened relative results most in energy. Having a position in cash during a Reporting Period

5

PORTFOLIO RESULTS

when the Index advanced also dampened the Fund’s relative results.

The sectors that contributed most positively to the Fund’s performance relative to the Index were industrials, health care and financials, where stock selection in each boosted relative results. Having an overweight to health care, which was the strongest performing sector in the Index during the Reporting Period, also helped. At an individual stock level, an out-of-Index position in TeamLease Services, an India-based recruitment consultant and human resource staffing firm, helped most in industrials. The Fund’s out-of-Index position in Jiangsu Hengrui Medicine, mentioned earlier, boosted results most in health care. The Fund’s overweight position in DBS Group Holdings, also mentioned earlier, added the most value within the financials sector.

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

A The Fund did not use derivatives or similar instruments during the Reporting Period.

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

A In addition to the purchase already mentioned, we initiated a Fund position in Hankook Tire during the Reporting Period. Based in South Korea, it is the seventh largest manufacturer of tires in the world, selling close to 100 million tires annually. We established the position because we expect the company to benefit from the shift in demand toward greater than 17-inch tires. With raw material prices expected to remain benign during the next few years, Hankook Tire, in our opinion, could reduce its pricing gap with other major players in the industry, which could further improve its margins. On the date of purchase, we believed its valuation was attractive and the company was well positioned in the competitive environment to sustain its strong return profile.

We established a Fund position in Bursa Malaysia within the financials sector. It is a holding company operating a fully integrated stock exchange in Malaysia. We are constructive on the company’s monopolistic position, dividend yield level and strong free cash flow conversion.

Conversely, in addition to the sale mentioned earlier, we eliminated the Fund’s position in Sino Biopharmaceutical, one of the largest manufacturers of drugs for the treatment of hepatitis, cardiovascular diseases and oncology in China. It is one among many companies showcasing consistent spending on research and development along with having a huge product pipeline. We sold the stock after its strong price rally during the Reporting Period on the back of good performance and the Chinese government’s supportive policies encouraging innovation and favoring quality companies.

We exited the Fund’s position in Telekomunikasi, an Indonesian telecommunication services provider. The Indonesian telecommunications industry has been witnessing intense competition given subscriber registration being made mandatory by the regulators. The companies in the industry want to “lock in” subscribers before the registration deadline, resulting in intense competition. This has resulted in data yield compression and a severe decline in voice revenues. We expect the competition to last through 2018, and thus we sold the position.

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

A Most sector weights are usually established within a relatively narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, relative to the Index, the Fund’s exposure to information technology and consumer discretionary increased, and its allocations to health care and telecommunication services decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. During the Reporting Period, relative to the Index, the Fund’s allocations to China/Hong Kong and South Korea increased, and its exposure to India decreased.

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 How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had overweighted exposure to South Korea and India and held an out-of-Index allocation in Vietnam. On the same date, the Fund had underweighted exposure relative to the Index to Taiwan, Malaysia, Indonesia and Singapore and had rather neutral exposure relative to the Index in China/Hong Kong, Thailand and the Philippines. The Fund had no exposure to Pakistan at the end of the Reporting Period.

6

PORTFOLIO RESULTS

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in the consumer discretionary, information technology and health care sectors at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the Index in the real estate, telecommunication services and energy sectors and was relatively neutrally weighted compared to the Index in financials, industrials, consumer staples and materials. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

7

FUND BASICS

Asia Equity Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® (All Country) Asia ex-Japan Index2
Class A		3.69	%		4.77	%
Class C		3.32			4.77
Institutional		3.88			4.77
Investor		3.77			4.77
February 28, 2018–April 30, 2018
Class R6		-2.66			-0.81
April 16, 2018–April 30, 2018
Class P		-1.96			0.51

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

²  The MSCI^® All Country Asia ex-Japan Index (Net, USD, Unhedged) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. As of April 30, 2018, the MSCI All Country Asia ex-Japan Index consisted of the following 11 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, and Thailand. The series of returns reflected by the MSCI All Country Asia ex-Japan Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		24.49	%		8.74	%		3.81	%		3.59	%	07/08/94
Class C		29.76			9.16			3.62			3.01		08/15/97
Institutional		32.29			10.42			4.82			3.78		02/02/96
Investor		32.08			N/A			N/A			10.43		02/28/14
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R6		N/A			N/A			N/A			-0.26		02/28/18

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 P 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		1.54	%		2.02	%
Class C		2.29			2.77
Institutional		1.15			1.63
Investor		1.29			1.77
Class P		1.14			1.62
Class R6		1.14			1.62

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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		7.1	%	Software & Services	China
Samsung Electronics Co. Ltd.		5.9		Technology Hardware & Equipment	South Korea
Taiwan Semiconductor Manufacturing Co. Ltd.		4.2		Semiconductors & Semiconductor Equipment	Taiwan
Alibaba Group Holding Ltd. ADR		3.9		Software & Services	China
AIA Group Ltd.		3.7		Insurance	Hong Kong
Ping An Insurance Group Co. of China Ltd. Class H		3.6		Insurance	China
DBS Group Holdings Ltd.		3.1		Banks	Singapore
China Merchants Bank Co. Ltd. Class H		2.6		Banks	China
Kweichow Moutai Co. Ltd. Class A		2.5		Food, Beverage & Tobacco	China
NCSoft Corp.		2.3		Software & Services	South Korea

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.5% of the Fund’s net assets at April 30, 2018.

10

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 and R6 Shares generated cumulative total returns, without sales charges, of 2.89%, 2.48%, 3.05%, 2.83%, 3.02% and 3.13%, respectively. These returns compare to the 4.80% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -2.00%. This return compares to the 0.15% cumulative total return of the Index during the same period.

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

A The Fund posted positive absolute returns but underperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, stock selection in Taiwan and South Korea detracted from the Fund’s performance most. Having an overweighted allocation to India, which lagged the Index during the Reporting Period, also hurt. These detractors were partially offset by the positive contributions of effective stock selection in China, Mexico and United Arab Emirates.

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 Index were positions in Fit Hong Teng, X5 Retail Group and Hindalco Industries.

Fit Hong Teng, an out-of-Index holding, is a Taiwan-based electrical components manufacturer and distributor. The company reported earnings in line with consensus expectations during the second half of 2017. However, its margin performance was weaker than market expected due to higher shipments for smartphone connectors. The weak margin performance, in turn, triggered some concern about its earnings growth potential. Meanwhile, the trade war between the U.S. and China also caused concern about its U.S. auto component business development. As a result, its share price faced selling pressures and experienced a double-digit decline.

X5 Retail Group, also an out-of-Index holding, is the largest food retailer in Russia. The company witnessed a weak start to 2018 with lower than consensus expected earnings before interest, taxes, depreciation and amortization margins. It also faced increased competition in Moscow, particularly from specialized stores and supermarkets. While we continued to like its management’s proactive approach toward preparing the business for a more disruptive retail environment going forward, we sold the Fund’s position in the stock by the end of the Reporting Period in favor of what we considered more compelling investment opportunities.

Hindalco Industries is an India-based integrated aluminum producer and copper manufacturer. It underperformed the Index during the Reporting Period as the company reported poor margins due to both lower copper earnings and cost increases. Its costs increased as rising energy prices pushed up aluminum production costs for smelters globally. Still, at the end of the Reporting Period, the Fund maintained its position in the stock, as we found the company’s cost increases modest relative to industry standards.

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

A The strongest contributors to the Fund’s performance during the Reporting Period were Celltrion Healthcare, Galaxy Entertainment Group and Anhui Conch Cement.

11

PORTFOLIO RESULTS

Celltrion Healthcare is a marketer of biopharmaceutical products in the South Korean health care sector. Following the success of its first product, infliximab similar, in Europe in 2016, the company launched the same product in the U.S. during the Reporting Period. The company also has two more products in its pipeline — Rituxan and Herceptin similar, each of which either completed its last phase of clinical testing or has already received approval from regulatory bodies in both the European Union and the U.S. Given fixed profit sharing plans between the manufacturing and sales companies, we believed at the end of the Reporting Period that robust sales performance of its biosimilar products in these major markets may well be a primary driver of both top-line and bottom-line growth over the next three to five years. That said, we opted to sell the Fund’s position in Celltrion Healthcare, taking profits, as its share price rose well above our target price under any scenario we foresaw. (A biosimilar product is a biological product that is approved based on a showing that it is highly similar to a Food and Drug Administration-approved biological product, known as a reference product, and has no clinically meaningful differences in terms of safety and effectiveness from the reference product.)

Galaxy Entertainment Group, based in Hong Kong, operates casino, hotels and other entertainment facilities in Macau through its subsidiary. Galaxy Entertainment Group performed well, as Macau gross gaming revenue remained strong during the Reporting Period. Headline gross gaming revenue grew approximately 21% year over year and 6% quarter over quarter in the first quarter of 2018 to a three-year high. The industry’s VIP consumer base was still the primary driver of growth, while a broader consumer base was also strong. At the end of the Reporting Period, we remained constructive on the industry, as we believe it is in the middle of a positive profit cycle.

Anhui Conch Cement, a new purchase for the Fund during the Reporting Period, is the largest cement producer in China. We initiated the position because we expected supply-side discipline and enforcement of stricter environmental measures to lead to limited capacity addition and increasing utilization of the cement industry in China. Further, in our view, the company stood out as the cost leader with the strongest balance sheet in its industry. We expected its free cash flow yield to potentially move the company to a net cash position with the possibility of a higher dividend payout. During the time we held the position during the Reporting Period, it outperformed the Index, especially in April 2018 when demand for its products picked up substantially, and lower inventory led to higher cement prices and shipments. Anhui Conch Cement also reported strong first quarter 2018 earnings growth of approximately 122% year over year, with its profitability reaching a multi-year high level as supply discipline and government-enforced production cuts resulted in a particularly tight market.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Relative to the Index, weak stock selection in energy, financials and materials detracted most from the Fund’s relative results. Having an underweighted allocation to energy, which outpaced the Index during the Reporting Period, also dampened relative results. In energy, the Fund’s position in BPCL, an Indian exploration and oil marketing company, was the largest detractor from relative returns. In financials, the Fund’s position in Qudian, a Chinese online micro lending service provider, was the biggest disappointment. In materials, the Fund’s position in Hindalco Industries, already mentioned, detracted most from returns.

Conversely, strong stock selection within the industrials, health care and consumer staples sectors contributed most positively to the Fund’s performance. In industrials, the Fund’s holding in TeamLease Services, a recruitment consultant and human resource staffing firm in India, was the strongest contributor. In health care, the Fund’s holding in Celltrion Healthcare, mentioned earlier, was the strongest contributor. In consumer staples, Kweichow Moutai, the largest Chinese hard liquor maker positioned at the premium-end of the market in China, boosted Fund results most.

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 our active management strategy. However, we used index futures to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of index futures, which facilitated purchases and redemptions. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

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

A In addition to the purchase mentioned earlier, we initiated a Fund position in China Merchants Bank during the Reporting Period. We like China Merchants Bank’s focus on consumer

12

PORTFOLIO RESULTS

banking, which caters to the growing financial services need of the country’s middle class. The bank generated more than 50% of its net income from the retail segment in 2017, leading to what we view as its superior return on assets profile. Further, the bank’s balance sheet, in our opinion, has been prudently managed, with 180% non-performing loan coverage and 3.37% loan reserve coverage at the end of 2017.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Bharat Petroleum, an India-based exploration and oil marketing company, during the Reporting Period. We exited the Fund’s position in the stock, as we expect the business to experience headwinds due to rising oil prices, which could put further pressure on its margins, especially if the Indian government decides not to pass on rising costs to customers. The slow stabilization of its recent Kochi refinery expansion could also hurt the company’s gross refining margins, in our opinion.

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

A Fund weightings at a sector level are driven by bottom-up stock selection. That said, during the Reporting Period, the Fund’s exposure relative to the Index to consumer discretionary increased, and its allocations relative to the Index to financials, consumer staples and health care decreased. The Fund’s position in cash also increased during the Reporting Period.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s exposure relative to the Index in Taiwan and South Africa increased, and its allocation relative to the Index to India decreased.

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 How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had overweighted exposures to India and Peru and underweighted exposures to South Africa, Taiwan, South Korea and Malaysia relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index and had exposure to several equity markets that are not components of the Index, including Argentina, Georgia, Germany, Ukraine, Spain, Romania and Vietnam. The Fund had no exposure to Index components Chile, Hungary, Pakistan and Qatar at the end of the Reporting Period.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in financials and consumer discretionary at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the materials, real estate, telecommunication services and energy sectors at the end of the Reporting Period. The Fund had rather neutral exposure to the consumer staples, health care, industrials and information technology sectors and no allocation to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

13

FUND BASICS

Emerging Markets Equity Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® Emerging Markets Index2
Class A		2.89	%		4.80	%
Class C		2.48			4.80
Institutional		3.05			4.80
Service		2.83			4.80
Investor		3.02			4.80
Class R6		3.13			4.80
April 16, 2018–April 30, 2018
Class P		-2.00			0.15

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

²  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2018 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		23.71	%		6.88	%		2.78	%		6.87	%	12/15/97
Class C		28.97			7.30			2.59			6.47		12/15/97
Institutional		31.40			8.52			3.78			7.69		12/15/97
Service		30.78			8.00			3.26			7.06		12/15/97
Investor		31.26			8.38			N/A			6.53		8/31/10
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R6		31.48			N/A			N/A			14.87		07/31/15

³  The Standardized Total Returns are average annual 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 P 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		1.57	%		1.58	%
Class C		2.32			2.33
Institutional		1.18			1.19
Service		1.68			1.69
Investor		1.32			1.33
Class P		1.17			1.18
Class R6		1.17			1.18

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185,6
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		5.4	%	Software & Services	China
Samsung Electronics Co. Ltd.		4.8		Technology Hardware & Equipment	South Korea
Alibaba Group Holding Ltd. ADR		3.7		Software & Services	China
Taiwan Semiconductor Manufacturing Co. Ltd.		3.5		Semiconductors & Semiconductor Equipment	Taiwan
iShares MSCI Taiwan ETF		3.1		Diversified Financials	United States
iShares MSCI Emerging Markets ETF		2.9		Diversified Financials	United States
Ping An Insurance Group Co. of China Ltd. Class H		2.4		Insurance	China
Kweichow Moutai Co. Ltd. Class A		2.0		Food, Beverage & Tobacco	China
China Merchants Bank Co. Ltd. Class H		1.9		Banks	China
AIA Group Ltd.		1.7		Insurance	Hong Kong

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

⁶  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 1.7% of the Fund’s net assets as of 4/30/18.

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets at April 30, 2018.

16

PORTFOLIO RESULTS

Goldman Sachs N-11 Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs N-11 Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 and Investor Shares generated cumulative total returns, without sales charges, of 1.72%, 1.37%, 2.02% and 1.85%, respectively. These returns compare to the 2.54% cumulative total return of the Fund’s benchmark, the MSCI Next 11 ex-Iran GDP Weighted Index (Net, USD, Unhedged) (the “Index”), during the same period.

From their inception on February 28, 2018 through the end of the Reporting Period, the Fund’s Class R6 shares generated a cumulative total return, without sales charges, of -2.40%. This return compares to the -2.61% cumulative total return of the Index during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P shares generated a cumulative total return, without sales charges, of -1.07%. This return compares to the -1.27% cumulative total return of the Index during the same period.

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

A The Fund posted positive absolute returns but underperformed the Index on a relative basis during the Reporting Period. The Fund’s stock selection in South Korea and Pakistan detracted most. Having no exposure to Nigeria, the second strongest performing constituent of the Index during the Reporting Period, also hurt. Such detractors were only partially offset by the positive contributions of effective stock selection in Mexico and Egypt and of having an overweight to Vietnam, the best performing constituent in the 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 Index were positions in Indocement Tunggal Prakarsa, ING Life Insurance Korea and Hanssem.

Indocement Tunggal Prakarsa is an Indonesian producer of cement and specialty cement products. The company’s shares declined during the Reporting Period on the back of investor concerns about oversupply in the market.

ING Life Insurance Korea is an insurance and financial services provider throughout South Korea. Its shares underperformed the Index during the Reporting Period on heightened investor concerns that a potential acquisition by a bank holding group might cut what had been the industry’s highest dividend payout, i.e. more than 60% in 2017. However, non-banking financial companies are not subject to Financial Supervisory Service’s (“FSS”) stringent regulation on capital adequacy, and thus we maintained the Fund’s position in ING Life Insurance Korea at the end of the Reporting Period. (The FSS was established on January 2, 1999, as South Korea’s fully integrated supervisory authority under the Act on the Establishment of Financial Supervisory Organizations (the “Establishment Act”) that the National Assembly approved on December 29, 1997. The Establishment Act created the FSS as a specially legislated quasi-government supervisory authority and charged it with financial supervision across the entire financial sector.)

Hanssem is a South Korean manufacturer of kitchen and other interior household and office furniture. Hanssem’s share declined sharply after reporting both first quarter 2018 earnings that missed market expectations and sales downgrades.

17

PORTFOLIO RESULTS

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

A The strongest contributors to the Fund’s performance during the Reporting Period were each in the financials sector — Joint Stock Bank for Foreign Trade of Vietnam, Commercial International Bank Egypt and Regional SAB de CV.

Joint Stock Bank for Foreign Trade of Vietnam provides banking products and services for individuals, corporations and financial institutions in Vietnam. The company saw its share price rise during the Reporting Period, primarily driven by what the market perceived as a strong set of numbers with high profits and solid performance.

Commercial International Bank Egypt provides a range of financial services in Egypt. The bank performed strongly during the Reporting Period on the back of reports of strong revenues and a solid balance sheet.

Regional SAB de CV provides banking services in Mexico. The Mexican bank posted strong returns during the Reporting Period attributably mostly to growth in its margins.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Relative to the Index, weak stock selection in the health care, real estate and materials sectors detracted most from the Fund’s performance. Having an underweighted allocation to real estate, the second strongest performer in the Index during the Reporting Period, also hurt.

Conversely, strong stock selection within financials, consumer discretionary and energy contributed most positively to the Fund’s performance. Having an underweight to energy, which was among the weakest sectors in the Index during the Reporting Period, also helped.

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

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

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 Hankook Tire. Based in South Korea, it is the seventh largest manufacturer of tires in the world, selling close to 100 million tires annually. We established the position because we expect the company to benefit from the shift in demand toward greater than 17-inch tires. With raw material prices expected to remain benign during the next few years, Hankook Tire, in our opinion, could reduce its pricing gap with other major players in the industry, which could further improve its margins. On the date of purchase, we believed its valuation was attractive and the company was well positioned in the competitive environment to sustain its strong return profile.

We established a Fund position in MLP Saglik Himetleri, Turkey’s largest private health care services provider, given what we consider to be its strong growth prospects.

Conversely, we sold the Fund’s position in Amorepacific, the South Korean make-up brand. Sluggish sales in its domestic market due to one of its key products, a cushion foundation, entering into a down cycle, was the primary driver for us to exit the position. Further, to overcome its headwinds, we believed the company would likely be required to either incur significantly higher marketing costs for new product replacements or channel restructuring spending going forward.

We eliminated the Fund’s position in Celltrion Healthcare. Celltrion Healthcare is a marketer of biopharmaceutical products in the South Korean health care sector. Following the success of its first product, infliximab similar, in Europe in 2016, the company launched the same product in the U.S. during the Reporting Period. The company also has two more products in its pipeline — Rituxan and Herceptin similar, each of which either completed its last phase of clinical testing or has already received approval from regulatory bodies in both the European Union and the U.S. Given fixed profit sharing plans between the manufacturing and sales companies, we believed at the end of the Reporting Period that robust sales performance of its biosimilar products in these major markets may well be a primary driver of both top-line and bottom-line growth over the next three to five years. That said, we opted to sell the Fund’s position in Celltrion Healthcare, taking profits, as its share price rose well above our target price under any scenario we foresaw. (A biosimilar product is a biological product that is approved based on a showing that it is highly similar to a Food and Drug Administration-approved biological product, known as a reference product, and has no clinically meaningful differences in terms of safety and effectiveness from the reference product.)

18

PORTFOLIO RESULTS

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

A Fund weightings at a sector level are driven by bottom-up stock selection. That said, during the Reporting Period, the Fund’s exposure relative to the Index to financials, consumer discretionary and information technology increased, and its allocation relative to the Index to consumer staples decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s allocation relative to the Index to Indonesia increased, and its exposure relative to the Index in South Korea decreased.

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 How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in Pakistan, Vietnam, Egypt, the Philippines and Indonesia and was underweight relative to the Index in South Korea. On the same date, the Fund was relatively neutrally weighted to the Index in all of the remaining country components of the Index, with the exception of Nigeria, where the Fund held no exposure at all.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in financials, and to a lesser extent, in materials and information technology. The Fund had underweighted positions compared to the Index in industrials, consumer staples, telecommunication services, energy, real estate and health care at the end of the Reporting Period. The Fund was relatively neutrally weighted to the Index in utilities and consumer discretionary at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

19

FUND BASICS

N-11 Equity Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® Next 11 ex-Iran  GDP Weighted Index (Net, USD, Unhedged)2
Class A		1.72	%		2.54	%
Class C		1.37			2.54
Institutional		2.02			2.54
Investor		1.85			2.54
February 28, 2018–April 30, 2018
Class R6		-2.40			-2.61
April 16, 2018–April 30, 2018
Class P		-1.07			-1.27

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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^® Next 11 ex-Iran GDP Weighted Index (Net, Unhedged, USD) comprises the following 10 emerging and frontier market indices: Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. The index is designed to reflect the performance of the N-11 ex Iran countries based on the size of each country’s economy rather than the size of its equity market, by using country weights based on a country’s gross domestic product (GDP). Each country is divided into large- and mid-cap segments and provides exhaustive coverage of these size segments by targeting a coverage range around 85% of free float-adjusted market capitalization in that market. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Since Inception			Inception Date
Class A		8.85	%		-3.14	%		-0.21	%		02/28/11
Class C		13.35			-2.75			-0.16			02/28/11
Institutional		15.63			-1.63			0.99			02/28/11
Investor		15.48			-1.80			0.84			02/28/11
Class P		N/A			N/A			N/A			04/16/18
Class R6		N/A			N/A			-0.10			02/28/18

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 P 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		1.73	%		1.95	%
Class C		2.48			2.70
Institutional		1.34			1.56
Investor		1.48			1.70
Class P		1.33			1.55
Class R6		1.33			1.55

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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185
Holding	% of Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		9.5	%	Technology Hardware & Equipment	South Korea
Commercial International Bank Egypt SAE		6.4		Banks	Egypt
Bank Central Asia Tbk. PT		5.9		Banks	Indonesia
Vietnam Dairy Products JSC		2.9		Food, Beverage & Tobacco	Vietnam
Telekomunikasi Indonesia Persero Tbk. PT		2.9		Telecommunication Services	Indonesia
Grupo Financiero Banorte SAB de CV Class O		2.7		Banks	Mexico
BRAC Bank Ltd.		2.5		Banks	Bangladesh
Wal-Mart de Mexico SAB de CV		2.3		Food & Staples Retailing	Mexico
ING Life Insurance Korea Ltd.		2.2		Insurance	South Korea
Bolsa Mexicana de Valores SAB de CV		2.2		Diversified Financials	Mexico

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 April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.7% of the Fund’s net assets at April 30, 2018.

22

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
China – 38.7%
	6,283	58.com, Inc. ADR (Software & Services)*	$	549,071
	20,438	Alibaba Group Holding Ltd. ADR (Software & Services)*		3,649,001
	574,000	Angang Steel Co. Ltd. Class H (Materials)		615,286
	216,800	Anhui Conch Cement Co. Ltd. Class H (Materials)		1,353,153
	133,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		758,924
	314,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)		559,082
	82,299	China Literature Ltd. (Media)*(a)(b)		662,927
	558,500	China Merchants Bank Co. Ltd. Class H (Banks)		2,435,283
	786,000	China Petroleum & Chemical Corp. Class H (Energy)		765,454
	23,222	Ctrip.com International Ltd. ADR (Retailing)*		949,780
	150,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		394,505
	82,061	Hangzhou Hikvision Digital Technology Co. Ltd. Class A (Technology Hardware & Equipment)		496,121
	79,800	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		419,173
	1,624,000	Hilong Holding Ltd. (Energy)		246,217
	39,698	Huami Corp. ADR (Technology Hardware & Equipment)*(b)		357,679
	233,000	Huayu Automotive Systems Co. Ltd. Class A (Automobiles & Components)		813,256
	1,336,635	Industrial & Commercial Bank of China Ltd. Class H (Banks)		1,173,407
	166,800	Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Food, Beverage & Tobacco)		689,355
	125,386	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		1,640,479
	22,640	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		2,353,152
	234,000	Minth Group Ltd. (Automobiles & Components)		1,111,060
	12,073	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)		1,084,638
	235,000	Nexteer Automotive Group Ltd. (Automobiles & Components)*		361,564
	345,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		3,371,133
	98,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		1,069,791
	38,752	Silergy Corp. (Semiconductors & Semiconductor Equipment)		810,384
	134,500	Tencent Holdings Ltd. (Software & Services)		6,612,414
Common Stocks – (continued)
China – (continued)
	80,500	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		730,211
				36,032,500
Hong Kong – 8.1%
	384,836	AIA Group Ltd. (Insurance)		3,439,356
	107,000	Galaxy Entertainment Group Ltd. (Consumer Services)		936,532
	49,550	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,605,150
	455,200	IMAX China Holding, Inc. (Media)*(a)		1,510,660
	1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*(c)		—
				7,491,698
India – 11.9%
	2,826	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		261,668
	22,968	AIA Engineering Ltd. (Capital Goods)		496,492
	22,394	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		382,080
	22,064	Bajaj Finance Ltd. (Diversified Financials)		627,857
	28,408	Bandhan Bank Ltd. (Banks)*(a)		218,551
	17,686	Bharat Financial Inclusion Ltd. (Diversified Financials)*		306,846
	18,778	Castrol India Ltd. (Materials)		54,629
	155,333	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		545,979
	30,128	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		538,732
	175,502	Edelweiss Financial Services Ltd. (Diversified Financials)		747,807
	1,200	Eicher Motors Ltd. (Capital Goods)		558,067
	205,181	Hindalco Industries Ltd. (Materials)		718,533
	131,475	Hindustan Zinc Ltd. (Materials)		642,309
	45,369	ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)		516,570
	419,323	Idea Cellular Ltd. (Telecommunication Services)*		432,933
	8,705	Info Edge India Ltd. (Software & Services)		161,846
	6,861	Maruti Suzuki India Ltd. (Automobiles & Components)		902,831
	479	MRF Ltd. (Automobiles & Components)		571,982
	55,002	Muthoot Finance Ltd. (Diversified Financials)		369,441
	35,939	Navin Fluorine International Ltd. (Materials)		414,460
	75,495	Prestige Estates Projects Ltd. (Real Estate)		344,120
	1,548	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)		221,079

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

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	17,772	TeamLease Services Ltd. (Commercial & Professional Services)*	$	731,355
	10,070	Thermax Ltd. (Capital Goods)		171,088
	25,142	VRL Logistics Ltd. (Transportation)*		159,417
				11,096,672
Indonesia – 0.7%
	225,800	Bank Central Asia Tbk. PT (Banks)		357,053
	4,944,000	BFI Finance Indonesia Tbk. PT (Diversified Financials)		287,845
				644,898
Italy – 0.6%
	101,100	PRADA SpA (Consumer Durables & Apparel)		512,972
Malaysia – 0.9%
	461,700	Bursa Malaysia Bhd. (Diversified Financials)		847,064
Philippines – 1.2%
	139,120	Jollibee Foods Corp. (Consumer Services)		764,546
	766,800	Megawide Construction Corp. (Capital Goods)		354,387
				1,118,933
Singapore – 3.1%
	126,121	DBS Group Holdings Ltd. (Banks)		2,909,875
South Korea – 21.1%
	43,883	DGB Financial Group, Inc. (Banks)		490,466
	18,498	Hankook Tire Co. Ltd. (Automobiles & Components)		854,302
	2,243	Hanssem Co. Ltd. (Consumer Durables & Apparel)		244,019
	37,427	ING Life Insurance Korea Ltd. (Insurance)(a)		1,437,858
	18,676	Jin Air Co. Ltd. (Transportation)		553,817
	6,190	Korea Kolmar Co. Ltd. (Household & Personal Products)		472,088
	383	Korea Zinc Co. Ltd. (Materials)		155,011
	2,702	LG Chem Ltd. (Materials)		904,438
	5,389	LG Electronics, Inc. (Consumer Durables & Apparel)		510,978
	1,856	LG Innotek Co. Ltd. (Technology Hardware & Equipment)		200,123
	20,177	Modetour Network, Inc. (Consumer Services)		697,594
	721	NAVER Corp. (Software & Services)		480,794
	6,433	NCSoft Corp. (Software & Services)		2,156,168
	714	NongShim Co. Ltd. (Food, Beverage & Tobacco)		215,807
	5,751	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		294,782
	110,302	Pan Ocean Co. Ltd. (Transportation)*		563,225
	18,803	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		2,064,698
Common Stocks – (continued)
South Korea – (continued)
	2,228	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		5,522,339
	1,507	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		376,283
	18,416	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		1,448,308
				19,643,098
Taiwan – 7.2%
	611,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)(a)		234,443
	159,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)		272,026
	96,000	Kingpak Technology, Inc. (Technology Hardware & Equipment)		626,394
	6,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		697,850
	40,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		355,302
	62	Poya International Co. Ltd. (Retailing)		688
	518,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,948,358
	74,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		554,873
				6,689,934
Thailand – 3.2%
	783,400	Airports of Thailand PCL (Transportation)		1,762,717
	164,200	Bumrungrad Hospital PCL (Health Care Equipment & Services)		985,832
	334,100	Thai Beverage PCL (Food, Beverage & Tobacco)		214,789
				2,963,338
United States – 0.8%
	9,210	Cognizant Technology Solutions Corp. Class A (Software & Services)		753,562
Vietnam – 1.1%
	124,920	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		1,013,015
	TOTAL COMMON STOCKS
	(Cost $78,862,235)		$	91,717,559

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

GOLDMAN SACHS ASIA EQUITY FUND

Shares	Distribution Rate			Value
Investment Company(d) – 0.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
190		1.623	%	$	190
(Cost $190)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $78,862,425)				$	91,717,749
Securities Lending Reinvestment Vehicle(d) – 0.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
507,366		1.623	%	$	507,366
(Cost $507,366)
TOTAL INVESTMENTS – 99.1%
(Cost $79,369,791)				$	92,225,115
OTHER ASSETS IN EXCESS     OF LIABILITIES – 0.9%					832,407
NET ASSETS – 100.0%				$	93,057,522

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $5,311,220, which represents approximately 5.7% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(b)	All or a portion of security is on loan.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 90.0%
Argentina – 1.4%
	456,418	Grupo Supervielle SA ADR (Banks)	$	12,752,319
	145,983	Loma Negra Cia Industrial Argentina SA ADR (Materials)*		3,027,687
	19,108	MercadoLibre, Inc. (Software & Services)		6,489,268
				22,269,274
Australia – 0.2%
	248,768	SEEK Ltd. (Commercial & Professional Services)		3,618,540
Brazil – 5.7%
	591,200	Azul SA (Preference) (Transportation)*,(a)		6,142,864
	1,872,100	B3 SA – Brasil Bolsa Balcao (Diversified Financials)*		13,520,247
	297,993	Banco Bradesco SA ADR (Banks)*		2,920,331
	1,547,113	Banco Bradesco SA (Preference) (Banks)*,(a)		15,267,098
	1,021,241	BB Seguridade Participacoes SA (Insurance)		8,010,876
	665,800	Bradespar SA (Preference) (Materials)(a)		6,758,349
	641,400	CVC Brasil Operadora e Agencia de Viagens SA (Consumer Services)		10,617,374
	995,300	Fleury SA (Health Care Equipment & Services)		7,418,156
	229,091	Pagseguro Digital Ltd. Class A (Software & Services)*		7,612,694
	1,180,800	Petrobras Distribuidora SA (Retailing)		7,738,972
	915,500	Wiz Solucoes e Corretagem de Seguros SA (Insurance)		2,602,872
				88,609,833
China – 25.2%
	95,688	58.com, Inc. ADR (Software & Services)*		8,362,174
	327,009	Alibaba Group Holding Ltd. ADR (Software & Services)*		58,384,187
	3,495,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		21,813,976
	2,095,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		11,954,476
	765,664	China Literature Ltd. (Media)*(b)(c)		6,167,504
	6,689,000	China Merchants Bank Co. Ltd. Class H (Banks)		29,166,716
	257,652	Ctrip.com International Ltd. ADR (Retailing)*		10,537,967
	3,819,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		10,044,092
	1,730,511	Hangzhou Hikvision Digital Technology Co. Ltd. Class A (Technology Hardware & Equipment)		10,462,256
	1,019,321	Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)		5,354,289
Common Stocks – (continued)
China – (continued)
	516,570	Huami Corp. ADR (Technology Hardware & Equipment)*(c)		4,654,296
	2,730,900	Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Food, Beverage & Tobacco)		11,286,323
	793,298	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)		10,379,059
	306,824	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		31,890,621
	2,454,000	Minth Group Ltd. (Automobiles & Components)		11,651,882
	130,107	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)		11,688,813
	2,991,000	Nexteer Automotive Group Ltd. (Automobiles & Components)*		4,601,865
	3,768,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		36,818,634
	317,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		6,639,515
	1,707,100	Tencent Holdings Ltd. (Software & Services)		83,926,034
	699,895	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		6,348,708
				392,133,387
Colombia – 0.3%
	97,135	Banco de Bogota SA (Banks)		2,403,343
	113,839	Grupo Aval Acciones y Valores SA ADR (Banks)		1,008,614
	3,223,981	Grupo Aval Acciones y Valores SA (Preference) (Banks)(a)		1,417,472
				4,829,429
Czech Republic – 0.5%
	2,185,931	Moneta Money Bank A/S (Banks)(b)		7,857,246
Egypt – 0.3%
	778,945	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		3,995,988
Georgia – 0.5%
	47,711	BGEO Group plc (Banks)		2,280,772
	218,742	TBC Bank Group plc (Banks)		5,551,490
				7,832,262
	��
Germany – 0.5%
	291,474	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		7,463,401
Greece – 0.5%
	212,182	JUMBO SA (Retailing)		3,883,881
	276,686	Sarantis SA (Household & Personal Products)		4,738,661
				8,622,542

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – 4.8%
	3,039,400	AIA Group Ltd. (Insurance)	$	27,163,726
	2,071,000	Galaxy Entertainment Group Ltd. (Consumer Services)		18,126,701
	758,096	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		24,558,174
	1,452,100	IMAX China Holding, Inc. (Media)*(b)		4,819,045
				74,667,646
India – 10.6%
	24,359	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,255,470
	371,991	AIA Engineering Ltd. (Capital Goods)		8,041,216
	314,547	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		5,366,717
	352,951	Bajaj Finance Ltd. (Diversified Financials)		10,043,634
	458,593	Bandhan Bank Ltd. (Banks)*(b)		3,528,088
	237,757	Bharat Financial Inclusion Ltd. (Diversified Financials)*		4,125,001
	152,923	Castrol India Ltd. (Materials)		444,887
	2,134,222	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		7,501,564
	531,171	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		9,498,106
	2,368,815	Edelweiss Financial Services Ltd. (Diversified Financials)		10,093,419
	17,416	Eicher Motors Ltd. (Capital Goods)		8,099,419
	3,893,034	Hindalco Industries Ltd. (Materials)		13,633,193
	2,026,764	Hindustan Zinc Ltd. (Materials)		9,901,570
	664,122	ICICI Lombard General Insurance Co. Ltd. (Insurance)(b)		7,561,677
	7,003,914	Idea Cellular Ltd. (Telecommunication Services)*		7,231,232
	263,063	Info Edge India Ltd. (Software & Services)		4,890,946
	125,221	Maruti Suzuki India Ltd. (Automobiles & Components)		16,477,685
	5,785	MRF Ltd. (Automobiles & Components)		6,907,971
	631,932	Muthoot Finance Ltd. (Diversified Financials)		4,244,604
	389,460	Navin Fluorine International Ltd. (Materials)		4,491,378
	1,086,238	Prestige Estates Projects Ltd. (Real Estate)		4,951,277
	19,257	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)		2,750,204
	198,470	TeamLease Services Ltd. (Commercial & Professional Services)*		8,167,459
Common Stocks – (continued)
India – (continued)
	158,489	Thermax Ltd. (Capital Goods)		2,692,699
	323,501	VRL Logistics Ltd. (Transportation)*		2,051,206
				164,950,622
Indonesia – 1.2%
	9,373,900	Bank Central Asia Tbk. PT (Banks)		14,822,787
	64,673,000	BFI Finance Indonesia Tbk. PT (Diversified Financials)		3,765,329
				18,588,116
Malaysia – 0.8%
	6,622,350	Bursa Malaysia Bhd. (Diversified Financials)		12,149,778
Mexico – 2.3%
	2,449,885	Alsea SAB de CV (Consumer Services)		9,112,049
	1,530,843	Becle SAB de CV (Food, Beverage & Tobacco)*		2,593,144
	5,447,510	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		10,509,338
	1,015,000	Grupo Cementos de Chihuahua SAB de CV (Materials)		5,907,521
	2,362,668	Unifin Financiera SAB de CV SOFOM ENR (Diversified Financials)*		8,455,403
				36,577,455
Peru – 2.2%
	1,002,816	Alicorp SAA (Food, Beverage & Tobacco)		3,683,877
	3,371,516	BBVA Banco Continental SA (Banks)		4,663,948
	52,934	Credicorp Ltd. (Banks)		12,306,625
	125,776	Intercorp Financial Services, Inc. (Banks)		5,381,955
	444,081	Nexa Resources SA (Materials)*		7,762,536
				33,798,941
Philippines – 0.6%
	1,670,360	Jollibee Foods Corp. (Consumer Services)		9,179,611
Poland – 1.3%
	371,628	Dino Polska SA (Food & Staples Retailing)*(b)		9,995,695
	95,022	KRUK SA (Diversified Financials)		6,201,674
	311,097	Warsaw Stock Exchange (Diversified Financials)		3,496,667
				19,694,036
Romania – 0.3%
	6,455,021	Banca Transilvania SA (Banks)		4,278,513
Russia – 2.4%
	233,994	LUKOIL PJSC ADR (Energy)		15,417,865
	2,749,837	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		5,260,123
	4,510,273	Sberbank of Russia PJSC (Banks)		16,076,846
				36,754,834

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Africa – 3.9%
	10,484,362	Alexander Forbes Group Holdings Ltd. (Diversified Financials)	$	5,425,121
	793,152	Barclays Africa Group Ltd. (Banks)		11,617,515
	157,576	Bid Corp. Ltd. (Food & Staples Retailing)		3,622,393
	2,606,756	Dis-Chem Pharmacies Ltd. (Food & Staples Retailing)(b)		7,854,774
	1,101,885	FirstRand Ltd. (Diversified Financials)		5,901,175
	723,733	JSE Ltd. (Diversified Financials)		11,352,128
	298,343	Santam Ltd. (Insurance)		7,659,026
	5,144,176	Transaction Capital Ltd. (Diversified Financials)		7,230,322
				60,662,454
South Korea – 12.8%
	276,170	Hankook Tire Co. Ltd. (Automobiles & Components)		12,754,496
	37,572	Hanssem Co. Ltd. (Consumer Durables & Apparel)		4,087,503
	460,410	ING Life Insurance Korea Ltd. (Insurance)(b)		17,687,877
	262,625	Jin Air Co. Ltd. (Transportation)		7,787,866
	86,623	Korea Kolmar Co. Ltd. (Household & Personal Products)		6,606,409
	41,660	LG Chem Ltd. (Materials)		13,944,808
	98,951	LG Electronics, Inc. (Consumer Durables & Apparel)		9,382,414
	8,740	NAVER Corp. (Software & Services)		5,828,207
	32,357	NCSoft Corp. (Software & Services)		10,845,196
	4,922	NongShim Co. Ltd. (Food, Beverage & Tobacco)		1,487,677
	46,468	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		2,381,836
	106,670	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		11,713,095
	30,200	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		74,853,972
	21,456	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		5,357,347
	198,142	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		15,582,687
				200,301,390
Spain – 0.3%
	1,885,119	Prosegur Cash SA (Commercial & Professional Services)(b)		5,509,057
Switzerland – 0.5%
	2,256,870	Ferrexpo plc (Materials)		7,307,045
Common Stocks – (continued)
Taiwan – 6.3%
	218,000	Chunghwa Precision Test Tech Co. Ltd. (Technology Hardware & Equipment)		5,550,821
	10,945,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)(b)		4,199,636
	600,000	Kingpak Technology, Inc. (Technology Hardware & Equipment)		3,914,960
	125,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		14,538,532
	498,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		4,423,507
	3,600	Poya International Co. Ltd. (Retailing)		39,966
	382,000	President Chain Store Corp. (Food & Staples Retailing)		3,754,857
	7,227,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		55,057,260
	894,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		6,703,470
				98,183,009
Thailand – 1.5%
	4,827,500	Airports of Thailand PCL (Transportation)		10,862,288
	8,949,800	Beauty Community PCL (Retailing)		6,576,149
	592,500	Kasikornbank PCL (Banks)		3,761,808
	3,876,200	Thai Beverage PCL (Food, Beverage & Tobacco)		2,491,958
				23,692,203
Turkey – 0.8%
	137,932	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		2,343,554
	2,735,649	Dogtas Kelebek Mobilya Sanayi ve Ticaret A/S (Consumer Durables & Apparel)*(c)		1,873,128
	1,541,577	Eregli Demir ve Celik Fabrikalari TAS (Materials)*		3,848,145
	959,845	MLP Saglik Hizmetleri A/S (Health Care Equipment & Services)*(b)		4,002,800
				12,067,627
United Arab Emirates – 0.6%
	195,844	NMC Health plc (Health Care Equipment & Services)		9,569,547
United States – 1.2%
	148,457	Cognizant Technology Solutions Corp. Class A (Software & Services)		12,146,752

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	1,370,700	Samsonite International SA (Consumer Durables & Apparel)	$	6,182,809
				18,329,561
Vietnam – 0.5%
	1,018,288	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		8,257,616
	TOTAL COMMON STOCKS
	(Cost $1,322,905,198)		$	1,401,750,963
Exchange Traded Funds – 8.1%
United States – 8.1%
	969,352	iShares MSCI Emerging Markets ETF	$	45,481,996
	212,859	iShares MSCI South Africa ETF(c)		14,014,637
	241,537	iShares MSCI South Korea ETF		18,260,197
	1,323,527	iShares MSCI Taiwan ETF		48,044,030
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $129,935,750)		$	125,800,860

Shares		Distribution Rate			Value
Investment Company(d) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,986,271		1.623	%	$	12,986,271
(Cost $12,986,271)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,465,827,219)				$	1,540,538,094
Securities Lending Reinvestment Vehicle(d) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,494,050		1.623	%	$	14,494,050
	(Cost $14,494,050)
	TOTAL INVESTMENTS – 99.8%
	(Cost $1,480,321,269)				$	1,555,032,144
	OTHER ASSETS IN EXCESS     OF LIABILITIES – 0.2%					3,815,542
	NET ASSETS – 100.0%				$	1,558,847,686

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)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $85,532,107, which represents approximately 5.5% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

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

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

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 96.8%
Bangladesh – 4.8%
	1,537,125	BRAC Bank Ltd. (Banks)*	$	1,623,678
	94,800	GrameenPhone Ltd. (Telecommunication Services)		534,555
	158,485	Olympic Industries Ltd. (Food, Beverage & Tobacco)		503,945
	110,027	Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		406,712
				3,068,890
Egypt – 7.0%
	773,972	Commercial International Bank Egypt SAE (Banks)		4,114,261
	250,666	Egyptian Financial Group-Hermes Holding Co. (Diversified Financials)		370,994
				4,485,255
Indonesia – 15.5%
	1,610,400	Astra International Tbk. PT (Automobiles & Components)		824,246
	2,377,300	Bank Central Asia Tbk. PT (Banks)		3,759,184
	3,634,500	Bank Rakyat Indonesia Persero Tbk. PT (Banks)		838,001
	598,000	Indocement Tunggal Prakarsa Tbk. PT (Materials)		756,776
	7,046,700	Kalbe Farma Tbk. PT (Pharmaceuticals, Biotechnology & Life Sciences)		760,723
	873,200	Matahari Department Store Tbk. PT (Retailing)		646,538
	693,500	Semen Indonesia Persero Tbk. PT (Materials)*		478,990
	6,803,900	Telekomunikasi Indonesia Persero Tbk. PT (Telecommunication Services)		1,856,612
				9,921,070
Mexico – 17.4%
	197,327	Alsea SAB de CV (Consumer Services)		733,934
	40,006	America Movil SAB de CV Class L ADR (Telecommunication Services)		739,711
	108,242	Becle SAB de CV (Food, Beverage & Tobacco)*		183,355
	718,500	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		1,386,130
	13,492	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)		1,304,137
	14,431	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation)		259,521
	120,500	Grupo Cementos de Chihuahua SAB de CV (Materials)		701,336
	277,533	Grupo Financiero Banorte SAB de CV Class O (Banks)		1,736,543
	195,608	Grupo Mexico SAB de CVSeries B (Materials)		650,247
	161,600	Regional SAB de CV (Banks)		1,032,398
Common Stocks – (continued)
Mexico – (continued)
	254,785	Unifin Financiera SAB de CV SOFOM ENR (Diversified Financials)*		911,812
	534,224	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		1,484,523
				11,123,647
Pakistan – 4.2%
	215,133	Engro Corp. Ltd. (Materials)		581,717
	217,200	Habib Bank Ltd. (Banks)		365,915
	247,400	MCB Bank Ltd. (Banks)		447,084
	334,300	Oil & Gas Development Co. Ltd. (Energy)		483,088
	496,100	United Bank Ltd. (Banks)		861,353
				2,739,157
Philippines – 6.1%
	41,300	Ayala Corp. (Diversified Financials)		768,222
	1,492,900	Ayala Land, Inc. (Real Estate)		1,173,108
	103,090	Jollibee Foods Corp. (Consumer Services)		566,540
	511,194	Metropolitan Bank & Trust Co. (Banks)		837,266
	310,870	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)		546,656
				3,891,792
South Korea – 24.0%
	8,222	Hana Financial Group, Inc. (Banks)		365,330
	11,665	Hankook Tire Co. Ltd. (Automobiles & Components)		538,730
	3,648	Hanssem Co. Ltd. (Consumer Durables & Apparel)		396,870
	37,209	ING Life Insurance Korea Ltd. (Insurance)(a)		1,429,483
	10,673	KT Corp. (Telecommunication Services)		284,396
	3,738	LG Chem Ltd. (Materials)		1,251,217
	6,755	LG Electronics, Inc. (Consumer Durables & Apparel)		640,501
	736	NAVER Corp. (Software & Services)		490,796
	2,047	NCSoft Corp. (Software & Services)		686,099
	733	NongShim Co. Ltd. (Food, Beverage & Tobacco)		221,550
	7,476	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		383,202
	2,848	POSCO (Materials)		981,309
	2,451	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		6,075,069
	2,069	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		516,608
	14,112	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		1,109,825
				15,370,985

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

GOLDMAN SACHS N-11 EQUITY FUND

Shares		Description		Value
Common Stocks – (continued)
Turkey – 11.6%
	308,209	Akbank Turk A/S (Banks)		$	641,282
	165,374	Aygaz A/S (Utilities)			548,790
	69,180	BIM Birlesik Magazalar A/S (Food & Staples Retailing)			1,175,413
	61,925	Cimsa Cimento Sanayi ve Ticaret A/S (Materials)			191,771
	361,360	Enka Insaat ve Sanayi A/S (Capital Goods)			434,818
	405,659	Eregli Demir ve Celik Fabrikalari TAS (Materials)*			1,012,622
	271,020	Haci Omer Sabanci Holding A/S (Diversified Financials)			640,946
	106,909	KOC Holding A/S (Capital Goods)			361,178
	50,770	MLP Saglik Hizmetleri A/S (Health Care Equipment & Services)*(a)			211,724
	239,418	Soda Sanayii A/S (Materials)			284,973
	339,773	Turkiye Garanti Bankasi A/S (Banks)			769,393
	1,783,613	Turkiye Sinai Kalkinma Bankasi A/S (Banks)			615,998
	94,856	Ulker Biskuvi Sanayi A/S (Food, Beverage & Tobacco)*			497,246
					7,386,154
Vietnam – 6.2%
	508,608	Bank for Foreign Trade of Vietnam JSC (Banks)			1,333,290
	180,420	Masan Group Corp. (Food, Beverage & Tobacco)*			724,628
	63,556	Saigon Thuong Tin Commercial JSB (Banks)*			38,498
	229,990	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)			1,865,061
					3,961,477
	TOTAL COMMON STOCKS
	(Cost $46,688,254)			$	61,948,427
Exchange Traded Funds – 2.5%
United States – 2.5%
	13,390	iShares MSCI Indonesia ETF		$	339,571
	2,272	iShares MSCI South Korea ETF			171,763
	28,624	iShares MSCI Turkey ETF(b)			1,078,552
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,688,956)			$	1,589,886
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $48,377,210)			$	63,538,313
Shares		Distribution Rate				Value
Securities Lending Reinvestment Vehicle(c) – 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,077,225		1.623	%		$	1,077,225
	(Cost $1,077,225)
	TOTAL INVESTMENTS – 101.0%
	(Cost $49,454,435)					$	64,615,538
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.0)%						(664,161	)
	NET ASSETS – 100.0%					$	63,951,377

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $1,641,207, which represents approximately 2.6% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(b)	All or a portion of security is on loan.
(c)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2018 (Unaudited)

	Asia Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $78,862,235, $1,452,840,948 and $48,377,210)(a)	$	91,717,559		$	1,527,551,823		$	63,538,313
Investments in affiliated issuers, at value (cost $190, $12,986,271 and $0)		190			12,986,271			—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $507,366, $14,494,050 and $1,077,225)		507,366			14,494,050			1,077,225
Cash		1,090,009			24,211,118			95,777
Foreign currencies, at value (cost $146,620, $4,560,993 and $300,431)		146,314			4,561,139			301,749
Receivables:
Investments sold		336,032			6,730,238			320,059
Dividends		87,620			2,318,037			30,123
Fund shares sold		13,887			5,920,548			6,769
Securities lending income		1,452			25,371			1,614
Foreign tax reclaims		—			126,560			—
Reimbursement from investment adviser		—			—			3,804
Other assets		35,684			91,424			38,471
Total assets		93,936,113			1,599,016,579			65,413,904
Liabilities:
Payables:
Payable upon return of securities loaned		507,366			14,494,050			1,077,225
Foreign capital gains taxes		176,399			585,665			786
Management fees		85,634			1,294,725			60,557
Fund shares redeemed		13,981			415,695			174,276
Distribution and Service fees and Transfer Agency fees		11,342			172,559			10,605
Investments purchased		—			23,120,346			—
Accrued expenses		83,869			85,853			139,078
Total liabilities		878,591			40,168,893			1,462,527
Net Assets:
Paid-in capital		79,440,749			1,531,107,221			111,293,723
Undistributed (distributions in excess of) net investment income (loss)		(206,884	)		1,590,500			259,580
Accumulated net realized gain (loss)		1,125,220			(47,782,444	)		(62,924,031	)
Net unrealized gain		12,698,437			73,932,409			15,322,105
NET ASSETS	$	93,057,522		$	1,558,847,686		$	63,951,377
Net Assets:
Class A	$	18,765,051		$	154,208,272		$	13,133,447
Class C		2,114,731			48,701,908			3,339,426
Institutional		71,192,145			1,151,872,391			39,781,393
Service		—			27,890,013			—
Investor		966,057			144,036,866			7,677,472
Class P		9,805			9,799			9,885
Class R6		9,733			32,128,437			9,754
Total Net Assets	$	93,057,522		$	1,558,847,686		$	63,951,377
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		662,697			7,214,227			1,300,843
Class C		82,136			2,542,724			346,652
Institutional		2,372,255			50,337,866			3,910,769
Service		—			1,350,181			—
Investor		32,371			6,342,256			756,687
Class P		327			426			972
Class R6		324			1,397,773			959
Net asset value, offering and redemption price per share:(b)
Class A		$28.32			$21.38			$10.10
Class C		25.75			19.15			9.63
Institutional		30.01			22.88			10.17
Service		—			20.66			—
Investor		29.84			22.71			10.15
Class P		30.01			22.99			10.17
Class R6		30.01			22.99			10.17

(a) Includes loaned securities having a market value of $489,401, $13,807,890 and 1,021,128 for the Asia Equity, Emerging Markets Equity and N-11 Equity Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Asia Equity, Emerging Markets Equity and N-11 Equity Funds is $29.97, $22.62 and $10.69, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2018 (Unaudited)

	Asia Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $44,595, $726,862 and $120,177)	$	364,496		$	10,327,759		$	780,152
Dividends — affiliated issuers		8,414			18,912			—
Securities lending income — affiliated issuer		7,751			101,322			19,661
Total investment income		380,661			10,447,993			799,813
Expenses:
Management fees		461,805			6,711,638			451,705
Custody, accounting and administrative services		65,783			412,339			80,516
Professional fees		61,205			75,738			68,459
Distribution and Service fees(a)		34,301			380,149			37,531
Transfer Agency fees(a)		33,708			429,344			33,444
Printing and mailing costs		18,853			101,259			37,021
Trustee fees		8,729			9,613			8,727
Service share fees — Service and Shareholder Administration Plan		—			68,940			—
Registration fees		—			5,515			6,039
Other		19,389			38,660			5,328
Total expenses		703,773			8,233,195			728,770
Less — expense reductions		(122,926	)		(630,716	)		(189,226	)
Net expenses		580,847			7,602,479			539,544
NET INVESTMENT INCOME (LOSS)		(200,186	)		2,845,514			260,269
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		1,191,850			(11,750,028	)		2,852,117
Futures contracts		—			52,344			—
Foreign currency transactions		(23,224	)		(723,350	)		(6,688	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $89,978, $899,677 and $153,439)		1,876,259			6,286,876			(1,161,996	)
Foreign currency translation		17,317			(607,509	)		154,588
Net realized and unrealized gain (loss)		3,062,202			(6,741,667	)		1,838,021
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,862,016		$	(3,896,153	)	$	2,098,290

(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 A		Class C		Institutional		Service		Investor		Class P(c)		Class R6
Asia Equity	$	23,453	$	10,848	$	16,886	$	1,953	$	14,118	$	—	$	751	$	—	$	—	(b)
Emerging Markets Equity		161,650		218,499		116,388		39,330		175,751		5,515		90,333		—		2,027
N-11 Equity Fund		19,222		18,309		13,840		3,296		9,071		—		7,236		—		1	(b)

(b) Commenced operation on February 28, 2018 for Asia Equity and N-11 Funds.

(c) Commenced operations on April 16, 2018.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets

	Asia Equity Fund
	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income (loss)	$	(200,186	)	$	164,802
Net realized gain (loss)		1,168,626			10,003,993
Net change in unrealized gain (loss)		1,893,576			8,215,950
Net increase (decrease) in net assets resulting from operations		2,862,016			18,384,745
Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		(13,260	)		—
Service Shares		—			—
Investor Shares(a)		(212	)		—
Class P(b)		—			—
Class R6 Shares		—	(c)		—
From net realized gains
Class A Shares		(243,743	)		—
Class C Shares		(31,458	)		—
Institutional Shares		(883,156	)		—
Investor Shares(a)		(7,038	)		—
Class P(b)		—			—
Total distributions to shareholders		(1,178,867	)		—
From share transactions:
Proceeds from sales of shares		14,867,863			9,759,750
Reinvestment of distributions		1,163,235			—
Cost of shares redeemed		(6,226,900	)		(19,492,502	)
Net increase (decrease) in net assets resulting from share transactions		9,804,198			(9,732,752	)
TOTAL INCREASE (DECREASE)		11,487,347			8,651,993
Net assets:
Beginning of period		81,570,175			72,918,182
End of period	$	93,057,522		$	81,570,175
Undistributed (distributions in excess of) net investment income (loss)	$	(206,884	)	$	6,774

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

(c) Commenced operation on February 28, 2018 for Asia Equity and N-11 Funds.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Emerging Markets Equity Fund						N-11 Equity Fund
For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
$	2,845,514		$	3,705,487		$	260,269		$	646,742
	(12,421,034	)		182,025,680			2,845,429			3,537,958
	5,679,367			14,028,840			(1,007,408	)		2,728,305
	(3,896,153	)		199,760,007			2,098,290			6,913,005
	(628,195	)		(385,998	)		(1,461	)		—
	(70,973	)		—			—			—
	(6,577,764	)		(4,455,372	)		(166,435	)		(17,504	)
	(162,107	)		(141,339	)		—			—
	(666,445	)		(67,461	)		(11,520	)		—
	—			—			—			—
	(1,439	)		(79,414	)		—	(c)		—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(8,106,923	)		(5,129,584	)		(179,416	)		(17,504	)
	830,526,286			327,967,113			1,970,264			17,192,942
	7,341,874			4,901,687			176,285			17,132
	(142,334,628	)		(216,241,806	)		(19,806,653	)		(44,403,561	)
	695,533,532			116,626,994			(17,660,104	)		(27,193,487	)
	683,530,456			311,257,417			(15,741,230	)		(20,297,986	)
	875,317,230			564,059,813			79,692,607			99,990,593
$	1,558,847,686		$	875,317,230		$	63,951,377		$	79,692,607
$	1,590,500		$	6,851,909		$	259,580		$	178,727

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

GOLDMAN SACHS ASIA EQUITY 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 APRIL 30, (UNAUDITED)
	2018 - A	$	27.69	$	(0.10	)	$	1.12		$	1.02		$	—		$	(0.39	)	$	(0.39	)
	2018 - C		25.31		(0.19	)		1.02			0.83			—			(0.39	)		(0.39	)
	2018 - Institutional		29.28		(0.05	)		1.18			1.13			(0.01	)		(0.39	)		(0.40	)
	2018 - Investor(e)		29.14		(0.07	)		1.17			1.10			(0.01	)		(0.39	)		(0.40	)
	2018 - P (Commenced April 16, 2018)		30.61		—	(f)		(0.60	)		(0.60	)		—			—			—
	2018 - R6 (Commenced February 28, 2018)		30.83		(0.03	)		(0.79	)		(0.82	)		—			—			—
FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2017 - A		21.08		(0.02	)(g)		6.63			6.61			—			—			—
	2017 - C		19.41		(0.17	)(g)		6.07			5.90			—			—			—
	2017 - Institutional		22.20		0.09	(g)		6.99			7.08			—			—			—
	2017 - Investor(e)		22.12		0.06	(g)		6.96			7.02			—			—			—
	FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2016 - A		20.28		(0.02	)		0.82			0.80			—			—			—
	2016 - C		18.81		(0.15	)		0.75			0.60			—			—			—
	2016 - Institutional		21.27		0.07			0.86			0.93			—			—			—
	2016 - Investor(e)		21.23		0.06			0.83			0.89			—			—			—
	FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2015 - A		20.04		(0.03	)		0.27			0.24			—			—			—
	2015 - C		18.73		(0.18	)		0.26			0.08			—			—			—
	2015 - Institutional		20.99		0.05			0.29			0.34			(0.06	)		—			(0.06	)
	2015 - Investor(e)		20.98		0.01			0.29			0.30			(0.05	)		—			(0.05	)
	FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2014 - A		19.21		—	(f)(h)		0.91			0.91			(0.08	)		—			(0.08	)
	2014 - C		18.02		(0.13	)(h)		0.84			0.71			—			—			—
	2014 - Institutional		20.13		0.12	(h)		0.90			1.02			(0.16	)		—			(0.16	)
	2014 - Investor (Commenced February 28, 2014)(e)		20.71		0.06	(h)		0.21			0.27			—			—			—
	FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2013 - A		17.78		0.04			1.51			1.55			(0.12	)		—			(0.12	)
	2013 - C		16.77		(0.10	)		1.43			1.33			(0.08	)		—			(0.08	)
	2013 - Institutional		18.71		0.12			1.58			1.70			(0.28	)		—			(0.28	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(h) Reflects income recognized from special dividends which amounted to $0.05 per share and 0.25% of average net assets.

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

GOLDMAN SACHS ASIA EQUITY 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)
$	28.32		3.69	%	$	18,765		1.54	%(d)		1.81	%(d)		(0.72	)%(d)		12	%
	25.75		3.32			2,115		2.29	(d)		2.56	(d)		(1.46	)(d)		12
	30.01		3.88			71,192		1.15	(d)		1.42	(d)		(0.33	)(d)		12
	29.84		3.77			966		1.29	(d)		1.54	(d)		(0.44	)(d)		12
	30.01		(1.96	)		10		1.15	(d)		1.51	(d)		(0.42	)(d)		12
	30.01		(2.66	)		10		1.14	(d)		1.28	(d)		(0.67	)(d)		12
	27.69		31.36			16,860		1.55			2.03			(0.09	)(g)		89
	25.31		30.35			1,732		2.30			2.78			(0.79	)(g)		89
	29.28		31.91			62,843		1.15			1.63			0.36	(g)		89
	29.14		31.74			136		1.30			1.78			0.24	(g)		89
	21.08		3.93			14,975		1.60			2.18			(0.08	)		111
	19.41		3.18			1,810		2.35			2.93			(0.83	)		111
	22.20		4.31			56,077		1.20			1.78			0.32			111
	22.12		4.18			57		1.34			1.93			0.27			111
	20.28		1.20			16,310		1.69			1.99			(0.16	)		153
	18.81		0.43			1,951		2.44			2.76			(0.91	)		153
	21.27		1.60			58,967		1.29			1.61			0.21			153
	21.23		1.46			52		1.44			1.75			0.06			153
	20.04		4.75			13,711		1.73			2.24			0.02	(h)		169
	18.73		4.00			2,114		2.48			3.00			(0.71	)(h)		169
	20.99		5.15			62,951		1.32			1.87			0.59	(h)		169
	20.98		1.30			51		1.43	(d)		2.06	(d)		0.41	(d)(h)		169
	19.21		8.72			14,097		1.72			2.25			0.21			102
	18.02		7.87			2,331		2.47			2.99			(0.56	)		102
	20.13		9.16			43,208		1.32			1.85			0.62			102

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	20.91	$	0.02		$	0.59		$	0.61		$	(0.14	)
2018 - C		18.72		(0.06	)		0.52			0.46			(0.03	)
2018 - Institutional		22.40		0.07			0.62			0.69			(0.21	)
2018 - Service		20.21		0.01			0.56			0.57			(0.12	)
2018 - Investor(e)		22.24		0.05			0.61			0.66			(0.19	)
2018 - P (Commenced April 16, 2018)		23.46		0.03			(0.50	)		(0.47	)		—
2018 - R6		22.41		0.08			0.61			0.69			(0.11	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		16.23		0.05	(f)		4.74			4.79			(0.11	)
2017 - C		14.53		(0.09	)(f)		4.28			4.19			—
2017 - Institutional		17.38		0.12	(f)		5.07			5.19			(0.17	)
2017 - Service		15.71		0.02	(f)		4.59			4.61			(0.11	)
2017 - Investor(e)		17.27		0.13	(f)		5.01			5.14			(0.17	)
2017 - R6		17.38		0.16	(f)		5.05			5.21			(0.18	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - A		14.75		0.04			1.44			1.48			—
2016 - C		13.31		(0.06	)		1.28			1.22			—
2016 - Institutional		15.75		0.11			1.54			1.65			(0.02	)
2016 - Service		14.29		0.02			1.40			1.42			—
2016 - Investor(e)		15.67		0.08			1.53			1.61			(0.01	)
2016 - R6		15.74		0.10			1.56			1.66			(0.02	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		16.00		0.03			(1.28	)		(1.25	)		—
2015 - C		14.55		(0.10	)		(1.14	)		(1.24	)		—
2015 - Institutional		17.08		0.08			(1.36	)		(1.28	)		(0.05	)
2015 - Service		15.52		—	(g)		(1.23	)		(1.23	)		—
2015 - Investor(e)		16.99		0.01			(1.30	)		(1.29	)		(0.03	)
2015 - R6 (Commenced July 31, 2015)		16.72		0.01			(0.99	)		(0.98	)		—
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2014 - A		15.20		0.03			0.83			0.86			(0.06	)
2014 - C		13.87		(0.08	)		0.76			0.68			—
2014 - Institutional		16.22		0.10			0.88			0.98			(0.12	)
2014 - Service		14.74		0.02			0.80			0.82			(0.04	)
2014 - Investor(e)		16.14		0.08			0.87			0.95			(0.10	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2013 - A		14.68		0.05			0.54			0.59			(0.07	)
2013 - C		13.42		(0.06	)		0.51			0.45			—
2013 - Institutional		15.65		0.13			0.58			0.71			(0.14	)
2013 - Service		14.24		0.04			0.53			0.57			(0.07	)
2013 - Investor(e)		15.58		0.10			0.58			0.68			(0.12	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY 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)
$	21.38		2.89	%	$	154,208		1.56	%(d)		1.66	%(d)		0.15	%(d)		20	%
	19.15		2.48			48,702		2.31	(d)		2.42	(d)		(0.57	)(d)		20
	22.88		3.05			1,151,872		1.17	(d)		1.27	(d)		0.59	(d)		20
	20.66		2.83			27,890		1.67	(d)		1.79	(d)		0.07	(d)		20
	22.71		3.02			144,037		1.31	(d)		1.41	(d)		0.47	(d)		20
	22.99		(2.00	)		10		1.17	(d)		1.18	(d)		2.89	(d)		20
	22.99		3.13			32,128		1.15	(d)		1.19	(d)		0.67	(d)		20
	20.91		29.78			85,679		1.57			1.75			0.29	(f)		113
	18.72		28.84			36,286		2.32			2.50			(0.55	)(f)		113
	22.40		30.31			664,085		1.18			1.36			0.63	(f)		113
	20.21		29.65			26,049		1.68			1.86			0.11	(f)		113
	22.24		30.11			62,974		1.31			1.49			0.67	(f)		113
	22.41		30.35			245		1.17			1.35			0.88	(f)		113
	16.23		10.01			59,593		1.65			1.90			0.27			92
	14.53		9.14			30,104		2.40			2.65			(0.48	)		92
	17.38		10.43			445,019		1.25			1.50			0.69			92
	15.71		9.91			19,069		1.75			2.00			0.17			92
	17.27		10.26			5,263		1.40			1.64			0.52			92
	17.38		10.52			5,012		1.23			1.44			0.57			92
	14.75		(7.81	)		64,169		1.67			1.91			0.17			118
	13.31		(8.52	)		35,927		2.41			2.67			(0.68	)		118
	15.75		(7.49	)		326,068		1.28			1.52			0.48			118
	14.29		(7.93	)		15,759		1.77			2.02			0.02			118
	15.67		(7.62	)		1,424		1.42			1.69			0.04			118
	15.74		(5.86	)		9		1.24	(d)		1.53	(d)		0.14	(d)		118
	16.00		5.67			28,157		1.70			1.93			0.19			114
	14.55		4.90			11,217		2.46			2.68			(0.55	)		114
	17.08		6.17			303,676		1.30			1.53			0.58			114
	15.52		5.55			15,919		1.81			2.03			0.11			114
	16.99		5.93			313		1.46			1.68			0.46			114
	15.20		4.04			36,578		1.73			1.89			0.32			159
	13.87		3.35			11,869		2.48			2.64			(0.44	)		159
	16.22		4.49			388,046		1.33			1.49			0.80			159
	14.74		4.02			14,584		1.83			1.99			0.25			159
	16.14		4.37			329		1.48			1.64			0.62			159

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

GOLDMAN SACHS N-11 EQUITY FUND

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 (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	9.93	$	0.02		$	0.15		$	0.17		$	—	(d)
2018 - C		9.51		(0.01	)		0.13			0.12			—
2018 - Institutional		10.02		0.05			0.13			0.18			(0.03	)
2018 - Investor(f)		9.98		0.04			0.15			0.19			(0.02	)
2018 - P (Commenced April 16, 2018)		10.29		—	(d)		(0.12	)		(0.12	)		—
2018 - R6 (Commenced February 28, 2018)		10.43		0.03			(0.29	)		(0.26	)		—
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		8.98		0.05			0.90			0.95			—
2017 - C		8.66		(0.01	)		0.86			0.85			—
2017 - Institutional		9.02		0.09			0.91			1.00			—	(d)
2017 - Investor(f)		9.00		0.08			0.90			0.98			—
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2016 - A		9.26		0.06			(0.32	)		(0.26	)		(0.02	)
2016 - C		8.98		(0.01	)		(0.31	)		(0.32	)		—
2016 - Institutional		9.33		0.10			(0.33	)		(0.23	)		(0.08	)
2016 - Investor(f)		9.30		0.08			(0.32	)		(0.24	)		(0.06	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		11.25		0.04			(2.03	)		(1.99	)		—	(d)
2015 - C		10.99		(0.04	)		(1.97	)		(2.01	)		—
2015 - Institutional		11.34		0.08			(2.04	)		(1.96	)		(0.05	)
2015 - Investor(f)		11.30		0.06			(2.03	)		(1.97	)		(0.03	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2014 - A		11.03		0.02			0.26			0.28			(0.06	)
2014 - C		10.81		(0.06	)		0.25			0.19			(0.01	)
2014 - Institutional		11.12		0.06			0.26			0.32			(0.10	)
2014 - Investor(f)		11.08		0.05			0.25			0.30			(0.08	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2013 - A		10.38		0.01			0.65			0.66			(0.01	)
2013 - C		10.25		(0.07	)		0.63			0.56			—
2013 - Institutional		10.45		0.05			0.65			0.70			(0.03	)
2013 - Investor(f)		10.42		0.03			0.65			0.68			(0.02	)

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

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

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

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

(e) Annualized.

(f) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

GOLDMAN SACHS N-11 EQUITY 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)
$	10.10		1.72	%	$	13,133		1.72	%(e)		2.25	%(e)		0.47	%(e)		1	%
	9.63		1.37			3,339		2.47	(e)		2.99	(e)		(0.28	)(e)		1
	10.17		2.02			39,781		1.33	(e)		1.86	(e)		0.88	(e)		1
	10.15		1.85			7,677		1.47	(e)		1.99	(e)		0.73	(e)		1
	10.17		(1.07	)		10		1.33	(e)		1.80	(e)		1.20	(e)		1
	10.17		(2.40	)		10		1.33	(e)		1.64	(e)		1.88	(e)		1
	9.93		10.58			16,496		1.73			2.11			0.50			26
	9.51		9.82			3,854		2.48			2.84			(0.15	)		26
	10.02		11.02			50,730		1.33			1.67			0.94			26
	9.98		10.89			8,613		1.48			1.80			0.91			26
	8.98		(2.84	)		25,955		1.74			2.39			0.66			27
	8.66		(3.55	)		5,642		2.49			3.14			(0.07	)		27
	9.02		(2.46	)		58,958		1.33			1.99			1.08			27
	9.00		(2.59	)		9,436		1.48			2.14			0.90			27
	9.26		(17.68	)		54,045		1.73			2.07			0.35			48
	8.98		(18.29	)		8,564		2.48			2.82			(0.41	)		48
	9.33		(17.34	)		115,099		1.33			1.68			0.78			48
	9.30		(17.45	)		13,092		1.48			1.82			0.59			48
	11.25		2.54			96,440		1.74			2.08			0.20			41
	10.99		1.76			15,127		2.49			2.83			(0.54	)		41
	11.34		2.88			310,186		1.34			1.68			0.57			41
	11.30		2.76			27,343		1.49			1.82			0.44			41
	11.03		6.31			114,658		1.74			2.12			0.07			53
	10.81		5.46			19,018		2.49			2.87			(0.66	)		53
	11.12		6.73			308,502		1.35			1.72			0.44			53
	11.08		6.48			36,429		1.49			1.87			0.26			53

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements

April 30, 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
Asia Equity	A, C, Institutional, Investor, P(a) and R6(b)	Diversified
Emerging Markets Equity	A, C, Institutional, Service, Investor, P(a) and R6	Diversified
N-11 Equity	A, C, Institutional, Investor, P(a) and R6(b)	Diversified

(a) Commenced operations on April 16, 2018.

(b) Commenced operations on February 28, 2018.

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 P 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 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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.

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

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

42

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

43

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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.  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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, 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 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

44

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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 April 30, 2018:

ASIA EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,590,169	$	83,860,856	$	—
Europe		—		512,972		—
North America		753,562		—		—
Investment Company		190		—		—
Securities Lending Reinvestment Vehicle		507,366		—		—
Total	$	7,851,287	$	84,373,828	$	—
EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	105,006	$	64,553,436	$	—
Asia		109,045,302		951,450,084		—
Australia and Oceania		—		3,618,540		—
Europe		—		68,564,102		—
North America		48,724,207		6,182,809		—
South America		119,921,694		29,585,783		—
Exchange Traded Funds		125,800,860		—		—
Investment Company		12,986,271		—		—
Securities Lending Reinvestment Vehicle		14,494,050		—		—
Total	$	431,077,390	$	1,123,954,754	$	—

45

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

N-11 EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	4,485,255	$	—
Asia		—		46,339,525		—
North America		11,123,647		—		—
Exchange Traded Funds		1,589,886		—		—
Securities Lending Reinvestment Vehicle		1,077,225		—		—
Total	$	13,790,758	$	50,824,780	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the Fund‘s gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)	Average Number of Contracts(a)
Emerging Markets Equity	Equity	Net realized gain (loss) from futures contracts	$52,344	1

(a) Average number of contracts is based on the average of month end balances for the six months ended April 30, 2018.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2018, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Asia Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
Emerging Markets Equity		1.02			1.02			0.92			0.87			0.85			1.13			1.02	*
N-11 Equity		1.13			1.13			1.02			0.97			0.95			1.25			1.13	*

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

* GSAM agreed to waive a portion of its management fee in order to achieve net management rate as defined in the Funds’ most recent prospectuses. These waivers will be effective through at least February 28, 2019, and prior to such date, GSAM may not terminate the arrangements without the approval of the Trustees.

Prior to February 28, 2018, the contractual management fee rates for the Emerging Markets Equity Fund and N-11 Equity Fund were as stated below and GSAM agreed to waive a portion of its management fee in order to achieve an Effective Net Management Rate as set forth in the Funds’ prospectus dated February 28, 2017.

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Emerging Markets Equity		1.20	%		1.20	%		1.08	%		1.03	%		1.01	%
N-11 Equity		1.30			1.30			1.24			1.21			1.19

The Asia Equity, Emerging Markets Equity and N-11 Equity Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2018, GSAM waived $1,188, $628,393 and $42,418 of the Asia Equity, Emerging Markets Equity and N-11 Equity Funds’ management fees, respectively.

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

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

47

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Asia Equity	$	1,915	$	—
Emerging Markets Equity		35,382		—
N-11 Equity		2		—

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, and Investor Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Asia Equity, Emerging Markets Equity and N-11 Equity Funds are 0.114%, 0.104% and 0.164%, respectively. Prior to February 28, 2018, the Other Expense limitation was 0.194% for the Emerging Markets Equity Fund. These Other Expense limitations will remain in place through at least February 28, 2019 for Class A, Class C, Institutional, Service, Investor and Class R6 Shares, and through at least April 16, 2019 for Class P Shares, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Asia Equity	$	1,188	$	121,308	$	430	$	122,926
Emerging Markets Equity		628,393		—		2,323		630,716
N-11 Equity		42,418		146,679		129		189,226

G.  Line of Credit Facility — As of April 30, 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 April 30, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — As of April 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of the Class R6 Shares of the Asia Equity and N-11 Equity Funds and approximately 100% of the Class P Shares of the Asia Equity, Emerging Markets Equity, and N-11 Equity Funds.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2018:

Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018		Shares as of April 30, 2018		Dividend Income From Affiliated Investment Company
Asia Equity	$	2,420,450	$	13,585,153	$	(16,005,413	)	$	190		190	$	8,414
Emerging Markets Equity		—		269,192,694		(256,206,423	)		12,986,271		12,986,271		18,912

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2018, were as follows:

Fund	Purchases		Sales and Maturities
Asia Equity	$	20,821,835	$	10,572,619
Emerging Markets Equity		910,431,665		245,401,697
N-11 Equity		1,007,504		18,611,982

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2018, are reported under Investment Income on the Statements of Operations.

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

	For the six months ended April 30, 2018
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Asia Equity	$	865	$	219
Emerging Markets Equity		11,326		7,646
N-11 Equity		2,192		2,378

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2018.

Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018
Asia Equity	$	—	$	4,303,932	$	(3,796,566	)	$	507,366
Emerging Markets Equity		751,625		126,870,188		(113,127,763	)		14,494,050
N-11 Equity		1,923,875		10,182,800		(11,029,450	)		1,077,225

8. TAX INFORMATION

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

	Asia Equity		Emerging Markets Equity			N-11 Equity
Capital loss carryforwards:
Perpetual Long-term	$	—	$	(16,224,003	)	$	(32,869,361	)
Perpetual Short-term		—		(19,031,869	)		(32,285,070	)
Total capital loss carryforwards	$	—	$	(35,255,872	)	$	(65,154,431	)

As of April 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Asia Equity			Emerging Markets Equity			N-11 Equity
Tax cost	$	79,419,573		$	1,481,679,939		$	50,069,764
Gross unrealized gain		17,932,192			135,152,154			18,760,423
Gross unrealized loss		(5,126,650	)		(61,799,949	)		(4,176,831	)
Net unrealized gain	$	12,805,542		$	73,352,205		$	14,583,592

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

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

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

9. OTHER RISKS

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

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

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

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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

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

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

9. OTHER RISKS (continued)

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.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Asia Equity Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		109,166		$	3,233,710			157,150		$	3,888,750
Reinvestment of distributions		8,226			233,609			—			—
Shares redeemed		(63,543	)		(1,854,591	)		(258,762	)		(5,384,902	)
		53,849			1,612,728			(101,612	)		(1,496,152	)
Class C Shares
Shares sold		27,266			729,681			6,782			148,981
Reinvestment of distributions		1,145			29,647			—			—
Shares redeemed		(14,709	)		(393,545	)		(31,607	)		(677,536	)
		13,702			365,783			(24,825	)		(528,555	)
Institutional Shares
Shares sold		316,674			9,763,165			234,353			5,655,912
Reinvestment of distributions		29,693			892,729			—			—
Shares redeemed		(120,705	)		(3,683,150	)		(614,302	)		(13,410,220	)
		225,662			6,972,744			(379,949	)		(7,754,308	)
Investor Shares(a)
Shares sold		36,849			1,121,302			2,923			66,107
Reinvestment of distributions		242			7,250			—			—
Shares redeemed		(9,383	)		(295,609	)		(842	)		(19,844	)
		27,708			832,943			2,081			46,263
Class P Shares(b)
Shares sold		327			10,005			—			—
Shares redeemed		—			(5	)		—			—
		327			10,000			—			—
Class R6 Shares(c)
Shares sold		324			10,000			—			—
		324			10,000			—			—
NET INCREASE (DECREASE)		321,572		$	9,804,198			(504,305	)	$	(9,732,752	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operation on April 16, 2018.

(c) Commenced operation on February 28, 2018.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,530,685		$	103,404,636			3,712,565		$	62,773,188
Reinvestment of distributions		27,247			590,988			24,604			363,154
Shares redeemed		(1,440,796	)		(31,997,794	)		(3,312,487	)		(60,131,411	)
		3,117,136			71,997,830			424,682			3,004,931
Class C Shares
Shares sold		787,967			15,789,026			459,354			7,554,467
Reinvestment of distributions		3,236			63,061			—			—
Shares redeemed		(186,694	)		(3,706,204	)		(592,983	)		(9,248,055	)
		604,509			12,145,883			(133,629	)		(1,693,588	)
Institutional Shares
Shares sold		24,354,830			581,109,015			9,659,830			180,090,551
Reinvestment of distributions		252,609			5,858,001			269,690			4,250,319
Shares redeemed		(3,916,319	)		(92,073,600	)		(5,892,735	)		(109,319,295	)
		20,691,120			494,893,416			4,036,785			75,021,575
Service Shares
Shares sold		194,194			4,091,928			331,682			5,778,509
Reinvestment of distributions		7,730			162,107			9,898			141,339
Shares redeemed		(140,630	)		(2,985,381	)		(266,772	)		(4,693,437	)
		61,294			1,268,654			74,808			1,226,411
Investor Shares(a)
Shares sold		3,965,212			93,915,439			3,234,790			59,478,508
Reinvestment of distributions		28,938			666,445			4,308			67,461
Shares redeemed		(483,813	)		(11,501,565	)		(711,914	)		(13,690,385	)
		3,510,337			83,080,319			2,527,184			45,855,584
Class P Shares(b)
Shares sold		426			10,005			—			—
Shares redeemed		—			(5	)		—			—
		426			10,000			—			—
Class R6 Shares
Shares sold		1,389,713			32,206,237			694,283			12,291,890
Reinvestment of distributions		55			1,272			5,039			79,414
Shares redeemed		(2,911	)		(70,079	)		(976,795	)		(19,159,223	)
		1,386,857			32,137,430			(277,473	)		(6,787,919	)
NET INCREASE		29,371,679		$	695,533,532			6,652,357		$	116,626,994

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operation on April 16, 2018.

55

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

	N-11 Equity Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		44,428		$	452,269			579,743		$	5,579,274
Reinvestment of distributions		140			1,457			—			—
Shares redeemed		(405,173	)		(4,206,245	)		(1,809,097	)		(15,839,645	)
		(360,605	)		(3,752,519	)		(1,229,354	)		(10,260,371	)
Class C Shares
Shares sold		8,731			84,575			25,009			216,838
Shares redeemed		(67,415	)		(660,005	)		(271,102	)		(2,331,663	)
		(58,684	)		(575,430	)		(246,093	)		(2,114,825	)
Institutional Shares
Shares sold		99,911			1,040,550			517,574			4,638,851
Reinvestment of distributions		15,615			163,337			2,084			17,132
Shares redeemed		(1,269,908	)		(13,476,979	)		(1,989,135	)		(17,348,896	)
		(1,154,382	)		(12,273,092	)		(1,469,477	)		(12,692,913	)
Investor Shares(a)
Shares sold		35,632			372,865			773,003			6,757,979
Reinvestment of distributions		1,101			11,491			—			—
Shares redeemed		(143,169	)		(1,463,419	)		(958,301	)		(8,883,357	)
		(106,436	)		(1,079,063	)		(185,298	)		(2,125,378	)
Class P Shares(b)
Shares sold		972			10,005			—			—
Shares redeemed		—			(5	)		—			—
		972			10,000			—			—
Class R6 Shares(c)
Shares sold		959			10,000			—			—
		959			10,000			—			—
NET DECREASE		(1,678,176	)	$	(17,660,104	)		(3,130,222	)	$	(27,193,487	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operation on April 16, 2018.

(c) Commenced operation on February 28, 2018.

56

12. SUMMARY OF SHARE TRANSACTIONS (continued)

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P or 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 and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P and 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 November 1, 2017 through April 30, 2018, which represents a period of 181 days of a 365 day year. The Class R6 example is based on the period from March 1, 2017 through April 30, 2018, which represents a period of 61 out of 365 days for Asia Equity and N-11 funds. The Class P example is based on the period from April 17, 2018 through April 30, 2018, which represents a period of 14 out of 365 days. The Class P and Class R6 example for hypothetical expenses reflects projected activity for the period from November 1, 2017 through April 30, 2018 for the purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Asia Equity Fund							Emerging Markets Equity Fund							N-11 Equity Fund
Share Class	Beginning Account Value 11/01/2017		Ending Account Value 04/30/2018			Expenses Paid for the 6 Months Ended 04/30/2018*		Beginning Account Value 11/01/2017		Ending Account Value 04/30/2018			Expenses Paid for the 6 Months Ended 04/30/2018*		Beginning Account Value 11/01/2017		Ending Account Value 04/30/2018			Expenses Paid for the 6 Months Ended 04/30/2018*
Class A
Actual	$	1,000	$	1,036.90		$	7.78	$	1,000	$	1,028.90		$	7.85	$	1,000	$	1,017.20		$	8.60
Hypothetical 5% return		1,000		1,017.16	+		7.70		1,000		1,017.06	+		7.80		1,000		1,016.27	+		8.60
Class C
Actual		1,000		1,033.20			11.54		1,000		1,024.80			11.60		1,000		1,013.70			12.33
Hypothetical 5% return		1,000		1,013.44	+		11.43		1,000		1,013.34	+		11.53		1,000		1,012.55	+		12.33
Institutional
Actual		1,000		1,038.80			5.81		1,000		1,030.50			5.89		1,000		1,020.20			6.66
Hypothetical 5% return		1,000		1,019.09	+		5.76		1,000		1,018.99	+		5.86		1,000		1,018.20	+		6.66
Service
Actual		N/A		N/A			N/A		1,000		1,028.30			8.40		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,016.51	+		8.35		N/A		N/A			N/A
Investor
Actual		1,000		1,037.70			6.52		1,000		1,030.20			6.59		1,000		1,018.50			7.36
Hypothetical 5% return		1,000		1,018.40	+		6.46		1,000		1,018.30	+		6.56		1,000		1,017.50	+		7.35
Class P(a)
Actual		1,000		980.40			0.44		1,000		980.00			0.44		1,000		989.30			0.51
Hypothetical 5% return		1,000		1,019.09	+		5.76		1,000		1,018.99	+		5.86		1,000		1,018.20	+		6.66
Class R6(b)
Actual		1,000		973.40			1.88		1,000		1,031.30			5.79		1,000		976.00			2.20
Hypothetical 5% return		1,000		1,019.14	+		5.71		1,000		1,019.09	+		5.76		1,000		1,018.20	+		6.66

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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 P(a)			Class R6(b)
Asia Equity		1.54	%		2.29	%		1.15	%		N/A			1.29	%		1.15	%		1.14	%
Emerging Markets Equity		1.56			2.31			1.17			1.67	%		1.31			1.17			1.15
N-11 Equity		1.72			2.47			1.33			N/A			1.47			1.33			1.33

(a) Commenced operations on April 16, 2018.

(b) Commenced operations on February 28, 2018 for Asia Equity and N-11 Equity Funds.

57

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 March 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ 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 website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

Holdings and allocations shown are as of April 30, 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.

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. 132504-OTU-779573/2018/EMESAR-18/21K

Goldman Sachs Funds

Semi-Annual Report	April 30, 2018
	Fundamental International Equity Funds
	International Equity ESG*
	International Equity Income**

* Effective after the close of business on February 27, 2018, the Goldman Sachs Focused International Equity Fund (the Fund) was renamed the Goldman Sachs International Equity ESG 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 February 27, 2018, the Goldman Sachs Strategic International Equity Fund (the Fund) was renamed the Goldman Sachs International Equity Income Fund and changed its principal investment strategy and investment objective. Performance information prior to this date reflects the Fund’s former strategies.

Goldman Sachs Fundamental International Equity Funds

∎ INTERNATIONAL EQUITY ESG

∎ INTERNATIONAL EQUITY INCOME

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	4
Schedules of Investments	17
Financial Statements	21
Financial Highlights	24
Notes to the Financial Statements	28
Other Information	40

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental International Equity Investment Process?

Goldman Sachs’ Fundamental International Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by research teams working together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise in order to identify our high conviction investment ideas.

∎ Fundamental research teams based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, and India and focusing on long-term business and management quality

∎ Analysts collaborate regularly to leverage regional and industry-specific research and insights

∎ Global perspective is informed by local market expertise

∎ A common valuation framework, focusing on long-term earnings power, ensures consistency when valuing and comparing a company to its peers globally

∎ Team of experienced Research Analysts is regionally aligned and has sector expertise

∎ Team leverages the research of the approximately 80+ regional investment professionals

∎ Decision-making process is informed by active participation in the global research process

∎ Security selections are aligned with the level of investment conviction

∎ Risk monitoring considers whether investment and other risks to the Funds are intended and justified

∎ Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the stocks and their respective weightings in the Funds

International equity portfolios that strive to offer:

∎ Access to markets across the world

∎ Disciplined approach to stock selection

∎ Optimal risk/return profiles

1

MARKET REVIEW

Goldman Sachs Fundamental International Equity Funds

Market Review

International equities advanced during the six-month period ended April 30, 2018 (the “Reporting Period”). The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) posted a return of 3.41%.*

Early in the Reporting Period, i.e. in the last two months of 2017, international equity market returns were relatively muted, particularly amongst larger companies. The U.K., however, performed better than many other developed markets. Although the U.K. Prime Minister suffered a defeat in the House of Commons over the European Union Withdrawal Bill in December 2017, the U.K. was judged by the European Union to have made sufficient progress on key issues to allow the next phase of Brexit negotiations — including discussions on trade — to begin. Elsewhere, the European Central Bank (“ECB”) upgraded its growth forecasts for the Eurozone’s economy, though optimism was tempered by lackluster inflation. The German and French equity markets declined for the month of December. The Bank of Japan’s quarterly Tankan survey of business sentiment showed that confidence improved, boosted by strengthening export activity, and the Japanese equity market eked out a modest gain for December 2017. That same month, the U.S. Federal Reserve (the “Fed”) delivered its third interest rate hike of 2017, as had been widely expected, and maintained its projections for three additional interest rate hikes in 2018.

International equities enjoyed a strong start to 2018, driven by market exuberance about strong economic data, the $1.5 trillion U.S. tax reform plan signed by Congress the previous month and the favorable start to the corporate earnings reporting season. In February 2018, however, equities sold off globally on market speculation of a faster pace of interest rate hikes by the Fed, which stoked a sharp rise in bond yields and in equity market volatility. Concerns about monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. While the hawkish Fed minutes released were largely expected, Fed Chair Jerome Powell’s Congressional testimony surprised markets with its hawkish tilt, sparking another sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) In March 2018, escalating trade tensions and tariffs weighed on investor sentiment and on global equity market performance. Political uncertainty in Germany and Italy and signs of slowing economic growth in Europe dampened investor sentiment as well. Meanwhile, the Fed delivered on a consensus-expected interest rate increase in March, with its projections continuing to point to three interest rate hikes this calendar year. In Europe, an agreement on a 21-month transition after Brexit between the U.K. and the European Union reduced political uncertainty. The international equity markets posted a modestly positive return in April 2018, but remained relatively muted for the month, as the U.S. and China generated trade headlines and geopolitical uncertainty stemming from sanctions on Russia surfaced. The ECB and Bank of Japan kept their respective monetary policies unchanged, indicating ongoing monetary accommodation.

For the Reporting Period as a whole, energy was the best performing sector in the MSCI EAFE Index by some distance, followed by consumer discretionary and real estate. The weakest performing sectors in the MSCI EAFE Index during the Reporting Period were telecommunication services, consumer staples and industrials.

From a country perspective, Singapore, Finland and Italy were the best performing individual constituents of the MSCI EAFE Index during the Reporting Period. Sweden, Belgium and

* All index returns are expressed in U.S. dollar terms.

2

MARKET REVIEW

Denmark were the weakest individual country constituents in the MSCI EAFE Index during the Reporting Period.

Looking Ahead

At the end of the Reporting Period, we believed the moderation in global economic data seen in the latter months of the Reporting Period led to risks to global economic growth being roughly balanced. We saw risks to the upside in Japan, where we believe there is room for a payback after surprisingly weak economic data. This was balanced by risks we saw as somewhat to the downside for Europe, which may face headwinds from stronger currency and higher interest rates as well as by the eventual fading of the rebound of the global industrial cycle.

We believe the fundamentals for Japanese corporations remained strong at the end of the Reporting Period. In particular, we are looking for domestic consumption in Japan to recover on the back of wage increases and a slowdown in its inflation rate. We also continued to believe that corporate reforms proposed by Abenomics, the Japanese Prime Minister’s economic plan, should increase focus on return on equity while improving corporate governance and shareholder value.

We were also constructive on European equities at the end of the Reporting Period though more moderately so. European earnings have benefited from strong economic growth. The euro area recovery gained pace in 2017, with economic growth reaching its strongest level since before the European sovereign debt crisis. Unemployment declined by one percentage point to 8.6%, its lowest level since 2008, and the euro area’s manufacturing purchasing managers index reached an all-time high of 60.6. But firm activity had not boosted inflation, which remained sluggish. Annual headline and core inflation averaged just 1.4% and 1.2%, respectively, over the past decade. At the end of the Reporting Period, we saw no near-term change in this trend due to both cyclical and structural factors. We expect some monetary policy normalization in 2019, but this does not preclude the ECB, in our view, from maintaining its accommodative stance.

Overall, at the end of the Reporting Period, our focus remained on seeking alpha opportunities through fundamental, bottom-up security selection. (Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index used as a benchmark, since market indices are often considered to represent the market’s movement as a whole. The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.) We believe active managers should have the greatest ability to respond to potential changes in the post-monetary world, and value generated through active management may well become an increasingly important contributor to returns. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

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PORTFOLIO RESULTS

Goldman Sachs International Equity ESG Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Effective after the close of business on February 27, 2018, Goldman Sachs Focused International Equity Fund was re-named Goldman Sachs International Equity ESG Fund (the “Fund”) and its principal investment strategy changed. Below, the Goldman Sachs Global Equity Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2018 (the “Reporting Period”).

Q How did the Fund perform during Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional, Service, Investor and R6 Shares generated cumulative total returns, without sales charges, of 4.31%, 3.89%, 4.51%, 4.27%, 4.45% and 4.52%, respectively. These returns compare to the 3.41% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of 0.14%. This return compares to the 0.22% cumulative total return of the MSCI EAFE Index during the same period.

Q What changes were made to the Fund’s strategy during the Reporting Period?

A Effective after the close of business on February 27, 2018, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments of non-U.S. issuers that we believe adhere to the Fund’s environmental, social and governance (“ESG”) criteria. Such equity investments may include exchange-traded funds, futures and other instruments with similar economic exposures. The Fund intends to have investments economically tied to at least three countries, not including the U.S., and may invest in the securities of issuers in emerging market countries.

We use a quantitative and qualitative process to identify, at the time of investment, issuers that satisfy the Fund’s ESG criteria. We evaluate company ESG performance based on fundamental, proprietary research using internal and external data sources as well as engagement with company management. We analyze individual companies, incorporating the Fund’s ESG criteria as part of a fundamental, bottom-up financial analysis. We conduct an analysis of the issuer’s corporate governance factors and a range of environmental and social factors that may vary by sector, alongside traditional fundamental metrics. We engage in active dialogues with company management teams to further inform investment decision-making and to foster best corporate governance practices using its fundamental and ESG analysis. We seek to avoid what we believe to be structurally unattractive market segments, industries that do not meet the Fund’s ESG criteria and particular companies with weak corporate governance that are involved in and/or derive significant revenue from certain industries or product lines, including gambling, adult entertainment, alcohol, tobacco, coal and weapons. The Fund may also invest up to 20% of its net assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund’s investment objective and benchmark did not change.

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

A The Fund outperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to individual stock selection. Country allocation also contributed positively, albeit more modestly. Sector allocation overall detracted slightly during the Reporting Period.

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

A Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were UBM, DBS Group Holdings and Nidec.

4

PORTFOLIO RESULTS

UBM, an out-of-MSCI EAFE Index holding, is a global business-to-business events organizer headquartered in the U.K. In January 2018, Informa made a cash/equity offer to acquire UBM at a 30% premium, which boosted the stock’s performance. UBM shareholders would own a 34.5% stake in the combined entity. The transaction is expected to close by the end of the second quarter of 2018. Further, for its fiscal year 2017, UBM posted top-line earnings and earnings before interest, taxes, depreciation and amortization that beat consensus expectations. Its organic growth was also positive and exceeded consensus expectations. At the end of the Reporting Period, we remained optimistic on the stock, trimming opportunistically, as we felt comfortable with the combined entity’s fundamentals and valuation.

DBS Group Holdings is a multinational banking and financial services corporation headquartered in Singapore. Its margin expansion and loan growth improved during the Reporting Period, and its stock beat consensus expectations on earnings for the first quarter of 2018 in part due to higher fee income. DBS Group had excess capital, and it distributed that capital as a one-time special dividend during the fourth quarter of 2017. It also announced dividend growth in line with earnings growth.

Nidec is a Japanese manufacturer of precision and industrial-use motors. It performed well during the Reporting Period on the back of heightened demand expectations for its assisted driving/electric vehicles-related motors as well as on the faster than market expected progress of the post-merger integration of its recently acquired Emerson Motor-Drive business. In early December 2017, Nidec formed its first joint venture of electric vehicle motors with an automotive manufacturer, PSA Group, which boosted the confidence of the long-term growth trajectory of its electric vehicle motor business and of the future earnings prospects for the company. Led by Europe and China, the drive toward increased automation and energy efficiency has been gaining pace within the transportation and logistics industry, factories and household appliances, which could potentially boost the growth potential for Nidec’s power electronics and medium-sized motors.

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

A Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Bayer, Novo Nordisk and Hoya.

German pharmaceutical and life sciences company Bayer was a top detractor from the Fund’s relative results during the Reporting Period. Early in the Reporting Period, its stock underperformed the MSCI EAFE Index following weaker sales in its pharmaceutical and consumer divisions and on skepticism around the higher special charges related to the Monsanto acquisition. However, the most recent approval of the Monsanto acquisition by the European Union commission gave further impetus to a deal that we believe may well prove to be good for Bayer both financially and strategically in the long term. Additionally, Bayer management’s initial guidance for the calendar year 2018 was disappointing. Most of the news could be attributed to the negative currency impacts and a one-off effect of a manufacturing issue at its German plant following a warning letter from the U.S. Food and Drug Administration. At the end of the Reporting Period, we believed the company’s management was fully dedicated to addressing these issues diligently and, aside from some temporary supply limitations, this incident should not have a major effect on its mature product pipeline.

Novo Nordisk is a multinational pharmaceutical company headquartered in Denmark. Novo Nordisk underperformed the broader European Union pharmaceuticals sector following the mid-February 2018 headlines about its oral semaglutide (the first oral treatment for diabetes) phase three trials, a reaction we believe was unwarranted. We believe Novo Nordisk’s share price decline was driven by three major factors. First investor confusion around the statistical analysis used in the headline trial data. Second, a perception that the catalyst has passed. We believe these concerns are unwarranted given that further key oral semaglutide data is due during the second quarter of 2018 that could confirm its profile at the top end of market expectations. Third, currency concerns. After the significant share price decline Novo Nordisk experienced during the Reporting Period and the opportunity we have had to discuss the issues with company management, we continued to believe at the end of the Reporting Period that the company should be able to gain market share through its strong franchise and upcoming pipeline.

Hoya is a Japanese company that engages in the manufacture and sale of imaging products, electronics and medical-related equipment. Its share price declined due to investor concerns about the business environment for hard disk drive substrate, or underlying layers. However, at the end of the Reporting Period, we remained positive on Hoya Management’s commitment to increasing shareholder returns, good synergy

5

PORTFOLIO RESULTS

opportunities from recent acquisitions and increasing focus on its high potential, in our view, life care business segment.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that contributed most positively to the Fund’s performance relative to the MSCI EAFE Index during the Reporting Period were financials, consumer discretionary and consumer staples, each due primarily to effective stock selection.

The sectors that detracted most from the Fund’s relative results during the Reporting Period were health care, industrials and energy, each hurt by weak stock selection. Having an overweight to industrials, which lagged the MSCI EAFE Index during the Reporting Period, and having an underweight to energy, which outpaced the MSCI EAFE Index during the Reporting Period, also hurt. Having an allocation to cash during a Reporting Period when the MSCI EAFE Index advanced further dampened relative results.

Q Which countries most affected the Fund’s performance during the Reporting Period?

A Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in a concentrated portfolio or in countries that represent only a modest proportion of the MSCI EAFE Index.

That said, effective stock selection and effective allocation positioning in the U.K. and Singapore and strong stock selection in New Zealand boosted the Fund’s relative returns most. Conversely, the countries that detracted most from the Fund’s performance during the Reporting Period were Germany, France and Italy, where stock selection overall hurt.

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

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

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

A In changing the Fund’s principal investment strategy effective after the close of business on February 27, 2018, we bought and sold a larger number of stocks during the Reporting Period than the portfolio turnover rate we expect to have in the Fund going forward.

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

A In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to industrials, health care, consumer discretionary and financials increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to energy, information technology and materials decreased. From a country perspective, the Fund’s exposure to the U.K., Ireland, New Zealand, Sweden and Japan increased relative to the MSCI EAFE Index, while its relative exposure to France, Germany, Italy and Australia decreased during the Reporting Period.

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 named portfolio managers as per the prospectus during the Reporting Period.

Q How was the Fund positioned relative to the MSCI EAFE Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had more exposure to the U.K., France, Ireland, Denmark and New Zealand and less exposure to Switzerland, Japan and the Netherlands relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund held a neutral position relative to the MSCI EAFE Index in Singapore, Sweden, Germany, Italy and Spain and held no exposure to the remaining components of the MSCI EAFE Index.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in industrials, health care, consumer discretionary and real estate at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in energy and financials and was rather neutrally weighted compared to the MSCI EAFE Index in

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PORTFOLIO RESULTS

telecommunication services and consumer staples. The Fund had no exposure to the utilities, information technology and materials sectors at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

7

FUND BASICS

International Equity ESG Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		4.31	%		3.41	%
Class C		3.89			3.41
Institutional		4.51			3.41
Service		4.27			3.41
Investor		4.45			3.41
Class R6		4.52			3.41
April 16, 2018–April 30, 2018 Class P		0.14			0.22

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		10.74	%		4.13	%		1.07	%		4.54	%	12/01/92
Class C		15.29			4.53			0.89			2.15		08/15/97
Institutional		17.61			5.73			2.05			4.43		02/07/96
Service		17.03			5.20			1.53			3.84		03/06/96
Investor		17.41			5.57			N/A			6.66		08/31/10
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R6		17.64			N/A			N/A			15.39		02/26/16

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 P 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		1.29	%		1.46	%
Class C		2.04			2.21
Institutional		0.90			1.07
Service		1.40			1.57
Investor		1.04			1.21
Class P		0.89			1.06
Class R6		0.89			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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185,6
Holding	% of Net Assets			Line of Business	Country
Bayer AG (Registered)		4.0	%	Pharmaceuticals, Biotechnology & Life Sciences	Germany
BNP Paribas SA		3.9		Banks	France
Klepierre SA		3.9		Real Estate	France
Novo Nordisk A/S Class B		3.8		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Shire plc		3.7		Pharmaceuticals, Biotechnology & Life Sciences	United States
Reckitt Benckiser Group plc		3.3		Household & Personal Products	United Kingdom
Compass Group plc		3.3		Consumer Services	United Kingdom
UBM plc		3.3		Media	United Kingdom
Royal Dutch Shell plc Class A		3.3		Energy	Netherlands
Ferguson plc		3.3		Capital Goods	Switzerland

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

⁶  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 5.5% of the Fund’s net assets as of 4/30/18.

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FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 5.0% of the Fund’s net assets at April 30, 2018.

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PORTFOLIO RESULTS

Goldman Sachs International Equity Income Fund

Investment Objective

The Fund seeks long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Effective after the close of business on February 27, 2018, Goldman Sachs Strategic International Equity Fund was re-named Goldman Sachs International Equity Income Fund (the “Fund”) and its investment objective and principal investment strategy were changed. Below, the Goldman Sachs Global Equity Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 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 4.14%, 3.78%, 4.35%, 4.28%, 4.00% and 4.31%, respectively. These returns compare to the 3.41% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -0.26%. This return compares to the 0.22% cumulative total return of the MSCI EAFE Index during the same period.

Q What changes were made to the Fund’s investment objective and strategy during the Reporting Period?

A Effective after the close of business on February 27, 2018, the Fund’s investment objective changed from seeking long-term growth of capital to seeking long-term capital appreciation and growth of income. Effective the same date, 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 dividend-paying non-U.S. issuers. Such equity investments may include exchange-traded funds, futures and other instruments with similar economic exposures. The Fund intends to have investments economically tied to at least three countries, not including the U.S., and may invest in the securities of issuers in emerging market countries. The Fund’s investments are selected using a strong valuation discipline to purchase what we believe are well positioned, cash-generating businesses run by shareholder-oriented management team. The Fund may also invest up to 20% of its net assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund’s benchmark did not change.

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

A The Fund outperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to individual stock selection. Country and sector allocation also contributed positively.

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

A Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were DBS Group Holdings, UBM and Nidec.

DBS Group Holdings is a multinational banking and financial services corporation headquartered in Singapore. Its margin expansion and loan growth improved during the Reporting Period, and its stock beat consensus expectations on earnings for the first quarter of 2018 in part due to higher fee income. DBS Group had excess capital, and it distributed that capital as a one-time special dividend during the fourth quarter of 2017. It also announced dividend growth in line with earnings growth.

UBM, an out-of-MSCI EAFE Index holding, is a global business-to-business events organizer headquartered in the U.K. In January 2018, Informa made a cash/equity offer to acquire UBM at a 30% premium, which boosted the stock’s performance. UBM shareholders would own a 34.5% stake in the combined entity. The transaction is expected to close by the end of the second quarter of 2018. Further, for its fiscal year 2017, UBM posted top-line earnings and earnings

11

PORTFOLIO RESULTS

before interest, taxes, depreciation and amortization that beat consensus expectations. Its organic growth was also positive and exceeded consensus expectations.

Nidec is a Japanese manufacturer of precision and industrial-use motors. It performed well during the Reporting Period on the back of heightened demand expectations for its assisted driving/electric vehicles-related motors as well as on the faster than market expected progress of the post-merger integration of its recently acquired Emerson Motor-Drive business. In early December 2017, Nidec formed its first joint venture of electric vehicle motors with an automotive manufacturer, PSA Group, which boosted the confidence of the long-term growth trajectory of its electric vehicle motor business and of the future earnings prospects for the company. Led by Europe and China, the drive toward increased automation and energy efficiency has been gaining pace within the transportation and logistics industry, factories and household appliances, which could potentially boost the growth potential for Nidec’s power electronics and medium-sized motors.

As a result of the Fund’s restructure during the first quarter of 2018, we sold the Fund’s positions in each of these stocks by the end of the Reporting Period.

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

A Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Bayer, Novo Nordisk and Hoya.

German pharmaceutical and life sciences company Bayer was a top detractor from the Fund’s relative results during the Reporting Period. Early in the Reporting Period, its stock underperformed the MSCI EAFE Index following weaker sales in its pharmaceutical and consumer divisions and on skepticism around the higher special charges related to the Monsanto acquisition. However, the most recent approval of the Monsanto acquisition by the European Union commission gave further impetus to a deal that we believe may well prove to be good for Bayer both financially and strategically in the long term. Additionally, Bayer management’s initial guidance for the calendar year 2018 was disappointing. Most of the news could be attributed to the negative currency impacts and a one-off effect of a manufacturing issue at its German plant following a warning letter from the U.S. Food and Drug Administration. At the end of the Reporting Period, we believed the company’s management was fully dedicated to addressing these issues diligently and, aside from some temporary supply limitations, this incident should not have a major effect on its mature product pipeline.

Novo Nordisk is a multinational pharmaceutical company headquartered in Denmark. Novo Nordisk underperformed the broader European Union pharmaceuticals sector following the mid-February 2018 headlines about its oral semaglutide (the first oral treatment for diabetes) phase three trials, a reaction we believe was unwarranted. We believe Novo Nordisk’s share price decline was driven by three major factors. First investor confusion around the statistical analysis used in the headline trial data. Second, a perception that the catalyst has passed. We believe these concerns are unwarranted given that further key oral semaglutide data is due during the second quarter of 2018 that could confirm its profile at the top end of market expectations. Third, currency concerns. After the significant share price decline Novo Nordisk experienced during the Reporting Period and the opportunity we have had to discuss the issues with company management, we continued to believe at the end of the Reporting Period that the company should be able to gain market share through its strong franchise and upcoming pipeline.

Hoya is a Japanese company that engages in the manufacture and sale of imaging products, electronics and medical-related equipment. Its share price declined due to investor concerns about the business environment for hard disk drive substrate, or underlying layers. As a result of the Fund’s restructure during the first quarter of 2018, we sold the Fund’s position in Hoya by the end of the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that contributed most to the Fund’s performance relative to the MSCI EAFE Index were financials, industrials and consumer discretionary. Stock selection in all three sectors proved effective during the Reporting Period.

The only two sectors to detract from the Fund’s results during the Reporting Period were health care and consumer staples, where weak stock selection in each hurt.

Q Which countries most affected the Fund’s performance during the Reporting Period?

A Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE

12

PORTFOLIO RESULTS

Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI EAFE Index.

That said, effective stock selection in Singapore and Italy and having overweighted allocations to the U.K. and Italy contributed most positively to the Fund’s results relative to the MSCI EAFE Index during the Reporting Period. Conversely, the countries that detracted most from the Fund’s relative performance were Belgium, Taiwan and Denmark, where stock selection and allocation positioning overall hurt.

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

A During the Reporting Period, the Fund did not use derivatives or similar instruments.

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

A In changing the Fund’s principal investment strategy effective after the close of business on February 27, 2018, we bought and sold a larger number of stocks during the Reporting Period than the portfolio turnover rate we expect to have in the Fund going forward.

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

A In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings 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, real estate, telecommunication services, utilities, energy and financials increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to consumer staples, industrials, information technology, materials and consumer discretionary decreased. From a country perspective, the Fund’s exposure to the U.K., Switzerland, the Netherlands, Spain and Sweden increased relative to the MSCI EAFE Index, while its relative exposure to Italy, Portugal, Ireland, Finland, France, Germany, Hong Kong and Australia decreased during the Reporting Period.

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 named portfolio managers as per the prospectus during the Reporting Period.

Q How was the Fund positioned relative to the MSCI EAFE Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had more exposure to the U.K., Switzerland, the Netherlands, Spain, Italy, Denmark and Belgium relative to the MSCI EAFE Index and less exposure to Japan, Australia, Germany and France relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund held neutral positions relative to the MSCI EAFE Index in Singapore and Sweden and had no exposure to several other components of the MSCI EAFE Index, including Portugal, New Zealand, Austria, Israel, Ireland, Norway, Finland, Hong Kong and Japan. The Fund also held a position in Taiwan, which is not a component of the MSCI EAFE Index.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in health care, real estate, telecommunication services, consumer staples, utilities and energy at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in consumer discretionary, materials, information technology and industrials and a rather neutral position relative to the MSCI EAFE Index in financials.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

13

FUND BASICS

International Equity Income Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® EAFE Index2
Class A		4.14	%		3.41	%
Class C		3.78			3.41
Institutional		4.35			3.41
Investor		4.28			3.41
Class R		4.00			3.41
Class R6		4.31			3.41
April 16, 2018–April 30, 2018
Class P		-0.26	%		0.22	%

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		10.35	%		4.63	%		1.27	%		0.52	%	06/25/07
Class C		14.88			5.05			1.09			0.29		06/25/07
Institutional		17.27			6.25			2.24			1.44		06/25/07
Investor		17.13			6.12			2.14			0.68		11/30/07
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R		16.54			5.58			1.59			0.12		11/30/07
Class R6		17.30			N/A			N/A			15.02		02/26/16

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 P, 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		1.24	%		1.83	%
Class C		1.99			2.58
Institutional		0.85			1.44
Investor		0.99			1.58
Class P		0.84			1.43
Class R		1.49			2.08
Class R6		0.84			1.43

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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates 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 4/30/185
Holding	% of Net Assets			Line of Business	Country
Royal Dutch Shell plc Class A		5.4	%	Energy	Netherlands
Unilever plc		4.2		Household & Personal Products	United Kingdom
British American Tobacco plc		4.0		Food, Beverage & Tobacco	United Kingdom
Klepierre SA		3.9		Real Estate	France
Koninklijke KPN NV		3.9		Telecommunication Services	Netherlands
HSBC Holdings plc		3.8		Banks	United Kingdom
Vonovia SE		3.8		Real Estate	Germany
Vodafone Group plc		3.6		Telecommunication Services	United Kingdom
Rio Tinto plc		3.4		Materials	United Kingdom
Aviva plc		3.1		Insurance	United Kingdom

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 April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 3.0% of the Fund’s net assets at April 30, 2018.

16

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.1%
Denmark – 3.8%
	147,623	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	6,942,407
France – 16.0%
	93,554	BNP Paribas SA (Banks)		7,222,308
	176,437	Klepierre SA (REIT)		7,221,350
	79,672	Publicis Groupe SA (Media)		5,957,867
	338,036	Rexel SA (Capital Goods)		5,240,156
	38,250	Vinci SA (Capital Goods)(a)		3,824,377
				29,466,058
Germany – 9.7%
	61,106	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		7,303,366
	50,440	Beiersdorf AG (Household & Personal Products)		5,706,695
	122,714	GEA Group AG (Capital Goods)		4,791,140
				17,801,201
Ireland – 2.9%
	601,737	Bank of Ireland Group plc (Banks)		5,374,465
Italy – 2.0%
	167,223	UniCredit SpA (Banks)		3,625,384
Japan – 21.0%
	118,400	Dentsu, Inc. (Media)		5,608,934
	99,300	Hoya Corp. (Health Care Equipment & Services)		5,305,087
	348,300	Isuzu Motors Ltd. (Automobiles & Components)		5,316,552
	258,700	Mitsubishi Estate Co. Ltd. (Real Estate)		4,727,109
	29,000	Nidec Corp. (Capital Goods)		4,536,823
	219,400	ORIX Corp. (Diversified Financials)		3,848,024
	86,100	Pigeon Corp. (Household & Personal Products)		4,035,857
	122,400	Sumitomo Mitsui Financial Group, Inc. (Banks)		5,101,420
				38,479,806
Netherlands – 5.3%
	73,793	Aalberts Industries NV (Capital Goods)		3,633,342
	173,169	Royal Dutch Shell plc Class A (Energy)		6,024,760
				9,658,102
New Zealand – 1.8%
	392,440	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		3,309,226
Singapore – 2.3%
	181,980	DBS Group Holdings Ltd. (Banks)		4,198,658
Spain – 2.4%
	164,997	Cellnex Telecom SA (Telecommunication Services)(b)		4,425,096
Sweden – 2.8%
	249,560	Assa Abloy AB Class B (Capital Goods)(a)		5,230,010
Switzerland – 6.0%
	297,900	Credit Suisse Group AG (Registered) (Diversified Financials)*		5,024,454
	77,947	Ferguson plc (Capital Goods)		5,966,619
				10,991,073
United Kingdom – 17.4%
	419,696	BTG plc (Pharmaceuticals, Biotechnology & Life Sciences)*		3,934,636
	283,491	Compass Group plc (Consumer Services)		6,081,671
	77,753	Reckitt Benckiser Group plc (Household & Personal Products)		6,099,574
	1,383,895	Rentokil Initial plc (Commercial & Professional Services)		5,838,547
	453,554	UBM plc (Media)		6,038,403
	1,332,247	Vodafone Group plc (Telecommunication Services)		3,887,784
				31,880,615
United States – 3.7%
	127,397	Shire plc (Pharmaceuticals, Biotechnology & Life Sciences)		6,783,881
	TOTAL COMMON STOCKS
	(Cost $172,237,050)		$	178,165,982
Shares		Distribution Rate	Value
Investment Company(c) – 0.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	924,392	1.623%	$	924,392
	(Cost $924,392)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $173,161,442)		$	179,090,374
Securities Lending Reinvestment Vehicle(c) – 5.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,082,530	1.623%	$	9,082,530
	(Cost $9,082,530)
	TOTAL INVESTMENTS – 102.6%
	(Cost $182,243,972)		$	188,172,904
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.6)%			(4,730,526	)
	NET ASSETS – 100.0%		$	183,442,378

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

April 30, 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)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $4,425,096, which represents approximately 2.4% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(c)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Australia – 2.1%
	245,739	Sydney Airport (Transportation)	$	1,315,707
Belgium – 2.2%
	13,650	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)		1,355,904
Denmark – 3.1%
	40,716	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,914,790
France – 8.7%
	58,975	Klepierre SA (REIT)		2,413,774
	14,982	Publicis Groupe SA (Media)		1,120,353
	18,301	Vinci SA (Capital Goods)(a)		1,829,802
				5,363,929
Germany – 6.4%
	13,797	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,649,012
	46,458	Vonovia SE (Real Estate)		2,327,772
				3,976,784
Italy – 4.8%
	39,682	Atlantia SpA (Transportation)		1,313,469
	261,504	Enel SpA (Utilities)		1,658,909
				2,972,378
Netherlands – 12.1%
	102,962	ING Groep NV (Banks)		1,734,963
	768,323	Koninklijke KPN NV (Telecommunication Services)		2,391,202
	96,300	Royal Dutch Shell plc Class A (Energy)		3,350,394
				7,476,559
Singapore – 2.1%
	218,300	Singapore Exchange Ltd. (Diversified Financials)		1,265,927
Spain – 6.1%
	85,209	Ferrovial SA (Capital Goods)		1,819,993
	248,567	Iberdrola SA (Utilities)		1,920,416
				3,740,409
Sweden – 1.7%
	48,876	Swedbank AB Class A (Banks)		1,061,747
Switzerland – 15.1%
	62,437	ABB Ltd. (Registered) (Capital Goods)		1,455,755
	23,053	Nestle SA (Registered) (Food, Beverage & Tobacco)		1,785,918
	18,335	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,411,324
	6,556	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,456,661
	84,463	UBS Group AG (Registered) (Diversified Financials)*		1,417,703
	5,585	Zurich Insurance Group AG (Insurance)*		1,784,047
				9,311,408
Taiwan – 2.7%
	222,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,691,050
United Kingdom – 30.7%
	17,937	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,255,633
	266,637	Aviva plc (Insurance)		1,937,297
	186,992	BP plc (Energy)		1,388,970
	44,910	British American Tobacco plc (Food, Beverage & Tobacco)		2,463,202
	229,318	Direct Line Insurance Group plc (Insurance)		1,178,302
	68,689	GlaxoSmithKline plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,377,707
	237,390	HSBC Holdings plc (Banks)		2,363,451
	38,932	Rio Tinto plc (Materials)		2,122,025
	46,739	Unilever plc (Household & Personal Products)		2,621,687
	764,224	Vodafone Group plc (Telecommunication Services)		2,230,170
				18,938,444
	TOTAL COMMON STOCKS
	(Cost $60,691,451)		$	60,385,036
Shares		Distribution Rate	Value
Investment Company(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	24	1.623%	$	24
	(Cost $24)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $60,691,475)		$	60,385,060
Securities Lending Reinvestment Vehicle(b) – 3.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,829,007	1.623%	$	1,829,007
	(Cost $1,829,007)
	TOTAL INVESTMENTS – 100.8%
	(Cost $62,520,482)		$	62,214,067
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%			(464,376	)
	NET ASSETS – 100.0%		$	61,749,691

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments (continued)

April 30, 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 Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2018 (Unaudited)

	International Equity ESG Fund			International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $172,237,050 and $60,691,451)(a)	$	178,165,982		$	60,385,036
Investments in affiliated issuers, at value (cost $924,392 and $24)		924,392			24
Investments in affiliated securities lending reinvestment vehicle, at value (cost $9,082,530 and $1,829,007)		9,082,530			1,829,007
Cash		2,747,941			498,872
Foreign currencies, at value (cost $171,642 and $185,924)		169,932			184,308
Receivables:
Dividends		1,025,396			384,703
Foreign tax reclaims		625,354			305,917
Securities lending income		29,278			8,501
Fund shares sold		10,955			2,029
Investments sold		—			53
Other assets		47,138			64,542
Total assets		192,828,898			63,662,992
Liabilities:
Payables:
Payable upon return of securities loaned		9,082,530			1,829,007
Management fees		133,880			43,114
Fund shares redeemed		111,277			4,552
Distribution and Service fees and Transfer Agency fees		33,054			11,247
Investments purchased		92			—
Accrued expenses		25,687			25,381
Total liabilities		9,386,520			1,913,301
Net Assets:
Paid-in capital		194,644,752			55,365,812
Undistributed net investment income		531,136			592,118
Accumulated net realized gain (loss)		(17,649,387	)		6,103,515
Net unrealized gain (loss)		5,915,877			(311,754	)
NET ASSETS	$	183,442,378		$	61,749,691
Net Assets:
Class A	$	37,562,795		$	17,607,833
Class C		16,091,409			3,721,561
Institutional		129,272,050			39,884,512
Service		4,037			—
Investor		489,549			398,999
Class P		10,017			9,974
Class R		—			53,110
Class R6		12,521			73,702
Total Net Assets	$	183,442,378		$	61,749,691
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		1,830,701			1,182,715
Class C		847,166			278,818
Institutional		6,190,027			2,558,808
Service		188			—
Investor		23,460			26,805
Class P		480			640
Class R		—			3,547
Class R6		600			4,730
Net asset value, offering and redemption price per share:(b)
Class A		$20.52			$14.89
Class C		18.99			13.35
Institutional		20.88			15.59
Service		21.47			—
Investor		20.87			14.89
Class P		20.88			15.58
Class R		—			14.97
Class R6		20.88			15.58

(a) Includes loaned securities having a market value of $8,637,753 and $1,745,578 for the International Equity ESG and International Equity Income Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the International Equity ESG and International Equity Income Funds is $21.71 and $15.76, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2018 (Unaudited)

	International Equity ESG Fund			International Equity Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $200,836 and $146,071)	$	1,951,683		$	1,177,776
Securities lending income — affiliated issuer		59,528			24,263
Dividends — affiliated issuers		23,671			1,518
Total investment income		2,034,882			1,203,557
Expenses:
Management fees		875,974			261,789
Distribution and Service fees(a)		126,838			41,049
Transfer Agency fees(a)		75,111			27,915
Professional fees		70,036			64,360
Custody, accounting and administrative services		51,264			44,699
Printing and mailing costs		32,253			23,740
Trustee fees		8,852			8,707
Registration fees		—			3,462
Service share fees — Service and Shareholder Administration Plan		10			—
Other		5,604			5,504
Total expenses		1,245,942			481,225
Less — expense reductions		(251,017	)		(146,513	)
Net expenses		994,925			334,712
NET INVESTMENT INCOME		1,039,957			868,845
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		6,626,910			7,681,099
Foreign currency transactions		8,948			64,755
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		386,738			(5,968,221	)
Foreign currency translation		(1,426	)		(2,438	)
Net realized and unrealized gain		7,021,170			1,775,195
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,061,127		$	2,644,040

(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 P(b)		Class R		Class R6
International Equity ESG	$	47,568	$	79,270	$	—	$	34,248	$	14,269	$	25,982	$	—	$	610	$	—	$	—	$	2
International Equity Income		22,148		18,792		109		15,947		3,383		8,169		—		366		—		39		11

(b) Commenced operations on April 16, 2018.

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Changes in Net Assets

	International Equity ESG Fund						International Equity Income Fund
	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income	$	1,039,957		$	2,197,593		$	868,845		$	939,157
Net realized gain (loss)		6,635,858			4,066,189			7,745,854			(766,283	)
Net change in unrealized gain (loss)		385,312			38,112,475			(5,970,659	)		12,721,416
Net increase in net assets resulting from operations		8,061,127			44,376,257			2,644,040			12,894,290
Distributions to shareholders:
From net investment income
Class A Shares		(483,063	)		(1,011,348	)		(250,766	)		(351,087	)
Class C Shares		(95,376	)		(357,000	)		(34,195	)		(50,020	)
Institutional Shares		(2,074,667	)		(5,581,602	)		(702,100	)		(850,993	)
Service Shares		(19	)		—			—			—
Investor Shares(a)		(8,008	)		(23,297	)		(6,541	)		(10,518	)
Class P(b)		—			—			—			—
Class R Shares		—			—			(562	)		(360	)
Class R6 Shares		(196	)		(307	)		(1,182	)		(247	)
Total distributions to shareholders		(2,661,329	)		(6,973,554	)		(995,346	)		(1,263,225	)
From share transactions:
Proceeds from sales of shares		6,056,702			64,107,733			1,909,098			8,646,134
Reinvestment of distributions		2,615,810			6,884,889			977,524			1,235,952
Cost of shares redeemed		(13,068,510	)		(182,222,881	)		(5,701,196	)		(23,573,429	)
Net decrease in net assets resulting from share transactions		(4,395,998	)		(111,230,259	)		(2,814,574	)		(13,691,343	)
TOTAL INCREASE (DECREASE)		1,003,800			(73,827,556	)		(1,165,880	)		(2,060,278	)
Net assets:
Beginning of period		182,438,578			256,266,134			62,915,571			64,975,849
End of period	$	183,442,378		$	182,438,578		$	61,749,691		$	62,915,571
Undistributed net investment income	$	531,136		$	2,152,508		$	592,118		$	718,619

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

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 to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	19.92	$	0.09		$	0.76		$	0.85		$	(0.25	)
2018 - C		18.39		0.02			0.69			0.71			(0.11	)
2018 - Institutional		20.30		0.13			0.78			0.91			(0.33	)
2018 - Service		20.68		0.09			0.80			0.89			(0.10	)
2018 - Investor(e)		20.23		0.10			0.79			0.89			(0.25	)
2018 - P (Commenced April 16, 2018)		20.84		0.11			(0.07	)		0.04			—
2018 - R6		20.30		0.14			0.77			0.91			(0.33	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		16.61		0.14			3.63			3.77			(0.46	)
2017 - C		15.37		0.02			3.35			3.37			(0.35	)
2017 - Institutional		16.93		0.22			3.69			3.91			(0.54	)
2017 - Service		16.79		0.13			3.76			3.89			—
2017 - Investor(e)		16.86		0.27			3.60			3.87			(0.50	)
2017 - R6		16.93		0.22			3.69			3.91			(0.54	)
2016 - A		17.98		0.48	(f)		(1.65	)		(1.17	)		(0.20	)
2016 - C		16.67		0.32	(f)		(1.53	)		(1.21	)		(0.09	)
2016 - Institutional		18.34		0.47	(f)		(1.60	)		(1.13	)		(0.28	)
2016 - Service		18.05		0.47	(f)		(1.67	)		(1.20	)		(0.06	)
2016 - Investor(e)		18.25		0.45	(f)		(1.60	)		(1.15	)		(0.24	)
2016 - R6 (Commenced February 26, 2016)		15.87		0.21	(f)		0.85			1.06			—
2015 - A		18.49		0.21			(0.16	)		0.05			(0.56	)
2015 - C		17.18		0.08			(0.16	)		(0.08	)		(0.43	)
2015 - Institutional		18.86		0.29			(0.16	)		0.13			(0.65	)
2015 - Service		18.57		0.14			(0.11	)		0.03			(0.55	)
2015 - Investor(e)		18.76		0.26			(0.17	)		0.09			(0.60	)
2014 - A		20.00		0.55	(g)		(1.99	)		(1.44	)		(0.07	)
2014 - C		18.65		0.36	(g)		(1.83	)		(1.47	)		—
2014 - Institutional		20.39		0.64	(g)		(2.02	)		(1.38	)		(0.15	)
2014 - Service		20.08		0.52	(g)		(1.98	)		(1.46	)		(0.05	)
2014 - Investor(e)		20.29		0.75	(g)		(2.14	)		(1.39	)		(0.14	)
2013 - A		15.58		0.15			4.71			4.86			(0.44	)
2013 - C		14.60		0.02			4.41			4.43			(0.38	)
2013 - Institutional		15.92		0.23			4.79			5.02			(0.55	)
2013 - Service		15.69		0.14			4.72			4.86			(0.47	)
2013 - Investor(e)		15.87		0.16			4.82			4.98			(0.56	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(g) Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG 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)
$	20.52		4.31	%	$	37,563		1.29	%(d)		1.56	%(d)		0.90	%(d)		15	%
	18.99		3.89			16,091		2.04	(d)		2.31	(d)		0.19	(d)		15
	20.88		4.51			129,272		0.90	(d)		1.17	(d)		1.31	(d)		15
	21.47		4.27			4		1.34	(d)		1.50	(d)		0.87	(d)		15
	20.87		4.45			490		1.04	(d)		1.32	(d)		0.95	(d)		15
	20.88		0.14			10		0.89	(d)		1.14	(d)		13.19	(d)		15
	20.88		4.52			13		0.89	(d)		1.15	(d)		1.35	(d)		15
	19.92		23.29			38,330		1.30			1.63			0.78			116
	18.39		22.40			15,681		2.05			2.37			0.12			116
	20.30		23.78			127,403		0.90			1.22			1.22			116
	20.68		23.17			4		1.39			1.66			0.71			116
	20.23		23.63			1,009		1.05			1.39			1.50			116
	20.30		23.80			12		0.89			1.22			1.21			116
	16.61		(6.54	)		38,152		1.30			1.62			2.86	(f)		78
	15.37		(7.27	)		15,577		2.05			2.37			2.05	(f)		78
	16.93		(6.21	)		201,746		0.90			1.21			2.76	(f)		78
	16.79		(6.66	)		32		1.41			1.72			2.77	(f)		78
	16.86		(6.34	)		749		1.05			1.36			2.62	(f)		78
	16.93		6.68			11		0.89	(d)		1.19	(d)		1.83	(d)(f)		78
	17.98		0.34			48,772		1.30			1.64			1.18			105
	16.67		(0.42	)		18,415		2.05			2.39			0.44			105
	18.34		0.74			151,755		0.90			1.24			1.56			105
	18.05		0.19			37		1.40			1.73			0.76			105
	18.25		0.56			1,268		1.05			1.39			1.38			105
	18.49		(7.16	)		58,368		1.33			1.63			2.78	(g)		121
	17.18		(7.83	)		18,247		2.08			2.38			1.97	(g)		121
	18.86		(6.79	)		170,954		0.93			1.23			3.17	(g)		121
	18.57		(7.28	)		332		1.43			1.73			2.62	(g)		121
	18.76		(6.90	)		2,253		1.07			1.38			3.73	(g)		121
	20.00		31.94			61,224		1.46			1.69			0.89			189
	18.65		30.97			17,910		2.20			2.44			0.15			189
	20.39		32.50			112,707		1.06			1.29			1.29			189
	20.08		31.86			364		1.56			1.79			0.80			189
	20.29		32.36			1,609		1.20			1.44			0.89			189

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

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 to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	14.50	$	0.19		$	0.41		$	0.60		$	(0.21	)
2018 - C		12.98		0.12			0.37			0.49			(0.12	)
2018 - Institutional		15.20		0.23			0.43			0.66			(0.27	)
2018 - Investor(e)		14.51		0.20			0.42			0.62			(0.24	)
2018 - R		14.59		0.19			0.39			0.58			(0.20	)
2018 - P (Commenced April 16, 2018)		15.62		0.07			(0.11	)		(0.04	)		—
2018 - R6		15.20		0.24			0.41			0.65			(0.27	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		11.99		0.17			2.58			2.75			(0.24	)
2017 - C		10.75		0.07			2.31			2.38			(0.15	)
2017 - Institutional		12.56		0.23			2.70			2.93			(0.29	)
2017 - Investor(e)		12.00		0.24			2.54			2.78			(0.27	)
2017 - R		12.08		0.14			2.59			2.73			(0.22	)
2017 - R6		12.56		0.16			2.77			2.93			(0.29	)
2016 - A		12.95		0.18			(1.04	)		(0.86	)		(0.10	)
2016 - C		11.62		0.08			(0.94	)		(0.86	)		(0.01	)
2016 - Institutional		13.56		0.23			(1.08	)		(0.85	)		(0.15	)
2016 - Investor(e)		12.97		0.21			(1.04	)		(0.83	)		(0.14	)
2016 - R		13.00		0.12			(1.01	)		(0.89	)		(0.03	)
2016 - R6 (Commenced February 26, 2016)		11.85		0.20			0.51			0.71			—
2015 - A		13.52		0.15			(0.23	)		(0.08	)		(0.49	)
2015 - C		12.17		0.04			(0.20	)		(0.16	)		(0.39	)
2015 - Institutional		14.13		0.20			(0.23	)		(0.03	)		(0.54	)
2015 - Investor(e)		13.55		0.15			(0.20	)		(0.05	)		(0.53	)
2015 - R		13.57		0.11			(0.23	)		(0.12	)		(0.45	)
2014 - A		13.81		0.45	(f)		(0.63	)		(0.18	)		(0.11	)
2014 - C		12.45		0.31	(f)		(0.57	)		(0.26	)		(0.02	)
2014 - Institutional		14.44		0.52	(f)		(0.67	)		(0.15	)		(0.16	)
2014 - Investor(e)		13.84		0.40	(f)		(0.56	)		(0.16	)		(0.13	)
2014 - R		13.88		0.41	(f)		(0.63	)		(0.22	)		(0.09	)
2013 - A		11.06		0.14			2.80			2.94			(0.19	)
2013 - C		10.01		0.04			2.54			2.58			(0.14	)
2013 - Institutional		11.58		0.19			2.93			3.12			(0.26	)
2013 - Investor(e)		11.11		0.18			2.80			2.98			(0.25	)
2013 - R		11.14		0.08			2.85			2.93			(0.19	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

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

GOLDMAN SACHS INTERNATIONAL 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)
$	14.89		4.14	%	$	17,608		1.28	%(d)		1.74	%(d)		2.55	%(d)		70	%
	13.35		3.78			3,722		2.03	(d)		2.49	(d)		1.80	(d)		70
	15.59		4.35			39,885		0.89	(d)		1.35	(d)		2.95	(d)		70
	14.89		4.28			399		1.03	(d)		1.50	(d)		2.73	(d)		70
	14.97		4.00			53		1.53	(d)		1.99	(d)		2.54	(d)		70
	15.58		(0.26	)		10		0.85	(d)		1.43	(d)		11.85	(d)		70
	15.58		4.31			74		0.87	(d)		1.34	(d)		3.08	(d)		70
	14.50		23.38			17,937		1.30			1.88			1.32			32
	12.98		22.44			3,770		2.05			2.63			0.58			32
	15.20		23.88			40,667		0.90			1.49			1.71			32
	14.51		23.75			426		1.05			1.64			1.85			32
	14.59		22.99			44		1.55			2.12			1.05			32
	15.20		23.91			72		0.89			1.43			1.16			32
	11.99		(6.69	)		18,301		1.30			1.76			1.47			68
	10.75		(7.37	)		3,974		2.05			2.51			0.74			68
	12.56		(6.31	)		42,191		0.90			1.36			1.84			68
	12.00		(6.43	)		471		1.05			1.51			1.71			68
	12.08		(6.87	)		28		1.55			2.01			0.99			68
	12.56		5.99			11		0.89	(d)		1.35	(d)		2.33	(d)		68
	12.95		(0.57	)		23,111		1.30			1.82			1.11			83
	11.62		(1.33	)		4,841		2.05			2.57			0.35			83
	13.56		(0.15	)		45,795		0.90			1.42			1.47			83
	12.97		(0.32	)		355		1.05			1.56			1.17			83
	13.00		(0.84	)		17		1.55			2.07			0.86			83
	13.52		(1.41	)		22,384		1.33			1.77			3.21	(f)		89
	12.17		(2.10	)		4,873		2.08			2.52			2.44	(f)		89
	14.13		(1.05	)		45,118		0.93			1.37			3.55	(f)		89
	13.55		(1.14	)		128		1.07			1.52			2.86	(f)		89
	13.57		(1.58	)		17		1.58			2.02			2.92	(f)		89
	13.81		27.11			23,850		1.47			1.87			1.16			102
	12.45		26.06			5,700		2.22			2.62			0.37			102
	14.44		27.63			41,058		1.07			1.47			1.51			102
	13.84		27.37			65		1.22			1.62			1.49			102
	13.88		26.72			17		1.72			2.11			0.61			102

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 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
International Equity ESG+	A, C, Institutional, Service, Investor,  P(a), R and R6	Diversified
International Equity Income+	A, C, Institutional, Investor, P(a), R and R6	Diversified

+ Formerly, Focused International Equity Fund and Strategic International Equity Fund, respectively. Effective at the close of business on February 27, 2018, the Funds changed their names to the International Equity ESG Fund and International Equity Income Fund, respectively.

(a) Commenced operations on April 16, 2018.

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 P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. 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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.

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

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

28

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

29

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 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. 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.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2018:

INTERNATIONAL EQUITY ESG
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	42,678,464	$	—
Australia and Oceania		—		3,309,226		—
Europe		—		125,394,411		—
North America		—		6,783,881		—
Investment Company		924,392		—		—
Securities Lending Reinvestment Vehicle		9,082,530		—		—
Total	$	10,006,922	$	178,165,982	$	—

30

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	2,956,977	$	—
Australia and Oceania		—		1,315,707		—
Europe		—		56,112,352		—
Investment Company		24		—		—
Securities Lending Reinvestment Vehicle		1,829,007		—		—
Total	$	1,829,031	$	60,385,036	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2018, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate												Effective Net Management Rate^
Fund	First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
International Equity ESG		0.85%		0.77%		0.73%		0.71%		0.70%		0.95%		0.85%	*
International Equity Income		0.80		0.72		0.68		0.67		0.66		0.83		0.83

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

* GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver was effective through at least February 28, 2019, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

Prior to February 28, 2018, the contractual management fee rates for the International Equity ESG Fund and International Equity Income Fund were as stated below and GSAM agreed to waive a portion of its management fee in order to achieve an Effective Net Management Rate as set forth in the Funds’ prospectus dated February 28, 2017.

Fund	First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion
International Equity ESG		1.00%		0.90%		0.86%		0.84%		0.82%
International Equity Income		0.85		0.77		0.73		0.72		0.71

The International Equity ESG and International Equity Income Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its

31

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser of the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2018, GSAM waived $3,226 and $208 of the International Equity ESG and International Equity Income Funds’ management fees, respectively.

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

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			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 and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Equity ESG	$	638	$	108
International Equity Income		437		1

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 P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

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 the Funds are 0.014%. These Other Expense limitations will remain in place through at least February 28, 2019 for Class A, Class C, Institutional, Service, Investor, Class R and Class R6, and through at least April 16, 2019 for Class P Shares, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
International Equity ESG	$	95,030	$	896	$	155,091	$	251,017
International Equity Income		208		233		146,072		146,513

G.  Line of Credit Facility — As of April 30, 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 April 30, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2018:

Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018		Shares as of April 30, 2018		Dividend Income From Affiliated Investment Company
International Equity ESG	$	977	$	22,368,540	$	(21,445,125	)	$	924,392		924,392	$	23,671
International Equity Income		63		4,858,541		(4,858,580	)		24		24		1,518

As of April 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 32%, 100% and 100% of the Service, Class P and Class R6 Shares of the International Equity ESG Fund and approximately 100%, 19% and 19% of the Class P, Class R and Class R6, respectively, of the International Equity Income Fund.

33

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2018, were as follows:

Fund	Purchases		Sales and Maturities
International Equity ESG	$	26,917,780	$	31,803,217
International Equity Income		43,473,383		46,359,228

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2018, are reported under Investment Income on the Statements of Operations.

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

6. SECURITIES LENDING (continued)

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

	For the six months ended April 30, 2018
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2018
International Equity ESG	$	5,136	$	1,115	$	3,818,760
International Equity Income		2,072		4,918		1,829,007

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2018:

Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018
International Equity ESG	$	3,715,305	$	26,441,905	$	(21,074,680	)	$	9,082,530
International Equity Income		—		9,114,640		(7,285,633	)		1,829,007

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2017, the Funds’ capital loss carryforwards on a tax basis were as follows:

	International Equity ESG			International Equity Income
Capital loss carryforwards:
Expiring 2019(1)	$	(9,250,431	)	$	—
Perpetual long-term		(14,550,726	)		(1,594,962	)
Total capital loss carryforwards	$	(23,801,157	)	$	(1,594,962	)

(1) Expiration occurs on October 31 of the year indicated.

As of April 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	International Equity ESG			International Equity Income
Tax cost	$	183,236,534		$	62,682,404
Gross unrealized gain		17,193,116			2,319,277
Gross unrealized loss		(12,256,746	)		(2,787,614	)
Net unrealized gain (loss)	$	4,936,370		$	(468,337	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of passive foreign investment company investments.

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

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

8. OTHER RISKS

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

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

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

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

36

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

8. OTHER RISKS (continued)

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.

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.

37

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	International Equity ESG Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		44,371		$	906,988			321,372		$	5,908,970
Reinvestment of distributions		23,108			466,316			60,147			980,995
Shares redeemed		(161,361	)		(3,315,732	)		(754,532	)		(13,300,576	)
		(93,882	)		(1,942,428	)		(373,013	)		(6,410,611	)
Class C Shares
Shares sold		44,706			848,667			174,749			2,791,451
Reinvestment of distributions		5,040			94,404			22,811			345,593
Shares redeemed		(55,446	)		(1,053,716	)		(358,231	)		(5,974,542	)
		(5,700	)		(110,645	)		(160,671	)		(2,837,498	)
Institutional Shares
Shares sold		202,282			4,214,414			2,990,811			53,690,002
Reinvestment of distributions		99,798			2,046,867			334,019			5,534,697
Shares redeemed		(387,810	)		(8,074,268	)		(8,963,839	)		(161,140,956	)
		(85,730	)		(1,812,987	)		(5,639,009	)		(101,916,257	)
Service Shares
Shares sold		—			—			335			6,000
Reinvestment of distributions		1			19			—			—
Shares redeemed		—			—			(2,037	)		(35,538	)
		1			19			(1,702	)		(29,538	)
Investor Shares(a)
Shares sold		3,665			76,628			99,638			1,711,310
Reinvestment of distributions		391			8,008			1,410			23,297
Shares redeemed		(30,485	)		(624,789	)		(95,573	)		(1,770,269	)
		(26,429	)		(540,153	)		5,475			(35,662	)
Class P Shares(b)
Shares sold		480			10,005			—			—
Shares redeemed		—			(5	)		—			—
		480			10,000			—			—
Class R6 Shares
Reinvestment of distributions		10			196			19			307
Shares redeemed		—			—			(59	)		(1,000	)
		10			196			(40	)		(693	)
NET DECREASE		(211,250	)	$	(4,395,998	)		(6,168,960	)	$	(111,230,259	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Equity Income Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		34,866		$	516,283			94,468		$	1,247,957
Reinvestment of distributions		16,597			242,656			28,887			338,841
Shares redeemed		(105,869	)		(1,566,284	)		(412,623	)		(5,377,492	)
		(54,406	)		(807,345	)		(289,268	)		(3,790,694	)
Class C Shares
Shares sold		17,255			226,914			25,143			300,955
Reinvestment of distributions		2,574			33,826			4,474			47,288
Shares redeemed		(31,407	)		(419,580	)		(108,873	)		(1,250,143	)
		(11,578	)		(158,840	)		(79,256	)		(901,900	)
Institutional Shares
Shares sold		71,062			1,103,902			500,234			6,548,220
Reinvestment of distributions		45,317			692,897			68,416			838,786
Shares redeemed		(233,262	)		(3,625,840	)		(1,251,949	)		(16,300,927	)
		(116,883	)		(1,829,041	)		(683,299	)		(8,913,921	)
Investor Shares(a)
Shares sold		2,416			35,715			37,696			467,411
Reinvestment of distributions		448			6,541			898			10,518
Shares redeemed		(5,420	)		(79,931	)		(48,507	)		(631,871	)
		(2,556	)		(37,675	)		(9,913	)		(153,942	)
Class P Shares(b)
Shares sold		640			10,005			—			—
Shares redeemed		—			(5	)		—			—
		640			10,000			—			—
Class R Shares
Shares sold		752			11,243			1,737			23,667
Reinvestment of distributions		29			422			23			272
Shares redeemed		(241	)		(3,513	)		(1,093	)		(12,996	)
		540			8,152			667			10,943
Class R6 Shares
Shares sold		324			5,036			3,862			57,924
Reinvestment of distributions		77			1,182			20			247
Shares redeemed		(397	)		(6,043	)		—			—
		4			175			3,882			58,171
NET DECREASE		(184,239	)	$	(2,814,574	)		(1,057,187	)	$	(13,691,343	)

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

39

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 2018  (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R or 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 P, Class R and 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 November 1, 2017 through April 30, 2018, which represents a period of 181 days of a 365 day year. The Class P example is based on the period from April 17, 2018 through April 30, 2018, which represents a period of 14 out of 365 days. The Class P example for hypothetical expenses reflects projected activity for the period from November 1, 2017 through April 30, 2018 for purposes of comparability. The projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 11/01/17		Ending Account Value 04/30/18			Expenses Paid for the 6 Months Ended 04/30/18*		Beginning Account Value 11/01/17		Ending Account Value 04/30/18			Expenses Paid for the 6 Months Ended 04/30/18*
Class A
Actual	$	1,000	$	1,043.10		$	6.53	$	1,000	$	1,041.40		$	6.48
Hypothetical 5% return		1,000		1,018.40	+		6.46		1,000		1,018.45	+		6.41
Class C
Actual		1,000		1,038.90			10.31		1,000		1,037.80			10.26
Hypothetical 5% return		1,000		1,014.68	+		10.19		1,000		1,014.73	+		10.14
Institutional
Actual		1,000		1,045.10			4.56		1,000		1,043.50			4.51
Hypothetical 5% return		1,000		1,020.33	+		4.51		1,000		1,020.38	+		4.46
Service
Actual		1,000		1,042.70			6.79		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,018.15	+		6.71		N/A		N/A			N/A
Investor
Actual		1,000		1,044.50			5.27		1,000		1,042.80			5.22
Hypothetical 5% return		1,000		1,019.64	+		5.21		1,000		1,019.69	+		5.16
Class P(a)
Actual		1,000		1,001.40			0.34		1,000		997.40			0.33
Hypothetical 5% return		1,000		1,020.38	+		4.46		1,000		1,020.58	+		4.26
Class R
Actual		N/A		N/A			N/A		1,000		1,040.00			7.74
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.21	+		7.65
Class R6
Actual		1,000		1,045.20			4.51		1,000		1,043.10			4.41
Hypothetical 5% return		1,000		1,020.38	+		4.46		1,000		1,020.48	+		4.36

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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 P(a)			Class R			Class R6
International Equity ESG		1.29	%		2.04	%		0.90	%		1.34	%		1.04	%		0.89	%		N/A			0.89	%
International Equity Income		1.28			2.03			0.89			N/A			1.03			0.85			1.53	%		0.87

(a) Commenced operations on April 16, 2018.

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 March 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ 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 website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

Fund holdings and allocations shown are as of April 30, 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 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. 132505-OTU-779570 EQINTSAR-18/5.8K

Goldman Sachs Funds

Semi-Annual Report	April 30, 2018
	International Equity Insights Funds
	Emerging Markets Equity Insights
	International Equity Insights
	International Small Cap Insights

Goldman Sachs International Equity

Insights Funds

∎ EMERGING MARKETS EQUITY INSIGHTS

∎ INTERNATIONAL EQUITY INSIGHTS

∎ INTERNATIONAL SMALL CAP INSIGHTS

TABLE OF CONTENTS
Investment Process	1
Market Review	3
Portfolio Management Discussions and Performance Summaries	6
Schedules of Investments	23
Financial Statements	46
Financial Highlights	50
Notes to the Financial Statements	56
Other Information	71

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Goldman Sachs’ International Equity Insights Investment Process

∎ Comprehensive – We forecast returns on over 8,000 international stocks and 43 equity markets on a daily basis.

∎ Rigorous – We evaluate stocks, countries and currencies based on fundamental investment criteria that have outperformed historically.

∎ Objective – Our stock and equity market selection process is free from emotion that may lead to biased investment decisions.

∎ Our computer optimization process allocates risk to our high conviction investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.

∎ We use proprietary risk models that are designed to be more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data.

Fully invested, well-diversified international portfolio that seeks to:

∎ Blend top-down market views with bottom-up stock selection.

∎ Maintain style, sector, risk and capitalization characteristics similar to the benchmark.

∎ Achieve excess returns by taking many small diversified stock positions. Additionally, in the Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Equity Insights Fund we take intentional country bets.

1

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2018

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2018 (the “Reporting Period”).

We introduced a new signal within our Profitability theme that aims to predict the profitability of non-U.S. developed markets companies by mapping U.S. consumer spending data in various segments to non-U.S. companies engaged in these business segments, as our research has shown that consumer behavior across developed markets tend to be correlated. We also introduced a new signal within our Momentum theme that helps us create economic links between companies with similar businesses. The signal identifies companies linked by a common theme based on company descriptions. In addition, we introduced an Environmental, Social and Governance (“ESG”) signal within our Management theme that helps us quantify reputational risk. The signal, which was introduced in all investment regions except Canada, looks at ESG risk events to form a view of the peak risk of a given company from an ESG perspective.

2

MARKET REVIEW

Goldman Sachs International Equity

Insights Funds

Market Review

During the six-month period ended April 30, 2018 (the “Reporting Period”), emerging markets equities and international equities produced positive returns, with emerging markets equities generally outperforming international equities.

Emerging Markets Equities

Emerging markets equities advanced during the Reporting Period, with the MSCI Emerging Markets Standard Index (Net, USD, Unhedged) (the “MSCI EM Index”) generating a return of 4.80%.*

As the Reporting Period began in November 2017, a robust third calendar quarter corporate earnings reporting season was a positive driver for emerging markets equities, despite a pullback from a global technology sell-off. A weaker U.S. dollar and commodities strength also helped emerging markets equities close out calendar year 2017 with a healthy total return. In December 2017, the U.S. Federal Reserve (the “Fed”) delivered its third interest rate hike of 2017, as had been widely expected, and maintained its projections for three additional interest rate hikes in 2018.

Emerging markets equities endured a rather volatile first three months of 2018 to post positive returns for a fifth consecutive quarter. The new calendar year began strongly, with emerging markets equities outperforming developed markets equities in January 2018, buoyed by a strong global economic backdrop, rising oil prices and a softer U.S. dollar. Latin American equities were the strongest performers, led by Brazil, while Asian equities were largely driven by a notable rally in Chinese equities. In February 2018, however, the MSCI EM Index lost 4.61%, as equities sold off globally on market speculation of a faster pace of interest rate hikes by the Fed, which stoked a sharp rise in bond yields and in equity market volatility. Concerns about monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. While the hawkish Fed minutes released were largely expected, Fed Chair Jerome Powell’s Congressional testimony surprised markets with its hawkish tilt, sparking another sell-off. (Hawkish language tends to suggest higher interest rates; opposite of dovish.) In March 2018, a global equity market sell-off was driven by escalating concerns about trade relations with the U.S., as the current Administration’s announcement of a 25% tariff on an estimated $50 billion of Chinese imports weighed on investor sentiment broadly. The Fed delivered on a consensus-expected interest rate increase in March, with its projections continuing to point to three interest rate hikes in the 2018 calendar year.

April 2018 saw volatility continue, driven by trade headlines around the U.S. and China, rising U.S. Treasury yields and increased focus on the information technology sector given ongoing discussion about the regulatory environment. Investor concern also increased due to rising geopolitical risks surrounding North Korea and Syria as well as by the announcement of additional U.S. sanctions on Russia. The MSCI EM Index posted a modest decline for the month.

For the Reporting Period as a whole, health care and energy were the best performing sectors in the MSCI EM Index by some distance, followed by materials and financials, which also posted robust positive returns. Consumer discretionary was the weakest sector in the MSCI EM Index and the only one to post a negative absolute return during the Reporting Period. Information technology, telecommunication services and real estate were also weak performers but eked out modestly positive absolute returns for the Reporting Period.

* All index returns are expressed in U.S. dollar terms.

3

MARKET REVIEW

From a country perspective, Columbia, Greece, Peru, Qatar, Malaysia and Thailand were the best performing individual constituents of the MSCI EM Index, each posting double-digit absolute gains for the Reporting Period. Conversely, Turkey, the Philippines, United Arab Emirates, Poland and Indonesia were the weakest individual country constituents of the MSCI EM Index, each posting negative absolute returns during the Reporting Period.

International Equities

International equities recorded a positive return during the Reporting Period, with the MSCI Europe, Australasia, Far East (“EAFE”) Standard Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) posting a gain of 3.41%.*

In November and December 2017, the first two months of the Reporting Period, international equity market returns were relatively muted, particularly amongst larger companies. The U.K., however, performed better than many other developed markets. Although the U.K. Prime Minister suffered a defeat in the House of Commons over the European Union Withdrawal Bill in December 2017, the U.K. was judged by the European Union to have made sufficient progress on key issues to allow the next phase of Brexit negotiations — including discussions on trade — to begin. (Brexit refers to the U.K.’s efforts to leave the European Union.) Elsewhere, the European Central Bank (“ECB”) upgraded its growth forecasts for the Eurozone’s economy, though optimism was tempered by lackluster inflation. The German and French equity markets declined for the month of December. The Bank of Japan’s (“BoJ”) quarterly Tankan survey of business sentiment showed that confidence improved, boosted by strengthening export activity, and the Japanese equity market eked out a modest gain for December 2017. That same month, the U.S. Fed made its third interest rate hike of 2017, as investors had widely expected, and reaffirmed its projections for three additional interest rate hikes in 2018.

International equities enjoyed a strong start to 2018, driven by market exuberance about strong economic data, the $1.5 trillion U.S. tax reform law passed by Congress in December 2017 and the favorable start to the corporate earnings reporting season. In February 2018, however, equities sold off globally on market speculation of a faster pace of interest rate hikes by the Fed, which stoked a sharp rise in bond yields and in equity market volatility. Concerns about monetary policy tightening were further exacerbated by solid U.S. labor and inflation data. While the hawkish Fed minutes released were largely expected, Fed Chair Jerome Powell’s Congressional testimony surprised markets with its hawkish tilt, sparking another sell-off. In March 2018, escalating trade tensions and tariffs weighed on investor sentiment and on global equity market performance. Political uncertainty in Germany and Italy and signs of slowing economic growth in Europe dampened investor sentiment as well. Meanwhile, the Fed delivered on a consensus-expected interest rate increase in March, with its projections continuing to point to three interest rate hikes in the 2018 calendar year. In Europe, an agreement on a 21-month transition after Brexit between the U.K. and the European Union reduced political uncertainty.

The international equity markets posted a modestly positive return in April 2018, but remained relatively muted for the month, as the U.S. and China generated trade headlines and geopolitical uncertainty stemming from sanctions on Russia surfaced. The ECB and BoJ kept their respective monetary policies unchanged in April, indicating ongoing monetary policy accommodation.

* All index returns are expressed in U.S. dollar terms.

4

MARKET REVIEW

For the Reporting Period as a whole, energy was the best performing sector in the MSCI EAFE Index by some distance, followed by consumer discretionary and real estate. The weakest performing sectors in the MSCI EAFE Index during the Reporting Period were telecommunication services, consumer staples and industrials.

From a country perspective, Singapore, Finland and Italy were the best performing individual constituents of the MSCI EAFE Index during the Reporting Period. Sweden, Belgium and Denmark were the weakest individual country constituents in the MSCI EAFE Index during the Reporting Period.

Looking Ahead

At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with what we view as sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

5

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity

Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Emerging Markets Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 3.20%, 2.85%, 3.32%, 3.38%, 3.06% and 3.44%, respectively. These returns compare to the 4.80% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Standard Index (Net, USD, Unhedged) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -0.65% compared to the 0.15% cumulative total return of the Index.

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

A We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. During the Reporting Period, our stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, contributed positively to relative performance. However, the Fund underperformed the Index, largely because of certain individual stock positions. The impact of our country/currency selection strategy was rather neutral during the Reporting Period.

Q Which investment themes helped and which hurt within the Team’s stock selection strategy?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, all six of our investment themes added to the Fund’s relative returns. Momentum was our best performing theme. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, Valuation, Quality, Profitability and Management also contributed positively. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Quality theme seeks to assess both firm and management quality. The Profitability theme assesses whether a company is earning more than its cost of capital. The Management theme assesses the characteristics, policies and strategic decisions of company management.

Q How did the Fund’s sector and industry allocations affect relative results?

A In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently,

6

PORTFOLIO RESULTS

the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, certain individual stock positions detracted from the Fund’s relative performance. These detractors included holdings in the energy, industrials and consumer discretionary sectors. Conversely, the Fund benefited from investments in the real estate, information technology and financials sectors.

Q Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund was hampered during the Reporting Period by its overweight positions in CCR, a Brazil-based transportation company; Guangzhou Automobile Group, a China-based automaker; and Tupras Turkiye Petrol Rafinerileri (“Tupras”), which is Turkey’s only oil refiner. The overweight in CCR was the result of our positive views on Valuation and Momentum. We assumed the overweight in Guangzhou Automobile Group due to our positive views on Momentum and Quality. The Fund’s overweight in Tupras was based on our positive views on Momentum and Management.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund was helped by overweights compared to the Index in Empresa Colombiana Petroleos, Colombia’s state-owned oil company; Tata Consultancy Services, an India-based provider of information technology services, consulting and business solutions; and Wal-Mart de Mexico, the U.S. retailer’s Mexico-based division. Our positive views on Momentum and Profitability led us to overweight Empresa Colombiana Petroleos, while the overweight in Tata Consultancy Services was due to our positive views on Momentum and Management. We chose to overweight Wal-Mart de Mexico because of our positive views on Sentiment and Quality.

Q What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

A Our country/currency strategy had a rather neutral impact on the Fund’s relative returns. During the Reporting Period, the Fund benefited from its overweight compared to the Index in Russia and its underweights in Chile and the Philippines. It was hindered by overweights in Turkey and Hungary as well as by an underweight in South Africa.

We made our picks using our proprietary models, which, during the Reporting Period, were based on three investment themes specific to our country/currency strategy — Valuation, Risk Premium and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Macro assesses a market’s macroeconomic environment and growth prospects.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What changes did you make to the Fund’s country weightings during the Reporting Period?

A During the Reporting Period, we shifted the Fund from an underweight position relative to the Index in Thailand to an overweight position. We increased the Fund’s overweight in India and its underweight in Malaysia. In addition, we moved the Fund from an overweight in Brazil to an underweight position compared to the Index.

Q What were the Fund’s sector and country weightings at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the materials, real estate, health care, energy and information technology sectors. Compared to the Index, the Fund was underweight the telecommunication

7

PORTFOLIO RESULTS

services, financials, consumer discretionary, utilities, industrials and consumer staples sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight India, Thailand, Russia and Mexico relative to the Index at the end of the Reporting Period. Compared to the Index, the Fund was underweight Taiwan, Brazil and Malaysia. The Fund was relatively neutral compared to the Index in Colombia, China, Poland, South Korea, Pakistan, Hungary, Egypt, Indonesia, Czech Republic, Greece, South Africa, Turkey, United Arab Emirates, Peru, Qatar, Chile and the Philippines at the end of the Reporting Period.

8

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI@ Emerging Markets Standard Index2
Class A		3.20	%		4.80	%
Class C		2.85			4.80
Institutional		3.32			4.80
Investor		3.38			4.80
Class R		3.06			4.80
Class R6		3.44			4.80
April 16, 2018–April 30, 2018
Class P		-0.65	%		0.15	%

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

²  The MSCI^® Emerging Markets Standard Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2018, the MSCI^® Emerging Markets Standard Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. 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 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		19.58	%		5.11	%		3.43	%		1.93	%	10/5/07
Class C		24.53			5.50			3.30			1.76		10/5/07
Institutional		26.82			6.69			4.42			2.88		10/5/07
Investor		26.79			6.58			N/A			7.08		08/31/10
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R		26.14			N/A			N/A			9.32		02/28/14
Class R6		26.98			N/A			N/A			13.88		07/31/15

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 P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

9

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.48	%		1.53	%
Class C		2.23			2.28
Institutional		1.09			1.14
Investor		1.23			1.28
Class P		1.08			1.13
Class R		1.73			1.78
Class R6		1.08			1.13

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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185,6
Holding	% of Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		5.7	%	Technology Hardware & Equipment	South Korea
Tencent Holdings Ltd.		5.2		Software & Services	China
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3.9		Semiconductors & Semiconductor Equipment	Taiwan
Industrial & Commercial Bank of China Ltd. Class H		2.5		Banks	China
Alibaba Group Holding Ltd. ADR		2.3		Software & Services	China
Infosys Ltd. ADR		2.1		Software & Services	India
Tata Consultancy Services Ltd.		2.0		Software & Services	India
LUKOIL PJSC ADR		1.9		Energy	Russia
Sberbank of Russia PJSC		1.9		Banks	Russia
Naspers Ltd. Class N		1.8		Media	South Africa

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

⁶  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 2.5% of the Fund’s net assets as of 04/30/18.

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 2.5% of the Fund’s net assets at April 30, 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.

11

PORTFOLIO RESULTS

Goldman Sachs International Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 2.74%, 2.30%, 2.90%, 2.56%, 2.85%, 2.58% and 2.91%, respectively. These returns compare to the 3.41% cumulative total return of the Fund’s benchmark, the MSCI EAFE Standard Index (Net, USD, Unhedged) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -0.44% compared to the 0.22% cumulative total return of the Index.

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

A We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. Our bottom-up stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, added to relative performance during the Reporting Period. Our country/currency selection strategy also contributed positively. However, the Fund underperformed the Index largely because of certain individual stock positions.

Q Which investment themes helped and which hurt within the Team’s stock selection strategy?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, three of our six investment themes–Momentum, Sentiment and Quality–enhanced the Fund’s relative returns. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality.

Our Profitability theme detracted from relative performance during the Reporting Period. The Profitability theme assesses whether a company is earning more than its cost of capital.

The impact of our Management and Valuation themes was rather neutral during the Reporting Period. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

12

PORTFOLIO RESULTS

Q How did the Fund’s sector and industry allocations affect relative results?

A In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns.

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, certain individual stock positions detracted from the Fund’s relative performance. Investments in the industrials, health care and information technology sectors had a negative impact on results. On the positive side, the Fund benefited from stock selection in the consumer staples, consumer discretionary and financials sectors.

Q Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Air France-KLM, a French-Dutch airline holding company; Fujitsu, a Japan-based information technology equipment and services company; and Aixtron, a Germany-based semiconductor manufacturing equipment maker. We decided to overweight Air France-KLM based on our positive views on Valuation and Quality. The overweight in Fujitsu was due to our positive views on Valuation and Momentum, while our positive views on Sentiment and Profitability led to the Fund’s overweight in Aixtron.

Q Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

A During the Reporting Period, the Fund was helped by overweight positions in petroleum company Idemitsu Kosan and personal care company Shiseido, both Japan-based firms. Our positive views on Momentum and Valuation resulted in the Fund’s overweight in Idemitsu Kosan. The overweight in Shisedo was due to our positive views on Momentum and Sentiment. The Fund’s underweight in U.K.-based British American Tobacco, assumed because of our negative views on Momentum and Management, also contributed positively to relative performance.

Q What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

A Our country/currency selection strategy added to the Fund’s relative returns during the Reporting Period. The Fund benefited from an overweight position compared to the Index in Italy and underweight positions in Switzerland and Belgium. Detracting from Fund performance were underweights in Finland and Sweden. An overweight in Spain also detracted from results.

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Momentum favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s macroeconomic environment and growth prospects.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What changes did you make to the Fund’s country weightings during the Reporting Period?

A During the Reporting Period, we moved the Fund from rather neutral positions to overweight positions compared to the Index in Japan and Sweden. We also increased the Fund’s overweight in Spain. We moderated the Fund’s underweights in France, Germany and the U.K. In addition, we shifted the

13

PORTFOLIO RESULTS

Fund from overweight to underweight positions versus the Index in Australia, Hong Kong, Singapore and the Netherlands during the Reporting Period.

Q What were the Fund’s sector and country weightings at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the energy, consumer discretionary, information technology and materials sectors. Compared to the Index, the Fund was underweight the consumer staples, industrials, telecommunication services, utilities and real estate sectors. The Fund was relatively neutral compared to the Index in the financials and health care sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight relative to the Index in Hong Kong, Australia, Spain, Norway, Singapore and Italy. Compared to the Index, the Fund was underweight in France, Germany, the U.K. and Switzerland. The Fund was relatively neutral compared to the Index in Japan, the Netherlands, Sweden, Denmark, Finland, Austria, Belgium, Portugal, New Zealand, Ireland and Israel at the end of the Reporting Period.

14

FUND BASICS

International Equity Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® EAFE Standard  Index (Net, USD, Unhedged)2
Class A		2.74	%		3.41	%
Class C		2.30			3.41
Institutional		2.90			3.41
Service		2.56			3.41
Investor		2.85			3.41
Class R		2.58			3.41
Class R6		2.91			3.41
April 16, 2018–April 30, 2018
Class P		-0.44	%		0.22	%

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

²  The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2018, the MSCI^® EAFE Standard (Net) Index consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The 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 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		11.24	%		7.76	%		2.51	%		4.07	%	08/15/97
Class C		15.91			8.19			2.33			3.68		08/15/97
Institutional		18.13			9.43			3.50			4.86		08/15/97
Service		17.55			8.85			2.98			4.34		08/15/97
Investor		18.03			9.25			3.35			2.01		11/30/07
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R		17.44			8.72			2.85			1.53		11/30/07
Class R6		18.16			N/A			N/A			9.46		07/31/15

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 P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

15

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		1.30	%
Class C		1.94			2.05
Institutional		0.85			0.91
Service		1.35			1.41
Investor		0.94			1.05
Class P		0.84			0.90
Class R		1.44			1.55
Class R6		0.84			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, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185,6
Holding	% of Net Assets			Line of Business	Country
AIA Group Ltd.		1.8	%	Insurance	Hong Kong
BP plc ADR		1.5		Energy	United Kingdom
Royal Dutch Shell plc Class A		1.2		Energy	Netherlands
Mitsubishi UFJ Financial Group, Inc.		1.2		Banks	Japan
Eni SpA		1.2		Energy	Italy
Oversea-Chinese Banking Corp. Ltd.		1.1		Banks	Singapore
Vodafone Group plc ADR		1.1		Telecommunication Services	United Kingdom
Royal Dutch Shell plc Class B		1.1		Energy	Netherlands
BNP Paribas SA		1.1		Banks	France
Sumitomo Mitsui Financial Group, Inc.		1.0		Banks	Japan

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

⁶  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 4.0% of the Fund’s net assets as of 04/30/18.

16

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 2.9% of the Fund’s net assets at April 30, 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.

17

PORTFOLIO RESULTS

Goldman Sachs International Small Cap Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Small Cap Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 and R6 Shares generated cumulative total returns, without sales charges, of 4.33%, 3.91%, 4.54%, 4.40% and 4.47%, respectively. These returns compare to the 5.96% cumulative total return of the Fund’s benchmark, the MSCI EAFE Small Cap Index (Net, USD, Unhedged) (the “Index”), during the same period.

From their inception on April 16, 2018 through the end of the Reporting Period, the Fund’s Class P Shares generated a cumulative total return, without sales charges, of -0.99% compared to the -0.51% cumulative total return of the Index.

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

A During the Reporting Period, three of our quantitative model’s six investment themes added to relative performance. However, the Fund underperformed the Index largely because of certain individual stock positions.

Q What impact did the Fund’s investment themes have on performance during the Reporting Period?

A In keeping with our investment approach, we use our quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, three of our six investment themes added to the Fund’s relative results. Sentiment was our best performing theme. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. Momentum and Valuation also contributed positively. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

The Profitability theme, which assesses whether a company is earning more than its cost of capital, detracted from relative performance during the Reporting Period.

The impact of our Quality and Management themes was rather neutral during the Reporting Period. The Quality theme seeks to assess both firm and management quality. The Management theme assesses the characteristics, policies and strategic decisions of company management.

Q How did the Fund’s sector and industry allocations affect relative results?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

18

PORTFOLIO RESULTS

Q Did stock selection help or hurt Fund performance during the Reporting Period?

A We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the Index.

During the Reporting Period, certain individual stock positions detracted from relative returns, led by holdings in the information technology, industrials and health care sectors. The Fund was helped by security selection in the energy, materials and financials sectors.

Q Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

A In terms of individual stock positions, the Fund was hurt by overweights relative to the Index in Dialog Semiconductor, Air France-KLM and Subsea 7. We decided to overweight U.K.-based manufacturer Dialog Semiconductor and French-Dutch airline holding company Air France-KLM because of our positive views on Valuation and Quality. Our positive views on Valuation and Sentiment led us to overweight Subsea 7, a U.K.-headquartered subsea engineering, construction and services company serving the offshore energy industry.

Q Which individual stock positions contributed most to the Fund’s relative results during the Reporting Period?

A The Fund benefited from overweight positions in DNO, a Norwegian oil and gas operator; Moncler, an Italian apparel manufacturer; and Swedish Orphan Biovitrum, a specialty biopharmaceutical company. We adopted all three overweights because of our positive views on Momentum and Sentiment.

Q What impact did country selection have on the Fund’s relative performance during the Reporting Period?

A To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking.

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

A During the Reporting Period, we used futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Q What changes did you make to the Fund’s country weightings during the Reporting Period?

A During the Reporting Period, we moved the Fund from an underweight to a slightly overweight position relative to the Index in Sweden. We increased the Fund’s overweights in Denmark and Germany. In addition, we shifted the Fund from overweight to underweight positions compared to the Index in France, Belgium and the Netherlands.

Q What were the Fund’s sector and country weightings at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the health care, energy, information technology and materials sectors. Compared to the Index, the Fund was underweight the real estate, industrials, utilities and financials sectors. The Fund was relatively neutral compared to the Index in the consumer discretionary and consumer staples sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight Norway, Germany, Australia and Denmark relative to the Index. Compared to the Index, the Fund was underweight the U.K., France and Ireland. It was relatively neutral compared to the Index in Spain, Japan, Portugal, Finland, Switzerland, Singapore, Italy, Belgium, the Netherlands, New Zealand, Israel, Austria, Hong Kong and Sweden at the end of the Reporting Period.

19

FUND BASICS

International Small Cap Insights Fund

as of April 30, 2018

PERFORMANCE REVIEW
November 1, 2017–April 30, 2018	Fund Total Return (based on NAV)1			MSCI® EAFE Small Cap  Index (Net, USD, Unhedged)2
Class A		4.33	%		5.96	%
Class C		3.91			5.96
Institutional		4.54			5.96
Investor		4.40			5.96
Class R6		4.47			5.96
April 16, 2018–April 30, 2018
Class P		-0.99	%		-0.51	%

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

²  The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. MSCI^® selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 3/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		15.61	%		9.87	%		7.02	%		5.26	%	09/28/07
Class C		20.37			10.29			6.84			5.06		09/28/07
Institutional		22.87			11.59			8.06			6.26		09/28/07
Investor		22.69			11.41			N/A			12.69		08/31/10
Class P		N/A			N/A			N/A			N/A		04/16/18
Class R6		22.84			N/A			N/A			12.10		07/31/15

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 P 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		1.29	%		1.33	%
Class C		2.04			2.08
Institutional		0.90			0.94
Investor		1.04			1.08
Class P		0.89			0.93
Class R6		0.89			0.93

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 contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2019, with respect to all share classes except Class P Shares, and through April 16, 2019 with respect to Class P Shares, and prior to such dates, 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 4/30/185,6
Holding	% of Net Assets			Line of Business	Country
Moncler SpA		1.3	%	Consumer Durables & Apparel	Italy
Temenos Group AG (Registered)		1.2		Software & Services	Switzerland
Bellway plc		1.1		Consumer Durables & Apparel	United Kingdom
Rheinmetall AG		1.0		Capital Goods	Germany
DNO ASA		1.0		Energy	Norway
GN Store Nord A/S		1.0		Health Care Equipment & Services	Denmark
OC Oerlikon Corp. AG (Registered)		1.0		Capital Goods	Switzerland
Merlin Properties Socimi SA		1.0		Real Estate	Spain
Aurubis AG		0.9		Materials	Germany
DiaSorin SpA		0.9		Health Care Equipment & Services	Italy

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

⁶  The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 2.6% of the Fund’s net assets as of 04/30/18.

21

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.4% of the Fund’s net assets at April 30, 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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 97.5%
Brazil – 5.4%
	1,728,400	Ambev SA ADR (Food, Beverage & Tobacco)	$	11,442,008
	52,400	Arezzo Industria e Comercio SA (Consumer Durables & Apparel)		792,462
	852,100	B3 SA – Brasil Bolsa Balcao (Diversified Financials)*		6,153,839
	245,100	Banco do Estado do Rio Grande do Sul SA (Preference) Class B (Banks)(a)		1,405,589
	1,107,100	Banco Santander Brasil SA ADR (Banks)(b)		12,000,964
	1,264,900	Cielo SA (Software & Services)		6,932,542
	132,100	Cosan SA Industria e Comercio (Energy)		1,500,039
	86,000	Ez Tec Empreendimentos e Participacoes SA (Consumer Durables & Apparel)		493,435
	1,739,600	Fibria Celulose SA (Materials)		34,169,295
	45,700	Grendene SA (Consumer Durables & Apparel)		356,526
	1,140,500	Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences)*		10,255,124
	47,300	IRB Brasil Resseguros S/A (Insurance)		638,642
	6,343,700	Itausa – Investimentos Itau SA (Preference) (Banks)(a)		24,645,398
	116,400	Odontoprev SA (Health Care Equipment & Services)		499,398
	175,350	Petroleo Brasileiro SA ADR (Energy)*		2,470,681
	48,600	SLC Agricola SA (Food, Beverage & Tobacco)		620,402
	36,820	TIM Participacoes SA ADR (Telecommunication Services)		837,655
				115,213,999
Chile – 0.6%
	239,756	Empresas COPEC SA (Energy)		3,913,977
	154,300	Sociedad Quimica y Minera de Chile SA ADR (Materials)(b)		8,469,527
				12,383,504
China – 27.6%
	2,666,000	Agile Group Holdings Ltd. (Real Estate)		5,258,935
	58,094,000	Agricultural Bank of China Ltd. Class H (Banks)		32,754,124
	552,000	Air China Ltd. Class H (Transportation)		727,700
	275,300	Alibaba Group Holding Ltd. ADR (Software & Services)*		49,152,062
	15,433,000	Bank of China Ltd. Class H (Banks)		8,377,514
	3,853,000	Bank of Communications Co. Ltd. Class H (Banks)		3,152,853
Common Stocks – (continued)
China – (continued)
	5,136,000	Beijing Capital International Airport Co. Ltd. Class H (Transportation)		6,995,095
	109,500	Beijing Enterprises Holdings Ltd. (Capital Goods)		546,941
	2,751,000	China Construction Bank Corp. Class H (Banks)		2,882,110
	5,420,000	China Evergrande Group (Real Estate)*(b)		17,168,262
	1,280,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,134,434
	7,249,500	China Merchants Bank Co. Ltd. Class H (Banks)		31,610,720
	398,000	China Mobile Ltd. (Telecommunication Services)		3,791,545
	2,220,000	China Petroleum & Chemical Corp. Class H (Energy)		2,161,968
	4,346,000	China Resources Cement Holdings Ltd. (Materials)		4,559,294
	12,493,000	China SCE Property Holdings Ltd. (Real Estate)		6,269,142
	13,421,000	China Shenhua Energy Co. Ltd. Class H (Energy)		32,919,811
	164,000	China Shineway Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		336,309
	2,840,000	China Travel International Investment Hong Kong Ltd. (Consumer Services)		1,058,881
	5,995,400	China Vanke Co. Ltd. Class H (Real Estate)		24,778,085
	14,798,000	CNOOC Ltd. (Energy)		25,033,980
	573,000	Consun Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		617,459
	12,432,000	Country Garden Holdings Co. Ltd. (Real Estate)		25,349,670
	7,660,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		19,510,469
	206,000	ENN Energy Holdings Ltd. (Utilities)		1,926,415
	5,348,000	Fosun International Ltd. (Capital Goods)		11,364,468
	942,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		2,477,490
	8,458,000	Guangzhou Automobile Group Co. Ltd. Class H (Automobiles & Components)		15,492,652
	2,414,600	Guangzhou R&F Properties Co. Ltd. Class H (Real Estate)		5,740,936
	328,500	Hengan International Group Co. Ltd. (Household & Personal Products)		2,921,463

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	59,552,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)	$	52,279,609
	2,860,000	Jiangsu Expressway Co. Ltd. Class H (Transportation)		3,921,413
	190,800	Livzon Pharmaceutical Group, Inc. Class H (Pharmaceuticals, Biotechnology & Life Sciences)		1,374,331
	210,000	Logan Property Holdings Co. Ltd. (Real Estate)		307,896
	3,220,000	Longfor Properties Co. Ltd. (Real Estate)		9,630,165
	2,017,000	Lonking Holdings Ltd. (Capital Goods)		916,568
	3,350,000	PetroChina Co. Ltd. Class H (Energy)		2,468,512
	6,026,000	PICC Property & Casualty Co. Ltd. Class H (Insurance)		10,787,561
	1,214,000	Shanghai Industrial Holdings Ltd. (Capital Goods)		3,183,461
	5,883,500	Shimao Property Holdings Ltd. (Real Estate)		15,562,243
	147,100	SINA Corp. (Software & Services)*		14,053,934
	2,234,400	Tencent Holdings Ltd. (Software & Services)		109,849,646
	156,000	Tian Ge Interactive Holdings Ltd. (Software & Services)(c)		132,996
	5,590,000	Weichai Power Co. Ltd. Class H (Capital Goods)		6,471,251
	133,400	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(c)		633,472
	1,662,000	Yuexiu Property Co. Ltd. (Real Estate)		373,920
	7,671,000	Yuzhou Properties Co. Ltd. (Real Estate)		5,580,122
				585,597,887
Colombia – 1.3%
	6,316	Bancolombia SA ADR (Banks)		301,021
	1,285,216	Ecopetrol SA ADR (Energy)(b)		28,377,569
				28,678,590
Greece – 0.2%
	52,275	Motor Oil Hellas Corinth Refineries SA (Energy)		1,245,560
	183,332	OPAP SA (Consumer Services)		2,193,634
				3,439,194
Hong Kong – 2.0%
	1,287,000	Haier Electronics Group Co. Ltd. (Consumer Durables & Apparel)*		4,452,730
	641,500	Kingboard Laminates Holdings Ltd. (Technology Hardware & Equipment)		855,051
Common Stocks – (continued)
Hong Kong – (continued)
	7,691,000	Lee & Man Paper Manufacturing Ltd. (Materials)		8,471,474
	10,719,000	Nine Dragons Paper Holdings Ltd. (Materials)		15,986,952
	5,218,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,988,116
	926,500	WH Group Ltd. (Food, Beverage & Tobacco)(c)		959,183
				41,713,506
Hungary – 0.2%
	346,291	MOL Hungarian Oil & Gas plc (Energy)		4,001,660
India – 10.7%
	8,651	Avanti Feeds Ltd. (Food, Beverage & Tobacco)		321,084
	58,196	Bajaj Holdings & Investment Ltd. (Diversified Financials)		2,354,876
	78,977	Bata India Ltd. (Consumer Durables & Apparel)		947,264
	80,124	Cyient Ltd. (Software & Services)		910,078
	80,924	Dabur India Ltd. (Household & Personal Products)		446,663
	136,827	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,446,665
	589,301	GAIL India Ltd. (Utilities)		2,863,561
	345,330	Godrej Consumer Products Ltd. (Household & Personal Products)		5,759,884
	1,698,776	HCL Technologies Ltd. (Software & Services)		26,732,018
	457,452	Hexaware Technologies Ltd. (Software & Services)		3,064,779
	142,180	Hindustan Petroleum Corp. Ltd. (Energy)		646,141
	1,948,218	Indian Oil Corp. Ltd. (Energy)		4,714,402
	2,477,708	Infosys Ltd. ADR (Software & Services)		43,781,100
	227,355	Jubilant Life Sciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,987,102
	1,348,968	KPIT Technologies Ltd. (Software & Services)		5,204,273
	263,165	Maruti Suzuki India Ltd. (Automobiles & Components)		34,629,575
	166,774	Mindtree Ltd. (Software & Services)		2,696,553
	46,181	Mphasis Ltd. (Software & Services)		714,557
	738,281	NIIT Technologies Ltd. (Software & Services)		12,784,690
	11,035	Page Industries Ltd. (Consumer Durables & Apparel)		3,983,234

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	87,127	Piramal Enterprises Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	3,382,288
	793,910	Tata Consultancy Services Ltd. (Software & Services)		41,907,872
	289,525	Titan Co. Ltd. (Consumer Durables & Apparel)		4,245,795
	2,269,491	Wipro Ltd. (Software & Services)		9,414,492
	237,600	WNS Holdings Ltd. ADR (Software & Services)*		11,625,768
				228,564,714
Indonesia – 1.8%
	561,200	Bank Central Asia Tbk. PT (Banks)		887,416
	19,900,700	Bank Mandiri Persero Tbk. PT (Banks)		10,080,792
	16,607,300	Bank Negara Indonesia Persero Tbk. PT (Banks)		9,561,089
	55,529,200	Bank Rakyat Indonesia Persero Tbk. PT (Banks)		12,803,283
	5,070,900	Bukit Asam Tbk. PT (Energy)		1,172,319
	544,000	Indah Kiat Pulp & Paper Corp. Tbk. PT (Materials)		513,606
	1,406,000	Indo Tambangraya Megah Tbk. PT (Energy)		2,382,683
				37,401,188
Luxembourg – 0.6%
	309,400	Ternium SA ADR (Materials)		12,273,899
Malaysia – 1.0%
	318,900	Bursa Malaysia Bhd. (Diversified Financials)		585,074
	3,087,500	Genting Malaysia Bhd. (Consumer Services)		4,019,844
	3,690,800	Malaysia Airports Holdings Bhd. (Transportation)		8,475,623
	219,900	Padini Holdings Bhd. (Retailing)		238,199
	867,200	Supermax Corp. Bhd. (Health Care Equipment & Services)		632,760
	2,704,900	Top Glove Corp. Bhd. (Health Care Equipment & Services)		6,529,767
	1,856,700	Westports Holdings Bhd. (Transportation)		1,568,667
				22,049,934
Mexico – 3.4%
	77,455	Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation)		805,692
	4,051,700	Grupo Financiero Banorte SAB de CV Class O (Banks)		25,351,763
	6,109,255	Grupo Mexico SAB de CVSeries B (Materials)		20,308,596
	9,391,800	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		26,098,307
				72,564,358
Common Stocks – (continued)
Philippines – 0.1%
	578,560	International Container Terminal Services, Inc. (Transportation)		945,829
	2,074,000	Semirara Mining & Power Corp. (Energy)		1,236,396
				2,182,225
Poland – 1.4%
	10,630	Bank Polska Kasa Opieki SA (Banks)		352,777
	146,193	Grupa Lotos SA (Energy)		2,290,279
	2,241,984	Powszechny Zaklad Ubezpieczen SA (Insurance)		27,255,828
				29,898,884
Russia – 5.3%
	811,963	Evraz plc (Materials)		5,109,346
	80,225	Globaltrans Investment plc GDR (Transportation)		843,967
	628,595	LUKOIL PJSC ADR (Energy)		41,418,125
	8,774,500	Magnitogorsk Iron & Steel Works PJSC (Materials)		6,759,907
	281,200	Mobile TeleSystems PJSC ADR (Telecommunication Services)		2,952,600
	1,071,480	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		2,049,619
	216,146	Novolipetsk Steel PJSC GDR (Materials)		5,508,813
	11,239,590	Sberbank of Russia PJSC (Banks)		40,063,463
	348,990	Severstal PJSC GDR (Materials)		5,554,412
	48,782	Tatneft PJSC ADR (Energy)(b)		3,117,170
				113,377,422
South Africa – 6.3%
	351,175	African Rainbow Minerals Ltd. (Materials)		2,884,622
	26,376	Aspen Pharmacare Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		568,710
	35,931	Assore Ltd. (Materials)		886,125
	31,137	Astral Foods Ltd. (Food, Beverage & Tobacco)		767,646
	292,622	Barloworld Ltd. (Capital Goods)		3,970,645
	196,306	Clicks Group Ltd. (Food & Staples Retailing)		3,365,156
	183,581	Exxaro Resources Ltd. (Energy)(b)		1,628,358
	194,214	Kumba Iron Ore Ltd. (Materials)		4,148,889
	465,095	Mondi Ltd. (Materials)		13,580,102
	350,358	Mr Price Group Ltd. (Retailing)		7,688,206
	62,276	MTN Group Ltd. (Telecommunication Services)		625,708
	157,702	Naspers Ltd. Class N (Media)		38,419,292
	2,930,779	Sanlam Ltd. (Insurance)		18,513,790
	72,661	Sappi Ltd. (Materials)		463,699
	2,074,154	Standard Bank Group Ltd. (Banks)		35,572,985
	15,224	Tiger Brands Ltd. (Food, Beverage & Tobacco)		475,802
				133,559,735

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – 15.2%
	11,078	Caregen Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	923,394
	25,479	Cell Biotech Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,013,128
	75,118	Celltrion, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)		18,844,632
	32,661	Chong Kun Dang Pharmaceutical Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		3,553,643
	2,187	CJ O Shopping Co. Ltd. (Retailing)		456,197
	6,054	Coway Co. Ltd. (Consumer Durables & Apparel)		494,735
	39,282	Dae Hwa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,097,053
	6,994	Daewoong Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,156,123
	7,361	Dentium Co. Ltd. (Health Care Equipment & Services)		538,883
	16,804	Douzone Bizon Co. Ltd. (Software & Services)		772,911
	3,296	E-MART, Inc. (Food & Staples Retailing)		829,718
	11,067	Grand Korea Leisure Co. Ltd. (Consumer Services)		281,377
	422,677	Hana Financial Group, Inc. (Banks)		18,780,898
	6,371	Hana Tour Service, Inc. (Consumer Services)		703,974
	14,435	Hite Jinro Co. Ltd. (Food, Beverage & Tobacco)		293,663
	54,514	Hotel Shilla Co. Ltd. (Retailing)		5,863,671
	48,686	Huons Global Co. Ltd. (Health Care Equipment & Services)		3,239,310
	61,049	InBody Co. Ltd. (Health Care Equipment & Services)		2,447,796
	3,951	Kakao M Corp. (Media)		330,100
	186,312	Kangwon Land, Inc. (Consumer Services)		5,026,037
	26,261	Korea Investment Holdings Co. Ltd. (Diversified Financials)		2,218,303
	59,213	LF Corp. (Consumer Durables & Apparel)		1,557,180
	230,536	LG Corp. (Capital Goods)		17,438,842
	5,901	LG Household & Health Care Ltd. (Household & Personal Products)		7,534,863
	34,211	Lotte Chemical Corp. (Materials)		13,173,865
	11,094	Medy-Tox, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		7,210,279
	167,735	Meritz Fire & Marine Insurance Co. Ltd. (Insurance)		3,278,497
	145,620	Modetour Network, Inc. (Consumer Services)		5,034,626
	233,802	NH Investment & Securities Co. Ltd. (Diversified Financials)		3,373,855
Common Stocks – (continued)
South Korea – (continued)
	41,631	POSCO (Materials)		14,344,412
	49,217	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		121,989,667
	15,944	Samsung SDS Co. Ltd. (Software & Services)		3,621,493
	328,476	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		25,832,678
	129,967	SK Telecom Co. Ltd. (Telecommunication Services)		27,769,134
	112,724	Whanin Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,261,957
				323,286,894
Taiwan – 8.8%
	155,000	Acter Co. Ltd. (Capital Goods)		1,199,530
	4,101,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		4,612,737
	4,692,000	Cathay Financial Holding Co. Ltd. (Insurance)		8,416,305
	3,948,000	China Development Financial Holding Corp. (Banks)		1,492,731
	10,607,000	CTBC Financial Holding Co. Ltd. (Banks)		7,564,522
	3,661,000	Elan Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		5,298,820
	829,000	Far Eastern Department Stores Ltd. (Retailing)		544,355
	2,216,000	Formosa Chemicals & Fibre Corp. (Materials)		8,141,917
	3,711,000	Formosa Plastics Corp. (Materials)		13,022,795
	2,751,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)		4,706,569
	346,000	Gigabyte Technology Co. Ltd. (Technology Hardware & Equipment)		756,561
	42,000	Gourmet Master Co. Ltd. (Consumer Services)		483,942
	841,000	Grand Pacific Petrochemical (Materials)		930,504
	179,000	Grape King Bio Ltd. (Household & Personal Products)		1,498,053
	1,098,000	Greatek Electronics, Inc. (Semiconductors & Semiconductor Equipment)		1,987,084
	992,000	Huaku Development Co. Ltd. (Real Estate)		2,290,357
	840,000	Kinik Co. (Capital Goods)		2,186,912
	1,193,000	Lien Hwa Industrial Corp. (Food, Beverage & Tobacco)		1,523,019
	481,000	Makalot Industrial Co. Ltd. (Consumer Durables & Apparel)*		2,315,632
	39,000	momo.com, Inc. (Retailing)*		323,445
	646,000	President Chain Store Corp. (Food & Staples Retailing)		6,349,837

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	289,000	St Shine Optical Co. Ltd. (Health Care Equipment & Services)	$	7,748,191
	1,486,000	Taishin Financial Holding Co. Ltd. (Banks)		722,078
	2,171,000	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		83,474,950
	146,000	TCI Co. Ltd. (Household & Personal Products)		2,142,038
	273,000	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)*		958,650
	1,078,000	Tripod Technology Corp. (Technology Hardware & Equipment)		3,260,838
	3,441,000	Uni-President Enterprises Corp. (Food, Beverage & Tobacco)		8,281,337
	343,000	United Integrated Services Co. Ltd. (Capital Goods)*		740,352
	9,410,000	Yuanta Financial Holding Co. Ltd. (Diversified Financials)		4,490,945
				187,465,006
Thailand – 4.8%
	499,200	Bumrungrad Hospital PCL (Health Care Equipment & Services)		2,997,123
	254,200	Central Plaza Hotel PCL (Consumer Services)		420,186
	4,867,800	CP All PCL (Food & Staples Retailing)		13,393,127
	883,100	Esso Thailand PCL (Energy)*		500,078
	194,400	Glow Energy PCL (Utilities)		529,543
	1,265,300	Home Product Center PCL (Retailing)		598,641
	50,223,600	IRPC PCL (Energy)		11,176,363
	3,519,400	Kiatnakin Bank PCL (Banks)		8,202,347
	6,300,697	PTT Global Chemical PCL (Materials)		19,472,984
	7,810,000	PTT PCL (Energy)		13,929,668
	9,950,500	Thai Beverage PCL (Food, Beverage & Tobacco)		6,397,046
	7,639,000	Thai Oil PCL (Energy)		22,740,868
	704,200	Thanachart Capital PCL (Banks)		1,195,783
				101,553,757
Turkey – 0.5%
	2,288,725	Eregli Demir ve Celik Fabrikalari TAS (Materials)*		5,713,206
	340,550	Turkcell Iletisim Hizmetleri A/S (Telecommunication Services)		1,172,574
	1,989,019	Turkiye Garanti Bankasi A/S (Banks)		4,503,997
				11,389,777
Common Stocks – (continued)
United Arab Emirates – 0.3%
	357,327	Abu Dhabi Commercial Bank PJSC (Banks)		682,487
	3,139,649	Emaar Properties PJSC (Real Estate)		4,949,040
				5,631,527
	TOTAL COMMON STOCKS
	(Cost $1,822,687,063)		$	2,072,227,660

Shares	Distribution Rate	Value
Investment Company(d) – 0.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
97	1.623%	$	97
(Cost $97)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,822,687,160)		$	2,072,227,757
Securities Lending Reinvestment Vehicle(d) – 2.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
52,683,114	1.623%	$	52,683,114
(Cost $52,683,114)
TOTAL INVESTMENTS – 100.0%
(Cost $1,875,370,274)		$	2,124,910,871
OTHER ASSETS IN EXCESS     OF LIABILITIES – 0.0%			238,190
NET ASSETS – 100.0%		$	2,125,149,061

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)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	All or a portion of security is on loan.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $1,725,651, which represents approximately 0.1% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(d)	Represents an Affiliated Issuer.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets E-Mini Index	550	06/15/2018	$	31,685,500	$	(291,718	)

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 96.6%
Australia – 8.4%
	115,843	Alumina Ltd. (Materials)	$	228,022
	98,566	Ansell Ltd. (Health Care Equipment & Services)		1,925,779
	722,583	Aristocrat Leisure Ltd. (Consumer Services)		14,495,431
	303,719	ASX Ltd. (Diversified Financials)		13,352,337
	2,380,763	Beach Energy Ltd. (Energy)		2,807,877
	134,650	BHP Billiton Ltd. (Materials)		3,141,284
	656,856	BHP Billiton plc (Materials)		14,005,765
	39,313	carsales.com Ltd. (Software & Services)		421,961
	45,208	Cochlear Ltd. (Health Care Equipment & Services)		6,579,105
	457,784	Computershare Ltd. (Software & Services)		5,823,720
	995,964	Crown Resorts Ltd. (Consumer Services)		9,666,760
	74,408	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		9,530,850
	225,179	Flight Centre Travel Group Ltd. (Consumer Services)(a)		9,433,124
	2,008,656	Goodman Group (REIT)		13,665,973
	541,854	Iluka Resources Ltd. (Materials)		4,756,867
	102,766	Incitec Pivot Ltd. (Materials)		292,443
	1,556,028	Medibank Pvt Ltd. (Insurance)		3,419,773
	72,232	Mineral Resources Ltd. (Materials)		967,255
	1,381,046	Origin Energy Ltd. (Energy)*		10,082,715
	452,293	OZ Minerals Ltd. (Materials)		3,121,261
	179,578	Primary Health Care Ltd. (Health Care Equipment & Services)		511,965
	3,019,329	Qantas Airways Ltd. (Transportation)		13,057,940
	157,260	REA Group Ltd. (Media)		9,520,797
	116,934	Regis Resources Ltd. (Materials)		412,642
	698,521	Santos Ltd. (Energy)*		3,217,258
	242,306	SmartGroup Corp. Ltd. (Commercial & Professional Services)		1,974,111
	1,221,165	South32 Ltd. (Materials)		3,388,759
	839,346	Star Entertainment Group Ltd. (The) (Consumer Services)		3,321,528
	106,116	Stockland (REIT)		329,852
	67,583	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		965,355
	1,192,789	Whitehaven Coal Ltd. (Energy)		4,113,046
	635,870	Woolworths Group Ltd. (Food & Staples Retailing)		13,299,715
				181,831,270
Austria – 0.7%
	253,908	Erste Group Bank AG (Banks)*		12,416,525
	62,586	OMV AG (Energy)		3,876,270
				16,292,795
Belgium – 0.7%
	21,177	Ageas (Insurance)		1,132,811
Common Stocks – (continued)
Belgium – (continued)
	147,548	KBC Group NV (Banks)		12,827,826
	6,875	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		517,784
				14,478,421
China – 0.6%
	611,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		1,969,737
	79,000	ENN Energy Holdings Ltd. (Utilities)		738,771
	1,567,000	Fosun International Ltd. (Capital Goods)		3,329,866
	330,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		625,636
	668,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		631,482
	7,177,900	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		6,268,055
				13,563,547
Denmark – 2.2%
	110,154	Carlsberg A/S Class B (Food, Beverage & Tobacco)		12,318,721
	271,343	Danske Bank A/S (Banks)		9,443,315
	16,789	DSV A/S (Transportation)		1,329,618
	80,626	GN Store Nord A/S (Health Care Equipment & Services)		2,832,712
	97,701	Jyske Bank A/S (Registered) (Banks)		5,850,299
	219,548	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		10,324,892
	24,161	Pandora A/S (Consumer Durables & Apparel)		2,684,024
	12,739	Royal Unibrew A/S (Food, Beverage & Tobacco)		843,451
	31,441	Sydbank A/S (Banks)		1,162,317
				46,789,349
Faroe Islands – 0.1%
	31,825	Bakkafrost P/F (Food, Beverage & Tobacco)		1,826,031
Finland – 0.8%
	62,116	Amer Sports OYJ (Consumer Durables & Apparel)*		1,900,079
	7,738	Kesko OYJ Class B (Food & Staples Retailing)		454,374
	155,082	Metsa Board OYJ (Materials)		1,737,589
	363,522	UPM-Kymmene OYJ (Materials)		12,971,053
				17,063,095
France – 7.0%
	55,446	Arkema SA (Materials)		7,263,129
	9,831	Atos SE (Software & Services)		1,327,186
	102,483	AXA SA (Insurance)(a)		2,930,876
	300,785	BNP Paribas SA (Banks)		23,220,406

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	51,041	Bureau Veritas SA (Commercial & Professional Services)	$	1,334,611
	11,857	Capgemini SE (Software & Services)		1,631,119
	164,913	Cie de Saint-Gobain (Capital Goods)		8,628,423
	25,585	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		3,597,838
	140	Dassault Aviation SA (Capital Goods)		279,138
	42,371	Edenred (Commercial & Professional Services)		1,459,701
	148,658	Faurecia SA (Automobiles & Components)		12,139,251
	16,231	Hermes International (Consumer Durables & Apparel)		10,495,616
	33,180	Kering SA (Consumer Durables & Apparel)(a)		19,194,515
	52,851	Peugeot SA (Automobiles & Components)(a)		1,301,382
	16,678	Rubis SCA (Utilities)		1,297,654
	18,005	Safran SA (Capital Goods)		2,111,810
	98,508	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		7,788,271
	198,163	Schneider Electric SE (Capital Goods)*		17,962,381
	60,167	Societe Generale SA (Banks)		3,292,867
	31,495	TOTAL SA (Energy)		1,979,516
	74,052	Ubisoft Entertainment SA (Software & Services)*		7,075,524
	631,912	Vivendi SA (Telecommunication Services)		16,664,634
				152,975,848
Germany – 6.4%
	75,485	adidas AG (Consumer Durables & Apparel)		18,551,910
	205,915	AIXTRON SE (Semiconductors & Semiconductor Equipment)*		2,922,698
	43,459	Aurubis AG (Materials)		3,883,686
	158,714	BASF SE (Materials)		16,513,156
	151,821	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		18,145,587
	106,494	Covestro AG (Materials)(b)		9,676,564
	435,368	Deutsche Lufthansa AG (Registered) (Transportation)		12,654,073
	26,537	Deutz AG (Capital Goods)		256,376
	155,733	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		15,802,363
	66,831	HUGO BOSS AG (Consumer Durables & Apparel)		6,265,125
	29,471	Jenoptik AG (Technology Hardware & Equipment)		1,069,161
	40,074	Leoni AG (Automobiles & Components)		2,509,728
Common Stocks – (continued)
Germany – (continued)
	16,995	Nemetschek SE (Software & Services)		2,036,629
	129,824	ProSiebenSat.1 Media SE (Media)		4,709,765
	6,448	Rheinmetall AG (Capital Goods)		842,633
	81,078	Schaeffler AG (Preference) (Automobiles & Components)(c)		1,254,814
	31,307	Siltronic AG (Semiconductors & Semiconductor Equipment)		5,013,090
	39,786	Software AG (Software & Services)		1,955,819
	119,256	Wirecard AG (Software & Services)		16,135,461
				140,198,638
Hong Kong – 5.6%
	4,281,400	AIA Group Ltd. (Insurance)		38,263,729
	1,954,500	CK Asset Holdings Ltd. (Real Estate)		16,873,133
	707,500	CLP Holdings Ltd. (Utilities)		7,346,737
	992,000	Galaxy Entertainment Group Ltd. (Consumer Services)		8,682,611
	462,000	Haitong International Securities Group Ltd. (Diversified Financials)		269,317
	1,898,000	Hong Kong & China Gas Co. Ltd. (Utilities)		3,965,769
	659,700	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		21,370,681
	940,000	Li & Fung Ltd. (Consumer Durables & Apparel)		472,748
	107,000	Link REIT (REIT)		945,680
	830,000	Melco International Development Ltd. (Consumer Services)		3,072,942
	1,505,000	PCCW Ltd. (Telecommunication Services)		930,319
	484,000	Shangri-La Asia Ltd. (Consumer Services)		941,920
	456,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		281,323
	313,000	Sun Hung Kai Properties Ltd. (Real Estate)		5,040,691
	5,217,500	WH Group Ltd. (Food, Beverage & Tobacco)(b)		5,401,551
	895,000	Wheelock & Co. Ltd. (Real Estate)		6,640,196
	523,000	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		1,482,164
				121,981,511
Ireland – 0.0%
	10,471	Paddy Power Betfair plc (Consumer Services)		1,036,240
Italy – 2.7%
	212,700	Enav SpA (Transportation)(b)		1,159,380
	938,435	Enel SpA (Utilities)		5,953,171
	1,293,216	Eni SpA (Energy)		25,280,322
	3,069,231	Intesa Sanpaolo SpA (Banks)		11,675,226
	19,709	Luxottica Group SpA (Consumer Durables & Apparel)		1,229,557

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	47,567	Maire Tecnimont SpA (Capital Goods)	$	241,760
	66,399	Mediobanca Banca di Credito Finanziario SpA (Banks)		804,591
	187,488	Moncler SpA (Consumer Durables & Apparel)		8,450,442
	69,076	Recordati SpA (Pharmaceuticals, Biotechnology & Life Sciences)		2,463,985
	16,339	Reply SpA (Software & Services)		1,032,650
	417,504	Saras SpA (Energy)		996,408
				59,287,492
Japan – 23.5%
	78,000	Adastria Co. Ltd. (Retailing)		1,353,161
	10,000	AEON Financial Service Co. Ltd. (Diversified Financials)		234,241
	111,700	Aisin Seiki Co. Ltd. (Automobiles & Components)		6,051,339
	286,600	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		5,251,226
	39,800	Aoyama Trading Co. Ltd. (Retailing)		1,532,866
	138,400	Aozora Bank Ltd. (Banks)		5,583,280
	230,800	Asahi Glass Co. Ltd. (Capital Goods)		9,578,477
	151,700	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		7,673,858
	79,200	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		1,158,398
	48,000	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)		1,624,262
	47,100	Benesse Holdings, Inc. (Consumer Services)		1,715,535
	156,000	Chiba Bank Ltd. (The) (Banks)		1,258,674
	96,000	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		715,278
	89,100	Concordia Financial Group Ltd. (Banks)		518,004
	101,400	Daiwa House Industry Co. Ltd. (Real Estate)		3,707,312
	30,600	Dip Corp. (Software & Services)		741,965
	469,300	DMG Mori Co. Ltd. (Capital Goods)		8,768,701
	16,700	Don Quijote Holdings Co. Ltd. (Retailing)		899,081
	49,500	Ebara Corp. (Capital Goods)		1,890,677
	18,600	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,247,484
	16,500	Electric Power Development Co. Ltd. (Utilities)		448,726
	8,000	Fancl Corp. (Household & Personal Products)		313,941
	58,600	Fuji Corp. (Capital Goods)		1,051,716
	35,300	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		1,419,628
Common Stocks – (continued)
Japan – (continued)
	2,400,000	Fujitsu Ltd. (Software & Services)		14,549,890
	1,696,000	Fukuoka Financial Group, Inc. (Banks)		9,080,577
	161,700	Gree, Inc. (Software & Services)		893,444
	61,300	Gunma Bank Ltd. (The) (Banks)		357,758
	23,300	Haseko Corp. (Consumer Durables & Apparel)		366,500
	9,400	Hitachi Capital Corp. (Diversified Financials)		251,182
	174,300	Hitachi Construction Machinery Co. Ltd. (Capital Goods)		6,334,314
	523,000	Hitachi Ltd. (Technology Hardware & Equipment)		3,817,146
	24,200	Horiba Ltd. (Technology Hardware & Equipment)		1,758,181
	279,200	Hoya Corp. (Health Care Equipment & Services)		14,916,218
	57,200	Ichiyoshi Securities Co. Ltd. (Diversified Financials)		699,975
	327,500	Idemitsu Kosan Co. Ltd. (Energy)		12,794,088
	31,900	IwaiCosmo Holdings, Inc. (Diversified Financials)		442,906
	26,800	Jafco Co. Ltd. (Diversified Financials)		1,175,396
	39,000	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		664,318
	232,500	Japan Exchange Group, Inc. (Diversified Financials)		4,305,687
	238,600	JFE Holdings, Inc. (Materials)		4,896,631
	385,200	JTEKT Corp. (Capital Goods)		6,232,590
	246,900	Kansai Electric Power Co., Inc. (The) (Utilities)		3,454,568
	230,400	Kao Corp. (Household & Personal Products)		16,562,544
	33,700	Kato Works Co. Ltd. (Capital Goods)		788,989
	52,700	KDDI Corp. (Telecommunication Services)		1,414,658
	20,200	Kewpie Corp. (Food, Beverage & Tobacco)		470,690
	482,000	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		13,529,264
	231,500	KLab, Inc. (Software & Services)(a)		3,935,444
	36,400	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)		3,071,429
	189,900	Konami Holdings Corp. (Software & Services)		9,325,830
	12,700	Kose Corp. (Household & Personal Products)		2,346,918
	8,500	Kurita Water Industries Ltd. (Capital Goods)		275,262
	21,200	KYB Corp. (Automobiles & Components)		1,021,345
	81,700	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,767,819

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	51,400	Kyushu Railway Co. (Transportation)	$	1,644,955
	128,000	Link And Motivation, Inc. (Commercial & Professional Services)(a)		1,297,625
	54,000	Makino Milling Machine Co. Ltd. (Capital Goods)		509,617
	20,400	Mandom Corp. (Household & Personal Products)		735,425
	42,000	Marusan Securities Co. Ltd. (Diversified Financials)		399,921
	32,700	Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco)		984,447
	7,400	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		593,483
	7,000	Meitec Corp. (Commercial & Professional Services)		383,827
	6,500	Milbon Co. Ltd. (Household & Personal Products)		282,404
	26,700	Miraca Holdings, Inc. (Health Care Equipment & Services)		1,039,429
	36,400	Mitsubishi Corp. (Capital Goods)		1,003,750
	205,800	Mitsubishi Materials Corp. (Materials)		6,263,980
	14,800	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		281,101
	3,811,900	Mitsubishi UFJ Financial Group, Inc. (Banks)		25,544,851
	56,700	Mitsui & Co. Ltd. (Capital Goods)		1,021,914
	6,564,900	Mizuho Financial Group, Inc. (Banks)		11,877,459
	8,000	Morinaga Milk Industry Co. Ltd. (Food, Beverage & Tobacco)		351,382
	15,200	Nagase & Co. Ltd. (Capital Goods)		259,573
	20,400	NGK Insulators Ltd. (Capital Goods)		374,217
	202,200	Nihon M&A Center, Inc. (Commercial & Professional Services)		5,901,533
	18,600	Nippon Carbon Co. Ltd. (Capital Goods)		845,082
	148,200	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		4,270,835
	18,800	Nippon Kayaku Co. Ltd. (Materials)		235,240
	388,400	Nippon Light Metal Holdings Co. Ltd. (Materials)		1,038,202
	98,800	Nippon Paper Industries Co. Ltd. (Materials)		1,892,237
	24,800	Nippon Shokubai Co. Ltd. (Materials)		1,685,162
	19,600	Nisshin Steel Co. Ltd. (Materials)		259,377
	9,800	Noevir Holdings Co. Ltd. (Household & Personal Products)		704,736
	176,600	NOK Corp. (Automobiles & Components)		3,611,705
Common Stocks – (continued)
Japan – (continued)
	543,900	NTN Corp. (Capital Goods)		2,392,325
	8,400	Obic Co. Ltd. (Software & Services)		703,595
	63,000	OKUMA Corp. (Capital Goods)		3,598,607
	12,100	Open House Co. Ltd. (Real Estate)		673,627
	940,700	ORIX Corp. (Diversified Financials)		16,498,796
	66,000	Osaka Gas Co. Ltd. (Utilities)		1,421,242
	108,000	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,646,530
	285,600	Persol Holdings Co. Ltd. (Commercial & Professional Services)		6,788,762
	14,400	Pola Orbis Holdings, Inc. (Household & Personal Products)		628,266
	45,800	Pressance Corp. (Consumer Durables & Apparel)		699,750
	1,505,900	Rakuten, Inc. (Retailing)		10,701,795
	146,800	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		3,384,762
	61,800	Relo Group, Inc. (Real Estate)		1,388,334
	2,609,200	Resona Holdings, Inc. (Banks)		14,825,690
	11,100	Ryohin Keikaku Co. Ltd. (Retailing)		3,796,906
	174,300	SAMTY Co. Ltd. (Real Estate)		3,221,228
	69,900	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,173,923
	102,500	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		1,683,737
	23,100	Seiko Holdings Corp. (Consumer Durables & Apparel)		601,399
	122,100	Seino Holdings Co. Ltd. (Transportation)		2,287,026
	400,000	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		17,624,327
	190,300	Shikoku Electric Power Co., Inc. (Utilities)		2,426,348
	297,800	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		15,304,447
	241,100	Shiseido Co. Ltd. (Household & Personal Products)		15,642,819
	13,300	Showa Denko KK (Materials)		442,501
	235,400	Sodick Co. Ltd. (Capital Goods)		2,897,281
	59,100	SoftBank Group Corp. (Telecommunication Services)		4,515,755
	35,700	Sony Financial Holdings, Inc. (Insurance)		651,306
	105,200	Square Enix Holdings Co. Ltd. (Software & Services)		4,360,305
	7,900	St Marc Holdings Co. Ltd. (Consumer Services)		223,674
	19,400	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		1,129,450
	276,200	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,023,199

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	257,300	Sumitomo Heavy Industries Ltd. (Capital Goods)	$	9,831,509
	519,500	Sumitomo Mitsui Financial Group, Inc. (Banks)		21,651,859
	113,100	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		4,796,240
	97,700	Suruga Bank Ltd. (Banks)		1,323,488
	12,000	Systena Corp. (Software & Services)		455,229
	41,800	Taiyo Yuden Co. Ltd. (Technology Hardware & Equipment)		741,301
	166,700	Takara Holdings, Inc. (Food, Beverage & Tobacco)		2,010,926
	21,500	TIS, Inc. (Software & Services)		852,889
	432,600	Tokyo Gas Co. Ltd. (Utilities)		11,608,963
	198,900	Tosoh Corp. (Materials)		3,518,210
	62,800	Toyota Motor Corp. (Automobiles & Components)		4,117,947
	6,000	Trend Micro, Inc. (Software & Services)		358,733
	9,400	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		340,978
	12,500	Ube Industries Ltd. (Materials)		380,802
	133,000	Uniden Holdings Corp. (Technology Hardware & Equipment)		331,591
	16,700	Unizo Holdings Co. Ltd. (Real Estate)		397,657
	53,200	Will Group, Inc. (Commercial & Professional Services)		645,661
	372,200	Yamaha Motor Co. Ltd. (Automobiles & Components)		11,900,887
	27,400	Zenkoku Hosho Co. Ltd. (Diversified Financials)		1,130,730
				510,286,172
Luxembourg – 0.2%
	8,743	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		4,715,951
Netherlands – 6.3%
	94,805	ASML Holding NV (Semiconductors & Semiconductor Equipment)		18,049,337
	18,934	Euronext NV (Diversified Financials)(b)		1,357,269
	16,023	Heineken NV (Food, Beverage & Tobacco)		1,686,828
	485,452	ING Groep NV (Banks)		8,180,120
	157,188	Koninklijke DSM NV (Materials)		16,245,821
	111,726	Koninklijke Philips NV (Health Care Equipment & Services)		4,728,940
	275,696	NN Group NV (Insurance)		13,212,660
	49,009	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)*		5,141,044
	208,660	Randstad NV (Commercial & Professional Services)		13,430,058
Common Stocks – (continued)
Netherlands – (continued)
	768,344	Royal Dutch Shell plc Class A (Energy)		26,887,250
	656,524	Royal Dutch Shell plc Class B (Energy)		23,437,160
	86,381	Wolters Kluwer NV (Commercial & Professional Services)		4,674,059
				137,030,546
New Zealand – 0.3%
	723,528	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		6,148,965
	38,758	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		346,638
				6,495,603
Norway – 1.9%
	227,714	Aker BP ASA (Energy)		7,468,920
	482,858	DNB ASA (Banks)		9,030,097
	236,031	DNO ASA (Energy)*		437,079
	30,854	Kongsberg Gruppen ASA (Capital Goods)*		755,360
	187,639	Marine Harvest ASA (Food, Beverage & Tobacco)		4,084,502
	183,295	Orkla ASA (Food, Beverage & Tobacco)		1,696,430
	35,380	Salmar ASA (Food, Beverage & Tobacco)		1,648,756
	718,953	Telenor ASA (Telecommunication Services)		15,913,235
				41,034,379
Portugal – 0.4%
	495,344	Galp Energia SGPS SA (Energy)		9,507,164
Singapore – 2.3%
	3,429,000	Genting Singapore plc (Consumer Services)		3,004,202
	779,800	Keppel Corp. Ltd. (Capital Goods)		4,782,640
	2,379,500	Oversea-Chinese Banking Corp. Ltd. (Banks)		24,576,878
	865,500	Singapore Airlines Ltd. (Transportation)		7,061,933
	248,600	Singapore Exchange Ltd. (Diversified Financials)		1,441,637
	236,200	United Overseas Bank Ltd. (Banks)		5,348,567
	173,900	Venture Corp. Ltd. (Technology Hardware & Equipment)		2,719,981
				48,935,838
South Africa – 0.6%
	498,649	Mondi plc (Materials)		13,880,936
Spain – 4.3%
	158,209	ACS Actividades de Construccion y Servicios SA (Capital Goods)		6,667,683
	34,720	Aena SME SA (Transportation)(b)		7,156,787

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Spain – (continued)
	215,531	Amadeus IT Group SA (Software & Services)	$	15,725,105
	1,067,603	Banco Bilbao Vizcaya Argentaria SA (Banks)		8,639,106
	2,618,829	Banco Santander SA (Banks)(a)		16,920,060
	2,367,720	CaixaBank SA (Banks)		11,513,923
	98,001	Enagas SA (Energy)		2,848,496
	72,619	Ence Energia y Celulosa SA (Materials)		560,250
	351,427	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		9,853,227
	62,612	Industria de Diseno Textil SA (Retailing)		1,940,859
	24,692	Melia Hotels International SA (Consumer Services)		367,129
	128,879	Merlin Properties Socimi SA (REIT)		1,988,580
	463,423	Repsol SA (Energy)		8,843,417
				93,024,622
Sweden – 2.5%
	119,957	Atlas Copco AB Class B (Capital Goods)		4,251,696
	13,135	Axfood AB (Food & Staples Retailing)		244,028
	42,145	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		430,990
	251,554	Boliden AB (Materials)(a)		8,716,253
	304,307	Electrolux ABSeries B (Consumer Durables & Apparel)		8,008,350
	299,369	Elekta AB Class B (Health Care Equipment & Services)		3,394,195
	72,602	Holmen AB Class B (Materials)		1,790,164
	43,097	NCC AB Class B (Capital Goods)		793,841
	34,806	Nobina AB (Transportation)(b)		228,417
	1,249,955	SSAB AB Class B (Materials)		5,655,134
	126,278	Svenska Cellulosa AB SCA Class B (Household & Personal Products)		1,398,487
	162,722	Swedbank AB Class A (Banks)		3,534,855
	14,721	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		316,237
	262,603	Tele2 AB Class B (Telecommunication Services)		3,403,838
	714,800	Volvo AB Class B (Capital Goods)		12,113,271
				54,279,756
Switzerland – 7.0%
	135,100	Adecco Group AG (Registered) (Commercial & Professional Services)		8,947,024
	4,140	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		532,226
	173,794	Cie Financiere Richemont SA (Registered) (Consumer Durables & Apparel)		16,520,639
	4,587	Georg Fischer AG (Registered) (Capital Goods)		5,701,903
	2,750,796	Glencore plc (Materials)*		13,250,578
Common Stocks – (continued)
Switzerland – (continued)
	26,698	Logitech International SA (Registered) (Technology Hardware & Equipment)		986,309
	54,473	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		13,309,496
	175,174	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		13,483,899
	199,273	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		3,217,112
	7,973	Partners Group Holding AG (Diversified Financials)		5,815,272
	84,181	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		18,703,963
	54,168	Sonova Holding AG (Registered) (Health Care Equipment & Services)		8,926,548
	561,470	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		12,256,619
	27,216	Swatch Group AG (The) (Consumer Durables & Apparel)		13,068,512
	1,225	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		269,348
	48,813	Temenos Group AG (Registered) (Software & Services)*		6,142,041
	36,089	Zurich Insurance Group AG (Insurance)*		11,528,109
				152,659,598
United Kingdom – 11.4%
	614,245	3i Group plc (Diversified Financials)		7,928,776
	63,452	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,063,740
	103,482	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)		3,676,715
	183,370	Barratt Developments plc (Consumer Durables & Apparel)		1,406,093
	102,269	Bellway plc (Consumer Durables & Apparel)		4,660,027
	635,648	boohoo.com plc (Retailing)*		1,602,302
	39,933	Bovis Homes Group plc (Consumer Durables & Apparel)		679,443
	708,493	BP plc ADR (Energy)(d)		31,591,703
	162,508	Burberry Group plc (Consumer Durables & Apparel)		4,081,030
	24,907	Clinigen Group plc (Pharmaceuticals, Biotechnology & Life Sciences)		300,171
	373,995	Compass Group plc (Consumer Services)		8,023,234
	36	CYBG plc CDI (Banks)		149
	6,873	Derwent London plc (REIT)		301,447
	484,829	Diageo plc (Food, Beverage & Tobacco)		17,296,125

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	1,759,181	Direct Line Insurance Group plc (Insurance)	$	9,039,178
	45,254	DS Smith plc (Materials)		324,178
	22,751	Experian plc (Commercial & Professional Services)		521,275
	408,631	Fiat Chrysler Automobiles NV (Automobiles & Components)*		9,079,286
	176,351	Genel Energy plc (Energy)*		514,699
	96,798	Halma plc (Technology Hardware & Equipment)		1,624,175
	921,560	HSBC Holdings plc (Banks)		9,175,036
	2,263,248	International Consolidated Airlines Group SA (Transportation)		19,547,617
	77,732	Intertek Group plc (Commercial & Professional Services)		5,226,957
	2,850,710	Legal & General Group plc (Insurance)		10,558,293
	1,597,952	Lloyds Banking Group plc (Banks)		1,417,299
	407,990	Man Group plc (Diversified Financials)		1,013,305
	67,384	National Grid plc (Utilities)		779,630
	83,249	Next plc (Retailing)		6,013,598
	77,710	Pearson plc (Media)		890,917
	229,407	Persimmon plc (Consumer Durables & Apparel)		8,569,599
	145,113	Prudential plc (Insurance)		3,731,444
	464,889	RELX NV (Commercial & Professional Services)		9,891,511
	170,608	Rio Tinto Ltd. (Materials)		10,153,594
	292,007	Rio Tinto plc ADR (Materials)		16,045,785
	63,309	RPC Group plc (Materials)		686,958
	36,470	Smith & Nephew plc (Health Care Equipment & Services)		698,439
	108,080	Smiths Group plc (Capital Goods)		2,368,170
	155,229	SSP Group plc (Consumer Services)		1,389,077
	155,379	Tate & Lyle plc (Food, Beverage & Tobacco)		1,227,152
	397,692	Taylor Wimpey plc (Consumer Durables & Apparel)		1,047,337
	169,535	Unilever plc ADR (Household & Personal Products)		9,488,874
	832,417	Vodafone Group plc ADR (Telecommunication Services)(d)		24,481,384
				248,115,722
United States – 0.7%
	178,128	Carnival plc ADR (Consumer Services)(a)(d)		11,515,975
	401,700	Samsonite International SA (Consumer Durables & Apparel)		1,811,946
	80,426	Sims Metal Management Ltd. (Materials)		972,005
				14,299,926
	TOTAL COMMON STOCKS
	(Cost $1,977,044,697)		$	2,101,590,450

Shares	Distribution Rate	Value
Investment Company(e) – 1.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
22,919,669	1.623%	$	22,919,669
(Cost $22,919,669)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,999,964,366)		$	2,124,510,119

Securities Lending Reinvestment Vehicle(e) – 2.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	63,201,545	1.623%	$	63,201,545
	(Cost $63,201,545)
	TOTAL INVESTMENTS – 100.6%
	(Cost $2,063,165,911)		$	2,187,711,664
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%			(12,419,111	)
	NET ASSETS – 100.0%		$	2,175,292,553

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. Under procedures approved by the Board of Trustees, 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 $24,979,968, which represents approximately 1.1% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(c)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an Affiliated Issuer.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		460	06/15/2018	$	19,297,931	$	1,212,234
FTSE 100 Index		89	06/15/2018		9,140,462		663,231
Hang Seng Index		5	05/30/2018		976,760		8,171
MSCI Singapore Index		19	05/30/2018		589,415		11,054
SPI 200 Index		31	06/21/2018		3,480,915		149,306
TOPIX Index		51	06/07/2018		8,301,729		426,356
TOTAL FUTURES CONTRACTS						$	2,470,352

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – 95.9%
Australia – 7.2%
	319,397	ALS Ltd. (Commercial & Professional Services)	$	1,863,990
	989,615	Altium Ltd. (Software & Services)		15,028,618
	980,528	Ansell Ltd. (Health Care Equipment & Services)		19,157,517
	1,911,401	Australian Pharmaceutical Industries Ltd. (Health Care Equipment & Services)		1,940,932
	12,654,260	Beach Energy Ltd. (Energy)		14,924,459
	637,300	carsales.com Ltd. (Software & Services)		6,840,370
	480,899	Charter Hall Group (REIT)		2,128,362
	3,185,435	CSR Ltd. (Materials)		13,440,587
	174,669	Estia Health Ltd. (Health Care Equipment & Services)		465,506
	22,926	IDP Education Ltd. (Consumer Services)		132,556
	2,497,527	Iluka Resources Ltd. (Materials)		21,925,472
	95,370	Inghams Group Ltd. (Food, Beverage & Tobacco)(a)		269,090
	4,475,717	Investa Office Fund (REIT)		14,742,753
	149,876	IOOF Holdings Ltd. (Diversified Financials)		1,006,525
	309,401	JB Hi-Fi Ltd. (Retailing)		5,965,118
	437,231	McMillan Shakespeare Ltd. (Commercial & Professional Services)		5,524,634
	7,493,555	Metcash Ltd. (Food & Staples Retailing)		20,225,931
	604,742	Mineral Resources Ltd. (Materials)		8,098,072
	2,858,789	Nine Entertainment Co. Holdings Ltd. (Media)		5,062,433
	873,965	OZ Minerals Ltd. (Materials)		6,031,208
	2,635,667	Primary Health Care Ltd. (Health Care Equipment & Services)		7,514,108
	853,624	Regis Resources Ltd. (Materials)		3,012,309
	2,880,111	Sandfire Resources NL (Materials)		17,045,542
	174,145	Saracen Mineral Holdings Ltd. (Materials)*		244,800
	1,425,414	Sigma Healthcare Ltd. (Health Care Equipment & Services)		828,274
	1,091,780	SmartGroup Corp. Ltd. (Commercial & Professional Services)		8,894,932
	74,254	St Barbara Ltd. (Materials)		236,891
	4,048,091	Star Entertainment Group Ltd. (The) (Consumer Services)		16,019,432
	84,663	Virtus Health Ltd. (Health Care Equipment & Services)		359,068
	6,966,233	Whitehaven Coal Ltd. (Energy)		24,021,382
				242,950,871
Austria – 0.3%
	37,937	FACC AG (Capital Goods)*		931,185
	34,245	Oesterreichische Post AG (Transportation)		1,644,565
	137,410	S IMMO AG (Real Estate)		2,721,356
Common Stocks – (continued)
Austria – (continued)
	408,904	UNIQA Insurance Group AG (Insurance)	$	4,896,373
				10,193,479
Belgium – 1.3%
	31,590	Barco NV (Technology Hardware & Equipment)		4,080,825
	77,172	Bekaert SA (Materials)		3,241,582
	172,023	bpost SA (Transportation)		3,774,545
	41,328	Cie d’Entreprises CFE (Capital Goods)		5,210,363
	121,921	D’ieteren SA/NV (Retailing)		5,191,393
	35,271	Gimv NV (Diversified Financials)		2,113,443
	142,933	KBC Ancora (Diversified Financials)		8,634,333
	105,590	Melexis NV (Semiconductors & Semiconductor Equipment)		10,047,815
	4,675	Tessenderlo Group SA (Materials)*		195,991
	11,789	Warehouses De Pauw CVA (REIT)		1,450,019
				43,940,309
China – 0.0%
	1,549,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		456,260
	492,000	Goodbaby International Holdings Ltd. (Consumer Durables & Apparel)		312,288
				768,548
Denmark – 3.0%
	32,136	Alm Brand A/S (Insurance)*		339,624
	12,613	Dfds A/S (Transportation)		785,272
	999,125	GN Store Nord A/S (Health Care Equipment & Services)		35,103,240
	490,718	Jyske Bank A/S (Registered) (Banks)		29,384,007
	30,637	Per Aarsleff Holding A/S (Capital Goods)		1,149,564
	174,199	Royal Unibrew A/S (Food, Beverage & Tobacco)		11,533,740
	280,596	Spar Nord Bank A/S (Banks)		3,204,628
	566,337	Sydbank A/S (Banks)		20,936,458
				102,436,533
Faroe Islands – 0.5%
	277,283	Bakkafrost P/F (Food, Beverage & Tobacco)		15,909,726
Finland – 1.6%
	294,382	Amer Sports OYJ (Consumer Durables & Apparel)*		9,004,913
	255,837	Cramo OYJ (Capital Goods)		6,005,968
	723,818	Finnair OYJ (Transportation)		9,866,130
	857,349	Metsa Board OYJ (Materials)		9,606,013
	528,110	Ramirent OYJ (Capital Goods)		4,590,321
	20,177	Tieto OYJ (Software & Services)		722,728

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Finland – (continued)
	825,688	Valmet OYJ (Capital Goods)	$	15,651,876
				55,447,949
France – 1.5%
	74,145	Alten SA (Software & Services)		7,364,699
	178,364	Beneteau SA (Consumer Durables & Apparel)		4,030,345
	139,498	IPSOS (Media)		5,310,831
	61,399	Kaufman & Broad SA (Consumer Durables & Apparel)		3,234,619
	167,171	Metropole Television SA (Media)		4,115,890
	252,476	Neopost SA (Technology Hardware & Equipment)		6,812,631
	271,228	Nexity SA (Real Estate)		16,959,959
	9,215	Rubis SCA (Utilities)		716,985
	11,664	Sopra Steria Group (Software & Services)		2,489,772
	1,598	Trigano SA (Consumer Durables & Apparel)		301,137
				51,336,868
Germany – 8.0%
	20,736	Amadeus Fire AG (Commercial & Professional Services)		2,272,514
	356,794	Aurubis AG (Materials)		31,884,668
	143,260	CANCOM SE (Software & Services)		16,790,206
	113,735	CTS Eventim AG & Co. KGaA (Media)		5,318,964
	45,097	Deutsche Beteiligungs AG (Diversified Financials)		2,003,331
	1,024,678	Deutsche Pfandbriefbank AG (Banks)(b)		16,575,386
	1,265,898	Deutz AG (Capital Goods)		12,229,931
	81,527	DIC Asset AG (Real Estate)		1,003,084
	69,240	Draegerwerk AG & Co. KGaA (Preference) (Health Care Equipment & Services)(c)		5,094,020
	362,213	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		29,464,290
	32,141	Isra Vision AG (Technology Hardware & Equipment)		7,077,797
	329,813	Jenoptik AG (Technology Hardware & Equipment)		11,965,086
	558,034	Kloeckner & Co. SE (Capital Goods)		6,801,977
	245,297	Leoni AG (Automobiles & Components)		15,362,298
	54,831	MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)*		5,663,108
	102,139	Nemetschek SE (Software & Services)		12,240,026
	23,432	Pfeiffer Vacuum Technology AG (Capital Goods)		3,466,744
	270,124	Rheinmetall AG (Capital Goods)		35,300,173
Common Stocks – (continued)
Germany – (continued)
	41,898	Siltronic AG (Semiconductors & Semiconductor Equipment)		6,708,993
	336,112	Software AG (Software & Services)		16,522,756
	773,972	TAG Immobilien AG (Real Estate)		16,355,540
	129,644	Takkt AG (Retailing)		2,677,950
	146,366	Wacker Neuson SE (Capital Goods)		4,708,703
	15,660	XING SE (Software & Services)		4,854,129
				272,341,674
Hong Kong – 1.6%
	2,041,000	Champion REIT (REIT)		1,441,900
	2,838,000	Giordano International Ltd. (Retailing)		1,734,230
	162,000	Great Eagle Holdings Ltd. (Real Estate)		818,310
	21,002,000	Haitong International Securities Group Ltd. (Diversified Financials)		12,242,863
	341,500	Johnson Electric Holdings Ltd. (Capital Goods)		1,188,943
	967,000	Luk Fook Holdings International Ltd. (Retailing)		4,041,807
	7,684,000	Melco International Development Ltd. (Consumer Services)		28,448,777
	4,304,000	Shun Tak Holdings Ltd. (Capital Goods)		1,771,391
	387,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		238,755
	607,000	Sunlight REIT (REIT)		410,780
	384,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		416,584
	378,000	Xinyi Glass Holdings Ltd. (Automobiles & Components)*		543,413
				53,297,753
Israel – 0.5%
	101,233	Alony Hetz Properties & Investments Ltd. (Real Estate)		897,996
	4,246,235	El Al Israel Airlines (Transportation)(a)		1,218,235
	166,016	First International Bank of Israel Ltd. (Banks)		3,422,326
	36,388	Harel Insurance Investments & Financial Services Ltd. (Insurance)		264,138
	2,548,970	Israel Discount Bank Ltd. Class A (Banks)*		7,057,877
	2,895,524	Oil Refineries Ltd. (Energy)		1,252,906
	5,514	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (Food & Staples Retailing)		251,647
	554,388	Shufersal Ltd. (Food & Staples Retailing)		3,173,650
				17,538,775

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Italy – 4.6%
	174,100	ASTM SpA (Transportation)	$	4,787,340
	450,254	Banca Popolare di Sondrio SCPA (Banks)		2,127,209
	1,384,074	Beni Stabili SpA SIIQ (REIT)		1,310,653
	139,329	Biesse SpA (Capital Goods)		7,338,850
	315,374	DiaSorin SpA (Health Care Equipment & Services)		29,716,354
	2,460,925	Enav SpA (Transportation)(b)		13,413,950
	35,044	ERG SpA (Utilities)		839,584
	158,725	Geox SpA (Consumer Durables & Apparel)		533,866
	23,195	Interpump Group SpA (Capital Goods)		736,833
	45,555	Italgas SpA (Utilities)		294,792
	24,403	Italmobiliare SpA (Capital Goods)		661,580
	1,029,241	Maire Tecnimont SpA (Capital Goods)(a)		5,231,126
	983,511	Moncler SpA (Consumer Durables & Apparel)		44,328,714
	1,461,154	OVS SpA (Consumer Durables & Apparel)(b)		6,206,043
	64,550	Reply SpA (Software & Services)		4,079,661
	8,441,087	Saras SpA (Energy)		20,145,359
	1,095,593	Societa Cattolica di Assicurazioni SC (Insurance)		11,664,678
	58,155	Technogym SpA (Consumer Durables & Apparel)(b)		705,494
	3,846	Tod’s SpA (Consumer Durables & Apparel)(a)		296,972
				154,419,058
Japan – 29.8%
	206,700	Adastria Co. Ltd. (Retailing)		3,585,877
	496,300	ADEKA Corp. (Materials)		8,813,046
	5,300	Aeon Fantasy Co. Ltd. (Consumer Services)		278,720
	98,900	Alpen Co. Ltd. (Retailing)		2,171,282
	276,200	AOKI Holdings, Inc. (Retailing)		4,237,759
	397,000	Aoyama Trading Co. Ltd. (Retailing)		15,290,144
	185,300	Arcland Sakamoto Co. Ltd. (Retailing)		2,923,522
	47,700	Arcs Co. Ltd. (Food & Staples Retailing)		1,306,686
	383,400	Asahi Diamond Industrial Co. Ltd. (Capital Goods)		3,672,524
	203,900	ASKA Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,105,577
	183,800	Ateam, Inc. (Software & Services)		3,820,526
	188,400	Autobacs Seven Co. Ltd. (Retailing)		3,556,489
	46,000	Canon Electronics, Inc. (Technology Hardware & Equipment)		1,069,954
	102,000	Cawachi Ltd. (Food & Staples Retailing)		2,371,580
Common Stocks – (continued)
Japan – (continued)
	41,500	Chiyoda Integre Co. Ltd. (Capital Goods)		953,218
	313,900	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		2,338,811
	113,800	cocokara fine, Inc. (Food & Staples Retailing)		8,230,604
	112,200	COOKPAD, Inc. (Software & Services)		652,470
	87,000	Daiho Corp. (Capital Goods)		529,367
	34,200	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		1,045,169
	240,000	Daiichikosho Co. Ltd. (Media)		12,592,078
	32,600	Dainichiseika Color & Chemicals Manufacturing Co. Ltd. (Materials)		1,335,217
	47,400	Daishi Bank Ltd. (The) (Banks)		2,125,491
	115,600	DCM Holdings Co. Ltd. (Retailing)		1,150,240
	368,500	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		7,704,242
	22,700	DTS Corp. (Software & Services)		822,695
	44,700	Duskin Co. Ltd. (Commercial & Professional Services)		1,126,882
	680,700	Ebara Corp. (Capital Goods)		25,999,676
	904,200	EDION Corp. (Retailing)		10,598,503
	109,200	Eiken Chemical Co. Ltd. (Health Care Equipment & Services)		2,577,511
	143,100	en-japan, Inc. (Commercial & Professional Services)		6,689,649
	253,200	EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		5,158,568
	422,100	Fancl Corp. (Household & Personal Products)		16,564,332
	192,200	Fields Corp. (Consumer Durables & Apparel)(a)		2,091,195
	1,298,400	Financial Products Group Co. Ltd. (Diversified Financials)		16,532,166
	260,300	Foster Electric Co. Ltd. (Consumer Durables & Apparel)		6,097,874
	442,200	Fuji Corp. (Capital Goods)		7,936,327
	331,300	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		10,620,447
	174,100	Fuji Soft, Inc. (Software & Services)		6,743,139
	119,400	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		4,608,848
	45,100	Geo Holdings Corp. (Retailing)		736,994
	317	GLP J-Reit (REIT)		340,764
	224,800	Goldcrest Co. Ltd. (Real Estate)		4,775,070
	2,557,800	Gree, Inc. (Software & Services)		14,132,653
	229,400	Gunma Bank Ltd. (The) (Banks)		1,338,820
	69,100	H2O Retailing Corp. (Retailing)		1,300,305
	4,041	Heiwa Real Estate REIT, Inc. (REIT)		3,866,334
	55,200	Hitachi Capital Corp. (Diversified Financials)		1,475,028

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	125,000	Hogy Medical Co. Ltd. (Health Care Equipment & Services)	$	5,212,042
	1,612,000	Hokuetsu Kishu Paper Co. Ltd. (Materials)		10,043,588
	30,000	Hokuhoku Financial Group, Inc. (Banks)		443,806
	85,900	Horiba Ltd. (Technology Hardware & Equipment)		6,240,817
	762	Ichigo Office REIT Investment (REIT)		565,248
	462,200	Ichiyoshi Securities Co. Ltd. (Diversified Financials)		5,656,092
	220,100	Ines Corp. (Software & Services)		2,361,510
	25,991	Invesco Office J-Reit, Inc. (REIT)(a)		3,284,188
	59,100	Itochu Enex Co. Ltd. (Energy)		579,671
	355,800	Jafco Co. Ltd. (Diversified Financials)		15,604,695
	847,000	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		14,427,616
	7,715	Japan Rental Housing Investments, Inc. (REIT)		6,001,073
	2,575,200	JVC Kenwood Corp. (Consumer Durables & Apparel)		8,971,392
	242,700	kabu.com Securities Co. Ltd. (Diversified Financials)		881,824
	12,500	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		739,193
	25,200	Kanematsu Electronics Ltd. (Software & Services)		798,987
	88,300	Kato Works Co. Ltd. (Capital Goods)		2,067,290
	222,100	Keihin Corp. (Automobiles & Components)		4,387,378
	2,987	Kenedix Office Investment Corp. (REIT)		18,323,265
	175,000	Kewpie Corp. (Food, Beverage & Tobacco)		4,077,760
	1,005,600	Kitz Corp. (Capital Goods)		8,407,423
	329,300	KLab, Inc. (Software & Services)(a)		5,598,020
	140,300	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)		11,838,501
	300,300	Kohnan Shoji Co. Ltd. (Retailing)		7,842,386
	245,200	Kokuyo Co. Ltd. (Commercial & Professional Services)		4,428,646
	1,697,000	K’s Holdings Corp. (Retailing)		24,475,943
	213,300	KYB Corp. (Automobiles & Components)		10,276,075
	132,600	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)		2,096,665
	46,300	Kyokuto Securities Co. Ltd. (Diversified Financials)		663,930
	4,685	LaSalle Logiport REIT (REIT)		4,810,723
	48,900	Leopalace21 Corp. (Real Estate)		424,106
Common Stocks – (continued)
Japan – (continued)
	60,600	Link And Motivation, Inc. (Commercial & Professional Services)(a)		614,344
	1,902,000	Makino Milling Machine Co. Ltd. (Capital Goods)		17,949,827
	303,500	Mandom Corp. (Household & Personal Products)		10,941,254
	596,900	Marusan Securities Co. Ltd. (Diversified Financials)		5,683,644
	17,400	Maruwa Co. Ltd. (Technology Hardware & Equipment)		1,434,123
	115,300	Marvelous, Inc. (Software & Services)(a)		986,385
	709,600	Maxell Holdings Ltd. (Technology Hardware & Equipment)		13,992,676
	1,487	MCUBS MidCity Investment Corp. (REIT)		1,121,886
	209,800	Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco)		6,316,114
	227,100	Meiko Network Japan Co. Ltd. (Consumer Services)		2,574,329
	133,100	Meitec Corp. (Commercial & Professional Services)		7,298,205
	137,800	Milbon Co. Ltd. (Household & Personal Products)		5,986,971
	13,800	Ministop Co. Ltd. (Food & Staples Retailing)		286,307
	65,000	Miraca Holdings, Inc. (Health Care Equipment & Services)		2,530,445
	187,900	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		7,506,018
	52,100	Mizuno Corp. (Consumer Durables & Apparel)		1,684,545
	11,556	Mori Trust Sogo Reit, Inc. (REIT)		17,239,358
	110,500	Morinaga Milk Industry Co. Ltd. (Food, Beverage & Tobacco)		4,853,464
	209,300	Nagase & Co. Ltd. (Capital Goods)		3,574,247
	241,600	NEC Networks & System Integration Corp. (Software & Services)		6,321,322
	117,400	NET One Systems Co. Ltd. (Software & Services)		1,889,510
	643,000	Nichias Corp. (Capital Goods)		8,144,521
	87,900	Nihon Chouzai Co. Ltd. (Food & Staples Retailing)		2,738,399
	316,600	Nihon M&A Center, Inc. (Commercial & Professional Services)		9,240,482
	613,700	Nikkiso Co. Ltd. (Health Care Equipment & Services)		6,987,683
	230,300	Nikkon Holdings Co. Ltd. (Transportation)		6,127,819
	89,900	Nippon Kayaku Co. Ltd. (Materials)		1,124,897
	8,117,900	Nippon Light Metal Holdings Co. Ltd. (Materials)		21,699,337

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	239,300	Nippon Paper Industries Co. Ltd. (Materials)	$	4,583,120
	61,600	Nippon Shokubai Co. Ltd. (Materials)		4,185,725
	304,000	Nippon Thompson Co. Ltd. (Capital Goods)		2,238,383
	122,800	Nipro Corp. (Health Care Equipment & Services)		1,767,452
	192,000	Nishimatsu Construction Co. Ltd. (Capital Goods)		5,277,889
	40,800	Nishimatsuya Chain Co. Ltd. (Retailing)		501,533
	27,600	Nishi-Nippon Financial Holdings, Inc. (Banks)		331,420
	229,500	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		6,598,468
	362,300	Nisshin Steel Co. Ltd. (Materials)		4,794,511
	354,500	Nissin Kogyo Co. Ltd. (Automobiles & Components)		6,220,301
	12,500	Nitto Boseki Co. Ltd. (Capital Goods)		269,981
	14,400	Noevir Holdings Co. Ltd. (Household & Personal Products)		1,035,531
	318,600	NSD Co. Ltd. (Software & Services)		6,642,542
	5,514,300	NTN Corp. (Capital Goods)		24,254,449
	7,000	NuFlare Technology, Inc. (Semiconductors & Semiconductor Equipment)		462,250
	80,100	Oiles Corp. (Capital Goods)		1,731,028
	74,500	Okinawa Electric Power Co., Inc. (The) (Utilities)		2,271,806
	537,900	Onward Holdings Co. Ltd. (Consumer Durables & Apparel)		4,432,770
	29,600	Open House Co. Ltd. (Real Estate)		1,647,882
	200,200	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		9,960,974
	1,600	Pasona Group, Inc. (Commercial & Professional Services)		26,564
	190,000	PC Depot Corp. (Retailing)		1,243,880
	4,201	Premier Investment Corp. (REIT)		4,112,824
	119,400	Qol Co. Ltd. (Food & Staples Retailing)		2,447,422
	78,100	Raito Kogyo Co. Ltd. (Capital Goods)		848,658
	318,300	Relo Group, Inc. (Real Estate)		7,150,595
	39,600	Riken Vitamin Co. Ltd. (Food, Beverage & Tobacco)		1,490,400
	564,700	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		16,436,965
	970,300	Round One Corp. (Consumer Services)		14,034,145
	82,200	Saizeriya Co. Ltd. (Consumer Services)		1,898,855
Common Stocks – (continued)
Japan – (continued)
	199,200	Sakai Moving Service Co. Ltd. (Transportation)		10,764,861
	64,200	Sanki Engineering Co. Ltd. (Capital Goods)		714,675
	150,400	Sankyu, Inc. (Transportation)		7,309,664
	150,400	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,499,632
	441,400	Seiko Holdings Corp. (Consumer Durables & Apparel)		11,491,673
	737,100	Seino Holdings Co. Ltd. (Transportation)		13,806,443
	673,200	Senko Group Holdings Co. Ltd. (Transportation)		5,173,405
	1,454,500	Senshu Ikeda Holdings, Inc. (Banks)		5,735,931
	435,000	Shikoku Electric Power Co., Inc. (Utilities)		5,546,304
	74,500	Shimachu Co. Ltd. (Retailing)		2,405,041
	55,500	Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,481,917
	1,218,900	Shinmaywa Industries Ltd. (Capital Goods)		13,660,813
	247,000	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		8,576,603
	149,000	Sintokogio Ltd. (Capital Goods)		1,587,474
	237,800	Sodick Co. Ltd. (Capital Goods)		2,926,820
	620,900	Square Enix Holdings Co. Ltd. (Software & Services)		25,734,919
	23,000	St Marc Holdings Co. Ltd. (Consumer Services)		651,203
	31,600	Studio Alice Co. Ltd. (Consumer Services)		709,058
	7,200	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		419,177
	42,100	Sumitomo Seika Chemicals Co. Ltd. (Materials)		2,015,359
	19,600	Taikisha Ltd. (Capital Goods)		683,511
	731,500	Takara Holdings, Inc. (Food, Beverage & Tobacco)		8,824,190
	2,482,000	Takara Leben Co. Ltd. (Real Estate)		10,515,584
	145,035	Tatsuta Electric Wire and Cable Co. Ltd. (Capital Goods)		895,454
	138,100	TechnoPro Holdings, Inc. (Commercial & Professional Services)		8,034,968
	426,200	TIS, Inc. (Software & Services)		16,907,044
	26,600	Toagosei Co. Ltd. (Materials)		313,913
	2,400	Toei Co. Ltd. (Media)		269,588
	8,400	Tokyo Dome Corp. (Consumer Services)		81,671
	346,000	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		13,141,569
	553	Tokyu REIT, Inc. (REIT)		744,913

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	42,000	Topy Industries Ltd. (Materials)	$	1,243,977
	662,200	Tosei Corp. (Real Estate)		8,117,262
	462,000	Toshiba Machine Co. Ltd. (Capital Goods)		3,060,284
	22,300	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,418,937
	242,100	Toyo Tanso Co. Ltd. (Capital Goods)		7,119,465
	172,800	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		6,268,190
	326,800	Unizo Holdings Co. Ltd. (Real Estate)		7,781,688
	171,900	Wakita & Co. Ltd. (Capital Goods)		1,816,292
	6,900	Wowow, Inc. (Media)		216,758
	208,700	Yodogawa Steel Works Ltd. (Materials)		5,955,315
	324,800	Yumeshin Holdings Co. Ltd. (Commercial & Professional Services)		3,501,502
	204,100	Zenkoku Hosho Co. Ltd. (Diversified Financials)		8,422,700
	583,600	Zeon Corp. (Materials)		7,536,784
	34,600	ZERIA Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		709,706
				1,007,062,898
Kazakhstan – 0.0%
	53,771	KAZ Minerals plc (Materials)*		679,396
Netherlands – 2.2%
	216,238	Aalberts Industries NV (Capital Goods)		10,646,897
	107,747	ASM International NV (Semiconductors & Semiconductor Equipment)(a)		6,469,081
	567,843	ASR Nederland NV (Insurance)		26,781,635
	228,104	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)(a)		15,764,996
	201,675	Euronext NV (Diversified Financials)(b)		14,456,910
	27,162	Koninklijke Volkerwessels NV (Capital Goods)		771,352
	16,737	SBM Offshore NV (Energy)		280,834
	349,050	SRH NV (Diversified Financials)*(a)(d)		—
				75,171,705
New Zealand – 0.5%
	1,262,014	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		10,725,335
	2,764,375	Air New Zealand Ltd. (Transportation)		6,343,028
				17,068,363
Common Stocks – (continued)
Norway – 3.4%
	660,849	Aker BP ASA (Energy)		21,675,560
	66,522	Atea ASA (Software & Services)		987,401
	20,452	Austevoll Seafood ASA (Food, Beverage & Tobacco)		246,145
	407,394	BW Offshore Ltd. (Energy)*		2,219,207
	18,957,355	DNO ASA (Energy)*		35,104,946
	301,877	Entra ASA (Real Estate)(b)		4,140,070
	208,570	Europris ASA (Retailing)(b)		725,934
	1,198,150	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		8,788,809
	98,287	Ocean Yield ASA (Energy)		845,258
	163,435	Odfjell Drilling Ltd. (Energy)*		726,031
	524,584	Salmar ASA (Food, Beverage & Tobacco)		24,446,331
	351,218	SpareBank 1 Nord Norge (Banks)		2,590,183
	273,662	SpareBank 1 SMN (Banks)		2,739,341
	300,308	TGS NOPEC Geophysical Co. ASA (Energy)		9,469,893
				114,705,109
Portugal – 0.7%
	1,184,988	Altri SGPS SA (Materials)		8,567,260
	2,342,043	CTT-Correios de Portugal SA (Transportation)(a)		8,636,546
	712,571	Navigator Co. SA (The) (Materials)*		4,157,686
	72,652	Semapa-Sociedade de Investimento e Gestao (Materials)		1,624,581
				22,986,073
Singapore – 1.3%
	934,200	China Aviation Oil Singapore Corp. Ltd. (Energy)*(a)		1,137,517
	599,500	OUE Ltd. (Real Estate)		815,696
	1,836,500	United Engineers Ltd. (Capital Goods)		3,765,042
	1,846,700	Venture Corp. Ltd. (Technology Hardware & Equipment)		28,884,355
	142,100	Wing Tai Holdings Ltd. (Real Estate)		217,721
	6,028,610	Yanlord Land Group Ltd. (Real Estate)		7,687,501
				42,507,832
Spain – 2.2%
	192,979	CIE Automotive SA (Automobiles & Components)		7,213,921
	61,268	Construcciones y Auxiliar de Ferrocarriles SA (Capital Goods)		2,938,193
	2,198,717	Ence Energia y Celulosa SA (Materials)		16,962,930
	20,395	Global Dominion Access SA (Software & Services)*(b)		118,760
	96,571	Hispania Activos Inmobiliarios SOCIMI SA (REIT)		2,047,438

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Spain – (continued)
	165,624	Lar Espana Real Estate Socimi SA (REIT)	$	1,878,004
	30,191	Let’s GOWEX SA (Telecommunication Services)*(d)		—
	2,111,571	Merlin Properties Socimi SA (REIT)		32,581,164
	8,645	Miquel y Costas & Miquel SA (Materials)		348,256
	151,835	NH Hotel Group SA (Consumer Services)		1,170,702
	332,509	Papeles y Cartones de Europa SA (Materials)		6,434,062
	192,969	Telepizza Group SA (Consumer Services)*(b)		1,293,313
				72,986,743
Sweden – 5.1%
	84,913	Axfood AB (Food & Staples Retailing)		1,577,553
	489,104	Betsson AB (Consumer Services)*		3,484,164
	216,984	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		2,218,955
	37,897	Dustin Group AB (Retailing)(b)		317,090
	1,618,374	Elekta AB Class B (Health Care Equipment & Services)		18,348,851
	461,089	Fastighets AB Balder Class B (Real Estate)*		11,878,578
	518,709	Hemfosa Fastigheter AB (Real Estate)		6,425,321
	453,348	Holmen AB Class B (Materials)		11,178,308
	802,030	JM AB (Consumer Durables & Apparel)		15,867,643
	76,478	NCC AB Class B (Capital Goods)		1,408,715
	2,028,216	NetEnt AB (Software & Services)*(a)		11,569,369
	410,094	Nobina AB (Transportation)(b)		2,691,271
	107,238	Peab AB (Capital Goods)		949,417
	337,016	Scandic Hotels Group AB (Consumer Services)(b)		3,317,240
	4,570,741	SSAB AB Class B (Materials)		20,679,265
	2,589,433	Svenska Cellulosa AB SCA Class B (Household & Personal Products)		28,677,121
	1,356,493	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		29,140,234
	46,035	Vitrolife AB (Pharmaceuticals, Biotechnology & Life Sciences)		3,369,998
				173,099,093
Switzerland – 5.3%
	14,447	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,857,263
	41,897	Bobst Group SA (Registered) (Capital Goods)		4,469,921
Common Stocks – (continued)
Switzerland – (continued)
	19,499	Bossard Holding AG (Registered) Class A (Capital Goods)		3,995,880
	55,615	Cembra Money Bank AG (Diversified Financials)		4,714,111
	2,040	Conzzeta AG (Registered) (Capital Goods)		2,600,582
	5,727,933	Ferrexpo plc (Materials)		18,545,271
	4,440	Flughafen Zurich AG (Registered) (Transportation)		927,207
	940,447	GAM Holding AG (Diversified Financials)*		15,011,626
	8,475	Georg Fischer AG (Registered) (Capital Goods)		10,534,909
	785	Gurit Holding AG (Materials)*		666,530
	16,626	Inficon Holding AG (Registered) (Technology Hardware & Equipment)*		9,954,623
	20,836	Kardex AG (Registered) (Capital Goods)*		2,927,481
	146	LEM Holding SA (Registered) (Technology Hardware & Equipment)		230,550
	2,023,480	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		32,667,551
	130,832	Oriflame Holding AG (Household & Personal Products)		6,199,760
	2,395	Schweiter Technologies AG (Capital Goods)		2,723,474
	24,816	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		8,623,085
	60,162	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		13,228,176
	322,013	Temenos Group AG (Registered) (Software & Services)*		40,518,241
				180,396,241
United Kingdom – 14.7%
	1,081,501	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)		18,130,799
	2,258,104	Ashmore Group plc (Diversified Financials)		12,756,989
	57,285	AVEVA Group plc (Software & Services)		1,691,163
	1,653,433	BBA Aviation plc (Transportation)		7,246,817
	786,079	Bellway plc (Consumer Durables & Apparel)		35,818,762
	283,752	Big Yellow Group plc (REIT)		3,590,177
	327,245	Bodycote plc (Capital Goods)		4,029,005
	1,536,543	boohoo.com plc (Retailing)*		3,873,222
	559,762	Bovis Homes Group plc (Consumer Durables & Apparel)		9,524,119
	117,980	Brewin Dolphin Holdings plc (Diversified Financials)		586,094
	134,280	Cineworld Group plc (Media)		479,381

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2018 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	54,397	Clinigen Group plc (Pharmaceuticals, Biotechnology & Life Sciences)	$	655,574
	40,772	Costain Group plc (Capital Goods)		258,202
	150,657	Dart Group plc (Transportation)		1,775,173
	19,321	Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)		725,706
	214,028	Derwent London plc (REIT)		9,387,186
	321,830	Drax Group plc (Utilities)		1,393,581
	325,085	DS Smith plc (Materials)		2,328,752
	1,565,216	Electrocomponents plc (Technology Hardware & Equipment)		13,085,104
	31,139	Elementis plc (Materials)		121,289
	71,564	EMIS Group plc (Health Care Equipment & Services)		839,409
	487,579	esure Group plc (Insurance)		1,509,639
	313,325	Fevertree Drinks plc (Food, Beverage & Tobacco)		12,178,357
	319,275	Galliford Try plc (Capital Goods)		4,022,371
	994,683	Grainger plc (Real Estate)		4,283,766
	84,520	Great Portland Estates plc (REIT)		814,428
	582,662	Halma plc (Technology Hardware & Equipment)		9,776,494
	6,520,630	Hansteen Holdings plc (REIT)		11,901,992
	9,086,263	Hays plc (Commercial & Professional Services)		22,391,464
	709,288	Ibstock plc (Materials)(b)		2,899,827
	2,671,498	Inchcape plc (Retailing)		26,689,236
	1,129,910	Intermediate Capital Group plc (Diversified Financials)		16,835,611
	2,795,706	JD Sports Fashion plc (Retailing)		14,997,073
	112,885	Keller Group plc (Capital Goods)		1,613,678
	4,378,999	Man Group plc (Diversified Financials)		10,875,910
	186,647	Morgan Advanced Materials plc (Capital Goods)		881,362
	251,000	On the Beach Group plc (Retailing)(b)		2,114,776
	1,155,963	OneSavings Bank plc (Banks)		6,282,611
	2,716,010	Pagegroup plc (Commercial & Professional Services)		20,045,814
	1,795,690	Paragon Banking Group plc (Banks)		12,873,784
	209,022	Petrofac Ltd. (Energy)		1,734,603
	3,620,243	QinetiQ Group plc (Capital Goods)		11,444,474
	2,185,676	Redrow plc (Consumer Durables & Apparel)		18,834,203
	51,752	Renishaw plc (Technology Hardware & Equipment)		3,350,253
	2,370,791	Rentokil Initial plc (Commercial & Professional Services)		10,002,185
	129,724	RPC Group plc (Materials)		1,407,619
	755,160	Safestore Holdings plc (REIT)		5,679,949
	2,435,247	Saga plc (Insurance)		4,540,620
Common Stocks – (continued)
United Kingdom – (continued)
	561,874	Savills plc (Real Estate)		7,569,816
	2,897,156	Senior plc (Capital Goods)		11,756,079
	67,410	Spectris plc (Technology Hardware & Equipment)		2,487,232
	253,568	Spirax-Sarco Engineering plc (Capital Goods)		20,100,295
	1,819,507	SSP Group plc (Consumer Services)		16,281,982
	145,389	St Modwen Properties plc (Real Estate)		820,826
	1,126,793	Subsea 7 SA (Energy)		15,743,239
	1,681,932	Synthomer plc (Materials)		11,416,868
	52,696	Tate & Lyle plc (Food, Beverage & Tobacco)		416,182
	2,782,162	Thomas Cook Group plc (Consumer Services)		4,725,171
	580,351	UNITE Group plc (The) (REIT)		6,662,703
	1,049,808	Vesuvius plc (Capital Goods)		8,478,086
	158,989	Victrex plc (Materials)		5,724,490
	141,100	WH Smith plc (Retailing)		3,781,932
	3,438,804	William Hill plc (Consumer Services)		13,831,452
	24,053	Workspace Group plc (REIT)		367,368
				498,442,324
United States – 0.6%
	1,617,348	Sims Metal Management Ltd. (Materials)		19,546,791
	TOTAL COMMON STOCKS
	(Cost $2,894,052,535)		$	3,245,234,111

Shares	Distribution Rate		Value
Investment Company(e) – 1.2%
Goldman Sachs Financial Square Government Fund – Institutional Shares
40,927,260		1.623%	$	40,927,260
(Cost $40,927,260)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,934,979,795)			$	3,286,161,371
Securities Lending Reinvestment Vehicle(e) – 1.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
45,906,557		1.623%	$	45,906,557
(Cost $45,906,557)
TOTAL INVESTMENTS – 98.5%
(Cost $2,980,886,352)			$	3,332,067,928
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%				50,664,786
NET ASSETS – 100.0%			$	3,382,732,714

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $68,976,064, which represents approximately 2.0% of net assets as of April 30, 2018. The liquidity determination is unaudited.
(c)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2018, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		696	06/15/2018	$	29,198,609	$	1,216,144
FTSE 100 Index		148	06/15/2018		15,199,869		754,379
Hang Seng Index		9	05/30/2018		1,758,168		14,746
MSCI Singapore Index		56	05/30/2018		1,737,225		32,574
SPI 200 Index		60	06/21/2018		6,737,254		162,645
TOPIX Index		114	06/07/2018		18,556,806		600,653
TOTAL FUTURES CONTRACTS						$	2,781,141

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2018 (Unaudited)

	Emerging Markets Equity Insights Fund		International Equity Insights Fund		International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,822,687,063, $1,977,044,697 and $2,894,052,535)(a)	$	2,072,227,660	$	2,101,590,450	$	3,245,234,111
Investments in affiliated issuers, at value (cost $97, $22,919,669 and $40,927,260)		97		22,919,669		40,927,260
Investments in affiliated securities lending reinvestment vehicle, at value (cost $52,683,114, $63,201,545 and $45,906,557)		52,683,114		63,201,545		45,906,557
Cash		16,835,360		32,627,219		51,395,699
Foreign currencies, at value (cost $47,018,078, $12,781,896 and $26,184,634)		46,339,249		12,550,246		25,886,695
Receivables:
Investments sold		44,213,463		30,113,464		59,400,610
Fund shares sold		2,551,317		6,719,135		16,655,952
Collateral on certain derivative contracts(b)		1,430,000		—		3,740,507
Dividends		1,081,931		6,565,082		15,173,344
Securities lending income		45,191		181,010		150,998
Reimbursement from investment adviser		24,016		52,490		53,852
Foreign tax reclaims		887		1,883,760		3,961,475
Variation margin on futures		—		142,704		231,091
Other assets		73,084		98,265		109,492
Total assets		2,237,505,369		2,278,645,039		3,508,827,643
Liabilities:
Variation margin on futures		261,250		—		—
Payables:
Payable upon return of securities loaned		52,683,114		63,201,545		45,906,557
Investments purchased		50,818,201		37,453,968		75,242,085
Foreign capital gains taxes		4,323,935		—		—
Fund shares redeemed		2,374,286		1,185,622		2,298,464
Management fees		1,728,977		1,316,832		2,230,646
Distribution and Service fees and Transfer Agency fees		136,126		174,643		326,874
Accrued expenses		30,419		19,876		90,303
Total liabilities		112,356,308		103,352,486		126,094,929
Net Assets:
Paid-in capital		1,809,954,527		2,003,609,623		2,928,888,100
Undistributed net investment income		1,215,624		3,993,009		13,585,676
Accumulated net realized gain		69,434,404		40,964,287		86,707,432
Net unrealized gain		244,544,506		126,725,634		353,551,506
NET ASSETS	$	2,125,149,061	$	2,175,292,553	$	3,382,732,714
Net Assets:
Class A	$	119,963,800	$	178,647,784	$	251,728,751
Class C		10,979,082		33,627,220		83,298,776
Institutional		1,234,497,403		1,295,552,244		1,996,847,782
Service		—		5,353,701		—
Investor		102,436,097		312,522,832		574,033,775
Class P		9,936		9,956		9,904
Class R		22,843,237		8,646,012		—
Class R6		634,419,506		340,932,804		476,813,726
Total Net Assets	$	2,125,149,061	$	2,175,292,553	$	3,382,732,714
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		11,116,994		13,361,756		19,485,174
Class C		1,030,183		2,574,407		6,678,974
Institutional		114,490,937		94,313,741		154,442,707
Service		—		396,737		—
Investor		9,511,931		23,820,504		44,625,351
Class P		923		725		765
Class R		2,142,547		664,629		—
Class R6		58,882,073		24,833,634		36,804,945
Net asset value, offering and redemption price per share:(c)
Class A	$	10.79	$	13.37	$	12.92
Class C		10.66		13.06		12.47
Institutional		10.78		13.74		12.93
Service		—		13.49		—
Investor		10.77		13.12		12.86
Class P		10.77		13.73		12.95
Class R		10.66		13.01		—
Class R6		10.77		13.73		12.96

(a) Includes loaned securities having a market value of $50,698,177, $60,031,302 and $41,922,338 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b) Includes amount segregated for initial margin and/or collateral on futures transactions of $1,430,000 and $3,740,507 for the Emerging Markets Equity Insights and International Small Cap Insights Funds, respectively.

(c) Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $11.42, $14.15 and $13.67, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2018 (Unaudited)

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $1,709,312, $1,994,868 and $3,601,125)	$	16,528,905		$	21,429,571		$	36,762,716
Securities lending income — affiliated issuer		215,397			553,072			390,911
Dividends — affiliated issuers		41,364			207,204			130,715
Total investment income		16,785,666			22,189,847			37,284,342
Expenses:
Management fees		9,702,851			6,840,251			12,145,021
Custody, accounting and administrative services		652,161			248,153			440,256
Transfer Agency fees(a)		535,283			638,814			1,110,676
Distribution and Service fees(a)		239,732			346,064			665,518
Printing and mailing costs		66,077			54,792			136,332
Professional fees		62,401			72,944			84,228
Trustee fees		10,427			10,122			11,374
Registration fees		168			33,235			12,204
Service share fees — Service and Shareholder Administration Plan		—			11,946			—
Other		40,053			16,932			43,823
Total expenses		11,309,153			8,273,253			14,649,432
Less — expense reductions		(141,145	)		(537,731	)		(548,116	)
Net expenses		11,168,008			7,735,522			14,101,316
NET INVESTMENT INCOME		5,617,658			14,454,325			23,183,026
Realized and unrealized gain (loss):
Net realized gain (loss) from:		—			—			—
Investments — unaffiliated issuers		73,305,311			46,765,798			95,182,236
Futures contracts		2,176,638			(674,458	)		1,991,736
Foreign currency transactions		(1,555,037	)		(1,198,582	)		2,162,105
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $1,212,549, $0 and $0)		(25,057,980	)		(22,500,068	)		(11,256,886	)
Futures contracts		(397,901	)		1,648,000			34,795
Foreign currency translation		(1,690,213	)		599,886			(279,508	)
Net realized and unrealized gain		46,780,818			24,640,576			87,834,478
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	52,398,476		$	39,094,901		$	111,017,504

(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 P(b)		Class R		Class R6
Emerging Markets Equity Insights	$	137,492	$	48,935	$	53,305	$	98,995	$	8,808	$	284,553	$	—	$	79,710	$	—	$	19,190	$	44,027
International Equity Insights		205,300		120,771		19,993		147,816		21,739		230,081		955		202,586		—		7,198		28,439
International Small Cap Insights		287,182		378,336		—		206,771		68,100		379,727		—		413,297		—		—		42,781

(b) Commenced operations on April 16, 2018.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
From operations:
Net investment income	$	5,617,658		$	20,859,788
Net realized gain		73,926,912			150,073,478
Net change in unrealized gain (loss)		(27,146,094	)		175,492,404
Net increase in net assets resulting from operations		52,398,476			346,425,670
Distributions to shareholders:
From net investment income
Class A Shares		(1,142,328	)		(563,308	)
Class C Shares		(79,466	)		(3,903	)
Institutional Shares		(22,873,338	)		(10,525,952	)
Service Shares		—			—
Investor Shares(a)		(1,129,246	)		(37,444	)
Class P(b)		—			—
Class R Shares		(195,882	)		(77,116	)
Class R6 Shares		(238,484	)		(25,576	)
From net realized gains
Class A Shares		(3,742,143	)		—
Class C Shares		(339,203	)		—
Institutional Shares		(59,163,628	)		—
Investor Shares(a)		(2,968,106	)		—
Class P(b)		—			—
Class R Shares		(771,406	)		—
Class R6 Shares		(596,017	)		—
Total distributions to shareholders		(93,239,247	)		(11,233,299	)
From share transactions:
Proceeds from sales of shares		1,171,549,613			879,615,002
Reinvestment of distributions		88,340,977			10,619,478
Cost of shares redeemed		(785,115,073	)		(452,051,734	)
Net increase in net assets resulting from share transactions		474,775,517			438,182,746
TOTAL INCREASE		433,934,746			773,375,117
Net assets:
Beginning of period		1,691,214,315			917,839,198
End of period	$	2,125,149,061		$	1,691,214,315
Undistributed net investment income	$	1,215,624		$	21,256,710

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations April 16, 2018.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

International Equity Insights Fund						International Small Cap Insights Fund
For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017			For the Six Months Ended April 30, 2018 (Unaudited)			For the Fiscal Year Ended October 31, 2017
$	14,454,325		$	17,010,786		$	23,183,026		$	31,971,054
	44,892,758			95,498,554			99,336,077			187,640,845
	(20,252,182	)		118,613,146			(11,501,599	)		265,727,729
	39,094,901			231,122,486			111,017,504			485,339,628
	(1,955,352	)		(2,359,365	)		(3,024,234	)		(5,349,774	)
	(228,068	)		(101,029	)		(695,962	)		(696,479	)
	(18,269,075	)		(13,578,332	)		(33,208,843	)		(30,758,805	)
	(60,270	)		(36,582	)		—			—
	(3,049,706	)		(217,635	)		(6,747,038	)		(2,675,862	)
	—			—			—			—
	(101,979	)		(56,053	)		—			—
	(1,354,479	)		(1,154,213	)		(2,317,919	)		(528,821	)
	—			—			(13,218,460	)		—
	—			—			(4,445,190	)		—
	—			—			(114,532,219	)		—
	—			—			(22,984,119	)		—
	—			—			—			—
	—			—			—			—
	—			—			(7,327,516	)		—
	(25,018,929	)		(17,503,209	)		(208,501,500	)		(40,009,741	)
	1,150,274,648			1,060,333,723			1,409,012,204			1,156,078,166
	20,407,591			17,031,041			188,605,240			34,757,537
	(413,644,384	)		(556,032,186	)		(652,237,044	)		(624,763,483	)
	757,037,855			521,332,578			945,380,400			566,072,220
	771,113,827			734,951,855			847,896,404			1,011,402,107
	1,404,178,726			669,226,871			2,534,836,310			1,523,434,203
$	2,175,292,553		$	1,404,178,726		$	3,382,732,714		$	2,534,836,310
$	3,993,009		$	14,557,613		$	13,585,676		$	36,396,646

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS 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 APRIL 30, (UNAUDITED)
2018 - A	$	11.00	$	0.01	(d)	$	0.32		$	0.33		$	(0.12	)	$	(0.42	)	$	(0.54	)
2018 - C		10.88		(0.03	)(d)		0.32			0.29			(0.09	)		(0.42	)		(0.51	)
2018 - Institutional		11.01		0.03	(d)		0.31			0.34			(0.15	)		(0.42	)		(0.57	)
2018 - Investor(f)		10.99		0.03	(d)		0.32			0.35			(0.15	)		(0.42	)		(0.57	)
2018 - P (Commenced April 16, 2018)		10.84		—	(d)(g)		(0.07	)		(0.07	)		—			—			—
2018 - R		10.87		—	(d)(g)		0.31			0.31			(0.10	)		(0.42	)		(0.52	)
2018 - R6		11.00		0.06	(d)		0.29			0.35			(0.16	)		(0.42	)		(0.58	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		8.54		0.13			2.41			2.54			(0.08	)		—			(0.08	)
2017 - C		8.45		0.07			2.39			2.46			(0.03	)		—			(0.03	)
2017 - Institutional		8.54		0.17			2.41			2.58			(0.11	)		—			(0.11	)
2017 - Investor(f)		8.53		0.18			2.38			2.56			(0.10	)		—			(0.10	)
2017 - R		8.44		0.10			2.40			2.50			(0.07	)		—			(0.07	)
2017 - R6		8.53		0.19			2.39			2.58			(0.11	)		—			(0.11	)
2016 - A		7.92		0.10			0.59			0.69			(0.07	)		—			(0.07	)
2016 - C		7.84		0.04			0.58			0.62			(0.01	)		—			(0.01	)
2016 - Institutional		7.91		0.13			0.60			0.73			(0.10	)		—			(0.10	)
2016 - Investor(f)		7.91		0.12			0.59			0.71			(0.09	)		—			(0.09	)
2016 - R		7.84		0.08			0.59			0.67			(0.07	)		—			(0.07	)
2016 - R6		7.91		0.10			0.62			0.72			(0.10	)		—			(0.10	)
2015 - A		8.99		0.11			(0.98	)		(0.87	)		(0.13	)		(0.07	)		(0.20	)
2015 - C		8.88		0.05			(0.98	)		(0.93	)		(0.04	)		(0.07	)		(0.11	)
2015 - Institutional		8.98		0.14			(0.98	)		(0.84	)		(0.16	)		(0.07	)		(0.23	)
2015 - Investor(f)		8.97		0.14			(0.99	)		(0.85	)		(0.14	)		(0.07	)		(0.21	)
2015 - R		8.94		0.09			(0.98	)		(0.89	)		(0.14	)		(0.07	)		(0.21	)
2015 - R6 (Commenced July 31, 2015)		8.40		0.01			(0.50	)		(0.49	)		—			—			—
2014 - A		8.95		0.14			(0.02	)		0.12			(0.08	)		—			(0.08	)
2014 - C		8.90		0.07			(0.01	)		0.06			(0.08	)		—			(0.08	)
2014 - Institutional		8.95		0.17			(0.02	)		0.15			(0.12	)		—			(0.12	)
2014 - Investor(f)		8.94		0.13			0.02			0.15			(0.12	)		—			(0.12	)
2014 - R (Commenced February 28, 2014)		8.26		0.02			0.66			0.68			—			—			—
2013 - A		8.40		0.07			0.60			0.67			(0.12	)		—			(0.12	)
2013 - C		8.36		0.04			0.55			0.59			(0.05	)		—			(0.05	)
2013 - Institutional		8.40		0.16			0.53			0.69			(0.14	)		—			(0.14	)
2013 - Investor(f)		8.39		0.14			0.54			0.68			(0.13	)		—			(0.13	)

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

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

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

(d) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(e) Annualized.

(f) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS 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)
$	10.79		3.20	%	$	119,964		1.48	%(e)		1.51	%(e)		0.25	%(d)(e)		69	%
	10.66		2.85			10,979		2.23	(e)		2.26	(e)		(0.49	)(d)(e)		69
	10.78		3.32			1,234,497		1.11	(e)		1.12	(e)		0.52	(d)(e)		69
	10.77		3.38			102,436		1.23	(e)		1.26	(e)		0.52	(d)(e)		69
	10.77		(0.65	)		10		1.09	(e)		1.12	(e)		1.10	(d)(e)		69
	10.66		3.06			22,843		1.73	(e)		1.76	(e)		(0.02	)(d)(e)		69
	10.77		3.44			634,420		1.09	(e)		1.11	(e)		1.06	(d)(e)		69
	11.00		30.15			95,930		1.52			1.55			1.36			172
	10.88		29.20			7,563		2.26			2.29			0.72			172
	11.01		30.67			1,488,246		1.15			1.15			1.74			172
	10.99		30.47			67,068		1.26			1.29			1.81			172
	10.87		29.86			19,243		1.77			1.79			1.06			172
	11.00		30.74			13,164		1.13			1.13			1.87			172
	8.54		8.79			50,289		1.56			1.63			1.24			216
	8.45		7.97			1,132		2.31			2.39			0.47			216
	8.54		9.35			852,853		1.16			1.22			1.70			216
	8.53		9.13			2,565		1.31			1.37			1.53			216
	8.44		8.57			9,363		1.81			1.88			1.01			216
	8.53		9.27			1,637		1.13			1.16			1.26			216
	7.92		(9.84	)		37,307		1.58			1.67			1.30			199
	7.84		(10.50	)		1,053		2.33			2.42			0.60			199
	7.91		(9.52	)		508,685		1.18			1.27			1.69			199
	7.91		(9.63	)		798		1.33			1.42			1.63			199
	7.84		(10.06	)		4,547		1.83			1.93			1.10			199
	7.91		(5.83	)		9		1.17	(e)		1.28	(e)		0.59	(e)		199
	8.99		1.38			37,905		1.58			1.66			1.59			180
	8.88		0.66			944		2.33			2.41			0.80			180
	8.98		1.65			660,922		1.18			1.26			1.95			180
	8.97		1.70			875		1.34			1.39			1.47			180
	8.94		8.23			998		1.82	(e)		2.07	(e)		0.31	(e)		180
	8.95		8.00			24,758		1.52			1.65			0.82			249
	8.90		7.02			989		2.31			2.48			0.51			249
	8.95		8.41			556,434		1.14			1.27			1.87			249
	8.94		8.16			1,649		1.32			1.50			1.59			249

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

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 to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2018 - A	$	13.19	$	0.09		$	0.27		$	0.36		$	(0.18	)
2018 - C		12.91		0.05			0.25			0.30			(0.15	)
2018 - Institutional		13.57		0.11			0.28			0.39			(0.22	)
2018 - Service		13.32		0.07			0.27			0.34			(0.17	)
2018 - Investor(e)		12.97		0.11			0.26			0.37			(0.22	)
2018 - P (Commenced April 16, 2018)		13.79		0.02			(0.08	)		(0.06	)		—
2018 - R		12.85		0.06			0.27			0.33			(0.17	)
2018 - R6		13.56		0.17			0.22			0.39			(0.22	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		10.53		0.18			2.71			2.89			(0.23	)
2017 - C		10.32		0.09			2.66			2.75			(0.16	)
2017 - Institutional		10.82		0.23			2.79			3.02			(0.27	)
2017 - Service		10.63		0.18			2.73			2.91			(0.22	)
2017 - Investor(e)		10.36		0.23			2.64			2.87			(0.26	)
2017 - R		10.29		0.16			2.64			2.80			(0.24	)
2017 - R6		10.82		0.23			2.78			3.01			(0.27	)
2016 - A		10.54		0.18			(0.08	)		0.10			(0.11	)
2016 - C		10.36		0.10			(0.08	)		0.02			(0.06	)
2016 - Institutional		10.83		0.24			(0.10	)		0.14			(0.15	)
2016 - Service		10.64		0.17			(0.08	)		0.09			(0.10	)
2016 - Investor(e)		10.38		0.17			(0.05	)		0.12			(0.14	)
2016 - R		10.34		0.13			(0.06	)		0.07			(0.12	)
2016 - R6		10.83		0.14			0.01			0.15			(0.16	)
2015 - A		10.69		0.18			0.08			0.26			(0.41	)
2015 - C		10.51		0.10			0.08			0.18			(0.33	)
2015 - Institutional		10.97		0.22			0.09			0.31			(0.45	)
2015 - Service		10.76		0.16			0.09			0.25			(0.37	)
2015 - Investor(e)		10.53		0.16			0.12			0.28			(0.43	)
2015 - R		10.52		0.14			0.09			0.23			(0.41	)
2015 - R6 (Commenced July 31, 2015)		11.23		0.04			(0.44	)		(0.40	)		—
2014 - A		10.99		0.37	(f)		(0.39	)		(0.02	)		(0.28	)
2014 - C		10.83		0.28	(f)		(0.37	)		(0.09	)		(0.23	)
2014 - Institutional		11.29		0.42	(f)		(0.40	)		0.02			(0.34	)
2014 - Service		11.06		0.35	(f)		(0.37	)		(0.02	)		(0.28	)
2014 - Investor(e)		10.86		0.38	(f)		(0.38	)		—	(g)		(0.33	)
2014 - R		10.85		0.34	(f)		(0.38	)		(0.04	)		(0.29	)
2013 - A		9.00		0.19			2.11			2.30			(0.31	)
2013 - C		8.87		0.16			2.04			2.20			(0.24	)
2013 - Institutional		9.25		0.30			2.09			2.39			(0.35	)
2013 - Service		9.06		0.22			2.08			2.30			(0.30	)
2013 - Investor(e)		8.91		0.22			2.08			2.30			(0.35	)
2013 - R		8.88		0.21			2.04			2.25			(0.28	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(f) Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS 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)
$	13.37		2.74	%	$	178,648		1.16	%(d)		1.25	%(d)		1.33	%(d)		62	%
	13.06		2.30			33,627		1.90	(d)		2.00	(d)		0.72	(d)		62
	13.74		2.90			1,295,552		0.82	(d)		0.86	(d)		1.55	(d)		62
	13.49		2.56			5,354		1.32	(d)		1.36	(d)		1.10	(d)		62
	13.12		2.85			312,523		0.90	(d)		1.00	(d)		1.72	(d)		62
	13.73		(0.44	)		10		0.81	(d)		0.84	(d)		3.33	(d)		62
	13.01		2.58			8,646		1.41	(d)		1.50	(d)		0.99	(d)		62
	13.73		2.91			340,933		0.80	(d)		0.85	(d)		2.48	(d)		62
	13.19		28.07			138,267		1.21			1.35			1.54			161
	12.91		27.11			14,886		1.95			2.09			0.79			161
	13.57		28.57			1,012,010		0.85			0.94			1.92			161
	13.32		27.89			4,073		1.35			1.45			1.51			161
	12.97		28.44			147,186		0.94			1.07			1.87			161
	12.85		27.81			7,071		1.45			1.59			1.39			161
	13.56		28.51			80,686		0.83			0.93			1.96			161
	10.53		0.97			104,736		1.25			1.39			1.77			176
	10.32		0.22			6,164		2.00			2.14			1.02			176
	10.82		1.34			500,930		0.85			0.99			2.25			176
	10.63		0.87			1,898		1.35			1.49			1.60			176
	10.36		1.22			6,639		1.00			1.14			1.65			176
	10.29		0.67			2,152		1.50			1.64			1.28			176
	10.82		1.37			46,707		0.83			0.96			1.32			176
	10.54		2.58			78,527		1.27			1.37			1.70			154
	10.36		1.82			4,409		2.01			2.12			0.93			154
	10.83		3.05			642,473		0.87			0.97			2.08			154
	10.64		2.48			1,641		1.37			1.47			1.51			154
	10.38		2.85			1,666		1.01			1.13			1.54			154
	10.34		2.32			186		1.52			1.62			1.33			154
	10.83		(3.56	)		10		0.84	(d)		0.93	(d)		1.56	(d)		154
	10.69		(0.14	)		79,214		1.29			1.36			3.31	(f)		142
	10.51		(0.85	)		3,054		2.04			2.11			2.61	(f)		142
	10.97		0.22			742,016		0.89			0.96			3.74	(f)		142
	10.76		(0.17	)		2,779		1.39			1.45			3.17	(f)		142
	10.53		0.12			278		1.04			1.10			3.52	(f)		142
	10.52		(0.33	)		161		1.54			1.61			3.09	(f)		142
	10.99		26.31			92,919		1.29			1.37			1.98			189
	10.83		25.33			3,166		2.04			2.11			1.61			189
	11.29		26.71			945,546		0.89			0.96			2.99			189
	11.06		26.13			6,237		1.39			1.46			2.25			189
	10.86		26.55			468		1.04			1.11			2.22			189
	10.85		25.99			95		1.54			1.61			2.14			189

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS 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(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 APRIL 30, (UNAUDITED)
2018 - A	$	13.39	$	0.08	$	0.46		$	0.54		$	(0.18	)	$	(0.83	)	$	(1.01	)
2018 - C		12.95		0.03		0.44			0.47			(0.12	)		(0.83	)		(0.95	)
2018 - Institutional		13.42		0.10		0.47			0.57			(0.23	)		(0.83	)		(1.06	)
2018 - Investor(e)		13.36		0.11		0.44			0.55			(0.22	)		(0.83	)		(1.05	)
2018 - P (Commenced April 16, 2018)		13.08		0.02		(0.15	)		(0.13	)		—			—			—
2018 - R6		13.45		0.16		0.41			0.57			(0.23	)		(0.83	)		(1.06	)
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2017 - A		10.71		0.14		2.79			2.93			(0.25	)		—			(0.25	)
2017 - C		10.35		0.07		2.70			2.77			(0.17	)		—			(0.17	)
2017 - Institutional		10.73		0.21		2.77			2.98			(0.29	)		—			(0.29	)
2017 - Investor(e)		10.68		0.21		2.75			2.96			(0.28	)		—			(0.28	)
2017 - R6		10.75		0.20		2.79			2.99			(0.29	)		—			(0.29	)
2016 - A		10.42		0.16		0.27			0.43			(0.14	)		—			(0.14	)
2016 - C		10.11		0.08		0.25			0.33			(0.09	)		—			(0.09	)
2016 - Institutional		10.44		0.21		0.26			0.47			(0.18	)		—			(0.18	)
2016 - Investor(e)		10.40		0.19		0.26			0.45			(0.17	)		—			(0.17	)
2016 - R6		10.44		0.26		0.23			0.49			(0.18	)		—			(0.18	)
2015 - A		10.03		0.16		0.49			0.65			(0.16	)		(0.10	)		(0.26	)
2015 - C		9.76		0.08		0.49			0.57			(0.12	)		(0.10	)		(0.22	)
2015 - Institutional		10.05		0.20		0.49			0.69			(0.20	)		(0.10	)		(0.30	)
2015 - Investor(e)		10.01		0.19		0.49			0.68			(0.19	)		(0.10	)		(0.29	)
2015 - R6 (Commenced July 31, 2015)		10.75		0.05		(0.36	)		(0.31	)		—			—			—
2014 - A		10.62		0.14		(0.34	)		(0.20	)		(0.32	)		(0.07	)		(0.39	)
2014 - C		10.40		0.06		(0.33	)		(0.27	)		(0.30	)		(0.07	)		(0.37	)
2014 - Institutional		10.62		0.17		(0.33	)		(0.16	)		(0.34	)		(0.07	)		(0.41	)
2014 - Investor(e)		10.59		0.18		(0.35	)		(0.17	)		(0.34	)		(0.07	)		(0.41	)
2013 - A		8.29		0.23		2.49			2.72			(0.39	)		—			(0.39	)
2013 - C		8.13		0.14		2.47			2.61			(0.34	)		—			(0.34	)
2013 - Institutional		8.30		0.26		2.50			2.76			(0.44	)		—			(0.44	)
2013 - Investor(e)		8.28		0.22		2.52			2.74			(0.43	)		—			(0.43	)

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

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

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

(d) Annualized.

(e) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS 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)
$	12.92		4.33	%	$	251,729		1.27	%(d)		1.30	%(d)		1.19	%(d)		55	%
	12.47		3.91			83,299		2.02	(d)		2.05	(d)		0.46	(d)		55
	12.93		4.54			1,996,848		0.88	(d)		0.91	(d)		1.51	(d)		55
	12.86		4.40			574,034		1.02	(d)		1.05	(d)		1.64	(d)		55
	12.95		(0.99	)		10		0.88	(d)		0.91	(d)		4.96	(d)		55
	12.96		4.47			476,814		0.86	(d)		0.90	(d)		2.49	(d)		55
	13.39		28.01			211,268		1.29			1.34			1.18			129
	12.95		27.20			65,194		2.04			2.09			0.60			129
	13.42		28.59			1,796,887		0.90			0.94			1.77			129
	13.36		28.48			344,700		1.04			1.09			1.76			129
	13.45		28.67			116,788		0.88			0.92			1.58			129
	10.71		4.17			242,383		1.30			1.39			1.55			140
	10.35		3.27			44,643		2.05			2.14			0.83			140
	10.73		4.50			1,118,478		0.90			0.98			1.98			140
	10.68		4.33			99,365		1.05			1.13			1.83			140
	10.75		4.72			18,566		0.88			0.97			2.39			140
	10.42		6.70			204,067		1.30			1.39			1.58			131
	10.11		5.96			38,777		2.05			2.14			0.82			131
	10.44		7.11			888,071		0.90			0.99			1.97			131
	10.40		7.00			40,890		1.05			1.14			1.83			131
	10.44		(2.88	)		10		0.90	(d)		0.96	(d)		1.94	(d)		131
	10.03		(1.94	)		144,558		1.30			1.39			1.33			129
	9.76		(2.71	)		19,158		2.05			2.15			0.57			129
	10.05		(1.54	)		668,746		0.90			0.99			1.65			129
	10.01		(1.68	)		19,134		1.05			1.14			1.66			129
	10.62		34.41			53,564		1.30			1.48			2.52			166
	10.40		33.40			3,514		2.05			2.24			1.53			166
	10.62		34.96			441,964		0.90			1.07			2.85			166
	10.59		34.77			3,605		1.05			1.26			2.28			166

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 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
Emerging Markets Equity Insights	A, C, Institutional, Investor, P(a), R and R6	Diversified
International Equity Insights	A, C, Institutional, Service, Investor,  P(a), R and R6	Diversified
International Small Cap Insights	A, C, Institutional, Investor, P(a) and R6	Diversified

(a) Commenced operations on April 16, 2018.

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 P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. 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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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

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

56

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

57

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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.  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 Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds 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 Funds, 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 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

58

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2018:

EMERGING MARKETS EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	133,559,735	$	—
Asia		249,575,709			1,410,638,128		—
Europe		12,273,899			37,339,738		—
North America		72,564,358			—		—
South America		130,225,106			26,050,987		—
Investment Company		97			—		—
Securities Lending Reinvestment Vehicle		52,683,114			—		—
Total	$	517,322,283		$	1,607,588,588	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(291,718	)	$	—	$	—
INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	13,880,936	$	—
Asia		—			694,767,068		—
Australia and Oceania		—			188,326,873		—
Europe		90,425,505			1,099,890,142		—
North America		11,515,975			2,783,951		—
Investment Company		22,919,669			—		—
Securities Lending Reinvestment Vehicle		63,201,545			—		—
Total	$	188,062,694		$	1,999,648,970	$	—
Derivative Type
Assets(b)
Futures Contracts	$	2,470,352		$	—	$	—

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL SMALL CAP INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	1,121,855,202	$	—
Australia and Oceania		—		260,019,234		—
Europe		—		1,843,812,884		—
North America		—		19,546,791		—
Investment Company		40,927,260		—		—
Securities Lending Reinvestment Vehicle		45,906,557		—		—
Total	$	86,833,817	$	3,245,234,111	$	—
Derivative Type
Assets(b)
Futures Contracts	$	2,781,141	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2018. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Emerging Markets Equity Insights	Equity	—	$	—	Variation margin on futures contracts	$	(291,718)
International Equity Insights	Equity	Variation margin on futures contracts		2,470,352	—		—
International Small Cap Insights	Equity	Variation margin on futures contracts		2,781,141	—		—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2018 is reported within the Statements of Assets and Liabilities.

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4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Emerging Markets Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,176,638		$	(397,901	)		327
International Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(674,458	)		1,648,000			495
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,991,736			34,795			956

(a) Average number of contracts is based on the average of month end balances for the six months ended April 30, 2018.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2018, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%		1.00	%
International Equity Insights		0.81			0.73			0.69			0.68			0.67			0.77			0.77
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.82			0.82

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

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser of the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2018, GSAM waived $6,029, $24,980 and $15,134 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			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 and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2018, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	12,372	$	1
International Equity Insights		36,293		24
International Small Cap Insights		44,767		—

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 P and 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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

assets attributable to Class A, Class C, Investor and Class R Shares of the International Equity Insights Fund through at least February, 28, 2019, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to February 28, 2018, the transfer agency waiver was 0.03% for Class A, Class C, Investor and Class R Shares of the Emerging Markets Equity Insights Fund.

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 Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. Prior to February 28, 2018, the Other Expense limitation was 0.114% for the Emerging Markets Equity Insights Fund. These Other Expense limitations will remain in place through at least February 28, 2019 for Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares, and through at least April 16, 2019 for Class P Shares, and prior to such dates GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/ Credits		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	6,029	$	7,475	$	21,458	$	106,183	$	141,145
International Equity Insights		24,980		6,523		105,375		400,853		537,731
International Small Cap Insights		15,134		11,128		—		521,854		548,116

G.  Line of Credit Facility — As of April 30, 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 April 30, 2018, the Funds did not have any borrowings under the facility. The facility was decreased to $770,000,000 effective May 1, 2018.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2018, Goldman Sachs earned $1,836 and $879 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Insights Fund and International Small Cap Insights Fund, respectively.

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2018:

Fund	Beginning Value as of October 31, 2017	Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018		Shares as of April 30, 2018		Dividend Income From Affiliated Investment Company
Emerging Markets Equity Insights	$13,192,045	$	188,127,693	$	(201,319,641	)	$	97		97	$	41,364
International Equity Insights	18,058,167		426,112,383		(421,250,881	)		22,919,669		22,919,669		207,204
International Small Cap Insights	19,637,019		357,212,106		(335,921,865	)		40,927,260		40,927,260		130,715

As of April 30, 2018, the following Goldman Sachs Fund of Funds Portfolios and Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Emerging Markets Equity Insights		7	%		6	%

As of April 30, 2018, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of the Class P Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2018, were as follows:

Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	1,692,810,490	$	1,311,566,429
International Equity Insights		1,805,668,863		1,068,006,497
International Small Cap Insights		2,288,413,423		1,585,217,259

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

7. SECURITIES LENDING (continued)

securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the 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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2018, are reported under Investment Income on the Statements of Operations.

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

	For the six months ended April 30, 2018				Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2018
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	22,595	$	46,970	$	2,048,379
International Equity Insights		59,319		39,636		26,457,690
International Small Cap Insights		43,741		18,768		21,612,300

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2018:

Fund	Beginning Value as of October 31, 2017		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2018
Emerging Markets Equity Insights	$	3,016,125	$	241,713,153	$	(192,046,164	)	$	52,683,114
International Equity Insights		20,554,070		322,503,172		(279,855,697	)		63,201,545
International Small Cap Insights		11,391,523		251,803,430		(217,288,396	)		45,906,557

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2017, the Funds’ capital loss carryforwards on a tax-basis were as follows:

	Emerging Markets Equity Insights		International Equity Insights			International Small Cap Insights
Capital loss carryforwards:
Expiring 2019(1)	$	—	$	(2,867,280	)	$	—
Perpetual long-term		—		—			(3,305,161	)
Perpetual short-term		—		—			(4,502,555	)
Total capital loss carryforwards	$	—	$	(2,867,280	)	$	(7,807,716	)

(1) Expiration occurs on October 31 of the year indicated.

As of April 30, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax cost	$	1,883,534,170		$	2,070,796,722		$	2,994,378,409
Gross unrealized gain		291,323,189			170,898,119			433,984,402
Gross unrealized loss		(49,946,489	)		(53,983,178	)		(96,294,883	)
Net unrealized gain	$	241,376,700		$	116,914,941		$	337,689,519

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments.

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

9. OTHER RISKS

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

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

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

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9. OTHER RISKS (continued)

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may 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.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,002,374		$	44,400,844			6,421,661		$	59,849,206
Reinvestment of distributions		460,132			4,851,613			70,269			561,447
Shares redeemed		(2,065,306	)		(22,848,055	)		(3,663,027	)		(35,697,037	)
		2,397,200			26,404,402			2,828,903			24,713,616
Class C Shares
Shares sold		361,160			3,965,689			616,534			5,942,070
Reinvestment of distributions		39,630			412,747			434			3,449
Shares redeemed		(65,693	)		(713,650	)		(55,934	)		(554,634	)
		335,097			3,664,786			561,034			5,390,885
Institutional Shares
Shares sold		39,018,280			431,381,393			77,768,288			728,999,323
Reinvestment of distributions		7,319,387			77,185,740			1,243,971			9,914,446
Shares redeemed		(67,061,238	)		(722,709,798	)		(43,719,591	)		(403,630,614	)
		(20,723,571	)		(214,142,665	)		35,292,668			335,283,155
Investor Shares(a)
Shares sold		4,778,612			52,892,216			6,569,794			64,751,247
Reinvestment of distributions		388,023			4,089,088			4,704			37,444
Shares redeemed		(1,754,997	)		(19,283,120	)		(775,022	)		(7,861,487	)
		3,411,638			37,698,184			5,799,476			56,927,204
Class P Shares(b)
Shares sold		923			10,005			—			—
Shares redeemed		—			(5	)		—			—
		923			10,000			—			—
Class R Shares
Shares sold		424,998			4,659,778			913,392			8,520,635
Reinvestment of distributions		92,882			967,288			9,749			77,116
Shares redeemed		(145,415	)		(1,562,952	)		(262,524	)		(2,451,266	)
		372,465			4,064,114			660,617			6,146,485
Class R6 Shares
Shares sold		59,240,949			634,239,688			1,179,344			11,552,521
Reinvestment of distributions		79,132			834,501			3,213			25,576
Shares redeemed		(1,634,382	)		(17,997,493	)		(178,009	)		(1,856,696	)
		57,685,699			617,076,696			1,004,548			9,721,401
NET INCREASE		43,479,451		$	474,775,517			46,147,246		$	438,182,746

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

68

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Equity Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,644,773		$	76,353,848			7,224,016		$	85,161,927
Reinvestment of distributions		141,506			1,870,712			223,380			2,318,688
Shares redeemed		(2,903,737	)		(38,414,402	)		(6,911,967	)		(81,132,314	)
		2,882,542			39,810,158			535,429			6,348,301
Class C Shares
Shares sold		1,551,409			20,293,806			857,369			10,210,331
Reinvestment of distributions		16,331			211,493			8,808			90,019
Shares redeemed		(146,451	)		(1,907,129	)		(310,429	)		(3,608,253	)
		1,421,289			18,598,170			555,748			6,692,097
Institutional Shares
Shares sold		43,494,913			598,363,182			63,633,191			764,173,753
Reinvestment of distributions		1,043,352			14,147,857			1,240,673			13,200,757
Shares redeemed		(24,802,674	)		(333,777,209	)		(36,578,468	)		(425,088,815	)
		19,735,591			278,733,830			28,295,396			352,285,695
Service Shares
Shares sold		166,284			2,259,022			246,020			2,883,383
Reinvestment of distributions		4,253			56,775			3,062			32,121
Shares redeemed		(79,646	)		(1,069,477	)		(121,863	)		(1,479,550	)
		90,891			1,246,320			127,219			1,435,954
Investor Shares(a)
Shares sold		13,519,655			178,686,084			11,275,025			134,697,876
Reinvestment of distributions		235,317			3,049,705			21,379			217,635
Shares redeemed		(1,280,997	)		(16,759,075	)		(590,509	)		(7,067,412	)
		12,473,975			164,976,714			10,705,895			127,848,099
Class P Shares(b)
Shares sold		725			10,005			—			—
Shares redeemed		—			(5	)		—			—
		725			10,000			—			—
Class R Shares
Shares sold		143,263			1,852,935			510,383			5,855,540
Reinvestment of distributions		5,144			66,202			1,738			17,607
Shares redeemed		(34,125	)		(443,374	)		(170,808	)		(2,001,051	)
		114,282			1,475,763			341,313			3,872,096
Class R6 Shares
Shares sold		20,362,506			272,455,766			4,429,721			57,350,913
Reinvestment of distributions		74,104			1,004,847			108,479			1,154,214
Shares redeemed		(1,552,571	)		(21,273,713	)		(2,906,927	)		(35,654,791	)
		18,884,039			252,186,900			1,631,273			22,850,336
NET INCREASE		55,603,334		$	757,037,855			42,192,273		$	521,332,578

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

69

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2018 (Unaudited)						For the Fiscal Year Ended October 31, 2017
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		6,194,068		$	80,896,468			8,147,806		$	95,157,056
Reinvestment of distributions		1,228,989			15,454,307			496,957			5,123,623
Shares redeemed		(3,713,590	)		(48,297,240	)		(15,510,895	)		(174,880,498	)
		3,709,467			48,053,535			(6,866,132	)		(74,599,819	)
Class C Shares
Shares sold		1,661,680			20,981,150			1,702,930			20,030,155
Reinvestment of distributions		405,443			4,916,449			64,299			645,559
Shares redeemed		(422,347	)		(5,274,513	)		(1,044,544	)		(11,569,553	)
		1,644,776			20,623,086			722,685			9,106,161
Institutional Shares
Shares sold		51,242,663			671,231,525			59,209,609			701,106,521
Reinvestment of distributions		10,223,847			128,887,871			2,503,331			25,784,310
Shares redeemed		(40,881,971	)		(521,096,261	)		(32,079,647	)		(373,764,899	)
		20,584,539			279,023,135			29,633,293			353,125,932
Investor Shares(a)
Shares sold		21,049,471			271,971,986			21,211,154			249,312,952
Reinvestment of distributions		2,370,410			29,722,703			260,743			2,675,224
Shares redeemed		(4,597,851	)		(59,514,743	)		(4,969,452	)		(57,556,066	)
		18,822,030			242,179,946			16,502,445			194,432,110
Class P Shares(b)
Shares sold		765			10,005			—			—
Shares redeemed		—			(5	)		—			—
		765			10,000			—			—
Class R6 Shares
Shares sold		28,748,501			363,921,070			7,486,171			90,471,482
Reinvestment of distributions		761,556			9,623,910			51,242			528,821
Shares redeemed		(1,388,443	)		(18,054,282	)		(580,912	)		(6,992,467	)
		28,121,614			355,490,698			6,956,501			84,007,836
NET INCREASE		72,883,191		$	945,380,400			46,948,792		$	566,072,220

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 16, 2018.

70

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2018 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, Class R or 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 P, Class R and 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 November 1, 2017 through April 30, 2018, which represents a period of 181 days of a 365 day year. The Class P example is based on the period from April 17, 2018 through April 30, 2018, which represents a period of 14 out of 365 days. The Class P example for hypothetical expenses reflects projected activity for the period from November 1, 2017 through April 30, 2018 for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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

	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/01/17		Ending Account Value 04/30/18			Expenses Paid for the 6 Months Ended 04/30/18*		Beginning Account Value 11/01/17		Ending Account Value 04/30/18			Expenses Paid for the 6 Months Ended 04/30/18*		Beginning Account Value 11/01/17		Ending Account Value 04/30/18			Expenses Paid for the 6 Months Ended 04/30/18*
Class A
Actual	$	1,000	$	1,032.00		$	7.46	$	1,000	$	1,027.40		$	5.83	$	1,000	$	1,043.30		$	6.43
Hypothetical 5% return		1,000		1,017.46	+		7.40		1,000		1,019.04	+		5.81		1,000		1,018.50	+		6.36
Class C
Actual		1,000		1,028.50			11.22		1,000		1,023.00			9.53		1,000		1,039.10			10.21
Hypothetical 5% return		1,000		1,013.74	+		11.13		1,000		1,015.37	+		9.49		1,000		1,014.78	+		10.09
Institutional
Actual		1,000		1,033.20			5.60		1,000		1,029.00			4.13		1,000		1,045.40			4.46
Hypothetical 5% return		1,000		1,019.29	+		5.56		1,000		1,020.73	+		4.11		1,000		1,020.43	+		4.41
Service
Actual		N/A		N/A			N/A		1,000		1,025.60			6.63		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.25	+		6.61		N/A		N/A			N/A
Investor
Actual		1,000		1,033.80			6.20		1,000		1,028.50			4.53		1,000		1,044.00			5.17
Hypothetical 5% return		1,000		1,018.70	+		6.16		1,000		1,020.33	+		4.51		1,000		1,019.74	+		5.11
Class P(a)
Actual		1,000		993.50			0.42		1,000		995.60			0.31		1,000		990.10			0.34
Hypothetical 5% return		1,000		1,019.39	+		5.46		1,000		1,020.78	+		4.06		1,000		1,020.43	+		4.41
Class R
Actual		1,000		1,030.60			8.71		1,000		1,025.80			7.08		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.22	+		8.65		1,000		1,017.80	+		7.05		N/A		N/A			N/A
Class R6
Actual		1,000		1,034.40			5.50		1,000		1,029.10			4.02		1,000		1,044.70			4.36
Hypothetical 5% return		1,000		1,019.39	+		5.46		1,000		1,020.83	+		4.01		1,000		1,020.53	+		4.31

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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 P(a)			Class R			Class R6
Emerging Markets Equity Insights		1.48	%		2.23	%		1.11	%		N/A			1.23	%		1.09	%		1.73	%		1.09%
International Equity Insights		1.16			1.90			0.82			1.32	%		0.90			0.81			1.41			0.80
International Small Cap Insights		1.27			2.02			0.88			N/A			1.02			0.88			N/A			0.86

^(a) Commenced operations on April 16, 2018.

71

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 March 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

∎ Financial Square Tax-Exempt Money Market Fund²

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

∎ 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.

¹⁰Effective 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.

¹¹Effective 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 Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The 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. 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 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. 132639-OTU-779303 INTINSSAR-18/95K

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:	June 29, 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:	June 29, 2018
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 29, 2018