Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Financial Square FundsSM
	Federal Instruments
	Government
	Money Market
	Prime Obligations
	Treasury Instruments
	Treasury Obligations
	Treasury Solutions

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free800-621-2550 for Institutional/Class I, Administration, Capital, Cash Management, Preferred, Premier, Resource, Service, Class R6 and Select shareholders or800-526-7384 for Class A and Class C shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Financial Square Funds

∎ FEDERAL INSTRUMENTS FUND

∎ GOVERNMENT FUND

∎ MONEY MARKET FUND

∎ PRIME OBLIGATIONS FUND

∎ TREASURY INSTRUMENTS FUND

∎ TREASURY OBLIGATIONS FUND

∎ TREASURY SOLUTIONS FUND

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	5
Yield Summary	7
Sector Allocations	8
Schedules of Investments	10
Financial Statements	40
Financial Highlights
Federal Instruments Fund	48
Government Fund	56
Money Market Fund	68
Prime Obligations Fund	77
Treasury Instruments Fund	86
Treasury Obligations Fund	95
Treasury Solutions Fund	104
Notes to Financial Statements	113
Other Information	128

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Financial Square Funds

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Financial Square Funds’ (the “Funds”) performance and positioning for the six-month period ended February 28, 2019 (the “Reporting Period”).

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

A During the Reporting Period, money market yields remained low but continued to move higher as the Federal Reserve (“Fed”) tightened monetary policy. Fed officials raised the targeted federal funds rate twice — in September and December 2018 — such that at the end of the Reporting Period, it was in a range of between 2.25% and 2.50%. Other influences on the money markets during the Reporting Period were the continuation of the Fed’s balance sheet normalization and the dovish stance of most developed markets central banks. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007. Dovish tends to imply lower interest rates; opposite of hawkish.)

When the Reporting Period started in September 2018, U.S. economic growth was robust, though some major economies, including those of the Eurozone, the U.K. and China, exhibited a gradual weakening trend. The Fed raised the targeted federal funds rate by 25 basis points, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. (A basis point is 1/100^th of a percentage point.) The Fed’s dot plot pointed to another increase by the end of 2018 and three more during 2019. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.) Fed Chair Jerome Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions weighed on financial markets. Global interest rates, which had risen for most of the calendar year, fell, as investors grew fearful about the possible end of the global economic cycle and as their expectations for Fed rate hikes diminished. In December 2018, Fed policymakers raised short-term interest rates by an additional 25 basis points, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. In January 2019, the Fed left monetary policy unchanged and also eliminated language about “further gradual increases in rates,” cementing investor expectations for a near-term pause in rate hikes. Fed Chair Powell emphasized that the U.S. central bank would be largely guided by inflation indicators as well as by the global economic growth backdrop and the potential for financial market volatility. During February 2019, the release of minutes from the Fed’s January meeting confirmed policymakers’ dovish tilt.

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

A The Funds’ yields rose during the Reporting Period, driven by the increase in money market yields, which occurred primarily because of the economic and market factors discussed above. The money market yield curve flattened, meaning yields on shorter-term maturities rose more than those on longer-term maturities. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

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

In our commercial paper strategies (i.e., the Goldman Sachs Financial Square Money Market Fund and the Goldman Sachs Financial Square Prime Obligations Fund), we maintained somewhat short weighted average maturities of between 34 and 40 days during the first four months of the Reporting Period in response to rather consistent clarity from the Fed around potential interest rate hikes in September and December 2018. For the same reason, during the first half of the Reporting Period, we maintained relatively short

1

PORTFOLIO RESULTS

weighted average maturities of between 16 and 37 days in our government repo strategies (i.e., the Goldman Sachs Financial Square Government Fund, the Goldman Sachs Financial Square Treasury Obligations Fund and the Goldman Sachs Financial Square Treasury Solutions Fund) and between 27 days and 50 days in our government non-repo strategies (i.e., the Goldman Sachs Financial Square Federal Instruments Fund and the Goldman Sachs Financial Square Treasury Instruments Fund). The Funds’ purchases were focused on floating rate securities, asset-backed commercial paper and government agency securities, all of which helped us to manage duration. (Duration is a measure of the Funds’ sensitivity to changes in interest rates).

After the December 2018 rate hike, the Fed’s path became less clear to us. As a result, we lengthened the weighted average maturities of the commercial paper, government repo and government non-repo strategies. Within our commercial paper strategies, we extended weighted average maturities to between 49 and 52 days during the last two months of the Reporting Period. In our government and government non-repo strategies, we extended weighted average maturities to between 42 and 50 days during December 2018. Then, in January 2019, we shortened the weighted average maturities of our government repo strategies to between 32 and 40 days and the weighted average maturities of our government non-repo strategies to between 39 and 49 days. We continued to shorten the weighted average maturities of the government repo and government non-repo strategies during February, ending the Reporting Period with weighted average maturities of between 21 and 39 days and between 37 and 47 days, respectively. Purchases were focused overall on fixed-rate securities as we sought to manage the Funds’ duration.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Funds, taking into consideration any available maturity shortening features.

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

A During the Reporting Period, we managed the weighted average life of the Funds below 120 days. In our commercial paper strategies, we managed the Funds’ weighted average life in a range between approximately 75 days and approximately 101 days. In our government repo and government non-repo strategies, we managed the Funds’ weighted average life in a range between approximately 84 days and approximately 118 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

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

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

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

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

A At the end of the Reporting Period, we expected the elongated U.S. economic expansion to continue and considered market concerns around a near-term recession premature. However, we believed global economic growth was likely to moderate in 2019. More than 60% of the 32 economies for which we track manufacturing data closed 2018 with a lower reading than where they commenced the year. This contrasts with 2017 when almost 80% of these economies ended the year with higher readings. However, manufacturing activity remained in expansionary territory for 70% of these countries, in our view.

Regarding inflation, the moderation in crude oil prices in October 2018 is likely, we believe, to feed through to lower headline inflation in key economies in the short term. Meanwhile, we think cyclical improvements — namely, a decline in unemployment rates and improving wage growth — could result in firmer core inflation in key developed economies. Potential downside inflation risks include slower than consensus anticipated economic growth and, therefore, stalling or declining labor market improvements, while potential upside risks include continued labor market improvements that lead to inflation or an increase in tariffs.

As for monetary policy, at the end of the Reporting Period, we had scaled back our expectations for 2019 Fed action

2

PORTFOLIO RESULTS

from three interest rate hikes to one. We also anticipated a near-term pause in the Fed’s rate increases. Regarding other central banks, we expected the European Central Bank to start lifting its policy rates out of negative territory toward the end of 2019, though we thought low interest rates would continue for a prolonged period due to the subdued inflation outlook for the region. We also saw scope for monetary policy normalization in several other developed markets countries, including the U.K. once uncertainty about the country’s exit from the European Union subsides.

Overall, the Funds continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of anticipated interest rate movements. As always, we intend to continue to use our actively managed approach to seek the best possible return within the framework of our Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to navigate the interest rate environment.

3

PORTFOLIO RESULTS

GOVERNMENT MONEY MARKET FUNDS

∎ Federal Instruments Fund

∎ Government Fund

∎ Treasury Instruments Fund

∎ Treasury Obligations Fund

∎ Treasury Solutions Fund

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

INSTITUTIONAL MONEY MARKET FUNDS

∎ Money Market Fund

∎ Prime Obligations Fund

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

4

FUND BASICS

Financial Square Funds

as of February 28, 2019

PERFORMANCE REVIEW1,2
September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)4 Institutional Shares			iMoneyNet Institutional Average5
Federal Instruments3		1.05	%		1.95	%6
Government		1.07			1.95	6
Money Market3		1.23			2.19	7
Prime Obligations3		1.23			2.19	7
Treasury Instruments		1.04			1.92	8
Treasury Obligations		1.06			1.95	9
Treasury Solutions		1.05			1.95	9

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

¹  Each of the Prime Obligations, Treasury Obligations, Money Market, Treasury Instruments and Treasury Solutions Funds offers nine separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), the Federal Instruments Fund offers eight separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management and Premier), and the Government Fund offers twelve separate classes of shares (Institutional, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class R6, Class A and Class C), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Institutional and Class R6 Shares do not have distribution and/or service(12b-1) or administration and/or service(non-12b-1) fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service(12b-1), administration and/ or service(non-12b-1) fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Service Shares pay 0.50%, Cash Management Shares pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, Class A Shares pay 0.25% and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  From the beginning of the reporting period through September 30, 2018, the investment adviser implemented a voluntary temporary fee waiver equal annually to 0.08% of the average daily net assets of the Financial Square Prime Obligations Fund and Financial Square Money Market Fund. On October 1, 2018, the investment adviser reduced the voluntary temporary fee waiver to a percentage rate equal annually to 0.06% of the average daily net assets for both funds. On February 28, 2019, the investment adviser has reduced the voluntary temporary fee waiver to a percentage rate equal annually to 0.05% of the average daily net assets for both funds. In addition, on December 28, 2018, GSAM implemented a management fee waiver equal to 0.02% of the average daily net assets for the Financial Square Federal Instruments Fund.

⁴  The net asset value (NAV) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s total return reflects the reinvestment of dividends and other distributions.

⁵  Source: iMoneyNet, Inc. February 2019.

⁶  Government & Agencies Institutional–Category includes the most broadly based of the government institutional funds. These funds may generally invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.

⁷  First Tier Institutional–Category includes onlynon-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

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

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

5

FUND BASICS

STANDARDIZED TOTAL RETURNS1,2,10
For the period ended December 31, 2018	SEC 7-Day Current Yield11			One Year			Five Years			Ten Years			Since Inception			Inception Date
Federal Instruments		2.23	%		1.71	%		N/A			N/A			0.85	%	10/30/15
Government		2.34			1.74			0.56	%		0.33	%		2.59		4/6/93
Money Market		2.57			2.07			0.75			0.47			2.67		5/18/94
Prime Obligations		2.56			2.06			0.73			0.44			3.00		3/8/90
Treasury Instruments		2.22			1.71			0.53			0.27			1.97		3/3/97
Treasury Obligations		2.33			1.73			0.54			0.29			2.79		4/25/90
Treasury Solutions		2.23			1.72			0.53			0.30			2.16		2/28/97

¹⁰ The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) of Institutional Shares as of the most recent calendarquarter-end. They assume reinvestment of all distributions at NAV. The SEC7-Day Current Yield is not a Standardized Total Return.

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

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

¹¹ The SEC7-Day Current Yield figures are as of December 31, 2018 and are calculated in accordance with securities industry regulations and do not include net capital gains. SEC7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which arenon-recurring.The SEC7-Day Current Yield more closely reflects a Fund’s current earnings than do the Standardized Total Return figures.

6

YIELD SUMMARY

SUMMARY OF THE INSTITUTIONAL SHARES1,2 AS OF 2/28/19
Funds	7-Day Dist. Yield12			SEC 7-Day Effective Yield13			30-Day Average Yield14			Weighted Avg. Maturity (days)15		Weighted Avg. Life (days)16
Federal Instruments		2.28	%		2.30	%		2.27	%		47		88
Government		2.32			2.34			2.31			22		84
Money Market		2.62			2.63			2.61			52		85
Prime Obligations		2.60			2.63			2.60			49		75
Treasury Instruments		2.26			2.27			2.24			37		95
Treasury Obligations		2.29			2.30			2.28			21		87
Treasury Solutions		2.26			2.27			2.25			39		89

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

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

¹²  The7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield can include capital gain/loss distribution, if any. This is not an SEC Yield.

¹³  The SEC7-Day Effective Yield of a Fund is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC7-Day Effective Yield assumes reinvestment of dividends for one year.

¹⁴  The30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution.

¹⁵  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule2a-7.

¹⁶  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule2a-7.

7

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS17
As of February 28, 2019
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit		—			—			0.5	%		0.5	%		—			—			—
Certificates of Deposit - Eurodollar								7.8			—
Certificates of Deposit - Yankeedollar		—			—			2.9			3.4			—			—			—
Commercial Paper & Corporate Obligations		—			—			28.7			30.8			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			2.4			3.4			—			—			—
Repurchase Agreements		—			60.1	%		31.9			30.2			—			61.6	%		—
Time Deposits		—			—			3.3			6.0			—			—			—
U.S. Government Agency Obligations		75.2	%		18.1			—			0.2			—			—			—
U.S. Treasury Obligations		45.9			23.3			—			—			111.4	%		38.5			115.1	%
Variable Rate Municipal Debt Obligations		—			—			2.0			2.7			—			—			—
Variable Rate Obligations		—			—			23.0			24.5			—			—			—

¹⁷ Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

8

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS18
As of August 31, 2018
Security Type (Percentage of Net Assets)	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Certificates of Deposit - Eurodollar		—			—			3.2	%		—			—			—			—
Certificates of Deposit - Yankeedollar		—			—			4.1			4.9	%		—			—			—
Commercial Paper & Corporate Obligations		—			—			30.4			31.9			—			—			—
Master Demand Notes		—			—						—			—			—			—
Fixed Rate Municipal Debt Obligations		—			—			1.4			1.1			—			—			—
Repurchase Agreements		—			48.9	%		30.1			25.3			—			59.0	%		—
Time Deposits		—			—			1.3			1.3			—			—			—
U.S. Government Agency Obligations		32.6	%		25.7			—			0.2			—			—			—
U.S. Government Guarantee Notes		—			—									—			—			—
U.S. Government Guarantee Variable Rate Obligations		—			—									—			—			—
U.S. Treasury Obligations		67.9			25.6			8.3			9.5			100.5	%		41.3			100.6	%
Variable Rate Municipal Debt Obligations		—			—			1.7			2.8			—			—			—
Variable Rate Obligations		—			—			20.4			24.5			—			—			—

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

9

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 75.2%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.09%)
$	1,000,000		2.402	%(a)		03/28/19	$	1,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	1,800,000		2.663	(a)		09/30/19		1,799,947
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.26%)
	250,000		2.523	(a)		07/10/19		250,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)(a)
	850,000		2.485			11/29/19		850,000
	650,000		2.490			02/18/20		650,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)(a)
	700,000		2.495			10/18/19		699,987
	750,000		2.495			12/26/19		749,976
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)
	900,000		2.505	(a)		07/05/19		899,994
	Federal Farm Credit Bank (FEDL01 + 0.11%)
	800,000		2.510	(a)		08/13/20		799,884
	Federal Farm Credit Bank (Prime Rate – 2.88%)
	1,000,000		2.620	(a)		05/07/20		999,906
	Federal Farm Credit Bank (Prime Rate – 2.90%)
	600,000		2.600	(a)		01/30/20		600,000
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	1,200,000		2.570	(a)		11/06/20		1,200,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	200,000		2.540	(a)		03/13/20		199,845
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	300,000		2.520	(a)		11/12/20		299,747
	Federal Farm Credit Bank (Prime Rate – 3.08%)(a)
	250,000		2.420			06/27/19		249,996
	1,600,000		2.420			07/17/19		1,599,939
	Federal Home Loan Bank (1 Mo. LIBOR – 0.05%)
	6,000,000		2.462	(a)		10/07/19		6,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.08%)
	14,000,000		2.401	(a)		03/19/19		14,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.10%)
	5,900,000		2.386	(a)		04/18/19		5,900,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	5,000,000		2.591	(a)		08/04/20		5,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.26%)(a)
	25,000,000		2.542			07/09/19		25,000,000
	10,000,000		2.544			07/11/19		10,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.31%)(a)
	7,200,000		2.466			03/12/19		7,200,000
	4,200,000		2.469			03/13/19		4,200,000
	7,200,000		2.478			03/15/19		7,200,000
	1,800,000		2.514			03/22/19		1,800,000
	750,000		2.512			03/25/19		750,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.32%)(a)
	3,600,000		2.470			03/21/19		3,600,000
	7,300,000		2.502			03/25/19		7,300,000
	7,000,000		2.502			03/27/19		7,000,000
	Federal Home Loan Bank (3 Mo. U.S. T-Bill + 0.07%)
	10,100,000		2.530	(a)		01/30/20		10,101,392
	Federal Home Loan Bank (Prime Rate – 2.94%)
	900,000		2.560	(a)		02/26/21		900,000
	Federal Home Loan Bank Discount Notes
	166,300,000		2.428			03/01/19		166,300,000
	2,000,000		2.394			03/06/19		1,999,344
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank Discount Notes – (continued)
	10,000,000		2.402	%		03/06/19		9,996,715
	35,000,000		2.364			03/08/19		34,983,939
	1,800,000		2.417			03/15/19		1,798,334
	60,000,000		2.423			03/22/19		59,916,525
	10,000,000		2.458			03/22/19		9,985,942
	175,000,000		2.418			03/27/19		174,699,195
	1,200,000		2.500			05/17/19		1,199,888
	30,000,000		2.498			07/12/19		29,729,567
	50,000,000		2.508			08/02/19		49,477,470
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	668,887,532
U.S. Treasury Obligations – 45.9%
	United States Treasury Bills
$	3,000,000		2.383	%		03/05/19	$	2,999,217
	600,000		2.406			03/05/19		599,842
	500,000		2.430			03/05/19		499,867
	900,000		2.412			03/12/19		899,347
	7,200,000		2.418			03/12/19		7,194,764
	100,000		2.422			03/12/19		99,927
	200,000		2.423			03/12/19		199,854
	300,000		2.428			03/12/19		299,781
	200,000		2.342	(b)		03/14/19		199,831
	5,300,000		2.413			03/19/19		5,293,706
	1,200,000		2.418			03/19/19		1,198,572
	5,500,000		2.417			03/26/19		5,490,910
	700,000		2.422			03/26/19		698,841
	200,000		2.423			03/26/19		199,669
	400,000		2.402			04/02/19		399,161
	400,000		2.406			04/02/19		399,159
	1,700,000		2.410			04/02/19		1,696,419
	3,600,000		2.411			04/02/19		3,592,416
	100,000		2.415			04/02/19		99,789
	3,200,000		2.417			04/02/19		3,193,244
	23,100,000		2.448	(b)		04/02/19		23,056,700
	166,300,000		2.440	(b)		04/11/19		165,845,447
	1,900,000		2.546			06/13/19		1,886,388
	3,170,000		2.552			06/20/19		3,145,711
	31,630,000		2.546			06/27/19		31,372,883
	4,500,000		2.573			07/05/19		4,460,546
	500,000		2.469			07/25/19		495,113
	500,000		2.472			07/25/19		495,113
	11,100,000		2.515			08/01/19		10,984,421
	500,000		2.487			08/08/19		494,611
	300,000		2.492			08/08/19		296,760
	1,700,000		2.494			08/08/19		1,681,640
	3,900,000		2.500			08/08/19		3,857,793
	700,000		2.501			08/08/19		692,421
	700,000		2.502			08/08/19		692,417
	9,800,000		2.505			08/08/19		9,693,724
	1,000,000		2.510			08/22/19		988,182
	900,000		2.515			08/22/19		889,343
	3,000,000		2.520			08/22/19		2,964,403

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY – 0.00%)
$	15,900,000		2.420	%(a)		01/31/20	$	15,903,295
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	1,200,000		2.453	(a)		04/30/20		1,200,382
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.05%)(a)
	16,300,000		2.468			10/31/19		16,308,555
	10,450,000		2.465			10/31/20		10,450,000
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	31,200,000		2.480	(a)		07/31/19		31,214,549
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	21,200,000		2.490	(a)		04/30/19		21,204,273
	United States Treasury Notes
	300,000		1.000			03/15/19		299,836
	1,800,000		1.625			03/31/19		1,798,710
	2,400,000		1.250			06/30/19		2,389,375
	3,100,000		1.625			06/30/19		3,090,094
	200,000		0.750			07/15/19		198,630
	600,000		0.875			07/31/19		596,015
	500,000		0.750			08/15/19		495,753
	2,400,000		3.625			08/15/19		2,411,243
	800,000		8.125			08/15/19		820,282
	600,000		1.750			09/30/19		596,768
	TOTAL U.S. TREASURY OBLIGATIONS						$	408,225,692
	��
	TOTAL INVESTMENTS – 121.1%						$	1,077,113,224
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (21.1)%							(187,769,625	)
	NET ASSETS – 100.0%						$	889,343,599

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(b)	All or a portion represents a forward commitment.

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

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

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 18.1%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.09%)
$	148,000,000		2.402	%(a)		03/28/19	$	148,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	246,500,000		2.663	(a)		09/30/19		246,492,804
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.26%)
	24,500,000		2.523	(a)		07/10/19		24,500,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)(a)
	198,700,000		2.485			11/20/19		198,695,707
	98,500,000		2.485			11/29/19		98,500,000
	98,700,000		2.490			02/18/20		98,700,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)(a)
	120,500,000		2.495			10/18/19		120,497,712
	98,600,000		2.495			12/26/19		98,596,781
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)
	118,700,000		2.505	(a)		07/05/19		118,699,179
	Federal Farm Credit Bank (FEDL01 + 0.11%)
	123,400,000		2.510	(a)		08/13/20		123,382,156
	Federal Farm Credit Bank (Prime Rate – 2.88%)
	148,000,000		2.620	(a)		05/07/20		147,986,061
	Federal Farm Credit Bank (Prime Rate – 2.90%)
	88,800,000		2.600	(a)		01/30/20		88,800,000
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	197,600,000		2.570	(a)		11/06/20		197,600,000
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	244,900,000		2.565	(a)		10/30/20		244,900,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	24,300,000		2.550	(a)		04/30/20		24,300,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	24,600,000		2.540	(a)		03/13/20		24,580,932
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	54,000,000		2.520	(a)		11/12/20		53,954,514
	Federal Farm Credit Bank (Prime Rate – 3.08%)(a)
	36,500,000		2.420			06/27/19		36,499,399
	216,800,000		2.420			07/17/19		216,791,787
	Federal Home Loan Bank (1 Mo. LIBOR – 0.05%)
	988,000,000		2.462	(a)		10/07/19		988,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.08%)
	1,900,000,000		2.401	(a)		03/19/19		1,900,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.10%)
	903,750,000		2.386	(a)		04/18/19		903,750,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	477,700,000		2.591	(a)		08/04/20		477,700,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.26%)(a)
	745,000,000		2.549			06/27/19		745,000,000
	495,000,000		2.542			07/09/19		495,000,000
	496,000,000		2.544			07/11/19		496,000,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.31%)(a)
	566,900,000		2.469			03/13/19		566,900,000
	949,300,000		2.478			03/15/19		949,300,000
	224,000,000		2.514			03/22/19		224,000,000
	98,500,000		2.512			03/25/19		98,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.32%)(a)
	493,500,000		2.470			03/21/19		493,500,000
	986,800,000		2.502			03/25/19		986,800,000
	987,000,000		2.502			03/27/19		987,000,000
	Federal Home Loan Bank (3 Mo. U.S. T-Bill + 0.07%)
	1,755,000,000		2.530	(a)		01/30/20		1,755,241,963
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank (Prime Rate – 2.94%)
	98,300,000		2.560	%(a)		02/26/21		98,300,000
	Federal Home Loan Bank Discount Notes
	200,000,000		2.281			03/01/19		200,000,000
	229,500,000		2.526			05/08/19		228,429,255
	217,500,000		2.532			05/14/19		216,393,469
	182,600,000		2.500			05/17/19		182,582,920
	496,700,000		2.539			05/21/19		493,928,414
	496,000,000		2.498			07/12/19		491,528,836
	Federal National Mortgage Association (SOFR + 0.12%)
	994,000,000		2.490	(a)		07/30/19		994,000,000
	Federal National Mortgage Association (SOFR + 0.16%)
	124,250,000		2.530	(a)		01/30/20		124,250,000
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%)(a)
	102,234,956		2.420			03/07/19		102,234,957
	646,873,699		2.440			03/07/19		646,873,699
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	18,156,690,545
U.S. Treasury Obligations – 23.3%
	United States Treasury Bills
$	100,000		2.422	%		03/26/19	$	99,834
	428,300,000		2.443	(b)		04/02/19		427,498,841
	2,710,000,000		2.440	(b)		04/11/19		2,702,592,676
	443,400,000		2.546			06/13/19		440,223,285
	697,470,000		2.552			06/20/19		692,125,925
	518,730,000		2.546			06/27/19		514,513,301
	2,854,800,000		2.573			07/05/19		2,829,770,541
	159,700,000		2.536			07/11/19		158,253,650
	1,276,300,000		2.515			08/01/19		1,263,010,527
	56,100,000		2.487			08/08/19		55,495,367
	33,200,000		2.492			08/08/19		32,841,440
	238,600,000		2.494			08/08/19		236,023,120
	531,700,000		2.500			08/08/19		525,945,824
	101,300,000		2.501			08/08/19		100,203,259
	101,300,000		2.502			08/08/19		100,202,583
	1,096,750,000		2.505			08/08/19		1,084,856,353
	116,900,000		2.510			08/22/19		115,518,534
	121,250,000		2.515			08/22/19		119,814,198
	350,100,000		2.520			08/22/19		345,945,772
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	3,000,000,500		2.46	(a)		07/31/20		2,999,688,879
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.05%)(a)
	4,854,100,000		2.468			10/31/19		4,854,429,673
	2,003,000,000		2.465			10/31/20		2,003,000,000
	United States Treasury Notes
	51,300,000		1.125			05/31/19		51,118,717
	384,600,000		1.250			06/30/19		382,897,461
	506,300,000		1.625			06/30/19		504,682,032
	34,400,000		0.750			07/15/19		34,164,401
	69,900,000		0.875			07/31/19		69,435,728
	80,600,000		0.750			08/15/19		79,915,404
	370,000,000		3.625			08/15/19		371,738,061

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	117,000,000		8.125	%		08/15/19	$	119,966,270
	91,800,000		1.750			09/30/19		91,305,457
	TOTAL U.S. TREASURY OBLIGATIONS						$	23,307,277,113
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	41,463,967,658
Repurchase Agreements-Unaffiliated Issuers(c) – 59.5%
	Bank of Montreal
$	20,000,000		2.600	%		03/01/19	$	20,000,000
	Maturity Value: $20,001,444
	Collateralized by Federal National Mortgage Association, 4.000% to 4.500%, due 01/01/49 to 03/01/49, Government National Mortgage Association, 4.500%, due 01/20/49, U.S. Treasury Bonds, 2.500% to 3.000%, due 02/15/46 to 02/15/47 and a U.S. Treasury Note, 2.250%, due 11/15/27. The aggregate market value of the collateral, including accrued interest, was $20,599,869.
	500,000,000		2.480	(d)		03/07/19		500,000,000
	Maturity Value: $501,928,889
	Settlement Date: 02/13/19
	Collateralized by Federal Home Loan Bank, 3.500%, due 06/09/28, Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 10/01/29 to 11/01/48, Federal National Mortgage Association, 3.000% to 5.000%, due 03/01/28 to 03/01/49 and Government National Mortgage Association, 3.000% to 4.500%, due 01/20/46 to 01/20/49. The aggregate market value of the collateral, including accrued interest, was $514,979,563.
	Bank of Nova Scotia (The)
	200,000,000		2.620			03/01/19		200,000,000
	Maturity Value: $200,014,556
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 11/01/20 to 12/01/48, Federal National Mortgage Association, 1.750% to 7.125%, due 09/12/19 to 02/01/49 and Government National Mortgage Association, 4.000% to 5.000%, due 01/20/46 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $205,880,107.
	BNP Paribas
	500,000,000		2.600			03/01/19		500,000,000
	Maturity Value: $500,036,111
	Collateralized by a U.S. Treasury Note, 3.625%, due 08/15/19. The market value of the collateral, including accrued interest, was $510,000,000.
	1,000,000,000		2.600			03/01/19		1,000,000,000
	Maturity Value: $1,000,072,222
	Collateralized by a U.S. Treasury Note, 2.875%, due 07/31/25. The market value of the collateral, including accrued interest, was $1,020,000,000.
	1,000,000,000		2.600			03/01/19		1,000,000,000
	Maturity Value: $1,000,072,222
	Collateralized by a U.S. Treasury Note, 2.500%, due 06/30/20. The market value of the collateral, including accrued interest, was $1,020,000,000.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas – (continued)
	475,000,000		2.480	%(d)		03/07/19		475,000,000
	Maturity Value: $480,890,001
	Settlement Date: 02/27/19
	Collateralized by U.S. Treasury Bonds, 2.500% to 2.750%, due 08/15/42 to 02/15/45, U.S. Treasury Inflation-Indexed Bonds, 2.125% to 3.875%, due 04/15/29 to 02/15/41, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/21 to 11/15/45, U.S. Treasury Notes, 1.750% to 3.500%, due 05/15/20 to 01/31/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/28 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $484,499,997.
	1,490,000,000		2.480	(d)		03/07/19		1,490,000,000
	Maturity Value: $1,499,443,290
	Settlement Date: 12/20/18
	Collateralized by Federal Farm Credit Bank, 1.375% to 4.080%, due 06/12/19 to 09/20/38, Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 03/01/19 to 03/01/49, Federal National Mortgage Association, 2.500% to 7.500%, due 04/01/19 to 06/01/51, Federal National Mortgage Association Stripped Security, 0.000%, due 11/15/30, Government National Mortgage Association, 2.000% to 6.000%, due 02/15/33 to 02/20/49, U.S. Treasury Bills, 0.000%, due 07/05/19 to 08/08/19, U.S. Treasury Bonds, 2.750% to 8.125%, due 08/15/19 to 08/15/45, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 01/15/29 to 02/15/45, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/37 to 08/15/37 and U.S. Treasury Notes, 1.000% to 2.750%, due 09/30/19 to 12/31/23. The aggregate market value of the collateral, including accrued interest, was $1,529,098,824.
	250,000,000		2.500	(d)		03/07/19		250,000,000
	Maturity Value: $253,142,359
	Settlement Date: 01/08/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 04/01/46 to 09/01/48, Federal National Mortgage Association, 3.000% to 5.000%, due 10/01/30 to 07/01/48, Government National Mortgage Association, 2.500% to 4.500%, due 12/15/26 to 12/20/48, a U.S. Treasury Bill, 0.000%, due 03/28/19, a U.S. Treasury Bond, 4.375%, due 11/15/39, a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 02/15/33, U.S. Treasury Notes, 1.375% to 2.625%, due 03/31/20 to 02/28/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/39. The aggregate market value of the collateral, including accrued interest, was $256,992,319.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas – (continued)
$	870,000,000		2.500	%(d)		03/07/19	$	870,000,000
	Maturity Value: $880,874,993
	Settlement Date: 02/27/19
	Collateralized by Federal Farm Credit Bank, 3.420%, due 09/11/37, Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 03/01/19 to 12/01/48, Federal National Mortgage Association, 2.500% to 6.500%, due 04/01/19 to 01/01/57, Government National Mortgage Association, 3.000% to 7.000%, due 12/15/25 to 02/20/49, a U.S. Treasury Bill, 0.000%, due 04/23/19, a U.S. Treasury Bond, 2.500%, due 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.125%, due 01/15/21 to 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/33 to 08/15/47 and U.S. Treasury Notes, 1.500% to 2.625%, due 08/15/20 to 02/28/23. The aggregate market value of the collateral, including accrued interest, was $895,836,763.
	2,000,000,000		2.500	(d)		03/07/19		2,000,000,000
	Maturity Value: $2,024,999,984
	Settlement Date: 01/04/19
	Collateralized by Federal Farm Credit Bank, 1.375% to 3.540%, due 06/12/19 to 01/25/38, Federal Home Loan Bank, 0.875%, due 08/05/19, Federal Home Loan Mortgage Corp., 3.000%, due 01/01/47, Federal National Mortgage Association, 1.200% to 5.500%, due 08/16/19 to 11/01/48, Federal National Mortgage Association Stripped Security, 0.000%, due 11/15/30, Government National Mortgage Association, 3.645%, due 01/20/43, U.S. Treasury Bills, 0.000%, due 03/26/19 to 07/11/19, U.S. Treasury Bonds, 2.500% to 7.250%, due 08/15/22 to 08/15/48, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.875%, due 07/15/19 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 05/15/48, U.S. Treasury Notes, 1.125% to 2.875%, due 01/31/20 to 02/15/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/22 to 02/15/23. The aggregate market value of the collateral, including accrued interest, was $2,040,181,870.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas (Overnight MBS + 0.02%)
	500,000,000		2.630	%(a)(d)		03/01/19		500,000,000
	Maturity Value: $540,765,025
	Settlement Date: 02/23/16
	Collateralized by Federal Farm Credit Bank, 3.130% to 4.150%, due 06/27/33 to 06/02/36, Federal Home Loan Bank, 4.200%, due 06/01/33, Federal Home Loan Mortgage Corp., 0.000% to 8.000%, due 04/01/19 to 10/01/48, Federal National Mortgage Association, 1.200% to 7.000%, due 08/16/19 to 11/01/48, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/22 to 05/15/29, Government National Mortgage Association, 2.500% to 6.450%, due 12/15/26 to 12/20/48, U.S. Treasury Bills, 0.000%, due 03/28/19 to 06/20/19, U.S. Treasury Bonds, 2.750% to 6.625%, due 02/15/27 to 08/15/44, a U.S. Treasury Inflation-Indexed Note, 1.125%, due 01/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/21 to 02/15/33 and U.S. Treasury Notes, 1.375% to 2.750%, due 06/30/20 to 08/15/21. The aggregate market value of the collateral, including accrued interest, was $514,149,208.
	550,000,000		2.630	(a)(d)		03/01/19		550,000,000
	Maturity Value: $594,560,263
	Settlement Date: 02/23/16
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 03/01/19 to 11/01/48, Federal National Mortgage Association, 3.000% to 9.000%, due 04/01/19 to 11/01/48, Government National Mortgage Association, 2.500% to 9.500%, due 06/15/21 to 11/20/48, a U.S. Treasury Bill, 0.000%, due 06/20/19, a U.S. Treasury Bond, 2.875%, due 05/15/43 and U.S. Treasury Notes, 1.250% to 2.375%, due 04/30/20 to 02/29/24. The aggregate market value of the collateral, including accrued interest, was $566,310,755.
	CIBC Wood Gundy Securities
	100,000,000		2.460	(d)		03/07/19		100,000,000
	Maturity Value: $100,410,000
	Settlement Date: 02/11/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 10/01/33, Federal National Mortgage Association, 3.500% to 4.000%, due 11/01/48 to 03/01/49, Government National Mortgage Association, 4.500%, due 10/20/48 to 01/20/49 and a U.S. Treasury Note, 2.750%, due 09/15/21. The aggregate market value of the collateral, including accrued interest, was $102,999,091.
	300,000,000		2.460	(d)		03/07/19		300,000,000
	Maturity Value: $301,926,999
	Settlement Date: 01/18/19
	Collateralized by U.S. Treasury Bonds, 3.125%, due 02/15/43 to 05/15/48, U.S. Treasury Inflation-Indexed Notes, 0.625% to 0.750%, due 01/15/26 to 07/15/28 and U.S. Treasury Notes, 1.875% to 3.125%, due 09/30/20 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $306,000,020.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	CIBC Wood Gundy Securities – (continued)
$	500,000,000		2.460	%(d)		03/07/19	$	500,000,000
	Maturity Value: $502,049,999
	Settlement Date: 02/11/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 04/01/44 to 02/01/48, Federal National Mortgage Association, 3.500% to 4.500%, due 05/01/42 to 10/01/48, Government National Mortgage Association, 4.500%, due 10/20/48 to 01/20/49 and a U.S. Treasury Note, 2.750%, due 09/15/21. The aggregate market value of the collateral, including accrued interest, was $514,992,421.
	300,000,000		2.480	(d)		03/07/19		300,000,000
	Maturity Value: $301,798,000
	Settlement Date: 01/14/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 3.500%, due 12/01/47 to 02/01/48, Federal National Mortgage Association, 3.500% to 5.000%, due 04/01/46 to 02/01/49, Government National Mortgage Association, 4.000% to 5.000%, due 10/20/44 to 01/20/49 and a U.S. Treasury Note, 2.750%, due 09/15/21. The aggregate market value of the collateral, including accrued interest, was $308,995,449.
	550,000,000		2.480	(d)		03/07/19		550,000,000
	Maturity Value: $553,410,001
	Settlement Date: 01/18/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 01/01/48 to 03/01/49, Federal National Mortgage Association, 3.500% to 4.500%, due 11/01/30 to 03/01/49, Government National Mortgage Association, 4.500%, due 10/20/48 to 01/20/49, a U.S. Treasury Bond, 3.125%, due 05/15/48 and a U.S. Treasury Note, 2.000%, due 11/15/26. The aggregate market value of the collateral, including accrued interest, was $566,494,286.
	Citibank N.A. (Overnight MBS + 0.01%)
	1,000,000,000		2.630	(a)		03/07/19		1,000,000,000
	Maturity Value: $1,009,570,284
	Settlement Date: 11/01/18
	Collateralized by Federal Farm Credit Bank, 2.430% to 2.779%, due 03/23/20 to 07/19/27, Federal Home Loan Bank, 2.484% to 5.500%, due 02/25/20 to 07/15/36, Federal Home Loan Mortgage Corp., 0.875% to 11.000%, due 03/01/19 to 07/01/48, Federal National Mortgage Association, 0.000% to 8.500%, due 03/01/19 to 03/01/49, Government National Mortgage Association, 2.500% to 8.500%, due 05/15/24 to 01/20/49, Tennessee Valley Authority, 2.875% to 3.500%, due 09/15/24 to 12/15/42, U.S. Treasury Bills, 0.000%, due 03/19/19 to 01/30/20, U.S. Treasury Bonds, 2.250% to 8.125%, due 08/15/19 to 05/15/47, a U.S. Treasury Floating Rate Note, 2.535%, due 01/31/21, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 04/15/28 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 04/15/19 to 01/15/29 and U.S. Treasury Notes, 0.875% to 3.625%, due 04/30/19 to 02/15/27. The aggregate market value of the collateral, including accrued interest, was $1,020,000,175.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Credit Agricole Corporate and Investment Bank
	3,200,000		2.350	%		03/01/19		3,200,000
	Maturity Value: $3,200,209
	Collateralized by U.S. Treasury Bills, 0.000%, due 06/06/19 to 02/27/20, U.S. Treasury Bonds, 4.625% to 7.250%, due 08/15/22 to 02/15/40, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/19 and U.S. Treasury Notes, 2.000% to 2.125%, due 01/31/21 to 02/28/21. The aggregate market value of the collateral, including accrued interest, was $3,264,073.
	300,000,000		2.350			03/01/19		300,000,000
	Maturity Value: $300,019,583
	Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.250%, due 04/15/20 to 07/15/26 and U.S. Treasury Notes, 2.250% to 2.750%, due 02/28/23 to 11/15/24. The aggregate market value of the collateral, including accrued interest, was $306,000,059.
	150,000,000		2.530			03/01/19		150,000,000
	Maturity Value: $150,010,542
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/26/19 to 02/27/20, a U.S. Treasury Floating Rate Note, 2.480%, due 07/31/19, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/19 to 07/15/27 and U.S. Treasury Notes, 1.125% to 2.625%, due 01/31/20 to 03/31/22. The aggregate market value of the collateral, including accrued interest, was $153,000,024.
	Daiwa Capital Markets America, Inc.
	95,220,588		2.580			03/01/19		95,220,588
	Maturity Value: $95,227,412
	Collateralized by a U.S. Treasury Note, 2.250%, due 08/15/27. The market value of the collateral, including accrued interest, was $97,125,000.
	95,656,715		2.580			03/01/19		95,656,715
	Maturity Value: $95,663,570
	Collateralized by a U.S. Treasury Note, 2.125%, due 09/30/24. The market value of the collateral, including accrued interest, was $97,569,849.
	97,274,582		2.580			03/01/19		97,274,582
	Maturity Value: $97,281,553
	Collateralized by a U.S. Treasury Note, 2.125%, due 05/15/25. The market value of the collateral, including accrued interest, was $99,220,074.
	109,460,782		2.580			03/01/19		109,460,782
	Maturity Value: $109,468,627
	Collateralized by a U.S. Treasury Note, 2.750%, due 06/30/25. The market value of the collateral, including accrued interest, was $111,649,998.
	135,816,175		2.580			03/01/19		135,816,175
	Maturity Value: $135,825,908
	Collateralized by a U.S. Treasury Note, 2.000%, due 04/30/24. The market value of the collateral, including accrued interest, was $138,532,498.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Daiwa Capital Markets America, Inc. – (continued)
$	144,176,285		2.580	%		03/01/19	$	144,176,285
	Maturity Value: $144,186,618
	Collateralized by a U.S. Treasury Note, 2.875%, due 09/30/23. The market value of the collateral, including accrued interest, was $147,059,811.
	144,485,292		2.580			03/01/19		144,485,292
	Maturity Value: $144,495,647
	Collateralized by a U.S. Treasury Note, 2.000%, due 02/15/23. The market value of the collateral, including accrued interest, was $147,374,998.
	147,564,828		2.580			03/01/19		147,564,828
	Maturity Value: $147,575,403
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/28. The market value of the collateral, including accrued interest, was $150,516,125.
	160,858,889		2.580			03/01/19		160,858,889
	Maturity Value: $160,870,417
	Collateralized by a U.S. Treasury Note, 2.875%, due 10/15/21. The market value of the collateral, including accrued interest, was $164,076,067.
	175,794,117		2.580			03/01/19		175,794,117
	Maturity Value: $175,806,716
	Collateralized by a U.S. Treasury Bond, 6.500%, due 11/15/26. The market value of the collateral, including accrued interest, was $179,309,999.
	250,839,091		2.580			03/01/19		250,839,091
	Maturity Value: $250,857,068
	Collateralized by a U.S. Treasury Note, 2.500%, due 01/15/22. The market value of the collateral, including accrued interest, was $255,855,873.
	252,064,965		2.580			03/01/19		252,064,965
	Maturity Value: $252,083,030
	Collateralized by a U.S. Treasury Note, 2.750%, due 08/31/23. The market value of the collateral, including accrued interest, was $257,106,264.
	282,103,042		2.580			03/01/19		282,103,042
	Maturity Value: $282,123,259
	Collateralized by a U.S. Treasury Note, 2.875%, due 10/31/23. The market value of the collateral, including accrued interest, was $287,745,103.
	342,766,763		2.580			03/01/19		342,766,763
	Maturity Value: $342,791,328
	Collateralized by a U.S. Treasury Note, 2.375%, due 02/29/24. The market value of the collateral, including accrued interest, was $349,622,098.
	370,172,000		2.580			03/01/19		370,172,000
	Maturity Value: $370,198,529
	Collateralized by a U.S. Treasury Bond, 2.750%, due 04/30/23. The market value of the collateral, including accrued interest, was $377,575,440.
	385,467,518		2.580			03/01/19		385,467,518
	Maturity Value: $385,495,143
	Collateralized by a U.S. Treasury Note, 2.625%, due 12/31/25. The market value of the collateral, including accrued interest, was $393,176,868.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Daiwa Capital Markets America, Inc. – (continued)
	389,044,112		2.580			03/01/19		389,044,112
	Maturity Value: $389,071,993
	Collateralized by a U.S. Treasury Note, 2.250%, due 11/15/27. The market value of the collateral, including accrued interest, was $396,824,994.
	439,647,051		2.580			03/01/19		439,647,051
	Maturity Value: $439,678,559
	Collateralized by a U.S. Treasury Note, 2.625%, due 12/15/21. The market value of the collateral, including accrued interest, was $448,439,992.
	481,587,205		2.580			03/01/19		481,587,205
	Maturity Value: $481,621,719
	Collateralized by a U.S. Treasury Note, 2.875%, due 11/30/23. The market value of the collateral, including accrued interest, was $491,218,949.
	Deutsche Bank Securities, Inc.
	400,000,000		2.620			03/01/19		400,000,000
	Maturity Value: $400,029,111
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 01/01/27 to 02/01/49 and U.S. Treasury Notes, 2.250% to 2.625%, due 03/31/21 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $409,132,378.
	Federal Reserve Bank of New York
	350,000,000		2.250			03/01/19		350,000,000
	Maturity Value: $350,021,875
	Collateralized by U.S. Treasury Notes, 2.000% to 2.750%, due 11/30/22 to 08/31/25. The aggregate market value of the collateral, including accrued interest, was $350,021,884.
	Fixed Income Clearing Corp.
	115,000,000		2.360			03/01/19		115,000,000
	Maturity Value: $115,007,539
	Collateralized by a U.S. Treasury Bill, 0.000%, due 02/27/20 and a U.S. Treasury Note, 1.375%, due 01/31/21. The aggregate market value of the collateral, including accrued interest, was $117,300,072.
	500,000,000		2.400			03/01/19		500,000,000
	Maturity Value: $500,033,333
	Collateralized by a U.S. Treasury Bill, 0.000%, due 02/27/20. The market value of the collateral, including accrued interest, was $510,000,009.
	9,500,000,000		2.550			03/01/19		9,500,000,000
	Maturity Value: $9,500,672,917
	Collateralized by U.S. Treasury Bonds, 3.125% to 3.750%, due 11/15/43 to 08/15/44 and U.S. Treasury Notes, 2.750% to 3.375%, due 11/15/19 to 07/31/25. The aggregate market value of the collateral, including accrued interest, was $9,690,000,058.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	HSBC Bank PLC
$	2,100,000,000		2.570	%		03/01/19	$	2,100,000,000
	Maturity Value: $2,100,149,917
	Collateralized by U.S. Treasury Bonds, 0.750% to 8.000%, due 11/15/21 to 05/15/47 and U.S. Treasury Notes, 1.125% to 3.625%, due 04/30/19 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $2,142,000,006.
	HSBC Securities (USA), Inc.
	1,000,000,000		2.580			03/01/19		1,000,000,000
	Maturity Value: $1,000,071,667
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 07/01/28 to 01/01/49, Federal National Mortgage Association, 2.125%, due 04/24/26, Federal National Mortgage Association Stripped Securities, 0.000%, due 07/15/20 to 11/15/28, Government National Mortgage Association, 3.000% to 5.000%, due 10/20/39 to 02/20/49, a U.S. Treasury Inflation- Indexed Bond, 2.375%, due 01/15/25, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/21 to 02/15/45, U.S. Treasury Notes, 2.125% to 2.750%, due 05/31/23 to 07/31/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/22 to 11/15/39. The aggregate market value of the collateral, including accrued interest, was $1,026,875,282.
	HSBC Securities (USA), Inc. (Overnight MBS + 0.01%)
	500,000,000		2.590	(a)		03/07/19		500,000,000
	Maturity Value: $504,244,720
	Settlement Date: 11/14/18
	Collateralized by Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/21 to 09/15/26, Government National Mortgage Association, 3.500%, due 10/20/43 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/20 to 08/15/40. The aggregate market value of the collateral, including accrued interest, was $511,187,505.
	1,000,000,000		2.590	(a)		03/07/19		1,000,000,000
	Maturity Value: $1,009,496,661
	Settlement Date: 10/31/18
	Collateralized by Federal Farm Credit Bank, 1.440% to 2.700%, due 10/21/19 to 02/23/21, Federal Farm Credit Bank discount note, 0.000%, due 09/16/19, Federal Home Loan Bank, 0.000% to 2.750%, due 06/14/19 to 03/10/23, Federal Home Loan Mortgage Corp., 0.000% to 5.000%, due 05/30/19 to 01/01/49, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/19 to 07/15/31, Federal National Mortgage Association, 1.000% to 7.125%, due 06/13/19 to 11/15/30, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/19 to 11/15/30, Tennessee Valley Authority, 0.000% to 3.500%, due 01/15/37 to 12/15/42, a U.S. Treasury Bill, 0.000%, due 08/29/19 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/38 to 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,022,694,217.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	ING Financial Markets LLC
	37,000,000		2.410			03/01/19		37,000,000
	Maturity Value: $37,002,477
	Collateralized by U.S. Treasury Bills, 0.000%, due 07/05/19 to 01/02/20, U.S. Treasury Bonds, 2.750% to 6.625%, due 02/15/27 to 02/15/49 and U.S. Treasury Notes, 1.000% to 3.125%, due 06/30/19 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $37,740,021.
	200,000,000		2.580			03/01/19		200,000,000
	Maturity Value: $200,014,333
	Collateralized by Federal Home Loan Mortgage Corp., 2.437% to 4.777%, due 08/01/37 to 10/01/46, Federal National Mortgage Association, 2.389% to 6.000%, due 05/01/23 to 02/01/49, U.S. Treasury Bills, 0.000%, due 08/15/19 to 01/02/20 and a U.S. Treasury Note, 2.500%, due 02/28/26. The aggregate market value of the collateral, including accrued interest, was $204,000,041.
	300,000,000		2.490			03/11/19		300,000,000
	Maturity Value: $301,888,250
	Settlement Date: 12/10/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.245% to 7.000%, due 07/01/25 to 08/01/48, Federal National Mortgage Association, 2.500% to 7.000%, due 01/01/24 to 02/01/49, U.S. Treasury Bills, 0.000%, due 08/15/19 to 01/02/20 and a U.S. Treasury Bond, 3.125%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $306,000,014.
	300,000,000		2.490			03/12/19		300,000,000
	Maturity Value: $301,888,250
	Settlement Date: 12/11/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 12/01/26 to 08/01/48, Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/24 to 01/01/57, U.S. Treasury Bills, 0.000%, due 08/15/19 to 01/02/20 and a U.S. Treasury Bond, 3.125%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $306,000,007.
	300,000,000		2.510			03/22/19		300,000,000
	Maturity Value: $301,924,333
	Settlement Date: 12/20/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.245% to 4.910%, due 10/01/29 to 11/01/48, Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/23 to 02/01/49 and U.S. Treasury Bills, 0.000%, due 08/15/19 to 01/02/20. The aggregate market value of the collateral, including accrued interest, was $306,000,014.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	ING Financial Markets LLC – (continued)
$	400,000,000		2.510	%		03/22/19	$	400,000,000
	Maturity Value: $402,565,778
	Settlement Date: 12/20/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.118% to 5.000%, due 11/01/26 to 01/01/49, Federal National Mortgage Association, 2.310% to 6.500%, due 05/01/21 to 01/01/57, U.S. Treasury Bills, 0.000%, due 08/15/19 to 01/02/20, a U.S. Treasury Bond, 3.125%, due 08/15/44 and U.S. Treasury Notes, 1.500% to 2.000%, due 08/15/25 to 08/15/26. The aggregate market value of the collateral, including accrued interest, was $816,000,033.
	400,000,000		2.510			03/22/19		400,000,000
	Maturity Value: $402,565,778
	Settlement Date: 12/20/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.118% to 5.000%, due 11/01/26 to 01/01/49, Federal National Mortgage Association, 2.310% to 6.500%, due 05/01/21 to 01/01/57, U.S. Treasury Bills, 0.000%, due 08/15/19 to 01/02/20, a U.S. Treasury Bond, 3.125%, due 08/15/44 and U.S. Treasury Notes, 1.500% to 2.000%, due 08/15/25 to 08/15/26. The aggregate market value of the collateral, including accrued interest, was $816,000,033.
	J.P. Morgan Securities LLC
	1,000,000,000		2.600			03/01/19		1,000,000,000
	Maturity Value: $1,000,072,222
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 07/16/21 to 02/01/49, Federal National Mortgage Association, 2.500% to 5.000%, due 06/01/27 to 01/01/58 and Government National Mortgage Association, 3.000% to 7.500%, due 12/20/30 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $1,029,159,119.
	Joint Repurchase Agreement Account I
	1,200,000,000		2.589			03/01/19		1,200,000,000
	Maturity Value: $1,200,086,303
	Joint Repurchase Agreement Account III
	3,939,800,000		2.595			03/01/19		3,939,800,000
	Maturity Value: $3,940,083,987
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	400,000,000		2.500			03/01/19		400,000,000
	Maturity Value: $400,027,778
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/24 and U.S. Treasury Notes, 1.750%, due 10/31/20 to 04/30/22. The aggregate market value of the collateral, including accrued interest, was $408,000,001.
	155,100,000		2.570			03/01/19		155,100,000
	Maturity Value: $155,111,072
	Collateralized by Government National Mortgage Association, 3.500% to 4.000%, due 04/20/47 to 06/20/47. The aggregate market value of the collateral, including accrued interest, was $159,753,000.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Merrill Lynch, Pierce, Fenner& Smith, Inc. – (continued)
	231,700,000		2.570	%		03/01/19		231,700,000
	Maturity Value: $231,716,541
	Collateralized by Government National Mortgage Association, 4.000%, due 06/20/47. The market value of the collateral, including accrued interest, was $238,651,000.
	Mizuho Securities USA LLC
	350,000,000		2.570			03/01/19		350,000,000
	Maturity Value: $350,024,986
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 11/01/48 to 01/01/49, Federal National Mortgage Association, 4.000% to 5.000%, due 05/01/48 to 02/01/49 and Government National Mortgage Association, 4.500%, due 05/15/46 to 08/20/48. The aggregate market value of the collateral, including accrued interest, was $360,499,999.
	MUFG Securities Americas Inc.
	300,000,000		2.570			03/01/19		300,000,000
	Maturity Value: $300,021,417
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 09/01/27 to 02/01/49, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/29 and Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/29. The aggregate market value of the collateral, including accrued interest, was $308,948,448.
	MUFG Securities Americas Inc. (Overnight MBS + 0.09%)
	250,000,000		2.660	(a)		04/04/19		250,000,000
	Maturity Value: $252,438,334
	Settlement Date: 11/28/18
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/25 to 02/01/49. The aggregate market value of the collateral, including accrued interest, was $257,499,998.
	500,000,000		2.660	(a)		04/04/19		500,000,000
	Maturity Value: $506,613,057
	Settlement Date: 10/12/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 11/01/26 to 12/01/48, Federal National Mortgage Association Stripped Security, 0.000%, due 05/15/30 and Tennessee Valley Authority, 4.625% to 5.375%, due 04/01/56 to 09/15/60. The aggregate market value of the collateral, including accrued interest, was $514,450,042.
	MUFG Securities Americas Inc. (Overnight Treasury + 0.02%)
	525,000,000		2.570	(a)		03/07/19		525,000,000
	Maturity Value: $527,286,229
	Settlement Date: 01/10/19
	Collateralized by a U.S. Treasury Bond, 8.750%, due 05/15/20, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 04/15/19 to 01/15/20 and U.S. Treasury Notes, 0.875% to 2.625%, due 03/31/19 to 06/30/22. The aggregate market value of the collateral, including accrued interest, was $535,500,054.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Natixis-New York Branch
$	1,500,000,000		2.570	%		03/01/19	$	1,500,000,000
	Maturity Value: $1,500,107,083
	Collateralized by Federal Farm Credit Bank, 2.900%, due 06/28/32, Federal Home Loan Bank, 3.930%, due 07/11/33, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/31, Federal National Mortgage Association, 4.000%, due 02/01/49, U.S. Treasury Bills, 0.000%, due 05/09/19 to 02/27/20, U.S. Treasury Bonds, 2.500% to 8.750%, due 05/15/20 to 08/15/47, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.375%, due 01/15/27 to 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 04/15/19 to 07/15/28 and U.S. Treasury Notes, 1.250% to 3.000%, due 04/30/19 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $1,530,000,037.
	Nomura Securities International, Inc.
	1,200,000,000		2.590			03/01/19		1,200,000,000
	Maturity Value: $1,200,086,333
	Collateralized by Federal Farm Credit Bank, 2.540%, due 10/24/30, Federal Home Loan Mortgage Corp., 2.500% to 7.500%, due 03/01/21 to 03/01/49, Federal National Mortgage Association, 2.000% to 7.000%, due 08/01/19 to 02/01/52, Government National Mortgage Association, 2.500% to 9.000%, due 12/15/22 to 02/20/49, Tennessee Valley Authority, 0.000% to 6.150%, due 01/15/38 to 12/15/42 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/43. The aggregate market value of the collateral, including accrued interest, was $1,235,861,561.
	Norinchukin Bank
	215,000,000		2.490			03/07/19		215,000,000
	Maturity Value: $216,695,275
	Settlement Date: 11/13/18
	Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27 and U.S. Treasury Notes, 2.000% to 3.375%, due 11/15/19 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $219,300,024.
	640,000,000		2.520			03/15/19		640,000,000
	Maturity Value: $644,121,600
	Settlement Date: 12/13/18
	Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27 and a U.S. Treasury Note, 2.000%, due 11/15/26. The aggregate market value of the collateral, including accrued interest, was $652,800,087.
	Northwestern Mutual Life Insurance Company
	148,275,000		2.590			03/01/19		148,275,000
	Maturity Value: $148,285,668
	Collateralized by a U.S. Treasury Note, 2.375%, due 03/15/21. The market value of the collateral, including accrued interest, was $151,240,500.
	778,000,000		2.590			03/01/19		778,000,000
	Maturity Value: $778,055,973
	Collateralized by a U.S. Treasury Note, 1.750%, due 11/15/20. The market value of the collateral, including accrued interest, was $793,560,000.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Prudential Insurance Company of America (The)
	15,793,750		2.580			03/01/19		15,793,750
	Maturity Value: $15,794,882
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $16,109,625.
	16,468,750		2.580			03/01/19		16,468,750
	Maturity Value: $16,469,930
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/32. The market value of the collateral, including accrued interest, was $16,798,125.
	18,067,500		2.580			03/01/19		18,067,500
	Maturity Value: $18,068,795
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $18,428,850.
	18,812,500		2.580			03/01/19		18,812,500
	Maturity Value: $18,813,848
	Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,188,750.
	23,275,000		2.580			03/01/19		23,275,000
	Maturity Value: $23,276,668
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/35. The market value of the collateral, including accrued interest, was $23,740,500.
	26,268,750		2.580			03/01/19		26,268,750
	Maturity Value: $26,270,633
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/36. The market value of the collateral, including accrued interest, was $26,794,125.
	66,187,500		2.580			03/01/19		66,187,500
	Maturity Value: $66,192,243
	Collateralized by a U.S. Treasury Bond, 2.500%, due 02/15/45. The market value of the collateral, including accrued interest, was $67,511,250.
	72,562,500		2.580			03/01/19		72,562,500
	Maturity Value: $72,567,700
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/41. The market value of the collateral, including accrued interest, was $74,013,750.
	156,750,000		2.580			03/01/19		156,750,000
	Maturity Value: $156,761,234
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/27. The market value of the collateral, including accrued interest, was $159,885,000.
	189,750,000		2.580			03/01/19		189,750,000
	Maturity Value: $189,763,599
	Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $193,545,000.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	RBC Capital Markets LLC
$	250,000,000		2.480	%(d)		03/07/19	$	250,000,000
	Maturity Value: $251,550,000
	Settlement Date: 01/22/19
	Collateralized by a U.S. Treasury Bond, 2.875%, due 11/15/46 and U.S. Treasury Notes, 1.625% to 2.000%, due 07/31/20 to 11/30/20. The aggregate market value of the collateral, including accrued interest, was $255,000,001.
	Royal Bank of Canada-New York Branch
	2,000,000,000		2.550			03/01/19		2,000,000,000
	Maturity Value: $2,000,141,667
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 11/01/31 to 01/01/49, Federal National Mortgage Association, 2.000% to 7.000%, due 08/01/27 to 06/01/56 and Government National Mortgage Association, 4.500% to 5.000%, due 07/15/48 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $2,039,999,998.
	858,000,000		2.460	(d)		03/07/19		858,000,000
	Maturity Value: $863,276,697
	Settlement Date: 01/04/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 02/01/29 to 01/01/49, Federal National Mortgage Association, 3.000% to 5.000%, due 11/01/32 to 02/01/49 and Government National Mortgage Association, 5.000% to 5.500%, due 07/15/48 to 01/20/49. The aggregate market value of the collateral, including accrued interest, was $875,160,000.
	1,500,000,000		2.460	(d)		03/07/19		1,500,000,000
	Maturity Value: $1,509,224,995
	Settlement Date: 12/13/18
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 02/01/26 to 02/01/49, Federal National Mortgage Association, 2.500% to 6.500%, due 12/01/25 to 01/01/49 and Government National Mortgage Association, 4.000% to 6.000%, due 01/20/43 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $1,529,999,994.
	500,000,000		2.470	(d)		03/07/19		500,000,000
	Maturity Value: $503,087,500
	Settlement Date: 01/10/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 11/01/26 to 01/01/49, Federal National Mortgage Association, 3.000% to 6.000%, due 01/01/30 to 02/01/57 and Government National Mortgage Association, 5.000%, due 02/15/49. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
	850,000,000		2.470	(d)		03/07/19		850,000,000
	Maturity Value: $855,307,069
	Settlement Date: 01/28/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 12/01/28 to 10/01/48, Federal National Mortgage Association, 3.000% to 5.000%, due 06/01/30 to 07/01/55 and Government National Mortgage Association, 3.500% to 6.000%, due 07/20/43 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $866,999,993.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Royal Bank of Canada-New York Branch – (continued)
	850,000,000		2.480	%(d)		03/07/19		850,000,000
	Maturity Value: $855,270,001
	Settlement Date: 01/22/19
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.000%, due 11/01/27 to 02/01/49, Federal National Mortgage Association, 3.000% to 7.000%, due 08/01/25 to 06/01/51 and Government National Mortgage Association, 3.500% to 6.000%, due 02/20/40 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $867,000,004.
	1,000,000,000		2.470			04/16/19		1,000,000,000
	Maturity Value: $1,003,224,722
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 03/01/33 to 12/01/48, Federal National Mortgage Association, 3.000% to 4.500%, due 02/01/27 to 02/01/56 and Government National Mortgage Association, 4.500% to 5.000%, due 10/20/48 to 02/20/49. The aggregate market value of the collateral, including accrued interest, was $1,020,000,001.
	Sumitomo Mitsui Banking Corp.
	3,000,000,000		2.600			03/01/19		3,000,000,000
	Maturity Value: $3,000,216,667
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 05/01/47, Federal National Mortgage Association, 3.500% to 4.000%, due 12/01/48 to 03/01/49 and Government National Mortgage Association, 3.500% to 4.000%, due 03/20/46 to 02/20/48. The aggregate market value of the collateral, including accrued interest, was $3,090,223,166.
	Wells Fargo Securities LLC
	300,000,000		2.520			03/01/19		300,000,000
	Maturity Value: $300,021,000
	Collateralized by U.S. Treasury Bonds, 2.250% to 2.875%, due 02/15/46 to 11/15/46, a U.S. Treasury Inflation-Indexed Note, 1.125%, due 01/15/21 and U.S. Treasury Notes, 1.125% to 3.500%, due 07/31/19 to 08/15/27. The aggregate market value of the collateral, including accrued interest, was $306,000,075.
	250,000,000		2.570			03/01/19		250,000,000
	Maturity Value: $250,017,847
	Collateralized by a U.S. Treasury Bill, 0.000%, due 01/30/20, U.S. Treasury Bonds, 2.750% to 2.875%, due 11/15/42 to 11/15/46, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 1.000%, due 02/15/45 to 02/15/49 and U.S. Treasury Notes, 1.250% to 2.250%, due 10/31/21 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $255,000,010.
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	59,755,011,250

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Affiliated Issuers(c) – 0.6%
	Goldman Sachs & Co.
$	650,000,000		2.200	%		03/01/19	$	650,000,000
	Maturity Value: $650,039,722
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/33 to 08/15/36, U.S. Treasury Notes, 1.750% to 3.000%, due 05/15/22 to 08/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $663,000,036.
	TOTAL INVESTMENTS – 101.5%						$	101,868,978,908
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.5)%							(1,462,929,115	)
	NET ASSETS – 100.0%						$	100,406,049,793

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2019. Additional information on Joint Repurchase Agreement Accounts I and III appear on pages 38 and 39.
(d)	The instrument is subject to a demand feature.

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

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

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

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 28.7%
	Albion Capital LLC
$	150,000,000		2.516	%		03/01/19	$	149,990,053
	24,255,000		2.570			03/28/19		24,208,649
	89,386,000		2.653			05/15/19		88,906,504
	Alpine Securitization LLC
	42,150,000		2.860	(a)		05/09/19		42,171,752
	Antalis S.A.
	15,552,000		2.806			04/10/19		15,507,614
	Atlantic Asset Securitization LLC
	39,000,000		2.871			03/11/19		38,970,804
	46,000,000		2.911			03/21/19		45,933,775
	Banque et Caisse d’Epargne de l’Etat
	34,000,000		2.696			05/07/19		33,835,527
	50,000,000		2.662			07/01/19		49,546,609
	Barclays US CCP Funding LLC
	25,000,000		2.900			03/05/19		24,991,656
	20,000,000		2.910			03/07/19		19,990,628
	35,000,000		2.709			03/26/19		34,937,943
	Barton Capital S.A.
	30,300,000		2.674			05/08/19		30,148,366
	Bedford Row Funding Corp.
	8,000,000		3.103			10/16/19		7,862,000
	CAFCO, LLC
	21,000,000		3.015			07/01/19		20,816,894
	72,000,000		2.818			08/01/19		71,208,132
	Cancara Asset Securitisation LLC
	20,000,000		2.903			03/22/19		19,969,823
	25,000,000		2.994			05/14/19		24,865,886
	16,980,000		3.005			05/28/19		16,870,940
	Chariot Funding LLC
	55,000,000		2.900			05/02/19		54,754,755
	15,000,000		3.057			06/17/19		14,884,823
	50,000,000		3.037			07/08/19		49,540,847
	China Construction Bank Corp.
	18,150,000		3.044			04/08/19		18,099,743
	18,000,000		2.962			04/15/19		17,940,568
	23,000,000		2.962			04/16/19		22,922,288
	CNPC Finance (HK) Ltd.
	22,000,000		2.968			03/14/19		21,977,875
	Coca-Cola Company (The)
	50,000,000		2.794			01/13/20		48,778,939
	30,000,000		2.822			02/11/20		29,192,640
	Collateralized Commercial Paper Flex Co., LLC
	43,100,000		3.059			10/15/19		42,358,661
	Collateralized Commercial Paper II Co., LLC
	66,000,000		2.984			07/08/19		65,388,198
	40,000,000		3.191			10/22/19		39,286,493
	16,455,000		3.309			11/25/19		16,114,382
	CRC Funding, LLC
	25,000,000		3.015			07/01/19		24,779,539
	Dexia Credit Local-New York Branch
	70,000,000		2.644			05/07/19		69,673,014
	60,000,000		2.866			10/10/19		59,035,307
	District of Columbia Water & Sewer Authority Public Utility Systems
	29,200,000		2.530			03/19/19		29,198,213
Commercial Paper and Corporate Obligations – (continued)
	DNB Bank ASA
	150,000,000		2.434			03/06/19		149,940,700
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank
	33,200,000		2.756			04/10/19		33,106,909
	25,000,000		2.756			04/11/19		24,928,133
	Fairway Finance Company LLC
	3,000,000		2.846			03/14/19		2,997,132
	42,200,000		2.760			04/18/19		42,053,991
	Federation des caisses Desjardins du Quebec
	45,400,000		2.803			02/25/20		44,159,173
	First Abu Dhabi Bank P.J.S.C.
	30,000,000		2.736			05/06/19		29,849,306
	50,000,000		2.736			05/08/19		49,741,059
	70,000,000		2.762			06/05/19		69,483,394
	Gotham Funding Corp.
	25,000,000		2.859			04/08/19		24,932,264
	Industrial & Commercial Bank of China Ltd.-New York Branch
	62,550,000		3.066			04/15/19		62,344,353
	J.P. Morgan Securities LLC
	32,000,000		2.992			06/03/19		31,775,631
	45,000,000		3.012			08/01/19		44,483,522
	25,000,000		3.058			09/27/19		24,599,393
	Liberty Street Funding LLC
	30,000,000		2.859			04/04/19		29,927,317
	25,000,000		2.659			06/11/19		24,816,173
	LMA-Americas LLC
	22,000,000		2.899			03/07/19		21,989,648
	19,000,000		2.807			04/18/19		18,935,244
	Longship Funding LLC
	37,000,000		2.592			04/02/19		36,912,631
	23,850,000		2.617			04/24/19		23,751,874
	Macquarie Bank Ltd.
	18,800,000		2.808			04/15/19		18,739,296
	Manhattan Asset Funding Company LLC
	14,200,000		2.498			03/21/19		14,179,556
	10,000,000		2.669			03/22/19		9,984,912
	Matchpoint Finance PLC
	9,250,000		2.516			03/07/19		9,245,468
	20,000,000		2.807			04/18/19		19,929,114
	40,000,000		3.029			05/20/19		39,760,150
	32,750,000		2.622			05/21/19		32,551,049
	20,000,000		3.057			06/03/19		19,858,186
	40,000,000		2.669			06/11/19		39,691,343
	Mercy Health
	28,000,000		2.662			03/18/19		27,965,938
	Metlife Short Term Funding LLC
	7,000,000		2.728			07/08/19		6,934,708
	30,000,000		2.817			07/23/19		29,685,471
	45,950,000		2.816			07/24/19		45,464,551
	Mitsubishi UFJ Trust and Banking Corp.
	20,000,000		2.777			04/16/19		19,934,539
	National Securities Clearing Corp.
	60,000,000		3.017			10/01/19		59,043,608
	58,000,000		3.245			12/13/19		56,723,536
	21,000,000		3.137			01/02/20		20,501,605
	Natixis-New York Branch
	20,000,000		2.835			09/03/19		19,729,266

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – (continued)
	Nederlandse Waterschapsbank N.V.
$	50,000,000		2.445	%(b)		03/08/19	$	49,972,934
	Nieuw Amsterdam Receivables Corp.
	38,000,000		2.617			04/03/19		37,912,180
	30,000,000		2.562			04/08/19		29,919,757
	20,715,000		2.562	(b)		04/09/19		20,658,080
	Nordea Bank AB
	60,000,000		2.617			05/13/19		59,690,063
	Old Line Funding Corp.
	12,250,000		2.889			05/02/19		12,195,742
	51,500,000		3.057			06/17/19		51,103,001
	Ridgefield Funding Company LLC
	25,000,000		2.828			04/16/19		24,917,750
	25,000,000		3.089			06/10/19		24,817,392
	28,000,000		3.015			07/08/19		27,736,808
	20,000,000		3.090			07/08/19		19,812,005
	Skandinaviska Enskilda Banken AB
	65,000,000		2.742			11/13/19		63,767,871
	State of the Netherlands (The)
	200,000,000		2.455	(b)		03/07/19		199,905,112
	Sumitomo Mitsui Banking Corp.
	50,000,000		2.866			05/13/19		49,739,664
	15,000,000		2.618			06/24/19		14,875,445
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	50,000,000		2.907			05/03/19		49,773,600
	Swedbank AB
	40,000,000		2.814			05/08/19		39,812,933
	45,000,000		2.763			05/16/19		44,762,551
	Thunder Bay Funding, LLC
	33,300,000		3.057			06/17/19		33,042,090
	80,200,000		3.046			06/26/19		79,522,826
	Toronto-Dominion Bank (The)
	36,650,000		3.136			10/18/19		36,036,618
	Versailles Commercial Paper LLC
	50,000,000		2.619			05/09/19		49,750,820
	Victory Receivables Corp.
	25,000,000		2.541			04/01/19		24,944,778
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $3,708,514,896)						$	3,709,980,003
Certificate of Deposit – 0.5%
	Branch Banking and Trust Company
$	70,000,000		2.410	%		03/05/19	$	69,999,997
	(Cost $70,000,000)
Certificates of Deposit-Eurodollar – 7.8%
	ABN AMRO Bank NV
$	60,000,000		2.840	%		03/01/19	$	59,995,895
	Credit Industriel et Commercial
	80,000,000		2.900			08/01/19		79,121,014
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank
	45,000,000		2.595			06/28/19		44,611,140
Certificates of Deposit-Eurodollar – (continued)
	Euroclear Bank
	28,000,000		2.630			05/07/19		27,860,827
	2,000,000		2.720			07/08/19		1,981,007
	100,000,000		2.750			10/15/19		98,285,070
	7,000,000		2.790			11/05/19		6,868,591
	50,000,000		2.900			11/05/19		49,061,361
	KBC Bank NV
	55,000,000		2.750			04/25/19		55,014,172
	85,000,000		2.680			05/13/19		85,015,768
	45,500,000		2.620			07/01/19		45,500,764
	80,000,000		2.770			07/01/19		80,040,520
	Mitsubishi UFJ Trust and Banking Corp.
	25,000,000		2.705			05/07/19		24,878,384
	Mizuho Bank, Ltd.-London Branch
	30,000,000		2.720			04/30/19		29,871,739
	Norinchukin Bank (The)-London Branch
	85,000,000		2.660			05/13/19		84,549,520
	Sumitomo Mitsui Trust Bank Ltd.
	30,000,000		2.895			05/10/19		29,850,583
	30,000,000		2.795			05/24/19		29,819,616
	40,000,000		2.835			07/31/19		39,560,835
	40,000,000		2.835			08/07/19		39,540,105
	Toronto-Dominion Bank (The)-London Branch
	100,000,000		2.430			03/06/19		99,948,891
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR
	(Cost $1,011,091,261)						$	1,011,375,802
Certificates of Deposit-Yankeedollar – 2.9%
	Banco Del Estado De Chile
$	25,000,000		2.970	%		08/09/19	$	25,032,673
	Mizuho Bank, Ltd.-New York Branch
	50,000,000		2.710			09/20/19		50,009,711
	MUFG Bank, Ltd.
	50,000,000		2.840			02/24/20		50,030,090
	National Bank of Kuwait S.A.K.P
	20,000,000		2.800			03/01/19		20,000,190
	23,000,000		3.000			03/15/19		23,004,670
	10,000,000		3.050			04/23/19		10,005,905
	28,800,000		2.850			04/29/19		28,808,778
	40,000,000		2.900			05/20/19		40,014,361
	Natixis-New York Branch
	48,350,000		2.900			08/12/19		48,413,497
	Standard Chartered Bank-New York Branch
	50,000,000		2.840			04/12/19		50,020,528
	Sumitomo Mitsui Banking Corp.
	30,000,000		2.050			05/03/19		29,976,187
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $375,109,668)						$	375,316,590
Fixed Rate Municipal Debt Obligations – 2.4%
	Australia & New Zealand Banking Group Ltd.
$	18,000,000		2.250	%		06/13/19	$	17,976,546
	Banque Federative du Credit Mutuel
	16,668,000		2.000	(a)		04/12/19		16,656,558

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Fixed Rate Municipal Debt Obligations – (continued)
	Cooperatieve Rabobank UA
$	10,000,000		2.250	%		01/14/20	$	9,954,600
	Credit Agricole S.A.
	7,850,000		2.500	(a)		04/15/19		7,847,516
	Credit Suisse AG-New York Branch
	70,563,000		2.300			05/28/19		70,503,021
	ING Bank NV
	4,500,000		2.500	(a)		10/01/19		4,489,527
	MUFG Bank, Ltd.
	35,000,000		2.350	(a)		09/08/19		34,910,852
	Nordea Bank AB
	15,190,000		1.625	(a)		09/30/19		15,082,475
	PACCAR Financial Corp.
	12,000,000		1.950			02/27/20		11,904,151
	Sumitomo Mitsui Banking Corp.
	6,595,000		2.450	(b)		01/16/20		6,569,793
	32,491,000		2.514			01/17/20		32,382,318
	Wells Fargo Bank N.A.
	47,530,000		2.400			01/15/20		47,347,986
	Westpac Banking Corp.
	30,000,000		1.600			08/19/19		29,850,830
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $305,324,815)						$	305,476,173
Time Deposit – 3.3%
	Credit Industriel et Commercial
$	200,000,000		2.450	%		03/01/19	$	199,996,732
	Skandinaviska Enskilda Banken AB
	28,900,000		2.380			03/01/19		28,900,000
	Standard Chartered Bank-London Branch
	200,000,000		2.430			03/01/19		199,996,622
	TOTAL TIME DEPOSIT
	(Cost $428,900,000)						$	428,893,354
Variable Rate Municipal Debt Obligations(c) – 2.0%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	15,000,000		2.420	%		03/07/19	$	15,000,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(a)
	66,500,000		2.500			03/01/19		66,500,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,950,000		2.500			03/01/19		4,950,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)(a)
	29,110,000		2.500			03/01/19		29,110,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	62,500,000		2.440			03/07/19		62,500,000
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	54,925,000		2.380			03/07/19		54,925,000
Variable Rate Municipal Debt Obligations(c) – (continued)
	Triborough Bridge & Tunnel Authority VRDN RB Refunding for Metropolitan Transportation Authority Bridges & Tunnels Series 2018E (Bank of America N.A., LOC)
	24,000,000		2.420			03/07/19		24,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $256,985,000)						$	256,985,000
Variable Rate Obligations(d) – 23.0%
	ASB Finance Limited-London Branch (1 Mo. LIBOR + 0.31%)
$	50,000,000		2.803	%(a)		06/28/19	$	50,033,318
	Banco Del Estado De Chile (3 Mo. LIBOR + 0.20%)
	35,000,000		2.868			06/07/19		35,011,065
	Banco Del Estado De Chile (3 Mo. LIBOR + 0.07%)
	24,000,000		2.860			03/21/19		23,999,768
	Banco Del Estado De Chile (3 Mo. LIBOR + 0.08%)
	19,000,000		2.851			07/25/19		18,999,895
	Bank of Montreal (3 Mo. LIBOR + 0.33%)
	27,000,000		3.106			06/12/19		27,024,038
	Bank of Montreal (3 Mo. LIBOR + 0.21%)
	57,000,000		2.946			11/01/19		57,070,463
	Bank of Montreal (1 Mo. LIBOR + 0.40%)
	70,150,000		2.917			12/10/19		70,285,151
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.28%)
	34,000,000		3.072			03/20/19		34,004,295
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.08%)
	60,000,000		2.904	(a)		06/24/19		60,014,567
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.10%)
	75,000,000		2.922	(a)		03/25/19		75,005,182
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.20%)
	30,000,000		2.680	(a)		06/18/19		30,009,539
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.10%)
	11,000,000		2.887	(a)		07/15/19		11,004,341
	BNP Paribas-New York Branch (3 Mo. LIBOR + 0.10%)
	60,000,000		2.883			07/10/19		60,016,476
	BNP Paribas-New York Branch (3 Mo. LIBOR + 0.15%)
	19,500,000		2.915			04/26/19		19,504,089
	BNP Paribas-New York Branch (3 Mo. LIBOR + 0.22%)
	60,000,000		3.015			01/06/20		60,069,380
	BNZ International Funding Ltd. (3 Mo. LIBOR + 0.25%)
	22,171,000		3.045	(a)		04/05/19		22,174,501
	BNZ International Funding Ltd. (1 Mo. LIBOR + 0.31%)
	25,000,000		2.823	(a)		08/08/19		25,019,384
	BNZ International Funding Ltd. (1 Mo. LIBOR + 0.34%)
	50,000,000		2.853	(a)		09/06/19		50,049,098
	Canadian Imperial Bank of Commerce (3 Mo. LIBOR + 0.22%)
	62,500,000		2.958			11/08/19		62,579,563
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.40%)
	70,000,000		2.917			12/10/19		70,133,216
	Canadian Imperial Bank of Commerce (3 Mo. LIBOR + 0.20%)
	35,000,000		2.936			05/01/19		35,012,561
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.35%)
	40,000,000		2.864			11/05/19		40,045,065
	Chariot Funding LLC (3 Mo. LIBOR + 0.05%)
	37,000,000		2.815	(a)		10/25/19		36,999,831

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Obligations(d) – (continued)
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.10%)
$	80,000,000		2.892	%(a)		09/20/19	$	80,038,535
	Credit Industriel et Commercial (3 Mo. LIBOR + 0.04%)
	22,000,000		2.832			03/20/19		22,000,368
	Credit Suisse AG (3 Mo. LIBOR + 0.25%)
	42,000,000		3.054			01/08/20		42,048,838
	Credit Suisse AG (3 Mo. LIBOR + 0.17%)
	40,000,000		2.967			10/01/19		40,024,951
	Credit Suisse AG-New York Branch (1 Mo. LIBOR + 0.22%)
	70,000,000		2.737			12/09/19		70,029,422
	DNB Bank ASA (3 Mo. LIBOR + 0.10%)
	98,800,000		2.924	(a)		09/23/19		98,854,183
	ING (U.S.) Funding LLC (3 Mo. LIBOR + 0.11%)
	45,900,000		2.807			05/10/19		45,908,180
	Mizuho Bank, Ltd.-New York Branch (1 Mo. LIBOR + 0.19%)
	53,000,000		2.680			03/25/19		53,008,463
	Mizuho Bank, Ltd.-New York Branch (3 Mo. LIBOR + 0.08%)
	36,000,000		2.867			07/15/19		36,010,279
	Mizuho Bank, Ltd.-New York Branch (3 Mo. LIBOR + 0.05%)
	75,000,000		2.830			07/18/19		75,013,500
	MUFG Bank, Ltd. (3 Mo. LIBOR + 0.18%)
	15,000,000		2.819			02/27/20		14,999,977
	Natixis-New York Branch (3 Mo. LIBOR + 0.18%)
	50,000,000		2.847			06/06/19		50,024,077
	50,000,000		2.850			06/10/19		50,025,739
	Natixis-New York Branch (3 Mo. LIBOR + 0.23%)
	10,000,000		3.029			01/10/20		10,010,931
	Nordea Bank AB (3 Mo. LIBOR + 0.27%)
	28,750,000		3.050			10/18/19		28,796,018
	Nordea Bank AB (1 Mo. LIBOR + 0.14%)
	26,500,000		2.654			04/05/19		26,504,410
	Oversea-Chinese Banking Corp., Ltd. (1 Mo. LIBOR + 0.20%)
	10,000,000		2.681	(a)		04/18/19		10,002,571
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.17%)
	50,000,000		2.950	(a)		04/18/19		50,011,324
	Royal Bank of Canada (3 Mo. LIBOR + 0.17%)
	43,000,000		2.936			06/07/19		43,020,936
	Societe Generale (3 Mo. LIBOR + 0.16%)
	60,500,000		2.939			04/24/19		60,516,751
	Societe Generale (3 Mo. LIBOR + 0.21%)
	75,600,000		2.849			03/03/20		75,599,978
	Societe Generale (3 Mo. LIBOR + 0.41%)
	58,200,000		3.211	(a)		12/18/19		58,331,082
	Standard Chartered Bank (3 Mo. LIBOR + 0.21%)
	49,750,000		2.884			06/10/19		49,775,609
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.10%)
	40,000,000		2.897			04/12/19		40,003,904
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.31%)
	25,000,000		3.090			10/18/19		25,032,750
	Sumitomo Mitsui Trust Bank Ltd. (3 Mo. LIBOR + 0.10%)
	60,000,000		2.887			04/15/19		60,006,318
	Svenska Handelsbanken AB (3 Mo. LIBOR + 0.27%)
	13,688,000		3.031			10/21/19		13,712,409
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.31%)
	8,250,000		2.800			08/23/19		8,257,253
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.34%)
	8,500,000		2.821			11/22/19		8,511,240
Variable Rate Obligations(d) – (continued)
	Svenska Handelsbanken AB (3 Mo. LIBOR + 0.20%)
	40,000,000		2.997	%		04/09/19		40,009,142
	Svenska Handelsbanken AB-New York Branch (3 Mo. LIBOR + 0.21%)
	37,000,000		3.014			12/19/19		37,051,887
	Svenska Handelsbanken AB-New York Branch (1 Mo. LIBOR + 0.15%)
	40,150,000		2.664			04/05/19		40,154,839
	Swedbank AB (1 Mo. LIBOR + 0.29%)
	60,000,000		2.780			07/25/19		60,032,677
	Toronto-Dominion Bank (The) (1 Mo. LIBOR + 0.37%)
	99,000,000		2.882	(a)		11/07/19		99,151,492
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.11%)
	35,000,000		2.934			09/23/19		35,013,678
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.17%)
	35,000,000		2.943			04/17/19		35,006,852
	Toyota Finance Australia Limited (3 Mo. LIBOR + 0.08%)
	16,000,000		2.863			07/02/19		16,005,835
	Toyota Motor Finance (Netherlands) B.V. (3 Mo. LIBOR + 0.09%)
	34,255,000		2.880			03/18/19		34,256,408
	UBS AG-London Branch (3 Mo. LIBOR + 0.32%)
	80,000,000		3.144	(a)		12/19/19		80,124,642
	UBS AG-London Branch (1 Mo. LIBOR + 0.25%)
	10,000,000		2.759	(a)		10/01/19		10,005,698
	UBS AG-London Branch (3 Mo. LIBOR + 0.00%)
	40,000,000		2.824	(a)		09/24/19		40,013,141
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.16%)
	45,000,000		2.957			08/13/19		45,045,443
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.30%)
	20,000,000		2.790			07/23/19		20,014,580
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.39%)
	38,750,000		2.903			12/09/19		38,820,247
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.25%)
	15,000,000		3.047			04/05/19		15,004,245
	Westpac Banking Corp. (3 Mo. LIBOR + 0.10%)
	60,000,000		2.892	(a)		09/20/19		60,022,432
	Westpac Banking Corp. (3 Mo. LIBOR + 0.18%)
	50,000,000		2.924	(a)		10/31/19		50,048,537
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $2,973,988,101)						$	2,975,926,557
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $9,129,913,741)						$	9,133,953,476
Repurchase Agreements(e) – 31.9%
	BNP Paribas
$	60,000,000		2.520	%		03/01/19	$	59,999,897
	Maturity Value: $60,004,200
	Settlement Date: 02/28/19
	Collateralized by various sovereign debt security issuers, 2.250% to 7.375%, due 03/18/19 to 04/24/28. The aggregate market value of the collateral, including accrued interest, was $63,000,241.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Repurchase Agreements(e) – (continued)
	BNP Paribas (OBFR + 0.20%)
$	50,000,000		2.600	%(d)		03/07/19	$	50,000,000
	Maturity Value: $52,592,777
	Settlement Date: 03/24/17
	Collateralized by various asset-backed obligations, 0.000% to 6.202%, due 01/22/30 to 04/30/47 and various sovereign debt security issuers, 4.875% to 8.875%, due 01/22/21 to 04/15/24. The aggregate market value of the collateral, including accrued interest, was $55,006,541.
	Citigroup Global Markets, Inc. (3 Mo. LIBOR + 0.43%)
	108,000,000		3.209	(d)		06/03/19		108,000,000
	Maturity Value: $110,628,121
	Settlement Date: 09/10/18
	Collateralized by mortgage-backed obligations, 4.259% to 6.185%, due 10/15/21 to 05/15/46 and various asset-backed obligations, 0.000% to 8.360%, due 01/17/20 to 11/23/52. The aggregate market value of the collateral, including accrued interest, was $118,800,002.
	Credit Suisse Securities (USA) LLC (1 Mo. LIBOR + 0.50%)
	30,000,000		2.993	(d)		04/04/19		30,000,000
	Maturity Value: $31,775,847
	Settlement Date: 04/27/17
	Collateralized by various corporate security issuers, 4.625% to 12.500%, due 04/25/19 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $33,002,745.
	HSBC Bank PLC
	140,000,000		2.600			03/01/19		140,000,066
	Maturity Value: $140,010,111
	Collateralized by an Exchange-Traded Fund, 0.000%, due 01/01/49 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $151,200,013.
	HSBC Securities (USA), Inc.
	50,000,000		2.500			03/01/19		49,999,887
	Maturity Value: $50,003,472
	Collateralized by various corporate security issuers, 1.800% to 6.375%, due 02/14/20 to 03/30/67 and various sovereign debt security issuer, 3.125%, due 09/06/23. The aggregate market value of the collateral, including accrued interest, was $52,503,648.
	115,000,000		2.600			03/01/19		115,000,054
	Maturity Value: $115,008,306
	Collateralized by various corporate security issuers, 2.000% to 12.500%, due 02/15/20 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $126,509,139.
	Joint Repurchase Agreement Account III
	2,760,000,000		2.595			03/01/19		2,760,000,911
	Maturity Value: $2,760,198,945
Repurchase Agreements(e) – (continued)
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	75,000,000		2.600	%		03/01/19		75,000,035
	Maturity Value: $75,005,417
	Collateralized by mortgage-backed obligations, 2.856% to 5.064%, due 08/10/30 to 11/25/58 and various asset-backed obligations, 2.200% to 3.990%, due 07/15/22 to 05/28/69. The aggregate market value of the collateral, including accrued interest, was $86,250,001.
	132,000,000		2.700			04/04/19		132,000,000
	Maturity Value: $132,534,600
	Settlement Date: 02/14/19
	Collateralized by mortgage-backed obligations, 1.909% to 7.490%, due 06/10/28 to 06/15/60 and various asset-backed obligations, 0.000% to 4.540%, due 12/18/19 to 02/25/70. The aggregate market value of the collateral, including accrued interest, was $151,800,001.
	MUFG Securities Americas Inc.
	110,000,000		2.570			03/01/19		109,999,961
	Maturity Value: $110,007,853
	Collateralized by an Exchange-Traded Fund, 0.000%, due 01/01/49, various corporate security issuers, 1.000% to 2.875%, due 07/01/20 to 02/01/33 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $119,160,537.
	RBC Capital Markets LLC
	250,000,000		2.500			03/01/19		249,999,433
	Maturity Value: $250,017,361
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 3.500%, due 07/15/25 to 02/01/48, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 05/15/40, Federal National Mortgage Association, 2.000% to 4.500%, due 12/01/20 to 02/01/49, Government National Mortgage Association, 2.000% to 3.500%, due 04/20/38 to 10/20/48 and various corporate security issuers, 0.000% to 9.400%, due 07/01/19 to 09/14/48. The aggregate market value of the collateral, including accrued interest, was $257,681,579.
	Wells Fargo Securities LLC
	150,000,000		2.500			03/01/19		150,000,000
	Maturity Value: $150,010,417
	Collateralized by various corporate security issuers, 0.000%, due 03/13/19 to 04/03/19. The aggregate market value of the collateral, including accrued interest, was $157,500,001.
	92,000,000		2.890			05/10/19		92,000,000
	Maturity Value: $92,886,267
	Settlement Date: 01/10/19
	Collateralized by various asset-backed obligations, 1.750% to 8.151%, due 10/13/20 to 01/17/38. The aggregate market value of the collateral, including accrued interest, was $101,199,999.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $4,122,000,000)						$	4,122,000,244
	TOTAL INVESTMENTS – 102.5%
	(Cost $13,251,913,741)						$	13,255,953,720
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.5)%							(320,301,068	)
	NET ASSETS – 100.0%						$	12,935,652,652

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

FINANCIAL SQUARE MONEY MARKET FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion represents a forward commitment.
(c)	Rate shown is that which is in effect on February 28, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(e)	Unless noted, all repurchase agreements were entered into on February 28, 2019. Additional information on Joint Repurchase Agreement Account III appears on page 39.

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

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

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

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – 30.8%
	Albion Capital LLC
$	8,300,000		2.570	%		03/28/19	$	8,284,139
	50,000,000		2.617			04/29/19		49,790,000
	Antalis S.A.
	32,504,000		2.806			04/10/19		32,411,232
	Atlantic Asset Securitization LLC
	14,000,000		2.839			03/04/19		13,996,216
	13,000,000		2.871			03/11/19		12,990,268
	10,000,000		2.911			03/19/19		9,986,990
	Banque et Caisse d’Epargne de l’Etat
	10,000,000		2.696			05/07/19		9,951,626
	15,000,000		2.662			07/01/19		14,863,982
	Barclays US CCP Funding LLC
	15,000,000		2.900			03/05/19		14,994,994
	6,000,000		2.910			03/07/19		5,997,188
	13,000,000		2.709			03/26/19		12,976,950
	Barton Capital S.A.
	10,000,000		2.674			05/08/19		9,949,956
	Bedford Row Funding Corp.
	4,300,000		3.103			10/16/19		4,225,825
	6,000,000		3.136			10/18/19		5,895,523
	CAFCO, LLC
	24,000,000		2.818			08/01/19		23,736,044
	Cancara Asset Securitisation LLC
	6,000,000		2.903			03/22/19		5,990,947
	15,000,000		2.901			04/30/19		14,935,137
	5,342,000		3.005			05/28/19		5,307,689
	Chariot Funding LLC
	10,000,000		2.900			05/02/19		9,955,410
	10,000,000		3.057			06/17/19		9,923,216
	15,000,000		3.037			07/08/19		14,862,254
	China Construction Bank Corp.
	5,350,000		3.044			04/08/19		5,335,186
	7,000,000		2.962			04/15/19		6,976,887
	7,000,000		2.962			04/16/19		6,976,349
	CNPC Finance (HK) Ltd.
	10,000,000		2.968			03/14/19		9,989,943
	Coca-Cola Company (The)
	10,000,000		2.822			02/11/20		9,730,880
	Collateralized Commercial Paper Flex Co., LLC
	15,000,000		3.059			10/15/19		14,741,993
	Collateralized Commercial Paper II Co., LLC
	24,000,000		2.984			07/08/19		23,777,527
	20,000,000		3.191			10/22/19		19,643,247
	5,167,000		3.309			11/25/19		5,060,043
	Dexia Credit Local-New York Branch
	25,000,000		2.644			05/07/19		24,883,220
	35,000,000		2.866			10/10/19		34,437,262
	DNB Bank ASA
	50,000,000		2.434			03/06/19		49,980,234
	Erste Abwicklungsanstalt
	45,000,000		2.584			05/08/19		44,782,736
	Federation des caisses Desjardins du Quebec
	20,250,000		2.803			02/25/20		19,696,547
	First Abu Dhabi Bank P.J.S.C.
	15,000,000		2.736			05/06/19		14,924,653
	20,000,000		2.736			05/08/19		19,896,423
	15,000,000		2.762			06/05/19		14,889,299
Commercial Paper and Corporate Obligations – (continued)
	Industrial & Commercial Bank of China Ltd.-New York Branch
	19,300,000		3.066			04/15/19		19,236,547
	J.P. Morgan Securities LLC
	11,000,000		2.992			06/03/19		10,922,873
	20,000,000		3.012			08/01/19		19,770,455
	Kells Funding LLC
	2,850,000		2.605			06/10/19		2,829,296
	Liberty Street Funding LLC
	11,800,000		2.869			03/19/19		11,784,649
	15,000,000		2.859			04/04/19		14,963,658
	15,000,000		2.690			06/05/19		14,896,695
	10,000,000		2.659			06/11/19		9,926,469
	LMA-Americas LLC
	9,500,000		2.807			04/18/19		9,467,622
	10,250,000		3.088			06/10/19		10,174,608
	Longship Funding LLC
	10,000,000		2.592			04/02/19		9,976,387
	42,000,000		2.617			04/23/19		41,830,656
	Macquarie Bank Ltd.
	5,075,000		2.808			04/15/19		5,058,613
	Manhattan Asset Funding Company LLC
	5,400,000		2.498			03/21/19		5,392,226
	Matchpoint Finance PLC
	10,000,000		2.807			04/18/19		9,964,557
	15,000,000		3.029			05/20/19		14,910,056
	15,000,000		3.030			06/03/19		14,893,639
	10,000,000		3.057			06/03/19		9,929,093
	15,000,000		2.669			06/11/19		14,884,254
	15,000,000		3.089			06/11/19		14,884,254
	Mercy Health
	20,000,000		2.662			03/18/19		19,975,670
	Metlife Short Term Funding LLC
	40,000,000		2.728			07/08/19		39,626,900
	16,000,000		2.816			07/24/19		15,830,965
	22,500,000		2.734			08/19/19		22,219,425
	Mitsubishi UFJ Trust and Banking Corp.
	15,000,000		2.813			05/09/19		14,925,129
	National Securities Clearing Corp.
	18,000,000		3.245			12/13/19		17,603,856
	Natixis-New York Branch
	20,000,000		2.835			09/03/19		19,729,266
	Nederlandse Waterschapsbank N.V.
	15,000,000		2.445	(a)		03/08/19		14,991,880
	Nieuw Amsterdam Receivables Corp.
	10,000,000		2.562			04/08/19		9,973,253
	7,673,000		2.562	(a)		04/09/19		7,651,916
	15,000,000		2.653			05/07/19		14,929,082
	Nordea Bank AB
	20,000,000		2.617			05/13/19		19,896,688
	NRW.Bank
	40,000,000		2.617			05/10/19		39,805,854
	Ridgefield Funding Company LLC
	15,000,000		2.828			04/16/19		14,950,650
	15,000,000		3.088			06/10/19		14,890,435
	25,000,000		3.015			07/08/19		24,765,007
	Sheffield Receivables Company LLC
	10,000,000		2.584			03/26/19		9,982,204

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Value
Commercial Paper and Corporate Obligations – (continued)
	Skandinaviska Enskilda Banken AB
$	20,000,000		2.742	%		11/13/19	$	19,620,883
	Starbird Funding Corp.
	20,000,000		2.566			04/15/19		19,935,677
	State of the Netherlands (The)
	65,000,000		2.455	(a)		03/07/19		64,969,161
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	20,000,000		2.907			05/03/19		19,909,440
	Swedbank AB
	20,000,000		2.763			05/16/19		19,894,467
	Thunder Bay Funding, LLC
	25,000,000		3.057			06/17/19		24,806,373
	27,000,000		3.046			06/26/19		26,772,024
	Toronto-Dominion Bank (The)
	12,300,000		3.136			10/18/19		12,094,145
	Versailles Commercial Paper LLC
	14,500,000		2.859			03/01/19		14,499,023
	12,000,000		2.821			03/04/19		11,996,756
	25,000,000		2.726			05/07/19		24,879,064
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS
	(Cost $1,463,038,308)						$	1,463,569,815
Certificate of Deposit – 0.5%
	Branch Banking and Trust Company
$	23,000,000		2.410	%		03/05/19	$	22,999,999
	(Cost $23,000,000)
Certificates of Deposit-Yankeedollar – 3.4%
	Banco Del Estado De Chile
$	15,000,000		2.970	%		08/09/19	$	15,019,604
	Mizuho Bank, Ltd.-New York Branch
	30,000,000		2.710			09/20/19		30,005,826
	MUFG Bank, Ltd.
	30,000,000		2.840			02/24/20		30,018,054
	National Bank of Kuwait S.A.K.P
	6,500,000		3.000			03/15/19		6,501,320
	10,000,000		3.050			04/23/19		10,005,905
	11,050,000		2.850			04/29/19		11,053,368
	15,000,000		2.900			05/20/19		15,005,385
	Natixis-New York Branch
	15,200,000		2.900			08/12/19		15,219,962
	Sumitomo Mitsui Banking Corp.
	10,000,000		2.050			05/03/19		9,992,062
	Sumitomo Mitsui Trust Bank Ltd.
	21,000,000		2.820			03/19/19		21,004,125
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR
	(Cost $163,736,556)						$	163,825,611
Fixed Rate Municipal Debt Obligations – 3.4%
	Banque Federative du Credit Mutuel
$	25,000,000		1.900	%(b)		03/28/19	$	24,991,476
	18,800,000		2.000	(b)		04/12/19		18,787,095
	Citibank N.A.
	8,000,000		1.850			09/18/19		7,960,391
	Cooperatieve Rabobank UA
	10,250,000		2.250			01/14/20		10,203,465
	Credit Suisse AG-New York Branch
	15,000,000		2.300			05/28/19		14,987,250
	5,000,000		5.300			08/13/19		5,054,522
	MUFG Bank, Ltd.
	15,000,000		2.350	(b)		09/08/19		14,961,794
	Nordea Bank AB
	4,140,000		4.875	(b)		01/27/20		4,214,221
	Santander UK PLC
	11,000,000		2.500			03/14/19		10,999,687
	Sumitomo Mitsui Banking Corp.
	10,000,000		2.514			01/17/20		9,966,550
	Svenska Handelsbanken AB
	15,000,000		1.500			09/06/19		14,897,718
	Wells Fargo Bank N.A.
	30,000,000		2.400			01/15/20		29,885,116
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $166,853,226)						$	166,909,285
Time Deposit – 6.0%
	Credit Agricole Corporate and Investment Bank
$	135,600,000		2.380	%		03/01/19	$	135,600,000
	Skandinaviska Enskilda Banken AB
	150,000,000		2.380			03/01/19		150,000,000
	TOTAL TIME DEPOSIT
	(Cost $285,600,000)						$	285,600,000
U.S. Government Agency Obligations – 0.2%
	Overseas Private Investment Corp. (USA) (3 Mo. U.S. T-Bill + 0.00%)
$	8,248,121		2.420	%(c)		03/07/19	$	8,248,121
	(Cost $8,248,121)
Variable Rate Municipal Debt Obligations(d) – 2.7%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	8,000,000		2.420	%		03/07/19	$	8,000,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(b)
	7,000,000		2.500			03/01/19		7,000,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(b)
	5,000,000		2.500			03/01/19		5,000,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Variable Rate Municipal Debt Obligations(d) – (continued)
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)(b)
$	30,000,000		2.500	%		03/01/19	$	30,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	18,500,000		2.440			03/07/19		18,500,000
	Providence Health & Services Obligated Group VRDN RB Series 2012-E (U.S. Bank N.A., SBPA)
	30,300,000		2.499			03/07/19		30,300,000
	Regents of the University of California VRDN RB Taxable Series 2011-Z-1
	22,000,000		2.380			03/07/19		22,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding for Metropolitan Transportation Authority Bridges & Tunnels Series 2018E (Bank of America N.A., LOC)
	7,000,000		2.420			03/07/19		7,000,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS
	(Cost $127,800,000)						$	127,800,000
Variable Rate Obligations(c) – 24.5%
	Banco Del Estado De Chile (3 Mo. LIBOR + 0.08%)
$	6,000,000		2.851	%		07/25/19	$	5,999,967
	Bank of Montreal (1 Mo. LIBOR + 0.40%)
	15,000,000		2.917			12/10/19		15,028,899
	Bank of Montreal (1 Mo. LIBOR + 0.15%)
	26,000,000		2.654			03/12/19		26,001,933
	Bank of Montreal (3 Mo. LIBOR + 0.21%)
	20,000,000		2.946			11/01/19		20,024,724
	Bank of Montreal (3 Mo. LIBOR + 0.33%)
	18,000,000		3.106			06/12/19		18,016,025
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.28%)
	9,300,000		3.072			03/20/19		9,301,175
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.10%)
	32,000,000		2.922	(b)		03/25/19		32,002,211
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.10%)
	15,000,000		2.887	(b)		07/15/19		15,005,919
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.16%)
	20,000,000		2.939	(b)		01/10/20		20,009,994
	BNP Paribas-New York Branch (3 Mo. LIBOR + 0.10%)
	20,000,000		2.883			07/10/19		20,005,492
	BNZ International Funding Ltd. (1 Mo. LIBOR + 0.31%)
	12,000,000		2.823	(b)		08/08/19		12,009,304
	BNZ International Funding Ltd. (3 Mo. LIBOR + 0.25%)
	13,817,000		3.045	(b)		04/05/19		13,819,182
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.35%)
	15,000,000		2.864			11/05/19		15,016,899
	Canadian Imperial Bank of Commerce (3 Mo. LIBOR + 0.20%)
	32,500,000		2.936			05/01/19		32,511,664
	Chariot Funding LLC (3 Mo. LIBOR + 0.05%)
	13,000,000		2.815	(b)		10/25/19		12,999,941
	Commonwealth Bank of Australia (3 Mo. LIBOR + 0.10%)
	30,000,000		2.892	(b)		09/20/19		30,014,451
	Cooperatieve Rabobank U.A. (1 Mo. LIBOR + 0.19%)
	20,000,000		2.670			04/18/19		20,002,187
Variable Rate Obligations(c) – (continued)
	Credit Industriel et Commercial (3 Mo. LIBOR + 0.04%)
	5,000,000		2.832			03/20/19		5,000,084
	Credit Suisse AG (3 Mo. LIBOR + 0.25%)
	27,000,000		3.054			01/08/20		27,031,396
	Credit Suisse AG (3 Mo. LIBOR + 0.17%)
	13,450,000		2.967			10/01/19		13,458,390
	Credit Suisse AG-New York Branch (1 Mo. LIBOR + 0.22%)
	20,000,000		2.737			12/09/19		20,008,406
	DNB Bank ASA (3 Mo. LIBOR + 0.10%)
	35,000,000		2.924	(b)		09/23/19		35,019,194
	ING (U.S.) Funding LLC (3 Mo. LIBOR + 0.11%)
	20,450,000		2.807			05/10/19		20,453,644
	J.P. Morgan Securities LLC (1 Mo. LIBOR + 0.32%)
	9,800,000		2.800	(b)		07/17/19		9,807,365
	Mizuho Bank, Ltd.-New York Branch (3 Mo. LIBOR + 0.05%)
	30,000,000		2.830			07/18/19		30,005,400
	Mizuho Bank, Ltd.-New York Branch (3 Mo. LIBOR + 0.08%)
	10,000,000		2.867			07/15/19		10,002,855
	MUFG Bank, Ltd. (3 Mo. LIBOR + 0.18%)
	10,000,000		2.819			02/27/20		9,999,985
	Natixis-New York Branch (3 Mo. LIBOR + 0.18%)
	20,000,000		2.847			06/06/19		20,009,631
	10,000,000		2.850			06/10/19		10,005,148
	Nordea Bank AB (3 Mo. LIBOR + 0.20%)
	7,000,000		2.995			04/05/19		7,001,233
	Old Line Funding Corp. (1 Mo. LIBOR + 0.20%)
	20,000,000		2.681	(b)		04/22/19		20,005,640
	Old Line Funding Corp. (1 Mo. LIBOR + 0.37%)
	30,000,000		2.884	(b)		03/04/19		30,001,546
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.17%)
	20,000,000		2.950	(b)		04/18/19		20,004,530
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.21%)
	5,000,000		2.989			10/24/19		5,006,631
	Royal Bank of Canada (3 Mo. LIBOR + 0.17%)
	17,000,000		2.936			06/07/19		17,008,277
	Societe Generale (3 Mo. LIBOR + 0.16%)
	15,000,000		2.939			04/24/19		15,004,153
	Societe Generale (3 Mo. LIBOR + 0.21%)
	25,000,000		2.849			03/03/20		24,999,993
	Societe Generale (3 Mo. LIBOR + 0.20%)
	500,000		2.933			08/05/19		500,464
	20,000,000		2.883	(b)		02/24/20		19,999,926
	Standard Chartered Bank (3 Mo. LIBOR + 0.21%)
	15,175,000		2.884			06/10/19		15,182,811
	Standard Chartered Bank (1 Mo. LIBOR + 0.20%)
	12,000,000		2.680			03/19/19		12,001,524
	Standard Chartered Bank (3 Mo. LIBOR + 0.06%)
	35,000,000		2.850			03/21/19		35,000,790
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.10%)
	30,000,000		2.897			04/12/19		30,002,928
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.15%)
	10,000,000		2.930			04/18/19		10,001,756
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.19%)
	40,000,000		2.674			03/26/19		40,006,431
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.31%)
	15,000,000		3.090			10/18/19		15,019,650

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate				Maturity Date		Value
Variable Rate Obligations(c) – (continued)
	Sumitomo Mitsui Trust Bank Ltd. (3 Mo. LIBOR + 0.10%)
$	20,000,000		2.887	%			04/15/19	$	20,002,106
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.31%)
	2,250,000		2.800				08/23/19		2,251,978
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.34%)
	3,000,000		2.821				11/22/19		3,003,967
	Svenska Handelsbanken AB (3 Mo. LIBOR + 0.20%)
	15,000,000		2.997				04/09/19		15,003,428
	Svenska Handelsbanken AB-New York Branch (3 Mo. LIBOR + 0.21%)
	18,000,000		3.014				12/19/19		18,025,242
	Swedbank AB (1 Mo. LIBOR + 0.29%)
	25,000,000		2.780				07/25/19		25,013,615
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.11%)
	15,000,000		2.934				09/23/19		15,005,862
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.17%)
	15,000,000		2.943				04/17/19		15,002,937
	Toyota Finance Australia Limited (3 Mo. LIBOR + 0.08%)
	5,000,000		2.863				07/02/19		5,001,823
	Toyota Motor Credit Corp. (3 Mo. LIBOR + 0.10%)
	9,650,000		2.883		��		01/10/20		9,653,838
	Toyota Motor Finance (Netherlands) B.V. (3 Mo. LIBOR + 0.09%)
	13,580,000		2.880				03/18/19		13,580,558
	U.S. Bank N.A. (3 Mo. LIBOR + 0.15%)
	20,000,000		2.801				05/24/19		20,002,650
	UBS AG-London Branch (3 Mo. LIBOR + 0.12%)
	16,000,000		2.871	(b)			06/05/19		16,002,407
	UBS AG-London Branch (1 Mo. LIBOR + 0.25%)
	15,000,000		2.759	(b)			10/01/19		15,008,547
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.21%)
	25,000,000		2.990				04/18/19		25,008,442
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.30%)
	20,000,000		2.790				07/23/19		20,014,581
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.39%)
	10,000,000		2.903				12/09/19		10,018,128
	Wells Fargo Bank N.A. (3 Mo. LIBOR + 0.25%)
	7,000,000		3.047				04/05/19		7,001,981
	Westpac Banking Corp. (3 Mo. LIBOR + 0.10%)
	20,000,000		2.892	(b)			09/20/19		20,007,477
	Westpac Banking Corp. (1 Mo. LIBOR + 0.28%)
	14,000,000		2.773	(b)			05/30/19		14,007,655
	Westpac Banking Corp. (3 Mo. LIBOR + 0.18%)
	25,000,000		2.924	(b)			10/31/19		25,024,268
	TOTAL VARIABLE RATE OBLIGATIONS
	(Cost $1,158,494,332)							$	1,158,961,238
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS
	(Cost $3,396,770,543)							$	3,397,914,069
Repurchase Agreements(e) – 30.2%
	BNP Paribas (OBFR + 0.20%)
$	20,000,000		2.600	%(c)			03/07/19	$	20,000,000
	Maturity Value: $21,037,111
	Settlement Date: 03/24/17
	Collateralized by mortgage-backed obligations, 4.640% to 7.740%, due 10/25/23 to 10/25/48, various asset-backed obligation, 0.000%, due 01/22/30, various corporate security issuers, 3.100% to 11.500%, due 05/13/19 to perpetual maturity and various sovereign debt security issuer, 4.875%, due 01/22/21. The aggregate market value of the collateral, including accrued interest, was $22,062,269.
	Citigroup Global Markets, Inc. (3 Mo. LIBOR + 0.43%)
	37,000,000		3.209	(c)			06/03/19		37,000,000
	Maturity Value: $37,900,375
	Settlement Date: 09/10/18
	Collateralized by mortgage-backed obligations, 4.259% to 5.946%, due 10/15/21 to 05/15/46 and various asset-backed obligations, 0.000% to 8.360%, due 08/15/21 to 11/23/52. The aggregate market value of the collateral, including accrued interest, was $40,700,002.
	HSBC Bank PLC
	60,000,000		2.600				03/01/19		60,000,028
	Maturity Value: $60,004,333
	Collateralized by an Exchange-Traded Fund, 0.000%, due 01/01/49 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $64,800,001.
	HSBC Securities (USA), Inc.
	25,000,000		2.500				03/01/19		24,999,943
	Maturity Value: $25,001,736
	Collateralized by various corporate security issuers, 3.250% to 5.875%, due 08/11/20 to 05/02/47 and various sovereign debt security issuers, 3.750% to 7.125%, due 01/29/26 to 01/23/45. The aggregate market value of the collateral, including accrued interest, was $26,251,824.
	60,000,000		2.600				03/01/19		60,000,028
	Maturity Value: $60,004,333
	Collateralized by various corporate security issuers, 2.000% to 11.000%, due 08/01/20 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $66,004,768.
	Joint Repurchase Agreement Account III
	1,100,000,000		2.595				03/01/19		1,100,000,363
	Maturity Value: $1,100,079,289
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	25,000,000		2.600				03/01/19		25,000,012
	Maturity Value: $25,001,806
	Collateralized by mortgage-backed obligations, 3.184% to 9.240%, due 01/25/24 to 05/25/57 and various asset-backed obligations, 2.350% to 3.869%, due 04/15/22 to 08/25/55. The aggregate market value of the collateral, including accrued interest, was $28,750,001.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Repurchase Agreements(e) – (continued)
	Merrill Lynch, Pierce, Fenner & Smith, Inc. (OBFR + 0.30%)
$	42,000,000		2.700	%(c)		04/04/19	$	42,000,000
	Maturity Value: $42,170,100
	Settlement Date: 02/14/19
	Collateralized by mortgage-backed obligations, 3.184% to 9.240%, due 01/25/24 to 05/25/57 and various asset-backed obligations, 2.060% to 3.869%, due 04/15/22 to 08/25/55. The aggregate market value of the collateral, including accrued interest, was $48,300,002.
	MUFG Securities Americas Inc.
	40,000,000		2.570			03/01/19		39,999,986
	Maturity Value: $40,002,856
	Collateralized by an Exchange-Traded Fund, 0.000%, due 01/01/49, various corporate security issuers, 0.125% to 5.500%, due 08/15/19 to 02/01/33 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $43,474,065.
	Wells Fargo Securities LLC (3 Mo. LIBOR + 0.20%)
	27,000,000		2.890	(c)		05/10/19		27,000,000
	Maturity Value: $27,260,100
	Settlement Date: 01/10/19
	Collateralized by various asset-backed obligations, 1.750% to 8.151%, due 10/15/19 to 01/17/38. The aggregate market value of the collateral, including accrued interest, was $29,699,998.
	TOTAL REPURCHASE AGREEMENTS
	(Cost $1,436,000,000)						$	1,436,000,360
	TOTAL INVESTMENTS – 101.7%
	(Cost $4,832,770,543)						$	4,833,914,429
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.7)%							(78,912,322	)
	NET ASSETS – 100.0%						$	4,755,002,107

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(d)	Rate shown is that which is in effect on February 28, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Unless noted, all repurchase agreements were entered into on February 28, 2019. Additional information on Joint Repurchase Agreement Account III appears on page 39.

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

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

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 111.4%
	United States Treasury Bills
$	1,500,000		2.281	%		03/01/19	$	1,500,000
	194,000,000		2.383			03/05/19		193,949,344
	55,000,000		2.391			03/05/19		54,985,608
	250,800,000		2.397			03/05/19		250,734,235
	117,000,000		2.401			03/05/19		116,969,255
	171,800,000		2.402			03/05/19		171,754,855
	298,700,000		2.406			03/05/19		298,621,342
	1,789,900,000		2.417			03/05/19		1,789,427,499
	510,500,000		2.418			03/05/19		510,365,001
	443,600,000		2.430			03/05/19		443,482,076
	7,800,000		2.394			03/07/19		7,796,932
	1,000,000		2.395			03/07/19		999,607
	5,910,000		2.412			03/07/19		5,907,670
	7,200,000		2.417			03/07/19		7,197,156
	1,043,900,000		2.423			03/12/19		1,043,139,258
	6,620,400,000		2.428			03/12/19		6,615,565,269
	141,200,000		2.342	(a)		03/14/19		141,080,686
	60,700,000		2.397			03/19/19		60,628,374
	122,600,000		2.413			03/19/19		122,454,413
	283,000,000		2.418			03/19/19		282,663,230
	5,015,000,000		2.433			03/19/19		5,008,994,530
	136,000,000		2.386			03/21/19		135,822,444
	285,000,000		2.412			03/26/19		284,529,948
	94,500,000		2.417			03/26/19		94,343,813
	565,800,000		2.422			03/26/19		564,862,894
	159,800,000		2.423			03/26/19		159,535,331
	4,688,000,000		2.428			03/26/19		4,680,219,218
	94,300,000		2.410			04/02/19		94,101,341
	302,500,000		2.411			04/02/19		301,862,733
	101,400,000		2.415			04/02/19		101,185,933
	303,600,000		2.417			04/02/19		302,959,067
	6,027,200,000		2.448	(a)		04/02/19		6,015,902,348
	556,600,000		2.440	(a)		04/11/19		555,078,627
	1,634,400,000		2.546			06/13/19		1,622,690,430
	705,610,000		2.552			06/20/19		700,203,555
	2,191,790,000		2.546			06/27/19		2,173,973,179
	1,356,000,000		2.573			07/05/19		1,344,111,270
	190,000,000		2.491			07/11/19		188,307,100
	72,500,000		2.526			07/11/19		71,846,050
	381,600,000		2.536			07/11/19		378,143,976
	45,300,000		2.469			07/25/19		44,857,243
	40,500,000		2.472			07/25/19		40,104,158
	956,200,000		2.515			08/01/19		946,243,568
	27,200,000		2.487			08/08/19		26,906,844
	16,100,000		2.492			08/08/19		15,926,120
	151,500,000		2.494			08/08/19		149,863,800
	341,300,000		2.500			08/08/19		337,606,376
	65,000,000		2.501			08/08/19		64,296,267
	65,000,000		2.502			08/08/19		64,295,833
	578,500,000		2.505			08/08/19		572,226,488
	56,500,000		2.510			08/22/19		55,832,311
	58,400,000		2.515			08/22/19		57,708,447
	169,500,000		2.520			08/22/19		167,488,741
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.00%)
	2,661,300,000		2.420	(b)		01/31/20		2,662,022,493
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	106,200,000		2.453	%(b)		04/30/20		106,233,795
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	3,663,100,000		2.468	(b)		10/31/19		3,664,768,918
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	6,059,300,000		2.480	(b)		07/31/19		6,061,743,960
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	5,345,000,000		2.490	(b)		04/30/19		5,346,034,522
	United States Treasury Notes
	426,200,000		1.000			03/15/19		425,966,922
	95,900,000		1.625			03/31/19		95,831,240
	148,300,000		1.250			06/30/19		147,643,689
	285,300,000		1.625			06/30/19		284,388,274
	19,700,000		0.750			07/15/19		19,565,079
	37,300,000		0.875			07/31/19		37,052,255
	45,500,000		0.750			08/15/19		45,113,534
	210,000,000		3.625			08/15/19		210,986,349
	62,600,000		8.125			08/15/19		64,187,081
	52,200,000		1.750			09/30/19		51,918,790
	TOTAL INVESTMENTS – 111.4%						$	58,664,708,694
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (11.4)%							(6,019,459,147	)
	NET ASSETS – 100.0%						$	52,645,249,547

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.

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

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

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 38.5%
	United States Treasury Bills
$	68,600,000		2.443	%(a)		04/02/19	$	68,471,680
	400,000,000		2.440	(a)		04/11/19		398,906,668
	68,400,000		2.546			06/13/19		67,909,952
	227,690,000		2.552			06/20/19		225,945,420
	85,110,000		2.546			06/27/19		84,418,150
	609,900,000		2.573			07/05/19		604,552,702
	61,500,000		2.536			07/11/19		60,943,015
	188,800,000		2.515			08/01/19		186,834,120
	8,500,000		2.487			08/08/19		8,408,389
	5,000,000		2.492			08/08/19		4,946,000
	35,200,000		2.494			08/08/19		34,819,840
	78,700,000		2.500			08/08/19		77,848,291
	15,000,000		2.501			08/08/19		14,837,600
	15,000,000		2.502			08/08/19		14,837,500
	191,000,000		2.505			08/08/19		188,928,711
	17,600,000		2.510			08/22/19		17,392,012
	18,200,000		2.515			08/22/19		17,984,482
	52,800,000		2.520			08/22/19		52,173,484
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	673,000,000		2.463	(b)		07/31/20		672,933,244
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	619,600,000		2.468	(b)		10/31/19		619,626,279
	630,565,000		2.465	(b)		10/31/20		630,433,783
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	332,000,000		2.480	(b)		07/31/19		332,035,265
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	1,181,100,000		2.490	(b)		04/30/19		1,181,153,323
	United States Treasury Notes
	8,500,000		1.125			05/31/19		8,469,963
	66,400,000		1.250			06/30/19		66,106,063
	87,300,000		1.625			06/30/19		87,021,019
	5,600,000		0.750			07/15/19		5,561,647
	10,800,000		0.875			07/31/19		10,728,267
	14,000,000		0.750			08/15/19		13,881,087
	64,200,000		3.625			08/15/19		64,501,605
	18,300,000		8.125			08/15/19		18,763,955
	15,900,000		1.750			09/30/19		15,814,344
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	5,857,187,860
Repurchase Agreements-Unaffiliated Issuers(c) – 60.6%
	Bank of Montreal
$	300,000,000		2.450	%(d)		03/07/19	$	300,000,000
	Maturity Value: $301,735,418
	Settlement Date: 02/05/19
	Collateralized by U.S. Treasury Bills, 0.000%, due 04/25/19 to 11/07/19, a U.S. Treasury Bond, 3.000%, due 05/15/45, a U.S. Treasury Floating Rate Note, 2.420%, due 01/31/20, U.S. Treasury Notes, 1.125% to 3.500%, due 05/15/20 to 02/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/46. The aggregate market value of the collateral, including accrued interest, was $306,000,074.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	BNP Paribas
	100,000,000		2.590	%		03/01/19		100,000,000
	Maturity Value: $100,007,194
	Collateralized by a U.S. Treasury Bond, 2.500%, due 05/15/46, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41 and U.S. Treasury Notes, 1.625% to 2.000%, due 03/15/20 to 02/15/23. The aggregate market value of the collateral, including accrued interest, was $102,000,072.
	320,000,000		2.480	(d)		03/07/19		320,000,000
	Maturity Value: $323,968,001
	Settlement Date: 02/27/19
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/28/19 to 06/20/19, U.S. Treasury Bonds, 3.125% to 7.875%, due 02/15/21 to 05/15/44, U.S. Treasury Inflation-Indexed Bonds, 1.375% to 2.500%, due 01/15/29 to 02/15/44, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 02/15/40 and U.S. Treasury Notes, 1.875% to 3.625%, due 05/15/20 to 11/30/25. The aggregate market value of the collateral, including accrued interest, was $326,400,073.
	350,000,000		2.480	(d)		03/07/19		350,000,000
	Maturity Value: $354,340,001
	Settlement Date: 01/04/19
	Collateralized by U.S. Treasury Bills, 0.000%, due 07/11/19 to 01/02/20, U.S. Treasury Bonds, 2.250% to 7.500%, due 11/15/24 to 02/15/48, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/26 to 02/15/47, U.S. Treasury Inflation-Indexed Notes, 0.500% to 0.625%, due 01/15/26 to 01/15/28, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/21 and U.S. Treasury Notes, 1.125% to 2.875%, due 03/31/20 to 09/30/24. The aggregate market value of the collateral, including accrued interest, was $357,000,053.
	BNP Paribas (Overnight Treasury + 0.02%)
	700,000,000		2.610	(b)(d)		03/01/19		700,000,000
	Maturity Value: $756,637,000
	Settlement Date: 02/23/16
	Collateralized by U.S. Treasury Bonds, 2.250% to 8.125%, due 08/15/19 to 08/15/46, a U.S. Treasury Inflation-Indexed Note, 0.750%, due 07/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 05/15/48, U.S. Treasury Notes, 1.375% to 2.750%, due 03/31/20 to 11/30/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/22 to 02/15/45. The aggregate market value of the collateral, including accrued interest, was $714,000,051.
	CIBC Wood Gundy Securities
	300,000,000		2.460	%(d)		03/07/19		300,000,000
	Maturity Value: $301,926,999
	Settlement Date: 01/18/19
	Collateralized by U.S. Treasury Bonds, 3.000% to 3.125%, due 05/15/45 to 05/15/48, a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/25, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.750%, due 04/15/21 to 07/15/28 and U.S. Treasury Notes, 1.625% to 3.125%, due 09/30/20 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $306,000,017.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Credit Agricole Corporate and Investment Bank
$	100,000,000		2.530	%		03/01/19	$	100,000,000
	Maturity Value: $100,007,028
	Collateralized by U.S. Treasury Bills, 0.000%, due 06/06/19 to 02/27/20, U.S. Treasury Bonds, 4.625% to 7.250%, due 08/15/22 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 04/15/19 to 07/15/27 and U.S. Treasury Notes, 0.875% to 2.125%, due 09/15/19 to 10/31/22. The aggregate market value of the collateral, including accrued interest, was $102,000,049.
	Daiwa Capital Markets America, Inc.
	500,000,000		2.580			03/01/19		500,000,000
	Maturity Value: $500,035,833
	Collateralized by a U.S. Treasury Note, 2.875%, due 11/30/23. The market value of the collateral, including accrued interest, was $510,000,000.
	Fixed Income Clearing Corp.
	100,000,000		2.400			03/01/19		100,000,000
	Maturity Value: $100,006,667
	Collateralized by a U.S. Treasury Bill, 0.000%, due 02/27/20. The market value of the collateral, including accrued interest, was $102,000,002.
	1,500,000,000		2.550			03/01/19		1,500,000,000
	Maturity Value: $1,500,106,250
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.000%, due 01/15/26 to 02/15/45 and U.S. Treasury Notes, 1.000% to 2.875%, due 09/30/19 to 11/30/25. The aggregate market value of the collateral, including accrued interest, was $1,530,000,051.
	HSBC Bank PLC
	1,700,000,000		2.570			03/01/19		1,700,000,000
	Maturity Value: $1,700,121,361
	Collateralized by U.S. Treasury Bonds, 3.125% to 7.125%, due 02/15/23 to 11/15/48 and U.S. Treasury Notes, 0.125% to 3.500%, due 05/15/19 to 02/15/27. The aggregate market value of the collateral, including accrued interest, was $1,734,000,035.
	ING Financial Markets LLC
	350,000,000		2.560			03/01/19		350,000,000
	Maturity Value: $350,024,889
	Collateralized by U.S. Treasury Bills, 0.000%, due 04/25/19 to 01/02/20, U.S. Treasury Bonds, 2.750% to 3.125%, due 11/15/42 to 08/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.250%, due 04/15/19 to 07/15/20 and U.S. Treasury Notes, 1.000% to 2.750%, due 04/30/19 to 02/28/26. The aggregate market value of the collateral, including accrued interest, was $357,000,084.
	J.P. Morgan Securities LLC
	153,000,000		2.580			03/01/19		153,000,000
	Maturity Value: $153,010,965
	Collateralized by U.S. Treasury Notes, 1.625% to 2.500%, due 06/30/19 to 07/31/24. The aggregate market value of the collateral, including accrued interest, was $156,071,273.
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Joint Repurchase Agreement Account I
	1,000,000,000		2.589			03/01/19		1,000,000,000
	Maturity Value: $1,000,071,919
	Merrill Lynch, Pierce, Fenner & Smith, Inc.
	100,000,000		2.500			03/01/19		100,000,000
	Maturity Value: $100,006,944
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and U.S. Treasury Notes, 1.125% to 2.250%, due 02/28/21 to 12/31/23. The aggregate market value of the collateral, including accrued interest, was $102,000,073.
	100,000,000		2.550			03/01/19		100,000,000
	Maturity Value: $100,007,083
	Collateralized by a U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/25 and a U.S. Treasury Note, 2.375%, due 04/30/20. The aggregate market value of the collateral, including accrued interest, was $102,000,050.
	MUFG Securities Americas Inc.
	250,000,000		2.550			03/01/19		250,000,000
	Maturity Value: $250,017,708
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20 and U.S. Treasury Notes, 1.375% to 3.500%, due 05/15/20 to 02/15/22. The aggregate market value of the collateral, including accrued interest, was $255,000,036.
	MUFG Securities Americas Inc. (Overnight Treasury + 0.02%)
	225,000,000		2.570	(b)		03/07/19		225,000,000
	Maturity Value: $225,979,813
	Settlement Date: 01/10/19
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/20 and U.S. Treasury Notes, 1.125% to 2.875%, due 06/30/20 to 08/15/28. The aggregate market value of the collateral, including accrued interest, was $229,500,048.
	Natixis-New York Branch
	500,000,000		2.470	(d)		03/07/19		500,000,000
	Maturity Value: $503,156,111
	Collateralized by U.S. Treasury Bills, 0.000%, due 08/29/19 to 02/27/20, U.S. Treasury Bonds, 2.500% to 3.875%, due 08/15/40 to 11/15/48, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.375%, due 01/15/25 to 02/15/42, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/23 and U.S. Treasury Notes, 1.125% to 2.875%, due 04/30/19 to 05/15/27. The aggregate market value of the collateral, including accrued interest, was $510,000,084.
	Norinchukin Bank
	35,000,000		2.490			03/07/19		35,000,000
	Maturity Value: $35,275,975
	Settlement Date: 11/13/18
	Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27 and a U.S. Treasury Note, 2.000%, due 11/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,006.
	110,000,000		2.520			03/15/19		110,000,000
	Maturity Value: $110,708,400
	Settlement Date: 12/13/18
	Collateralized by a U.S. Treasury Bond, 6.125%, due 08/15/29, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.125%, due 01/15/21 to 01/15/27 and U.S. Treasury Notes, 2.000% to 3.375%, due 11/15/19 to 11/15/26. The aggregate market value of the collateral, including accrued interest, was $112,200,056.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements-Unaffiliated Issuers(c) – (continued)
	Prudential Insurance Company of America (The)
$	7,290,000		2.580	%		03/01/19	$	7,290,000
	Maturity Value: $7,290,522
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/26. The market value of the collateral, including accrued interest, was $7,435,800.
	9,432,500		2.580			03/01/19		9,432,500
	Maturity Value: $9,433,176
	Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/45. The market value of the collateral, including accrued interest, was $9,621,150.
	9,973,750		2.580			03/01/19		9,973,750
	Maturity Value: $9,974,465
	Collateralized by a U.S. Treasury Bond, 6.625%, due 02/15/27. The market value of the collateral, including accrued interest, was $10,173,225.
	11,362,500		2.580			03/01/19		11,362,500
	Maturity Value: $11,363,314
	Collateralized by a U.S. Treasury Bond, 7.250%, due 08/15/22. The market value of the collateral, including accrued interest, was $11,589,750.
	14,981,250		2.580			03/01/19		14,981,250
	Maturity Value: $14,982,324
	Collateralized by a U.S. Treasury Note, 2.750%, due 09/15/21. The market value of the collateral, including accrued interest, was $15,280,875.
	21,092,500		2.580			03/01/19		21,092,500
	Maturity Value: $21,094,012
	Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $21,514,350.
	44,156,250		2.580			03/01/19		44,156,250
	Maturity Value: $44,159,414
	Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/36. The market value of the collateral, including accrued interest, was $45,039,375.
	88,425,000		2.580			03/01/19		88,425,000
	Maturity Value: $88,431,337
	Collateralized by a U.S. Treasury Floating Rate Note, 2.463%, due 07/31/20. The market value of the collateral, including accrued interest, was $90,193,500.
	Wells Fargo Securities LLC
	200,000,000		2.520			03/01/19		200,000,000
	Maturity Value: $200,014,000
	Collateralized by U.S. Treasury Bills, 0.000%, due 05/09/19 to 01/02/20, U.S. Treasury Bonds, 4.375% to 6.250%, due 05/15/30 to 05/15/41, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/21 and U.S. Treasury Notes, 0.875% to 2.625%, due 04/30/19 to 06/30/23. The aggregate market value of the collateral, including accrued interest, was $204,000,004.
	TOTAL REPURCHASE AGREEMENTS- UNAFFILIATED ISSUERS						$	9,199,713,750
Repurchase Agreements-Affiliated Issuers(c) – 1.0%
	Goldman Sachs & Co.
	150,000,000		2.200			03/01/19		150,000,000
	Maturity Value: $150,009,167
	Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/44 to 08/15/47, U.S. Treasury Notes, 1.250% to 3.125%, due 05/15/19 to 02/29/20 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $153,000,001.
	TOTAL INVESTMENTS – 100.1%						$	15,206,901,610
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%							(17,353,918	)
	NET ASSETS – 100.0%						$	15,189,547,692

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2019. Additional information on Joint Repurchase Agreement Account I appears on page 38.
(d)	The instrument is subject to a demand feature.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – 115.1%
	United States Treasury Bills
$	22,500,000		2.281	%		03/01/19	$	22,500,000
	99,400,000		2.403			03/01/19		99,400,000
	22,000,000		2.383			03/05/19		21,994,256
	4,000,000		2.397			03/05/19		3,998,951
	12,000,000		2.401			03/05/19		11,996,847
	52,900,000		2.402			03/05/19		52,886,099
	31,700,000		2.406			03/05/19		31,691,652
	348,400,000		2.417			03/05/19		348,308,033
	39,500,000		2.418			03/05/19		39,489,554
	350,000,000		2.428			03/05/19		349,907,056
	64,100,000		2.430			03/05/19		64,082,960
	1,000,000		2.394			03/07/19		999,607
	11,200,000		2.412			03/12/19		11,191,872
	88,400,000		2.418			03/12/19		88,335,714
	177,800,000		2.423			03/12/19		177,670,428
	191,800,000		2.428			03/12/19		191,659,933
	8,600,000		2.342	(a)		03/14/19		8,592,733
	48,900,000		2.375			03/19/19		48,842,787
	2,900,000		2.413			03/19/19		2,896,556
	47,500,000		2.418			03/19/19		47,443,475
	985,000,000		2.433			03/19/19		983,820,461
	30,000,000		2.386			03/21/19		29,960,833
	45,000,000		2.412			03/26/19		44,925,781
	75,400,000		2.422			03/26/19		75,275,119
	10,000,000		2.423			03/26/19		9,983,438
	1,250,000,000		2.428			03/26/19		1,247,925,346
	1,500,000		2.406			04/02/19		1,496,847
	24,000,000		2.410			04/02/19		23,949,440
	58,600,000		2.411			04/02/19		58,476,549
	16,500,000		2.415			04/02/19		16,465,167
	45,300,000		2.417			04/02/19		45,204,367
	1,248,200,000		2.448	(a)		04/02/19		1,245,860,318
	86,300,000		2.440	(a)		04/11/19		86,064,113
	100,000,000		2.441	(a)		04/11/19		99,726,610
	281,300,000		2.546			06/13/19		279,284,641
	117,900,000		2.552			06/20/19		116,996,640
	486,900,000		2.546			06/27/19		482,942,043
	139,100,000		2.573			07/05/19		137,880,441
	32,900,000		2.491			07/11/19		32,606,861
	7,400,000		2.526			07/11/19		7,333,252
	60,600,000		2.536			07/11/19		60,051,166
	7,800,000		2.469			07/25/19		7,723,764
	7,000,000		2.472			07/25/19		6,931,583
	165,800,000		2.515			08/01/19		164,073,608
	4,500,000		2.487			08/08/19		4,451,500
	2,700,000		2.492			08/08/19		2,670,840
	24,300,000		2.494			08/08/19		24,037,560
	58,400,000		2.500			08/08/19		57,767,982
	11,100,000		2.501			08/08/19		10,979,824
	11,100,000		2.502			08/08/19		10,979,750
	91,100,000		2.505			08/08/19		90,112,071
	9,400,000		2.510			08/22/19		9,288,915
	9,600,000		2.515			08/22/19		9,486,320
	28,100,000		2.520			08/22/19		27,766,570
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.00%)
	327,800,000		2.420	%(b)		01/31/20		327,885,310
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	17,600,000		2.453	(b)		04/30/20		17,605,601
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	496,500,000		2.468	(b)		10/31/19		496,752,018
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.06%)
	935,737,000		2.480	(b)		07/31/19		936,105,360
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.07%)
	1,110,600,000		2.490	(b)		04/30/19		1,110,756,484
	United States Treasury Notes
	26,500,000		1.000			03/15/19		26,485,524
	24,300,000		1.625			03/31/19		24,282,577
	37,700,000		1.250			06/30/19		37,533,109
	49,400,000		1.625			06/30/19		49,242,133
	3,400,000		0.750			07/15/19		3,376,714
	6,300,000		0.875			07/31/19		6,258,156
	7,900,000		0.750			08/15/19		7,832,899
	36,300,000		3.625			08/15/19		36,470,596
	10,700,000		8.125			08/15/19		10,971,274
	8,900,000		1.750			09/30/19		8,852,054
	TOTAL INVESTMENTS – 115.1%						$	10,236,798,042
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (15.1)%							(1,343,908,490	)
	NET ASSETS – 100.0%						$	8,892,889,552

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

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

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2019, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 1, 2019, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,200,000,000		$1,200,086,303	$	1,224,201,872
Treasury Obligations		1,000,000,000		1,000,071,919		1,020,168,227

REPURCHASE AGREEMENTS — At February 28, 2019, the Principal Amounts of certain Funds’ interests in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate		Government		Treasury Obligations
Bank of Nova Scotia (The)		2.600%	$	109,090,909	$	90,909,091
BNP Paribus		2.590		654,545,455		545,454,545
Citigroup Global Markets, Inc.		2.600		109,090,909		90,909,091
Credit Agricole Corporate and Investment Bank		2.580		327,272,727		272,727,273
TOTAL			$	1,200,000,000	$	1,000,000,000

At February 28, 2019, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		03/05/19 to 02/27/20
U.S. Treasury Bonds		2.250 to 7.875			02/15/21 to 08/15/49
U.S. Treasury Floating Rate Notes		2.463			07/31/20
U.S. Treasury Inflation-Indexed Bonds		0.875 to 3.625			04/15/28 to 02/15/47
U.S. Treasury Inflation-Indexed Notes		0.125 to 0.625			04/15/21 to 07/15/27
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/21 to 05/15/48
U.S. Treasury Notes		0.875 to 2.875			09/15/19 to 08/15/28
U.S. Treasury Principal-Only Stripped Securities		0.000			11/15/22 to 05/15/47

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT III— At February 28, 2019, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 1, 2019, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	3,939,800,000		$3,940,083,987	$	4,053,332,481
Money Market		2,760,000,000		2,760,198,945		2,839,534,405
Prime Obligations		1,100,000,000		1,100,079,290		1,131,698,495

REPURCHASE AGREEMENTS — At February 28, 2019, the Principal Amounts of certain Funds’ interests in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Government		Money Market		Prime Obligations
ABN Amro Bank N.V.		2.600	%	$	324,454,118	$	227,294,118	$	90,588,235
Bank of America, N.A.		2.580			231,752,941		162,352,941		64,705,882
Bank of Nova Scotia (The)		2.620			1,019,712,941		714,352,941		284,705,883
BNP Paribas		2.610			231,752,941		162,352,941		64,705,882
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.570			834,310,588		584,470,588		232,941,177
Wells Fargo Securities, LLC		2.590			1,297,816,471		909,176,471		362,352,941
TOTAL				$	3,939,800,000	$	2,760,000,000	$	1,100,000,000

At February 28, 2019, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		2.450 to 4.150	%		03/01/21 to 06/27/33
Federal Home Loan Bank		3.930			07/11/33
Federal Home Loan Mortgage Corp.		2.000 to 9.500			11/01/19 to 03/01/49
Federal Home Loan Mortgage Corp. Stripped Securities		0.000			07/15/32
Federal National Mortgage Association		1.750 to 7.500			03/01/19 to 03/01/49
Federal National Mortgage Association Stripped Securities		0.000			03/23/28 to 11/15/30
Government National Mortgage Association		2.500 to 7.500			09/15/24 to 02/20/49
U.S. Treasury Bonds		2.750 to 3.375			11/15/47 to 11/15/48
U.S. Treasury Inflation-Indexed Bonds		2.375 to 3.875			01/15/25 to 04/15/29
U.S. Treasury Inflation-Indexed Notes		0.125			01/15/22
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/37
U.S. Treasury Notes		1.250 to 2.875			11/30/19 to 11/15/24

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Federal Instruments Fund		Government Fund		Money Market Fund		Prime Obligations Fund
Assets:
Investments, at value (cost $1,077,113,224, $41,463,967,658, $9,129,913,741 and $3,396,770,543)	$	1,077,113,224	$	41,463,967,658	$	9,133,953,476	$	3,397,914,069
Repurchase agreements, at value — unaffiliated issuers (cost $0, $59,755,011,250, $4,122,000,000 and $1,436,000,000)		—		59,755,011,250		4,122,000,244		1,436,000,360
Repurchase agreements, at value — affiliated issuers (cost $0, $650,000,000, $0 and $0)		—		650,000,000		—		—
Cash		7,625		486,406,280		32,417,796		42,650
Receivables:
Investments sold		1,495,276		1,188,667,803		—		—
Reimbursement from investment advisor		12,760		—		—		—
Interest		642,451		117,253,681		16,544,334		6,111,647
Fund shares sold		29,373		22,812,846		—		10,774,646
Other assets		2,985		518,836		57,325		18,459
Total assets		1,079,303,694		103,684,638,354		13,304,973,175		4,850,861,831
Liabilities:
Payables:
Investments purchased		189,101,978		3,130,091,517		355,314,092		87,618,807
Fund shares redeemed		—		39,312,760		—		4,165,804
Dividend distribution		529,201		92,832,268		12,648,556		3,502,766
Management fees		109,768		12,435,559		991,898		340,221
Distribution and Service fees and Transfer Agency fees		6,873		802,703		98,847		33,896
Accrued expenses		212,275		3,113,754		267,130		198,230
Total liabilities		189,960,095		3,278,588,561		369,320,523		95,859,724
Net Assets:
Paid-in capital		889,321,763		100,401,165,797		12,931,454,349		4,753,791,640
Total distributable earnings		21,836		4,883,996		4,198,303		1,210,467
NET ASSETS	$	889,343,599	$	100,406,049,793	$	12,935,652,652	$	4,755,002,107
Net Assets:
Institutional Shares		$811,781,938		$91,021,628,790		$12,901,986,354		$4,615,641,285
Select Shares		48,414		656,196,087		26,174,275		92,570,051
Preferred Shares		7,738,565		737,386,658		1,840,532		2,606,914
Capital Shares		880,722		1,778,565,601		4,805,957		5,062,083
Administration Shares		58,276,761		5,202,651,346		838,463		34,009,557
Premier Shares		51,034		227,339,223		1,029		1,029
Service Shares		10,515,563		598,646,788		4,000		5,109,147
Class A Shares		—		70,105,609		—		—
Class C Shares		—		4,588,536		—		—
Resource Shares		—		56,085,518		1,023		1,022
Cash Management Shares		50,602		7,046,525		1,019		1,019
Class R6 Shares		—		45,809,112		—		—
Total Net Assets	$	889,343,599	$	100,406,049,793	$	12,935,652,652	$	4,755,002,107
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		811,766,501		91,017,196,313		12,895,614,416		4,613,388,333
Select Shares		48,413		656,164,160		26,162,144		92,541,432
Preferred Shares		7,738,418		737,350,737		1,839,671		2,606,127
Capital Shares		880,705		1,778,479,004		4,803,657		5,059,989
Administration Shares		58,275,652		5,202,397,955		838,107		33,995,175
Premier Shares		51,033		227,328,150		1,029		1,028
Service Shares		10,515,363		598,617,626		3,999		5,107,599
Class A Shares		—		70,102,212		—		—
Class C Shares		—		4,588,312		—		—
Resource Shares		—		56,082,798		1,023		1,021
Cash Management Shares		50,601		7,046,182		1,018		1,019
Class R6 Shares		—		45,806,884		—		—
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00		$1.00		$1.0005		$1.0005
Select Shares		1.00		1.00		1.0005		1.0003
Preferred Shares		1.00		1.00		1.0005		1.0003
Capital Shares		1.00		1.00		1.0005		1.0004
Administration Shares		1.00		1.00		1.0004		1.0004
Premier Shares		1.00		1.00		1.0005		1.0004
Service Shares		1.00		1.00		1.0002		1.0003
Class A Shares		—		1.00		—		—
Class C Shares		—		1.00		—		—
Resource Shares		—		1.00		1.0005		1.0004
Cash Management Shares		1.00		1.00		1.0005		1.0004
Class R6 Shares		—		1.00		—		—

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

	Treasury Instruments Fund		Treasury Obligations Fund		Treasury Solutions Fund
Assets:
Investments based on amortized cost	$	58,664,708,694	$	5,857,187,860	$	10,236,798,042
Repurchase agreements based on amortized cost — unaffiliated issuers		—		9,199,713,750		—
Repurchase agreements based on amortized cost — affiliated issuers		—		150,000,000		—
Cash		83,493		148,753,266		155,435
Receivables:
Investments sold		697,049,289		309,622,482		94,784,814
Interest		39,940,761		11,692,760		6,385,083
Fund shares sold		4,878,576		1,510,791		478,764
Other assets		298,989		86,410		49,347
Total assets		59,406,959,802		15,678,567,319		10,338,651,485
Liabilities:
Payables:
Investments purchased		6,712,061,661		467,378,348		1,440,243,774
Dividend distribution		36,856,631		16,602,264		3,752,969
Management fees		7,228,774		2,152,164		1,204,193
Distribution and Service fees and Transfer Agency fees		404,041		119,587		94,689
Fund shares redeemed		3,608,344		1,524,120		11,344
Accrued expenses		1,550,804		1,243,144		454,964
Total liabilities		6,761,710,255		489,019,627		1,445,761,933
Net Assets:
Paid-in capital		52,644,588,312		15,188,533,799		8,892,830,499
Total distributable earnings		661,235		1,013,893		59,053
NET ASSETS	$	52,645,249,547	$	15,189,547,692	$	8,892,889,552
Net Assets:
Institutional Shares	$	49,173,003,519	$	11,277,421,295	$	7,920,939,117
Select Shares		329,535,195		49,017,373		5,865,274
Preferred Shares		58,961,327		400,152,513		65,945,555
Capital Shares		581,695,730		563,055,267		170,570,750
Administration Shares		2,292,341,060		1,758,556,129		379,729,538
Premier Shares		131,124,996		16,846,790		138,038,823
Service Shares		68,938,832		1,124,452,573		109,113,829
Resource Shares		1,015		1,016		1,015
Cash Management Shares		9,647,873		44,736		102,685,651
Total Net Assets	$	52,645,249,547	$	15,189,547,692	$	8,892,889,552
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		49,172,388,250		11,276,668,596		7,920,886,521
Select Shares		329,531,075		49,014,104		5,865,235
Preferred Shares		58,960,589		400,125,802		65,945,117
Capital Shares		581,688,456		563,017,696		170,569,618
Administration Shares		2,292,312,378		1,758,438,714		379,727,015
Premier Shares		131,123,354		16,845,666		138,037,906
Service Shares		68,937,970		1,124,377,474		109,113,104
Resource Shares		1,015		1,016		1,015
Cash Management Shares		9,647,752		44,733		102,684,968
Net asset value, offering and redemption price per share:
Institutional Shares		$1.00		$1.00		$1.00
Select Shares		1.00		1.00		1.00
Preferred Shares		1.00		1.00		1.00
Capital Shares		1.00		1.00		1.00
Administration Shares		1.00		1.00		1.00
Premier Shares		1.00		1.00		1.00
Service Shares		1.00		1.00		1.00
Resource Shares		1.00		1.00		1.00
Cash Management Shares		1.00		1.00		1.00

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Federal Instruments Fund			Government Fund			Money Market Fund			Prime Obligations Fund
Investment income:
Interest income — from unaffiliated issuers	$	7,709,951		$	1,176,433,096		$	149,799,604		$	49,502,015
Interest income — from affiliated issuers		—			1,672,690			—			—
Total investment income		7,709,951			1,178,105,786			149,799,604			49,502,015
Expenses:
Fund-Level Expenses:
Management fees		601,204			81,126,104			9,460,555			3,128,429
Professional fees		54,138			60,455			49,134			51,984
Transfer Agency fees		33,400			5,070,381			591,285			195,527
Registration fees		27,951			625,513			290,447			127,742
Custody, accounting and administrative services		26,415			1,687,191			250,426			97,033
Trustee fees		8,609			99,451			16,204			12,000
Printing and mailing fees		—			238,028			25,389			13,163
Other		22,806			316,644			32,641			29,584
Subtotal		774,523			89,223,767			10,716,081			3,655,462
Class Specific Expenses:
Administration Share fees		70,511			6,512,330			2,329			31,765
Service Share fees		23,996			1,511,209			187			12,994
Preferred Share fees		4,127			457,508			950			1,304
Select Share fees		7			96,814			4,880			10,336
Capital Share fees		1,149			1,088,697			276			3,385
Resource Share fees		—			156,859			2			2
Premier Share fees		89			335,180			2			2
Cash Management Share fees		125			19,501			2			2
Class C Share fees		—			5,812			—			—
Distribution fees — Cash Management Shares		75			11,700			2			1
Distribution fees — Resource Shares		—			47,058			1			1
Distribution and Service fees — Class A Shares		—			79,298			—			—
Distribution fees — Class C Shares		—			17,436			—			—
Total expenses		874,602			99,563,169			10,724,712			3,715,254
Less — expense reductions		(118,700	)		(296	)		(3,742,560	)		(1,294,729	)
Net expenses		755,902			99,562,873			6,982,152			2,420,525
NET INVESTMENT INCOME	$	6,954,049		$	1,078,542,913		$	142,817,452		$	47,081,490
Net realized gain (loss) from investment transactions		3,268			1,062,354			(118,060	)		19,057
Net change in unrealized gain from investment transactions		—			—			2,748,122			708,385
Net realized and unrealized gain		3,268			1,062,354			2,630,062			727,442
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,957,317		$	1,079,605,267		$	145,447,514		$	47,808,932

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

	Treasury Instruments Fund			Treasury Obligations Fund			Treasury Solutions Fund
Investment income:
Interest income — from unaffiliated issuers	$	637,687,111		$	183,495,280		$	103,687,619
Interest income — from affiliated issuers		—			284,180			—
Total investment income		637,687,111			183,779,460			103,687,619
Expenses:
Fund-Level Expenses:
Management fees		50,026,427			14,153,090			8,096,084
Transfer Agency fees		2,779,246			786,283			449,782
Custody, accounting and administrative services		937,068			295,519			163,565
Printing and mailing fees		273,864			25,536			26,976
Registration fees		227,335			111,380			53,147
Trustee fees		58,761			20,540			23,283
Professional fees		54,882			58,613			55,027
Other		192,167			119,902			54,199
Subtotal		54,549,750			15,570,863			8,922,063
Class Specific Expenses:
Administration Share fees		3,011,567			2,259,062			392,944
Service Share fees		452,703			2,996,648			322,401
Preferred Share fees		22,680			128,509			14,753
Select Share fees		52,237			11,517			962
Capital Share fees		384,435			240,576			124,347
Resource Share fees		2			3			3
Premier Share fees		235,758			26,946			215,651
Cash Management Share fees		15,206			101			204,481
Distribution fees — Cash Management Shares		9,123			60			122,688
Distribution fees — Resource Shares		1			1			1
Total expenses		58,733,462			21,234,286			10,320,294
Less — expense reductions		(71	)		(21	)		(11	)
Net expenses		58,733,391			21,234,265			10,320,283
NET INVESTMENT INCOME	$	578,953,720		$	162,545,195		$	93,367,336
Net realized gain (loss) from investment transactions		(696,983	)		740,476			(88,682	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	578,256,737		$	163,285,671		$	93,278,654

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Instruments Fund						Government Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	6,954,049		$	7,770,882		$	1,078,542,913		$	1,262,100,931
Net realized gain (loss) from investment transactions		3,268			(3,809	)		1,062,354			20,449
Net increase in net assets resulting from operations		6,957,317			7,767,073			1,079,605,267			1,262,121,380
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(6,246,692	)		(6,922,945	)(a)		(987,481,758	)		(1,157,085,399	)(a)
Select Shares		(494	)		(620	)(a)		(6,822,680	)		(26,372,855	)(a)
Preferred Shares		(84,511	)		(11,468	)(a)		(9,261,231	)		(10,128,118	)(a)
Capital Shares		(13,826	)		(140,311	)(a)		(14,659,932	)		(12,902,791	)(a)
Administration Shares		(521,470	)		(575,410	)(a)		(49,839,307	)		(46,579,598	)(a)
Premier Shares		(440	)		(495	)(a)		(1,729,594	)		(1,870,618	)(a)
Service Shares		(76,956	)		(117,449	)(a)		(4,963,193	)		(3,854,546	)(a)
Class A Shares		—			—			(601,179	)		(670,689	)(a)
Class C Shares		—			—			(26,558	)		(20,492	)(a)
Resource Shares		—			—			(466,581	)		(492,465	)(a)
Cash Management Shares		(326	)		(266	)(a)		(53,403	)		(33,066	)(a)
Class R6 Shares		—			—			(596,310	)		(381,000	)(a)
Total distributions to shareholders		(6,944,715	)		(7,768,964	)		(1,076,501,726	)		(1,260,391,637	)
From share transactions:
Proceeds from sales of shares		822,109,494			1,597,928,128			461,766,097,866			814,016,972,049
Reinvestment of distributions		5,885,662			7,165,769			507,981,875			623,990,529
Cost of shares redeemed		(525,431,890	)		(1,657,023,195	)		(466,729,628,922	)		(798,295,133,217	)
Net increase (decrease) in net assets resulting from share transactions		302,563,266			(51,929,298	)		(4,455,549,181	)		16,345,829,361
NET INCREASE (DECREASE)		302,575,868			(51,931,189	)		(4,452,445,640	)		16,347,559,104
Net assets:(b)
Beginning of period		586,767,731			638,698,920			104,858,495,433			88,510,936,329
End of period	$	889,343,599		$	586,767,731		$	100,406,049,793		$	104,858,495,433

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares			Class R6 Shares
Federal Instruments Fund		(6,922,945	)		(620	)		(11,468	)		(140,141	)		(575,410	)		(495	)		(117,449	)		—			—			—			(266	)		—
Government Fund		(1,156,282,021	)		(26,367,861	)		(10,117,010	)		(12,892,038	)		(46,542,413	)		(1,869,215	)		(3,849,639	)		(670,107	)		(20,451	)		(491,874	)		(33,011	)		(380,587	)
Distributions from net realized gains:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares			Class R6 Shares
Federal Instruments Fund		—			—			—			(170	)		—			—			—			—			—			—			—			—
Government Fund		(803,378	)		(4,994	)		(11,108	)		(10,753	)		(37,185	)		(1,403	)		(4,907	)		(582	)		(41	)		(591	)		(55	)		(413	)

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $14,706 and $6,714,936 for the Federal Instruments Fund and Government Fund, respectively as of August 31, 2018.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets(continued)

	Money Market Fund						Prime Obligations Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	142,817,452		$	94,866,940		$	47,081,490		$	40,110,969
Net realized gain (loss) from investment transactions		(118,060	)		266,263			19,057			128,347
Net change in unrealized gain from investment transactions		2,748,122			858,850			708,385			208,988
Net increase in net assets resulting from operations		145,447,514			95,992,053			47,808,932			40,448,304
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(142,131,837	)		(94,703,705	)(a)		(45,808,408	)		(39,411,524	)(a)
Select Shares		(384,038	)		(336,271	)(a)		(822,812	)		(614,919	)(a)
Preferred Shares		(21,778	)		(16,262	)(a)		(30,076	)		(23,515	)(a)
Capital Shares		(4,557	)		(18	)(a)		(50,319	)		(22,792	)(a)
Administration Shares		(19,544	)		(48,591	)(a)		(279,485	)		(151,862	)(a)
Premier Shares		(11	)		(14	)(a)		(11	)		(15	)(a)
Service Shares		(720	)		(4,434	)(a)		(51,330	)		(6,003	)(a)
Resource Shares		(11	)		(14	)(a)		(11	)		(15	)(a)
Cash Management Shares		(9	)		(11	)(a)		(9	)		(11	)(a)
Total distributions to shareholders		(142,562,505	)		(95,109,320	)		(47,042,461	)		(40,230,656	)
From share transactions:
Proceeds from sales of shares		40,821,448,774			46,362,347,251			6,694,234,668			13,545,751,948
Reinvestment of distributions		65,155,993			45,984,373			29,472,051			24,278,845
Cost of shares redeemed		(39,564,732,505	)		(37,357,864,040	)		(5,812,996,978	)		(11,218,581,295	)
Net increase in net assets resulting from share transactions		1,321,872,262			9,050,467,584			910,709,741			2,351,449,498
NET INCREASE		1,324,757,271			9,051,350,317			911,476,212			2,351,667,146
Net assets:(b)
Beginning of period		11,610,895,381			2,559,545,064			3,843,525,895			1,491,858,749
End of period	$	12,935,652,652		$	11,610,895,381		$	4,755,002,107		$	3,843,525,895

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Money Market Fund		(94,462,241	)		(335,508	)		(16,206	)		(18	)		(48,499	)		(14	)		(4,429	)		(14	)		(11	)
Prime Obligations Fund		(39,294,800	)		(612,433	)		(23,379	)		(22,720	)		(151,617	)		(15	)		(5,979	)		(15	)		(11	)
Distributions from net realized gains:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Money Market Fund		(241,464	)		(763	)		(56	)		—			(92	)		—			(5	)		—			—
Prime Obligations Fund		(116,724	)		(2,486	)		(136	)		(72	)		(245	)		—			(24	)		—			—

(b) Prior fiscal year information has been revised to conform with current year presentation. Distributions in excess of net investment income was $(3,582) and $(380) for the Money Market Fund and Prime Obligations Fund, respectively as of August 31, 2018.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets(continued)

	Treasury Instruments Fund						Treasury Obligations Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	578,953,720		$	669,188,022		$	162,545,195		$	216,240,443
Net realized gain (loss) from investment transactions		(696,983	)		(1,062,940	)		740,476			303,622
Net increase in net assets resulting from operations		578,256,737			668,125,082			163,285,671			216,544,065
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(544,241,250	)		(631,771,179	)(a)		(129,041,743	)		(183,017,133	)(a)
Select Shares		(3,596,445	)		(1,088,083	)(a)		(786,587	)		(1,479,694	)(a)
Preferred Shares		(455,204	)		(555,409	)(a)		(2,636,837	)		(2,135,434	)(a)
Capital Shares		(5,044,444	)		(7,223,408	)(a)		(3,188,880	)		(3,837,660	)(a)
Administration Shares		(22,188,002	)		(25,621,041	)(a)		(17,033,648	)		(16,261,506	)(a)
Premier Shares		(1,171,984	)		(1,059,275	)(a)		(138,325	)		(68,491	)(a)
Service Shares		(1,439,361	)		(233,786	)(a)		(9,820,786	)		(9,784,439	)(a)
Resource Shares		(8	)		(9	)(a)		(8	)		(8	)(a)
Cash Management Shares		(42,330	)		(297	)(a)		(268	)		(362	)(a)
Total distributions to shareholders		(578,179,028	)		(667,552,487	)		(162,647,082	)		(216,584,727	)
From share transactions:
Proceeds from sales of shares		120,778,091,365			215,655,170,491			93,206,581,535			142,342,952,985
Reinvestment of distributions		332,063,163			392,776,668			57,970,549			89,393,406
Cost of shares redeemed		(122,996,670,864	)		(209,935,305,042	)		(92,501,464,011	)		(145,821,281,209	)
Net increase (decrease) in net assets resulting from share transactions		(1,886,516,336	)		6,112,642,117			763,088,073			(3,388,934,818	)
NET INCREASE (DECREASE)		(1,886,438,627	)		6,113,214,712			763,726,662			(3,388,975,480	)
Net assets:(b)
Beginning of period		54,531,688,174			48,418,473,462			14,425,821,030			17,814,796,510
End of period	$	52,645,249,547		$	54,531,688,174		$	15,189,547,692		$	14,425,821,030

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Treasury Instruments Fund		(631,727,882	)		(1,088,061	)		(555,366	)		(7,222,661	)		(25,618,691	)		(1,059,219	)		(233,755	)		(9	)		(297	)
Treasury Obligations Fund		(182,742,081	)		(1,477,682	)		(2,130,572	)		(3,831,207	)		(16,228,708	)		(68,491	)		(9,761,043	)		(8	)		(359	)
Distributions from net realized gains:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Treasury Instruments Fund		(43,297	)		(22	)		(43	)		(747	)		(2,350	)		(56	)		(31	)		—			—
Treasury Obligations Fund		(275,052	)		(2,012	)		(4,862	)		(6,453	)		(32,798	)		—			(23,396	)		—			(3	)

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $4,097,675 and $992,202 for the Treasury Instruments Fund and Treasury Obligations Fund, respectively as of August 31, 2018.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets(continued)

	Treasury Solutions Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	93,367,336		$	116,416,989
Net realized gain (loss) from investment transactions		(88,682	)		705,244
Net increase in net assets resulting from operations		93,278,654			117,122,233
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(85,752,040	)		(109,839,322	)(a)
Select Shares		(66,031	)		(106,224	)(a)
Preferred Shares		(303,110	)		(515,373	)(a)
Capital Shares		(1,620,694	)		(2,131,692	)(a)
Administration Shares		(2,905,319	)		(3,082,405	)(a)
Premier Shares		(1,093,377	)		(474,955	)(a)
Service Shares		(1,029,021	)		(1,182,598	)(a)
Resource Shares		(8	)		(8	)(a)
Cash Management Shares		(556,830	)		(136,411	)(a)
Total distributions to shareholders		(93,326,430	)		(117,468,988	)
From share transactions:
Proceeds from sales of shares		20,334,477,438			37,150,719,127
Reinvestment of distributions		67,695,177			81,317,670
Cost of shares redeemed		(19,954,988,986	)		(38,074,196,148	)
Net increase (decrease) in net assets resulting from share transactions		447,183,629			(842,159,351	)
NET INCREASE (DECREASE)		447,135,853			(842,506,106	)
Net assets:(b)
Beginning of period		8,445,753,699			9,288,259,805
End of period	$	8,892,889,552		$	8,445,753,699

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares		Class C Shares		Resource Shares			Cash Management Shares
Treasury Solutions Fund		(108,867,455	)		(105,211	)		(511,284	)		(2,109,950	)		(3,051,952	)		(471,286	)		(1,166,476	)		—		—		(8	)		(133,367	)
Distributions from net realized gains:	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares		Class C Shares		Resource Shares			Cash Management Shares
Treasury Solutions Fund		(971,867	)		(1,013	)		(4,089	)		(21,742	)		(30,453	)		(3,669	)		(16,122	)		—		—		—			(3,044	)

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $83,593 as of August 31, 2018.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.013			0.005			0.002
Net realized loss		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.002
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.05	%		1.34	%		0.52	%		0.16	%
Net assets, end of period (in 000’s)	$	811,782		$	508,647		$	556,458		$	577,395
Ratio of net expenses to average net assets		0.19	%(e)		0.20	%		0.20	%		0.20	%(e)
Ratio of total expenses to average net assets		0.23	%(e)		0.25	%		0.28	%		0.39	%(e)
Ratio of net investment income to average net assets		2.11	%(e)		1.33	%		0.51	%		0.19	%(e)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.013			0.005			0.001
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.03	%		1.31	%		0.49	%		0.13	%
Net assets, end of period (in 000’s)	$	48		$	48		$	47		$	50
Ratio of net expenses to average net assets		0.22	%		0.23	%		0.23	%		0.23	%(e)
Ratio of total expenses to average net assets		0.26	%(e)		0.28	%		0.31	%		0.42	%(e)
Ratio of net investment income to average net assets		2.07	%(e)		1.30	%		0.48	%		0.14	%(e)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.018			0.012			0.004			0.001
Net realized loss		(0.008	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.004			0.001
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.004	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.004	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.00	%		1.24	%		0.42	%		0.08	%
Net assets, end of period (in 000’s)	$	7,739		$	2,386		$	50		$	50
Ratio of net expenses to average net assets		0.29	%(e)		0.30	%		0.30	%		0.29	%(e)
Ratio of total expenses to average net assets		0.33	%(e)		0.35	%		0.38	%		0.49	%(e)
Ratio of net investment income to average net assets		2.05	%(e)		1.43	%		0.41	%		0.08	%(e)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.003			0.012			0.003			—	(b)
Net realized gain		0.007			—	(b)		0.001			—	(b)
Total from investment operations		0.010			0.012			0.004			—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.004	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.97	%		1.19	%		0.37	%		0.05	%
Net assets, end of period (in 000’s)	$	881		$	5,136		$	16,147		$	50
Ratio of net expenses to average net assets		0.34	%(e)		0.35	%		0.35	%		0.33	%(e)
Ratio of total expenses to average net assets		0.38	%(e)		0.40	%		0.43	%		0.54	%(e)
Ratio of net investment income to average net assets		1.80	%(e)		1.04	%		0.31	%		0.04	%(e)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.011			0.003			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.92	%		1.09	%		0.27	%		0.01	%
Net assets, end of period (in 000’s)	$	58,277		$	59,447		$	50,768		$	43,835
Ratio of net expenses to average net assets		0.44	%(e)		0.45	%		0.45	%		0.39	%(e)
Ratio of total expenses to average net assets		0.48	%(e)		0.50	%		0.53	%		0.64	%(e)
Ratio of net investment income (loss) to average net assets		1.85	%(e)		1.08	%		0.26	%		(0.01	)%(e)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.010			0.002			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.010			0.002			—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.010	)		(0.002	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.010	)		(0.002	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.87	%		0.99	%		0.19	%		0.01	%
Net assets, end of period (in 000’s)	$	51		$	51		$	50		$	50
Ratio of net expenses to average net assets		0.54	%(e)		0.55	%		0.53	%		0.38	%(e)
Ratio of total expenses to average net assets		0.58	%(e)		0.60	%		0.63	%		0.74	%(e)
Ratio of net investment income to average net assets		1.75	%(e)		0.99	%		0.19	%		—	%(e)(f)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			0.008			0.001			—	(b)
Net realized gain		0.002			—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.008			0.001			—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.008	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.008	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.80	%		0.84	%		0.10	%		0.01	%
Net assets, end of period (in 000’s)	$	10,516		$	11,003		$	15,129		$	14,949
Ratio of net expenses to average net assets		0.69	%(e)		0.70	%		0.62	%		0.39	%(e)
Ratio of total expenses to average net assets		0.73	%(e)		0.75	%		0.78	%		0.89	%(e)
Ratio of net investment income (loss) to average net assets		1.61	%(e)		0.83	%		0.09	%		(0.01	)%(e)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Federal Instruments Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			0.005			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.005			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.005	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.006	)		(0.005	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.65	%		0.53	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	51		$	50		$	50		$	50
Ratio of net expenses to average net assets		0.99	%(e)		1.00	%		0.71	%		0.38	%(e)
Ratio of total expenses to average net assets		1.03	%(e)		1.05	%		1.08	%		1.19	%(e)
Ratio of net investment income to average net assets		1.31	%(e)		0.53	%		0.01	%		—	%(e)(f)

 * Commenced operations on October 30, 2015.

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.014			0.006			0.002			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.011			0.014			0.006			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.011	)		(0.014	)		(0.006	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		(0.014	)		(0.006	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.07	%		1.38	%		0.55	%		0.20	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	91,021,629		$	96,230,361		$	79,411,937		$	63,804,041		$	29,753,210		$	22,069,515
Ratio of net expenses to average net assets		0.18	%(e)		0.17	%		0.18	%		0.18	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.18	%(e)		0.19	%		0.23	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.15	%(e)		1.39	%		0.55	%		0.21	%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.013			0.005			0.002			—	(b)		—	(b)
Net realized gain		0.004			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.011			0.013			0.005			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.011	)		(0.013	)		(0.005	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		(0.013	)		(0.005	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.05	%		1.35	%		0.52	%		0.17	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	656,196		$	598,258		$	2,921,971		$	2,471,275		$	203,098		$	101,446
Ratio of net expenses to average net assets		0.21	%(e)		0.20	%		0.21	%		0.21	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.21	%(e)		0.22	%		0.26	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		2.12	%(e)		1.19	%		0.52	%		0.21	%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.013			0.004			0.001			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.02	%		1.28	%		0.45	%		0.12	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	737,387		$	1,330,598		$	553,781		$	536,818		$	249,542		$	266,881
Ratio of net expenses to average net assets		0.28	%(e)		0.27	%		0.28	%		0.27	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.28	%(e)		0.29	%		0.33	%		0.33	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		2.03	%(e)		1.32	%		0.43	%		0.13	%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.012			0.004			0.001			—	(b)		—	(b)
Net realized loss		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.004			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.99	%		1.22	%		0.40	%		0.08	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1,778,566		$	1,287,999		$	893,496		$	1,390,271		$	1,174,099		$	1,113,078
Ratio of net expenses to average net assets		0.33	%(e)		0.32	%		0.33	%		0.30	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.33	%(e)		0.34	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		2.02	%(e)		1.24	%		0.37	%		0.07	%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.011			0.003			—	(b)		—	(b)		—	(b)
Net realized loss		(0.002	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.94	%		1.12	%		0.30	%		0.02	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	5,202,651		$	4,454,065		$	4,138,362		$	2,673,689		$	1,920,203		$	1,939,309
Ratio of net expenses to average net assets		0.43	%(e)		0.42	%		0.43	%		0.36	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.43	%(e)		0.44	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.92	%(e)		1.13	%		0.32	%		0.01	%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.010			0.003			—	(b)		—	(b)		—	(b)
Net realized loss		—	(b)		—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.010			0.002			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.89	%		1.02	%		0.22	%		0.02	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	227,339		$	168,032		$	101,311		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.53	%(e)		0.52	%		0.52	%		0.20	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.53	%(e)		0.54	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		1.81	%(e)		0.99	%		0.28	%		0.40	%		0.40	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.009			0.001			—	(b)		—	(b)		—	(b)
Net realized loss		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.009			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.009	)		(0.001	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.009	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.82	%		0.87	%		0.12	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	598,647		$	587,810		$	337,219		$	368,299		$	468,041		$	376,094
Ratio of net expenses to average net assets		0.68	%(e)		0.67	%		0.60	%		0.36	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.68	%(e)		0.69	%		0.73	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		1.65	%(e)		0.93	%		0.11	%		(0.01	)%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.011			0.003			—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.003			—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.94	%		1.12	%		0.30	%		0.01	%
Net assets, end of period (in 000’s)	$	70,106		$	69,681		$	55,506		$	1,563
Ratio of net expenses to average net assets		0.43	%(e)		0.42	%		0.43	%		0.43	%(e)
Ratio of total expenses to average net assets		0.43	%(e)		0.44	%		0.48	%		0.48	%(e)
Ratio of net investment income to average net assets		1.90	%(e)		1.12	%		0.34	%		0.02	%(e)

 * Commenced operations on February 29, 2016.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.005			0.004			—	(b)		—	(b)
Net realized gain		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.004			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.004	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.006	)		(0.004	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.57	%		0.39	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	4,589		$	4,928		$	5,937		$	413
Ratio of net expenses to average net assets		1.18	%(e)		1.15	%		0.70	%		0.44	%(e)
Ratio of total expenses to average net assets		1.18	%(e)		1.19	%		1.23	%		1.23	%(e)
Ratio of net investment income to average net assets		1.15	%(e)		0.37	%		0.01	%		0.01	%(e)

 * Commenced operations on February 29, 2016.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

		Financial Square Government Fund
		Resource Shares
		Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
					2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)			0.007			0.007			0.001			—	(b)		—	(b)		—	(b)
Net realized gain	��		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations			0.007			0.007			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income			(0.007	)		(0.007	)		(0.001	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)			(0.007	)		(0.007	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)			0.74	%		0.72	%		0.05	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)		$	56,086		$	70,747		$	74,864		$	17,634		$	1		$	1
Ratio of net expenses to average net assets			0.83	%(e)		0.82	%		0.69	%		0.43	%		0.14	%		0.12	%
Ratio of total expenses to average net assets			0.83	%(e)		0.84	%		0.88	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income (loss) to average net assets			1.49	%(e)		0.70	%		0.06	%		(0.01	)%		0.40	%		0.40	%

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Government Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.006			—	(b)		—	(b)		—	(b)		—	(b)
Net realized loss		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			0.006			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.006	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.006	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.67	%		0.57	%		0.02	%		0.02	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	7,047		$	6,573		$	3,779		$	14		$	4		$	1
Ratio of net expenses to average net assets		0.98	%(e)		0.97	%		0.62	%		0.35	%		0.14	%		0.12	%
Ratio of total expenses to average net assets		0.98	%(e)		0.99	%		1.03	%		1.03	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		1.37	%(e)		0.64	%		0.01	%		0.06	%		0.22	%		0.40	%

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

��		Financial Square Government Fund
		Class R6 Shares
		Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
					2018			2017
	Per Share Data:
	Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
	Net investment income(a)		0.013			0.014			0.006			0.002
	Net realized loss		(0.002	)		—	(b)		—	(b)		—	(b)
	Total from investment operations		0.011			0.014			0.006			0.002
	Distributions to shareholders from net investment income		(0.011	)		(0.014	)		(0.006	)		(0.002	)
	Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
	Total distributions(c)		(0.011	)		(0.014	)		(0.006	)		(0.002	)
	Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
	Total return(d)		1.07	%		1.38	%		0.55	%		0.18	%
	Net assets, end of period (in 000’s)	$	45,809		$	49,441		$	12,773		$	4,705
	Ratio of net expenses to average net assets		0.18	%(e)		0.17	%		0.18	%		0.18	%(e)
	Ratio of total expenses to average net assets		0.18	%(e)		0.19	%		0.23	%		0.23	%(e)
	Ratio of net investment income to average net assets		2.18	%(e)		1.54	%		0.56	%		0.26	%(e)

 * Commenced operations on December 29, 2015.

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0003		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0148			0.0187			0.0071			—	(b)		—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0026	)		(0.0019	)		0.0015			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0122			0.0168			0.0086			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0120	)		(0.0168	)		(0.0082	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0120	)		(0.0168	)		(0.0083	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0003		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.23	%		1.68	%		0.87	%		0.32	%		0.09	%		0.06	%
Net assets, end of period (in 000’s)	$	12,901,986		$	11,570,439		$	2,542,693		$	15,336,774		$	32,746,797		$	26,529,130
Ratio of net expenses to average net assets		0.12	%(f)		0.11	%		0.18	%		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.18	%(f)		0.20	%		0.25	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.42	%(f)		1.87	%		0.71	%		0.32	%		0.08	%		0.06	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0003		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0131			0.0182			0.0040			0.003			0.001			—	(b)
Net realized and unrealized gain (loss)		(0.0011	)		(0.0017	)		0.0043			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0120			0.0165			0.0083			0.003			0.001			—	(b)
Distributions to shareholders from net investment income		(0.0118	)		(0.0165	)		(0.0079	)		(0.003	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0118	)		(0.0165	)		(0.0080	)		(0.003	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0003		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.22	%		1.65	%		0.84	%		0.29	%		0.06	%		0.03	%
Net assets, end of period (in 000’s)	$	26,174		$	34,354		$	9,847		$	1,080,075		$	1,917,216		$	527,470
Ratio of net expenses to average net assets		0.15	%(f)		0.14	%		0.21	%		0.21	%		0.21	%		0.21	%
Ratio of total expenses to average net assets		0.21	%(f)		0.23	%		0.28	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		2.37	%(f)		1.82	%		0.40	%		0.29	%		0.06	%		0.03	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0139			0.0172			0.0032			0.002			—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0021	)		(0.0015	)		0.0044			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0118			0.0157			0.0076			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0115	)		(0.0158	)		(0.0072	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0115	)		(0.0158	)		(0.0073	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.18	%		1.58	%		0.77	%		0.22	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1,841		$	2,752		$	1,418		$	59,053		$	116,846		$	66,193
Ratio of net expenses to average net assets		0.22	%(f)		0.21	%		0.28	%		0.28	%		0.26	%		0.24	%
Ratio of total expenses to average net assets		0.28	%(f)		0.30	%		0.35	%		0.33	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		2.30	%(f)		1.72	%		0.32	%		0.20	%		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0245			0.0177			0.0020			0.002			—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0121	)		0.0001			0.0051			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0124			0.0178			0.0071			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0123	)		(0.0177	)		(0.0068	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0123	)		(0.0177	)		(0.0068	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0004		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.15	%		1.54	%		0.72	%		0.18	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	4,806		$	1		$	1		$	108,671		$	201,440		$	36,709
Ratio of net expenses to average net assets		0.27	%(f)		0.11	%		0.33	%		0.33	%		0.27	%		0.24	%
Ratio of total expenses to average net assets		0.33	%(f)		0.35	%		0.40	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		2.46	%(f)		1.77	%		0.20	%		0.18	%		—	%(g)		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0003		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0077			0.0140			0.0024			0.001			—	(b)		—	(b)
Net realized and unrealized gain		0.0031			0.0003			0.0037			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0108			0.0143			0.0061			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0107	)		(0.0143	)		(0.0057	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0107	)		(0.0143	)		(0.0058	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0004		$	1.0003		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.10	%		1.43	%		0.61	%		0.10	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	838		$	3,218		$	5,516		$	316,162		$	430,947		$	277,404
Ratio of net expenses to average net assets		0.37	%(f)		0.36	%		0.43	%		0.40	%		0.26	%		0.24	%
Ratio of total expenses to average net assets		0.43	%(f)		0.45	%		0.50	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		2.10	%(f)		1.40	%		0.24	%		0.09	%		—	%(g)		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0107			0.0142			0.0068			0.001			—	(b)		—	(b)
Net realized and unrealized gain (loss)		—	(b)		0.0001			(0.0016	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.0107			0.0143			0.0052			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0106	)		(0.0142	)		(0.0049	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0106	)		(0.0142	)		(0.0049	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0004		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.04	%		1.35	%		0.52	%		0.10	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.48	%(f)		0.47	%		0.53	%		0.19	%		0.18	%		0.24	%
Ratio of total expenses to average net assets		0.53	%(f)		0.55	%		0.60	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		2.14	%(f)		1.42	%		0.69	%		0.37	%		0.40	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0001		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0034			0.0115			0.0011			—	(b)		—	(b)		—	(b)
Net realized and unrealized gain		0.0062			0.0001			0.0027			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0096			0.0116			0.0038			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0095	)		(0.0118	)		(0.0034	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0095	)		(0.0118	)		(0.0035	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.0002		$	1.0001		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		0.97	%		1.16	%		0.38	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	4		$	128		$	67		$	17,000		$	21,066		$	20,963
Ratio of net expenses to average net assets		0.62	%(f)		0.61	%		0.60	%		0.49	%		0.26	%		0.24	%
Ratio of total expenses to average net assets		0.68	%(f)		0.70	%		0.75	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income to average net assets		1.94	%(f)		1.15	%		0.11	%		—	%(g)		—	%(g)		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0107			0.0142			0.0068			0.001			—	(b)		—	(b)
Net realized and unrealized gain (loss)		—	(b)		0.0001			(0.0040	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.0107			0.0143			0.0028			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0106	)		(0.0142	)		(0.0025	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0106	)		(0.0142	)		(0.0025	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0004		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		0.90	%		1.04	%		0.28	%		0.10	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.48	%(f)		0.47	%		0.53	%		0.19	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.83	%(f)		0.85	%		0.90	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		2.14	%(f)		1.42	%		0.68	%		0.37	%		0.40	%		0.40	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Money Market Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0004		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0089			0.0106			0.0001			—	(b)		—	(b)		—	(b)
Net realized and unrealized gain (loss)		0.0001			0.0001			0.0017			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0090			0.0107			0.0018			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0089	)		(0.0106	)		(0.0015	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0089	)		(0.0106	)		(0.0015	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0004		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		0.81	%		0.89	%		0.18	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	10,742		$	8,041		$	1
Ratio of net expenses to average net assets		0.84	%(f)		0.83	%		0.50	%		0.51	%		0.28	%		0.18	%
Ratio of total expenses to average net assets		0.98	%(f)		1.00	%		1.05	%		1.03	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		1.79	%(f)		1.06	%		0.01	%		—	%(g)		—	%(g)		0.40	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0003		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0136			0.0182			0.0073			0.003			—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0015	)		(0.0014	)		0.0014			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0121			0.0168			0.0087			0.003			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0119	)		(0.0168	)		(0.0083	)		(0.003	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0119	)		(0.0168	)		(0.0084	)		(0.003	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0005		$	1.0003		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.23	%		1.68	%		0.87	%		0.29	%		0.03	%		0.02	%
Net assets, end of period (in 000’s)	$	4,615,641		$	3,766,257		$	1,467,979		$	7,299,656		$	9,211,383		$	10,934,044
Ratio of net expenses to average net assets		0.12	%(f)		0.11	%		0.18	%		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.18	%(f)		0.21	%		0.27	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.41	%(f)		1.82	%		0.73	%		0.31	%		0.03	%		0.02	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0143			0.0181			0.0097			0.003			—	(b)		—	(b)
Net realized and unrealized loss		(0.0024	)		(0.0017	)		(0.0013	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.0119			0.0164			0.0084			0.003			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0118	)		(0.0165	)		(0.0080	)		(0.003	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0118	)		(0.0165	)		(0.0081	)		(0.003	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0003		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.20	%		1.64	%		0.84	%		0.26	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	92,570		$	60,236		$	18,082		$	9,454		$	88,996		$	118,994
Ratio of net expenses to average net assets		0.15	%(f)		0.14	%		0.21	%		0.21	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.21	%(f)		0.24	%		0.30	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		2.39	%(f)		1.81	%		0.97	%		0.29	%		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0001		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0161			0.0142			0.0030			0.002			—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0044	)		0.0014			0.0047			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0117			0.0156			0.0077			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0115	)		(0.0158	)		(0.0073	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0115	)		(0.0158	)		(0.0074	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0003		$	1.0001		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.17	%		1.57	%		0.77	%		0.20	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	2,607		$	2,624		$	1,003		$	279,445		$	332,798		$	108,264
Ratio of net expenses to average net assets		0.22	%(f)		0.21	%		0.28	%		0.28	%		0.21	%		0.19	%
Ratio of total expenses to average net assets		0.28	%(f)		0.31	%		0.37	%		0.33	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		2.31	%(f)		1.42	%		0.30	%		0.19	%		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0155			0.0178			0.0024			0.002			—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0041	)		(0.0026	)		0.0048			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0114			0.0152			0.0072			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0112	)		(0.0153	)		(0.0068	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0112	)		(0.0153	)		(0.0069	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0004		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.14	%		1.53	%		0.72	%		0.16	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	5,062		$	6,829		$	407		$	140,138		$	103,978		$	72,327
Ratio of net expenses to average net assets		0.27	%(f)		0.26	%		0.33	%		0.31	%		0.21	%		0.19	%
Ratio of total expenses to average net assets		0.33	%(f)		0.36	%		0.42	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		2.23	%(f)		1.78	%		0.24	%		0.16	%		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0159			0.0139			0.0015			0.001			—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0050	)		0.0003			0.0047			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0109			0.0142			0.0062			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0107	)		(0.0143	)		(0.0058	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0107	)		(0.0143	)		(0.0059	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0004		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.09	%		1.43	%		0.62	%		0.09	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	34,010		$	7,474		$	4,282		$	1,250,848		$	1,893,461		$	1,644,425
Ratio of net expenses to average net assets		0.37	%(f)		0.36	%		0.43	%		0.38	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.43	%(f)		0.46	%		0.52	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		2.20	%(f)		1.39	%		0.15	%		0.09	%		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0106			0.0144			0.0071			0.001			—	(b)		—	(b)
Net realized and unrealized gain (loss)		0.0002			(0.0001	)		(0.0018	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.0108			0.0143			0.0053			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0106	)		(0.0144	)		(0.0050	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0106	)		(0.0144	)		(0.0050	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0004		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		1.05	%		1.32	%		0.53	%		0.09	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.48	%(f)		0.47	%		0.53	%		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.53	%(f)		0.56	%		0.62	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		2.13	%(f)		1.44	%		0.71	%		0.36	%		0.40	%		0.40	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0176			0.0145			0.0003			—	(b)		—	(b)		—	(b)
Net realized and unrealized gain (loss)		(0.0080	)		(0.0028	)		0.0035			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0096			0.0117			0.0038			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0095	)		(0.0118	)		(0.0034	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		(0.0001	)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0095	)		(0.0118	)		(0.0035	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.0003		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		0.97	%		1.16	%		0.38	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	5,109		$	102		$	103		$	253,231		$	777,357		$	938,791
Ratio of net expenses to average net assets		0.62	%(f)		0.61	%		0.59	%		0.42	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.68	%(f)		0.71	%		0.77	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income to average net assets		1.98	%(f)		1.45	%		0.03	%		—	%(g)		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0106			0.0144			0.0002			—	(b)		—	(b)		—	(b)
Net realized and unrealized gain (loss)		0.0001			(0.0001	)		0.0025			—	(b)		—	(b)		—	(b)
Total from investment operations		0.0107			0.0143			0.0027			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0105	)		(0.0144	)		(0.0024	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0105	)		(0.0144	)		(0.0024	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.0004		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		0.90	%		1.01	%		0.27	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	71,804		$	72,031		$	78,532
Ratio of net expenses to average net assets		0.48	%(f)		0.47	%		0.52	%		0.46	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.83	%(f)		0.86	%		0.92	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		2.12	%(f)		1.44	%		0.02	%		0.01	%		0.01	%		0.01	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Prime Obligations Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.0002		$	1.0003		$	1.0000		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.0088			0.0108			0.0051			0.001			—	(b)		—	(b)
Net realized and unrealized loss		0.0002			(0.0001	)		(0.0033	)		—	(b)		—	(b)		—	(b)
Total from investment operations	��	0.0090			0.0107			0.0018			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.0088	)		(0.0108	)		(0.0015	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(b)		—	(b)		—	(b)
Total distributions(d)		(0.0088	)		(0.0108	)		(0.0015	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.0004		$	1.0002		$	1.0003		$	1.00		$	1.00		$	1.00
Total return(e)		0.83	%		0.86	%		0.18	%		0.09	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.84	%(f)		0.83	%		0.73	%		0.18	%		0.18	%		0.18	%
Ratio of total expenses to average net assets		0.98	%(f)		1.01	%		1.07	%		1.03	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		1.77	%(f)		1.08	%		0.51	%		0.37	%		0.40	%		0.40	%

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

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

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

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

(e) Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.014			0.005			0.001			—	(b)		—	(b)
Net realized gain		(0.001	)		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.04	%		1.34	%		0.48	%		0.13	%		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	49,173,004		$	51,205,454		$	44,355,448		$	50,595,412		$	34,094,054		$	31,170,061
Ratio of net expenses to average net assets		0.20	%(f)		0.20	%		0.20	%		0.19	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.20	%(f)		0.21	%		0.23	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.10	%(f)		1.35	%		0.47	%		0.14	%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.016			0.015			0.004			0.001			—	(b)		—	(b)
Net realized gain (loss)		(0.006	)		(0.002	)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.03	%		1.31	%		0.45	%		0.11	%		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	329,535		$	370,898		$	47,839		$	21,009		$	80,008		$	192,930
Ratio of net expenses to average net assets		0.23	%(f)		0.23	%		0.23	%		0.21	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.23	%(f)		0.24	%		0.26	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		2.07	%(f)		1.49	%		0.43	%		0.07	%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.012			0.003			0.001			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.004			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.99	%		1.24	%		0.38	%		0.06	%		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	58,961		$	45,007		$	39,754		$	12,735		$	33,032		$	43,335
Ratio of net expenses to average net assets		0.30	%(f)		0.30	%		0.30	%		0.26	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.30	%(f)		0.31	%		0.33	%		0.33	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		2.01	%(f)		1.24	%		0.34	%		0.05	%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.011			0.004			—	(b)		—	(b)		—	(b)
Net realized gain (loss)		—	(b)		0.001			(0.001	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.97	%		1.19	%		0.33	%		0.03	%		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	581,696		$	374,831		$	1,054,817		$	495,853		$	353,326		$	163,450
Ratio of net expenses to average net assets		0.35	%(f)		0.35	%		0.35	%		0.30	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.35	%(f)		0.36	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		1.97	%(f)		1.08	%		0.38	%		0.02	%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.011			0.003			—	(b)		—	(b)		—	(b)
Net realized loss		—	(b)		—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.002			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.002	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.002	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.92	%		1.09	%		0.24	%		—	%(e)		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	2,292,341		$	2,361,026		$	2,817,291		$	2,186,426		$	2,101,757		$	1,231,641
Ratio of net expenses to average net assets		0.45	%(f)		0.45	%		0.44	%		0.32	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.45	%(f)		0.46	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		1.84	%(f)		1.07	%		0.26	%		(0.01	)%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.011			0.002			—	(b)		—	(b)		—	(b)
Net realized loss		—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.010			0.002			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.87	%		0.99	%		0.17	%		—	%(e)		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	131,125		$	152,344		$	56,059		$	19,142		$	54		$	2,720
Ratio of net expenses to average net assets		0.55	%(f)		0.55	%		0.50	%		0.38	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.55	%(f)		0.56	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income (loss) to average net assets		1.74	%(f)		1.12	%		0.20	%		(0.02	)%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.014			0.008			0.001			—	(b)		—	(b)		—	(b)
Net realized loss		(0.006	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.008			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.008	)		(0.001	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.008	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.79	%		0.84	%		0.10	%		—	%(e)		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	68,939		$	22,063		$	47,234		$	91,598		$	197,083		$	140,016
Ratio of net expenses to average net assets		0.70	%(f)		0.70	%		0.55	%		0.29	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.70	%(f)		0.71	%		0.73	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		1.60	%(f)		0.79	%		0.05	%		(0.01	)%		—	%(g)		—	%(g)

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.009			0.004			—	(b)		—	(b)		—	(b)
Net realized loss		—	(b)		—	(b)		(0.004	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.009			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.009	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.009	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.72	%		0.69	%		0.04	%		—	%(e)		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.56	%(f)		0.55	%		0.26	%		0.19	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		0.85	%(f)		0.86	%		0.88	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		1.60	%(f)		0.87	%		0.37	%		0.37	%		0.40	%		0.40	%

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Instruments Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.014			0.006			—	(b)		—	(b)		—	(b)		—	(b)
Net realized loss		(0.008	)		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.005			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.005	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.006	)		(0.005	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.64	%		0.54	%		0.01	%		—	%(e)		—	%(e)		—	%(e)
Net assets, end of period (in 000’s)	$	9,648		$	64		$	30		$	279		$	1		$	1
Ratio of net expenses to average net assets		1.00	%(f)		1.00	%		0.61	%		0.35	%		0.06	%		0.07	%
Ratio of total expenses to average net assets		1.00	%(f)		1.01	%		1.03	%		1.03	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		1.39	%(f)		0.60	%		—	%(g)		0.05	%		0.40	%		0.40	%

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

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

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

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

(e) Amount is less than 0.005%.

(f) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.013			0.005			0.002			—	(b)		—	(b)
Net realized gain		—	(b)		0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.011			0.014			0.005			0.002			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.011	)		(0.014	)		(0.005	)		(0.002	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.011	)		(0.014	)		(0.005	)		(0.002	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.06	%		1.37	%		0.50	%		0.15	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	11,277,421		$	10,649,826		$	15,091,527		$	19,950,969		$	12,758,713		$	12,822,354
Ratio of net expenses to average net assets		0.20	%(e)		0.20	%		0.20	%		0.19	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.20	%(e)		0.21	%		0.23	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.14	%(e)		1.31	%		0.47	%		0.14	%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.015			0.005			0.001			—	(b)		—	(b)
Net realized gain (loss)		0.003			(0.002	)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.05	%		1.34	%		0.47	%		0.13	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	49,017		$	134,034		$	67,865		$	505,162		$	169,026		$	279,848
Ratio of net expenses to average net assets		0.23	%(e)		0.23	%		0.23	%		0.21	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.23	%(e)		0.24	%		0.26	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		2.03	%(e)		1.46	%		0.46	%		0.12	%		—	%(f)		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			0.013			0.004			0.001			—	(b)		—	(b)
Net realized loss		(0.002	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.004			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.01	%		1.26	%		0.40	%		0.08	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	400,153		$	173,807		$	123,436		$	81,542		$	220,426		$	205,386
Ratio of net expenses to average net assets		0.30	%(e)		0.30	%		0.30	%		0.25	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.30	%(e)		0.31	%		0.33	%		0.33	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		2.06	%(e)		1.28	%		0.40	%		0.05	%		—	%(f)		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.012			0.003			—	(b)		—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.99	%		1.21	%		0.35	%		0.05	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	563,055		$	299,105		$	269,417		$	404,533		$	442,625		$	356,753
Ratio of net expenses to average net assets		0.35	%(e)		0.35	%		0.35	%		0.30	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.35	%(e)		0.36	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		2.00	%(e)		1.19	%		0.34	%		0.03	%		0.01	%		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.011			0.002			—	(b)		—	(b)		—	(b)
Net realized gain (loss)		(0.001	)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.94	%		1.11	%		0.26	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1,758,556		$	1,810,200		$	1,307,550		$	1,543,863		$	1,620,517		$	2,144,601
Ratio of net expenses to average net assets		0.45	%(e)		0.45	%		0.44	%		0.33	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.45	%(e)		0.46	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		1.88	%(e)		1.14	%		0.25	%		(0.01	)%		—	%(f)		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.013			0.004			—	(b)		—	(b)		—	(b)
Net realized loss		(0.002	)		(0.004	)		(0.002	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.009			0.002			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.009	)		(0.002	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.009	)		(0.002	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.89	%		1.01	%		0.19	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	16,847		$	16,492		$	1		$	1		$	1		$	948
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.27	%		0.19	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.55	%(e)		0.56	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income (loss) to average net assets		1.79	%(e)		1.32	%		0.37	%		0.36	%		(0.02	)%		(0.01	)%

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.009			0.001			—	(b)		—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.009			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.009	)		(0.001	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.009	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.81	%		0.86	%		0.11	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1,124,453		$	1,342,308		$	954,846		$	787,768		$	940,671		$	915,527
Ratio of net expenses to average net assets		0.70	%(e)		0.70	%		0.59	%		0.33	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.70	%(e)		0.71	%		0.73	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		1.63	%(e)		0.88	%		0.11	%		(0.01	)%		—	%(f)		—	%(f)

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.008			0.004			—	(b)		—	(b)		—	(b)
Net realized gain (loss)		—	(b)		—	(b)		(0.004	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			0.008			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.008	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.008	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.74	%		0.71	%		0.05	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.56	%(e)		0.56	%		0.27	%		0.19	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		0.85	%(e)		0.86	%		0.88	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		1.51	%(e)		0.78	%		0.37	%		0.36	%		0.40	%		0.40	%

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Obligations Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			0.004			0.001			—	(b)		—	(b)		—	(b)
Net realized gain (loss)		0.001			0.002			(0.001	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			0.006			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.006	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.006	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.66	%		0.56	%		0.02	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	45		$	48		$	154		$	1		$	1		$	1
Ratio of net expenses to average net assets		1.00	%(e)		1.00	%		0.97	%		0.19	%		0.10	%		0.08	%
Ratio of total expenses to average net assets		1.00	%(e)		1.01	%		1.03	%		1.03	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		1.33	%(e)		0.43	%		0.14	%		0.36	%		0.40	%		0.40	%

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

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

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

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

(e) Annualized.

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.013			0.005			0.001			—	(b)		—	(b)
Net realized gain		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.05	%		1.34	%		0.49	%		0.14	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	7,920,939		$	7,667,540		$	8,619,492		$	9,876,558		$	10,053,367		$	9,153,246
Ratio of net expenses to average net assets		0.20	%(e)		0.20	%		0.20	%		0.19	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.20	%(e)		0.21	%		0.23	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.11	%(e)		1.31	%		0.48	%		0.11	%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.013			0.004			0.001			—	(b)		—	(b)
Net realized gain		0.001			—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.013			0.005			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.03	%		1.31	%		0.46	%		0.12	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	5,865		$	7,439		$	7,333		$	10,969		$	12,266		$	38,054
Ratio of net expenses to average net assets		0.23	%(e)		0.23	%		0.23	%		0.21	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.23	%(e)		0.24	%		0.26	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		2.06	%(e)		1.27	%		0.42	%		0.09	%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

The accompanying notes are an integral part of these financial statements. 105

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.013			0.003			0.001			—	(b)		—	(b)
Net realized gain		0.002			(0.001	)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.004			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.004	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.00	%		1.24	%		0.39	%		0.07	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	65,946		$	19,545		$	14,565		$	75,756		$	40,923		$	52,417
Ratio of net expenses to average net assets		0.30	%(e)		0.30	%		0.30	%		0.26	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.30	%(e)		0.31	%		0.33	%		0.33	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		2.05	%(e)		1.26	%		0.25	%		0.03	%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.012			0.003			—	(b)		—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.010			0.012			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.010	)		(0.012	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.012	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.97	%		1.19	%		0.34	%		0.03	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	170,571		$	165,645		$	215,820		$	264,092		$	103,108		$	55,729
Ratio of net expenses to average net assets		0.35	%(e)		0.35	%		0.35	%		0.32	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.35	%(e)		0.36	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		1.96	%(e)		1.15	%		0.30	%		0.01	%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

The accompanying notes are an integral part of these financial statements. 107

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.011			0.003			—	(b)		—	(b)		—	(b)
Net realized gain		(0.001	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.92	%		1.09	%		0.25	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	379,730		$	360,817		$	237,557		$	189,870		$	390,266		$	403,438
Ratio of net expenses to average net assets		0.45	%(e)		0.45	%		0.44	%		0.30	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.45	%(e)		0.46	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets		1.85	%(e)		1.09	%		0.28	%		(0.02	)%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.012			0.011			0.001			—	(b)		—	(b)		—	(b)
Net realized gain (loss)		(0.003	)		(0.001	)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.009			0.010			0.002			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.87	%		0.99	%		0.18	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	138,039		$	45,627		$	15,512		$	1		$	1		$	17,834
Ratio of net expenses to average net assets		0.55	%(e)		0.55	%		0.50	%		0.19	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.55	%(e)		0.56	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		1.78	%(e)		1.10	%		0.13	%		0.36	%		0.01	%		0.01	%

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

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

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

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

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 109

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.008			0.001			—	(b)		—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.008			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.008	)		(0.001	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.008	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.80	%		0.84	%		0.10	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	109,114		$	155,808		$	144,728		$	142,607		$	355,272		$	435,856
Ratio of net expenses to average net assets		0.70	%(e)		0.70	%		0.58	%		0.29	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.70	%(e)		0.71	%		0.73	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		1.60	%(e)		0.83	%		0.08	%		(0.02	)%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

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

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.008			0.004			—	(b)		—	(b)		—	(b)
Net realized loss		—	(b)		—	(b)		(0.004	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.008			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.008	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.008	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.72	%		0.69	%		0.05	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.56	%(e)		0.55	%		0.26	%		0.19	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		0.85	%(e)		0.86	%		0.88	%		0.88	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		1.61	%(e)		0.84	%		0.37	%		0.37	%		0.40	%		0.40	%

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

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

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

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

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 111

FINANCIAL SQUARE TREASURY SOLUTIONS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Financial Square Treasury Solutions Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.005			—	(b)		—	(b)		—	(b)		—	(b)
Net realized loss		(0.004	)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.005			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.005	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.006	)		(0.005	)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.65	%		0.54	%		0.01	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	102,686		$	23,332		$	33,252		$	73,211		$	147,486		$	90,568
Ratio of net expenses to average net assets		1.00	%(e)		1.00	%		0.62	%		0.31	%		0.10	%		0.09	%
Ratio of total expenses to average net assets		1.00	%(e)		1.01	%		1.03	%		1.03	%		1.03	%		1.03	%
Ratio of net investment income (loss) to average net assets		1.36	%(e)		0.51	%		—	%(f)		(0.02	)%		—	%(f)		0.01	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

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

Fund	Share Classes Offered	Diversified/ Non-Diversified
Federal Instruments	Institutional, Select, Preferred, Capital, Administration, Premier, Service, and Cash Management	Diversified
Government	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Class A, Class C, Resource, Cash Management and Class R6	Diversified
Money Market, Prime Obligations, Treasury Instruments, Treasury Obligations and Treasury Solutions	Institutional, Select, Preferred, Capital, Administration, Premier, Service, Resource, and Cash Management	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A.  Investment Valuation — The investment valuation policy of the Funds, except for the Institutional Money Market Funds, is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund’s NAV per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The Institutional Money Market Funds’ investment valuation policy is to value its portfolio securities only at market-based values. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

113

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

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

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

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

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

As of February 28, 2019, all investments and repurchase agreements, other than those held by the Institutional Money Market Funds, are classified as Level 2 of the fair value hierarchy. All investments for the Institutional Money Market Funds are classified as Level 2, with the exception of treasury securities of G8 countries which are generally classified as Level 1. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

115

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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

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

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

D.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended February 28, 2019, Goldman Sachs has advised that it retained $1,209 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

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

F.  Other Agreements — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least December 28, 2019, 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 which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G.  Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government, Financial Square Money Market and Financial Square Prime Obligations Funds.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

N/A — Fees not applicable to respective share class

(a) Government Fund only.

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

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

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. As of December 28, 2018, the investment adviser has agreed to not impose a portion of the management fee equal annually to 0.02% of the Financial Square Federal Instrument Fund’s average daily net assets. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the investment adviser may not terminate the arrangement without the approval of the Board of Trustees. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. From the beginning of the reporting period through September 30, 2018, the investment adviser implemented a voluntary temporary fee waiver equal annually to 0.08% of the average daily net assets of the Financial Square Prime Obligations Fund and Financial Square Money Market Fund. From October 1, 2018 through February 27, 2019, the investment adviser reduced the voluntary temporary fee waiver to a percentage rate equal annually to 0.06% of the average daily net assets for both funds. On February 28, 2019, the investment adviser reduced the voluntary temporary fee waiver to a percentage rate equal annually to 0.05% of the average daily net assets for both funds.

During the six months ended February 28, 2019, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended February 28, 2019, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers			Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Custody Fee Reduction			Other Expense Reimbursements		Total Expense Reductions
Federal Instruments	$	26		$	—	$	—		$	93	$	119
Government		—			—		—	*		—		—	*
Money Market		3,743			—		—			—		3,743
Prime Obligations		1,237			—		—			58		1,295
Treasury Instruments		—	*		—		—			—		—
Treasury Obligations		—	*		—		—			—		—
Treasury Solutions		—	*		—		—			—		—

* Amount less than one thousand.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2019, the net effective management fee rate was 0.18% for the Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds, 0.17% for the Financial Square Federal Instruments Fund, 0.16% for the Financial Square Government Fund and 0.10% for the Financial Square Money Market and Financial Square Prime Obligations Funds.

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

For the six months ended February 28, 2019, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Federal Instruments	$	—	$	—	$	—
Government		3,490,217,660		—		—
Money Market		—		—		—
Prime Obligations		—		—		—
Treasury Instruments		—		3,540,509,762		—
Treasury Obligations		507,942,427		—		—
Treasury Solutions		—		457,650,325		—

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Select Shares			Capital Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares
Federal Instruments		100	%		6	%		100	%		—	%		—	%		100	%
Money Market		—			—			100			26			100			100
Prime Obligations		—			—			100			—			100			100
Treasury Instruments		—			—			—			—			100			—
Treasury Obligations		—			—			—			—			100			—
Treasury Solutions		—			—			—			—			100			—

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

Government Fund
Name of Affiliated Issuer	Value at 8/31/18		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 2/28/19		Interest Income
Goldman Sachs &Co. -Repurchase Agreement	$	1,600,800,000	$	21,475,500,000	$	(22,426,300,000	)	$	—	$	—	$	650,000,000	$	1,672,690

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Treasury Obligations Fund
Name of Affiliated Issuer	Value at 8/31/18		Purchases at Cost		Proceeds from Sales/maturities			Net Realized Gain (Loss)		Unrealized Gain (Loss)		Value at 2/28/19		Interest Income
Goldman Sachs &Co. -Repurchase Agreement	$	31,200,000	$	3,730,200,000	$	(3,611,400,000	)	$	—	$	—	$	150,000,000	$	284,180

I.  Line of Credit Facility — As of February 28, 2019, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2018, the Funds’ certain timing differences on a tax basis were as follows:

	Federal Instruments			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations			Treasury Solutions
Timing differences (Dividend Payable and Post-October Capital Loss Deferral)	$	(114,323	)	$	(76,227,006	)	$	(10,710,503	)	$	(2,372,825	)	$	(36,153,689	)	$	(13,297,307	)	$	(3,547,072	)

At February 28, 2019, the aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

6. OTHER RISKS

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

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

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

6. OTHER RISKS (continued)

positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price (or, for the Institutional Money Market Funds, minimize the volatility of the Fund’s NAV per share). The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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

Credit/Default Risk — An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in NAV.

7. INDEMNIFICATIONS

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

8. OTHER MATTERS

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

9. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Federal Instruments Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
	Shares*			Shares*
Institutional Shares
Shares sold		714,869,383			1,400,470,046
Reinvestment of distributions		5,726,329			6,922,069
Shares redeemed		(417,472,364	)		(1,455,200,988	)
		303,123,348			(47,808,873	)
Select Shares
Shares sold		—			—
Reinvestment of distributions		494			620
Shares redeemed		—			—
		494			620
Preferred Shares
Shares sold		21,896,334			17,006,614
Reinvestment of distributions		83,500			9,963
Shares redeemed		(16,627,227	)		(14,681,017	)
		5,352,607			2,335,560
Capital Shares
Shares sold		1,230,570			33,748,217
Reinvestment of distributions		13,827			140,311
Shares redeemed		(5,500,008	)		(44,899,331	)
		(4,255,611	)		(11,010,803	)
Administration Shares
Shares sold		82,104,058			140,166,680
Reinvestment of distributions		60,739			92,037
Shares redeemed		(83,335,965	)		(131,578,827	)
		(1,171,168	)		8,679,890
Premier Shares
Shares sold		—			—
Reinvestment of distributions		441			494
Shares redeemed		—			—
		441			494
Service Shares
Shares sold		2,009,148			6,536,571
Reinvestment of distributions		8			8
Shares redeemed		(2,496,326	)		(10,663,032	)
		(487,170	)		(4,126,453	)
Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		325			267
Shares redeemed		—			—
		325			267
NET INCREASE (DECREASE) IN SHARES		302,563,266			(51,929,298	)

* Valued at $1.00 per share.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Government Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
	Shares*			Shares*
Institutional Shares
Shares sold		435,978,659,529			767,294,667,985
Reinvestment of distributions		475,415,102			573,354,489
Shares redeemed		(441,665,600,868	)		(751,051,186,053	)
		(5,211,526,237	)		16,816,836,421
Select Shares
Shares sold		896,337,832			7,696,626,754
Reinvestment of distributions		6,023,859			22,869,904
Shares redeemed		(844,445,155	)		(10,043,218,389	)
		57,916,536			(2,323,721,731	)
Preferred Shares
Shares sold		1,983,503,094			3,366,876,972
Reinvestment of distributions		1,118,028			2,263,169
Shares redeemed		(2,577,845,487	)		(2,592,345,659	)
		(593,224,365	)		776,794,482
Capital Shares
Shares sold		5,804,436,666			10,611,941,302
Reinvestment of distributions		8,304,195			8,910,716
Shares redeemed		(5,322,239,301	)		(10,226,370,008	)
		490,501,560			394,482,010
Administration Shares
Shares sold		15,056,993,759			22,082,581,830
Reinvestment of distributions		13,995,893			14,229,495
Shares redeemed		(14,322,581,097	)		(21,781,180,895	)
		748,408,555			315,630,430
Premier Shares
Shares sold		291,174,966			528,483,711
Reinvestment of distributions		422,661			61,356
Shares redeemed		(232,298,810	)		(461,826,788	)
		59,298,817			66,718,279
Service Shares
Shares sold		947,478,982			1,702,546,572
Reinvestment of distributions		1,026,400			725,362
Shares redeemed		(937,687,788	)		(1,452,690,284	)
		10,817,594			250,581,650
Class A Shares
Shares sold		38,880,678			38,536,927
Reinvestment of distributions		593,754			667,472
Shares redeemed		(39,052,500	)		(25,029,702	)
		421,932			14,174,697
Class C Shares
Shares sold		1,657,277			1,641,220
Reinvestment of distributions		26,359			20,356
Shares redeemed		(2,023,597	)		(2,670,451	)
		(339,961	)		(1,008,875	)
Resource Shares
Shares sold		50,685,357			157,695,967
Reinvestment of distributions		457,731			477,107
Shares redeemed		(65,806,391	)		(162,291,445	)
		(14,663,303	)		(4,118,371	)
Cash Management Shares
Shares sold		10,775,400			18,102,135
Reinvestment of distributions		49,957			32,820
Shares redeemed		(10,352,269	)		(15,341,360	)
		473,088			2,793,595
Class R6 Shares
Shares sold		705,514,328			517,270,674
Reinvestment of distributions		547,934			378,283
Shares redeemed		(709,695,659	)		(480,982,183	)
		(3,633,397	)		36,666,774
NET INCREASE IN SHARES		(4,455,549,181	)		16,345,829,361

* Valued at $1.00 per share.

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Money Market Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		40,792,153,750		$	40,800,408,538			46,299,886,154		$	46,307,987,978
Reinvestment of distributions		64,727,138			64,742,029			45,575,447			45,582,507
Shares redeemed		(39,528,651,992	)		(39,536,483,868	)		(37,319,991,499	)		(37,326,705,607	)
		1,328,228,896			1,328,666,699			9,025,470,102			9,026,864,878
Select Shares
Shares sold		9,458,319			9,460,861			43,394,073			43,400,844
Reinvestment of distributions		371,564			371,639			334,349			334,409
Shares redeemed		(18,012,831	)		(18,016,299	)		(19,227,361	)		(19,230,355	)
		(8,182,948	)		(8,183,799	)		24,501,061			24,504,898
Preferred Shares
Shares sold		69,972			70,000			5,423,111			5,424,179
Reinvestment of distributions		20,240			20,244			14,447			14,449
Shares redeemed		(1,002,099	)		(1,002,199	)		(4,103,804	)		(4,104,735	)
		(911,887	)		(911,955	)		1,333,754			1,333,893
Capital Shares
Shares sold		4,798,081			4,800,000			—			—
Reinvestment of distributions		4,553			4,556			16			16
Shares redeemed		—			—			—			—
		4,802,634			4,804,556			16			16
Administration Shares
Shares sold		5,950,930			5,951,275			—			—
Reinvestment of distributions		16,777			16,779			48,519			48,526
Shares redeemed		(8,346,359	)		(8,346,940	)		(2,345,631	)		(2,346,243	)
		(2,378,652	)		(2,378,886	)		(2,297,112	)		(2,297,717	)
Premier Shares
Shares sold		—			—			—			—
Reinvestment of distributions		10			10			13			13
Shares redeemed		—			—			—			—
		10			10			13			13
Service Shares
Shares sold		758,150			758,100			5,533,949			5,534,250
Reinvestment of distributions		719			720			4,433			4,433
Shares redeemed		(883,219	)		(883,200	)		(5,476,814	)		(5,477,100	)
		(124,350	)		(124,380	)		61,568			61,583
Resource Shares
Shares sold		—			—			—			—
Reinvestment of distributions		9			9			11			11
Shares redeemed		—			—			—			—
		9			9			11			11
Cash Management Shares
Shares sold		—			—			—			—
Reinvestment of distributions		8			8			9			9
Shares redeemed		—			—			—			—
		8			8			9			9
NET INCREASE (DECREASE)		1,321,433,720		$	1,321,872,262			9,049,069,422		$	9,050,467,584

123

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the Six Months Ended February 28, 2019 (Unaudited)							For the Fiscal Year Ended August 31, 2018
	Shares			Dollars				Shares			Dollars
Institutional Shares
Shares sold		6,414,081,316		$	6,415,781,689				13,026,118,996		$	13,029,108,551
Reinvestment of distributions		28,505,854			28,513,165				23,617,053			23,622,474
Shares redeemed		(5,594,266,498	)		(5,595,649,849	)			(10,752,156,347	)		(10,754,667,412	)
		848,320,672			848,645,005				2,297,579,702			2,298,063,613
Select Shares
Shares sold		99,677,262			99,687,738				206,804,211			206,836,533
Reinvestment of distributions		822,767			822,857				614,305			614,374
Shares redeemed		(68,185,100	)		(68,191,347	)			(165,268,899	)		(165,300,538	)
		32,314,929			32,319,248				42,149,617			42,150,369
Preferred Shares							��
Shares sold		162,323			162,334				67,707,785			67,727,575
Reinvestment of distributions		30,075			30,077				15,732			15,734
Shares redeemed		(210,056	)		(210,077	)			(66,102,138	)		(66,121,783	)
		(17,658	)		(17,666	)			1,621,379			1,621,526
Capital Shares
Shares sold		3,450,088			3,450,873				6,399,800			6,401,080
Reinvestment of distributions		48,860			48,869				20,801			20,805
Shares redeemed		(5,266,605	)		(5,267,179	)			(269	)		(269	)
		(1,767,657	)		(1,767,437	)			6,420,332			6,421,616
Administration Shares
Shares sold		165,634,924			165,663,364				178,009,602			178,050,176
Reinvestment of distributions		5,862			5,863				5,002			5,003
Shares redeemed		(139,118,083	)		(139,143,063	)			(174,822,956	)		(174,862,263	)
		26,522,703			26,526,164				3,191,648			3,192,916
Premier Shares
Shares sold		—			—				—			—
Reinvestment of distributions		10			10				13			13
Shares redeemed		—			—				—			—
		10			10				13			13
Service Shares
Shares sold		9,488,649			9,488,670				57,622,958			57,628,033
Reinvestment of distributions		51,188			51,193				422			422
Shares redeemed		(4,534,313	)		(4,535,463	)			(57,623,933	)		(57,629,030	)
		5,005,524			5,004,400				(553	)		(575	)
Resource Shares
Shares sold		—			—				—			—
Reinvestment of distributions		9			9				11			11
Shares redeemed		—			—				—			—
		9			9				11			11
Cash Management Shares
Shares sold		—			—				—			—
Reinvestment of distributions		8			8				9			9
Shares redeemed		—			—				—			—
		8			8				9			9
NET INCREASE (DECREASE)		910,378,540		$	910,709,741				2,350,962,158		$	2,351,449,498

124

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury InstrumentsFund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
	Shares*			Shares*
Institutional Shares
Shares sold		111,489,409,325			200,968,164,954
Reinvestment of distributions		306,564,681			368,644,488
Shares redeemed		(113,828,494,522	)		(194,487,340,904	)
		(2,032,520,516	)		6,849,468,538
Select Shares
Shares sold		373,997,895			964,098,549
Reinvestment of distributions		3,545,000			1,006,438
Shares redeemed		(418,905,690	)		(642,050,518	)
		(41,362,795	)		323,054,469
Preferred Shares
Shares sold		109,251,300			203,124,249
Reinvestment of distributions		364,892			413,889
Shares redeemed		(95,661,929	)		(198,285,848	)
		13,954,263			5,252,290
Capital Shares
Shares sold		2,528,514,439			4,337,569,703
Reinvestment of distributions		5,030,971			7,208,601
Shares redeemed		(2,326,683,758	)		(5,024,768,164	)
		206,861,652			(679,989,860	)
Administration Shares
Shares sold		5,652,096,596			8,941,512,202
Reinvestment of distributions		15,199,612			15,407,859
Shares redeemed		(5,735,985,000	)		(9,413,209,502	)
		(68,688,792	)		(456,289,441	)
Premier Shares
Shares sold		36,366,252			166,068,240
Reinvestment of distributions		109			175
Shares redeemed		(57,585,341	)		(69,785,344	)
		(21,218,980	)		96,283,071
Service Shares
Shares sold		545,594,616			74,599,248
Reinvestment of distributions		1,315,559			94,914
Shares redeemed		(500,035,076	)		(99,864,762	)
		46,875,099			(25,170,600	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		7			7
Shares redeemed		—			—
		7			7
Cash Management Shares
Shares sold		42,860,943			33,346
Reinvestment of distributions		42,331			297
Shares redeemed		(33,319,548	)		—
		9,583,726			33,643
NET INCREASE (DECREASE) IN SHARES		(1,886,516,336	)		6,112,642,117

* Valued at $1.00 per share.

125

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
	Shares*			Shares*
Institutional Shares
Shares sold		82,758,716,858			127,843,066,508
Reinvestment of distributions		48,065,617			78,076,429
Shares redeemed		(82,179,662,859	)		(132,362,768,631	)
		627,119,616			(4,441,625,694	)
Select Shares
Shares sold		381,321,867			628,512,654
Reinvestment of distributions		759,576			1,433,355
Shares redeemed		(467,098,314	)		(563,778,095	)
		(85,016,871	)		66,167,914
Preferred Shares
Shares sold		706,254,818			888,926,342
Reinvestment of distributions		1,476,100			1,307,822
Shares redeemed		(481,407,126	)		(839,865,749	)
		226,323,792			50,368,415
Capital Shares
Shares sold		1,177,820,605			2,033,717,384
Reinvestment of distributions		3,176,548			3,814,950
Shares redeemed		(917,076,646	)		(2,007,845,745	)
		263,920,507			29,686,589
Administration Shares
Shares sold		5,344,630,794			6,999,654,929
Reinvestment of distributions		3,864,089			4,252,605
Shares redeemed		(5,400,209,343	)		(6,501,274,216	)
		(51,714,460	)		502,633,318
Premier Shares
Shares sold		40,427,361			67,578,986
Reinvestment of distributions		138,329			52,384
Shares redeemed		(40,212,009	)		(51,140,386	)
		353,681			16,490,984
Service Shares
Shares sold		2,797,371,035			3,881,413,566
Reinvestment of distributions		490,013			455,493
Shares redeemed		(3,015,756,258	)		(3,494,419,632	)
		(217,895,210	)		387,449,427
Resource Shares
Shares sold		—			—
Reinvestment of distributions		7			8
Shares redeemed		—			—
		7			8
Cash Management Shares
Shares sold		38,198			82,616
Reinvestment of distributions		269			360
Shares redeemed		(41,456	)		(188,755	)
		(2,989	)		(105,779	)
NET DECREASE IN SHARES		763,088,073			(3,388,934,818	)

* Valued at $1.00 per share.

126

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Treasury Solutions Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
	Shares*			Shares*
Institutional Shares
Shares sold		17,881,759,069			33,048,691,763
Reinvestment of distributions		63,656,390			76,819,487
Shares redeemed		(17,691,972,119	)		(34,077,138,356	)
		253,443,340			(951,627,106	)
Select Shares
Shares sold		—			4,000,000
Reinvestment of distributions		66,034			106,209
Shares redeemed		(1,640,000	)		(4,000,000	)
		(1,573,966	)		106,209
Preferred Shares
Shares sold		104,674,751			243,266,133
Reinvestment of distributions		156,503			395,088
Shares redeemed		(58,431,198	)		(238,680,643	)
		46,400,056			4,980,578
Capital Shares
Shares sold		735,177,874			1,717,466,555
Reinvestment of distributions		1,543,502			1,998,911
Shares redeemed		(731,794,009	)		(1,769,632,289	)
		4,927,367			(50,166,823	)
Administration Shares
Shares sold		868,049,699			1,316,637,199
Reinvestment of distributions		2,061,704			1,948,987
Shares redeemed		(851,196,940	)		(1,195,319,497	)
		18,914,463			123,266,689
Premier Shares
Shares sold		189,339,991			171,371,374
Reinvestment of distributions		157,629			10,395
Shares redeemed		(97,085,852	)		(141,266,720	)
		92,411,768			30,115,049
Service Shares
Shares sold		198,434,936			500,278,676
Reinvestment of distributions		53,388			38,581
Shares redeemed		(245,181,515	)		(489,231,701	)
		(46,693,191	)		11,085,556
Resource Shares
Shares sold		—			—
Reinvestment of distributions		7			7
Shares redeemed		—			—
		7			7
Cash Management Shares
Shares sold		357,041,116			149,007,427
Reinvestment of distributions		20			5
Shares redeemed		(277,687,351	)		(158,926,942	)
		79,353,785			(9,919,510	)
NET DECREASE IN SHARES		447,183,629			(842,159,351	)

* Valued at $1.00 per share.

127

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019, which represents a period of 181 days in a 365-day year.

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

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

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

128

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Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited) (continued)

	Federal Instruments Fund							Government Fund							Money Market Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Institutional Shares
Actual	$	1,000.00	$	1,010.46		$	0.95	$	1,000.00	$	1,010.68		$	0.90	$	1,000.00	$	1,012.31		$	0.60
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		1,000.00		1,023.90	+		0.90		1,000.00		1,024.20	+		0.60
Select Shares
Actual		1,000.00		1,010.31			1.10		1,000.00		1,010.53			1.05		1,000.00		1,012.16			0.75
Hypothetical (5% return before expenses)		1,000.00		1,023.70	+		1.10		1,000.00		1,023.75	+		1.05		1,000.00		1,024.05	+		0.75
Preferred Shares
Actual		1,000.00		1,009.96			1.45		1,000.00		1,010.18			1.40		1,000.00		1,011.81			1.10
Hypothetical (5% return before expenses)		1,000.00		1,023.36	+		1.45		1,000.00		1,023.41	+		1.40		1,000.00		1,023.70	+		1.10
Capital Shares
Actual		1,000.00		1,009.71			1.69		1,000.00		1,009.93			1.64		1,000.00		1,011.46			1.35
Hypothetical (5% return before expenses)		1,000.00		1,023.11	+		1.71		1,000.00		1,023.16	+		1.66		1,000.00		1,023.46	+		1.35
Administration Shares
Actual		1,000.00		1,009.21			2.19		1,000.00		1,009.43			2.14		1,000.00		1,010.96			1.84
Hypothetical (5% return before expenses)		1,000.00		1,022.61	+		2.21		1,000.00		1,022.66	+		2.16		1,000.00		1,022.96	+		1.86
Premier Shares
Actual		1,000.00		1,008.71			2.69		1,000.00		1,008.93			2.64		1,000.00		1,010.36			2.39
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		2.71		1,000.00		1,022.17	+		2.66		1,000.00		1,022.41	+		2.41
Service Shares
Actual		1,000.00		1,007.96			3.44		1,000.00		1,008.18			3.39		1,000.00		1,009.71			3.09
Hypothetical (5% return before expenses)		1,000.00		1,021.37	+		3.46		1,000.00		1,021.42	+		3.41		1,000.00		1,021.72	+		3.11
Class A Shares
Actual		N/A		N/A			N/A		1,000.00		1,009.43			2.14		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,022.66	+		2.16		N/A		N/A			N/A
Class C Shares
Actual		N/A		N/A			N/A		1,000.00		1,005.69			5.87		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,018.94	+		5.91		N/A		N/A			N/A
Resource Shares
Actual		N/A		N/A			N/A		1,000.00		1,007.44			4.13		1,000.00		1,008.96			2.39
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,020.68	+		4.16		1,000.00		1,022.41	+		2.41
Cash Management Shares
Actual		1,000.00		1,006.46			4.93		1,000.00		1,006.69			4.88		1,000.00		1,008.11			4.18
Hypothetical (5% return before expenses)		1,000.00		1,019.89	+		4.96		1,000.00		1,019.93	+		4.91		1,000.00		1,020.63	+		4.21
Class R6 Shares
Actual		N/A		N/A			N/A		1,000.00		1,010.68			0.90		N/A		N/A			N/A
Hypothetical (5% return before expenses)		N/A		N/A			N/A		1,000.00		1,023.90	+		0.90		N/A		N/A			N/A

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares			Class R6 Shares
Federal Instruments		0.19	%		0.22	%		0.29	%		0.34	%		0.44	%		0.54	%		0.69	%		N/A			N/A			N/A			0.99	%		N/A
Government		0.18			0.21			0.28			0.33			0.43			0.53			0.68			0.43	%		1.18	%		0.83	%		0.98			0.18	%
Money Market		0.12			0.15			0.22			0.27			0.37			0.48			0.62			N/A			N/A			0.48			0.84			N/A

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

129

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Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited) (continued)

	Prime Obligations Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Institutional Shares
Actual	$	1,000.00	$	1,012.30		$	0.60	$	1,000.00	$	1,010.44		$	1.00	$	1,000.00	$	1,010.62		$	1.00
Hypothetical (5% return before expenses)		1,000.00		1,024.20	+		0.60		1,000.00		1,023.80	+		1.00		1,000.00		1,023.80	+		1.00
Select Shares
Actual		1,000.00		1,012.05			0.75		1,000.00		1,010.29			1.15		1,000.00		1,010.47			1.15
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.65	+		1.15		1,000.00		1,023.65	+		1.15
Preferred Shares
Actual		1,000.00		1,011.70			1.10		1,000.00		1,009.94			1.50		1,000.00		1,010.12			1.50
Hypothetical (5% return before expenses)		1,000.00		1,023.70	+		1.10		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51
Capital Shares
Actual		1,000.00		1,011.45			1.35		1,000.00		1,009.69			1.74		1,000.00		1,009.87			1.74
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		1,000.00		1,023.06	+		1.76		1,000.00		1,023.06	+		1.76
Administration Shares
Actual		1,000.00		1,010.95			1.84		1,000.00		1,009.19			2.24		1,000.00		1,009.37			2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.96	+		1.86		1,000.00		1,022.56	+		2.26		1,000.00		1,022.56	+		2.26
Premier Shares
Actual		1,000.00		1,010.55			2.39		1,000.00		1,008.69			2.74		1,000.00		1,008.87			2.74
Hypothetical (5% return before expenses)		1,000.00		1,022.41	+		2.41		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76
Service Shares
Actual		1,000.00		1,009.70			3.09		1,000.00		1,007.94			3.49		1,000.00		1,008.12			3.49
Hypothetical (5% return before expenses)		1,000.00		1,021.72	+		3.11		1,000.00		1,021.32	+		3.51		1,000.00		1,021.32	+		3.51
Resource Shares
Actual		1,000.00		1,009.05			2.39		1,000.00		1,007.20			2.79		1,000.00		1,007.37			2.79
Hypothetical (5% return before expenses)		1,000.00		1,022.41	+		2.41		1,000.00		1,022.02	+		2.81		1,000.00		1,022.02	+		2.81
Cash Management Shares
Actual		1,000.00		1,008.30			4.18		1,000.00		1,006.45			4.97		1,000.00		1,006.63			4.98
Hypothetical (5% return before expenses)		1,000.00		1,020.63	+		4.21		1,000.00		1,019.84	+		5.01		1,000.00		1,019.84	+		5.01

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares		Class C Shares		Resource Shares			Cash Management Shares			Class R6 Shares
Prime Obligations		0.12	%		0.15	%		0.22	%		0.27	%		0.37	%		0.48	%		0.62	%		N/A		N/A		0.48	%		0.84	%		N/A
Treasury Instruments		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A		N/A		0.56			1.00			N/A
Treasury Obligations		0.20			0.23			0.30			0.35			0.45			0.55			0.70			N/A		N/A		0.56			1.00			N/A

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

130

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited) (continued)

	Treasury Solutions Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Institutional Shares
Actual	$	1,000.00	$	1,010.48		$	1.00
Hypothetical (5% return before expenses)		1,000.00		1,023.80	+		1.00
Select Shares
Actual		1,000.00		1,010.33			1.15
Hypothetical (5% return before expenses)		1,000.00		1,023.65	+		1.15
Preferred Shares
Actual		1,000.00		1,009.98			1.50
Hypothetical (5% return before expenses)		1,000.00		1,023.31	+		1.51
Capital Shares
Actual		1,000.00		1,009.73			1.74
Hypothetical (5% return before expenses)		1,000.00		1,023.06	+		1.76
Administration Shares
Actual		1,000.00		1,009.23			2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.56	+		2.26
Premier Shares
Actual		1,000.00		1,008.73			2.74
Hypothetical (5% return before expenses)		1,000.00		1,022.07	+		2.76
Service Shares
Actual		1,000.00		1,007.98			3.49
Hypothetical (5% return before expenses)		1,000.00		1,021.32	+		3.51
Resource Shares
Actual		1,000.00		1,007.23			2.79
Hypothetical (5% return before expenses)		1,000.00		1,022.02	+		2.81
Cash Management Shares
Actual		1,000.00		1,006.48			4.97
Hypothetical (5% return before expenses)		1,000.00		1,019.84	+		5.01

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares		Class C Shares		Resource Shares			Cash Management Shares			Class R6 Shares
Treasury Solutions		0.20	%		0.23	%		0.30	%		0.35	%		0.45	%		0.55	%		0.70	%		N/A		N/A		0.56	%		1.00	%		N/A

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

131

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

Investor Funds^SM

∎ Investor Money Market Fund³

∎ InvestorTax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fun

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal andTax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short DurationTax-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

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S.Tax-Managed Equity Fund

∎ InternationalTax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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-ManagerNon-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

∎ Dynamic Global Equity Fund⁴

∎ 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 theFund, 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

* This list coversopen-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about ourclosed-end funds andexchange-traded funds.

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels 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 Treasurerand 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 atwww.GSAMFUNDS.com to obtain the most recentmonth-end returns.

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available (i) without charge, upon request by calling1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Qs. The Funds’ FormN-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. FormN-Qs may be obtained upon request and without charge by calling1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or1-800-621-2550 (for shareholders of all other share classes of a Fund).

Goldman Sachs & Co. LLC (“Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

© 2019 Goldman Sachs. All rights reserved. 162571-OTU-960927 FSQSAR-19/97K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Fundamental Equity Growth Funds
	Blue Chip
	Capital Growth
	Concentrated Growth
	Flexible Cap
	Growth Opportunities
	Small/Mid Cap Growth
	Strategic Growth
	Technology Opportunities

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Fundamental Equity Growth Funds

∎ BLUE CHIP

∎ CAPITAL GROWTH

∎ CONCENTRATED GROWTH

∎ FLEXIBLE CAP

∎ GROWTH OPPORTUNITIES

∎ SMALL/MID CAP GROWTH

∎ STRATEGIC GROWTH

∎ TECHNOLOGY OPPORTUNITIES

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	55
Financial Statements	73
Financial Highlights
Blue Chip	83
Capital Growth	90
Concentrated Growth	98
Flexible Cap	105
Growth Opportunities	112
Small/Mid Cap Growth	120
Strategic Growth	128
Technology Opportunities	136
Notes to Financial Statements	143
Other Information	164

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

What Differentiates the Goldman Sachs Growth Strategies’ Investment Process?

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

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

∎ Perform in-depth, fundamental research

∎ Focus on long-term structural and competitive advantages

Result

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

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

Identify what we believe to be high quality growth businesses. Some investment criteria may include:

∎ Strength of brand name

∎ Size of market share

∎ Pricing power

∎ Recurring revenue streams

∎ Free cash flow

∎ Length of product life cycle

∎ Long-term growth prospects

∎ Seasoned management

Result

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

∎ Perform rigorous valuation analysis of every potential investment

∎ Use valuation tools and analytics to determine whether the business franchises we consider high-quality also represent sound investments

Result

Reasoned investment decisions based on our understanding of what each business is worth

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

1

MARKET REVIEW

Goldman Sachs Fundamental Equity Growth Funds

Market Review

Overall, U.S. equities lost ground during the six months ended February 28, 2019 (the “Reporting Period”). The last few months of 2018 were challenging for equities, with markets declining due to investor fears of a Federal Reserve (“Fed”) policy mistake and a global growth slowdown in both corporate earnings and economic data. The tumultuous fourth quarter of 2018 was unable to be overcome by a strong rally in the first two months of the new year, which was driven by oversold equity market conditions, better than consensus anticipated corporate earnings growth and steady macroeconomic data. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -3.04%. The Russell 3000^® Index generated a return of -3.51%.

U.S. equities inched higher as the Reporting Period began in September 2018, driven by robust U.S. macroeconomic data relative to other developed markets and to emerging markets. Against a backdrop of solid economic growth, near-target inflation and healthy monthly job gains, the Fed raised interest rates by 25 basis points, in line with market expectations. (A basis point is 1/100^th of a percentage point.) The successful outcome of North American Free Trade Agreement negotiations to its new incarnation as the United States-Mexico-Canada Agreement near month end was also supportive of market sentiment. U.S. equities then fell in October 2018, as investor sentiment rapidly deteriorated on escalating trade and political uncertainty and in a delayed response to an earlier sell-off in global rates. The correction resulted in tighter U.S. financial conditions, which had been resilient to Fed interest rate hikes earlier in the calendar year. U.S. equities saw a reprieve in November 2018 on more accommodative comments from Fed Chair Jerome Powell and encouraging progress in U.S.-China trade talks. However, the recovery was short-lived. U.S. equities subsequently plunged in December 2018 on renewed investor fears sparked by the arrest of a Chinese technology executive, a partial U.S. Federal government shutdown, the U.S. President’s criticism of Fed Chair Powell and reignited corporate earnings growth concerns. The Fed raised interest rates by another 25 basis points.

In January 2019, dovish Fed commentary indicating a pause in its hiking cycle, headlines of easing trade tensions and strong corporate earnings propelled U.S. equities higher despite the ongoing U.S. government shutdown and decelerating emerging market demand. (Dovish commentary tends to suggest lower interest rates; opposite of hawkish.) Investor sentiment improved as the release of generally healthy U.S. economic data and corporate earnings suggested that U.S. equity markets had likely oversold at the end of 2018. Toward month end, U.S. equities were supported by a resolution to the long-lasting U.S. government shutdown. The Fed kept its monetary policy unchanged at its January meeting and delivered dovish tilts, including the statement it would be “patient” and a description of inflationary pressures as “muted.”

The U.S. equity market rally continued in February 2019, as corporate earnings growth remained solid, surpassing consensus expectations, which had been reduced at the end of 2018. Investors also rallied around news the deadline for further U.S. tariffs on Chinese goods would be extended given promising developments in deal negotiations. The Fed reaffirmed its dovish tone, announcing its intention to conclude its balance sheet unwind in the near future. (The Fed unwinds, or shrinks, its balance sheet by selling securities on its balance sheet and/or not reinvesting maturing securities.) Additionally, U.S. equity markets were positively surprised by the 2.6% Gross Domestic Product (“GDP”) growth rate for the fourth quarter of 2018 reported at the end of the month. In further evidence of economic strength, U.S. unemployment remained low at 4.0%, and private payrolls grew by 296,000, beating the consensus estimate by 90,000.

2

MARKET REVIEW

For the Reporting Period overall, utilities, real estate and consumer staples, traditionally considered more defensive sectors, were the best performing sectors in the S&P 500 Index. The weakest performing sectors in the S&P 500 Index were energy, materials and information technology, each considered a more economically-sensitive cyclical sector.

Within the U.S. equity market, all capitalization segments posted single-digit negative absolute returns, but on a relative basis, mid-cap stocks, as measured by the Russell Midcap^® Index, performed best, followed closely by large-cap stocks, as measured by the Russell 1000^® Index, and then, at some distance, by small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, value-oriented stocks outpaced growth-oriented stocks within the large-cap segment of the U.S. equity market, but growth outperformed value within the mid-cap segment, and performance within the small-cap segment was rather similar between the two styles. (All as measured by the FTSE Russell indices.)

Looking Ahead

Amidst an environment of positive but moderating corporate earnings growth and economic data, we continued to view U.S. equities at the end of the Reporting Period with measured optimism for the remainder of 2019. We think the risk/reward profile of the broad U.S. equity market had become more positive following the late-2018 sell-off, but that selectivity will likely be increasingly important in the months to come given higher volatility and downside risks involving trade, politics, slowing revenue growth and margin pressures.

A possible driver for U.S. equity returns in the coming months, in our view, revolves around strong growth momentum and generally positive economic data. GDP growth in the U.S. remained above-trend at the end of the Reporting Period, with the gap in GDP per capita growing steadily compared to the rest of both developed and emerging markets. The ISM Manufacturing Index remained firmly in expansionary territory, providing a durable backdrop, in our opinion, for continued GDP growth and U.S. equity returns. A well-rounded U.S. consumer has been another strong point for the U.S. economy, with above-trend consumer spending growth and suppressed levels of delinquency on consumer loans. At the end of the Reporting Period, we viewed smaller-cap equities as possibly the biggest beneficiary of the positive economic backdrop, as they have relatively high revenue exposure to the U.S.

In our view, Fed policy will likely remain a focal point for capital markets, with investors looking for more insights into the dovish pivot the Fed took in the last months of the Reporting Period. If markets continue rapidly appreciating, supported by an uptick in inflation and a tightening of the labor market, the Fed could again shift to a more hawkish stance. Conversely, if markets view the recently dovish Fed policy as a sign of deeper macroeconomic issues, returns could potentially soften.

While many investors are concerned about the late-economic cycle pressures on corporate revenue growth and margin expansion, we continued to see opportunities at the end of the Reporting Period, especially on a stock-specific basis. These pressures could create a greater dispersion of U.S. equity returns that we believe can benefit higher quality companies. We also believe pricing power may be an increasingly important factor in this environment, enabling companies to continue growing margins despite a subdued economic environment.

3

MARKET REVIEW

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

4

PORTFOLIO RESULTS

Goldman Sachs Blue Chip Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments of “blue chip” companies. Blue chip companies are companies that, in the view of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”), enjoy strong market positions, seasoned management teams, solid financial fundamentals and high-quality reputations. Although blue chip companies generally have large or medium market capitalizations, the Investment Adviser may invest in companies that it believes have good, long-term prospects to become well-known, established or blue chip companies. The Fund may continue to invest up to 20% of its Net Assets in foreign securities.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Blue Chip Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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 P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-0.51%,-0.86%,-0.31%,-0.36%,-0.35%,-0.59% and-0.30%, respectively. These returns compare to the-3.04% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500 Index”), during the same period.

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

A While the Fund posted negative absolute returns, it outperformed the S&P 500 Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, industrials and consumer discretionary, wherein effective stock selection helped most in each. The only two sectors to detract from the Fund’s relative results during the Reporting Period were utilities and materials. The Fund had no exposure to the strongly performing utilities sector, and both challenging stock selection and having an overweight to the weakly performing materials sector hurt.

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

A The Fund benefited most relative to the S&P 500 Index from positions in pharmaceutical company Eli Lilly, medical equipment company Danaher and aerospace and defense company Boeing.

Eli Lilly’s stock climbed through most of November 2018 after the company reported solid quarterly results in which it beat consensus earnings per share and revenue expectations and also raised guidance for the full year 2018. Then, in December 2018, Eli Lilly shares benefited from the announcement of better than market expected 2019 guidance, featuring significant improvements in revenue growth and long-term sales growth. The company had a volatile month of trading in January 2019, finishing the month in positive territory but lagging the health care sector as well as the broad U.S. equity market. Early on, a negative headline on drug pricing pressured the stock along with that of other pharmaceutical companies. Then news of Eli Lilly’s acquisition of Loxo Oncology, a cancer drug company, helped give a boost to its shares. These gains were quickly erased after a phase 3 soft tissue study did not meet its primary objective, leading the Food and Drug Administration to recommend new patients not start using the drug. All in all, we viewed January 2019 as a month of primarily short-term trading noise that did not alter the underlying fundamentals of the company or why we favor it. At the end of the Reporting Period, we believed the company maintained strong risk/reward prospects versus its peers, and we saw an upside to its diabetes franchise. We were also

5

PORTFOLIO RESULTS

optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Additionally, we viewed the company’s split with Elanco, its former animal health business segment, as value accretive. Overall, we viewed Eli Lilly as a high quality pharmaceuticals business with leading franchises, a robust drug pipeline and an improving financial profile.

In November 2018, Danaher’s stock was driven less by company-specific events but rather rose along with the health care equipment industry as a whole. Then, in February 2019, Danaher announced an agreement with General Electric (“GE”) to acquire the biopharmaceutical business of GE Life Sciences. The market’s reception of the deal was overwhelmingly positive, and Danaher’s shares climbed through the end of the month. We were also highly optimistic about the transaction, which makes Danaher the largest player within bioprocessing and gives the company a multi-year value creation opportunity through potential top-line acceleration and cost savings. GE Life Sciences is a high quality asset, and in our opinion, significantly improves Danaher’s positioning within the biopharmaceutical industry. With this in mind, at the end of the Reporting Period, we had renewed confidence that Danaher is a high quality company, led by what we see as an outstanding management team, that generates solid free cash flow and has high barriers to entry in its key business segments.

Early in January 2019, Boeing announced fourth quarter 2018 and full year 2018 aircraft deliveries that were both slightly higher than market estimates, causing its stock to rise. Then, at the end of the month, Boeing announced strong quarterly earnings results, exceeding market expectations on revenue, earnings per share and, most importantly, cash from operations. Boeing’s stock also reacted to the optimism surrounding trade talks with China throughout February 2019, as a resolution could create a potential order boost. At the end of the Reporting Period, we remained positive on the company’s strong productivity track record, multi-year commercial aircraft backlog and improving prospects in its defense business. We viewed Boeing favorably due to what we considered to be its strong competitive position, robust free cash flow and focus on shareholders through buybacks and distributions.

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

A Among those stocks detracting most from the Fund’s results relative to the S&P 500 Index were positions in DowDuPont, which develops materials, chemicals and agricultural products; Pioneer Natural Resources, an oil and gas exploration and production company; and Humana, a health insurance company.

Most of DowDuPont’s share price decline occurred during the first two months of the Reporting Period. Its share price fell at the end of September 2018 driven both by weakness in the materials and chemicals industries and by negative reports by several analysts. In October 2018, DowDuPont disclosed a $4.6 billion write-down of goodwill*, which was viewed negatively by investors. Despite the decline in the stock, we remained optimistic at the end of the Reporting Period on the company’s ability to unlock operating synergies, decrease costs and deploy cash on high return projects to further improve profitability. Overall, we believed DowDuPont was well positioned to benefit from inflecting cyclical tailwinds across multiple business segments as it works to improve its operations and unlock efficiencies.

Shares of Pioneer Natural Resources declined in the fourth quarter of 2018 along with the oil market as a whole, which was down sharply during that time. Following the volatility, we felt Pioneer Natural Resources’ valuation had become less attractive, and we decided to exit the position. From our perspective, other large cap energy operators in the Permian Basin have more favorable asset bases as well as management teams better situated to execute moving forward. Thus, we sold the position and reallocated the capital to other names in the energy industry we felt had more favorable risk/return profiles.

Humana’s stock traded up and down in a volatile fashion throughout the Reporting Period. The first catalyst occurred in November 2018 when Humana reported its third quarter 2018 earnings, in which revenues and earnings came in above consensus expectations, sending the company’s shares higher. These gains were reversed later in the month when news spread regarding a Medicare proposal that would potentially reduce or remove the rebates that managed care

* Goodwill impairment is an earnings charge that companies record on their income statements after they identify that there is persuasive evidence that the asset associated with the goodwill can no longer demonstrate financial results that were expected from it at the time of its purchase. Because many companies acquire other firms and pay a price that exceeds the fair value of identifiable assets and liabilities that the acquired firm possesses, the difference between the purchase price and the fair value of acquired assets is recorded as goodwill. However, if unforeseen circumstances arise that decrease expected cash flows from acquired assets, their fair value can be lower than what was originally paid for them, and a company must book a goodwill impairment.

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PORTFOLIO RESULTS

firms receive from drug makers in an effort to curb excessive drug pricing. Its shares fell again late in February 2019, along with other managed care stocks, as pharmaceutical company executives testified before the U.S. Congress to address criticism over drug pricing. During the hearings, the executives deflected the blame to insurance companies, such as Humana, arguing that the rebates should be eliminated. Given that Humana derives a portion of its revenue from these rebates, we remained somewhat cautious at the end of the Reporting Period, and we intend to continue to monitor developments on this front going forward. That said, at the

end of the Reporting Period, we believed Humana has opportunities for future growth, as we expect it to benefit from Medicare patient growth and aging of our population.

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

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

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

A During the Reporting Period, we initiated a Fund position in health care products company Johnson & Johnson. Its shares had plunged in December 2018 after it was reported its executives knew for decades that its baby powder sometimes tested positive for asbestos. In response, its management dismissed the allegations and said the product is safe and asbestos-free. Given that the stock had its worst day in 16 years, we felt investors had overreacted to the accusations and viewed the sell-off as a buying opportunity. In our view, Johnson & Johnson has a healthy financial profile and diversified suite of growing businesses. It has approximately $20 billion in cash and securities and generated approximately $16 billion in operating cash flow in the first three quarters of 2018 — more than twice dividends paid. Furthermore, the company beat the market’s quarterly earnings estimates during the Reporting Period, with psoriasis treatments and cancer drug sales driving the success, while signature baby products and consumer goods showed signs of improvement. Overall, we view Johnson & Johnson as a high quality health care name and decided to take advantage of what we saw as its attractive valuation on weakness.

We established a Fund position in oil and gas production company EOG Resources during the Reporting Period. We are highly confident in its management’s ability to execute its long-term strategy. Specifically, we believe its management is focused on creating a business model that can compete against attractive investments in other sectors by demonstrating sustainable growth, free cash flow generation and returns. In other words, it appears that EOG Resources wants to compete not just with energy companies but also with the S&P 500 Index companies broadly. EOG Resources has stated it plans to grow its production and generate returns on capital by double digits, characteristics held by only a select group of S&P 500 companies.

Conversely, in addition to the sale of Pioneer Natural Resources, mentioned earlier, we exited the Fund’s position in pharmaceutical company Shire during the Reporting Period. In December 2018, it was announced that Takeda Pharmaceutical shareholders voted to approve the company’s acquisition of Shire. Following the approval of the acquisition and the stock’s strong performance, we decided to sell the position and reallocate the capital elsewhere.

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

A Sean Gallagher, a portfolio manager of the Fund, retired effective September 30, 2018. The Fund continues to be managed by Steven M. Barry and Stephen E. Becker.

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweighted positions relative to the S&P 500 Index in industrials, health care, communication services and consumer staples. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in financials and information technology and was rather neutrally weighted to the S&P 500 Index in materials, energy, consumer discretionary and real estate. The Fund had no position at all in utilities at the end of the Reporting Period.

7

FUND BASICS

Blue Chip Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		-0.51	%		-3.04	%
Class C		-0.86			-3.04
Institutional		-0.31			-3.04
Investor		-0.36			-3.04
Class P		-0.35			-3.04
Class R		-0.59			-3.04
Class R6		-0.30			-3.04

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Since Inception			Inception Date
Class A		-7.40	%		4.76	%		8.96	%	11/30/09
Class C		-3.67			5.15			8.81		11/30/09
Institutional		-1.66			6.34			10.06		11/30/09
Investor		-1.71			6.20			9.90		11/30/09
Class P		N/A			N/A			-3.81		4/17/18
Class R		-2.22			5.69			9.36		11/30/09
Class R6		-1.57			N/A			4.83		7/31/15

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

8

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.03	%		5.10	%
Class C		1.78			5.85
Institutional		0.67			4.71
Investor		0.78			4.85
Class P		0.66			4.70
Class R		1.28			5.35
Class R6		0.66			4.70

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.0	%	Software
Visa, Inc. Class A		3.9		IT Services
Facebook, Inc. Class A		3.5		Interactive Media & Services
Eli Lilly & Co.		3.4		Pharmaceuticals
Texas Instruments, Inc.		3.4		Semiconductors & Semiconductor Equipment
Union Pacific Corp.		3.3		Road & Rail
Danaher Corp.		3.2		Health Care Equipment & Supplies
The Boeing Co.		3.1		Aerospace & Defense
Honeywell International, Inc.		3.1		Industrial Conglomerates
Walmart, Inc.		3.0		Food & Staples Retailing

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

9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2019

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

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PORTFOLIO RESULTS

Goldman Sachs Capital Growth Fund

Portfolio Composition

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund invests in both value and growth companies. The Fund’s fundamental equity investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-3.34%,-3.67%,-3.16%,-3.39%,-3.22%,-3.14%, -3.46% and -3.15%, respectively. These returns compare to the-3.07% cumulative total return of the Fund’s benchmark, the Russell 1000^® Index (with dividends reinvested) (the “Russell Index”), during the same period. The Fund’s former benchmark, the Russell 1000^® Growth Index, returned-4.52% for the same time period.

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

A The Fund underperformed the Russell Index on a relative basis during the Reporting Period due to a combination of stock selection and sector allocation.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that detracted most from the Fund’s relative performance during the Reporting Period were industrials, consumer staples and information technology, wherein stock selection in each dampened results. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, communication services and utilities, wherein stock selection in each proved effective.

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

A Among those stocks detracting most from the Fund’s results relative to the Russell Index were positions in semiconductor company NVIDIA, transportation and logistics company XPO Logistics and asset management company Affiliated Managers Group.

NVIDIA’s stock price declined in October 2018 along with the broader semiconductor industry, as international trade tensions and end-market demand concerns weighed on investor sentiment. (End-market is used to indicate where the final transaction takes place in a value chain. Typically it is where the end-user is located, meaning the individual, organization, industry or region for whom the product or service has been created and who is not expected to resell that product or service.) Also, in November 2018, the company reported a miss in earnings primarily due to weak crypto-currency demand, which at one point had accounted for more than 10% of company revenues. However, the remainder of the business, which is driven by cloud, gaming and artificial intelligence, continued to show strong growth. In addition to the earnings-related sell-off, NVIDIA’s stock was under pressure for the majority of the fourth quarter of 2018, along with its semiconductor peers, as concerns around the health of the global economy grew to end the year. Despite the difficult fourth calendar quarter for the company, we believed at the end of the Reporting Period that the underlying long-term fundamentals of the company were still healthy, though we continued to evaluate the macro backdrop.

While there were no stock-specific reasons for the decline in XPO Logistics’ share price during a volatile October 2018,

11

PORTFOLIO RESULTS

the company, along with others in the industrials and freight industries, underperformed for the month. In mid-December 2018, a hedge fund issued a report that sent XPO Logistics’ shares tumbling more than 26% in one day. We were not particularly troubled by our initial read-through of the analysis but recognized several aspects that warranted follow up. After assessing various factors, we confirmed our previously held view that XPO Logistics’ business was well aligned with the structural changes in the freight industry, such as outsourcing and labor-saving technology,e-commerce exposure and the implementation of electronic logging devices. The market eventually recognized this as well, and its shares recovered all of the losses prompted by the hedge fund report. However, unrelated to the report, XPO Logistics’ stock tumbled in February 2019 after the company released its fourth quarter 2018 earnings report that revealed results below market estimates on earnings per share, revenue and 2019 guidance. Its management cited a reduction in business from its largest client, expressing it would negatively impact its growth for 2019. These developments led us to exit the Fund’s position in XPO Logistics.

Shares of Affiliated Managers Group came under pressure in the fourth quarter of 2018, as AQR, one of its key affiliates, was experiencing substantial outflows. Investors also had concerns about Affiliated Managers Group’s private equity capital raise coming to an end as well as outflows potentially accelerating in the medium term. While we see positive aspects of the firm, we chose to exit the Fund’s position and reallocate capital to what we see as other high quality investments.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in pharmaceutical company Eli Lilly, enterprise software solutions company Red Hat and regional bank Signature Bank.

Eli Lilly’s stock climbed through most of November 2018 after the company reported solid quarterly results in which it beat consensus earnings per share and revenue expectations and also raised guidance for the full year 2018. Then, in December 2018, Eli Lilly shares benefited from the announcement of better than market expected 2019 guidance, featuring significant improvements in revenue growth and long-term sales growth. The company had a volatile month of trading in January 2019, finishing the month in positive territory but lagging the health care sector as well as the broad U.S. equity market. Early on, a negative headline on drug pricing pressured the stock along with that of other pharmaceutical companies. Then news of Eli Lilly’s acquisition of Loxo Oncology, a cancer drug company, helped give a boost to its shares. These gains were quickly erased after a phase 3 soft tissue study did not meet its primary objective, leading the Food and Drug Administration to recommend new patients not start using the drug. All in all, we viewed January 2019 as a month of primarily short-term trading noise that did not alter the underlying fundamentals of the company or why we favor it. At the end of the Reporting Period, we believed the company maintained strong risk/reward prospects versus its peers, and we saw an upside to its diabetes franchise. We were also optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Additionally, we viewed the company’s split with Elanco, its former animal health business segment, as value accretive. Overall, we viewed Eli Lilly as a high quality pharmaceuticals business with leading franchises, a robust drug pipeline and an improving financial profile.

Shares of Red Hat soared in late October 2018 after IBM announced an offer to acquire Red Hat for a significant premium to its market price. This acquisition was in line with our thesis that the software industry is ripe for consolidation. We also believe Red Hat has impressive growth prospects, led mostly by new business, and has solid sales capacity through its partnerships with cloud providers. We were encouraged by this news and continued to monitor developments as both companies work toward finalizing the acquisition.

The strong performance of Signature Bank’s stock was primarily driven by an earnings report in January 2019 that showed improved earnings per share and revenues in addition to the announcement of a cash dividend. Quarter-over-quarter loan growth was particularly strong as well. At the end of the Reporting Period, we continued to like the stock given what we see as the company’s notable growth opportunities, potential for net interest income expansion and its management’s efforts to grow the regional bank’s deposit base.

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

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

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PORTFOLIO RESULTS

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

A During the Reporting Period, we initiated a Fund position in multinational consumer goods company Procter & Gamble. We believe the company could start to see an inflection from its recent consolidation, and we remain positive that its price cuts could help improve sales in emerging markets. Additionally, we are confident in its management’s ability to adapt to the changing landscape and various business challenges. We think its innovative pipeline and brand awareness may well lead to continued sales momentum going forward.

We established a Fund position in Deere & Co. We are positive on the outlook for the company’s largest and most profitable end-market, North American agricultural equipment. We believe the segment is beginning to recover from recent trough levels and that Deere & Co. is well positioned to capitalize on a potential recovery. In our view, the company has a strong balance sheet and robust return on equity. It also saw increased share repurchases in 2018. Overall, we believe Deere & Co. is a high quality company with an attractive outlook.

Conversely, in addition to the sales already mentioned, we exited the Fund’s position in pharmaceutical company Shire during the Reporting Period. In December 2018, it was announced that Takeda Pharmaceutical shareholders voted to approve the company’s acquisition of Shire. Following the approval of the acquisition and the stock’s strong performance, we decided to sell the position and reallocate the capital elsewhere.

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

A Sean Gallagher, a portfolio manager of the Fund, retired effective September 30, 2018. The Fund continues to be managed by Steven M. Barry and Stephen E. Becker.

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweighted positions relative to the Russell Index in the materials and health care sectors and underweighted positions relative to the Russell Index in the financials, industrials and consumer discretionary sectors. On the same date, the Fund was rather neutrally weighted to the Russell Index in information technology, real estate, consumer staples, energy, utilities and communication services.

13

FUND BASICS

Capital Growth Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 1000® Index2			Russell 1000® Growth Index3
Class A		-3.34	%		-3.07	%		-4.52	%
Class C		-3.67			-3.07			-4.52
Institutional		-3.16			-3.07			-4.52
Service		-3.39			-3.07			-4.52
Investor		-3.22			-3.07			-4.52
Class P		-3.14			-3.07			-4.52
Class R		-3.46			-3.07			-4.52
Class R6		-3.15			-3.07			-4.52

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

²  The Russell 1000 Index measures the performance of the large-cap 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 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000 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 index.

³  The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-8.15	%		7.41	%		13.70	%		9.07	%	4/20/90
Class C		-4.41			7.83			13.50			5.67		8/15/97
Institutional		-2.39			9.06			14.80			6.87		8/15/97
Service		-2.92			8.52			14.23			6.35		8/15/97
Investor		-2.56			8.90			14.63			7.63		11/30/07
Class P		N/A			N/A			N/A			-7.88		4/17/18
Class R		-3.03			8.36			14.06			7.10		11/30/07
Class R6		-2.38			N/A			N/A			7.22		7/31/15

⁴The 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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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.

14

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.22	%
Class C		1.89			1.97
Institutional		0.75			0.83
Service		1.25			1.33
Investor		0.89			0.97
Class P		0.74			0.82
Class R		1.39			1.47
Class R6		0.74			0.82

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/196
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.5	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		3.4		Software
Amazon.com, Inc.		2.8		Internet & Direct Marketing Retail
JPMorgan Chase & Co.		1.6		Banks
Facebook, Inc. Class A		1.5		Interactive Media & Services
Alphabet, Inc. Class A		1.5		Interactive Media & Services
Visa, Inc. Class A		1.5		IT Services
Alphabet, Inc. Class C		1.5		Interactive Media & Services
Bank of America Corp.		1.4		Banks
The Boeing Co.		1.3		Aerospace & Defense

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

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁷

As of February 28, 2019

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets as of February 28, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

16

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments selected for their potential to achieve capital appreciation over the long term. The Fund typically holds 30-40 companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund may invest in securities of companies of any capitalization. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest up to 10% of its total assets in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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 P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-4.10%,-4.38%,-3.87%,-3.95%,-3.87%,-4.19% and-3.88%, respectively. These returns compare to the-4.52% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A While the Fund generated negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care and communication services, wherein effective stock selection in each helped most. Having an overweighted allocation to real estate, which outperformed the Russell Index during the Reporting Period, also boosted relative results. Challenging stock selection in the information technology, industrials and financials sectors detracted from the Fund’s relative results most during the Reporting Period. Having an underweight to industrials, which outpaced the Russell Index during the Reporting Period, also hurt.

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

A The Fund benefited most relative to the Russell Index from positions in medical equipment company Danaher, pharmaceutical company Eli Lilly and medical device manufacturer Boston Scientific.

In November 2018, Danaher’s stock was driven less by company-specific events but rather rose along with the health care equipment industry as a whole. Then, in February 2019, Danaher announced an agreement with General Electric (“GE”) to acquire the biopharmaceutical business of GE Life Sciences. The market’s reception of the deal was overwhelmingly positive, and Danaher’s shares climbed through the end of the month. We were also highly optimistic about the transaction, which makes Danaher the largest player within bioprocessing and gives the company a multi-year value creation opportunity through potential top-line acceleration and cost savings. GE Life Sciences is a high quality asset, and in our opinion, significantly improves Danaher’s positioning within the biopharmaceutical industry. With this in mind, at the end of the Reporting Period, we had renewed confidence that Danaher is a high quality company, led by what we see as an outstanding management team, that generates solid free cash flow and has high barriers to entry in its key business segments.

Eli Lilly’s stock climbed through most of November 2018 after the company reported solid quarterly results in which it beat consensus earnings per share and revenue expectations and also raised guidance for the full year 2018. Then, in December 2018, Eli Lilly shares benefited from the

17

PORTFOLIO RESULTS

announcement of better than market expected 2019 guidance, featuring significant improvements in revenue growth and long-term sales growth. The company had a volatile month of trading in January 2019, finishing the month in positive territory but lagging the health care sector as well as the broad U.S. equity market. Early on, a negative headline on drug pricing pressured the stock along with that of other pharmaceutical companies. Then news of Eli Lilly’s acquisition of Loxo Oncology, a cancer drug company, helped give a boost to its shares. These gains were quickly erased after a phase 3 soft tissue study did not meet its primary objective, leading the Food and Drug Administration to recommend new patients not start using the drug. All in all, we viewed January 2019 as a month of primarily short-term trading noise that did not alter the underlying fundamentals of the company or why we favor it. At the end of the Reporting Period, we believed the company maintained strong risk/reward prospects versus its peers, and we saw an upside to its diabetes franchise. We were also optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Additionally, we viewed the company’s split with Elanco, its former animal health business segment, as value accretive. Overall, we viewed Eli Lilly as a high quality pharmaceuticals business with leading franchises, a robust drug pipeline and an improving financial profile.

During the third quarter of 2018, Boston Scientific’s shares climbed rather steadily, primarily driven by the announcement of several acquisitions of smaller companies in the health care equipment space, which were seen by the market as positive. For example, investors were positive on the company’s September 2018 acquisition of Augmenix, a privately held developer of systems used to reduce the side effects of radiotherapy in cancer patients. The market also viewed the company’s 2019 launch plans for Lotus Edge, a transcatheter aortic valve replacement system, as increasingly favorable. During the fourth quarter of 2018, the company experienced some volatility alongside the broader market but then rose in the first two months of 2019. In February 2019, the company’s fourth quarter 2018 results came in better than the market expected, with its earnings per share beating consensus estimates and its revenue in line with consensus estimates, giving an extra push to its shares. At the end of the Reporting Period, we believed Boston Scientific presented an attractive path for growth and had one of the best product pipelines in its market. We viewed its new product launches, accompanied by geographic market and platform expansion, positively and believed those launches make Boston Scientific’s growth profile among the best in the medical device industry.

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

A Among those stocks detracting most from the Fund’s results relative to the Russell Index were positions in semiconductor company NVIDIA, consumer staples giant Kraft Heinz and materials, chemicals and agricultural products developer DowDuPont.

NVIDIA’s stock price declined in October 2018 along with the broader semiconductor industry, as international trade tensions and end-market demand concerns weighed on investor sentiment. (End-market is used to indicate where the final transaction takes place in a value chain. Typically it is where the end-user is located, meaning the individual, organization, industry or region for whom the product or service has been created and who is not expected to resell that product or service.) In November 2018, the company reported a miss in earnings primarily due to weak crypto-currency demand, which at one point had accounted for more than 10% of company revenues. However, the remainder of the business, which is driven by cloud, gaming and artificial intelligence, continued to show strong growth. In addition to the earnings-related sell-off, NVIDIA’s stock was under pressure for the majority of the fourth quarter of 2018, along with its semiconductor peers, as concerns around the health of the global economy grew to end the year. Despite the difficult fourth calendar quarter for the company, we believed at the end of the Reporting Period that the underlying long-term fundamentals of the company were still healthy, though we continued to evaluate the macro backdrop.

Nearly all of Kraft Heinz’ stock price decline occurred at the end of February 2019. The stock plummeted after the company reported quarterly earnings that missed market estimates across all metrics. Furthermore, Kraft Heinz cut its dividend by approximately one-third, announced a $15 billion goodwill impairment* and reported it had received a subpoena from the Securities and Exchange Commission. Following the report, we decided to exit the Fund’s position, as we viewed this as a thesis-changing event and believed there were better opportunities elsewhere.

* Goodwill impairment is an earnings charge that companies record on their income statements after they identify that there is persuasive evidence that the asset associated with the goodwill can no longer demonstrate financial results that were expected from it at the time of its purchase. Because many companies acquire other firms and pay a price that exceeds the fair value of identifiable assets and liabilities that the acquired firm possesses, the difference between the purchase price and the fair value of acquired assets is recorded as goodwill. However, if unforeseen circumstances arise that decrease expected cash flows from acquired assets, their fair value can be lower than what was originally paid for them, and a company must book a goodwill impairment.

18

PORTFOLIO RESULTS

Most of DowDuPont’s share price decline occurred during the first two months of the Reporting Period. Its share price fell at the end of September 2018 driven both by weakness in the materials and chemicals industries and by negative reports by several analysts. In October 2018, DowDuPont disclosed a $4.6 billion write-down of goodwill, which was viewed negatively by investors. Despite the decline in the stock, we remained optimistic at the end of the Reporting Period on the company’s ability to unlock operating synergies, decrease costs and deploy cash on high return projects to further improve profitability. Overall, we believed DowDuPont was well positioned to benefit from inflecting cyclical tailwinds across multiple business segments as it works to improve its operations and unlock efficiencies.

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

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

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

A We initiated a Fund position in discount retailer Walmart. We are positive on the company and confident in its management team and its potential to create shareholder value in the long run through strategic initiatives and acquisitions. In our view, Walmart has a strong balance sheet with robust, consistent free cash flow, and we believe the company was attractively valued at the time of purchase relative to its peers.

We added Intuitive Surgical to the Fund’s portfolio during the Reporting Period. The company develops, manufactures and markets robotic surgical systems and related instruments and accessories for invasive surgery. We are optimistic that the company is on the brink of entering into a strong product cycle, specifically its lung biopsy pipeline, which targets the cancer biopsy market. Given the sparse competition in the space, we feel its sales momentum is poised to move forward and think the company has a strong competitive advantage.

Conversely, in addition to the sale already mentioned, we exited the Fund’s position in integrated circuit manufacturer Analog Devices. The stock had experienced heightened volatility during the fourth quarter of 2018 due to increased investor concerns around the outlook for semiconductor spending. While we still believe the company has an attractive revenue growth and margin profile, we felt the risk/reward balance was less attractive for this Fund and decided to sell the position and reallocate the capital elsewhere.

We eliminated the Fund’s position in pharmaceutical company Shire during the Reporting Period. In December 2018, it was announced that Takeda Pharmaceutical shareholders voted to approve the company’s acquisition of Shire. Following the approval of the acquisition and the stock’s strong performance, we decided to sell the position and reallocate the capital elsewhere.

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

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

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweighted positions relative to the Russell Index in the health care, real estate, materials, communication services and energy sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology, industrials and consumer discretionary. The Fund was rather neutrally weighted relative to the Russell Index in consumer staples and financials and had no position at all in the utilities sector at the end of the Reporting Period.

19

FUND BASICS

Concentrated Growth Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 1000® Growth  Index2
Class A		-4.10	%		-4.52	%
Class C		-4.38			-4.52
Institutional		-3.87			-4.52
Investor		-3.95			-4.52
Class P		-3.87			-4.52
Class R		-4.19			-4.52
Class R6		-3.88			-4.52

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

²  The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-7.90	%		5.78	%		12.50	%		7.01	%	9/3/02
Class C		-4.24			6.19			12.31			6.57		9/3/02
Institutional		-2.19			7.40			13.61			7.80		9/3/02
Investor		-2.35			7.25			13.43			6.35		11/30/07
Class P		N/A			N/A			N/A			-6.96		4/17/18
Class R		-2.78			6.72			12.88			5.84		11/30/07
Class R6		-2.17			N/A			N/A			5.79		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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.

20

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.16	%		1.43	%
Class C		1.91			2.18
Institutional		0.80			1.04
Investor		0.91			1.18
Class P		0.79			1.03
Class R		1.41			1.68
Class R6		0.79			1.03

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.8	%	Software
Apple, Inc.		4.8		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		4.6		Internet & Direct Marketing Retail
Visa, Inc. Class A		4.5		IT Services
Facebook, Inc. Class A		4.5		Interactive Media & Services
Alphabet, Inc. Class A		3.9		Interactive Media & Services
Honeywell International, Inc.		3.1		Industrial Conglomerates
Danaher Corp.		3.1		Health Care Equipment & Supplies
Northrop Grumman Corp.		3.0		Aerospace & Defense
NIKE, Inc. Class B		2.9		Textiles, Apparel & Luxury Goods

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

21

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2019

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

22

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in equity investments in small-, mid- and large-cap issuers. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. This strategy is combined with a quantitative risk allocation process that is used to assist portfolio construction and trading decisions.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Flexible Cap Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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 P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-3.41%,-3.80%,-3.24%,-3.22%,-3.17%,-3.52% and-3.19%, respectively. These returns compare to the-3.04% cumulative total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), during the same period.

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

A The Fund underperformed the S&P 500 Index during the Reporting Period. Stock selection overall contributed positively, albeit modestly, while sector allocation as a whole detracted from the Fund’s relative results during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that detracted most from the Fund’s relative results during the Reporting Period were consumer discretionary, industrials and financials, wherein stock selection proved challenging. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, communication services and materials. Effective stock selection drove results in each of these sectors.

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

A Detracting most from the Fund’s results relative to the S&P 500 Index were positions in transportation and logistics company XPO Logistics, processed and packaged foods manufacturer Conagra Brands and integrated powertrain technologies designer and manufacturer Delphi Technologies.

While there were no stock-specific reasons for the decline in XPO Logistics’ share price during a volatile October 2018, the company, along with others in the industrials and freight industries, underperformed for the month. In mid-December 2018, a hedge fund issued a report that sent XPO Logistics’ shares tumbling more than 26% in one day. We were not particularly troubled by our initial read-through of the analysis but recognized several aspects that warranted follow up. After assessing various factors, we confirmed our previously held view that XPO Logistics’ business was well aligned with the structural changes in the freight industry, such as outsourcing and labor-saving technology,e-commerce exposure and the implementation of electronic logging devices. The market eventually recognized this as well, and its shares recovered all of the losses prompted by the hedge fund report. However, unrelated to the report, XPO Logistics’ stock tumbled in February 2019 after the company released its fourth quarter 2018 earnings report that revealed results below market estimates on earnings per share, revenue and 2019 guidance. Its management cited a reduction in business from its largest client, expressing it would negatively impact its growth for 2019. These developments led us to exit the Fund’s position in XPO Logistics.

Conagra Brands’ stock initially fell in late September 2018 when the company reported weaker than consensus expected earnings. However, we believe this was largely attributed to higher taxes, as the underlying business continued showing solid growth. Its share price again declined mid-December

23

PORTFOLIO RESULTS

2018 in response to a challenging earnings report that demonstrated issues with the acquisition of one of its peers. Following these reports, our confidence lessened in the stock, and we decided to exit the position in favor of other companies that we believed had more attractive prospects.

In October 2018, the stock of Delphi Technologies declined after the company announced the departure of its Chief Executive Officer and revised its outlook downward for the full year 2018. In its outlook, Delphi Technologies forecasted revenue for the full year to be consistent with the prior year level, compared to the previous guidance, which had projected low single-digit revenue growth. Upon the news, multiple research analysts downgraded the stock, sending its shares lower. In November 2018, Delphi Technologies reported weak quarterly results. Its quarterly results and guidance were in line with preannouncements, but its 2019 preliminary guidance was significantly below consensus expectations, as industry volumes continued to face headwinds, specifically in China, where there was negative product mix. We decided to sell the position in January 2019 given what we viewed as the company’s substantial operational and structural challenges, exacerbated by uncertainty related to its management change and potential macro headwinds.

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

A Among those stocks the Fund benefited most from relative to the S&P 500 Index were positions in biopharmaceutical company Celgene, medical equipment company Danaher and aerospace and defense company Boeing.

We added a Fund position in Celgene during the fourth quarter of 2018 and shortly thereafter it was announced that Bristol-Myers Squibb would be acquiring Celgene for a sizable premium, causing its shares to spike. We were positive on Celgene given what we saw as its strong pipeline of upcoming drugs and believed the deal could be value accretive. At the end of the Reporting Period, we remained encouraged by the news of the potential acquisition and were continuing to monitor the situation.

In November 2018, Danaher’s stock was driven less by company-specific events but rather rose along with the health care equipment industry as a whole. Then, in February 2019, Danaher announced an agreement with General Electric (“GE”) to acquire the biopharmaceutical business of GE Life Sciences. The market’s reception of the deal was overwhelmingly positive, and Danaher’s shares climbed through the end of the month. We were also highly optimistic about the transaction, which makes Danaher the largest player within bioprocessing and gives the company a multi-year value creation opportunity through potential top-line acceleration and cost savings. GE Life Sciences is a high quality asset, and in our opinion, significantly improves Danaher’s positioning within the biopharmaceutical industry. With this in mind, at the end of the Reporting Period, we had renewed confidence that Danaher is a high quality company, led by what we see as an outstanding management team, that generates solid free cash flow and has high barriers to entry in its key business segments.

Early in January 2019, Boeing announced fourth quarter 2018 and full year 2018 aircraft deliveries that were both slightly higher than market estimates, causing its stock to rise. Then, at the end of the month, Boeing announced strong quarterly earnings results, exceeding market expectations on revenue, earnings per share and, most importantly, cash from operations. Boeing’s stock reacted to the optimism surrounding trade talks with China throughout February 2019, as a resolution could create a potential order boost. At the end of the Reporting Period, we remained positive on the company’s strong productivity track record, multi-year commercial aircraft backlog and improving prospects in its defense business. We viewed Boeing favorably due to what we considered to be its strong competitive position, robust free cash flow and focus on shareholders through buybacks and distributions.

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

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

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

A In addition to the purchase mentioned earlier, we re-initiated a Fund position in fast-food restaurant company McDonald’s. Its stock had lagged the overall market during the third quarter of 2018, which we believe presented an attractive opportunity to add back what we view as a best-in-class franchise to the Fund’s portfolio after selling it in the Fund’s prior fiscal year. We are positive on many of the strategic initiatives McDonald’s has been rolling out, including a revamped value menu and fresh beef hamburgers, which we believe can help boost its stock. In our view, McDonald’s has a strong balance sheet with robust free cash flow and good return on equity. We also believe it

24

PORTFOLIO RESULTS

was attractively valued at the time of purchase and poised for growth and market share gains.

We established a Fund position in Accenture. We feel the company is positioned as a leading information technology implementation company in digital and new age technologies, including cloud software as a service, analytics and security. We also feel the company’s relationships, combined with its consulting practice, give it a competitive advantage when compared to traditional outsourcing peers, as Accenture is involved early in deals. Lastly, we feel the company’s balanced capital allocation towards merger and acquisition and capital returns allows it to invest in new practices.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in health insurance company Aetna. In November 2018, Aetna was acquired by CVS Health, forming a business comprising a retail pharmacy, pharmacy benefit manager and insurance segment. After the transaction closed, we decided to exchange the Fund’s shares of Aetna for those of CVS Health, given that we viewed the combined entity as an attractive investment opportunity. We are optimistic that CVS Health may be able to successfully integrate Aetna to help lower costs by making health care local and accessible and simplifying how consumers access care.

We sold the Fund’s position in consumer products company Colgate-Palmolive. Commodity prices and foreign exchange headwinds continued to pressure its margins, and despite the company’s increased advertising efforts, organic sales growth has shown little signs of improving. Colgate-Palmolive also trailed its competitors in growing sales in emerging markets. We therefore decided to exit the position and reallocate the capital to names with what we considered more attractive risk/reward prospects.

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

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

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

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. During the Reporting Period, there were no notable changes in the Fund’s sector weightings relative to the S&P 500 Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund was rather neutrally weighted to all 11 sectors in the S&P 500 Index.

25

FUND BASICS

Flexible Cap Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			S&P 500® Index2
Class A		-3.41	%		-3.04	%
Class C		-3.80			-3.04
Institutional		-3.24			-3.04
Investor		-3.22			-3.04
Class P		-3.17			-3.04
Class R		-3.52			-3.04
Class R6		-3.19			-3.04

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

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

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-11.00	%		6.76	%		13.56	%		8.46	%	1/31/08
Class C		-7.47			7.17			13.35			8.23		1/31/08
Institutional		-5.55			8.38			14.64			9.46		1/31/08
Investor		-5.57			8.25			14.48			9.31		1/31/08
Class P		N/A			N/A			N/A			-8.02		4/17/18
Class R		-6.01			7.72			13.92			8.78		1/31/08
Class R6		-5.51			N/A			N/A			5.81		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. 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.

26

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.98	%		2.48	%
Class C		1.73			3.23
Institutional		0.59			2.09
Investor		0.73			2.23
Class P		0.58			2.08
Class R		1.23			2.73
Class R6		0.58			2.08

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.1	%	Software
Apple, Inc.		3.7		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		2.9		Internet & Direct Marketing Retail
Johnson & Johnson		2.0		Pharmaceuticals
JPMorgan Chase & Co.		1.9		Banks
Alphabet, Inc. Class A		1.7		Interactive Media & Services
Facebook, Inc. Class A		1.6		Interactive Media & Services
The Procter & Gamble Co.		1.6		Household Products
Bank of America Corp.		1.5		Banks
Alphabet, Inc. Class C		1.5		Interactive Media & Services

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

27

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2019

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

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PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

The Fund invests primarily in medium-sized growth companies. The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-1.17%,-1.52%,-0.96%,-1.24%,-1.02%,-0.97%, -1.23% and-1.00%, respectively. These returns compare to the-1.27% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A While the Fund generated negative absolute returns, most of its share classes outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, communication services and consumer staples, wherein effective stock selection drove results. Having an underweighted allocation to communication services, which lagged the Russell Index during the Reporting Period, and having an overweighted allocation to consumer staples, which outperformed the Russell Index during the Reporting Period, also buoyed relative results. Detracting most from the Fund’s relative results was challenging stock selection in the information technology, energy and financials sectors. Having an underweighted allocation to information technology, which outperformed the Russell Index during the Reporting Period, and having an overweighted allocation to energy, which was the second-weakest sector in the Russell Index during the Reporting Period, also hurt.

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

A The Fund benefited most relative to the Russell Index from positions in commercial gene therapy firm Spark Therapeutics, health care equipment and services company Agilent Technologies and enterprise software solutions company Red Hat.

A new purchase for the Fund during the Reporting Period, Spark Therapeutics’ shares spiked in late February 2019 after news broke that Swiss drug maker Roche Holding had agreed to acquire Spark Therapeutics for approximately $115 per share, representing a total equity value of about $5 billion. Given that Spark Therapeutics had a market value of just under $2 billion at the prior session’s close, its stock price more than doubled upon the announcement. With this in mind, we felt the valuation for Spark Therapeutics became less attractive and opted to sell the Fund’s position and allocate the gains to what we saw as more appealing risk/reward opportunities.

Shares of Agilent Technologies rallied in November 2018 following an earnings release in which the company reported both earnings per share and revenues that exceeded consensus estimates. The results were primarily driven by

29

PORTFOLIO RESULTS

broad-based strength across products and an acceleration of its business in China, which investors viewed positively. The company’s stock also performed well in January 2019, buoyed by solid performance by the health care sector more broadly. At the end of the Reporting Period, we were encouraged by the company’s recent earnings reports and continued to believe Agilent Technologies presented an attractive growth story. We felt the combination of an innovative product pipeline and productivity enhancement initiatives provided a potential runway for revenue growth and margin expansion.

Shares of Red Hat soared in late October 2018 after IBM announced an offer to acquire Red Hat for a significant premium to its market price. This acquisition was in line with our thesis that the software industry is ripe for consolidation. We also believe Red Hat has impressive growth prospects, led mostly by new business, and has solid sales capacity through its partnerships with cloud providers. While we were encouraged by this news and continued to monitor developments as both companies work toward finalizing the acquisition, we opted to sell the Fund’s position in Red Hat, taking profits.

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

A Detracting most from the Fund’s results relative to the Russell Index were positions in Xilinx, PVH and John Bean Technologies.

Xilinx engages in the designing and developing of programmable devices and associated technologies. While its stock significantly outperformed the Russell Index during the Reporting Period due to consecutive impressive earnings releases, the Fund’s underweight position led the stock to be a top detractor from relative results. At the end of the Reporting Period, we continued to like the company and the end-markets it is exposed to, including fifth-generation (“5G”) and public cloud.

PVH designs and manufactures apparel and footwear through a variety of brand names. Amidst a more challenging environment for retail during the fourth quarter of 2018, PVH reported mixed results in November 2018. While its earnings per share and revenue were higher, its Calvin Klein sales were disappointing for the second consecutive quarter. PVH’s stock slid throughout December 2018 alongside the broader market, which experienced heightened volatility. Despite the weakness in the stock, we remained positive on PVH at the end of the Reporting Period given its geographic diversity and global growth potential. We also believed the company was well positioned given its recognizable brand names and what we viewed as its strong balance sheet and good free cash flow generation.

John Bean Technologies is a technology solutions provider in the food, beverage and air transportation industries. In November 2018, investors digested weak results reported for the third quarter of 2018, causing its stock price to drop. In the release, John Bean Technologies missed market expectations on earnings per share and revenue and cut guidance for the full year 2018. Part of the weakness stemmed from margins that faced input cost and freight pressures. We note that this issue impacted many industrials companies and is also likely transitory in nature, in our view. Fourth quarter 2018 results were better than consensus expectations both in earnings per share and revenue, causing the company’s shares to trend up. At the end of the Reporting Period, we did recognize some uncertainty related to tariffs and continued to monitor that situation carefully. However, we were still positive on the company as it works to execute on the secular growth theme of automation in food services. Furthermore, we believed John Bean Technologies would likely continue to benefit from potential acquisitions and its internal restructuring program, making it one of the most attractive long-term growth companies in the industrials sector, in our view.

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

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

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

A We initiated a Fund position in global diversified industrial manufacturing company Ingersoll-Rand during the Reporting Period. Ingersoll-Rand’s products range from complete air compressor systems, tools, plugs, material handling systems and more. We are positive on the company’s core heating, ventilation and air conditioning (“HVAC”) business on both the commercial and residential side. In our view, its management is working to sustain strong double-digit order book growth by focusing on investments in energy efficiency, building controls and taking advantage of favorable pricing power. We also view the company’s acquisition of Precision Flow Systems as a prudent capital allocation decision, as the asset finally became available after a decade of monitoring it, and its existing fluid control

30

PORTFOLIO RESULTS

business and attractive end-market should further synergize with Ingersoll-Rand’s offerings and generate incremental cash flow, in our opinion. (End-market is used to indicate where the final transaction takes place in a value chain. Typically it is where the end-user is located, meaning the individual, organization, industry or region for whom the product or service has been created and who is not expected to resell that product or service.)

We established a Fund position in construction company Martin Marietta Materials. The company engages in the provision of aggregates, including crushed stone, sand and gravel, through its network of quarries and distribution yards. We are positive on what we see as the company’s long path of pricing outperformance made available from its consolidation of its Texas and Colorado markets, given that aggregates is a local business with strong pricing power. As the top 74 aggregates players in the U.S. are only 14% of the market, this leaves decades of consolidation opportunities for this industry, in our view. We believe Martin Marietta Materials has proven to be a thoughtful management team for creating shareholder value through capital deployment, a strategy we see continuing. Finally, we recognize cyclical upside potential given the relatively depressed levels for aggregates production and the high probability of reaching 90% of the last cycle.

Conversely, in addition to the sales already mentioned, we exited the Fund’s position in Dunkin’ Brands Group. After the company reported its fourth quarter 2018 earnings, in which it beat consensus earnings per share estimates but missed on revenues, we noticed a significant disconnect between the results and its management’s optimism around the business. Our outlook was more negative, as the company exhausted numerous strategies during 2018, but store traffic and same-store sales both remained soft. Given that the stock was a solid performer during the Reporting Period, we elected to sell the stock and reallocate gains to other businesses with what we viewed as more promising long-term growth prospects.

We eliminated the Fund’s position in Global Payments, a provider of payment technology and software solutions. The company has a history of completing smaller debt-financed acquisitions, which we believe could potentially negatively impact its risk/reward profile as the cycle extends. As a result, we decided to exit the position and reallocate the capital to other high quality names in the payments space.

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

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

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweighted positions relative to the Russell Index in the health care, consumer staples and energy sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology, communication services and consumer discretionary. The Fund was rather neutrally weighted to the Index in financials, real estate, materials and industrials and had no position at all in utilities at the end of the Reporting Period.

31

FUND BASICS

Growth Opportunities Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell Midcap® Growth Index2
Class A		-1.17	%		-1.27	%
Class C		-1.52			-1.27
Institutional		-0.96			-1.27
Service		-1.24			-1.27
Investor		-1.02			-1.27
Class P		-0.97			-1.27
Class R		-1.23			-1.27
Class R6		-1.00			-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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell Midcap^® Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-10.54	%		3.74	%		12.96	%		9.65	%	5/24/99
Class C		-6.94			4.15			12.75			9.15		5/24/99
Institutional		-4.97			5.31			14.03			10.39		5/24/99
Service		-5.44			4.79			13.47			9.84		5/24/99
Investor		-5.08			5.19			13.88			7.56		11/30/07
Class P		N/A			N/A			N/A			-9.91		4/17/18
Class R		-5.53			4.66			13.32			7.03		11/30/07
Class R6		-4.97			N/A			N/A			3.70		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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.

32

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		1.37	%
Class C		1.99			2.12
Institutional		0.90			0.98
Service		1.40			1.48
Investor		0.99			1.12
Class P		0.89			0.97
Class R		1.49			1.62
Class R6		0.89			0.97

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
ServiceNow, Inc.		2.4	%	Software
Dollar General Corp.		2.3		Multiline Retail
Fiserv, Inc.		2.3		IT Services
Amphenol Corp. Class A		2.2		Electronic Equipment, Instruments & Components
Align Technology, Inc.		2.2		Health Care Equipment & Supplies
Ross Stores, Inc.		2.0		Specialty Retail
GoDaddy, Inc. Class A		1.7		IT Services
Harris Corp.		1.7		Aerospace & Defense
Bright Horizons Family Solutions, Inc.		1.7		Diversified Consumer Services
Total System Services, Inc.		1.7		IT Services

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

33

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.0% of the Fund’s net assets as of February 28, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

34

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in a diversified portfolio of equity investments in small- and mid-cap issuers. Small- or mid-cap issuers are issuers with public stock capitalizations within the outside range of the market capitalizations of companies constituting the Russell 2000 Growth Index and the Russell Midcap Growth Index. As of September 30, 2018, the outside capitalization range of the companies in these indexes was between $12 million and $75 billion. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-1.97%,-2.32%,-1.83%,-2.07%,-1.89%,-1.79%,-2.10% and-1.79%, respectively. These returns compare to the-6.06% cumulative total return of the Fund’s benchmark, the Russell 2500^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A While the Fund generated negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively to relative performance, albeit more modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Effective stock selection in the health care, information technology and consumer staples sectors helped the Fund’s performance most relative to the Russell Index. Having an overweighted allocation to information technology, which outperformed the Russell Index during the Reporting Period, also buoyed the Fund’s relative results. Detracting from relative results most during the Reporting Period were industrials, financials and materials, wherein stock selection was challenging.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in commercial gene therapy firm Spark Therapeutics, oncology-focused biopharmaceutical company TESARO and medical technology company Teleflex.

Spark Therapeutics’ shares spiked in late February 2019 after news broke that Swiss drug maker Roche Holding had agreed to acquire Spark Therapeutics for approximately $115 per share, representing a total equity value of about $5 billion. Given that Spark Therapeutics had a market value of just under $2 billion at the prior session’s close, its stock price more than doubled upon the announcement. With this in mind, we felt the valuation for Spark Therapeutics became less attractive and opted to sell the Fund’s position and allocate the gains to what we saw as more appealing risk/reward opportunities.

Shares of TESARO jumped in early December 2018 after the company announced it had agreed to a $5.1 billion takeover bid from British pharmaceuticals giant GlaxoSmithKline. We believe this acquisition was driven by TESARO’s Food and Drug Administration-approved ovarian cancer drug Zejula. Zejula belongs to a fairly new class of medicines, and it is in clinical trials for other high-value indications, such as breast and prostate cancers. Following this positive development, we sold the Fund’s shares in TESARO to realize the gains and reallocate them to other opportunities.

35

PORTFOLIO RESULTS

Teleflex’s stock experienced a volatile window of trading during the fourth quarter of 2018, much like the broader market. Its shares spiked on the first day of November 2018 after the company reported earnings per share, revenues and organic growth for the third quarter of 2018 that exceeded consensus expectations. In addition to the strong results, its management also provided solid guidance for both its core business and recent acquisitions. The strong earnings were received well by investors following the company’s second quarter 2018 miss. While the stock ended the fourth quarter of 2018 slightly down, we viewed the earnings release as a thesis-confirming report, as Teleflex appears to be working to transform into a higher growth business led by a strong product pipeline and recent acquisitions. In February 2019, Teleflex reported its fourth quarter 2018 results in which it beat consensus expectations for earnings per share with revenue in line. On the back of the strong earnings results, its shares rallied to end the month. At the end of the Reporting Period, we felt Teleflex was well positioned to capitalize on the evolving trends in medical purchasing, as improved patient outcomes and reduced hospital stays become more of a priority. Furthermore, we felt its deep product pipeline lays a healthy groundwork for future growth as its management continues to allocate capital into key disease markets. Overall, we thought Teleflex was a high quality growth company with strong cash flows, and we felt good about its opportunity to expand margins as it works to benefit from secular growth themes.

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

A Among those stocks detracting most from the Fund’s results relative to the Russell Index were positions in John Bean Technologies, Take-Two Interactive Software and Vail Resorts.

John Bean Technologies is a technology solutions provider in the food, beverage and air transportation industries. In November 2018, investors digested weak results reported for the third quarter of 2018, causing its stock price to drop. In the release, John Bean Technologies missed market expectations on earnings per share and revenue and cut guidance for the full year 2018. Part of the weakness stemmed from margins that faced input cost and freight pressure. We note that this issue impacted many industrials companies and is also likely transitory in nature, in our view. Fourth quarter 2018 results were better than consensus expectations both in earnings per share and revenue, causing the company’s shares to trend up. At the end of the Reporting Period, we did recognize some uncertainty related to tariffs and continued to monitor that situation carefully. However, we were still positive on the company as it works to execute on the secular growth theme of automation in food services. Furthermore, we believed John Bean Technologies would likely continue to benefit from potential acquisitions and its internal restructuring program, making it one of the most attractive long-term growth companies in the industrials sector, in our view.

Shares of gaming company Take-Two Interactive Software were down alongside the gaming industry during the Reporting Period, as Epic Games’ Fortnite Battle Royale, a free-to-play last player standing game, took the gaming world by storm. As a result of Fortnite’s popularity, earnings and revenue expectations came down for the gaming industry broadly, weighing on Take-Two Interactive Software’s shares. Despite the competitive challenges, we continued to like Take-Two Interactive Software at the end of the Reporting Period, as we believe the company has a favorable long-term secular outlook given its user growth and deep pipeline of successful franchises, headlined by Red Dead Redemption, Grand Theft Auto and NBA 2K. Additionally, as the purchase method mix has shifted from hard copies to digital downloads, such a trend has acted as a tailwind to the company’s margins and, we believe, ultimately, its earnings growth. Finally, following a difficult Reporting Period, we believed the company and the gaming industry were trading at attractive valuations at the end of the Reporting Period.

Vail Resorts is a mountain resort operator. In late September 2018, the company reported results for its fiscal fourth quarter of 2018, in which its earnings per share beat market expectations but its revenue fell short, prompting a sell-off. Its shares regained some value during the next couple of months until Vail Resorts reported an even weaker quarter of performance in December 2018, missing both revenue and earnings per share consensus estimates. Its stock took a meaningful dip upon the release. Then, in January 2019, the company reported it had missed expectations for destination guest visitation in the pre-holiday period and thus its full-year earnings before interest, taxes, depreciation and amortization guidance would be slightly below the range it had previously provided. After that miss, a couple of research analysts downgraded the stock, further weighing on its shares. We did not necessarily share the same view that the company was fundamentally troubled. Instead, we viewed the soft performance as largely transitory. One possible explanation is that the visitation weakness actually stemmed from stock market volatility in the fourth calendar

36

PORTFOLIO RESULTS

quarter, which led investors to rein in impulse spending when their assets were not performing well. Furthermore, in the same January 2019 announcement, the company reported certain ski season metrics, including total lift ticket revenue, ski school revenue and total skier visits for the company’s North American mountain resorts that all grew healthily season-to-date. Improved conditions across western U.S. resorts helped drive this strong rebound and also helped reinforce to us that Vail Resorts continues to deliver excellent guest services as the premier mountain resort company in the world.

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

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

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

A We initiated a Fund position in health care saving solutions company HealthEquity. We believe the company is one of the top players in the industry given its broad market share and efforts to enhance its competitive position through an array of partnerships. We feel HealthEquity’s business model provides downside protection and augments the company’s defensive growth characteristics during times of more volatile markets. Overall, we view HealthEquity as a high quality company with favorable risk/reward characteristics and are positive on its prospects moving forward.

We established a Fund position in exchange operator Cboe Global Markets, which engages in the provision of trading and investment solutions. We see a solid path for the company to grow revenue beyond potential macro tailwinds. Furthermore, we are encouraged by its management’s commentary around the launch of new products where incremental costs are limited given the scale and depth that Cboe Global Markets already has in its transaction business. Overall, we are positive on the state of the business and its opportunity path to growth moving forward.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in L3 Technologies. The company provides communication and electronic systems used on military, homeland security and commercial platforms. In October 2018, L3 Technologies announced a merger of equals with Harris Corp. While we are positive on the merger and the synergies it could create, the resulting company will end with a higher market capitalization than the Fund’s mandate allows. Therefore, we sold the position.

We eliminated the Fund’s position in construction materials company Summit Materials. In early August 2018, just before the start of the Reporting Period, its stock had fallen sharply following the company’s quarterly earnings release. Despite beating market expectations on revenue, the company missed market expectations on earnings per share by a significant margin. These operational struggles persisted throughout the latter part of 2018 and into early 2019. In February 2019, Summit Materials announced it had missed earnings per share and revenue market estimates for the fourth quarter of 2018. Given these fundamental struggles, we decided to sell the Fund’s position and reallocate capital to other industrials companies with what we considered to be more attractive risk/reward profiles.

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

A In February 2019, Michael DeSantis, vice president and portfolio manager of the Fund, left the firm to pursue another opportunity. Also, Daniel Zimmerman, managing director and portfolio manager of the Fund, left the firm in February 2019. Effective February 4, 2019, Jessica Katz became a portfolio manager of the Fund. Also, effective February 25, 2019, Steven Barry assumed portfolio management responsibilities on an interim basis while we initiate a talent search for additional senior resources. Previously, Steven Barry had been a portfolio manager for the Small/Mid Cap Growth strategy for more than a decade. Steven Barry also remains the chief investment officer of the Fundamental Equity US Equity team and of Fundamental Equity globally, overseeing more than $50 billion in assets under supervision as of December 31, 2018.

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

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

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PORTFOLIO RESULTS

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweighted positions relative to the Russell Index in the information technology, health care and financials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary, industrials, materials, real estate and communication services. The Fund was rather neutrally weighted to the Russell Index in consumer staples and energy and had no position at all in utilities at the end of the Reporting Period.

38

FUND BASICS

Small/Mid Cap Growth Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 2500® Growth Index2
Class A		-1.97	%		-6.06	%
Class C		-2.32			-6.06
Institutional		-1.83			-6.06
Service		-2.07			-6.06
Investor		-1.89			-6.06
Class P		-1.79			-6.06
Class R		-2.10			-6.06
Class R6		-1.79			-6.06

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

²  The Russell 2500^®Growth Index is an unmanaged index that measures the performance of the small tomid-cap growth segment of the US equity universe. The Russell 2500^®Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- tomid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small- tomid-cap growth manager’s opportunity set. The Russell 2500^®Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-10.97	%		4.40	%		14.07	%		8.89	%	6/30/05
Class C		-7.51			4.78			13.85			8.49		6/30/05
Institutional		-5.54			5.98			15.16			9.74		6/30/05
Service		-6.01			5.44			14.59			9.19		6/30/05
Investor		-5.61			5.84			15.00			8.48		11/30/07
Class P		N/A			N/A			N/A			-10.76		4/17/18
Class R		-6.07			5.31			14.43			7.94		11/30/07
Class R6		-5.53			N/A			N/A			2.48		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 recentmonth-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.

39

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		1.31	%
Class C		1.99			2.06
Institutional		0.92			0.92
Service		1.42			1.42
Investor		0.99			1.06
Class P		0.91			0.91
Class R		1.49			1.56
Class R6		0.91			0.91

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations for the applicable share classes will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
GoDaddy, Inc. Class A		2.1	%	IT Services
Cadence Design Systems, Inc.		1.9		Software
Black Knight, Inc.		1.8		IT Services
HealthEquity, Inc.		1.8		Health Care Providers & Services
Bright Horizons Family Solutions, Inc.		1.8		Diversified Consumer Services
The Ultimate Software Group, Inc.		1.7		Software
PTC, Inc.		1.6		Software
Global Payments, Inc.		1.6		IT Services
Eagle Bancorp, Inc.		1.6		Banks
MGP Ingredients, Inc.		1.6		Beverages

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

40

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.9% of the Fund’s net assets as of February 28, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

41

PORTFOLIO RESULTS

Goldman Sachs Strategic Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-4.04%,-4.29%,-3.85%,-4.12%, -3.94%,-3.82%,-4.15% and-3.84%, respectively. These returns compare to the-4.52% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

A While the Fund generated negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, communication services and consumer staples, wherein effective stock selection drove results. Challenging stock selection in financials and industrials detracted from the Fund’s relative results most during the Reporting Period. Having an overweighted allocation to energy, which was the weakest sector in the Russell Index by a wide margin during the Reporting Period, also dampened the Fund’s relative performance.

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

A Among those stocks the Fund benefited most from relative to the Russell Index were positions in medical equipment company Danaher, health care equipment and services company Agilent Technologies and pharmaceutical company Eli Lilly.

In November 2018, Danaher’s stock was driven less by company-specific events but rather rose along with the health care equipment industry as a whole. Then, in February 2019, Danaher announced an agreement with General Electric (“GE”) to acquire the biopharmaceutical business of GE Life Sciences. The market’s reception of the deal was overwhelmingly positive, and Danaher’s shares climbed through the end of the month. We were also highly optimistic about the transaction, which makes Danaher the largest player within bioprocessing and gives the company a multi-year value creation opportunity through potential top-line acceleration and cost savings. GE Life Sciences is a high quality asset, and in our opinion, significantly improves Danaher’s positioning within the biopharmaceutical industry. With this in mind, at the end of the Reporting Period, we had renewed confidence that Danaher is a high quality company, led by what we see as an outstanding management team, that generates solid free cash flow and has high barriers to entry in its key business segments.

Shares of Agilent Technologies rallied in November 2018 following an earnings release in which the company reported both earnings per share and revenues that exceeded consensus estimates. The results were primarily driven by broad-based strength across products and an acceleration of its business in China, which investors viewed positively. The

42

PORTFOLIO RESULTS

company’s stock also performed well in January 2019, buoyed by solid performance by the health care sector more broadly. At the end of the Reporting Period, we were encouraged by the company’s recent earnings reports and continued to believe Agilent Technologies presented an attractive growth story. We felt the combination of an innovative product pipeline and productivity enhancement initiatives provided a potential runway for revenue growth and margin expansion.

Eli Lilly’s stock climbed through most of November 2018 after the company reported solid quarterly results in which it beat consensus earnings per share and revenue expectations and also raised guidance for the full year 2018. Then, in December 2018, Eli Lilly shares benefited from the announcement of better than market expected 2019 guidance, featuring significant improvements in revenue growth and long-term sales growth. The company had a volatile month of trading in January 2019, finishing the month in positive territory but lagging the health care sector as well as the broad U.S. equity market. Early on, a negative headline on drug pricing pressured the stock along with that of other pharmaceutical companies. Then news of Eli Lilly’s acquisition of Loxo Oncology, a cancer drug company, helped give a boost to its shares. These gains were quickly erased after a phase 3 soft tissue study did not meet its primary objective, leading the Food and Drug Administration to recommend new patients not start using the drug. All in all, we viewed January 2019 as a month of primarily short-term trading noise that did not alter the underlying fundamentals of the company or why we favor it. At the end of the Reporting Period, we believed the company maintained strong risk/reward prospects versus its peers, and we saw an upside to its diabetes franchise. We were also optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Additionally, we viewed the company’s split with Elanco, its former animal health business segment, as value accretive. Overall, we viewed Eli Lilly as a high quality pharmaceuticals business with leading franchises, a robust drug pipeline and an improving financial profile.

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

A Among the stocks detracting most from the Fund’s results relative to the Russell Index were transportation and logistics company XPO Logistics, consumer staples giant Kraft Heinz and apparel and footwear company PVH.

While there were no stock-specific reasons for the decline in XPO Logistics’ share price during a volatile October 2018, the company, along with others in the industrials and freight industries, underperformed for the month. In mid-December 2018, a hedge fund issued a report that sent XPO Logistics’ shares tumbling more than 26% in one day. We were not particularly troubled by our initial read-through of the analysis but recognized several aspects that warranted follow up. After assessing various factors, we confirmed our previously held view that XPO Logistics’ business was well aligned with the structural changes in the freight industry, such as outsourcing and labor-saving technology, e-commerce exposure and the implementation of electronic logging devices. The market eventually recognized this as well, and its shares recovered all of the losses prompted by the hedge fund report. However, unrelated to the report, XPO Logistics’ stock tumbled in February 2019 after the company released its fourth quarter 2018 earnings report that revealed results below market estimates on earnings per share, revenue and 2019 guidance. Its management cited a reduction in business from its largest client, expressing it would negatively impact its growth for 2019. These developments led us to exit the Fund’s position in XPO Logistics.

Nearly all of Kraft Heinz’ stock price decline occurred at the end of February 2019. The stock plummeted after the company reported quarterly earnings that missed market estimates across all metrics. Furthermore, Kraft Heinz cut its dividend by approximately one-third, announced a $15 billion goodwill impairment* and reported it had received a subpoena from the Securities and Exchange Commission. Following the report, we decided to exit the Fund’s position, as we viewed this as a thesis-changing event and believed there were better opportunities elsewhere.

PVH designs and manufactures apparel and footwear through a variety of brand names. Amidst a more challenging environment for retail during the fourth quarter of 2018, PVH reported mixed results in November 2018. While its earnings per share and revenue were higher, its Calvin Klein

* Goodwill impairment is an earnings charge that companies record on their income statements after they identify that there is persuasive evidence that the asset associated with the goodwill can no longer demonstrate financial results that were expected from it at the time of its purchase. Because many companies acquire other firms and pay a price that exceeds the fair value of identifiable assets and liabilities that the acquired firm possesses, the difference between the purchase price and the fair value of acquired assets is recorded as goodwill. However, if unforeseen circumstances arise that decrease expected cash flows from acquired assets, their fair value can be lower than what was originally paid for them, and a company must book a goodwill impairment.

43

PORTFOLIO RESULTS

sales were disappointing for the second consecutive quarter. PVH’s stock slid throughout December 2018 alongside the broader market, which experienced heightened volatility. Despite the weakness in the stock, we remained positive on PVH at the end of the Reporting Period given its geographic diversity and global growth potential. We also believed the company was well positioned given its recognizable brand names and what we viewed as its strong balance sheet and good free cash flow generation.

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

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

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

A During the Reporting Period, we initiated a Fund position in Accenture. We feel the company is positioned as a leading information technology implementation company in digital and new age technologies, including cloud software as a service, analytics and security. We also feel the company’s relationships, combined with its consulting practice, give it a competitive advantage when compared to traditional outsourcing peers, as Accenture is involved early in deals. Lastly, we feel the company’s balanced capital allocation towards merger and acquisition and capital returns allows it to invest in new practices.

We established a Fund position in Deere & Co. We are positive on the outlook for the company’s largest and most profitable end-market, North American agricultural equipment. (End-market is used to indicate where the final transaction takes place in a value chain. Typically it is where the end-user is located, meaning the individual, organization, industry or region for whom the product or service has been created and who is not expected to resell that product or service.) We believe the segment is beginning to recover from recent trough levels and that Deere & Co. is well positioned to capitalize on a potential recovery. In our view, the company has a strong balance sheet and robust return on equity. It also saw increased share repurchases in 2018. Overall, we believe Deere & Co. is a high quality company with an attractive outlook.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in pharmaceutical company Shire during the Reporting Period. In December 2018, it was announced that Takeda Pharmaceutical shareholders voted to approve the company’s acquisition of Shire. Following the approval of the acquisition and the stock’s strong performance, we decided to sell the position and reallocate the capital elsewhere.

We eliminated the Fund’s position in Global Payments, a provider of payment technology and software solutions. The company has a history of completing smaller debt-financed acquisitions, which we believe could potentially negatively impact its risk/reward profile as the cycle extends. As a result, we decided to exit the position and reallocate the capital to other high quality names in the payments space.

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

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

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweighted allocations relative to the Russell Index in health care and energy and underweighted positions compared to the Russell Index in information technology, consumer discretionary, industrials and financials. The Fund was rather neutrally weighted in the materials, consumer staples, real estate and communication services sectors of the Russell Index and had no position at all in utilities at the end of the Reporting Period.

44

FUND BASICS

Strategic Growth Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Class A		-4.04	%		-4.52	%
Class C		-4.29			-4.52
Institutional		-3.85			-4.52
Service		-4.12			-4.52
Investor		-3.94			-4.52
Class P		-3.82			-4.52
Class R		-4.15			-4.52
Class R6		-3.84			-4.52

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

²  The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000^® companies with higherprice-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-7.07	%		7.42	%		13.25	%		4.18	%	5/24/99
Class C		-3.27			7.88			13.06			3.72		5/24/99
Institutional		-1.22			9.10			14.35			4.90		5/24/99
Service		-1.64			8.57			13.80			4.46		5/24/99
Investor		-1.29			8.94			N/A			13.50		1/6/09
Class P		N/A			N/A			N/A			-7.27		4/17/18
Class R		-1.82			8.42			N/A			12.99		1/6/09
Class R6		-1.15			N/A			N/A			7.50		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 recentmonth-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.

45

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.28	%
Class C		1.89			2.03
Institutional		0.75			0.89
Service		1.25			1.39
Investor		0.89			1.03
Class P		0.74			0.88
Class R		1.39			1.53
Class R6		0.74			0.88

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.8	%	Software
Apple, Inc.		5.6		Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		4.6		Internet & Direct Marketing Retail
Facebook, Inc. Class A		3.8		Interactive Media & Services
Alphabet, Inc. Class A		3.1		Interactive Media & Services
Visa, Inc. Class A		2.9		IT Services
The Boeing Co.		2.4		Aerospace & Defense
Alphabet, Inc. Class C		2.3		Interactive Media & Services
Mastercard, Inc. Class A		2.1		IT Services
salesforce.com, Inc.		2.0		Software

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

46

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets as of February 28, 2019. 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.

47

PORTFOLIO RESULTS

Goldman Sachs Technology Opportunities Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at time of purchase) in equity investments in technology companies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of-4.40%,-4.73%,-4.20%,-4.42%,-4.27%,-4.20% and-4.21%, respectively. These returns compare to the-6.60% cumulative total return of the Fund’s benchmark, the NASDAQ Composite Total Return Index (the “NASDAQ Composite”), during the same period. The Fund’s former benchmark, the S&P North American Technology Sector Index, returned -5.65% during the same period.

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

A While the Fund generated negative absolute returns, it outperformed the NASDAQ Composite on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from relative performance, albeit modestly.

Q Which equity market sectors most significantly affected Fund performance?

A As both the Fund and the NASDAQ Composite have the majority of their respective assets allocated to the information technology sector, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, effective stock selection in information technology and real estate contributed positively to the Fund’s relative results. Having no exposure to energy, which significantly underperformed the NASDAQ Composite during the Reporting Period, also helped. The sectors that detracted most from the Fund’s relative results during the Reporting Period were communication services and consumer discretionary, wherein stock selection proved particularly challenging. Having no exposure to industrials, which posted a negative absolute return but outperformed the NASDAQ Composite on a relative basis during the Reporting Period, also hurt.

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

A Among those stocks the Fund benefited most from relative to the NASDAQ Composite were positions in enterprise software solutions company Red Hat, cloud-based services provider ServiceNow and wireless communications and broadcast tower real estate investment trust American Tower.

Shares of Red Hat soared in late October 2018 after IBM announced an offer to acquire Red Hat for a significant premium to its market price. This acquisition was in line with our thesis that the software industry is ripe for consolidation. We also believe Red Hat has impressive growth prospects, led mostly by new business, and has solid sales capacity through its partnerships with cloud providers. We were encouraged by this news and continued to monitor developments as both companies work toward finalizing the acquisition.

ServiceNow provides cloud-based services to automate enterprise information technology operations. Shares of the company rallied upon reporting strong quarterly results after

48

PORTFOLIO RESULTS

the market closed on the last day of January 2019. Despite reporting against a challenging year-over-year comparison, ServiceNow posted strong billings growth and revenue guidance ahead of market expectations. The positive results were driven by continued sales momentum in its high dollar customer category and successful new product rollouts. We were encouraged by the underlying drivers of the results, as we believe the company’s deep client base and product pipeline can potentially lead to opportunities to introduce these products to existing clients. Overall, at the end of the Reporting Period, we continued to view ServiceNow as a high quality software name with what we believe to be superior growth and solid margins. Additionally, we remained confident in its management’s ability to thoughtfully invest as it works to meet its levels of growth.

Shares of American Tower performed well relative to the market in the fourth quarter of 2018 amidst a more challenging time, as investors rotated toward more defensive sectors in the U.S. equity market. Additionally, in late October 2018, its shares climbed in response to the company’s third quarter 2018 earnings release, in which funds from operations (“FFO”) and revenue both beat consensus estimates. Its management also raised guidance for a number of metrics for the full year, including total property revenue and net income. The company subsequently participated in the broader market rebound in January and February 2019. At the end of the Reporting Period, we believed American Tower may benefit from secular trends toward growing data usage, taking advantage of its dominant market share, global expansion and additional investment opportunities to fuel long-term growth. We felt American Tower was trading at an attractive valuation relative to its peers at the end of the Reporting Period. Further, given what we see as its recurring revenue streams, strong organic leasing growth and healthy FFO, we considered it to be a high quality, durable growth company.

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 NASDAQ Composite were positions in semiconductor company NVIDIA, gaming company Activision Blizzard and e-commerce retailing giant Amazon.com.

NVIDIA’s stock price declined in October 2018 along with the broader semiconductor industry, as international trade tensions and end-market demand concerns weighed on investor sentiment. In November 2018, the company reported a miss in earnings primarily due to weak crypto-currency demand, which at one point had accounted for more than 10% of company revenues. However, the remainder of the business, which is driven by cloud, gaming and artificial intelligence, continued to show strong growth. In addition to the earnings-related sell-off, NVIDIA’s stock was under pressure for the majority of the fourth quarter of 2018, along with its semiconductor peers, as concerns around the health of the global economy grew to end the year. Despite the difficult fourth calendar quarter for the company, we believed at the end of the Reporting Period that the underlying long-term fundamentals of the company were still healthy, though we continued to evaluate the macro backdrop.

Activision Blizzard’s stock was down alongside the gaming industry during the Reporting Period, as Epic Games’ Fortnite Battle Royale, a free-to-play last player standing game, took the gaming world by storm. As a result of Fortnite’s popularity, earnings and revenue expectations came down for the gaming industry broadly, weighing on Activision Blizzard’s shares. Additionally, its stock sold off sharply early in February 2019 after a close competitor significantly decreased its guidance, which investors viewed as a negative sign for the gaming industry. Its shares then saw some relief later in the month after the company reported mixed earnings and plans to shrink its global workforce by 8% in an effort to strategically reallocate resources to its biggest franchises. Despite the competitive challenges, we continued to like Activision Blizzard at the end of the Reporting Period, as we believe the company has a favorable long-term secular outlook given its user growth and deep pipeline of successful franchises, headlined by Call of Duty. Additionally, as the purchase method mix has shifted from hard copies to digital downloads, such a trend has acted as a tailwind to the company’s margins and, we believe, ultimately, its earnings growth. Finally, following a difficult Reporting Period, we believed the company and the gaming industry were trading at attractive valuations at the end of the Reporting Period.

Following especially strong 2018 performance through August, Amazon.com’s stock declined, along with other technology stocks, throughout October 2018. That month, the company reported disappointing third quarter 2018 results, in which earnings per share meaningfully beat consensus expectations but top-line revenue and guidance were both below market estimates. Following the earnings release, Amazon.com’s stock traded down due to continued general market volatility and investor concerns. In December 2018, while no negative headlines significantly weighed on the company, its stock sank along with the broader market

49

PORTFOLIO RESULTS

sell-off. Despite this, we remained positive on the company at the end of the Reporting Period, as it continued to impressively grow its most profitable businesses, positioning it well, in our opinion, to invest in further innovation. We were also confident at the end of the Reporting Period that it may have the ability to outpace competitors and disrupt multiple industries as a leading, innovative growth company.

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

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

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

A We established a Fund position in Accenture. We feel the company is positioned as a leading information technology implementation company in digital and new age technologies, including cloud software as a service, analytics and security. We also feel the company’s relationships, combined with its consulting practice, give it a competitive advantage when compared to traditional outsourcing peers, as Accenture is involved early in deals. Lastly, we feel the company’s balanced capital allocation towards merger and acquisition and capital returns allows it to invest in new practices.

We initiated a Fund position in Taiwan Semiconductor Manufacturing during the Reporting Period. The company engages in the manufacturing of integrated circuits and wafer semiconductor devices. We view the company as a high quality semiconductor producer that is exposed to a diverse set of favorable end-markets. (End-market is used to indicate where the final transaction takes place in a value chain. Typically it is where the end-user is located, meaning the individual, organization, industry or region for whom the product or service has been created and who is not expected to resell that product or service.) We decided to establish the position following a sharp sell-off in the fourth quarter of 2018 for the semiconductor group broadly, which was driven by iPhone and cloud demand concerns. Despite the short-term weakness, we believe the company should benefit from its exposure to several secular growth markets, including the upcoming rollout of fifth generation (“5G”).

Conversely, we exited the Fund’s position in Global Payments, a provider of payment technology and software solutions. The company has a history of completing smaller debt-financed acquisitions, which we believe could potentially negatively impact its risk/reward profile as the cycle extends. As a result, we decided to exit the position and reallocate the capital to other high quality names in the payments space.

We sold the Fund’s position in MasterCard during the Reporting Period. After a strong run of performance, we felt the risk/reward profile for Visa was more compelling than that of MasterCard given their similar growth prospects. At the end of the Reporting Period, MasterCard was trading at an 11% premium to Visa. We also see the strong performance of MasterCard during the Reporting Period as being potentially driven by a favorable geographic mix instead of market share gains. We thus believe its strength could be temporary and does not negatively affect Visa’s growth prospects.

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

A Effective February 4, 2019, Michael DeSantis, vice president and portfolio manager of the Fund, left the firm to pursue another opportunity. Steven Barry, Sung Cho and Charles “Brook” Dane continue to serve as portfolio managers of the Fund and assumed Michael’s portfolio management responsibilities effective February 4, 2019. Steven Barry also remains the chief investment officer of the Fundamental Equity US Equity team and of Fundamental Equity globally, overseeing more than $50 billion in assets under supervision as of December 31, 2018.

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

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

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund was overweighted relative to the NASDAQ Composite in the information technology and real estate sectors. On the same date, the Fund had underweighted exposure compared to the NASDAQ Composite in health care, communication services and consumer discretionary. The Fund had no exposure to the utilities, materials, energy, industrials, consumer staples or financials sectors at the end of the Reporting Period.

50

FUND BASICS

Technology Opportunities Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			NASDAQ Composite Total Return Index2			S&P North American Technology Sector Index3
Class A		-4.40	%		-6.60	%		-5.65	%
Class C		-4.73			-6.60			-5.65
Institutional		-4.20			-6.60			-5.65
Service		-4.42			-6.60			-5.65
Investor		-4.27			-6.60			-5.65
Class P		-4.20			-6.60			-5.65
Class R6		-4.21			-6.60			-5.65

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 NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based Index. It is not possible to invest directly in an index.

³  The S&P North American Technology Sector Index provides investors with a benchmark that represents U.S. securities classified under the Global Industry Classification Standard (“GICS”)^® technology sector and Internet retail sub-industry. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS4
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.44	%		10.88	%		16.82	%		5.91	%	10/1/99
Class C		0.46			11.31			16.61			5.42		10/1/99
Institutional		2.60			12.58			17.95			6.64		10/1/99
Service		2.10			12.02			17.38			6.13		10/1/99
Investor		2.47			12.41			N/A			12.94		9/30/10
Class P		N/A			N/A			N/A			-7.50		4/17/18
Class R6		2.64			N/A			N/A			2.64		12/29/17

⁴  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

51

FUND BASICS

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		1.46	%
Class C		2.08			2.21
Institutional		0.98			1.07
Service		1.48			1.57
Investor		1.08			1.21
Class P		0.97			1.06
Class R6		0.97			1.06

⁵  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/196
Holding	% of Net Assets			Line of Business
Amazon.com, Inc.		8.5	%	Internet & Direct Marketing Retail
Microsoft Corp.		7.3		Software
Apple, Inc.		4.9		Technology Hardware, Storage & Peripherals
Alphabet, Inc. Class C		4.4		Interactive Media & Services
Alphabet, Inc. Class A		4.1		Interactive Media & Services
Facebook, Inc. Class A		3.9		Interactive Media & Services
Visa, Inc. Class A		3.6		IT Services
Marvell Technology Group Ltd.		3.6		Semiconductors & Semiconductor Equipment
ServiceNow, Inc.		3.5		Software
Adobe, Inc.		3.5		Software

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

52

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁷

As of February 28, 2019

⁷  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

53

FUND BASICS

Index Definitions

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

The ISM Manufacturing Index is a widely-watched indicator of recent U.S. economic activity. It is often referred to as the Purchasing Manager’s Index (PMI). Based on a survey of purchasing managers at more than 300 manufacturing firms by the Institute for Supply Management (“ISM”), the Index monitors changes in production levels from month to month.

54

GOLDMAN SACHS BLUE CHIP FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 95.6%
Aerospace & Defense – 6.1%
	550	Northrop Grumman Corp.	$	159,478
	754	The Boeing Co.		331,730
	1,220	United Technologies Corp.		153,317
				644,525
Banks – 6.4%
	7,238	Bank of America Corp.		210,481
	2,092	First Republic Bank		219,618
	1,356	JPMorgan Chase & Co.		141,512
	1,976	Wells Fargo & Co.		98,583
				670,194
Beverages – 1.2%
	2,829	TheCoca-Cola Co.		128,267
Capital Markets – 1.7%
	1,968	Northern Trust Corp.		183,418
Chemicals – 3.4%
	2,615	DowDuPont, Inc.		139,196
	540	Ecolab, Inc.		91,211
	303	The Sherwin-Williams Co.		131,260
				361,667
Communications Equipment – 1.9%
	3,855	Cisco Systems, Inc.		199,573
Diversified Telecommunication Services – 2.9%
	3,383	AT&T, Inc.		105,279
	3,576	Verizon Communications, Inc.		203,546
				308,825
Entertainment – 1.1%
	1,057	The Walt Disney Co.		119,272
Equity Real Estate Investment Trusts (REITs) – 2.3%
	1,393	American Tower Corp.		245,377
Food & Staples Retailing – 3.0%
	3,141	Walmart, Inc.		310,928
Food Products – 0.6%
	1,280	Mondelez International, Inc. Class A		60,365
Health Care Equipment & Supplies – 7.1%
	6,504	Boston Scientific Corp.*		260,940
	2,621	Danaher Corp.		332,919
	1,737	Medtronic PLC		157,199
				751,058
Health Care Providers & Services – 1.5%
	566	Humana, Inc.		161,333
Hotels, Restaurants & Leisure – 2.1%
	1,193	McDonald’s Corp.		219,321
Household Products – 1.8%
	835	Colgate-Palmolive Co.		55,001
	1,312	The Procter & Gamble Co.		129,298
				184,299
Common Stocks – (continued)
Industrial Conglomerates – 3.1%
	2,110	Honeywell International, Inc.		325,088
Interactive Media & Services* – 7.1%
	179	Alphabet, Inc. Class A		201,652
	152	Alphabet, Inc. Class C		170,228
	2,293	Facebook, Inc. Class A		370,205
				742,085
Internet & Direct Marketing Retail* – 2.4%
	157	Amazon.com, Inc.		257,453
IT Services – 3.9%
	2,765	Visa, Inc. Class A		409,552
Media – 1.3%
	3,580	Comcast Corp. Class A		138,439
Oil, Gas & Consumable Fuels – 5.5%
	1,744	Chevron Corp.		208,548
	2,299	EOG Resources, Inc.		216,106
	1,909	Exxon Mobil Corp.		150,868
				575,522
Pharmaceuticals – 8.5%
	2,848	Eli Lilly & Co.		359,674
	1,912	Johnson & Johnson		261,256
	6,409	Pfizer, Inc.		277,830
				898,760
Road & Rail – 3.3%
	2,063	Union Pacific Corp.		345,965
Semiconductors & Semiconductor Equipment – 3.4%
	3,347	Texas Instruments, Inc.		354,046
Software – 4.0%
	3,803	Microsoft Corp.		426,050
Specialty Retail – 2.6%
	2,870	Ross Stores, Inc.		272,162
Technology Hardware, Storage & Peripherals – 2.7%
	1,646	Apple, Inc.		285,005
Textiles, Apparel & Luxury Goods – 2.7%
	3,306	NIKE, Inc. Class B		283,423
Tobacco – 2.0%
	1,718	Altria Group, Inc.		90,040
	1,353	Philip Morris International, Inc.		117,630
				207,670
	TOTAL COMMON STOCKS
	(Cost $8,872,573)		$	10,069,642

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

GOLDMAN SACHS BLUE CHIP FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(a) – 1.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	136,636	2.395%	$	136,636
	(Cost $136,636)
	TOTAL INVESTMENTS – 96.9%
	(Cost $9,009,209)		$	10,206,278
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.1%			326,287
	NET ASSETS – 100.0%		$	10,532,565

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

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Aerospace & Defense – 2.6%
	19,845	Harris Corp.	$	3,273,036
	22,086	HEICO Corp.		2,070,121
	18,895	Northrop Grumman Corp.		5,478,794
	26,774	The Boeing Co.		11,779,489
				22,601,440
Auto Components – 0.4%
	41,689	Aptiv PLC		3,464,773
Banks – 5.5%
	414,895	Bank of America Corp.		12,065,147
	53,178	First Republic Bank		5,582,627
	135,103	JPMorgan Chase & Co.		14,099,349
	21,337	M&T Bank Corp.		3,692,581
	27,037	Signature Bank		3,670,543
	22,313	SunTrust Banks, Inc.		1,447,444
	151,091	Wells Fargo & Co.		7,537,930
				48,095,621
Beverages – 1.8%
	31,433	Brown-Forman Corp. Class B		1,555,619
	45,807	Coca-Cola European Partners PLC*		2,159,342
	108,745	Monster Beverage Corp.*		6,941,193
	105,307	TheCoca-Cola Co.		4,774,620
				15,430,774
Biotechnology – 2.3%
	47,208	AbbVie, Inc.		3,740,762
	6,052	Agios Pharmaceuticals, Inc.*		392,593
	27,155	Alexion Pharmaceuticals, Inc.*		3,674,886
	38,162	Alkermes PLC*		1,269,650
	3,780	Amgen, Inc.		718,502
	2,240	Biogen, Inc.*		734,742
	38,043	BioMarin Pharmaceutical, Inc.*		3,547,890
	29,890	Celgene Corp.*		2,484,457
	24,009	Exelixis, Inc.*		537,562
	5,260	Incyte Corp.*		453,570
	14,421	Vertex Pharmaceuticals, Inc.*		2,721,964
				20,276,578
Capital Markets – 1.7%
	25,267	Cboe Global Markets, Inc.		2,423,358
	55,962	E*TRADE Financial Corp.		2,741,578
	48,564	Northern Trust Corp.		4,526,165
	27,575	S&P Global, Inc.		5,525,203
				15,216,304
Chemicals – 2.9%
	20,968	Ashland Global Holdings, Inc.		1,622,504
	42,427	Celanese Corp.		4,339,858
	182,753	DowDuPont, Inc.		9,727,942
	26,277	Ecolab, Inc.		4,438,448
	3,400	The Sherwin-Williams Co.		1,472,880
	47,743	W.R. Grace & Co.		3,708,199
				25,309,831
Common Stocks – (continued)
Commercial Services & Supplies – 0.6%
	14,073	Cintas Corp.		2,907,482
	24,139	Waste Connections, Inc.		2,013,192
				4,920,674
Communications Equipment – 1.3%
	181,331	Cisco Systems, Inc.		9,387,506
	15,934	Motorola Solutions, Inc.		2,280,474
				11,667,980
Construction Materials – 0.8%
	39,377	Martin Marietta Materials, Inc.		7,395,001
Consumer Finance – 0.7%
	54,683	American Express Co.		5,891,546
Containers & Packaging – 0.3%
	56,030	Ball Corp.		3,069,323
Diversified Consumer Services* – 0.2%
	16,044	Bright Horizons Family Solutions, Inc.		1,989,456
Diversified Financial Services* – 1.2%
	52,997	Berkshire Hathaway, Inc. Class B		10,668,296
Diversified Telecommunication Services – 1.4%
	194,479	Verizon Communications, Inc.		11,069,744
	53,316	Zayo Group Holdings, Inc.*		1,322,237
				12,391,981
Electric Utilities – 1.3%
	37,339	NextEra Energy, Inc.		7,009,277
	77,675	Xcel Energy, Inc.		4,261,251
				11,270,528
Electrical Equipment* – 0.1%
	24,362	Sensata Technologies Holding PLC		1,235,884
Electronic Equipment, Instruments & Components – 0.4%
	39,385	Amphenol Corp. Class A		3,701,008
Entertainment – 1.9%
	37,555	Activision Blizzard, Inc.		1,582,568
	16,585	Netflix, Inc.*		5,939,088
	25,592	The Walt Disney Co.		2,887,801
	117,731	Twenty-First Century Fox, Inc. Class B		5,905,387
				16,314,844
Equity Real Estate Investment Trusts (REITs) – 3.8%
	36,848	Alexandria Real Estate Equities, Inc.		5,007,275
	23,441	American Tower Corp.		4,129,132
	36,530	CyrusOne, Inc.		1,820,655
	6,379	Equinix, Inc.		2,701,507
	20,077	Equity LifeStyle Properties, Inc.		2,181,165
	7,536	Essex Property Trust, Inc.		2,108,874
	120,733	Hudson Pacific Properties, Inc.		4,010,750
	72,094	Prologis, Inc.		5,050,906
	24,156	Simon Property Group, Inc.		4,376,101
	159,394	SITE Centers Corp.		2,127,910
				33,514,275

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 1.2%
	52,200	US Foods Holding Corp.*	$	1,839,528
	92,330	Walmart, Inc.		9,139,747
				10,979,275
Food Products – 0.6%
	61,095	Conagra Brands, Inc.		1,427,790
	89,554	Mondelez International, Inc. Class A		4,223,367
				5,651,157
Health Care Equipment & Supplies – 5.7%
	26,084	Align Technology, Inc.*		6,754,974
	201,585	Boston Scientific Corp.*		8,087,590
	56,571	Danaher Corp.		7,185,648
	23,534	Edwards Lifesciences Corp.*		3,984,071
	9,400	IDEXX Laboratories, Inc.*		1,983,682
	11,770	Intuitive Surgical, Inc.*		6,445,370
	13,641	Teleflex, Inc.		3,953,707
	10,358	The Cooper Cos., Inc.		2,962,284
	25,023	West Pharmaceutical Services, Inc.		2,621,159
	51,646	Zimmer Biomet Holdings, Inc.		6,410,302
				50,388,787
Health Care Providers & Services – 2.7%
	16,865	Anthem, Inc.		5,071,811
	97,720	CVS Health Corp.		5,651,148
	17,797	Humana, Inc.		5,072,857
	19,366	Laboratory Corp. of America Holdings*		2,870,816
	22,622	UnitedHealth Group, Inc.		5,479,501
				24,146,133
Hotels, Restaurants & Leisure – 1.8%
	25,355	Choice Hotels International, Inc.		2,024,343
	6,240	Domino’s Pizza, Inc.		1,565,866
	10,344	Dunkin’ Brands Group, Inc.		739,079
	10,452	Hilton Worldwide Holdings, Inc.		868,561
	30,035	Las Vegas Sands Corp.		1,845,050
	42,435	McDonald’s Corp.		7,801,250
	9,169	Royal Caribbean Cruises Ltd.		1,086,343
				15,930,492
Household Durables – 0.2%
	37,655	D.R. Horton, Inc.		1,464,403
Household Products – 1.4%
	15,220	The Clorox Co.		2,405,217
	101,737	The Procter & Gamble Co.		10,026,181
				12,431,398
Industrial Conglomerates – 1.6%
	289,034	General Electric Co.		3,003,063
	69,208	Honeywell International, Inc.		10,662,877
				13,665,940
Insurance – 2.8%
	58,572	Chubb Ltd.		7,842,791
	2,376	Markel Corp.*		2,387,595
Common Stocks – (continued)
Insurance – (continued)
	27,281	Reinsurance Group of America, Inc.		3,941,831
	31,010	The Progressive Corp.		2,260,629
	55,812	Torchmark Corp.		4,607,839
	21,437	Willis Towers Watson PLC		3,687,593
				24,728,278
Interactive Media & Services* – 4.6%
	12,023	Alphabet, Inc. Class A		13,544,511
	11,436	Alphabet, Inc. Class C		12,807,405
	84,264	Facebook, Inc. Class A		13,604,423
				39,956,339
Internet & Direct Marketing Retail – 3.2%
	14,913	Amazon.com, Inc.*		24,454,785
	1,324	Booking Holdings, Inc.*		2,246,881
	8,552	Expedia Group, Inc.		1,054,547
				27,756,213
IT Services – 5.1%
	44,159	Accenture PLC Class A		7,126,379
	17,481	Automatic Data Processing, Inc.		2,675,117
	47,012	Fidelity National Information Services, Inc.		5,084,348
	23,690	Fiserv, Inc.*		2,006,306
	12,901	Gartner, Inc.*		1,835,812
	17,461	International Business Machines Corp.		2,411,888
	21,889	Mastercard, Inc. Class A		4,919,991
	38,250	PayPal Holdings, Inc.*		3,751,178
	23,435	Total System Services, Inc.		2,212,264
	86,624	Visa, Inc. Class A		12,830,747
				44,854,030
Life Sciences Tools & Services – 1.3%
	68,249	Agilent Technologies, Inc.		5,421,701
	18,300	Illumina, Inc.*		5,723,691
				11,145,392
Machinery – 2.5%
	45,395	Deere & Co.		7,446,596
	48,346	Fortive Corp.		3,943,583
	71,909	ITT, Inc.		4,153,464
	46,349	Stanley Black & Decker, Inc.		6,137,998
	1,552	Wabtec Corp.		113,729
				21,795,370
Media – 1.4%
	6,541	Charter Communications, Inc. Class A*		2,256,056
	245,108	Comcast Corp. Class A		9,478,327
	33,200	Liberty Global PLC Class C*		842,948
				12,577,331
Metals & Mining – 0.4%
	123,103	Freeport-McMoRan, Inc.		1,588,029
	45,434	Newmont Mining Corp.		1,550,208
				3,138,237

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Multi-Utilities – 1.2%
	76,595	Ameren Corp.	$	5,456,628
	95,536	CMS Energy Corp.		5,197,158
				10,653,786
Multiline Retail – 0.4%
	29,976	Dollar General Corp.		3,550,957
Oil, Gas & Consumable Fuels – 4.9%
	97,251	Cheniere Energy, Inc.*		6,267,827
	91,644	Chevron Corp.		10,958,790
	52,374	Concho Resources, Inc.		5,761,140
	53,994	Diamondback Energy, Inc.		5,557,602
	36,861	EOG Resources, Inc.		3,464,934
	43,002	Exxon Mobil Corp.		3,398,448
	94,585	Marathon Petroleum Corp.		5,865,216
	33,343	Royal Dutch Shell PLC Class B ADR		2,120,948
				43,394,905
Personal Products – 0.5%
	17,194	The Estee Lauder Cos., Inc. Class A		2,698,426
	25,165	Unilever NV		1,358,407
				4,056,833
Pharmaceuticals – 3.3%
	147,449	AstraZeneca PLC ADR		6,130,929
	41,182	Elanco Animal Health, Inc.*(a)		1,245,344
	85,471	Eli Lilly & Co.		10,794,133
	42,892	Johnson & Johnson		5,860,763
	55,146	Zoetis, Inc.		5,196,407
				29,227,576
Road & Rail – 1.6%
	23,662	Old Dominion Freight Line, Inc.		3,567,520
	60,202	Union Pacific Corp.		10,095,875
				13,663,395
Semiconductors & Semiconductor Equipment – 4.0%
	117,164	Advanced Micro Devices, Inc.*		2,756,869
	26,440	Analog Devices, Inc.		2,828,022
	47,560	Intel Corp.		2,518,777
	8,321	Lam Research Corp.		1,465,245
	285,907	Marvell Technology Group Ltd.		5,703,845
	51,300	Micron Technology, Inc.*		2,097,144
	37,180	NVIDIA Corp.		5,735,387
	44,060	NXP Semiconductors NV		4,023,559
	73,596	Texas Instruments, Inc.		7,784,985
				34,913,833
Software – 6.9%
	28,084	Adobe, Inc.*		7,372,050
	10,812	Autodesk, Inc.*		1,762,464
	10,908	Check Point Software Technologies Ltd.*		1,334,048
	16,127	Citrix Systems, Inc.		1,701,399
	20,571	Intuit, Inc.		5,083,711
	266,861	Microsoft Corp.		29,896,438
	3,484	Red Hat, Inc.*		636,178
	43,032	salesforce.com, Inc.*		7,042,187
Common Stocks – (continued)
Software – (continued)
	24,665	ServiceNow, Inc.*		5,905,788
				60,734,263
Specialty Retail – 1.8%
	12,529	Burlington Stores, Inc.*		2,126,672
	9,476	O’Reilly Automotive, Inc.*		3,524,693
	53,393	The Home Depot, Inc.		9,885,180
				15,536,545
Technology Hardware, Storage & Peripherals – 3.5%
	176,242	Apple, Inc.		30,516,302
Textiles, Apparel & Luxury Goods – 0.8%
	57,490	NIKE, Inc. Class B		4,928,618
	15,471	PVH Corp.		1,776,689
				6,705,307
Tobacco – 1.0%
	67,628	Altria Group, Inc.		3,544,384
	56,214	Philip Morris International, Inc.		4,887,245
				8,431,629
Water Utilities – 0.5%
	42,591	American Water Works Co., Inc.		4,328,097
Wireless Telecommunication Services* – 0.3%
	37,677	T-Mobile US, Inc.		2,720,656
	TOTAL COMMON STOCKS
	(Cost $676,718,647)		$	863,468,976

Shares		Dividend Rate	Value
Investment Company(b) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,113,767	2.395%	$	1,113,767
	(Cost $1,113,767)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $677,832,414)		$	864,582,743
Securities Lending Reinvestment Vehicle(b) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,239,743	2.395%	$	1,239,743
	(Cost $1,239,743)
	TOTAL INVESTMENTS – 98.6%
	(Cost $679,072,157)		$	865,822,486
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			12,156,621
	NET ASSETS – 100.0%		$	877,979,107

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

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

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Aerospace & Defense – 3.0%
	14,815	Northrop Grumman Corp.	$	4,295,757
Auto Components – 2.4%
	40,196	Aptiv PLC		3,340,690
Beverages* – 2.0%
	43,754	Monster Beverage Corp.		2,792,818
Biotechnology* – 5.1%
	23,883	BioMarin Pharmaceutical, Inc.		2,227,329
	31,117	Incyte Corp.		2,683,219
	12,499	Vertex Pharmaceuticals, Inc.		2,359,186
				7,269,734
Capital Markets – 4.2%
	29,723	Intercontinental Exchange, Inc.		2,293,130
	38,412	Northern Trust Corp.		3,579,998
				5,873,128
Chemicals – 3.7%
	34,970	DowDuPont, Inc.		1,861,453
	20,180	Ecolab, Inc.		3,408,604
				5,270,057
Communications Equipment – 2.1%
	57,269	Cisco Systems, Inc.		2,964,816
Entertainment* – 4.0%
	29,561	Electronic Arts, Inc.		2,831,353
	7,994	Netflix, Inc.		2,862,651
				5,694,004
Equity Real Estate Investment Trusts (REITs) – 4.1%
	18,368	American Tower Corp.		3,235,523
	5,956	Equinix, Inc.		2,522,366
				5,757,889
Food & Staples Retailing – 2.2%
	31,487	Walmart, Inc.		3,116,898
Food Products – 1.2%
	13,028	McCormick & Co., Inc.		1,771,547
Health Care Equipment & Supplies – 7.4%
	88,396	Boston Scientific Corp.*		3,546,448
	34,611	Danaher Corp.		4,396,289
	4,674	Intuitive Surgical, Inc.*		2,559,529
				10,502,266
Hotels, Restaurants & Leisure – 1.7%
	34,536	Dunkin’ Brands Group, Inc.		2,467,597
Industrial Conglomerates – 3.1%
	28,760	Honeywell International, Inc.		4,431,053
Interactive Media & Services* – 10.3%
	4,882	Alphabet, Inc. Class A		5,499,817
	2,386	Alphabet, Inc. Class C		2,672,129
	39,174	Facebook, Inc. Class A		6,324,642
				14,496,588
Internet & Direct Marketing Retail* – 6.3%
	13,219	Alibaba Group Holding Ltd. ADR		2,419,473
	3,925	Amazon.com, Inc.		6,436,333
				8,855,806
IT Services – 4.5%
	42,998	Visa, Inc. Class A		6,368,864
Life Sciences Tools & Services* – 1.7%
	7,692	Illumina, Inc.		2,405,827
Machinery – 1.5%
	12,973	Deere & Co.		2,128,091
Oil, Gas & Consumable Fuels – 2.0%
	27,152	Diamondback Energy, Inc.		2,794,755
Pharmaceuticals – 2.8%
	31,307	Eli Lilly & Co.		3,953,761
Road & Rail – 2.4%
	46,968	CSX Corp.		3,413,165
Semiconductors & Semiconductor Equipment – 3.3%
	11,082	NVIDIA Corp.		1,709,509
	31,674	NXP Semiconductors NV		2,892,470
				4,601,979
Software – 9.9%
	9,532	Intuit, Inc.		2,355,643
	73,344	Microsoft Corp.		8,216,729
	20,974	salesforce.com, Inc.*		3,432,395
				14,004,767
Technology Hardware, Storage & Peripherals – 4.8%
	39,145	Apple, Inc.		6,777,957
Textiles, Apparel & Luxury Goods – 2.9%
	47,604	NIKE, Inc. Class B		4,081,091
	TOTAL COMMON STOCKS
	(Cost $93,787,114)		$	139,430,905
	TOTAL INVESTMENTS – 98.6%
	(Cost $93,787,114)		$	139,430,905
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			1,930,329
	NET ASSETS – 100.0%		$	141,361,234

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

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.5%
Aerospace & Defense – 3.5%
	355	Huntington Ingalls Industries, Inc.	$	74,340
	384	L3 Technologies, Inc.		81,312
	378	Northrop Grumman Corp.		109,605
	602	Raytheon Co.		112,273
	573	The Boeing Co.		252,097
				629,627
Airlines* – 0.4%
	3,923	JetBlue Airways Corp.		65,514
Auto Components – 0.5%
	997	Aptiv PLC		82,861
Banks – 6.2%
	9,572	Bank of America Corp.		278,354
	1,040	Commerce Bancshares, Inc.		65,447
	1,067	East West Bancorp, Inc.		58,269
	837	First Republic Bank		87,868
	3,270	JPMorgan Chase & Co.		341,257
	537	M&T Bank Corp.		92,933
	1,407	PacWest Bancorp		57,715
	1,326	Synovus Financial Corp.		52,616
	1,708	Wells Fargo & Co.		85,212
				1,119,671
Beverages – 1.4%
	1,646	Coca-Cola European Partners PLC		77,592
	1,503	Monster Beverage Corp.*		95,936
	276	PepsiCo, Inc.		31,917
	891	TheCoca-Cola Co.		40,398
				245,843
Biotechnology* – 2.4%
	837	Alexion Pharmaceuticals, Inc.		113,271
	844	BioMarin Pharmaceutical, Inc.		78,711
	1,439	Celgene Corp.		119,610
	615	Vertex Pharmaceuticals, Inc.		116,081
				427,673
Capital Markets – 2.5%
	764	Cboe Global Markets, Inc.		73,275
	1,687	E*TRADE Financial Corp.		82,646
	1,265	Intercontinental Exchange, Inc.		97,595
	971	Northern Trust Corp.		90,497
	564	S&P Global, Inc.		113,009
				457,022
Chemicals – 1.4%
	496	Celanese Corp.		50,736
	1,758	DowDuPont, Inc.		93,578
	592	Ecolab, Inc.		99,995
				244,309
Communications Equipment – 1.4%
	4,780	Cisco Systems, Inc.		247,461
Consumer Finance – 0.7%
	1,228	American Express Co.		132,305
Containers & Packaging – 0.9%
	595	Avery Dennison Corp.		64,284
	1,799	Ball Corp.		98,549
				162,833
Diversified Financial Services* – 1.2%
	1,044	Berkshire Hathaway, Inc. Class B		210,157
Diversified Telecommunication Services – 2.4%
	7,009	AT&T, Inc.		218,120
	3,880	Verizon Communications, Inc.		220,850
				438,970
Electric Utilities – 2.2%
	1,422	Evergy, Inc.		79,504
	753	NextEra Energy, Inc.		141,353
	867	Pinnacle West Capital Corp.		81,273
	1,719	Xcel Energy, Inc.		94,304
				396,434
Electrical Equipment – 1.4%
	975	AMETEK, Inc.		77,591
	1,489	Emerson Electric Co.		101,475
	1,401	Sensata Technologies Holding PLC*		71,073
				250,139
Electronic Equipment, Instruments & Components – 0.5%
	940	Amphenol Corp. Class A		88,332
Entertainment – 1.5%
	749	Electronic Arts, Inc.*		71,739
	832	Live Nation Entertainment, Inc.*		47,058
	330	Netflix, Inc.*		118,173
	287	The Walt Disney Co.		32,385
				269,355
Equity Real Estate Investment Trusts (REITs) – 2.7%
	1,684	Chesapeake Lodging Trust		50,722
	187	Equinix, Inc.		79,195
	559	Equity LifeStyle Properties, Inc.		60,730
	2,111	HCP, Inc.		64,955
	608	Mid-America Apartment Communities, Inc.		62,977
	420	SBA Communications Corp.*		75,835
	544	Simon Property Group, Inc.		98,551
				492,965
Food & Staples Retailing – 1.7%
	2,745	US Foods Holding Corp.*		96,734
	2,090	Walmart, Inc.		206,889
				303,623
Food Products – 0.8%
	3,162	Mondelez International, Inc. Class A		149,120
Health Care Equipment & Supplies – 3.7%
	2,486	Abbott Laboratories		192,963
	3,187	Boston Scientific Corp.*		127,863
	1,220	Danaher Corp.		154,964

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	752	West Pharmaceutical Services, Inc.	$	78,772
	864	Zimmer Biomet Holdings, Inc.		107,240
				661,802
Health Care Providers & Services – 2.4%
	2,137	CVS Health Corp.		123,583
	378	Humana, Inc.		107,745
	672	Laboratory Corp. of America Holdings*		99,617
	388	UnitedHealth Group, Inc.		93,981
				424,926
Hotels, Restaurants & Leisure – 1.8%
	1,086	Las Vegas Sands Corp.		66,713
	966	McDonald’s Corp.		177,589
	699	Royal Caribbean Cruises Ltd.		82,818
				327,120
Household Products – 2.2%
	721	The Clorox Co.		113,940
	2,891	The Procter & Gamble Co.		284,908
				398,848
Industrial Conglomerates – 1.3%
	6,921	General Electric Co.		71,909
	1,023	Honeywell International, Inc.		157,614
				229,523
Insurance – 2.3%
	742	American Financial Group, Inc.		73,948
	363	Everest Re Group Ltd.		82,078
	2,401	MetLife, Inc.		108,501
	980	Torchmark Corp.		80,909
	901	W.R. Berkley Corp.		75,377
				420,813
Interactive Media & Services* – 5.1%
	271	Alphabet, Inc. Class A		305,295
	238	Alphabet, Inc. Class C		266,541
	1,831	Facebook, Inc. Class A		295,615
	233	IAC/InterActiveCorp.		49,641
				917,092
Internet & Direct Marketing Retail – 3.3%
	318	Amazon.com, Inc.*		521,466
	616	Expedia Group, Inc.		75,959
				597,425
IT Services – 4.8%
	894	Accenture PLC Class A		144,274
	1,186	Black Knight, Inc.*		61,969
	849	Fidelity National Information Services, Inc.		91,819
	854	GoDaddy, Inc. Class A*		63,751
	708	Mastercard, Inc. Class A		159,137
	838	Total System Services, Inc.		79,107
	1,793	Visa, Inc. Class A		265,579
				865,636
Life Sciences Tools & Services – 0.6%
	1,326	Agilent Technologies, Inc.		105,337
Machinery – 1.8%
	457	IDEX Corp.		65,854
	864	Ingersoll-Rand PLC		91,204
	599	Stanley Black & Decker, Inc.		79,326
	37	Wabtec Corp.		2,723
	1,077	Xylem, Inc.		81,367
				320,474
Media – 1.3%
	4,662	Comcast Corp. Class A		180,280
	1,831	Liberty Global PLC Class C*		46,489
				226,769
Metals & Mining – 0.2%
	1,190	Steel Dynamics, Inc.		44,411
Multi-Utilities – 1.0%
	1,203	Ameren Corp.		85,701
	1,577	CMS Energy Corp.		85,789
				171,490
Multiline Retail – 0.4%
	656	Dollar General Corp.		77,710
Oil, Gas & Consumable Fuels – 5.3%
	2,112	Chevron Corp.		252,553
	799	Concho Resources, Inc.		87,890
	2,022	ConocoPhillips		137,193
	837	Diamondback Energy, Inc.		86,152
	1,243	EOG Resources, Inc.		116,842
	2,171	Exxon Mobil Corp.		171,574
	1,763	Marathon Petroleum Corp.		109,324
				961,528
Pharmaceuticals – 6.0%
	2,064	AstraZeneca PLC ADR		85,821
	2,665	Elanco Animal Health, Inc.*		80,590
	1,404	Eli Lilly & Co.		177,311
	2,665	Johnson & Johnson		364,146
	776	Merck & Co., Inc.		63,081
	4,431	Pfizer, Inc.		192,084
	1,301	Zoetis, Inc.		122,593
				1,085,626
Road & Rail – 1.5%
	1,566	CSX Corp.		113,801
	970	Union Pacific Corp.		162,669
				276,470
Semiconductors & Semiconductor Equipment – 3.9%
	893	Analog Devices, Inc.		95,515
	1,753	Intel Corp.		92,839
	478	Lam Research Corp.		84,171
	3,368	Marvell Technology Group Ltd.		67,192
	1,395	Maxim Integrated Products, Inc.		75,930

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	470	NVIDIA Corp.	$	72,502
	720	NXP Semiconductors NV		65,750
	1,345	Texas Instruments, Inc.		142,274
				696,173
Software – 6.4%
	537	Check Point Software Technologies Ltd.*		65,675
	713	Citrix Systems, Inc.		75,222
	479	Intuit, Inc.		118,375
	6,567	Microsoft Corp.		735,701
	982	salesforce.com, Inc.*		160,704
				1,155,677
Specialty Retail – 2.6%
	392	Burlington Stores, Inc.*		66,538
	237	O’Reilly Automotive, Inc.*		88,154
	969	Ross Stores, Inc.		91,890
	1,219	The Home Depot, Inc.		225,686
				472,268
Technology Hardware, Storage & Peripherals – 3.7%
	3,861	Apple, Inc.		668,532
Textiles, Apparel & Luxury Goods – 1.2%
	1,759	NIKE, Inc. Class B		150,799
	646	PVH Corp.		74,187
				224,986
Tobacco – 1.0%
	1,424	Altria Group, Inc.		74,632
	1,183	Philip Morris International, Inc.		102,850
				177,482
	TOTAL COMMON STOCKS
	(Cost $14,382,524)		$	17,922,332
	TOTAL INVESTMENTS – 99.5%
	(Cost $14,382,524)		$	17,922,332
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			96,757
	NET ASSETS – 100.0%		$	18,019,089

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

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

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.5%
Aerospace & Defense – 3.0%
	160,893	Harris Corp.	$	26,536,083
	146,359	HEICO Corp.		13,718,229
	74,998	HEICO Corp. Class A		5,999,090
				46,253,402
Auto Components – 1.1%
	203,157	Aptiv PLC		16,884,378
Banks – 1.4%
	211,167	First Republic Bank		22,168,312
Beverages – 2.3%
	441,263	Brown-Forman Corp. Class B		21,838,106
	216,274	Monster Beverage Corp.*		13,804,769
				35,642,875
Biotechnology* – 4.6%
	148,329	Agios Pharmaceuticals, Inc.		9,622,102
	311,092	Alder Biopharmaceuticals, Inc.		3,988,199
	108,494	BioMarin Pharmaceutical, Inc.		10,118,151
	18,930	Bluebird Bio, Inc.		2,938,315
	156,298	Exact Sciences Corp.		14,223,118
	340,778	Exelixis, Inc.		7,630,019
	118,909	Incyte Corp.		10,253,523
	321,347	Moderna, Inc.(a)		7,262,442
	29,127	Sarepta Therapeutics, Inc.		4,201,279
				70,237,148
Capital Markets – 4.8%
	112,877	Cboe Global Markets, Inc.		10,826,033
	284,710	Lazard Ltd. Class A		10,656,695
	53,881	Moody’s Corp.		9,327,879
	91,018	MSCI, Inc.		16,812,845
	201,956	Northern Trust Corp.		18,822,299
	77,237	T. Rowe Price Group, Inc.		7,756,912
				74,202,663
Chemicals – 1.5%
	187,653	Ashland Global Holdings, Inc.		14,520,589
	76,984	Celanese Corp.		7,874,694
				22,395,283
Commercial Services & Supplies – 1.2%
	87,379	Cintas Corp.		18,052,501
Construction Materials – 1.4%
	115,094	Martin Marietta Materials, Inc.		21,614,653
Containers & Packaging – 0.5%
	75,584	Avery Dennison Corp.		8,166,095
Diversified Consumer Services* – 1.7%
	210,703	Bright Horizons Family Solutions, Inc.		26,127,172
Electrical Equipment* – 0.9%
	266,131	Sensata Technologies Holding PLC		13,500,826
Electronic Equipment, Instruments & Components – 2.2%
	355,889	Amphenol Corp. Class A		33,442,889
Entertainment* – 0.5%
	57,521	Spotify Technology SA		8,060,993
Equity Real Estate Investment Trusts (REITs) – 2.5%
	127,427	Equity LifeStyle Properties, Inc.		13,843,669
	133,866	SBA Communications Corp.*		24,170,845
				38,014,514
Food Products – 1.6%
	174,651	McCormick & Co., Inc.		23,749,043
Health Care Equipment & Supplies – 8.6%
	19,658	ABIOMED, Inc.*		6,575,601
	128,323	Align Technology, Inc.*		33,231,807
	112,744	Edwards Lifesciences Corp.*		19,086,432
	109,839	IDEXX Laboratories, Inc.*		23,179,324
	71,892	Teleflex, Inc.		20,837,177
	34,219	The Cooper Cos., Inc.		9,786,292
	104,970	West Pharmaceutical Services, Inc.		10,995,608
	64,039	Zimmer Biomet Holdings, Inc.		7,948,521
				131,640,762
Hotels, Restaurants & Leisure – 2.2%
	294,256	Choice Hotels International, Inc.		23,493,399
	37,562	Domino’s Pizza, Inc.		9,425,808
				32,919,207
Household Durables – 0.5%
	199,405	D.R. Horton, Inc.		7,754,860
Household Products – 0.8%
	80,825	The Clorox Co.		12,772,775
Industrial Conglomerates – 1.6%
	73,853	Roper Technologies, Inc.		23,902,524
Interactive Media & Services* – 1.5%
	63,348	IAC/InterActiveCorp.		13,496,292
	306,554	Twitter, Inc.		9,435,732
				22,932,024
Internet & Direct Marketing Retail* – 0.2%
	43,254	GrubHub, Inc.		3,528,661
IT Services – 8.4%
	376,635	Black Knight, Inc.*		19,679,179
	162,488	Fidelity National Information Services, Inc.		17,573,077
	408,799	Fiserv, Inc.*		34,621,187
	358,425	GoDaddy, Inc. Class A*		26,756,426
	63,237	Square, Inc. Class A*		5,137,374
	272,870	Total System Services, Inc.		25,758,928
				129,526,171
Life Sciences Tools & Services – 4.9%
	303,803	Agilent Technologies, Inc.		24,134,110
	78,752	Illumina, Inc.*		24,631,263

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	18,201	Mettler-Toledo International, Inc.*	$	12,393,243
	126,553	PRA Health Sciences, Inc.*		13,538,640
				74,697,256
Machinery – 6.1%
	268,691	Fortive Corp.		21,917,125
	136,164	IDEX Corp.		19,621,232
	215,765	Ingersoll-Rand PLC		22,776,154
	157,723	John Bean Technologies Corp.		14,778,645
	186,586	Xylem, Inc.		14,096,572
				93,189,728
Multiline Retail – 2.3%
	302,029	Dollar General Corp.		35,778,355
Oil, Gas & Consumable Fuels – 2.4%
	247,118	Cheniere Energy, Inc.*		15,926,755
	99,028	Concho Resources, Inc.		10,893,080
	102,079	Diamondback Energy, Inc.		10,506,992
				37,326,827
Pharmaceuticals – 1.5%
	314,384	Elanco Animal Health, Inc.*(a)		9,506,972
	140,291	Zoetis, Inc.		13,219,621
				22,726,593
Professional Services* – 1.4%
	171,828	Verisk Analytics, Inc.		21,724,214
Road & Rail – 0.8%
	85,193	Old Dominion Freight Line, Inc.		12,844,549
Semiconductors & Semiconductor Equipment – 6.0%
	514,078	Advanced Micro Devices, Inc.*		12,096,255
	107,115	Analog Devices, Inc.		11,457,020
	1,188,825	Marvell Technology Group Ltd.		23,717,059
	163,028	Maxim Integrated Products, Inc.		8,873,614
	185,004	Microchip Technology, Inc.		16,071,297
	133,465	MKS Instruments, Inc.		11,060,245
	66,836	Xilinx, Inc.		8,374,551
				91,650,041
Software – 11.5%
	125,726	Atlassian Corp. PLC Class A*		13,513,030
	143,446	Autodesk, Inc.*		23,383,132
	211,112	Citrix Systems, Inc.		22,272,316
	66,301	Coupa Software, Inc.*		6,244,891
	102,438	Intuit, Inc.		25,315,503
	242,252	PTC, Inc.*		22,485,831
	151,456	ServiceNow, Inc.*		36,264,625
	129,974	Splunk, Inc.*		17,660,867
	45,389	Workday, Inc. Class A*		8,983,845
				176,124,040
Specialty Retail – 4.3%
	60,470	Five Below, Inc.*		7,277,564
	41,006	O’Reilly Automotive, Inc.*		15,252,592
	317,625	Ross Stores, Inc.		30,120,379
	137,740	Tiffany & Co.		13,090,810
				65,741,345
Textiles, Apparel & Luxury Goods – 2.3%
	129,927	Lululemon Athletica, Inc.*		19,543,619
	132,396	PVH Corp.		15,204,357
				34,747,976
	TOTAL COMMON STOCKS
	(Cost $1,190,724,093)		$	1,510,040,655
Shares		Dividend Rate	Value
Investment Company(b) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,991,395	2.395%	$	16,991,395
	(Cost $16,991,395)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,207,715,488)		$	1,527,032,050
Securities Lending Reinvestment Vehicle(b) – 1.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	15,382,880	2.395%	$	15,382,880
	(Cost $15,382,880)
	TOTAL INVESTMENTS – 100.6%
	(Cost $1,223,098,368)		$	1,542,414,930
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%			(8,613,307	)
	NET ASSETS – 100.0%		$	1,533,801,623

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

Investment Abbreviations:
PLC	—Public Limited Company

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 95.8%
Aerospace & Defense – 2.4%
	322,396	Aerojet Rocketdyne Holdings, Inc.*	$	12,009,251
	258,841	HEICO Corp. Class A		20,704,692
	81,313	Huntington Ingalls Industries, Inc.		17,027,755
				49,741,698
Banks – 3.9%
	773,844	Amalgamated Bank Class A		13,704,777
	559,006	Eagle Bancorp, Inc.*		33,087,565
	59,689	First Republic Bank		6,266,151
	256,288	Glacier Bancorp, Inc.		11,230,540
	124,186	Signature Bank		16,859,492
				81,148,525
Beverages – 1.6%
	396,276	MGP Ingredients, Inc.		32,435,191
Biotechnology* – 10.4%
	464,281	ACADIA Pharmaceuticals, Inc.		12,303,447
	306,558	Agios Pharmaceuticals, Inc.		19,886,417
	1,145,760	Alder Biopharmaceuticals, Inc.		14,688,643
	366,533	Alector, Inc.		7,180,381
	528,478	Alkermes PLC		17,582,463
	475,781	Amarin Corp. PLC ADR		9,739,237
	85,991	BioSpecifics Technologies Corp.		5,972,075
	133,549	Bluebird Bio, Inc.		20,729,476
	246,893	Evelo Biosciences, Inc.(a)		2,170,189
	758,879	Exelixis, Inc.		16,991,301
	200,250	Incyte Corp.		17,267,557
	498,538	Moderna, Inc.(a)		11,266,959
	1,003,875	Proteostasis Therapeutics, Inc.		4,135,965
	1,733,699	Rigel Pharmaceuticals, Inc.		3,796,801
	156,420	Sarepta Therapeutics, Inc.		22,562,021
	1,171,040	Stemline Therapeutics, Inc.		12,846,309
	434,858	Synthorx, Inc.		8,658,023
	255,080	UNITY Biotechnology, Inc.(a)		2,550,800
	205,611	Y-mAbs Therapeutics, Inc.		4,451,478
				214,779,542
Building Products – 1.5%
	208,553	Allegion PLC		18,761,428
	262,273	Fortune Brands Home & Security, Inc.		12,358,304
				31,119,732
Capital Markets – 4.1%
	78,970	Affiliated Managers Group, Inc.		8,655,902
	235,996	Cboe Global Markets, Inc.		22,634,376
	173,379	Evercore, Inc. Class A		15,968,206
	725,719	Lazard Ltd. Class A		27,163,662
	59,754	MSCI, Inc.		11,037,759
				85,459,905
Chemicals – 1.6%
	304,937	Ashland Global Holdings, Inc.		23,596,025
	175,347	RPM International, Inc.		10,147,331
				33,743,356
Commercial Services & Supplies – 1.1%
	330,856	Healthcare Services Group, Inc.		12,632,082
	134,197	Rollins, Inc.		5,322,253
	88,685	US Ecology, Inc.		5,088,745
				23,043,080
Communications Equipment* – 1.1%
	1,760,620	Viavi Solutions, Inc.		23,116,941
Consumer Finance* – 1.0%
	178,241	Green Dot Corp. Class A		11,505,456
	884,917	SLM Corp.		9,778,333
				21,283,789
Containers & Packaging – 1.5%
	284,584	Avery Dennison Corp.		30,746,455
Diversified Consumer Services* – 1.8%
	292,582	Bright Horizons Family Solutions, Inc.		36,280,168
Diversified Telecommunication Services* – 0.2%
	192,746	Zayo Group Holdings, Inc.		4,780,101
Electrical Equipment – 1.4%
	309,633	nVent Electric PLC		8,508,715
	390,995	Sensata Technologies Holding PLC*		19,835,176
				28,343,891
Electronic Equipment, Instruments & Components – 3.0%
	371,487	Badger Meter, Inc.		21,858,295
	537,012	Cognex Corp.		28,676,441
	128,149	Keysight Technologies, Inc.*		10,817,057
				61,351,793
Entertainment* – 0.7%
	157,775	Take-Two Interactive Software, Inc.		13,767,447
Equity Real Estate Investment Trusts (REITs)* – 0.8%
	93,721	SBA Communications Corp.		16,922,264
Food Products – 0.5%
	76,985	McCormick & Co., Inc.		10,468,420
Health Care Equipment & Supplies – 8.2%
	23,346	ABIOMED, Inc.*		7,809,237
	328,059	Axonics Modulation Technologies, Inc.*(a)		6,974,534
	126,027	DexCom, Inc.*		17,559,342
	484,540	ElectroCore, Inc.*		4,234,880
	137,302	Glaukos Corp.*		10,183,689
	52,193	Heska Corp.*		4,268,866
	93,798	IDEXX Laboratories, Inc.*		19,794,192
	201,314	Neogen Corp.*		12,473,415
	202,385	SI-BONE, Inc.*		4,193,417
	216,407	Tandem Diabetes Care, Inc.*		14,189,807
	109,272	Teleflex, Inc.		31,671,397
	42,570	The Cooper Cos., Inc.		12,174,594
	232,956	West Pharmaceutical Services, Inc.		24,402,141
				169,929,511

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services* – 2.4%
	195,529	Guardant Health, Inc.(a)	$	13,030,052
	466,304	HealthEquity, Inc.		37,528,146
				50,558,198
Health Care Technology* – 1.1%
	161,110	Teladoc Health, Inc.		10,369,040
	107,986	Veeva Systems, Inc. Class A		12,732,629
				23,101,669
Hotels, Restaurants & Leisure – 5.8%
	361,317	Choice Hotels International, Inc.		28,847,549
	75,168	Domino’s Pizza, Inc.		18,862,658
	246,171	Dunkin’ Brands Group, Inc.		17,588,918
	252,108	Papa John’s International, Inc.(a)		11,019,641
	141,536	Texas Roadhouse, Inc.		8,960,644
	104,223	Vail Resorts, Inc.		21,719,031
	206,083	Wingstop, Inc.		13,727,189
				120,725,630
Household Durables* – 0.3%
	269,292	M/I Homes, Inc.		7,012,364
Interactive Media & Services* – 1.3%
	124,613	IAC/InterActiveCorp.		26,548,800
Internet & Direct Marketing Retail* – 0.3%
	82,505	GrubHub, Inc.		6,730,758
IT Services – 10.8%
	722,492	Black Knight, Inc.*		37,750,207
	124,586	Euronet Worldwide, Inc.*		16,734,392
	72,317	Gartner, Inc.*		10,290,709
	258,195	Global Payments, Inc.		33,663,464
	580,149	GoDaddy, Inc. Class A*		43,308,123
	436,536	InterXion Holding NV*		28,593,108
	321,990	Total System Services, Inc.		30,395,856
	205,084	Wix.com Ltd.*		22,405,427
				223,141,286
Life Sciences Tools & Services – 1.0%
	193,214	Medpace Holdings, Inc.*		10,617,109
	104,936	PerkinElmer, Inc.		9,880,774
				20,497,883
Machinery – 5.7%
	435,257	Evoqua Water Technologies Corp.*		5,910,790
	277,998	Hillenbrand, Inc.		12,312,531
	119,521	IDEX Corp.		17,222,976
	218,475	John Bean Technologies Corp.		20,471,107
	97,160	RBC Bearings, Inc.*		13,616,974
	79,498	Standex International Corp.		6,519,631
	1,092,979	Welbilt, Inc.*		17,454,875
	331,352	Xylem, Inc.		25,033,644
				118,542,528
Oil, Gas & Consumable Fuels – 0.4%
	259,643	Centennial Resource Development, Inc. Class A*		2,354,962
	58,749	Diamondback Energy, Inc.		6,047,035
				8,401,997
Pharmaceuticals* – 1.4%
	206,293	Aratana Therapeutics, Inc.		829,298
	368,079	Elanco Animal Health, Inc.(a)		11,130,709
	64,358	GW Pharmaceuticals PLC ADR		11,070,219
	1,638,739	Marinus Pharmaceuticals, Inc.		5,620,875
				28,651,101
Professional Services* – 0.3%
	246,047	Upwork, Inc.		5,828,853
Real Estate Management & Development – 0.4%
	186,622	HFF, Inc. Class A		8,435,314
Road & Rail – 1.0%
	141,513	Old Dominion Freight Line, Inc.		21,335,915
Semiconductors & Semiconductor Equipment – 3.7%
	709,693	Advanced Micro Devices, Inc.*		16,699,076
	546,801	Entegris, Inc.		19,318,479
	1,318,774	Marvell Technology Group Ltd.		26,309,541
	181,188	MKS Instruments, Inc.		15,015,050
				77,342,146
Software* – 9.7%
	670,302	Cadence Design Systems, Inc.		38,374,790
	176,574	Coupa Software, Inc.		16,631,505
	499,519	ForeScout Technologies, Inc.		20,750,019
	52,774	Proofpoint, Inc.		6,232,082
	365,438	PTC, Inc.		33,919,955
	129,407	Splunk, Inc.		17,583,823
	105,177	Tableau Software, Inc. Class A		13,872,846
	103,184	The Ultimate Software Group, Inc.		34,205,496
	247,923	Zendesk, Inc.		19,590,876
				201,161,392
Specialty Retail* – 2.0%
	115,135	Burlington Stores, Inc.		19,543,015
	177,329	Five Below, Inc.		21,341,545
				40,884,560
Textiles, Apparel & Luxury Goods – 0.9%
	80,459	Canada Goose Holdings, Inc.*		4,578,922
	132,310	Carter’s, Inc.		12,892,286
				17,471,208
Trading Companies & Distributors* – 0.5%
	185,015	SiteOne Landscape Supply, Inc.		9,937,156
	TOTAL COMMON STOCKS
	(Cost $1,629,237,066)		$	1,984,770,567

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Shares		Dividend Rate	Value
Investment Company(b) – 3.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	64,720,804	2.395%	$	64,720,804
	(Cost $64,720,804)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,693,957,870)		$	2,049,491,371
Securities Lending Reinvestment Vehicle(b) – 1.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	38,657,890	2.395%	$	38,657,890
	(Cost $38,657,890)
	TOTAL INVESTMENTS – 100.8%
	(Cost $1,732,615,760)		$	2,088,149,261
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%			(16,050,362	)
	NET ASSETS – 100.0%		$	2,072,098,899

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

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

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Aerospace & Defense – 3.8%
	7,984	Northrop Grumman Corp.	$	2,315,041
	9,202	The Boeing Co.		4,048,512
				6,363,553
Auto Components – 1.0%
	19,160	Aptiv PLC		1,592,388
Banks – 1.1%
	17,709	First Republic Bank		1,859,091
Beverages – 2.4%
	17,233	Brown-Forman Corp. Class B		852,861
	33,220	Monster Beverage Corp.*		2,120,433
	23,333	TheCoca-Cola Co.		1,057,918
				4,031,212
Biotechnology – 3.5%
	5,057	AbbVie, Inc.		400,717
	11,859	Alexion Pharmaceuticals, Inc.*		1,604,878
	12,252	BioMarin Pharmaceutical, Inc.*		1,142,622
	13,056	Incyte Corp.*		1,125,819
	8,248	Vertex Pharmaceuticals, Inc.*		1,556,810
				5,830,846
Capital Markets – 2.1%
	8,949	Cboe Global Markets, Inc.		858,299
	14,570	Intercontinental Exchange, Inc.		1,124,075
	15,428	Northern Trust Corp.		1,437,890
				3,420,264
Chemicals – 2.1%
	12,602	DowDuPont, Inc.		670,804
	10,959	Ecolab, Inc.		1,851,085
	2,070	The Sherwin-Williams Co.		896,724
				3,418,613
Communications Equipment – 0.9%
	29,975	Cisco Systems, Inc.		1,551,806
Construction Materials – 0.4%
	3,213	Martin Marietta Materials, Inc.		603,401
Electrical Equipment* – 0.6%
	19,964	Sensata Technologies Holding PLC		1,012,774
Electronic Equipment, Instruments & Components – 1.1%
	18,574	Amphenol Corp. Class A		1,745,399
Entertainment* – 2.5%
	16,382	Electronic Arts, Inc.		1,569,068
	7,155	Netflix, Inc.		2,562,205
				4,131,273
Equity Real Estate Investment Trusts (REITs) – 1.9%
	11,165	American Tower Corp.		1,966,715
	2,913	Equinix, Inc.		1,233,655
				3,200,370
Food & Staples Retailing – 0.9%
	15,064	Walmart, Inc.		1,491,185
Food Products – 1.2%
	6,155	McCormick & Co., Inc.		836,957
	25,312	Mondelez International, Inc. Class A		1,193,714
				2,030,671
Health Care Equipment & Supplies – 4.8%
	5,224	Align Technology, Inc.*		1,352,859
	54,570	Boston Scientific Corp.*		2,189,348
	16,038	Danaher Corp.		2,037,147
	3,119	Intuitive Surgical, Inc.*		1,707,996
	7,179	West Pharmaceutical Services, Inc.		752,000
				8,039,350
Health Care Providers & Services – 2.1%
	6,679	Humana, Inc.		1,903,782
	6,430	UnitedHealth Group, Inc.		1,557,475
				3,461,257
Hotels, Restaurants & Leisure – 2.4%
	1,379	Chipotle Mexican Grill, Inc.*		837,784
	17,408	Dunkin’ Brands Group, Inc.		1,243,801
	10,063	McDonald’s Corp.		1,849,982
				3,931,567
Household Products – 0.6%
	15,730	Colgate-Palmolive Co.		1,036,135
Industrial Conglomerates – 1.6%
	16,709	Honeywell International, Inc.		2,574,356
Insurance* – 0.3%
	433	Markel Corp.		435,113
Interactive Media & Services* – 9.2%
	4,559	Alphabet, Inc. Class A		5,135,942
	3,449	Alphabet, Inc. Class C		3,862,604
	38,565	Facebook, Inc. Class A		6,226,319
				15,224,865
Internet & Direct Marketing Retail* – 5.2%
	5,057	Alibaba Group Holding Ltd. ADR		925,583
	4,650	Amazon.com, Inc.		7,625,209
				8,550,792
IT Services – 6.6%
	15,723	Accenture PLC Class A		2,537,378
	15,551	Mastercard, Inc. Class A		3,495,398
	32,846	Visa, Inc. Class A		4,865,149
				10,897,925
Life Sciences Tools & Services – 2.3%
	21,623	Agilent Technologies, Inc.		1,717,731
	6,532	Illumina, Inc.*		2,043,014
				3,760,745

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Machinery – 2.2%
	9,952	Deere & Co.	$	1,632,526
	15,174	Fortive Corp.		1,237,743
	6,069	Stanley Black & Decker, Inc.		803,718
				3,673,987
Media – 1.0%
	44,206	Comcast Corp. Class A		1,709,446
Oil, Gas & Consumable Fuels – 2.0%
	8,866	Cheniere Energy, Inc.*		571,414
	7,739	Diamondback Energy, Inc.		796,575
	7,432	EOG Resources, Inc.		698,608
	19,204	Marathon Petroleum Corp.		1,190,840
				3,257,437
Pharmaceuticals – 3.3%
	21,865	AstraZeneca PLC ADR		909,147
	16,265	Elanco Animal Health, Inc.*(a)		491,853
	20,865	Eli Lilly & Co.		2,635,041
	14,787	Zoetis, Inc.		1,393,379
				5,429,420
Road & Rail – 2.7%
	29,019	CSX Corp.		2,108,811
	13,893	Union Pacific Corp.		2,329,856
				4,438,667
Semiconductors & Semiconductor Equipment – 4.2%
	7,720	Analog Devices, Inc.		825,731
	58,674	Marvell Technology Group Ltd.		1,170,546
	9,092	NVIDIA Corp.		1,402,532
	15,412	NXP Semiconductors NV		1,407,424
	20,629	Texas Instruments, Inc.		2,182,136
				6,988,369
Software – 11.5%
	9,898	Adobe, Inc.*		2,598,225
	6,983	Autodesk, Inc.*		1,138,299
	9,945	Intuit, Inc.		2,457,708
	86,242	Microsoft Corp.		9,661,691
	19,964	salesforce.com, Inc.*		3,267,108
				19,123,031
Specialty Retail – 2.1%
	24,216	Ross Stores, Inc.		2,296,403
	6,485	The Home Depot, Inc.		1,200,633
				3,497,036
Technology Hardware, Storage & Peripherals – 5.6%
	53,844	Apple, Inc.		9,323,089
Textiles, Apparel & Luxury Goods – 2.5%
	34,650	NIKE, Inc. Class B		2,970,545
	10,372	PVH Corp.		1,191,120
				4,161,665
Tobacco – 0.5%
	10,225	Philip Morris International, Inc.		888,961
	TOTAL COMMON STOCKS
	(Cost $94,210,268)		$	162,686,059

Shares		Dividend Rate	Value
Investment Company(b) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,262,216	2.395%	$	1,262,216
	(Cost $1,262,216)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $95,472,484)		$	163,948,275
Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	491,111	2.395%	$	491,111
	(Cost $491,111)
	TOTAL INVESTMENTS – 99.3%
	(Cost $95,963,595)		$	164,439,386
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			1,231,493
	NET ASSETS – 100.0%		$	165,670,879

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

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communications Equipment – 3.2%
	285,752	Cisco Systems, Inc.	$	14,793,381
Electronic Equipment, Instruments & Components – 3.3%
	160,162	Amphenol Corp. Class A		15,050,423
Entertainment – 2.5%
	107,728	Activision Blizzard, Inc.		4,539,658
	19,451	Netflix, Inc.*		6,965,403
				11,505,061
Equity Real Estate Investment Trusts (REITs) – 4.6%
	76,056	American Tower Corp.		13,397,264
	18,703	Equinix, Inc.		7,920,721
				21,317,985
Interactive Media & Services* – 12.4%
	16,679	Alphabet, Inc. Class A		18,789,727
	18,014	Alphabet, Inc. Class C		20,174,239
	111,811	Facebook, Inc. Class A		18,051,886
				57,015,852
Internet & Direct Marketing Retail – 10.8%
	33,975	Alibaba Group Holding Ltd. ADR*		6,218,444
	23,775	Amazon.com, Inc.*		38,986,958
	34,612	Expedia Group, Inc.		4,268,006
				49,473,408
IT Services – 13.2%
	58,687	Accenture PLC Class A		9,470,908
	136,344	Black Knight, Inc.*		7,123,974
	70,700	Fidelity National Information Services, Inc.		7,646,205
	129,527	GoDaddy, Inc. Class A*		9,669,191
	107,672	Total System Services, Inc.		10,164,237
	113,427	Visa, Inc. Class A		16,800,807
				60,875,322
Life Sciences Tools & Services* – 1.0%
	15,082	Illumina, Inc.		4,717,197
Semiconductors & Semiconductor Equipment – 14.7%
	162,864	Advanced Micro Devices, Inc.*		3,832,190
	64,429	Analog Devices, Inc.		6,891,326
	97,751	Applied Materials, Inc.		3,747,773
	820,207	Marvell Technology Group Ltd.		16,363,130
	49,984	NVIDIA Corp.		7,710,532
	70,903	NXP Semiconductors NV		6,474,862
	212,081	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		8,281,763
	137,238	Texas Instruments, Inc.		14,517,035
				67,818,611
Software – 29.1%
	61,600	Adobe, Inc.*		16,170,000
	67,192	Atlassian Corp. PLC Class A*		7,221,796
	44,927	Autodesk, Inc.*		7,323,550
	80,706	Citrix Systems, Inc.		8,514,483
	42,502	Intuit, Inc.		10,503,519
	299,214	Microsoft Corp.		33,520,945
	78,890	PTC, Inc.*		7,322,570
	26,328	Red Hat, Inc.*		4,807,493
	88,032	Salesforce.com, Inc.*		14,406,437
	67,907	ServiceNow, Inc.*		16,259,652
	59,176	Splunk, Inc.*		8,040,835
				134,091,280
Technology Hardware, Storage & Peripherals – 4.9%
	130,113	Apple, Inc.		22,529,066
	TOTAL COMMON STOCKS
	(Cost $249,477,101)		$	459,187,586
	TOTAL INVESTMENTS – 99.7%
	(Cost $249,477,101)		$	459,187,586
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			1,371,531
	NET ASSETS – 100.0%		$	460,559,117

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Blue Chip Fund		Capital Growth Fund		Concentrated Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $8,872,573, $676,718,647 and $93,787,114)(a)	$	10,069,642	$	863,468,976	$	139,430,905
Investments of affiliated issuers, at value (cost $136,636, $1,113,767 and $0)		136,636		1,113,767		—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		—		1,239,743		—
Cash		160,944		8,854,269		1,953,396
Receivables:
Fund shares sold		163,639		201,402		2,981
Reimbursement from investment adviser		25,590		39,212		31,776
Dividends		24,598		1,346,224		148,907
Investments sold		—		10,247,768		—
Securities lending income		—		6,468		—
Other assets		55,111		89,868		81,772
Total assets		10,636,160		886,607,697		141,649,737
Liabilities:
Payables:
Management fees		4,282		471,627		80,530
Distribution and Service fees and Transfer Agency fees		2,219		253,335		5,811
Investments purchased		357		5,816,015		—
Payable upon return of securities loaned		—		1,239,743		—
Fund shares redeemed		—		641,359		15,369
Accrued expenses		96,737		206,511		186,793
Total liabilities		103,595		8,628,590		288,503
Net Assets:
Paid-in capital		9,122,857		695,643,252		91,769,383
Total distributable earnings		1,409,708		182,335,855		49,591,851
NET ASSETS	$	10,532,565	$	877,979,107	$	141,361,234
Net Assets:
Class A	$	2,969,450	$	697,640,763	$	5,963,761
Class C		1,346,143		19,574,845		1,023,143
Institutional		828,671		58,488,774		12,167,710
Service		—		1,694,435		—
Investor		245,663		7,965,755		224,018
Class P		1,984,894		80,498,016		121,452,001
Class R		18,604		8,171,355		33,107
Class R6		3,139,140		3,945,164		497,494
Total Net Assets	$	10,532,565	$	877,979,107	$	141,361,234
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		234,516		32,644,397		366,935
Class C		111,544		1,489,387		79,341
Institutional		64,932		2,383,030		695,479
Service		—		83,610		—
Investor		19,242		365,259		13,530
Class P		155,518		3,285,323		6,960,243
Class R		1,460		404,918		2,121
Class R6		245,896		160,958		28,502
Net asset value, offering and redemption price per share:(b)
Class A		$12.66		$21.37		$16.25
Class C		12.07		13.14		12.90
Institutional		12.76		24.54		17.50
Service		—		20.27		—
Investor		12.77		21.81		16.56
Class P		12.76		24.50		17.45
Class R		12.75		20.18		15.61
Class R6		12.77		24.51		17.45

(a) Includes loaned securities having a market value of $1,211,684 for the Capital Growth Fund.

(b) Maximum public offering price per share for Class A Shares of the Blue Chip, Capital Growth and Concentrated Growth Funds is $13.40, $22.61 and $17.20, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities(continued)

February 28, 2019 (Unaudited)

	Flexible Cap Fund		Growth Opportunities Fund		Small/Mid Cap Growth Fund
Assets:
Investments, at value (cost $14,382,524, $1,190,724,093 and $1,629,237,066)(a)	$	17,922,332	$	1,510,040,655	$	1,984,770,567
Investments of affiliated issuers, at value (cost $0, $16,991,395 and $64,720,804)		—		16,991,395		64,720,804
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		—		15,382,880		38,657,890
Cash		79,552		23,091,330		31,219,232
Receivables:
Investments sold		—		—		2,366,312
Dividends		31,233		828,345		1,489,944
Fund shares sold		—		444,051		2,953,397
Reimbursement from investment adviser		23,661		43,385		—
Securities lending income		—		75,651		109,112
Other assets		77,226		95,992		120,282
Total assets		18,134,004		1,566,993,684		2,126,407,540
Liabilities:
Payables:
Payable upon return of securities loaned		—		15,382,880		38,657,890
Investments purchased		—		13,375,452		6,921,941
Fund shares redeemed		6,286		3,044,515		6,970,896
Management fees		7,515		997,491		1,303,867
Distribution and Service fees and Transfer Agency fees		3,107		198,983		308,272
Accrued expenses		98,007		192,740		145,775
Total liabilities		114,915		33,192,061		54,308,641
Net Assets:
Paid-in capital		14,217,191		1,084,566,997		1,620,478,967
Total distributable earnings		3,801,898		449,234,626		451,619,932
NET ASSETS	$	18,019,089	$	1,533,801,623	$	2,072,098,899
Net Assets:
Class A	$	5,418,746	$	337,662,476	$	293,646,324
Class C		1,201,983		49,893,598		184,670,043
Institutional		648,118		730,236,411		858,280,832
Service		—		27,956,821		17,622,540
Investor		65,432		85,954,441		444,754,871
Class P		10,436,175		66,429,824		202,061,421
Class R		48,787		49,243,124		18,496,400
Class R6		199,848		186,424,928		52,566,468
Total Net Assets	$	18,019,089	$	1,533,801,623	$	2,072,098,899
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		484,519		20,330,717		15,222,497
Class C		124,898		5,345,061		11,581,244
Institutional		53,564		34,833,293		40,905,223
Service		—		1,806,464		944,474
Investor		5,527		4,829,102		22,013,637
Class P		863,833		3,165,168		9,622,618
Class R		4,562		3,174,630		1,003,997
Class R6		16,549		8,885,935		2,503,647
Net asset value, offering and redemption price per share:(b)
Class A		$11.18		$16.61		$19.29
Class C		9.62		9.33		15.95
Institutional		12.10		20.96		20.98
Service		—		15.48		18.66
Investor		11.84		17.80		20.20
Class P		12.08		20.99		21.00
Class R		10.69		15.51		18.42
Class R6		12.08		20.98		21.00

(a) Includes loaned securities having a market value of $14,977,577 and $37,679,284 for the Growth Opportunities, and Small/Mid Cap Growth Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Flexible Cap, Growth Opportunities and Small/Mid Cap Growth Funds is $11.83, $17.58 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 (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities(continued)

February 28, 2019 (Unaudited)

	Strategic Growth Fund		Technology Opportunities Fund
Assets:
Investments of unaffiliated issuers, at value (cost $94,210,268 and $249,477,101)(a)	$	162,686,059	$	459,187,586
Investments of affiliated issuers, at value (cost $1,262,216 and $0)		1,262,216		—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		491,111		—
Cash		2,499,628		2,150,305
Receivables:
Dividends		194,605		275,574
Fund shares sold		70,073		60,219
Reimbursement from investment adviser		30,438		37,310
Securities lending income		2,569		—
Other assets		85,089		73,668
Total assets		167,321,788		461,784,662
Liabilities:
Payables:
Payable upon return of securities loaned		491,111		—
Investments purchased		1,893		—
Fund shares redeemed		949,216		669,390
Management fees		88,702		328,675
Distribution and Service fees and Transfer Agency fees		16,847		115,419
Accrued expenses		103,140		112,061
Total liabilities		1,650,909		1,225,545
Net Assets:
Paid-in capital		85,042,238		236,422,928
Total distributable earnings		80,628,641		224,136,189
NET ASSETS	$	165,670,879	$	460,559,117
Net Assets:
Class A	$	27,067,239	$	290,937,945
Class C		4,615,865		27,574,744
Institutional		55,502,250		73,022,524
Service		583,900		29,456,584
Investor		2,846,779		18,836,895
Class P		74,348,588		20,718,668
Class R		300,039		—
Class R6		406,219		11,757
Total Net Assets	$	165,670,879	$	460,559,117
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,136,387		13,756,227
Class C		808,915		1,676,988
Institutional		5,740,191		3,049,189
Service		68,899		1,429,558
Investor		295,536		801,470
Class P		7,714,439		864,866
Class R		36,190		—
Class R6		42,094		491
Net asset value, offering and redemption price per share:(b)
Class A		$8.63		$21.15
Class C		5.71		16.44
Institutional		9.67		23.95
Service		8.47		20.61
Investor		9.63		23.50
Class P		9.64		23.96
Class R		8.29		—
Class R6		9.65		23.95

(a) Includes loaned securities having a market value of $478,551 for the Strategic Growth Fund.

(b) Maximum public offering price per share for Class A Shares of the Strategic Growth and Technology Opportunities Funds is $9.13 and $22.38. 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. 75

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Blue Chip Fund			Capital Growth Fund			Concentrated Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $233, $14,151 and $2,284)	$	95,645		$	6,866,383		$	679,020
Dividends — affiliated issuers		1,984			40,295			1,637
Securities lending income — affiliated issuer		—			28,012			437
Total investment income		97,629			6,934,690			681,094
Expenses:
Management fees		26,634			3,182,057			550,634
Distribution and Service fees(a)		6,263			1,016,063			12,907
Transfer Agency fees(a)		4,219			692,604			27,832
Printing and mailing costs		10,995			79,369			27,004
Registration fees		53,536			70,163			59,933
Custody, accounting and administrative services		25,348			65,373			23,385
Professional fees		65,928			59,882			96,121
Trustee fees		7,930			8,803			8,065
Service Share fees — Service Plan		—			2,045			—
Service Share fees — Shareholder Administration Plan		—			2,045			—
Other		4,015			13,623			7,507
Total expenses		204,868			5,192,027			813,388
Less — expense reductions		(164,342	)		(283,751	)		(220,338	)
Net expenses		40,526			4,908,276			593,050
NET INVESTMENT INCOME		57,103			2,026,414			88,044
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $0, $315 and $0)		242,054			9,915,116			5,757,635
Net change in unrealized loss on:
Investments — unaffiliated issuers		(191,309	)		(51,939,150	)		(13,950,481	)
Net realized and unrealized gain (loss)		50,745			(42,024,034	)		(8,192,846	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	107,848		$	(39,997,620	)	$	(8,104,802	)

(a) Class specific Distribution and/or 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		Class R		Class R6
Blue Chip Fund	$	3,194	$	3,022	$	47	$	2,300	$	544	$	732	$	—	$	239	$	286	$	17	$	101
Capital Growth Fund		873,623		122,282		20,158		629,009		22,011		12,975		327		7,483		13,381		7,257		161
Concentrated Growth Fund		7,196		5,633		78		5,181		1,014		2,621		—		307		18,653		28		28

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations(continued)

For the Six Months Ended February 28, 2019 (Unaudited)

	Flexible Cap Fund			Growth Opportunities Fund			Small/Mid Cap Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $68, $0 and $0)	$	164,536		$	5,998,138		$	6,570,221
Dividends — affiliated issuers		9			57,201			123,185
Securities lending income — affiliated issuer		49			254,322			533,085
Total investment income		164,594			6,309,661			7,226,491
Expenses:
Management fees		51,797			7,898,967			8,900,354
Distribution and Service fees(a)		12,343			837,560			1,364,428
Transfer Agency fees(a)		7,678			704,396			1,075,164
Printing and mailing costs		11,471			95,963			137,498
Registration fees		59,296			84,036			96,846
Custody, accounting and administrative services		25,473			73,997			77,522
Professional fees		51,484			50,456			50,457
Service Share fees — Service Plan		—			36,040			20,588
Service Share fees — Shareholder Administration Plan		—			36,040			20,588
Trustee fees		7,940			9,824			10,096
Other		4,148			29,260			34,657
Total expenses		231,630			9,856,539			11,788,198
Less — expense reductions		(160,073	)		(539,398	)		(212,859	)
Net expenses		71,557			9,317,141			11,575,339
NET INVESTMENT INCOME (LOSS)		93,037			(3,007,480	)		(4,348,848	)
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $0, $0 and $7,142)		452,145			206,411,864			206,486,596
Net change in unrealized loss on:
Investments — unaffiliated issuers		(1,382,659	)		(270,464,484	)		(298,639,305	)
Net realized and unrealized loss		(930,514	)		(64,052,620	)		(92,152,709	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(837,477	)	$	(67,060,100	)	$	(96,501,557	)

(a) Class specific Distribution and/or 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		Class R		Class R6
Flexible Cap Fund	$	6,383	$	5,844	$	116	$	4,596	$	1,052	$	257	$	—	$	57	$	1,666	$	42	$	8
Growth Opportunities Fund		455,737		262,153		119,670		328,130		47,188		173,934		5,766		63,434		11,402		43,081		31,461
Small/Mid Cap Growth Fund		368,729		947,161		48,538		265,485		170,489		178,720		3,294		402,248		31,257		17,474		6,197

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations(continued)

For the Six Months Ended February 28, 2019 (Unaudited)

	Strategic Growth Fund			Technology Opportunities Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,234 and $6,645)	$	936,840		$	1,745,414
Dividends — affiliated issuers		2,216			19,100
Securities lending income — affiliated issuer		11,647			2
Total investment income		950,703			1,764,516
Expenses:
Management fees		651,542			2,197,124
Registration fees		70,455			51,659
Distribution and Service fees(a)		62,055			514,956
Professional fees		58,703			59,927
Transfer Agency fees(a)		58,294			331,212
Custody, accounting and administrative services		29,312			38,081
Printing and mailing costs		22,345			59,120
Trustee fees		8,112			8,385
Service Share fees — Service Plan		671			36,978
Service Share fees — Shareholder Administration Plan		671			36,978
Other		6,060			9,055
Total expenses		968,220			3,343,475
Less — expense reductions		(191,501	)		(241,067	)
Net expenses		776,719			3,102,408
NET INVESTMENT INCOME (LOSS)		173,984			(1,337,892	)
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $411 and $1,971)		15,884,292			21,152,782
Net change in unrealized loss on:
Investments — unaffiliated issuers		(29,145,120	)		(47,424,258	)
Net realized and unrealized loss		(13,260,828	)		(26,271,476	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,086,844	)	$	(27,609,368	)

(a) Class specific Distribution and/or 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		Class R		Class R6
Strategic Growth Fund	$	35,433	$	25,954	$	668	$	25,512	$	4,672	$	12,233	$	108	$	2,791	$	12,722	$	240	$	16
Technology Opportunities Fund		364,332		150,624		—		262,319		27,113		14,798		5,916		17,663		3,401		—		2

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets

		Blue Chip Fund						Capital Growth Fund
		For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
	Net investment income	$	57,103		$	78,007		$	2,026,414		$	727,493
	Net realized gain		242,054			745,297			9,915,116			283,002,758
	Net change in unrealized gain (loss)		(191,309	)		324,442			(51,939,150	)		(91,364,384	)
	Net increase (decrease) in net assets resulting from operations		107,848			1,147,746			(39,997,620	)		192,365,867
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(213,475	)		(399,773	)(a)		(220,760,416	)		(56,468,884	)(a)
	Class C Shares		(26,622	)		(55,004	)(a)		(8,782,823	)		(6,772,737	)(a)
	Institutional Shares		(279,538	)		(733,918	)(a)		(18,835,285	)		(13,142,477	)(a)
	Service Shares		—			—			(533,521	)		(125,587	)(a)
	Investor Shares		(20,921	)		(40,464	)(a)		(2,665,392	)		(787,742	)(a)
	Class P Shares(b)		(174,322	)		—			(26,269,986	)		—
	Class R Shares		(1,678	)		(4,440	)(a)		(2,616,026	)		(734,333	)(a)
	Class R6 Shares		(903	)		(2,356	)(a)		(16,308	)		(1,470	)(a)
	Total distributions to shareholders		(717,459	)		(1,235,955	)		(280,479,757	)		(78,033,230	)
	From share transactions:
	Proceeds from sales of shares		6,635,113			7,069,385			71,321,750			133,283,768
	Reinvestment of distributions		669,296			1,036,474			266,002,222			74,027,178
	Cost of shares redeemed		(6,127,610	)		(3,829,883	)		(151,645,656	)		(226,927,471	)
	Net increase (decrease) in net assets resulting from share transactions		1,176,799			4,275,976			185,678,316			(19,616,525	)
	TOTAL INCREASE (DECREASE)		567,188			4,187,767			(134,799,061	)		94,716,112
	Net assets:(c)
	Beginning of period		9,965,377			5,777,610			1,012,778,168			918,062,056
	End of period	$	10,532,565		$	9,965,377		$	877,979,107		$	1,012,778,168

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Class A		Class C		Institutional		Investor		Class R		Class R6
Blue Chip	$	(13,883)	$	(674)	$	(35,590)	$	(1,830)	$	(66)	$	(103)
Capital Growth		(463,240)		—		(645,455)		(31,502)		(10,246)		(80)

Distributions from net realized gains:	Class A		Class C		Institutional		Service		Investor		Class R		Class R6
Blue Chip	$	(385,890)	$	(54,330)	$	(698,328)	$	—	$	(38,634)	$	(4,374)	$	(2,253)
Capital Growth		(56,005,644)		(6,772,737)		(12,497,022)		(125,587)		(756,240)		(724,087)		(1,390)

(b) Class P Shares commenced operations on April 17, 2018.

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $65,008 and $714,653 for the Blue Chip and Capital Growth Funds, respectively as of August 31, 2018.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Concentrated Growth Fund						Flexible Cap Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	88,044		$	444,839		$	93,037		$	183,360
Net realized gain		5,757,635			22,191,534			452,145			4,574,331
Net change in unrealized gain (loss)		(13,950,481	)		11,135,644			(1,382,659	)		(1,262,467	)
Net increase (decrease) in net assets resulting from operations		(8,104,802	)		33,772,017			(837,477	)		3,495,224
Distributions to shareholders:
From distributable earnings:
Class A Shares		(710,810	)		(654,075	)(a)		(420,196	)		(1,426,826	)(a)
Class C Shares		(148,426	)		(290,281	)(a)		(104,102	)		(384,365	)(a)
Institutional Shares		(1,532,532	)		(16,290,367	)(a)		(114,070	)		(3,015,595	)(a)
Investor Shares		(44,432	)		(48,581	)(a)		(5,174	)		(47,179	)(a)
Class P Shares(b)		(14,440,076	)		—			(930,190	)		—
Class R Shares		(3,862	)		(3,177	)(a)		(3,964	)		(10,791	)(a)
Class R6 Shares		(11,481	)		(6,572	)(a)		(1,067	)		(2,983	)(a)
Total distributions to shareholders		(16,891,619	)		(17,293,053	)		(1,578,763	)		(4,887,739	)
From share transactions:
Proceeds from sales of shares		3,292,144			142,848,495			1,024,529			15,023,654
Reinvestment of distributions		16,689,324			16,915,941			1,575,048			4,887,739
Cost of shares redeemed		(20,353,400	)		(160,682,995	)		(3,339,229	)		(16,024,957	)
Net increase (decrease) in net assets resulting from share transactions		(371,932	)		(918,559	)		(739,652	)		3,886,436
TOTAL INCREASE (DECREASE)		(25,368,353	)		15,560,405			(3,155,892	)		2,493,921
Net assets:(c)
Beginning of period		166,729,587			151,169,182			21,174,981			18,681,060
End of period	$	141,361,234		$	166,729,587		$	18,019,089		$	21,174,981

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Class A		Institutional		Investor		Class R6
Concentrated Growth	$	(1,554)	$	(532,295)	$	(853)	$	(242)
Flexible Cap		(6,194)		(57,444)		—		(59)

Distributions from net realized gains:	Class A		Class C		Institutional		Investor		Class R		Class R6
Concentrated Growth	$	(652,521)	$	(290,281)	$	(15,758,072)	$	(47,728)	$	(3,177)	$	(6,330)
Flexible Cap		(1,420,632)		(384,365)		(2,958,151)		(47,179)		(10,791)		(2,924)

(b) Class P Shares commenced operations on April 17, 2018.

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $372,138 and $134,009 for the Concentrated Growth and Flexible Cap Funds, respectively as of August 31, 2018.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Growth Opportunities Fund						Small/Mid Cap Growth Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment loss	$	(3,007,480	)	$	(9,381,477	)	$	(4,348,848	)	$	(10,951,565	)
Net realized gain		206,411,864			489,114,569			206,486,596			335,369,681
Net change in unrealized gain (loss)		(270,464,484	)		(46,209,290	)		(298,639,305	)		207,824,664
Net increase (decrease) in net assets resulting from operations		(67,060,100	)		433,523,802			(96,501,557	)		532,242,780
Distributions to shareholders:
From distributable earnings:
Class A Shares		(97,130,292	)		(83,073,494	)(a)		(49,982,088	)		(42,706,708	)(a)
Class C Shares		(19,969,153	)		(21,738,994	)(a)		(37,660,467	)		(31,198,094	)(a)
Institutional Shares		(187,967,343	)		(254,482,256	)(a)		(146,388,336	)		(141,294,637	)(a)
Service Shares		(8,365,708	)		(6,431,452	)(a)		(2,862,516	)		(2,192,847	)(a)
Investor Shares		(17,580,366	)		(21,849,524	)(a)		(73,001,992	)		(55,620,264	)(a)
Class P Shares(b)		(17,766,747	)		—			(34,099,828	)		—
Class R Shares		(13,633,189	)		(11,017,200	)(a)		(3,278,948	)		(3,313,405	)(a)
Class R6 Shares		(51,920,508	)		(26,019,891	)(a)		(6,417,937	)		(3,036,144	)(a)
Total distributions to shareholders		(414,333,306	)		(424,612,811	)		(353,692,112	)		(279,362,099	)
From share transactions:
Proceeds from sales of shares		220,070,833			663,942,711			236,253,596			667,329,618
Reinvestment of distributions		380,325,913			390,075,550			317,808,677			251,642,738
Cost of shares redeemed		(771,546,098	)		(1,467,615,153	)		(535,451,152	)		(889,675,339	)
Net increase (decrease) in net assets resulting from share transactions		(171,149,352	)		(413,596,892	)		18,611,121			29,297,017
TOTAL INCREASE (DECREASE)		(652,542,758	)		(404,685,901	)		(431,582,548	)		282,177,698
Net assets:(c)
Beginning of period		2,186,344,381			2,591,030,282			2,503,681,447			2,221,503,749
End of period	$	1,533,801,623		$	2,186,344,381		$	2,072,098,899		$	2,503,681,447

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net realized gains for the fiscal year ended August 31, 2018.

(b) Class P Shares commenced operations on April 17, 2018.

(c) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $1,128,660 and $(6,565,686) for the Growth Opportunities and Small/Mid Cap Growth Funds, respectively as of August 31, 2018.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)

	Strategic Growth Fund						Technology Opportunities Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income (loss)	$	173,984		$	498,210		$	(1,337,892	)	$	(3,146,930	)
Net realized gain		15,884,292			61,825,326			21,152,782			103,117,671
Net change in unrealized gain (loss)		(29,145,120	)		(5,938,473	)		(47,424,258	)		30,134,338
Net increase (decrease) in net assets resulting from operations		(13,086,844	)		56,385,063			(27,609,368	)		130,105,079
Distributions to shareholders:
From distributable earnings:
Class A Shares		(9,959,880	)		(5,870,001	)(a)		(59,848,450	)		(20,110,843	)(b)
Class C Shares		(2,011,947	)		(2,284,131	)(a)		(6,783,789	)		(4,428,142	)(b)
Institutional Shares		(19,817,247	)		(46,482,660	)(a)		(12,889,684	)		(5,936,457	)(b)
Service Shares		(180,451	)		(109,589	)(a)		(6,202,770	)		(1,573,961	)(b)
Investor Shares		(1,098,042	)		(459,379	)(a)		(3,690,377	)		(1,638,714	)(b)
Class P Shares(c)		(27,631,178	)		—			(4,533,680	)		—
Class R Shares		(97,377	)		(39,278	)(a)		—			—
Class R6 Shares		(4,416	)		(2,515	)(a)		(2,018	)		—	(d)
Total distributions to shareholders		(60,800,538	)		(55,247,553	)		(93,950,768	)		(33,688,117	)
From share transactions:
Proceeds from sales of shares		21,046,781			142,949,552			66,558,383			123,020,803
Reinvestment of distributions		59,192,504			53,450,381			87,902,456			31,099,776
Cost of shares redeemed		(63,440,269	)		(244,453,101	)		(109,952,134	)		(159,782,824	)
Net increase (decrease) in net assets resulting from share transactions		16,799,016			(48,053,168	)		44,508,705			(5,662,245	)
TOTAL INCREASE (DECREASE)		(57,088,366	)		(46,915,658	)		(77,051,431	)		90,754,717
Net assets:(e)
Beginning of period		222,759,245			269,674,903			537,610,548			446,855,831
End of period	$	165,670,879		$	222,759,245		$	460,559,117		$	537,610,548

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Institutional		Service		Investor		Class R		Class R6
Strategic Growth	$	(1,263,130)	$	(1,269)	$	(11,296)	$	(258)	$	(73)

Distributions from net realized gains:	Class A		Class C		Institutional		Service		Investor		Class R		Class R6
Strategic Growth	$	(5,870,001)	$	(2,284,131)	$	(45,219,530)	$	(108,320)	$	(448,083)	$	(39,020)	$	(2,442)

(b) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net realized gains for the fiscal year ended August 31, 2018.

(c) Class P Shares commenced operations on April 17, 2018.

(d) Commenced operations on December 29, 2017.

(e) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of ) net investment income was $501,594 and $(1,969,779) for the Strategic Growth and Technology Opportunities Funds, respectively as of August 31, 2018.

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.00		$	14.84		$	13.08		$	13.92		$	16.66		$	14.79
Net investment income(a)		0.06			0.11			0.07			0.09			0.09			0.06
Net realized and unrealized gain (loss)		(0.23	)		2.15			1.76			0.50			(0.17	)		3.23
Total from investment operations		(0.17	)		2.26			1.83			0.59			(0.08	)		3.29
Distributions to shareholders from net investment income		(0.08	)		(0.09	)		(0.07	)		(0.07	)		(0.07	)		(0.05	)
Distributions to shareholders from net realized gains		(1.09	)		(3.01	)		—	(b)		(1.36	)		(2.59	)		(1.37	)
Total distributions		(1.17	)		(3.10	)		(0.07	)		(1.43	)		(2.66	)		(1.42	)
Net asset value, end of period	$	12.66		$	14.00		$	14.84		$	13.08		$	13.92		$	16.66
Total return(c)		(0.51	)%		17.50	%		14.06	%		4.39	%		(1.22	)%		23.41	%
Net assets, end of period (in 000s)	$	2,969		$	2,533		$	1,880		$	2,124		$	3,086		$	4,542
Ratio of net expenses to average net assets		1.03	%(d)		1.04	%		1.17	%		1.22	%		1.21	%		1.20	%
Ratio of total expenses to average net assets		4.46	%(d)		5.12	%		4.64	%		3.60	%		2.81	%		3.04	%
Ratio of net investment income to average net assets		0.98	%(d)		0.81	%		0.53	%		0.67	%		0.57	%		0.37	%
Portfolio turnover rate(e)		37	%		71	%		77	%		49	%		67	%		67	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.40		$	14.36		$	12.69		$	13.56		$	16.33		$	14.58
Net investment income (loss)(a)		0.02			0.01			(0.02	)		(0.01	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		(0.22	)		2.07			1.69			0.50			(0.15	)		3.18
Total from investment operations		(0.20	)		2.08			1.67			0.49			(0.18	)		3.12
Distributions to shareholders from net investment income		(0.04	)		(0.03	)		—			—			—			—
Distributions to shareholders from net realized gains		(1.09	)		(3.01	)		—	(b)		(1.36	)		(2.59	)		(1.37	)
Total distributions		(1.13	)		(3.04	)		—	(b)		(1.36	)		(2.59	)		(1.37	)
Net asset value, end of period	$	12.07		$	13.40		$	14.36		$	12.69		$	13.56		$	16.33
Total return(c)		(0.86	)%		16.66	%		13.18	%		3.66	%		(1.96	)%		22.44	%
Net assets, end of period (in 000s)	$	1,346		$	172		$	178		$	195		$	355		$	247
Ratio of net expenses to average net assets		1.78	%(d)		1.80	%		1.92	%		1.97	%		1.97	%		1.95	%
Ratio of total expenses to average net assets		5.25	%(d)		5.86	%		5.38	%		4.33	%		3.56	%		3.78	%
Ratio of net investment income (loss) to average net assets		0.41	%(d)		0.05	%		(0.18	)%		(0.10	)%		(0.21	)%		(0.37	)%
Portfolio turnover rate(e)		37	%		71	%		77	%		49	%		67	%		67	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.10		$	14.92		$	13.17		$	14.01		$	16.75		$	14.85
Net investment income(a)		0.08			0.16			0.12			0.14			0.14			0.12
Net realized and unrealized gain (loss)		(0.22	)		2.17			1.77			0.51			(0.16	)		3.25
Total from investment operations		(0.14	)		2.33			1.89			0.65			(0.02	)		3.37
Distributions to shareholders from net investment income		(0.11	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)		(0.10	)
Distributions to shareholders from net realized gains		(1.09	)		(3.01	)		—	(b)		(1.36	)		(2.59	)		(1.37	)
Total distributions		(1.20	)		(3.15	)		(0.14	)		(1.49	)		(2.72	)		(1.47	)
Net asset value, end of period	$	12.76		$	14.10		$	14.92		$	13.17		$	14.01		$	16.75
Total return(c)		(0.31	)%		17.92	%		14.43	%		4.84	%		(0.82	)%		23.92	%
Net assets, end of period (in 000s)	$	829		$	4,969		$	3,499		$	4,754		$	10,855		$	8,995
Ratio of net expenses to average net assets		0.67	%(d)		0.68	%		0.79	%		0.82	%		0.81	%		0.80	%
Ratio of total expenses to average net assets		4.03	%(d)		4.65	%		4.28	%		3.16	%		2.42	%		2.65	%
Ratio of net investment income to average net assets		1.24	%(d)		1.20	%		0.88	%		1.10	%		0.93	%		0.76	%
Portfolio turnover rate(e)		37	%		71	%		77	%		49	%		67	%		67	%

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

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.11		$	14.92		$	13.16		$	13.98		$	16.72		$	14.83
Net investment income(a)		0.08			0.14			0.11			0.13			0.11			0.10
Net realized and unrealized gain (loss)		(0.23	)		2.18			1.76			0.50			(0.15	)		3.24
Total from investment operations		(0.15	)		2.32			1.87			0.63			(0.04	)		3.34
Distributions to shareholders from net investment income		(0.10	)		(0.12	)		(0.11	)		(0.09	)		(0.11	)		(0.08	)
Distributions to shareholders from net realized gains		(1.09	)		(3.01	)		—	(b)		(1.36	)		(2.59	)		(1.37	)
Total distributions		(1.19	)		(3.13	)		(0.11	)		(1.45	)		(2.70	)		(1.45	)
Net asset value, end of period	$	12.77		$	14.11		$	14.92		$	13.16		$	13.98		$	16.72
Total return(c)		(0.36	)%		17.86	%		14.27	%		4.67	%		(0.98	)%		23.71	%
Net assets, end of period (in 000s)	$	246		$	235		$	188		$	156		$	800		$	205
Ratio of net expenses to average net assets		0.78	%(d)		0.79	%		0.92	%		0.97	%		0.96	%		0.95	%
Ratio of total expenses to average net assets		4.23	%(d)		4.87	%		4.47	%		3.54	%		1.06	%		2.80	%
Ratio of net investment loss to average net assets		1.21	%(d)		1.06	%		0.78	%		0.97	%		0.73	%		0.61	%
Portfolio turnover rate(e)		37	%		71	%		77	%		49	%		67	%		67	%

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

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	14.11		$	13.06
Net investment income(b)		0.09			0.06
Net realized and unrealized gain (loss)		(0.24	)		0.99
Total from investment operations		(0.15	)		1.05
Distributions to shareholders from net investment income		(0.11	)		—
Distributions to shareholders from net realized gains		(1.09	)		—
Total distributions		(1.20	)		—
Net asset value, end of period	$	12.76		$	14.11
Total return(c)		(0.35	)%		8.04	%
Net assets, end of period (in 000s)	$	1,985		$	2,026
Ratio of net expenses to average net assets(d)		0.66	%		0.66	%
Ratio of total expenses to average net assets(d)		4.06	%		5.72	%
Ratio of net investment income to average net assets(d)		1.33	%		1.23	%
Portfolio turnover rate(e)		37	%		71	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.07		$	14.89		$	13.09		$	13.88		$	16.62		$	14.78
Net investment income(a)		0.05			0.08			0.04			0.07			0.04			0.02
Net realized and unrealized gain (loss)		(0.22	)		2.16			1.76			0.50			(0.16	)		3.23
Total from investment operations		(0.17	)		2.24			1.80			0.57			(0.12	)		3.25
Distributions to shareholders from net investment income		(0.06	)		(0.05	)		—			—			(0.03	)		(0.04	)
Distributions to shareholders from net realized gains		(1.09	)		(3.01	)		—	(b)		(1.36	)		(2.59	)		(1.37	)
Total distributions		(1.15	)		(3.06	)		—	(b)		(1.36	)		(2.62	)		(1.41	)
Net asset value, end of period	$	12.75		$	14.07		$	14.89		$	13.09		$	13.88		$	16.62
Total return(c)		(0.59	)%		17.21	%		13.77	%		4.18	%		(1.48	)%		23.06	%
Net assets, end of period (in 000s)	$	19		$	20		$	22		$	19		$	118		$	110
Ratio of net expenses to average net assets		1.28	%(d)		1.29	%		1.41	%		1.47	%		1.46	%		1.45	%
Ratio of total expenses to average net assets		4.71	%(d)		5.36	%		4.88	%		3.70	%		3.10	%		3.30	%
Ratio of net investment income to average net assets		0.70	%(d)		0.55	%		0.30	%		0.49	%		0.28	%		0.11	%
Portfolio turnover rate(e)		37	%		71	%		77	%		49	%		67	%		67	%

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

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS BLUE CHIP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Blue Chip Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.11		$	14.93		$	13.17		$	14.01		$	15.04
Net investment income(b)		0.11			0.16			0.13			0.14			0.01
Net realized and unrealized gain (loss)		(0.25	)		2.17			1.77			0.51			(1.04	)
Total from investment operations		(0.14	)		2.33			1.90			0.65			(1.03	)
Distributions to shareholders from net investment income		(0.11	)		(0.14	)		(0.14	)		(0.13	)		—
Distributions to shareholders from net realized gains		(1.09	)		(3.01	)		—	(c)		(1.36	)		—
Total distributions		(1.20	)		(3.15	)		(0.14	)		(1.49	)		—
Net asset value, end of period	$	12.77		$	14.11		$	14.93		$	13.17		$	14.01
Total return(d)		(0.30	)%		17.94	%		14.52	%		4.86	%		(6.85	)%
Net assets, end of period (in 000s)	$	3,139		$	11		$	11		$	10		$	9
Ratio of net expenses to average net assets		0.66	%(e)		0.68	%		0.77	%		0.81	%		0.76	%(e)
Ratio of total expenses to average net assets		3.98	%(e)		4.73	%		4.20	%		3.14	%		1.65	%(e)
Ratio of net investment income to average net assets		1.86	%(e)		1.16	%		0.95	%		1.09	%		1.08	%(e)
Portfolio turnover rate(f)		37	%		71	%		77	%		49	%		67	%

(a) Commenced operations on July 31, 2015.

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

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

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

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	32.46		$	28.92		$	24.15		$	24.80		$	28.16		$	28.13
Net investment income (loss)(a)		0.05			0.02			0.04			0.03			0.01			(0.01	)
Net realized and unrealized gain (loss)		(1.81	)		6.01			5.07			1.37			1.00			6.41
Total from investment operations		(1.76	)		6.03			5.11			1.40			1.01			6.40
Distributions to shareholders from net investment income		—			(0.02	)		(0.01	)		—			—			(0.08	)
Distributions to shareholders from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Total distributions		(9.33	)		(2.49	)		(0.34	)		(2.05	)		(4.37	)		(6.37	)
Net asset value, end of period	$	21.37		$	32.46		$	28.92		$	24.15		$	24.80		$	28.16
Total return(b)		(3.34	)%		22.01	%		21.47	%		5.79	%		3.34	%		25.50	%
Net assets, end of period (in 000s)	$	697,641		$	745,362		$	671,371		$	630,091		$	669,345		$	702,534
Ratio of net expenses to average net assets		1.14	%(c)		1.14	%		1.15	%		1.15	%		1.15	%		1.16	%
Ratio of total expenses to average net assets		1.21	%(c)		1.31	%		1.51	%		1.51	%		1.49	%		1.51	%
Ratio of net investment income (loss) to average net assets		0.41	%(c)		0.06	%		0.14	%		0.11	%		0.04	%		(0.05	)%
Portfolio turnover rate(d)		29	%		93	%		48	%		45	%		55	%		75	%

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

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

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	24.01		$	22.13		$	18.68		$	19.77		$	23.45		$	24.46
Net investment loss(a)		(0.04	)		(0.16	)		(0.12	)		(0.12	)		(0.15	)		(0.18	)
Net realized and unrealized gain (loss)		(1.50	)		4.51			3.90			1.08			0.84			5.46
Total from investment operations		(1.54	)		4.35			3.78			0.96			0.69			5.28
Distributions to shareholder from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Total distributions		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Net asset value, end of period	$	13.14		$	24.01		$	22.13		$	18.68		$	19.77		$	23.45
Total return(b)		(3.67	)%		21.11	%		20.59	%		4.98	%		2.55	%		24.57	%
Net assets, end of period (000s)	$	19,575		$	65,983		$	62,701		$	68,960		$	75,941		$	81,954
Ratio of net expenses to average net assets		1.89	%(c)		1.89	%		1.90	%		1.90	%		1.90	%		1.91	%
Ratio of total expenses to average net assets		1.96	%(c)		2.06	%		2.26	%		2.26	%		2.25	%		2.26	%
Ratio of net investment loss to average net assets		(0.39	)%(c)		(0.70	)%		(0.61	)%		(0.64	)%		(0.71	)%		(0.80	)%
Portfolio turnover rate(d)		29	%		93	%		48	%		45	%		55	%		75	%

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

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

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	35.76		$	31.60		$	26.35		$	26.82		$	30.01		$	29.57
Net investment income(a)		0.11			0.13			0.15			0.13			0.12			0.10
Net realized and unrealized gain (loss)		(1.93	)		6.62			5.54			1.49			1.06			6.79
Total from investment operations		(1.82	)		6.75			5.69			1.62			1.18			6.89
Distributions to shareholders from net investment income		(0.07	)		(0.12	)		(0.11	)		(0.04	)		—			(0.16	)
Distributions to shareholder from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Total distributions		(9.40	)		(2.59	)		(0.44	)		(2.09	)		(4.37	)		(6.45	)
Net asset value, end of period	$	24.54		$	35.76		$	31.60		$	26.35		$	26.82		$	30.01
Total return(b)		(3.16	)%		22.50	%		21.96	%		6.19	%		3.75	%		26.03	%
Net assets, end of period (000s)	$	58,489		$	77,293		$	165,948		$	141,442		$	173,539		$	147,642
Ratio of net expenses to average net assets		0.75	%(c)		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%
Ratio of total expenses to average net assets		0.82	%(c)		0.93	%		1.11	%		1.11	%		1.09	%		1.11	%
Ratio of net investment income to average net assets		0.78	%(c)		0.40	%		0.54	%		0.50	%		0.44	%		0.35	%
Portfolio turnover rate(d)		29	%		93	%		48	%		45	%		55	%		75	%

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

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

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	31.33		$	28.00		$	23.40		$	24.12		$	27.53		$	27.62
Net investment income (loss)(a)		0.04			(0.01	)		—			—	(b)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss)		(1.77	)		5.81			4.93			1.33			0.98			6.29
Total from investment operations		(1.73	)		5.80			4.93			1.33			0.96			6.25
Distributions to shareholders from net investment income		—			—			—			—			—			(0.05	)
Distributions to shareholder from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Total distributions		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.34	)
Net asset value, end of period	$	20.27		$	31.33		$	28.00		$	23.40		$	24.12		$	27.53
Total return(c)		(3.39	)%		21.91	%		21.36	%		5.66	%		3.23	%		25.39	%
Net assets, end of period (000s)	$	1,694		$	1,802		$	1,437		$	1,561		$	1,917		$	1,135
Ratio of net expenses to average net assets		1.25	%(d)		1.25	%		1.25	%		1.25	%		1.25	%		1.26	%
Ratio of total expenses to average net assets		1.32	%(d)		1.41	%		1.61	%		1.61	%		1.60	%		1.61	%
Ratio of net investment income (loss) to average net assets		0.30	%(d)		(0.04	)%		0.02	%		0.01	%		(0.08	)%		(0.15	)%
Portfolio turnover rate(e)		29	%		93	%		48	%		45	%		55	%		75	%

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

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	32.94		$	29.31		$	24.48		$	25.07		$	28.36		$	28.28
Net investment income(a)		0.08			0.09			0.11			0.08			0.07			0.06
Net realized and unrealized gain (loss)		(1.83	)		6.11			5.13			1.40			1.01			6.44
Total from investment operations		(1.75	)		6.20			5.24			1.48			1.08			6.50
Distributions to shareholders from net investment income		(0.05	)		(0.10	)		(0.08	)		(0.02	)		—			(0.13	)
Distributions to shareholders from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Total distributions		(9.38	)		(2.57	)		(0.41	)		(2.07	)		(4.37	)		(6.42	)
Net asset value, end of period	$	21.81		$	32.94		$	29.31		$	24.48		$	25.07		$	28.36
Total return(b)		(3.22	)%		22.35	%		21.77	%		6.05	%		3.59	%		25.80	%
Net assets, end of period (000s)	$	7,966		$	9,259		$	8,496		$	4,297		$	3,823		$	2,951
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%		0.90	%		0.90	%		0.90	%		0.91	%
Ratio of total expenses to average net assets		0.96	%(c)		1.06	%		1.26	%		1.26	%		1.24	%		1.26	%
Ratio of net investment loss to average net assets		0.65	%(c)		0.31	%		0.43	%		0.35	%		0.28	%		0.20	%
Portfolio turnover rate(d)		29	%		93	%		48	%		45	%		55	%		75	%

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

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

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	35.74		$	33.39
Net investment income(b)		0.11			0.09
Net realized and unrealized gain/ (loss)		(1.93	)		2.26
Total from investment operations		(1.82	)		2.35
Distributions to shareholders from net investment income		(0.09	)		—
Distributions to shareholders from net realized gains		(9.33	)		—
Total Distributions		(9.42	)		—
Net asset value, end of period	$	24.50		$	35.74
Total return(c)		(3.14	)%		7.04	%
Net assets, end of period (in 000s)	$	80,498		$	104,131
Ratio of net expenses to average net assets(d)		0.74	%		0.74	%
Ratio of total expenses to average net assets(d)		0.81	%		0.85	%
Ratio of net investment income to average net assets(d)		0.79	%		0.72	%
Portfolio turnover rate(e)		29	%		93	%

(a) Commenced operations April 7, 2018.

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	31.26		$	28.01		$	23.44		$	24.19		$	27.64		$	27.75
Net investment income (loss)(a)		0.02			(0.06	)		(0.03	)		(0.03	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss)		(1.77	)		5.81			4.93			1.33			0.98			6.31
Total from investment operations		(1.75	)		5.75			4.90			1.30			0.92			6.23
Distributions to shareholders from net investment income		—			(0.03	)		—			—			—			(0.05	)
Distributions to shareholders from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		(4.37	)		(6.29	)
Total distributions		(9.33	)		(2.50	)		(0.33	)		(2.05	)		(4.37	)		(6.34	)
Net asset value, end of period	$	20.18		$	31.26		$	28.01		$	23.44		$	24.19		$	27.64
Total return(b)		(3.46	)%		21.73	%		21.19	%		5.51	%		3.05	%		25.18	%
Net assets, end of period (000s)	$	8,171		$	8,887		$	8,093		$	3,450		$	3,500		$	3,571
Ratio of net expenses to average net assets		1.39	%(c)		1.39	%		1.40	%		1.40	%		1.40	%		1.41	%
Ratio of total expenses to average net assets		1.46	%(c)		1.56	%		1.77	%		1.76	%		1.74	%		1.76	%
Ratio of net investment income (loss) to average net assets		0.16	%(c)		(0.20	)%		(0.10	)%		(0.15	)%		(0.21	)%		(0.30	)%
Portfolio turnover rate(d)		29	%		93	%		48	%		45	%		55	%		75	%

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

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

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Capital Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015(a)
Per Share Data
Net asset value, beginning of period	$	35.75		$	31.60		$	26.34		$	26.82		$	28.86
Net investment income(b)		0.13			0.20			0.16			0.13			0.01
Net realized and unrealized gain (loss)		(1.95	)		6.55			5.55			1.49			(2.05	)
Total from investment operations		(1.82	)		6.75			5.71			1.62			(2.04	)
Distributions to shareholders from net investment income		(0.09	)		(0.13	)		(0.12	)		(0.05	)		—
Distributions to shareholders from net realized gains		(9.33	)		(2.47	)		(0.33	)		(2.05	)		—
Total distributions		(9.42	)		(2.60	)		(0.45	)		(2.10	)		—
Net asset value, end of period	$	24.51		$	35.75		$	31.60		$	26.34		$	26.82
Total return(c)		(3.15	)%		22.53	%		21.99	%		6.19	%		(7.07	)%
Net assets, end of period (000s)	$	3,945		$	60		$	16		$	10		$	9
Ratio of net expenses to average net assets		0.74	%(d)		0.74	%		0.75	%		0.74	%		0.76	%(d)
Ratio of total expenses to average net assets		0.80	%(d)		0.90	%		1.10	%		1.09	%		1.11	%(d)
Ratio of net investment income to average net assets		1.10	%(d)		0.60	%		0.56	%		0.52	%		0.54	%(d)
Portfolio turnover rate(e)		29	%		93	%		48	%		45	%		55	%

(a) Commenced operations on July 31, 2015.

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	19.33		$	17.62		$	15.06		$	16.06		$	18.94		$	17.05
Net investment income (loss)(a)		(0.02	)		(0.01	)		0.02			—	(b)		—	(c)(d)		(0.06	)
Net realized and unrealized gain (loss)		(0.96	)		3.82			2.64			0.81			0.55			3.78
Total from investment operations		(0.98	)		3.81			2.66			0.81			0.55			3.72
Distributions to shareholders from net investment income		—			—	(d)		(0.03	)		—			—			—
Distributions to shareholders from net realized gains		(2.10	)		(2.10	)		(0.07	)		(1.81	)		(3.43	)		(1.83	)
Total distributions		(2.10	)		(2.10	)		(0.10	)		(1.81	)		(3.43	)		(1.83	)
Net asset value, end of period	$	16.25		$	19.33		$	17.62		$	15.06		$	16.06		$	18.94
Total return(e)		(4.10	)%		23.68	%		17.75	%		5.10	%		2.54	%		22.88	%
Net assets, end of period (in 000s)	$	5,964		$	5,633		$	5,462		$	6,573		$	7,350		$	7,564
Ratio of net expenses to average net assets		1.16	%(f)		1.17	%		1.20	%		1.22	%		1.24	%		1.27	%
Ratio of total expenses to average net assets		1.50	%(f)		1.51	%		1.65	%		1.63	%		1.60	%		1.60	%
Ratio of net investment income (loss) to average net assets		(0.21	)%(f)		(0.05	)%		0.11	%		0.03	%(b)		0.02	%(c)		(0.32	)%
Portfolio turnover rate(g)		19	%		44	%		54	%(h)		55	%		47	%		60	%

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

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

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

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

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

(f) Annualized.

(g) 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.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	15.88		$	14.93		$	12.84		$	14.05		$	17.09		$	15.65
Net investment loss(a)		(0.07	)		(0.12	)		(0.08	)		(0.09	)(b)		(0.11	)(c)		(0.17	)
Net realized and unrealized gain (loss)		(0.81	)		3.17			2.24			0.69			0.50			3.44
Total from investment operations		(0.88	)		3.05			2.16			0.60			0.39			3.27
Distributions to shareholder from net realized gains		(2.10	)		(2.10	)		(0.07	)		(1.81	)		(3.43	)		(1.83	)
Net asset value, end of period	$	12.90		$	15.88		$	14.93		$	12.84		$	14.05		$	17.09
Total return(d)		(4.38	)%		22.74	%		16.88	%		4.27	%		1.78	%		21.98	%
Net assets, end of period (000s)	$	1,023		$	2,137		$	2,210		$	2,192		$	3,604		$	3,460
Ratio of net expenses to average net assets		1.91	%(e)		1.92	%		1.95	%		1.98	%		1.99	%		2.02	%
Ratio of total expenses to average net assets		2.25	%(e)		2.26	%		2.40	%		2.38	%		2.35	%		2.35	%
Ratio of net investment loss to average net assets		(1.03	)%(e)		(0.80	)%		(0.61	)%		(0.71	)%(b)		(0.74	)%(c)		(1.06	)%
Portfolio turnover rate(f)		19	%		44	%		54	%(g)		55	%		47	%		60	%

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

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

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

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

(e) Annualized.

(f) 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.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	20.61		$	18.65		$	15.94		$	16.88		$	19.71		$	17.63
Net investment income(a)		0.01			0.06			0.09			0.07	(b)		0.08	(c)		0.02
Net realized and unrealized gain (loss)		(1.00	)		4.07			2.78			0.84			0.57			3.92
Total from investment operations		(0.99	)		4.13			2.87			0.91			0.65			3.94
Distributions to shareholders from net investment income		(0.02	)		(0.07	)		(0.09	)		(0.04	)		(0.05	)		(0.03	)
Distributions to shareholders from net realized gains		(2.10	)		(2.10	)		(0.07	)		(1.81	)		(3.43	)		(1.83	)
Total distributions		(2.12	)		(2.17	)		(0.16	)		(1.85	)		(3.48	)		(1.86	)
Net asset value, end of period	$	17.50		$	20.61		$	18.65		$	15.94		$	16.88		$	19.71
Total return(d)		(3.87	)%		24.13	%		18.22	%		5.47	%		2.97	%		23.44	%
Net assets, end of period (000s)	$	12,168		$	15,286		$	142,623		$	134,818		$	155,652		$	169,387
Ratio of net expenses to average net assets		0.80	%(e)		0.81	%		0.82	%		0.82	%		0.84	%		0.87	%
Ratio of total expenses to average net assets		1.11	%(e)		1.20	%		1.26	%		1.23	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		0.13	%(e)		0.31	%		0.51	%		0.43	%(b)		0.42	%(c)		0.09	%
Portfolio turnover rate(f)		19	%		44	%		54	%(g)		55	%		47	%		60	%

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

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

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

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

(e) Annualized.

(f) 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.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	19.66		$	17.88		$	15.28		$	16.26		$	19.10		$	17.15
Net investment income (loss)(a)		—	(b)		0.03			0.07			0.04	(c)		0.05	(d)		(0.01	)
Net realized and unrealized gain (loss)		(0.97	)		3.88			2.67			0.81			0.56			3.81
Total from investment operations		(0.97	)		3.91			2.74			0.85			0.61			3.80
Distributions to shareholders from net investment income		(0.03	)		(0.03	)		(0.07	)		(0.02	)		(0.02	)		(0.02	)
Distributions to shareholders from net realized gains		(2.10	)		(2.10	)		(0.07	)		(1.81	)		(3.43	)		(1.83	)
Total distributions		(2.13	)		(2.13	)		(0.14	)		(1.83	)		(3.45	)		(1.85	)
Net asset value, end of period	$	16.56		$	19.66		$	17.88		$	15.28		$	16.26		$	19.10
Total return(e)		(3.95	)%		23.94	%		18.14	%		5.31	%		2.84	%		23.20	%
Net assets, end of period (000s)	$	224		$	463		$	780		$	452		$	342		$	385
Ratio of net expenses to average net assets		0.91	%(f)		0.92	%		0.95	%		0.97	%		0.99	%		1.02	%
Ratio of total expenses to average net assets		1.25	%(f)		1.26	%		1.41	%		1.38	%		1.35	%		1.35	%
Ratio of net investment loss to average net assets		0.02	%(f)		0.17	%		0.45	%		0.27	%(c)		0.29	%(d)		(0.06	)%
Portfolio turnover rate(g)		19	%		44	%		54	%(h)		55	%		47	%		60	%

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

(b) Rounds to less than $0.01 per share.

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

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

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

(f) Annualized.

(g) 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.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	20.60		$	18.54
Net investment income(b)		0.01			0.02
Net realized and unrealized gain (loss)		(1.01	)		2.04
Total from investment operations		(1.00	)		2.06
Distributions to shareholders from net investment income		(0.05	)		—
Distributions to shareholders from net realized gains		(2.10	)		—
Total distributions		(2.15	)		—
Net asset value, end of period	$	17.45		$	20.60
Total return(c)		(3.87	)%		11.11	%
Net assets, end of period (in 000s)	$	121,452		$	143,078
Ratio of net expenses to average net assets(d)		0.79	%		0.79	%
Ratio of total expenses to average net assets(d)		1.10	%		0.72	%
Ratio of net investment income to average net assets(d)		0.15	%		0.32	%
Portfolio turnover rate(e)		19	%		44	%

(a) Commenced operations April 17, 2018.

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	18.68		$	17.13		$	14.65		$	15.71		$	18.64		$	16.84
Net investment loss(a)		(0.04	)		(0.05	)		(0.02	)		(0.04	)(b)		(0.05	)(c)		(0.10	)
Net realized and unrealized gain (loss)		(0.93	)		3.70			2.57			0.79			0.55			3.73
Total from investment operations		(0.97	)		3.65			2.55			0.75			0.50			3.63
Distributions to shareholder from net realized gains		(2.10	)		(2.10	)		(0.07	)		(1.81	)		(3.43	)		(1.83	)
Net asset value, end of period	$	15.61		$	18.68		$	17.13		$	14.65		$	15.71		$	18.64
Total return(d)		(4.19	)%		23.37	%		17.46	%		4.81	%		2.28	%		22.61	%
Net assets, end of period (000s)	$	33		$	34		$	25		$	22		$	27		$	14
Ratio of net expenses to average net assets		1.41	%(e)		1.42	%		1.45	%		1.48	%		1.49	%		1.50	%
Ratio of total expenses to average net assets		1.75	%(e)		1.75	%		1.91	%		1.89	%		1.87	%		1.84	%
Ratio of net investment loss to average net assets		(0.47	)%(e)		(0.29	)%		(0.14	)%		(0.25	)%(b)		(0.31	)%(c)		(0.55	)%
Portfolio turnover rate(f)		19	%		44	%		54	%(g)		55	%		47	%		60	%

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

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

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

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

(e) Annualized.

(f) 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.

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

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Concentrated Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	20.60		$	18.65		$	15.95		$	16.88		$	18.04
Net investment income(b)		0.02			0.06			0.13			0.07	(c)		0.01	(d)
Net realized and unrealized gain (loss)		(1.02	)		4.06			2.74			0.85			(1.17	)
Total from investment operations		(1.00	)		4.12			2.87			0.92			(1.16	)
Distributions to shareholders from net investment income		(0.05	)		(0.07	)		(0.10	)		(0.04	)		—
Distributions to shareholders from net realized gains		(2.10	)		(2.10	)		(0.07	)		(1.81	)		—
Total distributions		(2.15	)		(2.17	)		(0.17	)		(1.85	)		—
Net asset value, end of period	$	17.45		$	20.60		$	18.65		$	15.95		$	16.88
Total return(e)		(3.88	)%		24.09	%		18.17	%		5.56	%		(6.43	)%
Net assets, end of period (000s)	$	497		$	99		$	68		$	10		$	9
Ratio of net expenses to average net assets		0.79	%(f)		0.80	%		0.82	%		0.81	%		0.77	%(f)
Ratio of total expenses to average net assets		1.10	%(f)		1.09	%		1.32	%		1.21	%		1.48	%(f)
Ratio of net investment income to average net assets		0.24	%(f)		0.34	%		0.74	%		0.44	%(c)		0.46	%(d)(f)
Portfolio turnover rate(g)		19	%		44	%		54	%(h)		55	%		47	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

(g) 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.

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.66		$	14.09		$	11.74		$	11.90		$	13.21		$	11.83
Net investment income (loss)(a)		0.05			0.09			—	(b)		(0.02	)		(0.04	)(c)		(0.05	)
Net realized and unrealized gain (loss)		(0.56	)		2.17			2.36			0.59			0.63			3.01
Total from investment operations		(0.51	)		2.26			2.36			0.57			0.59			2.96
Distributions to shareholders from net investment income		(0.10	)		(0.01	)		—			—			—			—
Distributions to shareholders from net realized gains		(0.87	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Total distributions		(0.97	)		(3.69	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Net asset value, end of period	$	11.18		$	12.66		$	14.09		$	11.74		$	11.90		$	13.21
Total return(d)		(3.41	)%		18.82	%		20.14	%		4.93	%		4.59	%		26.62	%
Net assets, end of period (in 000s)	$	5,419		$	5,490		$	5,627		$	5,927		$	7,048		$	5,665
Ratio of net expenses to average net assets		0.96	%(e)		0.95	%		1.20	%		1.22	%		1.24	%		1.28	%
Ratio of total expenses to average net assets		2.68	%(e)		2.47	%		3.01	%		3.07	%		2.97	%		3.32	%
Ratio of net investment income (loss) to average net assets		0.80	%(e)		0.73	%		(0.01	)%		(0.21	)%		(0.30	)%(c)		(0.40	)%
Portfolio turnover rate(f)		23	%		157	%		47	%		46	%		41	%		56	%

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

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

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

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

(e) Annualized.

(f) 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.

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.00		$	12.75		$	10.71		$	11.00		$	12.43		$	11.29
Net investment income (loss)(a)		—	(b)		—	(b)		(0.09	)		(0.10	)		(0.12	)(c)		(0.14	)
Net realized and unrealized gain (loss)		(0.48	)		1.93			2.14			0.54			0.59			2.86
Total from investment operations		(0.48	)		1.93			2.05			0.44			0.47			2.72
Distributions to shareholders from net investment income		(0.03	)		—			—			—			—			—
Distributions to shareholders from net realized gains		(0.87	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Total distributions		(0.90	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Net asset value, end of period	$	9.62		$	11.00		$	12.75		$	10.71		$	11.00		$	12.43
Total return(d)		(3.80	)%		18.00	%		19.18	%		4.12	%		3.83	%		25.68	%
Net assets, end of period (in 000s)	$	1,202		$	1,304		$	1,512		$	1,474		$	1,802		$	1,119
Ratio of net expenses to average net assets		1.71	%(e)		1.70	%		1.95	%		1.97	%		1.98	%		2.03	%
Ratio of total expenses to average net assets		3.43	%(e)		3.20	%		3.76	%		3.82	%		3.71	%		4.09	%
Ratio of net investment income (loss) to average net assets		0.05	%(e)		(0.02	)%		(0.75	)%		(0.96	)%		(1.04	)%(c)		(1.15	)%
Portfolio turnover rate(f)		23	%		157	%		47	%		46	%		41	%		56	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.61		$	14.88		$	12.35		$	12.44		$	13.68		$	12.17
Net investment income(a)		0.07			0.14			0.05			0.02			0.01	(b)		—	(c)
Net realized and unrealized gain (loss)		(0.59	)		2.33			2.49			0.62			0.65			3.11
Total from investment operations		(0.52	)		2.47			2.54			0.64			0.66			3.11
Distributions to shareholders from net investment income		(0.12	)		(0.06	)		—			—			—			(0.02	)
Distributions to shareholders from net realized gains		(0.87	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Total distributions		(0.99	)		(3.74	)		(0.01	)		(0.73	)		(1.90	)		(1.60	)
Net asset value, end of period	$	12.10		$	13.61		$	14.88		$	12.35		$	12.44		$	13.68
Total return(d)		(3.24	)%		19.29	%		20.61	%		5.29	%		4.99	%		27.21	%
Net assets, end of period (in 000s)	$	648		$	1,633		$	11,111		$	9,330		$	8,586		$	8,262
Ratio of net expenses to average net assets		0.59	%(e)		0.59	%		0.82	%		0.82	%		0.84	%		0.88	%
Ratio of total expenses to average net assets		2.28	%(e)		2.01	%		2.62	%		2.68	%		2.57	%		2.92	%
Ratio of net investment income to average net assets		1.07	%(e)		1.04	%		0.38	%		0.20	%		0.09	%(b)		—	%(f)
Portfolio turnover rate(g)		23	%		157	%		47	%		46	%		41	%		56	%

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

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

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

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

(e) Annualized.

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

(g) 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.

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.35		$	14.63		$	12.16		$	12.27		$	13.53		$	12.05
Net investment income (loss)(a)		0.06			0.12			0.05			—	(b)		—	(b)(c)		(0.02	)
Net realized and unrealized gain (loss)		(0.57	)		2.28			2.43			0.62			0.64			3.08
Total from investment operations		(0.51	)		2.40			2.48			0.62			0.64			3.06
Distributions to shareholders from net investment income		(0.13	)		—			—			—			—			—
Distributions to shareholders from net realized gains		(0.87	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Total distributions		(1.00	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Net asset value, end of period	$	11.84		$	13.35		$	14.63		$	12.16		$	12.27		$	13.53
Total return(d)		(3.22	)%		19.08	%		20.43	%		5.20	%		4.88	%		26.98	%
Net assets, end of period (in 000s)	$	65		$	68		$	379		$	197		$	253		$	126
Ratio of net expenses to average net assets		0.71	%(e)		0.70	%		0.95	%		0.97	%		0.98	%		1.03	%
Ratio of total expenses to average net assets		2.43	%(e)		2.08	%		2.83	%		2.76	%		2.66	%		3.04	%
Ratio of net investment loss to average net assets		1.05	%(e)		0.88	%		0.35	%		0.03	%		(0.03	)%(c)		(0.17	)%
Portfolio turnover rate(f)		23	%		157	%		47	%		46	%		41	%		56	%

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

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

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

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

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	13.61		$	12.75
Net investment income(b)		0.07			0.09
Net realized and unrealized gain (loss)		(0.58	)		0.77
Total from investment operations		(0.51	)		0.86
Distributions to shareholders from net investment income		(0.15	)		—
Distributions to shareholder from net realized gains		(0.87	)		—
Total distributions		(1.02	)		—
Net asset value, end of period	$	12.08		$	13.61
Total return(c)		(3.17	)%		6.75	%
Net assets, end of period (in 000s)	$	10,436		$	12,616
Ratio of net expenses to average net assets(d)		0.58	%		0.58	%
Ratio of total expenses to average net assets(d)		2.28	%		3.14	%
Ratio of net investment income to average net assets(d)		1.16	%		1.79	%
Portfolio turnover rate(e)		23	%		157	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

(e) 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.

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.14		$	13.67		$	11.42		$	11.63		$	12.97		$	11.66
Net investment income (loss)(a)		0.03			0.06			(0.03	)		(0.05	)		(0.07	)(b)		(0.08	)
Net realized and unrealized gain (loss)		(0.53	)		2.09			2.29			0.57			0.63			2.97
Total from investment operations		(0.50	)		2.15			2.26			0.52			0.56			2.89
Distributions to shareholders from net investment income		(0.08	)		—			—			—			—			—
Distributions to shareholders from net realized gains		(0.87	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Total distributions		(0.95	)		(3.68	)		(0.01	)		(0.73	)		(1.90	)		(1.58	)
Net asset value, end of period	$	10.69		$	12.14		$	13.67		$	11.42		$	11.63		$	12.97
Total return(c)		(3.52	)%		18.50	%		19.83	%		4.61	%		4.43	%		26.38	%
Net assets, end of period (in 000s)	$	49		$	49		$	39		$	37		$	33		$	55
Ratio of net expenses to average net assets		1.21	%(d)		1.20	%		1.45	%		1.47	%		1.49	%		1.53	%
Ratio of total expenses to average net assets		2.93	%(d)		2.74	%		3.28	%		3.33	%		3.24	%		3.56	%
Ratio of net investment income (loss) to average net assets		0.55	%(d)		0.48	%		(0.23	)%		(0.45	)%		(0.55	)%(b)		(0.65	)%
Portfolio turnover rate(e)		23	%		157	%		47	%		46	%		41	%		56	%

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

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

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

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Flexible Cap Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.61		$	14.88		$	12.35		$	12.44		$	13.38
Net investment income(b)		0.09			0.15			0.05			0.03			—	(c)(d)
Net realized and unrealized gain (loss)		(0.60	)		2.32			2.49			0.61			(0.94	)
Total from investment operations		(0.51	)		2.47			2.54			0.64			(0.94	)
Distributions to shareholders from net investment income		(0.15	)		(0.06	)		—			—			—
Distributions to shareholders from net realized gains		(0.87	)		(3.68	)		(0.01	)		(0.73	)		—
Total distributions		(1.02	)		(3.74	)		(0.01	)		(0.73	)		—
Net asset value, end of period	$	12.08		$	13.61		$	14.88		$	12.35		$	12.44
Total return(e)		(3.19	)%		19.27	%		20.61	%		5.29	%		(7.03	)%
Net assets, end of period (in 000s)	$	200		$	14		$	12		$	10		$	9
Ratio of net expenses to average net assets		0.58	%(f)		0.58	%		0.82	%		0.81	%		0.84	%(f)
Ratio of total expenses to average net assets		2.31	%(f)		2.09	%		2.61	%		2.66	%		4.34	%(f)
Ratio of net investment income to average net assets		1.46	%(f)		1.11	%		0.39	%		0.22	%		0.24	%(f)(d)
Portfolio turnover rate(g)		23	%		157	%		47	%		46	%		41	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

(g) 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.

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	23.42		$	23.97		$	21.70		$	23.84		$	30.22		$	26.65
Net investment loss(a)		(0.05	)		(0.14	)		(0.12	)		(0.10	)(b)		(0.17	)(c)		(0.19	)
Net realized and unrealized gain (loss)		(0.88	)		4.20			2.94			0.77			(0.05	)		5.95
Total from investment operations		(0.93	)		4.06			2.82			0.67			(0.22	)		5.76
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		(6.16	)		(2.19	)
Net asset value, end of period	$	16.61		$	23.42		$	23.97		$	21.70		$	23.84		$	30.22
Total return(d)		(1.17	)%		19.37	%		13.40	%		3.39	%		(1.47	)%		22.57	%
Net assets, end of period (in 000s)	$	337,662		$	421,605		$	486,115		$	631,053		$	946,463		$	1,110,320
Ratio of net expenses to average net assets		1.29	%(e)		1.30	%		1.30	%		1.32	%		1.35	%		1.36	%
Ratio of total expenses to average net assets		1.39	%(e)		1.40	%		1.43	%		1.42	%		1.40	%		1.40	%
Ratio of net investment loss to average net assets		(0.56	)%(e)		(0.60	)%		(0.56	)%		(0.47	)%(b)		(0.65	)%(c)		(0.66	)%
Portfolio turnover rate(f)		29	%		60	%		61	%		55	%		51	%		59	%

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

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

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

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

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.11		$	17.95		$	16.52		$	18.95		$	25.42		$	22.89
Net investment loss(a)		(0.08	)		(0.22	)		(0.22	)		(0.20	)(b)		(0.30	)(c)		(0.34	)
Net realized and unrealized gain (loss)		(0.82	)		2.99			2.20			0.58			(0.01	)		5.06
Total from investment operations		(0.90	)		2.77			1.98			0.38			(0.31	)		4.72
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		(6.16	)		(2.19	)
Net asset value, end of period	$	9.33		$	16.11		$	17.95		$	16.52		$	18.95		$	25.42
Total return(d)		(1.52	)%		18.52	%		12.49	%		2.66	%		(2.23	)%		21.67	%
Net assets, end of period (in 000s)	$	49,894		$	77,990		$	91,086		$	128,788		$	168,461		$	191,125
Ratio of net expenses to average net assets		2.04	%(e)		2.05	%		2.05	%		2.07	%		2.10	%		2.11	%
Ratio of total expenses to average net assets		2.14	%(e)		2.15	%		2.18	%		2.17	%		2.15	%		2.15	%
Ratio of net investment loss to average net assets		(1.30	)%(e)		(1.35	)%		(1.32	)%		(1.23	)%(b)		(1.40	)%(c)		(1.41	)%
Portfolio turnover rate(f)		29	%		60	%		61	%		55	%		51	%		59	%

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

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

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

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

(e) Annualized.

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

The accompanying notes are an integral part of these financial statements. 113

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	27.78		$	27.54		$	24.76		$	26.71		$	33.02		$	28.83
Net investment loss(a)		(0.03	)		(0.07	)		(0.05	)		(0.03	)(b)		(0.07	)(c)		(0.08	)
Net realized and unrealized gain (loss)		(0.91	)		4.92			3.38			0.89			(0.08	)		6.46
Total from investment operations		(0.94	)		4.85			3.33			0.86			(0.15	)		6.38
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		(6.16	)		(2.19	)
Net asset value, end of period	$	20.96		$	27.78		$	27.54		$	24.76		$	26.71		$	33.02
Total return(d)		(0.96	)%		19.78	%		13.81	%		3.76	%		(1.08	)%		23.04	%
Net assets, end of period (in 000s)	$	730,236		$	1,178,239		$	1,670,808		$	2,160,714		$	3,171,058		$	3,750,790
Ratio of net expenses to average net assets		0.95	%(e)		0.96	%		0.95	%		0.95	%		0.95	%		0.96	%
Ratio of total expenses to average net assets		1.00	%(e)		1.01	%		1.03	%		1.02	%		1.00	%		1.00	%
Ratio of net investment loss to average net assets		(0.22	)%(e)		(0.26	)%		(0.21	)%		(0.11	)%(b)		(0.24	)%(c)		(0.26	)%
Portfolio turnover rate(f)		29	%		60	%		61	%		55	%		51	%		59	%

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

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

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

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

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	22.29		$	23.05		$	20.92		$	23.11		$	29.51		$	26.10
Net investment loss(a)		(0.06	)		(0.17	)		(0.15	)		(0.13	)(b)		(0.19	)(c)		(0.21	)
Net realized and unrealized gain (loss)		(0.87	)		4.02			2.83			0.75			(0.05	)		5.81
Total from investment operations		(0.93	)		3.85			2.68			0.62			(0.24	)		5.60
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		(6.16	)		(2.19	)
Net asset value, end of period	$	15.48		$	22.29		$	23.05		$	20.92		$	23.11		$	29.51
Total return(d)		(1.24	)%		19.21	%		13.22	%		3.27	%		(1.59	)%		22.42	%
Net assets, end of period (in 000s)	$	27,957		$	34,211		$	33,159		$	37,432		$	49,105		$	57,643
Ratio of net expenses to average net assets		1.45	%(e)		1.46	%		1.45	%		1.45	%		1.45	%		1.46	%
Ratio of total expenses to average net assets		1.50	%(e)		1.51	%		1.53	%		1.52	%		1.50	%		1.50	%
Ratio of net investment loss to average net assets		(0.72	)%(e)		(0.76	)%		(0.71	)%		(0.61	)%(b)		(0.75	)%(c)		(0.76	)%
Portfolio turnover rate(f)		29	%		60	%		61	%		55	%		51	%		59	%

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

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

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

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

(e) Annualized.

(f) 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.

The accompanying notes are an integral part of these financial statements. 115

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	24.59		$	24.90		$	22.46		$	24.52		$	30.85		$	27.10
Net investment loss(a)		(0.03	)		(0.08	)		(0.07	)		(0.05	)(b)		(0.11	)(c)		(0.12	)
Net realized and unrealized gain (loss)		(0.88	)		4.38			3.06			0.80			(0.06	)		6.06
Total from investment operations		(0.91	)		4.30			2.99			0.75			(0.17	)		5.94
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		(6.16	)		(2.19	)
Net asset value, end of period	$	17.80		$	24.59		$	24.90		$	22.46		$	24.52		$	30.85
Total return(d)		(1.02	)%		19.64	%		13.71	%		3.64	%		(1.25	)%		22.87	%
Net assets, end of period (in 000s)	$	85,954		$	93,889		$	132,003		$	135,930		$	171,980		$	143,249
Ratio of net expenses to average net assets		1.04	%(e)		1.05	%		1.05	%		1.07	%		1.10	%		1.11	%
Ratio of total expenses to average net assets		1.14	%(e)		1.15	%		1.18	%		1.17	%		1.15	%		1.15	%
Ratio of net investment loss to average net assets		(0.29	)%(e)		(0.35	)%		(0.31	)%		(0.23	)%(b)		(0.41	)%(c)		(0.41	)%
Portfolio turnover rate(f)		29	%		60	%		61	%		55	%		51	%		59	%

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

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

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

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

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	27.80		$	26.35
Net investment income (loss)(b)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss)		(0.91	)		1.49
Total from investment operations		(0.93	)		1.45
Distributions to shareholders from net realized gains		(5.88	)		—
Net asset value, end of period	$	20.99		$	27.80
Total return(c)		(0.97	)%		5.50	%
Net assets, end of period (in 000s)	$	66,430		$	94,974
Ratio of net expenses to average net assets		0.94	%(d)		0.95	%(d)
Ratio of total expenses to average net assets		0.99	%(d)		1.00	%(d)
Ratio of net investment income (loss) to average net assets		(0.21	)%(d)		(0.36	)%(d)
Portfolio turnover rate(e)		29	%		60	%

(a) Class P Shares commenced operations on April 17, 2018.

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

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

(d) Annualized.

(e) 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.

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	22.33		$	23.11		$	20.99		$	23.21		$	29.65		$	26.25
Net investment loss(a)		(0.07	)		(0.19	)		(0.17	)		(0.15	)(b)		(0.23	)(c)		(0.25	)
Net realized and unrealized gain (loss)		(0.87	)		4.02			2.84			0.74			(0.05	)		5.84
Total from investment operations		(0.94	)		3.83			2.67			0.59			(0.28	)		5.59
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		(6.16	)		(2.19	)
Net asset value, end of period	$	15.51		$	22.33		$	23.11		$	20.99		$	23.21		$	29.65
Total return(d)		(1.23	)%		19.06	%		13.13	%		3.12	%		(1.74	)%		22.25	%
Net assets, end of period (in 000s)	$	49,243		$	54,359		$	59,225		$	63,105		$	77,673		$	80,542
Ratio of net expenses to average net assets		1.54	%(e)		1.55	%		1.55	%		1.57	%		1.60	%		1.61	%
Ratio of total expenses to average net assets		1.64	%(e)		1.65	%		1.68	%		1.67	%		1.65	%		1.65	%
Ratio of net investment loss to average net assets		(0.81	)%(e)		(0.85	)%		(0.81	)%		(0.73	)%(b)		(0.90	)%(c)		(0.91	)%
Portfolio turnover rate(f)		29	%		60	%		61	%		55	%		51	%		59	%

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

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

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

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

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period End August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	27.80		$	27.55		$	24.77		$	26.71		$	28.49
Net investment loss(b)		(0.02	)		(0.07	)		(0.04	)		(0.04	)(c)		(0.01	)(d)
Net realized and unrealized gain (loss)		(0.92	)		4.93			3.37			0.91			(1.77	)
Total from investment operations		(0.94	)		4.86			3.33			0.87			(1.78	)
Distributions to shareholders from net realized gains		(5.88	)		(4.61	)		(0.55	)		(2.81	)		—
Net asset value, end of period	$	20.98		$	27.80		$	27.55		$	24.77		$	26.71
Total return(e)		(1.00	)%		19.80	%		13.80	%		3.81	%		(6.25	)%
Net assets, end of period (in 000s)	$	186,425		$	231,077		$	118,634		$	44,865		$	9
Ratio of net expenses to average net assets		0.94	%(f)		0.95	%		0.93	%		0.93	%		0.97	%(f)
Ratio of total expenses to average net assets		0.99	%(f)		0.99	%		1.01	%		1.01	%		1.02	%(f)
Ratio of Net investment loss		(0.20	)%(f)		(0.25	)%		(0.18	)%		(0.19	)%(c)		(0.32	)%(f)(d)
Portfolio turnover rate(g)		29	%		60	%		61	%		55	%		51	%

(a) Commenced operations on July 31, 2015.

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

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

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

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

(f) Annualized.

(g) 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.

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	23.94		$	21.81		$	19.85		$	20.72		$	20.90		$	18.63
Net investment loss(a)		(0.06	)(b)		(0.14	)(c)		(0.12	)(d)		(0.14	)(e)		(0.18	)(f)		(0.16	)(g)
Net realized and unrealized gain (loss)		(0.94	)		5.15			2.77			—			1.71			3.43
Total from investment operations		(1.00	)		5.01			2.65			(0.14	)		1.53			3.27
Distributions to shareholders from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		(1.71	)		(1.00	)
Net asset value, end of period	$	19.29		$	23.94		$	21.81		$	19.85		$	20.72		$	20.90
Total return(h)		(1.97	)%		25.22	%		13.78	%		(0.56	)%		7.67	%		17.97	%
Net assets, end of period (in 000s)	$	293,646		$	346,289		$	351,253		$	736,221		$	906,362		$	741,254
Ratio of net expenses to average net assets		1.27	%(i)		1.28	%		1.29	%		1.31	%		1.33	%		1.33	%
Ratio of total expenses to average net assets		1.31	%(i)		1.35	%		1.46	%		1.45	%		1.45	%		1.48	%
Ratio of net investment loss to average net assets		(0.59	)%(b)(i)		(0.64	)%(c)		(0.62	)%(d)		(0.73	)%(e)		(0.85	)%(f)		(0.82	)%(g)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%		43	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

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

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

(h) 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.

(i) Annualized.

(j) 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.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	20.60		$	19.27		$	17.75		$	18.74		$	19.20		$	17.31
Net investment loss(a)		(0.11	)(b)		(0.27	)(c)		(0.24	)(d)		(0.25	)(e)		(0.31	)(f)		(0.29	)(g)
Net realized and unrealized gain (loss)		(0.89	)		4.48			2.45			(0.01	)		1.56			3.18
Total from investment operations		(1.00	)		4.21			2.21			(0.26	)		1.25			2.89
Distributions to shareholder from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		(1.71	)		(1.00	)
Net asset value, end of period	$	15.95		$	20.60		$	19.27		$	17.75		$	18.74		$	19.20
Total return(h)		(2.32	)%		24.30	%		12.98	%		(1.34	)%		6.84	%		17.11	%
Net assets, end of period (000s)	$	184,670		$	232,881		$	217,385		$	265,282		$	268,384		$	221,451
Ratio of net expenses to average net assets		2.02	%(i)		2.03	%		2.04	%		2.06	%		2.08	%		2.08	%
Ratio of total expenses to average net assets		2.06	%(i)		2.10	%		2.21	%		2.20	%		2.20	%		2.23	%
Ratio of net investment loss to average net assets		(1.34	)%(b)(i)		(1.38	)%(c)		(1.36	)%(d)		(1.48	)%(e)		(1.60	)%(f)		(1.57	)%(g)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%		43	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

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

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

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

(h) 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.

(i) Annualized.

(j) 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.

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	25.63		$	23.08		$	20.89		$	21.69		$	21.71		$	19.25
Net investment loss(a)		(0.03	)(b)		(0.07	)(c)		(0.05	)(d)		(0.07	)(e)		(0.10	)(f)		(0.09	)(g)
Net realized and unrealized gain (loss)		(0.97	)		5.50			2.93			—			1.79			3.55
Total from investment operations		(1.00	)		5.43			2.88			(0.07	)		1.69			3.46
Distributions to shareholder from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		(1.71	)		(1.00	)
Net asset value, end of period	$	20.98		$	25.63		$	23.08		$	20.89		$	21.69		$	21.71
Total return(h)		(1.83	)%		25.69	%		14.21	%		(0.21	)%		8.15	%		18.39	%
Net assets, end of period (000s)	$	858,281		$	1,067,540		$	1,149,459		$	1,235,282		$	1,355,322		$	1,077,769
Ratio of net expenses to average net assets		0.92	%(i)		0.92	%		0.92	%		0.93	%		0.93	%		0.93	%
Ratio of total expenses to average net assets		0.92	%(i)		0.96	%		1.06	%		1.05	%		1.05	%		1.08	%
Ratio of net investment loss to average net assets		(0.24	)%(i)(b)		(0.27	)%(c)		(0.24	)%(d)		(0.35	)%(e)		(0.45	)%(f)		(0.42	)%(g)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%		43	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

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

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(h) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(i) Annualized.

(j) 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.

122 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	23.32		$	21.33		$	19.46		$	20.35		$	20.58		$	18.38
Net investment loss(a)		(0.07	)(b)		(0.17	)(c)		(0.14	)(d)		(0.16	)(e)		(0.20	)(f)		(0.18	)(g)
Net realized and unrealized gain (loss)		(0.94	)		5.04			2.70			—			1.68			3.38
Total from investment operations		(1.01	)		4.87			2.56			(0.16	)		1.48			3.20
Distributions to shareholder from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		(1.71	)		(1.00	)
Net asset value, end of period	$	18.66		$	23.32		$	21.33		$	19.46		$	20.35		$	20.58
Total return(h)		(2.07	)%		25.12	%		13.59	%		(0.67	)%		7.54	%		17.83	%
Net assets, end of period (000s)	$	17,623		$	18,210		$	16,520		$	13,956		$	12,695		$	8,692
Ratio of net expenses to average net assets		1.42	%(i)		1.42	%		1.42	%		1.43	%		1.42	%		1.43	%
Ratio of total expenses to average net assets		1.42	%(i)		1.46	%		1.56	%		1.55	%		1.55	%		1.58	%
Ratio of net investment loss to average net assets		(0.73	)%(b)(i)		(0.77	)%(c)		(0.73	)%(d)		(0.85	)%(e)		(0.95	)%(f)		(0.92	)%(g)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%		43	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.14% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(h) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(i) Annualized.

(j) 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.

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	24.85		$	22.48		$	20.39		$	21.21		$	21.30		$	18.93
Net investment loss(a)		(0.03	)(b)		(0.09	)(c)		(0.08	)(d)		(0.09	)(e)		(0.13	)(f)		(0.12	)(g)
Net realized and unrealized gain (loss)		(0.97	)		5.34			2.86			—			1.75			3.49
Total from investment operations		(1.00	)		5.25			2.78			(0.09	)		1.62			3.37
Distributions to shareholder from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		(1.71	)		(1.00	)
Net asset value, end of period	$	20.20		$	24.85		$	22.48		$	20.39		$	21.21		$	21.30
Total return(h)		(1.89	)%		25.57	%		14.06	%		(0.31	)%		7.97	%		18.22	%
Net assets, end of period (000s)	$	444,755		$	529,670		$	437,309		$	313,812		$	221,058		$	171,779
Ratio of net expenses to average net assets		1.02	%(i)		1.03	%		1.04	%		1.06	%		1.08	%		1.08	%
Ratio of total expenses to average net assets		1.06	%(i)		1.10	%		1.21	%		1.20	%		1.20	%		1.23	%
Ratio of net investment loss to average net assets		(0.33	)%(b)(i)		(0.38	)%(c)		(0.36	)%(d)		(0.48	)%(e)		(0.60	)%(f)		(0.57	)%(g)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%		43	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.14% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(h) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(i) Annualized.

(j) 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.

124 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net Asset Value, Beginning of Period	$	25.64		$	23.61
Net investment loss(b)		(0.02	)(c)		(0.03	)(d)
Net realized and unrealized gain (loss)		(0.97	)		2.06
Total from investment operations		(0.99	)		2.03
Distributions to shareholder from net realized gains		(3.65	)		—
Net asset value, end of Period	$	21.00		$	25.64
Total return(e)		(1.79	)%		8.60	%
Net assets, end of period (in 000s)	$	202,061		$	245,612
Ratio of net expenses to average net assets(f)		0.91	%		0.90	%
Ratio of total expenses to average net assets(f)		0.91	%		0.91	%
Ratio of net investment income (loss) to average net assets(f)		(0.23	)%(c)		(0.36	)%(d)
Portfolio turnover rate(g)		45	%		59	%

(a) Class P Shares commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) 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.

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	23.08		$	21.17		$	19.34		$	20.26		$	20.51		$	18.35
Net investment loss(a)		(0.08	)(b)		(0.19	)(c)		(0.17	)(d)		(0.18	)(e)		(0.23	)(f)		(0.21	)(g)
Net realized and unrealized gain (loss)		(0.93	)		4.98			2.69			(0.01	)		1.69			3.37
Total from investment operations		(1.01	)		4.79			2.52			(0.19	)		1.46			3.16
Distributions to shareholder from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		(1.71	)		(1.00	)
Net asset value, end of period	$	18.42		$	23.08		$	21.17		$	19.34		$	20.26		$	20.51
Total return(h)		(2.10	)%		24.92	%		13.47	%		(0.83	)%		7.46	%		17.63	%
Net assets, end of period (000s)	$	18,496		$	24,215		$	26,918		$	34,493		$	34,697		$	34,118
Ratio of net expenses to average net assets		1.52	%(i)		1.53	%		1.54	%		1.56	%		1.58	%		1.58	%
Ratio of total expenses to average net assets		1.56	%(i)		1.61	%		1.71	%		1.70	%		1.70	%		1.73	%
Ratio of net investment loss to average net assets		(0.84	)%(b)(i)		(0.90	)%(c)		(0.86	)%(d)		(0.98	)%(e)		(1.10	)%(f)		(1.07	)%(g)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%		43	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.14% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(h) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(i) Annualized.

(j) 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.

126 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	25.64		$	23.09		$	20.89		$	21.69		$	23.47
Net investment loss(b)		(0.02	)(c)		(0.06	)(d)		(0.04	)(e)		(0.06	)(f)		(0.01	)(g)
Net realized and unrealized gain (loss)		(0.97	)		5.49			2.93			0.01			(1.77	)
Total from investment operations		(0.99	)		5.43			2.89			(0.07	)		(1.78	)
Distributions to shareholder from net realized gains		(3.65	)		(2.88	)		(0.69	)		(0.73	)		—
Net asset value, end of period	$	21.00		$	25.64		$	23.09		$	20.89		$	21.69
Total return(h)		(1.79	)%		25.68	%		14.26	%		(0.21	)%		(7.58	)%
Net assets, end of period (000s)	$	52,566		$	39,263		$	22,660		$	9,785		$	9
Ratio of net expenses to average net assets		0.91	%(i)		0.91	%		0.90	%		0.92	%		0.92	%(i)
Ratio of total expenses to average net assets		0.91	%(i)		0.95	%		1.04	%		1.04	%		1.05	%(i)
Ratio of Net investment loss		(0.20	)%(c)(i)		(0.25	)%(d)		(0.18	)%(e)		(0.28	)%(f)		(0.34	)%(g)(i)
Portfolio turnover rate(j)		45	%		59	%		60	%		67	%		47	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(d) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(e) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.14% of average net assets.

(f) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.15% of average net assets.

(g) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(h) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(i) Annualized.

(j) 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.

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.83		$	13.79		$	11.91		$	11.86		$	13.50		$	12.29
Net investment income (loss)(a)		(0.01	)		(0.02	)		0.02			0.02			0.02	(b)		(0.01	)
Net realized and unrealized gain (loss)		(0.92	)		3.03			2.26			0.74			0.42			3.06
Total from investment operations		(0.93	)		3.01			2.28			0.76			0.44			3.05
Distributions to shareholders from net investment income		—			—			(0.04	)		(0.02	)		—			(0.01	)
Distributions to shareholders from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Total distributions		(4.27	)		(2.97	)		(0.40	)		(0.71	)		(2.08	)		(1.84	)
Net asset value, end of period	$	8.63		$	13.83		$	13.79		$	11.91		$	11.86		$	13.50
Total return(c)		(4.04	)%		25.59	%		19.79	%		6.48	%		3.09	%		26.74	%
Net assets, end of period (in 000s)	$	27,067		$	30,174		$	46,114		$	46,093		$	45,046		$	51,626
Ratio of net expenses to average net assets		1.14	%(d)		1.14	%		1.15	%		1.15	%		1.15	%		1.16	%
Ratio of total expenses to average net assets		1.35	%(d)		1.39	%		1.55	%		1.54	%		1.52	%		1.53	%
Ratio of net investment income (loss) to average net assets		(0.10	)%(d)		(0.15	)%		0.15	%		0.19	%		0.13	%(b)		(0.10	)%
Portfolio turnover rate(e)		16	%		40	%		54	%		56	%		52	%		64	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

128 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.81		$	11.46		$	10.00		$	10.12		$	11.90		$	11.09
Net investment loss(a)		(0.03	)		(0.09	)		(0.06	)		(0.05	)		(0.07	)(b)		(0.10	)
Net realized and unrealized gain (loss)		(0.80	)		2.41			1.88			0.62			0.37			2.74
Total from investment operations		(0.83	)		2.32			1.82			0.57			0.30			2.64
Distributions to shareholder from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Total distributions		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Net asset value, end of period	$	5.71		$	10.81		$	11.46		$	10.00		$	10.12		$	11.90
Total return(c)		(4.29	)%		24.61	%		18.89	%		5.70	%		2.23	%		25.83	%
Net assets, end of period (000s)	$	4,616		$	9,081		$	9,326		$	11,103		$	11,175		$	11,717
Ratio of net expenses to average net assets		1.89	%(d)		1.89	%		1.90	%		1.90	%		1.90	%		1.91	%
Ratio of total expenses to average net assets		2.10	%(d)		2.13	%		2.30	%		2.29	%		2.27	%		2.28	%
Ratio of net investment loss to average net assets		(0.88	)%(d)		(0.85	)%		(0.60	)%		(0.56	)%		(0.63	)%(b)		(0.85	)%
Portfolio turnover rate(e)		16	%		40	%		54	%		56	%		52	%		64	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.92		$	14.67		$	12.64		$	12.53		$	14.15		$	12.79
Net investment income(a)		0.02			0.04			0.07			0.07			0.07	(b)		0.04
Net realized and unrealized gain (loss)		(0.97	)		3.25			2.40			0.78			0.43			3.21
Total from investment operations		(0.95	)		3.29			2.47			0.85			0.50			3.25
Distributions to shareholders from net investment income		(0.03	)		(0.07	)		(0.08	)		(0.05	)		(0.04	)		(0.06	)
Distributions to shareholders from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Total distributions		(4.30	)		(3.04	)		(0.44	)		(0.74	)		(2.12	)		(1.89	)
Net asset value, end of period	$	9.67		$	14.92		$	14.67		$	12.64		$	12.53		$	14.15
Total return(c)		(3.85	)%		26.11	%		20.29	%		6.89	%		3.43	%		27.32	%
Net assets, end of period (000s)	$	55,502		$	75,470		$	211,311		$	294,952		$	326,619		$	332,401
Ratio of net expenses to average net assets		0.75	%(d)		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%
Ratio of total expenses to average net assets		0.96	%(d)		0.99	%		1.14	%		1.14	%		1.12	%		1.13	%
Ratio of net investment income to average net assets		0.28	%(d)		0.31	%		0.51	%		0.59	%		0.52	%(b)		0.30	%
Portfolio turnover rate(e)		16	%		40	%		54	%		56	%		52	%		64	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

130 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.67		$	13.70		$	11.85		$	11.81		$	13.47		$	12.28
Net investment income (loss)(a)		(0.01	)		(0.03	)		0.01			0.01			—	(b)(c)		(0.02	)
Net realized and unrealized gain (loss)		(0.92	)		3.00			2.24			0.73			0.42			3.05
Total from investment operations		(0.93	)		2.97			2.25			0.74			0.42			3.03
Distributions to shareholders from net investment income		—			(0.03	)		(0.04	)		(0.01	)		—			(0.01	)
Distributions to shareholders from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Total distributions		(4.27	)		(3.00	)		(0.40	)		(0.70	)		(2.08	)		(1.84	)
Net asset value, end of period	$	8.47		$	13.67		$	13.70		$	11.85		$	11.81		$	13.47
Total return(d)		(4.12	)%		25.48	%		19.66	%		6.40	%		2.93	%		26.55	%
Net assets, end of period (000s)	$	584		$	597		$	478		$	272		$	254		$	156
Ratio of net expenses to average net assets		1.25	%(e)		1.25	%		1.25	%		1.25	%		1.25	%		1.26	%
Ratio of total expenses to average net assets		1.47	%(e)		1.48	%		1.65	%		1.64	%		1.62	%		1.63	%
Ratio of net investment income (loss) to average net assets		(0.21	)%(e)		(0.21	)%		0.09	%		0.11	%		(0.01	)%(b)		(0.20	)%
Portfolio turnover rate(f)		16	%		40	%		54	%		56	%		52	%		64	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.89		$	14.66		$	12.63		$	12.53		$	14.14		$	12.80
Net investment income(a)		0.01			0.02			0.06			0.05			0.05	(b)		0.02
Net realized and unrealized gain (loss)		(0.97	)		3.24			2.40			0.78			0.44			3.20
Total from investment operations		(0.96	)		3.26			2.46			0.83			0.49			3.22
Distributions to shareholders from net investment income		(0.03	)		(0.06	)		(0.07	)		(0.04	)		(0.02	)		(0.05	)
Distributions to shareholders from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Total distributions		(4.30	)		(3.03	)		(0.43	)		(0.73	)		(2.10	)		(1.88	)
Net asset value, end of period	$	9.63		$	14.89		$	14.66		$	12.63		$	12.53		$	14.14
Total return(c)		(3.94	)%		25.90	%		20.15	%		6.69	%		3.34	%		27.03	%
Net assets, end of period (000s)	$	2,847		$	2,578		$	2,264		$	829		$	817		$	994
Ratio of net expenses to average net assets		0.89	%(d)		0.89	%		0.90	%		0.90	%		0.90	%		0.91	%
Ratio of total expenses to average net assets		1.11	%(d)		1.12	%		1.30	%		1.29	%		1.27	%		1.28	%
Ratio of net investment loss to average net assets		0.15	%(d)		0.15	%		0.48	%		0.44	%		0.37	%(b)		0.15	%
Portfolio turnover rate(e)		16	%		40	%		54	%		56	%		52	%		64	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

132 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018(a)
Per Share Data
Net Asset Value, Beginning of period	$	14.90		$	13.53
Net investment income(b)		0.02			0.01
Net realized and unrealized gain (loss)		(0.97	)		1.36
Total from investment operations		(0.95	)		1.37
Distributions to shareholders from net investment income		(0.04	)		—
Distributions to shareholders from net realized gains		(4.27	)		—
Total Distributions		(4.31	)		—
Net asset value, end of period	$	9.64		$	14.90
Total return(c)		(3.82	)%		10.13	%
Net assets, end of period (in 000s)	$	74,349		$	104,590
Ratio of net expenses to average net assets(d)		0.74	%		0.74	%
Ratio of total expenses to average net assets(d)		0.95	%		0.96	%
Ratio of net investment income to average net assets(d)		0.29	%		0.22	%
Portfolio turnover rate(e)		16	%		40	%

(a) Class P Shares commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.49		$	13.56		$	11.75		$	11.74		$	13.42		$	12.26
Net investment loss(a)		(0.02	)		(0.04	)		(0.01	)		(0.01	)		(0.01	)(b)		(0.04	)
Net realized and unrealized gain (loss)		(0.91	)		2.96			2.23			0.73			0.41			3.05
Total from investment operations		(0.93	)		2.92			2.22			0.72			0.40			3.01
Distributions to shareholders from net investment income		—	(c)		(0.02	)		(0.05	)		(0.02	)		—			(0.02	)
Distributions to shareholders from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		(2.08	)		(1.83	)
Total distributions		(4.27	)		(2.99	)		(0.41	)		(0.71	)		(2.08	)		(1.85	)
Net asset value, end of period	$	8.29		$	13.49		$	13.56		$	11.75		$	11.74		$	13.42
Total return(d)		(4.15	)%		25.29	%		19.56	%		6.18	%		2.78	%		26.49	%
Net assets, end of period (000s)	$	300		$	255		$	169		$	81		$	77		$	15
Ratio of net expenses to average net assets		1.39	%(e)		1.39	%		1.40	%		1.40	%		1.40	%		1.38	%
Ratio of total expenses to average net assets		1.61	%(e)		1.62	%		1.80	%		1.79	%		1.76	%		1.75	%
Ratio of net investment loss to average net assets		(0.33	)%(e)		(0.34	)%		(0.07	)%		(0.05	)%		(0.07	)%(b)		(0.30	)%
Portfolio turnover rate(f)		16	%		40	%		54	%		56	%��		52	%		64	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

134 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015(a)			2014
Per Share Data
Net asset value, beginning of period	$	14.91		$	14.66		$	12.63		$	12.53		$	13.36		$	—
Net investment income(b)		0.03			0.04			0.08			0.07			0.01	(c)		—
Net realized and unrealized gain (loss)		(0.98	)		3.25			2.40			0.77			(0.84	)		—
Total from investment operations		(0.95	)		3.29			2.48			0.84			(0.83	)		—
Distributions to shareholders from net investment income		(0.04	)		(0.07	)		(0.09	)		(0.05	)		—			—
Distributions to shareholders from net realized gains		(4.27	)		(2.97	)		(0.36	)		(0.69	)		—			—
Total distributions		(4.31	)		(3.04	)		(0.45	)		(0.74	)		—			—
Net asset value, end of period	$	9.65		$	14.91		$	14.66		$	12.63		$	12.53		$	—
Total return(d)		(3.84	)%		26.15	%		20.33	%		6.83	%		(6.21	)%		—	%
Net assets, end of period (000s)	$	406		$	15		$	12		$	10		$	9		$	—
Ratio of net expenses to average net assets		0.74	%(e)		0.74	%		0.75	%		0.76	%		0.73	%(e)		—	%
Ratio of total expenses to average net assets		0.99	%(e)		0.97	%		1.14	%		1.15	%		1.06	%(e)		—	%
Ratio of net investment income to average net assets		0.57	%(e)		0.30	%		0.57	%		0.59	%		0.68	%(c)(e)		—	%
Portfolio turnover rate(f)		16	%		40	%		54	%		56	%		52	%		—	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	27.91		$	23.04		$	18.73		$	17.93		$	18.97		$	15.20
Net investment loss(a)		(0.07	)		(0.16	)		(0.15	)		(0.12	)(b)		(0.14	)(c)		(0.15	)
Net realized and unrealized gain (loss)		(1.63	)		6.79			5.37			2.50			0.57			4.16
Total from investment operations		(1.70	)		6.63			5.22			2.38			0.43			4.01
Distributions to shareholders from net realized gains		(5.06	)		(1.76	)		(0.91	)		(1.58	)		(1.47	)		(0.24	)
Net asset value, end of period	$	21.15		$	27.91		$	23.04		$	18.73		$	17.93		$	18.97
Total return(d)		(4.40	)%		30.46	%		29.17	%		13.71	%		2.31	%		26.55	%
Net assets, end of period (in 000s)	$	290,938		$	312,289		$	268,746		$	233,097		$	250,087		$	260,982
Ratio of net expenses to average net assets		1.36	%(e)		1.38	%		1.42	%		1.47	%		1.48	%		1.51	%
Ratio of total expenses to average net assets		1.47	%(e)		1.48	%		1.53	%		1.55	%		1.54	%		1.55	%
Ratio of net investment loss to average net assets		(0.60	)%(e)		(0.65	)%		(0.74	)%		(0.68	)%(b)		(0.74	)%(c)		(0.85	)%
Portfolio turnover rate(f)		12	%		46	%		19	%		22	%		41	%		39	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

136 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	23.05		$	19.45		$	16.07		$	15.70		$	16.91		$	13.68
Net investment loss(a)		(0.13	)		(0.29	)		(0.25	)		(0.22	)(b)		(0.24	)(c)		(0.25	)
Net realized and unrealized gain (loss)		(1.42	)		5.65			4.54			2.17			0.50			3.72
Total from investment operations		(1.55	)		5.36			4.29			1.95			0.26			3.47
Distributions to shareholders from net realized gains		(5.06	)		(1.76	)		(0.91	)		(1.58	)		(1.47	)		(0.24	)
Net asset value, end of period	$	16.44		$	23.05		$	19.45		$	16.07		$	15.70		$	16.91
Total return(d)		(4.73	)%		29.49	%		28.18	%		12.87	%		1.53	%		25.54	%
Net assets, end of period (in 000s)	$	27,575		$	57,207		$	50,779		$	52,843		$	53,556		$	58,602
Ratio of net expenses to average net assets		2.11	%(e)		2.13	%		2.17	%		2.22	%		2.23	%		2.26	%
Ratio of total expenses to average net assets		2.22	%(e)		2.23	%		2.28	%		2.30	%		2.29	%		2.30	%
Ratio of net investment loss to average net assets		(1.40	)%(e)		(1.40	)%		(1.49	)%		(1.43	)%(b)		(1.49	)%(c)		(1.60	)%
Portfolio turnover rate(f)		12	%		46	%		19	%		22	%		41	%		39	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	30.78		$	25.15		$	20.29		$	19.22		$	20.16		$	16.08
Net investment loss(a)		(0.03	)		(0.07	)		(0.07	)		(0.05	)(b)		(0.07	)(c)		(0.08	)
Net realized and unrealized gain (loss)		(1.74	)		7.46			5.84			2.70			0.60			4.40
Total from investment operations		(1.77	)		7.39			5.77			2.65			0.53			4.32
Distributions to shareholders from net realized gains		(5.06	)		(1.76	)		(0.91	)		(1.58	)		(1.47	)		(0.24	)
Net asset value, end of period	$	23.95		$	30.78		$	25.15		$	20.29		$	19.22		$	20.16
Total return(d)		(4.20	)%		30.95	%		29.66	%		14.22	%		2.68	%		27.03	%
Net assets, end of period (in 000s)	$	73,023		$	87,522		$	85,095		$	83,746		$	92,483		$	99,039
Ratio of net expenses to average net assets		0.98	%(e)		0.99	%		1.02	%		1.07	%		1.08	%		1.11	%
Ratio of total expenses to average net assets		1.08	%(e)		1.09	%		1.13	%		1.15	%		1.14	%		1.15	%
Ratio of net investment loss to average net assets		(0.24	)%(e)		(0.26	)%		(0.34	)%		(0.27	)%(b)		(0.33	)%(c)		(0.45	)%
Portfolio turnover rate(f)		12	%		46	%		19	%		22	%		41	%		39	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

138 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	27.35		$	22.64		$	18.44		$	17.69		$	18.76		$	15.04
Net investment loss(a)		(0.08	)		(0.18	)		(0.16	)		(0.14	)(b)		(0.15	)(c)		(0.16	)
Net realized and unrealized gain (loss)		(1.60	)		6.65			5.27			2.47			0.55			4.12
Total from investment operations		(1.68	)		6.47			5.11			2.33			0.40			3.96
Distributions to shareholders from net realized gains		(5.06	)		(1.76	)		(0.91	)		(1.58	)		(1.47	)		(0.24	)
Net asset value, end of period	$	20.61		$	27.35		$	22.64		$	18.44		$	17.69		$	18.76
Total return(d)		(4.42	)%		30.28	%		29.03	%		13.61	%		2.17	%		26.49	%
Net assets, end of period (in 000s)	$	29,457		$	33,109		$	18,919		$	11,186		$	10,329		$	10,712
Ratio of net expenses to average net assets		1.48	%(e)		1.49	%		1.51	%		1.57	%		1.58	%		1.61	%
Ratio of total expenses to average net assets		1.58	%(e)		1.59	%		1.63	%		1.65	%		1.64	%		1.65	%
Ratio of net investment loss to average net assets		(0.73	)%(e)		(0.75	)%		(0.83	)%		(0.79	)%(b)		(0.84	)%(c)		(0.96	)%
Portfolio turnover rate(f)		12	%		46	%		19	%		22	%		41	%		39	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	30.33		$	24.84		$	20.08		$	19.07		$	20.04		$	16.01
Net investment loss(a)		(0.05	)		(0.11	)		(0.10	)		(0.08	)(b)		(0.10	)(c)		(0.11	)
Net realized and unrealized gain (loss)		(1.72	)		7.36			5.77			2.67			0.60			4.38
Total from investment operations		(1.77	)		7.25			5.67			2.59			0.50			4.27
Distributions to shareholders from net realized gains		(5.06	)		(1.76	)		(0.91	)		(1.58	)		(1.47	)		(0.24	)
Net asset value, end of period	$	23.50		$	30.33		$	24.84		$	20.08		$	19.07		$	20.04
Total return(d)		(4.27	)%		30.76	%		29.46	%		14.00	%		2.54	%		26.83	%
Net assets, end of period (in 000s)	$	18,837		$	22,520		$	23,317		$	6,741		$	6,103		$	3,228
Ratio of net expenses to average net assets		1.11	%(e)		1.13	%		1.16	%		1.22	%		1.23	%		1.26	%
Ratio of total expenses to average net assets		1.22	%(e)		1.23	%		1.28	%		1.30	%		1.29	%		1.30	%
Ratio of net investment loss to average net assets		(0.36	)%(e)		(0.40	)%		(0.46	)%		(0.43	)%(b)		(0.52	)%(c)		(0.59	)%
Portfolio turnover rate(f)		12	%		46	%		19	%		22	%		41	%		39	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

140 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	30.79		$	27.83
Net investment income (loss)(b)		(0.03	)		0.01
Net realized and unrealized gain (loss)		(1.74	)		2.95
Total from investment operations		(1.77	)		2.96
Distributions to shareholders from net realized gains		(5.06	)		—
Net asset value, end of Period	$	23.96		$	30.79
Total return(c)		(4.20	)%		10.64	%
Net assets, end of period (in 000s)	$	20,719		$	24,951
Ratio of net expenses to average net assets(d)		0.97	%		0.97	%
Ratio of total expenses to average net assets(d)		1.07	%		1.14	%
Ratio of net investment income (loss) to average net assets(d)		(0.22	)%		0.08	%
Portfolio turnover rate(e)		12	%		46	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

The accompanying notes are an integral part of these financial statements. 141

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Technology Opportunities Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	30.78		$	25.08
Net investment income (loss)(b)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss)		(1.74	)		5.74
Total from investment operations		(1.77	)		5.70
Distributions to shareholders from net realized gains		(5.06	)		—
Net asset value, end of period	$	23.95		$	30.78
Total return(c)		(4.21	)%		22.73	%
Net assets, end of period (in 000s)	$	12		$	12
Ratio of net expenses to average net assets(d)		0.98	%		0.98	%
Ratio of total expenses to average net assets(d)		1.04	%		1.08	%
Ratio of Net investment income (loss)(d)		(0.23	)%		(0.20	)%
Portfolio turnover rate(e)		12	%		46	%

(a) Commenced operations on December 29, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

142 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth	A, C, Institutional, Service, Investor, P*, R and R6	Diversified
Blue Chip Concentrated Growth and Flexible Cap	A, C, Institutional, Investor, P*, R and R6	Diversified
Technology Opportunities	A, C, Institutional, Service, Investor, P* and R6**	Diversified

* Commenced operations on April 17, 2018.

** Commenced operations on December 29, 2017.

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. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where

143

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of 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).

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

144

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 the 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.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

BLUE CHIP
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	157,199	$	—	$	—
North America		9,912,443		—		—
Investment Company		136,636		—		—
Total	$	10,206,278	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

145

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CAPITAL GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,334,048	$	—	$	—
Europe		40,027,319		—		—
North America		822,107,609		—		—
Investment Company		1,113,767		—		—
Securities Lending Reinvestment Vehicle		1,239,743		—		—
Total	$	865,822,486	$	—	$	—
CONCENTRATED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,419,473	$	—	$	—
Europe		6,233,160		—		—
North America		130,778,272		—		—
Total	$	139,430,905	$	—	$	—
FLEXIBLE CAP
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	65,675	$	—	$	—
Europe		502,787		—		—
North America		17,353,870		—		—
Total	$	17,922,332	$	—	$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Australia and Oceania	$	13,513,030	$	—	$	—
Europe		24,945,371		—		—
North America		1,471,582,254		—		—
Investment Company		16,991,395		—		—
Securities Lending Reinvestment Vehicle		15,382,880		—		—
Total	$	1,542,414,930	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

146

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL/MID CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	22,405,427	$	—	$	—
Europe		94,255,170		—		—
North America		1,868,109,970		—		—
Investment Company		64,720,804		—		—
Securities Lending Reinvestment Vehicle		38,657,890		—		—
Total	$	2,088,149,261	$	—	$	—
STRATEGIC GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	925,583	$	—	$	—
Europe		6,446,337		—		—
North America		155,314,139		—		—
Investment Company		1,262,216		—		—
Securities Lending Reinvestment Vehicle		491,111		—		—
Total	$	164,439,386	$	—	$	—
TECHNOLOGY OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	14,500,207	$	—	$	—
Australia and Oceania		7,221,796		—		—
Europe		15,945,770		—		—
North America		421,519,813		—		—
Total	$	459,187,586	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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.

147

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2019, contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the six month period ended February 28, 2019.

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Blue Chip		0.55	%		0.50	%		0.47	%		0.46	%		0.45	%		0.55	%		0.55	%
Capital Growth		0.71			0.64			0.61			0.61			0.61			0.71			0.71
Concentrated Growth		0.76			0.68			0.65			0.64			0.62			0.76			0.76
Flexible Cap		0.55			0.50			0.47			0.46			0.45			0.55			0.55
Growth Opportunities		0.92			0.92			0.83			0.79			0.77			0.92			0.90	^
Small/Mid Cap Growth		0.85			0.85			0.77			0.73			0.71			0.84			0.84
Strategic Growth		0.71			0.64			0.61			0.59			0.58			0.71			0.71
Technology Opportunities		0.94			0.85			0.80			0.79			0.77			0.94			0.94

# The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

^ Effective December 28, 2018, the Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.86% as an annual percentage rate of the Growth Opportunities Fund’s average daily net assets. This arrangement will remain in effect through at least December 28, 2019. Prior to December 28, 2018, the Investment Adviser did not contractually waive a portion of its management fee as an annual percentage rate of the Fund’s average daily net assets.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended February 28, 2019, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Blue Chip	$	137
Capital Growth		3,117
Concentrated Growth		123
Flexible Cap		1
Growth Opportunities		5,119
Small/Mid-Cap Growth		9,264
Strategic Growth		153
Technology Opportunities		1,494

148

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as 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 February 28, 2019, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Blue Chip	$	414	$	—
Capital Growth		11,610		9,203
Concentrated Growth		306		—
Flexible Cap		454		—
Growth Opportunities		3,461		604
Small/Mid Cap Growth		13,652		—
Strategic Growth		688		15
Technology Opportunities		6,207		414

149

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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% 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 assets attributable to Class A, Class C, Investor, and Class R Shares of the Growth Opportunities Fund. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.07% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Small/Mid Cap Growth Fund. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Prior to December 28, 2018 such waiver was 0.03%.

Effective December 28, 2018, 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 and Investor Shares of the Technology Opportunities Fund. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Prior to December 28, 2018, there was no transfer agency waiver in place for this fund.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Blue Chip and Concentrated Growth Funds. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Effective December 28, 2018, the transfer agency fee waiver was eliminated for the Flexible Cap Fund. Prior to December 28, 2018, Goldman Sachs had agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the 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 Blue Chip, Capital Growth, Concentrated Growth, Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds are 0.084%, 0.004%, 0.004%, 0.004%, 0.004%, 0.064%, 0.004%, and 0.004%, respectively. These Other Expense limitations will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to December 28, 2018, the Other Expense limitation for the Growth Opportunities Fund was 0.014%. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Blue Chip	$	137	$	520	$	163,685	$	164,342
Capital Growth		3,117		1,350		279,284		283,751
Concentrated Growth		123		1,099		219,116		220,338
Flexible Cap		1		638		159,434		160,073
Growth Opportunities		156,798		134,158		248,442		539,398
Small/Mid Cap Growth		9,264		203,595		—		212,859
Strategic Growth		153		32		191,316		191,501
Technology Opportunities		1,494		22,694		216,879		241,067

G.  Line of Credit Facility — As of February 28, 2019, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended February 28, 2019, Goldman Sachs earned $94, $9,955, $54,264, $6, and $2,186, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Flexible Cap, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds respectively.

The table below shows the transactions in and earnings from investments in the Government Money Market Fund — Institutional Shares for the six months ended February 28, 2019:

Fund	Market Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Market Value as of February 28, 2018		Shares as of February 28, 2018		Dividend Income
Blue Chip	$	99,977	$	2,843,244	$	(2,806,585	)	$	136,636		136,636	$	1,984
Capital Growth		5,675		25,988,516		(24,880,424	)		1,113,767		1,113,767		40,295
Concentrated Growth		—		5,784,707		(5,784,707	)		—		—		1,637
Flexible Cap		—		90,209		(90,209	)		—		—		9
Growth Opportunities		35,064,516		203,043,736		(221,116,857	)		16,991,395		16,991,395		57,201
Small/Mid Cap Growth		25,981,945		284,812,088		(246,073,229	)		64,720,804		64,720,804		123,185
Strategic Growth		570		4,996,176		(3,734,530	)		1,262,216		1,262,216		2,216
Technology Opportunities		1,263		20,501,425		(20,502,688	)		—		—		19,100

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Institutional			Investor			Class R			Class R6			Class P
Blue Chip		52	%		8	%		100	%		—	%		—	%
Concentrated Growth		—			10			65			—			—
Flexible Cap		—			44			56			7			—
Technology Opportunities		—			—			—			100			—

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were:

Fund	Purchases		Sales and Maturities
Blue Chip	$	3,831,821	$	3,613,481
Capital Growth		258,992,106		362,825,497
Concentrated Growth		27,279,420		44,758,880
Flexible Cap		4,388,446		6,405,805
Growth Opportunities		505,531,748		1,057,201,212
Small/Mid Cap Growth		967,579,421		1,334,029,396
Strategic Growth		29,323,754		72,616,660
Technology Opportunities		55,298,374		100,279,506

6. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to 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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6. SECURITIES LENDING (continued)

The Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2019, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2019:

Fund	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2019
Blue Chip	$	—	$	—	$	—		$	—
Capital Growth		2,135,000		11,297,577		(12,192,834	)		1,239,743
Concentrated Growth		—		3,267,775		(3,267,775	)		—
Flexible Cap		70,000		193,982		(263,982	)		—
Growth Opportunities		26,971,503		69,155,650		(80,744,273	)		15,382,880
Small/Mid Cap Growth		12,039,425		165,141,160		(138,522,695	)		38,657,890
Strategic Growth		—		2,973,470		(2,482,359	)		491,111
Technology Opportunities		—		—		—			—

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2018, the Funds’ certain timing differences on a tax basis were as follows:

	Blue Chip			Capital Growth			Concentrated Growth		Flexible Cap Growth		Growth Opportunities			Small/Mid Cap Growth			Strategic Growth		Technology Opportunities
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)	$	(64,352	)	$	(4	)	$	—	$	—	$	(894,899	)	$	(7,693,180	)	$	—	$	(1,990,540	)

As of February 28, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Blue Chip			Capital Growth			Concentrated Growth			Flexible Cap Growth			Growth Opportunities			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities
Tax Cost	$	9,031,365		$	681,623,506		$	94,153,675		$	14,432,303		$	1,224,892,259		$	1,737,159,600		$	96,523,586		$	249,613,169
Gross unrealized gain		1,259,092			206,258,444			47,852,523			4,037,957			345,977,662			425,908,448			70,077,146			214,529,909
Gross unrealized loss		(84,179	)		(22,059,464	)		(2,575,293	)		(547,928	)		(28,454,991	)		(74,918,787	)		(2,161,346	)		(4,955,492	)
Net unrealized gains (losses)	$	1,174,913		$	184,198,980		$	45,277,230		$	3,490,029		$	317,522,671		$	350,989,661		$	67,915,800		$	209,574,417

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences to the tax treatment of underlying fund investments, and partnership investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and have concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign 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 a Fund 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 a Fund have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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 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.

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is

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8. OTHER RISKS (continued)

subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk— A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.

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 a 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.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Blue Chip Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		68,313		$	802,837			48,018		$	657,169
Reinvestment of distributions		17,899			211,711			31,111			395,165
Shares redeemed		(32,582	)		(393,671	)		(24,957	)		(333,348	)
		53,630			620,877			54,172			718,986
Class C Shares
Shares sold		105,670			1,151,277			9,439			132,560
Reinvestment of distributions		2,215			24,978			4,157			50,601
Shares redeemed		(9,158	)		(98,684	)		(13,146	)		(177,027	)
		98,727			1,077,571			450			6,134
Institutional Shares
Shares sold		118,577			1,525,510			321,245			4,299,878
Reinvestment of distributions		20,066			239,180			43,322			554,953
Shares redeemed		(426,062	)		(5,397,379	)		(246,651	)		(3,257,586	)
		(287,419	)		(3,632,689	)		117,916			1,597,245
Investor Shares
Shares sold		11,401			129,372			5,260			78,320
Reinvestment of distributions		1,602			19,105			2,793			35,755
Shares redeemed		(10,393	)		(129,963	)		(4,015	)		(61,922	)
		2,610			18,514			4,038			52,153
Class P Shares(a)
Shares sold		—			—			143,625			1,901,458
Reinvestment of distributions		14,612			174,322			—			—
Shares redeemed		(2,719	)		(32,450	)		—			—
		11,893			141,872			143,625			1,901,458
Class R Shares
Shares sold		5			66			—			—
		5			66			—			—
Class R6 Shares
Shares sold		251,136			3,026,051			—			—
Shares redeemed		(5,989	)		(75,463	)		—			—
		245,147			2,950,588			—			—
NET INCREASE		124,593		$	1,176,799			320,201		$	4,275,976

(a) Class P Shares commenced operations on April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Capital Growth Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,061,909		$	57,635,143			470,845		$	14,194,828
Reinvestment of distributions		10,589,777			211,151,830			1,880,254			53,779,240
Shares redeemed		(2,968,011	)		(65,729,718	)		(2,606,109	)		(78,544,576	)
		9,683,675			203,057,255			(255,010	)		(10,570,508	)
Class C Shares
Shares sold		215,019			3,106,637			151,842			3,396,793
Reinvestment of distributions		658,461			8,079,315			308,446			6,554,474
Shares redeemed		(2,132,358	)		(47,372,858	)		(545,691	)		(12,374,122	)
		(1,258,878	)		(36,186,906	)		(85,403	)		(2,422,855	)
Institutional Shares
Shares sold		179,295			4,653,608			353,887			11,714,134
Reinvestment of distributions		645,191			14,798,485			383,700			12,097,584
Shares redeemed		(602,762	)		(15,968,125	)		(3,828,254	)		(129,206,221	)
		221,724			3,483,968			(3,090,667	)		(105,394,503	)
Service Shares
Shares sold		3,441			73,018			7,449			214,423
Reinvestment of distributions		26,626			503,495			4,219			116,439
Shares redeemed		(3,987	)		(82,371	)		(5,452	)		(161,928	)
		26,080			494,142			6,216			168,934
Investor Shares
Shares sold		33,997			1,017,960			77,368			2,371,012
Reinvestment of distributions		130,778			2,665,391			27,119			787,742
Shares redeemed		(80,635	)		(1,935,249	)		(113,254	)		(3,457,931	)
		84,140			1,748,102			(8,767	)		(299,177	)
Class P Shares(a)
Shares sold		24,006			536,888			2,945,245			100,138,566
Reinvestment of distributions		1,146,496			26,269,986			—			—
Shares redeemed		(798,430	)		(19,531,160	)		(31,994	)		(1,103,766	)
		372,072			7,275,714			2,913,251			99,034,800
Class R Shares
Shares sold		29,781			695,527			41,533			1,206,372
Reinvestment of distributions		133,698			2,517,533			25,005			690,229
Shares redeemed		(42,858	)		(981,172	)		(71,179	)		(2,071,048	)
		120,621			2,231,888			(4,641	)		(174,447	)
Class R6 Shares
Shares sold		160,479			3,602,969			1,366			47,640
Reinvestment of distributions		706			16,187			47			1,470
Shares redeemed		(1,915	)		(45,003	)		(236	)		(7,879	)
		159,270			3,574,153			1,177			41,231
NET INCREASE (DECREASE)		9,408,704		$	185,678,316			(523,844	)	$	(19,616,525	)

(a) Class P Shares commenced operations on April 17, 2018.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Concentrated Growth Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		85,514		$	1,488,069			47,183		$	854,216
Reinvestment of distributions		37,996			567,276			27,951			462,041
Shares redeemed		(48,071	)		(724,788	)		(93,617	)		(1,648,051	)
		75,439			1,330,557			(18,483	)		(331,794	)
Class C Shares
Shares sold		9,396			130,972			14,977			216,086
Reinvestment of distributions		10,648			126,388			16,964			231,562
Shares redeemed		(75,221	)		(1,140,262	)		(45,413	)		(655,381	)
		(55,177	)		(882,902	)		(13,472	)		(207,733	)
Institutional Shares
Shares sold		19,037			339,503			238,715			4,461,612
Reinvestment of distributions		93,159			1,497,144			916,262			16,164,951
Shares redeemed		(158,426	)		(2,572,316	)		(8,058,774	)		(155,237,739	)
		(46,230	)		(735,669	)		(6,903,797	)		(134,611,176	)
Investor Shares
Shares sold		605			10,000			2,312			41,258
Reinvestment of distributions		2,918			44,432			2,890			48,582
Shares redeemed		(13,521	)		(204,518	)		(25,306	)		(459,385	)
		(9,998	)		(150,086	)		(20,104	)		(369,545	)
Class P Shares(a)
Shares sold		56,395			947,206			7,079,978			137,241,255
Reinvestment of distributions		899,567			14,440,076			—			—
Shares redeemed		(940,355	)		(15,705,777	)		(135,342	)		(2,665,210	)
		15,607			(318,495	)		6,944,636			134,576,045
Class R Shares
Shares sold		136			2,053			190			3,196
Reinvestment of distributions		176			2,528			140			2,233
		312			4,581			330			5,429
Class R6 Shares
Shares sold		23,324			374,341			1,703			30,872
Reinvestment of distributions		715			11,480			373			6,572
Shares redeemed		(347	)		(5,739	)		(918	)		(17,229	)
		23,692			380,082			1,158			20,215
NET INCREASE (DECREASE)		3,645		$	(371,932	)		(9,732	)	$	(918,559	)

(a) Class P Shares commenced operations on April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Flexible Cap Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		59,964		$	610,740			44,120		$	543,131
Reinvestment of distributions		39,617			416,480			124,283			1,426,826
Shares redeemed		(48,681	)		(522,821	)		(134,271	)		(1,637,383	)
		50,900			504,399			34,132			332,574
Class C Shares
Shares sold		14,149			132,702			12,370			134,674
Reinvestment of distributions		11,501			104,102			38,360			384,365
Shares redeemed		(19,335	)		(177,117	)		(50,716	)		(575,778	)
		6,315			59,687			14			(56,739	)
Institutional Shares
Shares sold		5,190			68,080			145,836			2,009,232
Reinvestment of distributions		10,036			114,070			244,148			3,015,595
Shares redeemed		(81,698	)		(947,812	)		(1,016,698	)		(13,457,112	)
		(66,472	)		(765,662	)		(626,714	)		(8,432,285	)
Investor Shares
Shares sold		—			—			762			11,324
Reinvestment of distributions		465			5,174			3,905			47,179
Shares redeemed		(38	)		(405	)		(25,510	)		(349,741	)
		427			4,769			(20,843	)		(291,238	)
Class P Shares(a)
Shares sold		—			—			927,023			12,322,824
Reinvestment of distributions		81,854			930,190			—			—
Shares redeemed		(144,679	)		(1,653,541	)		(365	)		(4,905	)
		(62,825	)		(723,351	)		926,658			12,317,919
Class R Shares
Shares sold		97			1,056			206			2,469
Reinvestment of distributions		394			3,964			979			10,791
Shares redeemed		(1	)		(15	)		(3	)		(38	)
		490			5,005			1,182			13,222
Class R6 Shares
Shares sold		18,652			211,951			—			—
Reinvestment of distributions		94			1,068			241			2,983
Shares redeemed		(3,232	)		(37,518	)		—			—
		15,514			175,501			241			2,983
NET INCREASE (DECREASE)		(55,651	)	$	(739,652	)		314,670		$	3,886,436

(a) Class P Shares commenced operations on April 17, 2018.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Opportunities Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,866,891		$	53,784,079			3,005,035		$	67,000,700
Reinvestment of distributions		5,713,557			85,246,276			3,455,971			71,849,631
Shares redeemed		(6,253,568	)		(112,997,235	)		(8,739,880	)		(199,979,605	)
		2,326,880			26,033,120			(2,278,874	)		(61,129,274	)
Class C Shares
Shares sold		632,472			5,541,578			400,896			6,148,111
Reinvestment of distributions		2,034,557			17,090,278			1,349,765			19,409,623
Shares redeemed		(2,164,071	)		(29,185,909	)		(1,982,323	)		(31,376,379	)
		502,958			(6,554,053	)		(231,662	)		(5,818,645	)
Institutional Shares
Shares sold		3,746,899			78,932,414			12,411,664			329,983,353
Reinvestment of distributions		9,354,603			176,053,628			9,590,336			235,922,256
Shares redeemed		(20,683,611	)		(479,092,834	)		(40,260,760	)		(1,070,896,971	)
		(7,582,109	)		(224,106,792	)		(18,258,760	)		(504,991,362	)
Service Shares
Shares sold		153,827			2,316,012			237,767			4,982,361
Reinvestment of distributions		504,280			7,014,537			249,919			4,950,893
Shares redeemed		(386,759	)		(6,258,007	)		(391,144	)		(8,400,778	)
		271,348			3,072,542			96,542			1,532,476
Investor Shares
Shares sold		1,676,490			29,885,379			820,227			19,406,624
Reinvestment of distributions		1,100,078			17,579,243			1,002,231			21,848,644
Shares redeemed		(1,765,216	)		(36,065,824	)		(3,306,711	)		(78,457,853	)
		1,011,352			11,398,798			(1,484,253	)		(37,202,585	)
Class P Shares(a)
Shares sold		47,795			964,504			3,451,924			91,853,054
Reinvestment of distributions		943,033			17,766,747			—			—
Shares redeemed		(1,241,788	)		(25,817,659	)		(35,796	)		(968,937	)
		(250,960	)		(7,086,408	)		3,416,128			90,884,117
Class R Shares
Shares sold		306,428			5,012,210			449,764			9,622,684
Reinvestment of distributions		896,518			12,497,449			508,819			10,105,151
Shares redeemed		(462,412	)		(8,140,884	)		(1,087,386	)		(23,499,280	)
		740,534			9,368,775			(128,803	)		(3,771,445	)
Class R6 Shares
Shares sold		1,759,285			43,634,657			4,998,110			134,945,824
Reinvestment of distributions		2,500,146			47,077,755			1,055,619			25,989,352
Shares redeemed		(3,687,066	)		(73,987,746	)		(2,046,665	)		(54,035,350	)
		572,365			16,724,666			4,007,064			106,899,826
NET DECREASE		(2,407,632	)	$	(171,149,352	)		(14,862,618	)	$	(413,596,892	)

(a) Class P Shares commenced operations on April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Growth Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,509,935		$	30,308,122			2,856,873		$	62,878,815
Reinvestment of distributions		2,664,057			44,942,631			1,843,608			37,701,786
Shares redeemed		(3,414,644	)		(65,156,113	)		(6,344,603	)		(140,532,187	)
		759,348			10,094,640			(1,644,122	)		(39,951,586	)
Class C Shares
Shares sold		587,909			9,052,114			992,863			18,937,194
Reinvestment of distributions		2,471,157			34,522,065			1,607,766			28,441,383
Shares redeemed		(2,782,806	)		(44,750,840	)		(2,578,133	)		(49,560,402	)
		276,260			(1,176,661	)		22,496			(2,181,825	)
Institutional Shares
Shares sold		5,774,341			118,050,452			8,798,646			207,228,586
Reinvestment of distributions		6,539,687			119,937,857			5,605,047			122,358,178
Shares redeemed		(13,064,591	)		(254,293,235	)		(22,560,284	)		(539,432,759	)
		(750,563	)		(16,304,926	)		(8,156,591	)		(209,845,995	)
Service Shares
Shares sold		140,303			2,722,270			283,721			6,132,180
Reinvestment of distributions		148,708			2,426,917			90,894			1,811,511
Shares redeemed		(125,559	)		(2,419,868	)		(367,940	)		(8,095,318	)
		163,452			2,729,319			6,675			(151,627	)
Investor Shares
Shares sold		2,004,960			40,994,996			4,551,274			104,643,966
Reinvestment of distributions		4,131,670			72,965,292			2,624,748			55,592,168
Shares redeemed		(5,440,717	)		(109,091,825	)		(5,313,604	)		(121,151,439	)
		695,913			4,868,463			1,862,418			39,084,695
Class P Shares(a)
Shares sold		720,992			14,134,726			9,876,622			241,955,492
Reinvestment of distributions		1,858,301			34,099,828			—			—
Shares redeemed		(2,534,294	)		(47,892,010	)		(299,003	)		(7,511,628	)
		44,999			342,544			9,577,619			234,443,864
Class R Shares
Shares sold		135,845			2,450,671			317,878			6,760,064
Reinvestment of distributions		162,654			2,621,986			136,788			2,701,568
Shares redeemed		(343,472	)		(6,545,742	)		(677,172	)		(14,382,347	)
		(44,973	)		(1,473,085	)		(222,506	)		(4,920,715	)
Class R6 Shares
Shares sold		879,518			18,540,245			789,053			18,793,321
Reinvestment of distributions		342,894			6,292,101			139,018			3,036,144
Shares redeemed		(250,029	)		(5,301,519	)		(378,405	)		(9,009,259	)
		972,383			19,530,827			549,666			12,820,206
NET INCREASE		2,116,819		$	18,611,121			1,995,655		$	29,297,017

(a) Class P Shares commenced operations on April 17, 2018.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Growth Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		429,058		$	4,880,461			227,341		$	3,001,385
Reinvestment of distributions		1,136,370			9,022,776			441,271			5,193,762
Shares redeemed		(611,134	)		(5,249,326	)		(1,831,457	)		(25,715,496	)
		954,294			8,653,911			(1,162,845	)		(17,520,349	)
Class C Shares
Shares sold		196,533			1,065,946			102,964			1,013,891
Reinvestment of distributions		359,395			1,890,416			229,878			2,126,375
Shares redeemed		(586,676	)		(5,053,449	)		(307,183	)		(3,101,217	)
		(30,748	)		(2,097,087	)		25,659			39,049
Institutional Shares
Shares sold		1,145,404			11,290,237			2,619,924			37,776,009
Reinvestment of distributions		2,171,746			19,362,035			3,577,991			45,552,679
Shares redeemed		(2,636,426	)		(26,232,588	)		(15,544,589	)		(213,087,126	)
		680,724			4,419,684			(9,346,674	)		(129,758,438	)
Service Shares
Shares sold		13,521			121,260			10,389			135,781
Reinvestment of distributions		23,135			180,451			9,390			109,589
Shares redeemed		(11,393	)		(110,465	)		(11,003	)		(134,395	)
		25,263			191,246			8,776			110,975
Investor Shares
Shares sold		139,864			1,931,002			44,221			627,778
Reinvestment of distributions		123,585			1,098,042			36,139			459,379
Shares redeemed		(141,047	)		(1,378,963	)		(61,744	)		(857,438	)
		122,402			1,650,081			18,616			229,719
Class P Shares(a)
Shares sold		130,182			1,226,996			7,127,774			100,285,960
Reinvestment of distributions		3,106,814			27,631,178			—			—
Shares redeemed		(2,542,973	)		(25,391,640	)		(107,358	)		(1,520,921	)
		694,023			3,466,534			7,020,416			98,765,039
Class R Shares
Shares sold		18,942			167,384			8,880			108,748
Reinvestment of distributions		418			3,190			528			6,082
Shares redeemed		(2,077	)		(18,911	)		(2,986	)		(36,508	)
		17,283			151,663			6,422			78,322
Class R6 Shares
Shares sold		41,101			363,495			—			—
Reinvestment of distributions		496			4,416			197			2,515
Shares redeemed		(523	)		(4,927	)		—			—
		41,074			362,984			197			2,515
NET INCREASE (DECREASE)		2,504,315		$	16,799,016			(3,429,433	)	$	(48,053,168	)

(a) Class P Shares commenced operations on April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Technology Opportunities Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,666,237		$	41,412,994			1,564,274		$	39,091,434
Reinvestment of distributions		2,856,623			55,275,661			808,376			18,511,810
Shares redeemed		(1,957,099	)		(41,861,332	)		(2,847,576	)		(70,590,861	)
		2,565,761			54,827,323			(474,926	)		(12,987,617	)
Class C Shares
Shares sold		116,390			1,902,445			234,796			4,852,099
Reinvestment of distributions		392,107			5,909,052			214,052			4,071,263
Shares redeemed		(1,312,909	)		(28,236,419	)		(577,501	)		(11,975,931	)
		(804,412	)		(20,424,922	)		(128,653	)		(3,052,569	)
Institutional Shares
Shares sold		429,179			10,559,192			1,208,572			32,670,100
Reinvestment of distributions		570,904			12,497,081			213,984			5,390,254
Shares redeemed		(794,306	)		(20,448,672	)		(1,962,841	)		(55,514,738	)
		205,777			2,607,601			(540,285	)		(17,454,384	)
Service Shares
Shares sold		278,094			6,446,898			785,455			19,288,469
Reinvestment of distributions		317,847			5,994,587			66,210			1,487,735
Shares redeemed		(376,870	)		(8,074,144	)		(477,019	)		(11,667,353	)
		219,071			4,367,341			374,646			9,108,851
Investor Shares
Shares sold		41,363			1,023,166			118,583			3,180,541
Reinvestment of distributions		171,725			3,690,377			65,944			1,638,714
Shares redeemed		(154,030	)		(3,596,903	)		(380,809	)		(10,032,936	)
		59,058			1,116,640			(196,282	)		(5,213,681	)
Class P Shares(a)
Shares sold		182,564			5,213,688			810,455			23,928,160
Reinvestment of distributions		207,017			4,533,680			—			—
Shares redeemed		(335,136	)		(7,734,664	)		(34	)		(1,005	)
		54,445			2,012,704			810,421			23,927,155
Class R6 Shares(b)
Shares sold		—			—			399			10,000
Reinvestment of distributions		92			2,018			—			—
		92			2,018			399			10,000
NET INCREASE (DECREASE)		2,299,792		$	44,508,705			(154,680	)	$	(5,662,245	)

(a) Class P Shares commenced operations on April 17, 2018.

(b) Commenced operations on December 29, 2017.

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Fund Expenses — Six Month Period Ended February 28, 2019 (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), 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. The 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 September 1, 2018 through February 28, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses— The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes— The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Blue Chip Fund							Capital Growth Fund							Concentrated Growth Fund							Flexible Cap Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Class A
Actual	$	1,000.00	$	994.90		$	5.09	$	1,000.00	$	966.60		$	5.56	$	1,000.00	$	959.00		$	5.63	$	1,000.00	$	965.90		$	4.68
Hypothetical 5% return		1,000.00		1,019.69	+		5.16		1,000.00		1,019.69	+		5.71		1,000.00		1,019.69	+		5.81		1,000.00		1,019.69	+		4.81
Class C
Actual		1,000.00		991.40			8.79		1,000.00		963.30			9.20		1,000.00		956.20			9.26		1,000.00		962.00			8.32
Hypothetical 5% return		1,000.00		1,015.97	+		8.90		1,000.00		1,015.42	+		9.44		1,000.00		1,015.32	+		9.54		1,000.00		1,016.31	+		8.55
Institutional
Actual		1,000.00		996.90			3.32		1,000.00		968.40			3.66		1,000.00		961.30			3.89		1,000.00		967.60			2.88
Hypothetical 5% return		1,000.00		1,021.47	+		3.36		1,000.00		1,021.08	+		3.76		1,000.00		1,020.83	+		4.01		1,000.00		1,021.87	+		2.96
Service
Actual		—		—			—		1,000.00		966.10			6.09		—		—			—		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,021.08	+		6.26		—		—			—		—		—			—
Investor
Actual		1,000.00		996.40			3.86		1,000.00		967.80			4.34		1,000.00		960.50			4.42		1,000.00		967.80			3.46
Hypothetical 5% return		1,000.00		1,020.93	+		3.91		1,000.00		1,020.38	+		4.46		1,000.00		1,020.28	+		4.56		1,000.00		1,021.27	+		3.56
Class P
Actual		1,000.00		996.50			3.27		1,000.00		968.60			3.61		1,000.00		961.30			3.84		1,000.00		968.30			2.83
Hypothetical 5% return		1,000.00		1,021.52	+		3.31		1,000.00		1,021.52	+		3.71		1,000.00		1,021.52	+		3.96		1,000.00		1,021.52	+		2.91
Class R
Actual		1,000.00		994.10			6.33		1,000.00		965.40			6.77		1,000.00		958.10			6.85		1,000.00		964.80			5.89
Hypothetical 5% return		1,000.00		1,018.45	+		6.41		1,000.00		1,018.45	+		6.95		1,000.00		1,018.45	+		7.05		1,000.00		1,018.45	+		6.06
Class R6
Actual		1,000.00		997.00			3.27		1,000.00		968.50			3.61		1,000.00		961.20			3.84		1,000.00		968.10			2.83
Hypothetical 5% return		1,000.00		1,021.52	+		3.31		1,000.00		1,021.12	+		3.71		1,000.00		1,020.88	+		3.96		1,000.00		1,021.92	+		2.91

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. 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			Class R			Class R6
Blue Chip		1.03	%		1.78	%		0.67	%		—			0.78	%		0.66	%		1.28	%		0.66	%
Capital Growth		1.14			1.89			0.75			1.25	%		0.89			0.74			1.39			0.74
Concentrated Growth		1.16			1.91			0.80			—			0.91			0.79			1.41			0.79
Flexible Cap Growth		0.96			1.71			0.59			—			0.71			0.58			1.21			0.58

164

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited) (continued)

	Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Class A
Actual	$	1,000.00	$	988.30		$	6.36	$	1,000.00	$	980.30		$	6.24	$	1,000.00	$	959.60		$	5.54	$	1,000.00	$	956.00		$	6.60
Hypothetical 5% return		1,000.00		1,018.50	+		6.46		1,000.00		1,018.50	+		6.36		1,000.00		1,018.50	+		5.71		1,000.00		1,018.50	+		6.80
Class C
Actual		1,000.00		984.80			10.04		1,000.00		976.80			9.90		1,000.00		957.10			9.17		1,000.00		952.70			10.22
Hypothetical 5% return		1,000.00		1,014.68	+		10.19		1,000.00		1,014.78	+		10.09		1,000.00		1,015.42	+		9.44		1,000.00		1,014.33	+		10.54
Institutional
Actual		1,000.00		990.40			4.69		1,000.00		981.70			4.52		1,000.00		961.50			3.65		1,000.00		958.00			4.76
Hypothetical 5% return		1,000.00		1,020.08	+		4.76		1,000.00		1,020.23	+		4.61		1,000.00		1,021.08	+		3.76		1,000.00		1,019.93	+		4.91
Service
Actual		1,000.00		987.60			7.15		1,000.00		979.30			6.97		1,000.00		958.80			6.07		1,000.00		955.80			7.18
Hypothetical 5% return		1,000.00		1,017.75	+		7.25		1,000.00		1,017.75	+		7.10		1,000.00		1,017.75	+		6.26		1,000.00		1,017.75	+		7.40
Investor
Actual		1,000.00		989.80			5.13		1,000.00		981.10			5.01		1,000.00		960.60			4.33		1,000.00		957.30			5.39
Hypothetical 5% return		1,000.00		1,019.64	+		5.21		1,000.00		1,019.74	+		5.11		1,000.00		1,020.38	+		4.46		1,000.00		1,019.29	+		5.56
Class P
Actual		1,000.00		990.30			4.64		1,000.00		982.10			4.47		1,000.00		961.80			3.60		1,000.00		958.00			4.71
Hypothetical 5% return		1,000.00		1,020.28	+		4.71		1,000.00		1,020.28	+		4.56		1,000.00		1,020.28	+		3.71		1,000.00		1,020.28	+		4.86
Class R
Actual		1,000.00		987.70			7.59		1,000.00		979.00			7.46		1,000.00		958.50			6.75		—		—			—
Hypothetical 5% return		1,000.00		1,017.26	+		7.70		1,000.00		1,017.26	+		7.60		1,000.00		1,017.26	+		6.95		—		—			—
Class R6
Actual		1,000.00		990.00			4.64		1,000.00		982.10			4.47		1,000.00		961.60			3.60		1,000.00		957.90			4.76
Hypothetical 5% return		1,000.00		1,020.13	+		4.71		1,000.00		1,020.28	+		4.56		1,000.00		1,021.12	+		3.71		1,000.00		1,019.93	+		4.91

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. 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			Class R			Class R6
Growth Opportunities		1.29	%		2.04	%		0.95	%		1.45	%		1.04	%		0.94	%		1.54	%		0.94	%
Small/Mid Cap Growth		1.27			2.02			0.92			1.42			1.02			0.91			1.52			0.91
Strategic Growth		1.14			1.89			0.75			1.25			0.89			0.74			1.39			0.74
Technology Opportunities		1.36			2.11			0.98			1.48			1.11			0.97			—			0.98

165

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

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 andTax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short DurationTax-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

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S.Tax-Managed Equity Fund

∎ InternationalTax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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-ManagerNon-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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SMand Investor Funds^SMare registered service marks of Goldman Sachs & Co. LLC.

* This list coversopen-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about ourclosed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels 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 atwww.GSAMFUNDS.com to obtain the most recentmonth-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 recent12-month period ended June 30 is available (i) without charge, upon request by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail –1-800-526-7384) (institutional –1-800-621-2550).

© 2019 Goldman Sachs. All rights reserved. 162450-OTU-960957 EQGRWSAR-19/92K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Fundamental Equity Value Funds
	Equity Income
	Focused Value
	Large Cap Value
	Mid Cap Value
	Small Cap Value
	Small/Mid Cap Value

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Funds or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Fundamental Equity Value Funds

∎ EQUITY INCOME

∎ FOCUSED VALUE

∎ LARGE CAP VALUE

∎ MID CAP VALUE

∎ SMALL CAP VALUE

∎ SMALL/MID CAP VALUE

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	42
Financial Statements	57
Financial Highlights
Equity Income	64
Focused Value	72
Large Cap Value	79
Mid Cap Value	87
Small Cap Value	95
Small/Mid Cap Value	103
Notes to Financial Statements	110
Other Information	127

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

What Differentiates the Goldman Sachs Value Strategies’ Investment Process?

Goldman Sachs’ Fundamental Equity Value Strategies Team (the “Team”) believes that all successful investing should thoughtfully weigh two important attributes of a stock: price and prospects. Through independent fundamental research, the Team seeks to identify and invest in quality businesses that are selling at compelling valuations.

At the heart of our value investment philosophy is a belief in the rigorous analysis of business fundamentals. Our approach may include:

∎ Meetings with management teams and on-site company visits

∎ Industry-specific, proprietary financial and valuation models

∎ Assessment of management quality

∎ Analysis of each company’s competitive position and industry dynamics

∎ Interviews with competitors, suppliers and customers

We seek to invest in companies when we believe:

∎ Market uncertainty exists

∎ Their economic value is not recognized by the market

We seek to buy companies with quality characteristics. For us, this means companies that have:

∎ Sustainable operating earnings, or competitive advantage

∎ Excellent stewardship of capital

∎ Capability to earn above their cost of capital

∎ Strong or improving balance sheets and cash flow

Value portfolios that strive to offer:

∎ Capital appreciation potential as each company’s true value is recognized in the marketplace

∎ Investment style consistency

1

MARKET REVIEW

Goldman Sachs Fundamental Equity Value Funds

Market Review

Overall, U.S. equities lost ground during the six months ended February 28, 2019 (the “Reporting Period”). The last few months of 2018 were challenging for equities, with markets declining due to investor fears of a Federal Reserve (“Fed”) policy mistake and a global growth slowdown in both corporate earnings and economic data. The tumultuous fourth quarter of 2018 was unable to be overcome by a strong rally in the first two months of the new year, which was driven by oversold equity market conditions, better than consensus anticipated corporate earnings growth and steady macroeconomic data. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of-3.04%. The Russell 3000^® Index generated a return of-3.51%.

U.S. equities inched higher as the Reporting Period began in September 2018, driven by robust U.S. macroeconomic data relative to other developed markets and to emerging markets. Against a backdrop of solid economic growth, near-target inflation and healthy monthly job gains, the Fed raised interest rates by 25 basis points, in line with market expectations. (A basis point is 1/100^th of a percentage point.) The successful outcome of North American Free Trade Agreement negotiations to its new incarnation as the United States-Mexico-Canada Agreement near month end was also supportive of market sentiment. U.S. equities then fell in October 2018, as investor sentiment rapidly deteriorated on escalating trade and political uncertainty and in a delayed response to an earliersell-off in global rates. The correction resulted in tighter U.S. financial conditions, which had been resilient to Fed interest rate hikes earlier in the calendar year. U.S. equities saw a reprieve in November 2018 on more accommodative comments from Fed Chair Jerome Powell and encouraging progress inU.S.-China trade talks. However, the recovery was short-lived. U.S. equities subsequently plunged in December 2018 on renewed investor fears sparked by the arrest of a Chinese technology executive, a partial U.S. Federal government shutdown, the U.S. President’s criticism of Fed Chair Powell and reignited corporate earnings growth concerns. The Fed raised interest rates by another 25 basis points.

In January 2019, dovish Fed commentary indicating a pause in its hiking cycle, headlines of easing trade tensions and strong corporate earnings propelled U.S. equities higher despite the ongoing U.S. government shutdown and decelerating emerging market demand. (Dovish commentary tends to suggest lower interest rates; opposite of hawkish.) Investor sentiment improved as the release of generally healthy U.S. economic data and corporate earnings suggested that U.S. equity markets had likely oversold at the end of 2018. Toward month end, U.S. equities were supported by a resolution to the long-lasting U.S. government shutdown. The Fed kept its monetary policy unchanged at its January meeting and delivered dovish tilts, including the statement it would be “patient” and a description of inflationary pressures as “muted.”

The U.S. equity market rally continued in February 2019, as corporate earnings growth remained solid, surpassing consensus expectations, which had been reduced at the end of 2018. Investors also rallied around news the deadline for further U.S. tariffs on Chinese goods would be extended given promising developments in deal negotiations. The Fed reaffirmed its dovish tone, announcing its intention to conclude its balance sheet unwind in the near future. (The Fed unwinds, or shrinks, its balance sheet by selling securities on its balance sheet and/or not reinvesting maturing securities.) Additionally, U.S. equity markets were positively surprised by the 2.6% Gross Domestic Product (“GDP”) growth rate for the fourth quarter of 2018 reported at the end of the month. In further evidence of economic strength, U.S. unemployment remained low at 4.0%, and private payrolls grew by 296,000, beating the consensus estimate by 90,000.

2

MARKET REVIEW

For the Reporting Period overall, utilities, real estate and consumer staples, traditionally considered more defensive sectors, were the best performing sectors in the S&P 500 Index. The weakest performing sectors in the S&P 500 Index were energy, materials and information technology, each considered a more economically-sensitive cyclical sector.

Within the U.S. equity market, all capitalization segments posted single-digit negative absolute returns, but on a relative basis,mid-cap stocks, as measured by the Russell Midcap^® Index, performed best, followed closely bylarge-cap stocks, as measured by the Russell 1000^® Index, and then, at some distance, bysmall-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, value-oriented stocks outpaced growth-oriented stocks within thelarge-cap segment of the U.S. equity market, but growth outperformed value within themid-cap segment, and performance within thesmall-cap segment was rather similar between the two styles. (All as measured by the FTSE Russell indices.)

Looking Ahead

Amidst an environment of positive but moderating corporate earnings growth and economic data, we continued to view U.S. equities at the end of the Reporting Period with measured optimism for the remainder of 2019. We think the risk/reward profile of the broad U.S. equity market had become more positive following the late-2018sell-off, but that selectivity will likely be increasingly important in the months to come given higher volatility and downside risks involving trade, politics, slowing revenue growth and margin pressures.

A possible driver for U.S. equity returns in the coming months, in our view, revolves around strong growth momentum and generally positive economic data. GDP growth in the U.S. remained above-trend at the end of the Reporting Period, with the gap in GDP per capita growing steadily compared to the rest of both developed and emerging markets. The ISM Manufacturing Index remained firmly in expansionary territory, providing a durable backdrop, in our opinion, for continued GDP growth and U.S. equity returns. A well-rounded U.S. consumer has been another strong point for the U.S. economy, with above-trend consumer spending growth and suppressed levels of delinquency on consumer loans. At the end of the Reporting Period, we viewedsmaller-cap equities as possibly the biggest beneficiary of the positive economic backdrop, as they have relatively high revenue exposure to the U.S.

In our view, Fed policy will likely remain a focal point for capital markets, with investors looking for more insights into the dovish pivot the Fed took in the last months of the Reporting Period. If markets continue rapidly appreciating, supported by an uptick in inflation and a tightening of the labor market, the Fed could again shift to a more hawkish stance. Conversely, if markets view the recently dovish Fed policy as a sign of deeper macroeconomic issues, returns could potentially soften.

While many investors are concerned about the late-economic cycle pressures on corporate revenue growth and margin expansion, we continued to see opportunities at the end of the Reporting Period, especially on a stock-specific basis. These pressures could create a greater dispersion of U.S. equity returns that we believe can benefit higher quality companies. We also believe pricing power may be an increasingly important factor in this environment, enabling companies to continue growing margins despite a subdued economic environment.

Regardless of market direction, our fundamental,bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. We continue to focus on undervalued companies

3

MARKET REVIEW

that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share. We maintain our discipline in identifying companies with what we believe to be strong or improving balance sheets, led by quality management teams and trading at discounted valuations. We remain focused on the long-term performance of the Funds.

As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

4

PORTFOLIO RESULTS

Goldman Sachs Equity Income Fund

Portfolio Composition

Under normal circumstances, the Fund invests at least 80% of its net assets in equity investments that the Goldman Sachs Fundamental Equity U.S. Equity Team considers to have favorable prospects for capital appreciation and/or dividend-paying ability. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Equity Income Fund’s (the “Fund”) performance and positioning for thesix-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-0.58%,-0.88%,-0.39%,-0.63%,-0.42%,-0.39%,-0.70% and-0.36%, respectively. These returns compare to the-1.62% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A While the Fund posted negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively to the Fund’s relative performance.

Q Which equity market sectors most significantly affected Fund performance?

A Contributing positively to the Fund’s relative results was effective stock selection in the energy, industrials and utilities sectors. Having an overweight to utilities, which outperformed the Russell Index during the Reporting Period, also added value. The sectors that detracted most from the Fund’s relative results during the Reporting Period were consumer staples and information technology, wherein stock selection proved challenging. Allocation positioning within communication services also hurt.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Russell Index from positions in utilities company Pinnacle West Capital, pharmaceuticals company Pfizer and rail transportation company Union Pacific.

Pinnacle West Capital offers regulated retail and wholesale electricity in Arizona. Its stock appreciated following the rejection of a renewable energy requirement for electric utilities by voters. Arizona’s Proposition 127, a constitutionally-mandated renewable energy requirement, had weighed on the stock until it was overruled in early November 2018. We believe the defeat helped support the stock’s multiple expansion, boosted by a positive third quarter earnings per share and revenue results report that beat consensus estimates in November 2018. More favorable weather and lower federal income taxes also led to an increase for full-year 2018 guidance. At the end of the Reporting Period, we believed the company had a steady-state business with the potential to improve margins.

Pfizer develops and produces medicines and vaccines for a wide range of medical disciplines. Its share price increased through most of the Reporting Period due to multiple factors. First, the company was able to provide notable visibility for the next few years given its impressive drug pipeline. Second, its share price was supported by the lack of any patent cliffs in the foreseeable future, meaning the threat of generics is limited and mitigating a potential threat to revenues. Third, drug approvals by the Food and Drug

5

PORTFOLIO RESULTS

Administration benefited Pfizer’s stock during the Reporting Period. At the end of the Reporting Period, we believed Pfizer was trading at a relatively inexpensive valuation, had a management team committed to generating shareholder returns, and could benefit from what we view as one of the best drug pipelines in the industry.

Much of Union Pacific’s stock’s strong performance was driven by an announcement in early January 2019 naming a new Chief Operating Officer with a successful track record spanning four decades. Its share price also benefited from a strong earnings reportmid-January and an announcement of share buybacks in February 2019. Overall, at the end of the Reporting Period, we believed Union Pacific had an accomplished and knowledgeable management team focused on improving operating metrics that could potentially continue generating shareholder value.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Russell Index were positions in information technology giant Apple, processed and packaged foods manufacturer and seller Conagra Brands and regional bank Bank OZK.

Apple’s underperformance during the Reporting Period began when the company reported third quarter 2018 earnings at the start of November 2018. The report was received negatively by markets due to underwhelming forward guidance, softer iPhone sales, macro uncertainty and the announcement Apple will no longer be reporting unit details on products. However, the report had some silver lining, with solid cash flows and the repurchase of $20 billion worth of stock. Apple’s share price continued declining as the Reporting Period progressed due to lowered revenue guidance, legal challenges and declines in new iPhone orders. Its share price began to bounce back in January 2019 upon the announcement of fourth quarter 2018 earnings, which showed better than consensus anticipated iPhone sales and revenues that beatpre-announced numbers. Overall, at the end of the Reporting Period, we continued to like Apple given what we see as its potential for pricing power and unit growth, normalizing replacement rates and solid gross margins.

Conagra Brands’ share prices fell late-September 2018 when the company reported weaker than consensus expected earnings. However, we believe this was largely attributed to higher taxes, as the underlying business continued showing solid growth. Its share price again declinedmid-December 2018 in response to a challenging earnings report that demonstrated issues with the acquisition of one of its peers. We viewed the acquisition concerns as a temporary headwind and continued to like the company at the end of the Reporting Period given our confidence in its base business and what we view as its relatively solid valuations and potential for significant outperformance if the company is able to continue turning around the business.

Bank OZK’s weak 2018 performance started in July 2018, before the Reporting Period began, when the bank announced disappointing second quarter 2018 earnings results. While the headline earnings per share number was in line with market expectations, slower loan growth and net interest margins were below consensus expectations. The majority of Bank OZK’s share price decline, however, came on a single day inmid-October 2018 upon the announcement the bank had two large delinquent loans, one residential and one commercial. This challenged our investment thesis on the stock, and we exited the Fund’s position, believing the incident would be a long-term headwind to Bank OZK’s stock price.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in multinational consumer goods company Procter & Gamble. We believe the company could start to see an inflection from its recent consolidation, and we remain positive that its price cuts could help improve sales in emerging markets. Additionally, we are confident in its management’s ability to adapt to the changing landscape and various business challenges. We think its innovative pipeline and brand awareness may well lead to continued sales momentum going forward.

We established a Fund position in CMS Energy, a regulated electric, gas and enterprises utility operating in Michigan. We are confident in the company’s exposure to the favorable regulatory constructs in Michigan. We also believe the company was undervalued at the time of purchase given its consistent earnings per share growth and what we see as its effective management team and solid performance across a broad range of market cycles.

6

PORTFOLIO RESULTS

Conversely, in addition to the sale already mentioned, we exited the Fund’s position in AT&T, one of the largest telecommunications companies in the U.S. Its stock remained relatively flat during the Reporting Period but was challenged in October 2018 upon issuing its third quarter 2018 earnings report, which highlighted significant losses in its television business and a decrease in its advertisement revenues. Additionally, certain competitors have become better positioned in the industry, in our view. While we originally liked the company for its diverse business base and industry positioning, we sold the stock in favor of companies we consider more directly exposed to the positive secular trends in the wireless industry.

We sold the Fund’s position in ConocoPhillips, a natural gas and oil exploration and production company. After a span of strong performance related to improved company fundamentals and an appreciation of oil prices, ConocoPhillips hit our price target. We decided to sell the position to fund higher conviction ideas.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A Effective September 30, 2018, Sean Gallagher retired from Goldman Sachs and no longer serves as a portfolio manager for the Fund. Dan Lochner and Charles “Brook” Dane continue to serve as portfolio managers for the Fund.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in utilities, energy and consumer discretionary increased. The Fund’s exposure to health care, information technology and consumer staples decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweight positions relative to the Russell Index in the health care, utilities and energy sectors. On the same date, the Fund had underweight positions compared to the Russell Index in financials and consumer discretionary and was rather neutrally weighted to the Russell Index in information technology, consumer staples, real estate, industrials, materials and communication services.

7

FUND BASICS

Equity Income Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		-0.58	%		-1.62	%
Class C		-0.88			-1.62
Institutional		-0.39			-1.62
Service		-0.63			-1.62
Investor		-0.42			-1.62
Class P		-0.39			-1.62
Class R		-0.70			-1.62
Class R6		-0.36			-1.62

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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-11.27	%		3.65	%		8.71	%		6.52	%	2/5/93
Class C		-7.64			4.06			8.52			3.02		8/15/97
Institutional		-5.72			5.25			9.76			5.82		6/3/96
Service		-6.19			4.72			9.22			5.37		3/6/96
Investor		-5.85			5.10			9.60			4.40		11/30/07
Class P		N/A			N/A			N/A			-4.78		4/17/18
Class R		-6.34			4.56			9.05			3.88		11/30/07
Class R6		-5.70			N/A			N/A			3.86		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 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		1.08	%		1.27	%
Class C		1.83			2.02
Institutional		0.73			0.88
Service		1.23			1.38
Investor		0.83			1.02
Class P		0.72			0.87
Class R		1.33			1.52
Class R6		0.72			0.87

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Johnson & Johnson		4.6	%	Pharmaceuticals
Chevron Corp.		3.6		Oil, Gas & Consumable Fuels
Cisco Systems, Inc.		3.2		Communications Equipment
JPMorgan Chase & Co.		3.1		Banks
Verizon Communications, Inc.		3.0		Diversified Telecommunication Services
Pfizer, Inc.		2.9		Pharmaceuticals
Medtronic PLC		2.6		Health Care Equipment & Supplies
Royal Dutch Shell PLC Class B ADR		2.4		Oil, Gas & Consumable Fuels
The Procter & Gamble Co.		2.3		Household Products
Exxon Mobil Corp.		2.1		Oil, Gas & Consumable Fuels

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 February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

10

PORTFOLIO RESULTS

Goldman Sachs Focused Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a portfolio of equity investments, including common stocks, preferred stocks and other securities and instruments having equity characteristics. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 20-40 companies that are considered value opportunities, which the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. The Fund may invest in securities of companies of any capitalization. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may invest in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Focused Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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 P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-2.20%,-2.55%, -1.93%, -2.14%, -2.06%, -2.30% and-1.98%, respectively. These returns compare to the -1.62% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund underperformed the Russell Index on a relative basis due primarily to sector allocation as a whole. Stock selection overall contributed positively to the Fund’s performance relative to the Russell Index during the Reporting Period.

Q Which equity market sectors most significantly affected Fund performance?

A The sectors that most meaningfully detracted from the Fund’s relative results during the Reporting Period were materials, information technology and consumer staples, wherein both stock selection and allocation positioning in each proved challenging. Partially offsetting these detractors was effective stock selection and allocation positioning in communication services, industrials and financials, which contributed positively.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Russell Index were positions in materials, chemicals and agricultural products developer DowDuPont, health care conglomerate CVS Health and petroleum refiner and transporter Marathon Petroleum.

Most of DowDuPont’s share price decline occurred during the first two months of the Reporting Period. Its share price fell at the end of September 2018 driven both by weakness in the materials and chemicals industries and by negative reports by several analysts. In October 2018, DowDuPont disclosed a $4.6 billion write-down of goodwill*, which was viewed negatively by investors. Despite the decline in the stock, we remained optimistic at the end of the Reporting Period on the company’s ability to unlock operating synergies, decrease costs and deploy cash on high return projects to further improve profitability. Overall, we believed DowDuPont was well positioned to benefit from inflecting

* Goodwill impairment is an earnings charge that companies record on their income statements after they identify that there is persuasive evidence that the asset associated with the goodwill can no longer demonstrate financial results that were expected from it at the time of its purchase. Because many companies acquire other firms and pay a price that exceeds the fair value of identifiable assets and liabilities that the acquired firm possesses, the difference between the purchase price and the fair value of acquired assets is recorded as goodwill. However, if unforeseen circumstances arise that decrease expected cash flows from acquired assets, their fair value can be lower than what was originally paid for them, and a company must book a goodwill impairment.

11

PORTFOLIO RESULTS

cyclical tailwinds across multiple business segments as it works to improve its operations and unlock efficiencies.

CVS Health’s share price declined in October 2018 when the company faced regulatory challenges regarding its upcoming acquisition of Aetna. Its stock sold off more significantly in December 2018 and into 2019, as regulatory issues resurfaced and earnings fell short of consensus expectations. Given these challenges, we decided to exit the position in favor of what we saw as better risk/reward opportunities elsewhere.

The majority of Marathon Petroleum’s weak performance was due to broader declines in the energy sector, as oil prices fell significantly during the Reporting Period. We viewed this as a temporary headwind and a possible long-term positive given the company’s relatively lower exposure to the commodity. Additionally, the company had recently acquired one of its peers in a deal we viewed as value accretive with significant potential synergies. Overall, at the end of the Reporting Period, we continued to like this company given what we consider to be its solid positioning amidst increased regulation, possible synergies, a steady macro environment and its management’s commitment to returning shareholder value through dividends and share buybacks.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Russell Index from positions in pharmaceutical company Eli Lilly, rail transportation company Union Pacific and telecommunications company Verizon Communications.

Eli Lilly’s stock climbed through most of November 2018 after the company reported solid quarterly results in which it beat consensus earnings per share and revenue expectations and also raised guidance for the full year 2018. Then, in December 2018, Eli Lilly shares benefited from the announcement of better than market expected 2019 guidance, featuring significant improvements in revenue growth and long-term sales growth. The company had a volatile month of trading in January 2019, finishing the month in positive territory but lagging the health care sector as well as the broad U.S. equity market. Early on, a negative headline on drug pricing pressured the stock along with that of other pharmaceutical companies. Then news of Eli Lilly’s acquisition of Loxo Oncology, a cancer drug company, helped give a boost to its shares. These gains were quickly erased after a phase 3 soft tissue study did not meet its primary objective, leading the Food and Drug Administration to recommend new patients not start using the drug. All in all, we viewed January 2019 as a month of primarily short-term trading noise that did not alter the underlying fundamentals of the company or why we favor it. At the end of the Reporting Period, we believed the company maintained strong risk/reward prospects versus its peers, and we saw an upside to its diabetes franchise. We were also optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Additionally, we viewed the company’s split with Elanco, its former animal health business segment, as value accretive. Overall, we viewed Eli Lilly as a high quality pharmaceuticals business with leading franchises, a robust drug pipeline and an improving financial profile.

Much of Union Pacific’s stock’s strong performance was driven by an announcement in early January 2019 naming a new Chief Operating Officer with a successful track record spanning four decades. Its share price also benefited from a strong earnings report mid-January and an announcement of share buybacks in February 2019. Overall, at the end of the Reporting Period, we believed Union Pacific had an accomplished and knowledgeable management team focused on improving operating metrics that could potentially continue generating shareholder value.

Verizon Communications’ stock appreciated significantly in October 2018, resulting from a strong earnings report that featured reduced subscriber attrition, improved revenues and potential for fifth-generation (“5G”) growth. While we remain positive on some of the company’s opportunities moving forward and on improving wireless market conditions, given its significant increase in share price, we exited the Fund’s position in Verizon Communications in favor of what we saw as better risk/reward opportunities elsewhere.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in NextEra Energy, an electric power and energy infrastructure company located in Florida. We believe NextEra Energy is a high quality utilities company in a constructive regulatory environment. We are also positive on the company’s

12

PORTFOLIO RESULTS

renewable energy efforts, including wind, natural gas and solar energy infrastructures.

We established a Fund position in Honeywell International, a large industrial conglomerate. We are confident in the company given what we see as its impressive management execution and solid organic growth. Additionally, we believe the stock has positive upside opportunities given the potential alleviation of certain cost pressures relative to prices.

Conversely, in addition to those sales mentioned earlier, we eliminated the Fund’s position in Berkshire Hathaway, a multinational conglomerate holding company. While we still like many aspects of the company, including what we consider to be solid free cash flows, optionality with excess cash and improving insurance operations, we became more concerned around immediate prospects for buying whole businesses because of high valuations. (In business, optionality is the value of additional optional investment opportunities available only after having made an initial investment.) Given this view, we exited the position in favor of higher conviction ideas elsewhere.

We exited the Fund’s position in Zimmer Biomet Holdings, a large medical device company. We liked the company for its improving supply constraint, new products and solid valuation. However, as the stock performed well and our investment thesis played out, we sold the position in favor of what we felt were better risk/reward opportunities elsewhere.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A Effective September 30, 2018, Sean Gallagher retired from Goldman Sachs and no longer serves as a portfolio manager for the Fund. Charles “Brook” Dane continues to serve as portfolio manager for the Fund.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in industrials, health care and consumer staples increased. The Fund’s exposure to the information technology, materials and financials sectors decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund was overweight in industrials, communication services and consumer discretionary relative to the Russell Index. On the same date, the Fund was underweight in financials, real estate and information technology and was rather neutrally weighted to the Russell Index in materials, health care, energy, utilities and consumer staples at the end of February 2019.

13

FUND BASICS

Focused Value Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		-2.20	%		-1.62	%
Class C		-2.55			-1.62
Institutional		-1.93			-1.62
Investor		-2.14			-1.62
Class P		-2.06			-1.62
Class R		-2.30			-1.62
Class R6		-1.98			-1.62

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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Since Inception			Inception Date
Class A		-14.75	%		0.46	%	7/31/15
Class C		-11.25			1.41		7/31/15
Institutional		-9.36			2.54		7/31/15
Investor		-9.48			2.39		7/31/15
Class P		N/A			-6.91		4/17/18
Class R		-9.96			1.88		7/31/15
Class R6		-9.33			2.58		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class 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 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		1.08	%		5.80	%
Class C		1.83			6.55
Institutional		0.73			5.41
Investor		0.83			5.55
Class P		0.72			5.40
Class R		1.33			6.05
Class R6		0.72			5.40

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Alphabet, Inc. Class A		5.4	%		Interactive Media & Services
NextEra Energy, Inc.		5.3			Electric Utilities
Bank of America Corp.		5.1			Banks
Walmart, Inc.		5.1			Food & Staples Retailing
Honeywell International, Inc.		5.1			Industrial Conglomerates
American Express Co.		3.6			Consumer Finance
JPMorgan Chase & Co.		3.5			Banks
Union Pacific Corp.		3.5			Road & Rail
DowDuPont, Inc.		3.4			Chemicals
The Cooper Cos., Inc.		3.1			Health Care Equipment & Supplies

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2019

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.

16

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of equity investments in large-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Goldman Sachs Fundamental Equity U.S. Equity Team defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, including securities of issuers in countries with emerging markets or economies and preferred and convertible securities, it may invest in foreign securities, including securities quoted in foreign currencies. The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of -2.40%,-2.77%, -2.28%, -2.52%, -2.36%,-2.23%, -2.60% and-2.24%, respectively. These returns compare to the -1.62% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund underperformed the Russell Index during the Reporting Period, attributable to both sector allocation and stock selection overall.

Q Which equity market sectors most significantly affected Fund performance?

A Detracting most from the Fund’s performance relative to the Russell Index were consumer discretionary, materials and consumer staples, wherein stock selection in each was comparatively weak. Having an underweighted allocation to consumer staples, which outpaced the Russell Index during the Reporting Period, also hurt. Partially offsetting these detractors was the positive contribution made by effective stock selection in information technology, utilities and communication services.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Russell Index were positions in Delphi Technologies, a developer, designer and manufacturer of integrated powertrain technologies; Encana, an oil exploration and production company; and Bank OZK, a regional bank.

In October 2018, the stock of Delphi Technologies declined after the company announced the departure of its Chief Executive Officer and revised its outlook downward for the full year 2018. In its outlook, Delphi Technologies forecasted revenue for the full year to be consistent with the prior year level, compared to the previous guidance, which had projected low single-digit revenue growth. Upon the news, multiple research analysts downgraded the stock, sending its shares lower. In November 2018, Delphi Technologies reported weak quarterly results. Its quarterly results and guidance were in line with preannouncements, but its 2019 preliminary guidance was significantly below consensus expectations, as industry volumes continued to face headwinds, specifically in China, where there was negative product mix. We decided to sell the position in January 2019 given what we viewed as the company’s substantial operational and structural challenges, exacerbated by uncertainty related to its management change and potential macro headwinds.

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PORTFOLIO RESULTS

There were few company-specific drivers of weaker stock performance for Encana during the Reporting Period. Its share price was more negatively affected by the sell-off in oil prices late in 2018. While we originally liked the company for its low cost structure, our investment thesis changed upon its acquisition of another company that, in our opinion, did not fit Encana’s long-term strategy and could negatively impact the quality of its business. Strict to our sell discipline, we exited the Fund position in favor of what we believed were better risk/reward opportunities elsewhere.

Bank OZK’s weak 2018 performance started in July 2018, before the Reporting Period began, when the bank announced disappointing second quarter 2018 earnings results. While the headline earnings per share number was in line with market expectations, slower loan growth and net interest margins were below consensus expectations. The majority of Bank OZK’s share price decline, however, came on a single day in mid-October 2018 upon the announcement the bank had two large delinquent loans, one residential and one commercial. This challenged our investment thesis on the stock, and we exited the Fund’s position, believing the incident would be a long-term headwind to Bank OZK’s stock price.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Russell Index from positions in enterprise software solutions company Red Hat, pharmaceutical company Eli Lilly and regulated utility Xcel Energy.

Shares of Red Hat, a new purchase for the Fund during the Reporting Period, soared in late October 2018 after IBM announced an offer to acquire Red Hat for a significant premium to its market price. This acquisition was in line with our thesis that the software industry is ripe for consolidation. We also believe Red Hat has impressive growth prospects, led mostly by new business, and has solid sales capacity through its partnerships with cloud providers. While we were encouraged by this news and continued to monitor developments as both companies work toward finalizing the acquisition, we opted to sell the Fund’s position in Red Hat, taking profits.

Eli Lilly’s stock climbed through most of November 2018 after the company reported solid quarterly results in which it beat consensus earnings per share and revenue expectations and also raised guidance for the full year 2018. Then, in December 2018, Eli Lilly shares benefited from the announcement of better than market expected 2019 guidance, featuring significant improvements in revenue growth and long-term sales growth. The company had a volatile month of trading in January 2019, finishing the month in positive territory but lagging the health care sector as well as the broad U.S. equity market. Early on, a negative headline on drug pricing pressured the stock along with that of other pharmaceutical companies. Then news of Eli Lilly’s acquisition of Loxo Oncology, a cancer drug company, helped give a boost to its shares. These gains were quickly erased after a phase 3 soft tissue study did not meet its primary objective, leading the Food and Drug Administration to recommend new patients not start using the drug. All in all, we viewed January 2019 as a month of primarily short-term trading noise that did not alter the underlying fundamentals of the company or why we favor it. At the end of the Reporting Period, we believed the company maintained strong risk/reward prospects versus its peers, and we saw an upside to its diabetes franchise. We were also optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Additionally, we viewed the company’s split with Elanco, its former animal health business segment, as value accretive. Overall, we viewed Eli Lilly as a high quality pharmaceuticals business with leading franchises, a robust drug pipeline and an improving financial profile.

Xcel Energy specializes in electricity and natural gas. Part of its strong performance was a factor of the general outperformance of the utilities sector in the volatile end to 2018. Additionally, its share price benefited from the company’s purchase of an energy center in Minnesota in November 2018 and the announcement of a cash dividend increase in February 2019. At the end of the Reporting Period, we continued to like what we see as the company’s above-average growth prospects driven by its investment in renewable energy. Additionally, we viewed its valuation as attractive at the end of the Reporting Period and believed the regulatory environment was supportive for the company.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, in addition to those purchases already mentioned, we established a Fund position in

18

PORTFOLIO RESULTS

banking company Wells Fargo & Company. We are impressed by the company’s relatively inexpensive valuation given an increase in its loan pipeline, loan growth and deposits. We also believe the company’s concrete steps to limit reputational and regulatory risks could continue having a positive effect.

We initiated a Fund position in fast-food restaurant company McDonald’s. Its stock had lagged the overall market during the third quarter of 2018, which we believe presented an attractive opportunity to add back what we view as a best-in-class franchise to the Fund’s portfolio after selling it in the Fund’s prior fiscal year. We are positive on many of the strategic initiatives McDonald’s has been rolling out, including a revamped value menu and fresh beef hamburgers, which we believe can help boost its stock. In our view, McDonald’s has a strong balance sheet with robust free cash flow and good return on equity. We also believe it was attractively valued at the time of purchase and poised for growth and market share gains.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in United Technologies, an aerospace manufacturing and services company. Following a positive third quarter 2018 earnings report, our investment thesis on the company was invalidated in late November 2018 upon the announcement the company would split into three companies controlling the Heating, Ventilation and Air Conditioning (“HVAC”), Elevator and Aerospace and Defense businesses separately. We exited the position in favor of what we saw as better risk/reward opportunities elsewhere.

We sold the Fund’s position in Equity Residential, a multifamily real estate investment trust that manages apartment complexes in the U.S. We had purchased the company because of what we considered to be its high quality portfolio of assets, strong balance sheet and valuation, the latter of which was well below the value of its assets. However, its stock price significantly appreciated in 2018, making its valuation appear less attractive. For this reason, we exited the position in favor of what we felt were better risk/reward opportunities elsewhere.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A Effective September 30, 2018, Sean Gallagher retired from Goldman Sachs and no longer serves as a portfolio manager for the Fund. Charles “Brook” Dane continues to serve as portfolio manager for the Fund.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in health care and consumer staples increased. The Fund’s exposure to information technology and industrials decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweight positions relative to the Russell Index in the communication services and health care sectors. On the same date, the Fund had underweight positions compared to the Russell Index in financials and materials and had rather neutral allocations relative to the Russell Index in information technology, energy, industrials, consumer discretionary, utilities, consumer staples and real estate.

19

FUND BASICS

Large Cap Value Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 1000® Value Index2
Class A		-2.40	%		-1.62	%
Class C		-2.77			-1.62
Institutional		-2.28			-1.62
Service		-2.52			-1.62
Investor		-2.36			-1.62
Class P		-2.23			-1.62
Class R		-2.60			-1.62
Class R6		-2.24			-1.62

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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged Russell 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-13.88	%		2.32	%		8.61	%		4.98	%	12/15/99
Class C		-10.47			2.72			8.42			4.50		12/15/99
Institutional		-8.61			3.86			9.64			5.69		12/15/99
Service		-9.03			3.36			9.11			5.20		12/15/99
Investor		-8.67			3.74			9.50			4.11		11/30/07
Class P		N/A			N/A			N/A			-6.93		4/17/18
Class R		-9.14			3.22			8.96			3.61		11/30/07
Class R6		-8.56			N/A			N/A			1.93		7/31/15

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 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		1.11	%		1.24	%
Class C		1.86			1.99
Institutional		0.79			0.85
Service		1.29			1.35
Investor		0.86			0.99
Class P		0.78			0.84
Class R		1.36			1.49
Class R6		0.78			0.84

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		3.6	%	Banks
Berkshire Hathaway, Inc. Class B		3.5		Diversified Financial Services
Bank of America Corp.		3.0		Banks
Verizon Communications, Inc.		2.9		Diversified Telecommunication Services
Johnson & Johnson		2.8		Pharmaceuticals
Chevron Corp.		2.7		Oil, Gas & Consumable Fuels
Cisco Systems, Inc.		2.7		Communications Equipment
The Procter & Gamble Co.		2.6		Household Products
Comcast Corp. Class A		2.3		Media
Exxon Mobil Corp.		2.2		Oil, Gas & Consumable Fuels

⁵ The top 10 holdings may not be representative of the Fund’s future investments.

21

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

22

PORTFOLIO RESULTS

Goldman Sachs Mid Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-2.56%,-2.96%,-2.40%,-2.63%,-2.48%,-2.38%, -2.72% and-2.39%, respectively. These returns compare to the -3.98% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A While the Fund posted negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively to the Fund’s relative performance.

Q Which equity market sectors most significantly affected Fund performance?

A Contributing most positively to the Fund’s performance relative to the Russell Index was effective stock selection in information technology, materials and real estate. Only partially offsetting these positive contributors was weaker stock selection in industrials, consumer discretionary and consumer staples, which detracted.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Russell Index from positions in metal packaging company Ball, enterprise software solutions company Red Hat and regional bank Signature Bank.

Ball produces metal packaging goods for beverages, household products and aerospace technologies. Its stock’s weakness in the first half of 2018 turned around during the Reporting Period, as challenges surrounding its acquisition of Rexam, a London-based metal beverage can maker, began to subside. Its stock also reacted positively to an earnings report in October 2018 that highlighted strong cash generation and better than consensus expected sales and core earnings before interest, taxes, depreciation and amortization across all sectors. At the end of the Reporting Period, we viewed Ball as a highly diversified company with a growing market share in the defense industry, as a leader in the fragmented aerosol space and as one of the more sustainable companies in beverage can production. Additionally, we saw positive upside potential moving forward given the company’s wide range of commercial opportunities to leverage its new global leadership position along with the possibility of a multi-year stretch of margin improvement.

Shares of Red Hat, a new purchase for the Fund during the Reporting Period, soared in late October 2018 after IBM announced an offer to acquire Red Hat for a significant premium to its market price. This acquisition was in line with our thesis that the software industry is ripe for consolidation.

23

PORTFOLIO RESULTS

We also believe Red Hat has impressive growth prospects, led mostly by new business, and has solid sales capacity through its partnerships with cloud providers.

Signature Bank is located primarily in the northeastern U.S. The strong performance of Signature Bank’s stock was primarily driven by an earnings report in January 2019 that showed improved earnings per share and revenues in addition to the announcement of a cash dividend. Quarter-over-quarter loan growth was particularly strong as well. At the end of the Reporting Period, we continued to like the stock given what we see as the company’s notable growth opportunities, potential for net interest income expansion and its management’s efforts to grow the regional bank’s deposit base.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Russell Index were positions in processed and packaged foods manufacturer and seller Conagra Brands, exploration and production oil company WPX Energy and transportation and logistics company XPO Logistics.

Conagra Brands’ share prices fell late-September 2018 when the company reported weaker than consensus expected earnings. However, we believe this was largely attributed to higher taxes, as the underlying business continued showing solid growth. Its share price again declined mid-December 2018 in response to a challenging earnings report that demonstrated issues with the acquisition of one of its peers. We viewed the acquisition concerns as a temporary headwind and continued to like the company at the end of the Reporting Period given our confidence in its base business and what we view as its relatively solid valuations and potential for significant outperformance if the company is able to continue turning around the business.

WPX Energy’s operations are primarily in the Williston and Permian Basins. Its stock had performed fairly well during the beginning of 2018 due to strong production and a divestiture to fund debt reduction. But its stock declined in the fourth quarter of 2018 in tandem with oil prices, as oil fell from approximately $75 per barrel to $45 per barrel during the quarter. WPX Energy performed in line with other exploration and production companies, with no company-specific issues. Similar to other exploration and production companies, WPX Energy announced it would slow growth to adjust to the lower oil price environment and spend within cash flow, which had the company growing at anticipated rates of approximately 20% and 15% in 2019 and 2020, respectively. At the end of the Reporting Period, we still had high conviction in WPX Energy given what we see as its impressive portfolio of low-cost acreage in the Permian Basin and relative attractiveness to small-cap peers.

While there were no stock-specific reasons for the decline in XPO Logistics’ share price during a volatile October 2018, the company, along with others in the industrials and freight industries, underperformed for the month. In mid-December 2018, a hedge fund issued a report that sent XPO Logistics’ shares tumbling more than 26% in one day. We were not particularly troubled by our initial read-through of the analysis but recognized several aspects that warranted follow up. After assessing various factors, we confirmed our previously held view that XPO Logistics’ business was well aligned with the structural changes in the freight industry, such as outsourcing and labor-saving technology,e-commerce exposure and the implementation of electronic logging devices. The market eventually recognized this as well, and its shares recovered all of the losses prompted by the hedge fund report. However, unrelated to the report, XPO Logistics’ stock tumbled in February 2019 after the company released its fourth quarter 2018 earnings report that revealed results below market estimates on earnings per share, revenue and 2019 guidance. Its management cited a reduction in business from its largest client, expressing it would negatively impact its growth for 2019. These developments led us to exit the Fund’s position in XPO Logistics.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in AvalonBay Communities, a developer and owner of multi-family apartment communities in the U.S. We purchased the company given our confidence in what we believe is its supportive management team, robust development pipeline and strong balance sheet.

We established a Fund position in US Foods Holding, a food service distributor. We purchased its stock after inflationary pressures began to subside, having a positive effect on its margins and allowing for more reasonable volume expectations, in our opinion. Given what we believe are its

24

PORTFOLIO RESULTS

accelerating sales volumes, improving earnings before interest, taxes, depreciation and amortization growth, more effective operations and solid organic growth, we have confidence in the company moving forward.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in Equity Residential, a multifamily real estate investment trust that manages apartment complexes in the U.S. We had purchased the company because of what we considered to be its high quality portfolio of assets, strong balance sheet and valuation, the latter of which was well below the value of its assets. However, its stock price significantly appreciated in 2018, making its valuation appear less attractive. For this reason, we exited the position in favor of what we felt were better risk/reward opportunities elsewhere.

We exited the Fund’s position in Westinghouse Air Brake Technologies (“Wabtec”), an equipment and system services company for the transit and freight rail industry. While we were originally positive on the company due to its technological advantages and favorable industry backdrop, our investment thesis changed as freight orders began to decrease. Demand for locomotives has declined as railroad companies have continued the transition to precision railroading, a process that maximizes the utilization of assets already held, in turn minimizing the need to purchase new assets, causing a severe cyclical headwind. Additionally, a lack of clarity from its management around margins hurt our confidence in the company. Given these conditions and the strong performance of the stock during the Reporting Period, we exited the position in favor of what we saw as better risk/reward opportunities elsewhere.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A Effective September 30, 2018, Sean Gallagher retired from Goldman Sachs and no longer serves as a portfolio manager for the Fund. Adam Agress and Sung Cho continue to serve as portfolio managers for the Fund.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in energy and health care increased. The Fund’s exposure to the financials and industrials sectors decreased compared to the Russell Index.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had overweight positions relative to the Russell Index in information technology and health care and an underweight position compared to the Russell Index in industrials. The Fund was rather neutrally weighted to the Russell Index in financials, real estate, consumer discretionary, utilities, energy, materials, consumer staples and communication services at the end of the Reporting Period.

25

FUND BASICS

Mid Cap Value Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell Midcap® Value  Index2
Class A		-2.56	%		-3.98	%
Class C		-2.96			-3.98
Institutional		-2.40			-3.98
Service		-2.63			-3.98
Investor		-2.48			-3.98
Class P		-2.38			-3.98
Class R		-2.72			-3.98
Class R6		-2.39			-3.98

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell Midcap Value^® Index is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-15.74	%		1.53	%		10.02	%		7.49	%	8/15/97
Class C		-12.40			1.92			9.81			6.99		8/15/97
Institutional		-10.48			3.10			11.08			9.92		8/1/95
Service		-10.94			2.58			10.53			7.79		7/18/97
Investor		-10.63			2.94			10.91			5.48		11/30/07
Class P		N/A			N/A			N/A			-10.81		4/17/18
Class R		-11.08			2.43			N/A			9.98		1/6/09
Class R6		-10.49			N/A			N/A			0.95		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

26

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		1.22	%
Class C		1.97			1.97
Institutional		0.83			0.83
Service		1.33			1.33
Investor		0.97			0.97
Class P		0.82			0.82
Class R		1.47			1.47
Class R6		0.82			0.82

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights of this report. The expense ratios of the Fund do not have a fee waiver and/or expense limitation. The Net Expense Ratio and Gross Expense Ratio are the same.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Fidelity National Information Services, Inc.		2.0	%	IT Services
Xcel Energy, Inc.		1.9		Electric Utilities
Stanley Black & Decker, Inc.		1.9		Machinery
M&T Bank Corp.		1.9		Banks
Public Service Enterprise Group, Inc.		1.8		Multi-Utilities
Sempra Energy		1.7		Multi-Utilities
First Republic Bank		1.7		Banks
The Cooper Cos., Inc.		1.7		Health Care Equipment & Supplies
Zimmer Biomet Holdings, Inc.		1.7		Health Care Equipment & Supplies
L3 Technologies, Inc.		1.7		Aerospace & Defense

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

27

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2019

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.

28

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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, Service, Investor, Class P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-7.14%,-7.50%,-6.97%,-7.20%,-7.02%,-6.94%,-7.27% and-6.95%, respectively. These returns compare to the-8.59% cumulative total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A While the Fund posted negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole detracted from the Fund’s relative performance, albeit only modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Effective stock selection in the information technology, health care and materials sectors contributed most positively to the Fund’s performance relative to the Russell Index. Only partially offsetting these positive contributors was weaker stock selection in utilities and real estate, which detracted from the Fund’s relative results. Having underweighted allocations to utilities, real estate and communication services, each of which outperformed the Russell Index during the Reporting Period, also hurt.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Russell Index from positions in Lattice Semiconductor, PS Business Parks and Viavi Solutions.

Lattice Semiconductor is a company that produces programmable logic devices used in circuits of mobile phones, telecommunications and Internet-of-Things infrastructure. (The Internet-of-Things is the network of devices such as vehicles and home appliances that contain electronics, software, sensors, actuators, and connectivity that allows these things to connect, interact and exchange data.) Following a broader sell-off of semiconductors, Lattice Semiconductor’s stock trended downwards in late 2018 before sharply appreciating in early 2019. Its Chief Executive Officer (“CEO”) Jim Anderson, who has a background of turning around Advanced Micro Devices, another semiconductor company, started at Lattice Semiconductor in September 2018 and has demonstrated credibility with better than market expected fourth quarter 2018 earnings, released in February 2019. At the end of the

Reporting Period, we had confidence in the company’s experienced executive team, including the new CEO, and in the company’s ability to expand its margins with better efficiencies of sales, manufacturing and marketing.

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PORTFOLIO RESULTS

PS Business Parks is an industrial real estate investment trust that operates multi-tenant industrial, flex and office spaces. We believe the company’s steady execution, including in-line third quarter 2018 earnings, and its low leverage provided defensive characteristics during the somewhat tumultuous trading environment that dominated much of the Reporting Period. At the end of the Reporting Period, we continued to believe the company was attractively valued among its peers, had a solid management team and was a high quality company for the longer term.

Viavi Solutions is a company that engages in the provision of network testing, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems. Despite a more challenging end to 2018, its stock performed well in the first two months of 2019, especially following the release of better than consensus expected fourth quarter 2018 earnings. These fourth quarter 2018 results included the announcement of the company buying Cobham AvComm and Wireless’ test and measurement assets, a former business under Aeroflex. The acquisition is widely expected to expand Viavi Solutions’ gross margins and support new product lines, especially those exposed to fifth generation (“5G”) tests. At the end of the Reporting Period, we believed Viavi Solutions’ test and measurement equipment business should benefit from the rollout of 5G globally, and its optical filter business should accelerate as three-dimensional facial recognition becomes more widely adopted in smart phones. Additionally, we viewed its management team favorably due to its track record of allocating capital through accretive deals and its near-term focus on operational efficiency.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Russell Index were positions in exploration and production oil company WPX Energy, transportation and logistics company XPO Logistics and data center real estate investment trust CyrusOne.

WPX Energy’s operations are primarily in the Williston and Permian Basins. Its stock had performed fairly well during the beginning of 2018 due to strong production and a divestiture to fund debt reduction. But its stock declined in the fourth quarter of 2018 in tandem with oil prices, as oil fell from approximately $75 per barrel to $45 per barrel during the quarter. WPX Energy performed in line with other exploration and production companies, with no company-specific issues. Similar to other exploration and production companies, WPX Energy announced it would slow growth to adjust to the lower oil price environment and spend within cash flow, which had the company growing at anticipated rates of approximately 20% and 15% in 2019 and 2020, respectively. At the end of the Reporting Period, we still had high conviction in WPX Energy given what we see as its impressive portfolio of low-cost acreage in the Permian Basin and relative attractiveness to small-cap peers.

While there were no stock-specific reasons for the decline in XPO Logistics’ share price during a volatile October 2018, the company, along with others in the industrials and freight industries, underperformed for the month. In mid-December 2018, a hedge fund issued a report that sent XPO Logistics’ shares tumbling more than 26% in one day. We were not particularly troubled by our initial read-through of the analysis but recognized several aspects that warranted follow up. After assessing various factors, we confirmed our previously held view that XPO Logistics’ business was well aligned with the structural changes in the freight industry, such as outsourcing and labor-saving technology,e-commerce exposure and the implementation of electronic logging devices. The market eventually recognized this as well, and its shares recovered all of the losses prompted by the hedge fund report. However, unrelated to the report, XPO Logistics’ stock tumbled in February 2019 after the company released its fourth quarter 2018 earnings report that revealed results below market estimates on earnings per share, revenue and 2019 guidance. Its management cited a reduction in business from its largest client, expressing it would negatively impact its growth for 2019. These developments led us to exit the Fund’s position in XPO Logistics.

In late 2018, CyrusOne reported weaker 2019 forward guidance due to a European acquisition and related investments that turned out to be more dilutive than the company expected. Subsequently, the stock traded downward in early 2019, coupled with mixed fourth quarter 2018 earnings announced in February 2019. Despite these near-term headwinds, we believed at the end of the Reporting Period that CyrusOne’s investments, including that in the European company, should be accretive over time given increasing demand for data centers and CyrusOne’s leadership in the space. Additionally, we viewed its management team favorably.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

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PORTFOLIO RESULTS

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in KBR, an engineering, procurement and construction company that was formerly a subsidiary of Halliburton. We like KBR’s business mix with a greater revenue share coming from governmental operations, which tends to be more contractual with less tail risk. (Tail risk is a form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution. Tail risks include events that have a small probability of occurring and occur at both ends of a normal distribution curve.) We believe the company has potential upside with liquefied natural gas contracts and an improving balance sheet as well as a CEO moving away from riskier lump-sum deals. (A lump-sum deal or contract is a contract with a single lump-sum price for all of the works, and the contractor is responsible for completing the project within the agreed fixed cost set forth in the contract. If the contractor completes the project under the fixed total cost, then the contractor makes additional profits from the project. The lump-sum contract is normally used in the construction industry to reduce contract administration costs.)

We established a Fund position in Darling Ingredients, an agricultural processor business that converts restaurant by-products into gelatin, plasma, fertilizers, grease and fuels. We believe the company has promising, long-term value creation potential in its Diamond Green Diesel division that produces biofuel and renewable diesel.

Conversely, in addition to those sales already mentioned, we sold the Fund’s position in Oasis Petroleum, an exploration and production company based in the Bakken Shale formation. Originally, we believed the company benefited from high oil prices and exposure to the Bakken Shale. Given the decline in oil prices during the Reporting Period and new drilling technology that has made the Bakken Shale more competitive with the Permian Basin with less inefficiencies to capitalize on, we exited the position in favor of what we considered better risk/reward opportunities.

We eliminated the Fund’s position in Nabors Industries, a company that manufactures and services oil drilling rigs with exposure to domestic and international markets. Given the recent headwinds to the energy market, including a lower oil price environment, we believe global demand for Nabors Industries’ high performance rigs has been strained. We started trimming the position in September 2018 and completely sold out of the stock in December 2018 in favor of what we saw as better risk/reward opportunities.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocation compared to the Russell Index in consumer staples increased.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund was overweight compared to the Russell Index in industrials and was rather neutrally weighted to the remaining sectors in the Russell Index.

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FUND BASICS

Small Cap Value Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 2000® Value Index2
Class A		-7.14	%		-8.59	%
Class C		-7.50			-8.59
Institutional		-6.97			-8.59
Service		-7.20			-8.59
Investor		-7.02			-8.59
Class P		-6.94			-8.59
Class R		-7.27			-8.59
Class R6		-6.95			-8.59

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000 Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lowerprice-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-19.06	%		2.51	%		11.35	%		9.58	%	10/22/92
Class C		-15.85			2.90			11.16			7.63		8/15/97
Institutional		-14.02			4.09			12.44			8.88		8/15/97
Service		-14.46			3.57			11.88			8.34		8/15/97
Investor		-14.14			3.94			12.27			7.75		11/30/07
Class P		N/A			N/A			N/A			-14.15		4/17/18
Class R		-14.57			3.42			11.72			7.23		11/30/07
Class R6		-14.03			N/A			N/A			3.62		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. 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 recentmonth-end returns.Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		1.36	%
Class C		2.08			2.11
Institutional		0.94			0.97
Service		1.44			1.47
Investor		1.08			1.11
Class P		0.93			0.96
Class R		1.58			1.61
Class R6		0.93			0.96

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Chesapeake Lodging Trust		1.2	%	Equity Real Estate Investment Trusts (REITs)
ALLETE, Inc.		1.1		Electric Utilities
Pebblebrook Hotel Trust		1.1		Equity Real Estate Investment Trusts (REITs)
Acadia Realty Trust		1.0		Equity Real Estate Investment Trusts (REITs)
Viavi Solutions, Inc.		1.0		Communications Equipment
Healthcare Realty Trust, Inc.		1.0		Equity Real Estate Investment Trusts (REITs)
Portland General Electric Co.		1.0		Electric Utilities
Banner Corp.		1.0		Banks
CACI International, Inc. Class A		1.0		IT Services
Columbia Property Trust, Inc.		1.0		Equity Real Estate Investment Trusts (REITs)

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

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FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of Exchange Traded Funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets as of February 28, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in small- and mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index, respectively, at the time of investment. As of September 30, 2018, the capitalization range of the companies in these indexes was between $75 million and $37.1 billion. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, it may also invest in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small/Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2019 (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 P, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of-5.66%,-5.99%,-5.47%,-5.59%, -5.52%, -5.81% and-5.45%, respectively. These returns compare to the-6.47% cumulative total return of the Fund’s benchmark, the Russell 2500^® Value Index (with dividends reinvested) (the “Russell Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A While the Fund posted negative absolute returns, it outperformed the Russell Index on a relative basis during the Reporting Period due primarily to effective stock selection. Sector allocation as a whole also contributed positively to the Fund’s relative performance, albeit only modestly.

Q Which equity market sectors most significantly affected Fund performance?

A Effective stock selection in the information technology, industrials and energy sectors contributed most positively to the Fund’s performance relative to the Russell Index. Having a position in cash during a Reporting Period when the Russell Index declined also proved beneficial. Only partially offsetting these positive contributors was challenging stock selection in the financials, utilities and real estate sectors, which detracted. Having underweighted allocations to these same three sectors, each of which outperformed the Russell Index during the Reporting Period, hurt as well.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Russell Index from positions in Equity LifeStyle Properties, Live Nation Entertainment and Pinnacle West Capital.

Equity LifeStyle Properties is a real estate investment trust that manages and operates high quality home resort communities, including rental homes and recreational vehicle campgrounds. At the end of October 2018, the company reported positive earnings, with revenue and adjusted earnings before taxes, interest, depreciation and amortization above consensus expectations, and in-line cash generation, as measured by funds from operations. During the fourth quarter of 2018, its stock outperformed the real estate sector of the Russell Index as well as the broad Russell Index. At the end of the Reporting Period, we believed the company had demonstrated financial strength and a favorable risk profile given its low-levered balance sheet and leading supply of permits. These attributes, along with its early announcement of forward guidance, appeared to instill confidence in the stock amidst a more tumultuous trading environment.

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PORTFOLIO RESULTS

Live Nation Entertainment is a company that engages in the production and marketing of concerts. The company executed well, with all segments of its business seeing growth during the Reporting Period. Margins within its Concerts segment expanded, and its Sponsorship & Advertising business segment is based on contracts, providing steady revenue streams. In our view, Live Nation Entertainment was well positioned at the end of the Reporting Period to take advantage of the growing demand for concerts through its strong amphitheater slate, higher per fan spending and better optimized ticket pricing.

Pinnacle West Capital is a utilities company that offers regulated retail and wholesale electricity in Arizona. Its stock appreciated following the overruling of a renewable energy requirement for electric utilities. Arizona’s Proposition 127, a constitutionally-mandated renewable energy requirement, had weighed on the stock until it was overruled in early November 2018. We believe the defeat helped support the stock’s multiple expansion, boosted by a positive third quarter earnings per share and revenue results report that beat consensus estimates in November 2018. More favorable weather and lower federal income taxes also led to an increase for full-year 2018 guidance. At the end of the Reporting Period, we believed the company had a steady-state business with the potential to improve margins.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Russell Index were positions in XPO Logistics, WPX Energy and Parsley Energy.

XPO Logistics is a transportation and logistics company. While there were no stock-specific reasons for the decline in XPO Logistics’ share price during a volatile October 2018, the company, along with others in the industrials and freight industries, underperformed for the month. In mid-December 2018, a hedge fund issued a report that sent XPO Logistics’ shares tumbling more than 26% in one day. We were not particularly troubled by our initial read-through of the analysis but recognized several aspects that warranted follow up. After assessing various factors, we confirmed our previously held view that XPO Logistics’ business was well aligned with the structural changes in the freight industry, such as outsourcing and labor-saving technology,e-commerce exposure and the implementation of electronic logging devices. The market eventually recognized this as well, and its shares recovered all of the losses prompted by the hedge fund report. However, unrelated to the report, XPO Logistics’ stock tumbled in February 2019 after the company released its fourth quarter 2018 earnings report that revealed results below market estimates on earnings per share, revenue and 2019 guidance. Its management cited a reduction in business from its largest client, expressing it would negatively impact its growth for 2019. These developments led us to reduce the Fund’s position in XPO Logistics.

WPX Energy is an exploration and production oil company whose operations are primarily in the Williston and Permian Basins. Its stock had performed fairly well during the beginning of 2018 due to strong production and a divestiture to fund debt reduction. But its stock declined in the fourth quarter of 2018 in tandem with oil prices, as oil fell from approximately $75 per barrel to $45 per barrel during the quarter. WPX Energy performed in line with other exploration and production companies, with no company-specific issues. Similar to other exploration and production companies, WPX Energy announced it would slow growth to adjust to the lower oil price environment and spend within cash flow, which had the company growing at anticipated rates of approximately 20% and 15% in 2019 and 2020, respectively. At the end of the Reporting Period, we still had high conviction in WPX Energy given what we see as its impressive portfolio of low-cost acreage in the Permian Basin and relative attractiveness to small-cap peers.

Parsley Energy is an oil exploration and production company based in the Permian Basin. Its performance was not company-specific but rather a consequence of declining oil prices in the latter half of 2018. Overall, the smaller oil companies were relatively more impacted than larger companies due to greater leverage and more perceived risk. While we trimmed the Fund’s position in Parsley Energy, we still held the stock due to its compounding rig count and oil production. Additionally, we believed at the end of the Reporting Period the company had improved operating performance and had a high quality asset base within the Permian Basin.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives as part of an active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we initiated a Fund position in Viper Energy Partners LP, a mineral rights holder in the

36

PORTFOLIO RESULTS

Permian Basin. As a mineral rights holder, the company owns a percentage of all oil and gas revenue generated on its acreage with no associated costs besides production tax and some operational expenses. We, therefore, believe Viper Energy Partners LP is an attractive investment vehicle that benefits from organic growth and commodity price upside potential while offering a differentiated capital return given the payout of its cash flow in a variable dividend.

We established a Fund position in Umpqua Holdings, a holding company of a regional bank located in Portland, Oregon. At the time of purchase, the company had recently undergone a management change, with a new Chief Executive Officer introducing a significant efficiency and cost reduction program, combined with a restructured banking model and innovative technology investments. We believe the company’s strategy should result in improved profitability and shareholder returns.

Conversely, in addition to the sale mentioned earlier, we exited the Fund’s position in Everest Re Group, a holding company that engages in the provision of reinsurance and insurance services. While we believe the company is a high quality reinsurer that has continued to diversify and grow its U.S.-based insurance platform, the high level of catastrophes that occurred in 2018 and early 2019 led us reevaluate and reduce the Fund’s overall portfolio positioning in the reinsurance sector.

We sold the Fund’s position in Tribune Media, a media and entertainment conglomerate located in Chicago, Illinois. Its stock jumped following the announcement that Nexstar Media Group, one of the largest owners of U.S. television stations, would acquire the company for approximately $6.4 billion in cash and debt. The deal is expected to close in the third quarter of 2019, and we sold the Fund’s position in January 2019.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A There were no changes to the Fund’s portfolio management team during the Reporting Period.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in materials and consumer staples increased, and its allocation compared to the Russell Index in real estate decreased.

Q How was the Fund positioned relative to its benchmark index at the end of February 2019?

A At the end of February 2019, the Fund had an underweight position compared to the Russell Index in communication services and was rather neutrally weighted to the Russell Index in information technology, healthcare, financials, real estate, industrials, consumer discretionary, energy, utilities, materials and consumer staples.

37

FUND BASICS

Small/Mid Cap Value Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			Russell 2500® Value Index2
Class A		-5.66	%		-6.47	%
Class C		-5.99			-6.47
Institutional		-5.47			-6.47
Investor		-5.59			-6.47
Class P		-5.52			-6.47
Class R		-5.81			-6.47
Class R6		-5.45			-6.47

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2500 Value Index is composed of the smallest 2,500 of the 3,000 largest U.S. companies based on total market capitalization with lowerprice-to-book ratios and lower forecast growth values. It is calculated by Frank Russell Company, and reflects reinvestment of all dividends and capital gains. The Russell 2500 Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Since Inception			Inception Date
Class A		-19.81	%		2.62	%	1/31/14
Class C		-16.70			3.05		1/31/14
Institutional		-14.81			4.26		1/31/14
Investor		-15.04			4.06		1/31/14
Class P		N/A			-14.49		4/17/18
Class R		-15.41			3.55		1/31/14
Class R6		-14.89			2.31		7/31/15

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-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 recentmonth-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

38

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.46	%
Class C		1.98			2.21
Institutional		0.84			1.07
Investor		0.98			1.21
Class P		0.83			1.06
Class R		1.48			1.71
Class R6		0.83			1.06

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 2/28/195
Holding	% of Net Assets			Line of Business
Equity LifeStyle Properties, Inc.		1.4	%	Equity Real Estate Investment Trusts (REITs)
Camden Property Trust		1.3		Equity Real Estate Investment Trusts (REITs)
Federal Realty Investment Trust		1.3		Equity Real Estate Investment Trusts (REITs)
Alliant Energy Corp.		1.2		Electric Utilities
Atmos Energy Corp.		1.2		Gas Utilities
ALLETE, Inc.		1.1		Electric Utilities
Pinnacle West Capital Corp.		1.1		Electric Utilities
Pebblebrook Hotel Trust		1.0		Equity Real Estate Investment Trusts (REITs)
Burlington Stores, Inc.		1.0		Specialty Retail
Commerce Bancshares, Inc.		1.0		Banks

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

39

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2019

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets as of February 28, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

40

FUND BASICS

Index Definition

The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The S&P 500^® Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.

The ISM Manufacturing Index is a widely-watched indicator of recent U.S. economic activity. It is often referred to as the Purchasing Manager’s Index (PMI). Based on a survey of purchasing managers at more than 300 manufacturing firms by the Institute for Supply Management (“ISM”), the Index monitors changes in production levels from month to month.

The Russell Midcap Index is a market capitalization weighted index comprised of 800 publicly traded U.S. companies with market caps of between $2 and $10 billion. The 800 companies in the Russell Midcap Index are the same 800 of the 1,000 companies that comprise Russell 1000 Index.

The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000 Index is a subset of the Russell 3000 Index. It represents the top companies by market capitalization. The Russell 1000 Index typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large-cap investing.

The Russell 2000^® Index is an index measuring the performance of approximately 2,000 of the smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index.

41

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Aerospace & Defense – 1.9%
	16,785	Northrop Grumman Corp.	$	4,866,979
	10,395	Raytheon Co.		1,938,667
				6,805,646
Banks – 11.5%
	229,110	Bank of America Corp.		6,662,519
	122,059	BB&T Corp.		6,221,347
	49,876	Commerce Bancshares, Inc.		3,138,697
	17,479	Cullen/Frost Bankers, Inc.		1,812,223
	105,353	JPMorgan Chase & Co.		10,994,639
	17,896	M&T Bank Corp.		3,097,082
	97,011	SunTrust Banks, Inc.		6,293,103
	57,736	Wells Fargo & Co.		2,880,449
				41,100,059
Capital Markets – 2.5%
	56,343	Northern Trust Corp.		5,251,168
	41,973	Singapore Exchange Ltd. ADR		3,636,960
				8,888,128
Chemicals – 3.0%
	95,704	DowDuPont, Inc.		5,094,324
	17,986	Ecolab, Inc.		3,038,015
	16,063	Linde PLC		2,782,754
				10,915,093
Commercial Services & Supplies – 1.3%
	57,509	Republic Services, Inc.		4,510,431
Communications Equipment – 3.2%
	220,097	Cisco Systems, Inc.		11,394,422
Construction & Engineering – 0.7%
	97,677	Vinci SA ADR		2,325,689
Diversified Telecommunication Services – 3.1%
	192,081	Verizon Communications, Inc.		10,933,251
Electric Utilities – 2.7%
	55,610	Pinnacle West Capital Corp.		5,212,881
	82,254	Xcel Energy, Inc.		4,512,455
				9,725,336
Electronic Equipment, Instruments & Components – 0.7%
	32,394	TE Connectivity Ltd.		2,659,223
Energy Equipment & Services – 0.3%
	24,583	Schlumberger Ltd.		1,083,127
Equity Real Estate Investment Trusts (REITs) – 5.0%
	37,207	Crown Castle International Corp.		4,418,331
	55,826	Equity Residential		4,113,818
	112,266	Hudson Pacific Properties, Inc.		3,729,477
	165,129	SITE Centers Corp.		2,204,472
	56,395	Ventas, Inc.		3,538,786
				18,004,884
Common Stocks – (continued)
Food & Staples Retailing – 1.8%
	65,836	Walmart, Inc.		6,517,106
Food Products – 0.7%
	104,686	Conagra Brands, Inc.		2,446,512
Health Care Equipment & Supplies – 4.6%
	94,561	Abbott Laboratories		7,339,825
	103,146	Medtronic PLC		9,334,713
				16,674,538
Health Care Providers & Services – 0.9%
	55,853	CVS Health Corp.		3,229,979
Hotels, Restaurants & Leisure – 1.6%
	31,795	McDonald’s Corp.		5,845,193
Household Durables – 0.7%
	67,472	D.R. Horton, Inc.		2,623,986
Household Products – 2.8%
	11,821	The Clorox Co.		1,868,073
	82,261	The Procter & Gamble Co.		8,106,821
				9,974,894
Industrial Conglomerates – 1.6%
	37,311	Honeywell International, Inc.		5,748,506
Insurance – 3.6%
	64,382	Principal Financial Group, Inc.		3,389,069
	45,024	ProAssurance Corp.		1,827,974
	19,948	RenaissanceRe Holdings Ltd.		2,933,353
	34,693	The Travelers Cos., Inc.		4,611,047
				12,761,443
Interactive Media & Services* – 1.3%
	4,065	Alphabet, Inc. Class A		4,579,426
IT Services – 1.5%
	27,510	Fidelity National Information Services, Inc.		2,975,206
	16,865	Visa, Inc. Class A		2,498,044
				5,473,250
Machinery – 1.0%
	26,583	Stanley Black & Decker, Inc.		3,520,387
Media – 2.1%
	196,966	Comcast Corp. Class A		7,616,675
Multi-Utilities – 5.3%
	63,220	Ameren Corp.		4,503,793
	84,107	CMS Energy Corp.		4,575,421
	76,336	Public Service Enterprise Group, Inc.		4,489,320
	45,429	Sempra Energy		5,471,468
				19,040,002
Oil, Gas & Consumable Fuels – 10.7%
	94,933	BP PLC ADR		4,048,892
	108,589	Chevron Corp.		12,985,073

42 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY INCOME FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	96,925	Exxon Mobil Corp.	$	7,659,983
	43,744	Marathon Petroleum Corp.		2,712,565
	133,445	Royal Dutch Shell PLC Class B ADR		8,488,437
	98,567	The Williams Cos., Inc.		2,630,753
				38,525,703
Personal Products – 1.2%
	76,614	Unilever NV		4,135,624
Pharmaceuticals – 12.1%
	90,088	AstraZeneca PLC ADR		3,745,859
	99,686	Bristol-Myers Squibb Co.		5,149,779
	121,916	Johnson & Johnson		16,658,602
	90,164	Merck & Co., Inc.		7,329,431
	244,405	Pfizer, Inc.		10,594,957
				43,478,628
Road & Rail – 1.5%
	32,988	Union Pacific Corp.		5,532,088
Semiconductors & Semiconductor Equipment – 2.7%
	152,230	Marvell Technology Group Ltd.		3,036,989
	59,859	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2,337,494
	42,030	Texas Instruments, Inc.		4,445,933
				9,820,416
Software – 1.0%
	33,147	Microsoft Corp.		3,713,458
Technology Hardware, Storage & Peripherals – 1.3%
	27,546	Apple, Inc.		4,769,590
Tobacco – 1.2%
	80,166	Altria Group, Inc.		4,201,500
Water Utilities – 1.4%
	50,307	American Water Works Co., Inc.		5,112,197
Wireless Telecommunication Services – 0.8%
	160,577	Vodafone Group PLC ADR		2,866,299
	TOTAL COMMON STOCKS – 99.3%
	(Cost $320,934,328)		$	356,552,689
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			2,633,424
	NET ASSETS – 100.0%		$	359,186,113

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
ADR	—American Depositary Receipt
BP	—British Pound Offered Rate
PLC	—Public Limited Company

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Aerospace & Defense – 3.0%
	723	Raytheon Co.	$	134,840
Banks – 10.8%
	7,871	Bank of America Corp.		228,889
	1,507	JPMorgan Chase & Co.		157,270
	550	M&T Bank Corp.		95,183
				481,342
Biotechnology* – 2.8%
	488	Alexion Pharmaceuticals, Inc.		66,041
	645	BioMarin Pharmaceutical, Inc.		60,153
				126,194
Capital Markets – 3.6%
	1,410	Intercontinental Exchange, Inc.		108,781
	529	Northern Trust Corp.		49,303
				158,084
Chemicals – 3.4%
	2,841	DowDuPont, Inc.		151,226
Consumer Finance – 3.6%
	1,473	American Express Co.		158,701
Electric Utilities – 5.3%
	1,269	NextEra Energy, Inc.		238,217
Entertainment* – 2.3%
	1,800	Live Nation Entertainment, Inc.		101,808
Equity Real Estate Investment Trusts (REITs) – 2.1%
	699	Alexandria Real Estate Equities, Inc.		94,987
Food & Staples Retailing – 5.1%
	2,312	Walmart, Inc.		228,865
Health Care Equipment & Supplies – 4.5%
	1,583	Boston Scientific Corp.*		63,510
	479	The Cooper Cos., Inc.		136,989
				200,499
Health Care Providers & Services – 3.0%
	1,075	CVS Health Corp.		62,168
	256	Humana, Inc.		72,970
				135,138
Hotels, Restaurants & Leisure – 2.8%
	1,042	Royal Caribbean Cruises Ltd.		123,456
Household Durables – 2.3%
	2,600	D.R. Horton, Inc.		101,114
Household Products – 2.8%
	1,258	The Procter & Gamble Co.		123,976
Industrial Conglomerates – 5.1%
	1,484	Honeywell International, Inc.		228,640
Common Stocks – (continued)
Interactive Media & Services* – 7.1%
	214	Alphabet, Inc. Class A		241,082
	456	Facebook, Inc. Class A		73,621
				314,703
IT Services – 2.5%
	698	Accenture PLC Class A		112,643
Machinery – 2.3%
	761	Stanley Black & Decker, Inc.		100,779
Oil, Gas & Consumable Fuels – 8.4%
	1,390	Cheniere Energy, Inc.*		89,586
	1,076	Chevron Corp.		128,668
	586	Concho Resources, Inc.		64,460
	1,504	Marathon Petroleum Corp.		93,263
				375,977
Pharmaceuticals – 5.4%
	3,082	AstraZeneca PLC ADR		128,149
	878	Eli Lilly & Co.		110,883
				239,032
Road & Rail – 3.5%
	928	Union Pacific Corp.		155,626
Semiconductors & Semiconductor Equipment – 1.6%
	3,636	Marvell Technology Group Ltd.		72,538
Software – 3.7%
	399	Intuit, Inc.		98,605
	584	Microsoft Corp.		65,425
				164,030
Textiles, Apparel & Luxury Goods – 1.2%
	451	PVH Corp.		51,793
	TOTAL COMMON STOCKS – 98.2%
	(Cost $4,206,541)		$	4,374,208
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			79,429
	NET ASSETS – 100.0%		$	4,453,637

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

44 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Aerospace & Defense – 0.9%
	25,098	Raytheon Co.	$	4,680,777
Banks – 11.5%
	509,053	Bank of America Corp.		14,803,261
	33,846	First Republic Bank		3,553,153
	169,233	JPMorgan Chase & Co.		17,661,156
	27,598	M&T Bank Corp.		4,776,110
	18,433	Signature Bank		2,502,464
	95,187	SunTrust Banks, Inc.		6,174,781
	148,716	Wells Fargo & Co.		7,419,441
				56,890,366
Biotechnology* – 1.4%
	28,535	Alexion Pharmaceuticals, Inc.		3,861,642
	31,451	BioMarin Pharmaceutical, Inc.		2,933,120
				6,794,762
Capital Markets – 1.7%
	49,676	Intercontinental Exchange, Inc.		3,832,503
	50,613	Northern Trust Corp.		4,717,132
				8,549,635
Chemicals – 2.4%
	32,805	Celanese Corp.		3,355,623
	163,713	DowDuPont, Inc.		8,714,443
				12,070,066
Commercial Services & Supplies – 0.5%
	31,451	Waste Connections, Inc.		2,623,013
Communications Equipment – 2.7%
	253,901	Cisco Systems, Inc.		13,144,455
Construction Materials – 0.4%
	11,351	Martin Marietta Materials, Inc.		2,131,718
Consumer Finance – 0.6%
	28,014	American Express Co.		3,018,228
Diversified Financial Services* – 3.5%
	87,063	Berkshire Hathaway, Inc. Class B		17,525,782
Diversified Telecommunication Services – 3.8%
	151,007	AT&T, Inc.		4,699,338
	250,464	Verizon Communications, Inc.		14,256,411
				18,955,749
Electric Utilities – 3.0%
	46,760	NextEra Energy, Inc.		8,777,787
	111,121	Xcel Energy, Inc.		6,096,098
				14,873,885
Entertainment – 1.8%
	62,069	Live Nation Entertainment, Inc.*		3,510,623
	111,330	Twenty-First Century Fox, Inc. Class A		5,614,372
				9,124,995
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – 4.3%
	22,182	Alexandria Real Estate Equities, Inc.		3,014,312
	30,201	AvalonBay Communities, Inc.		5,878,021
	19,787	Federal Realty Investment Trust		2,643,345
	81,752	Hudson Pacific Properties, Inc.		2,715,801
	55,508	Prologis, Inc.		3,888,891
	49,468	Ventas, Inc.		3,104,117
				21,244,487
Food & Staples Retailing – 2.2%
	107,476	Walmart, Inc.		10,639,049
Food Products – 1.3%
	131,012	Mondelez International, Inc. Class A		6,178,526
Health Care Equipment & Supplies – 6.0%
	114,661	Boston Scientific Corp.*		4,600,199
	44,156	Danaher Corp.		5,608,695
	102,060	Medtronic PLC		9,236,430
	15,621	The Cooper Cos., Inc.		4,467,450
	45,406	Zimmer Biomet Holdings, Inc.		5,635,793
				29,548,567
Health Care Providers & Services – 2.0%
	72,796	CVS Health Corp.		4,209,793
	10,310	Humana, Inc.		2,938,762
	19,578	Laboratory Corp. of America Holdings*		2,902,243
				10,050,798
Hotels, Restaurants & Leisure – 1.9%
	34,992	McDonald’s Corp.		6,432,929
	25,098	Royal Caribbean Cruises Ltd.		2,973,611
				9,406,540
Household Durables – 0.5%
	60,819	D.R. Horton, Inc.		2,365,251
Household Products – 2.6%
	129,866	The Procter & Gamble Co.		12,798,294
Industrial Conglomerates – 2.2%
	386,788	General Electric Co.		4,018,727
	43,011	Honeywell International, Inc.		6,626,705
				10,645,432
Insurance – 3.3%
	40,303	American Financial Group, Inc.		4,016,597
	34,992	Arthur J. Gallagher & Co.		2,809,158
	35,929	Chubb Ltd.		4,810,893
	100,706	MetLife, Inc.		4,550,904
				16,187,552
Interactive Media & Services* – 1.4%
	4,061	Alphabet, Inc. Class A		4,574,920
	14,267	Facebook, Inc. Class A		2,303,407
				6,878,327

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
IT Services – 0.8%
	24,161	Accenture PLC Class A	$	3,899,102
Machinery – 2.8%
	16,454	Deere & Co.		2,699,114
	92,479	ITT, Inc.		5,341,587
	40,824	Stanley Black & Decker, Inc.		5,406,323
	2,077	Wabtec Corp.		152,193
				13,599,217
Media – 2.3%
	289,206	Comcast Corp. Class A		11,183,596
Multi-Utilities – 2.3%
	77,066	Ameren Corp.		5,490,182
	107,892	CMS Energy Corp.		5,869,325
				11,359,507
Oil, Gas & Consumable Fuels – 9.4%
	111,073	Chevron Corp.		13,282,109
	40,303	Concho Resources, Inc.		4,433,330
	18,751	Diamondback Energy, Inc.		1,930,041
	59,850	EOG Resources, Inc.		5,625,900
	135,698	Exxon Mobil Corp.		10,724,213
	98,027	Marathon Petroleum Corp.		6,078,654
	69,776	Royal Dutch Shell PLC Class B ADR		4,438,451
				46,512,698
Pharmaceuticals – 6.5%
	61,236	AstraZeneca PLC ADR		2,546,193
	34,159	Eli Lilly & Co.		4,313,940
	101,227	Johnson & Johnson		13,831,657
	59,986	Merck & Co., Inc.		4,876,262
	146,946	Pfizer, Inc.		6,370,109
				31,938,161
Road & Rail – 0.9%
	26,139	Union Pacific Corp.		4,383,510
Semiconductors & Semiconductor Equipment – 3.4%
	50,092	Advanced Micro Devices, Inc.*		1,178,665
	144,623	Intel Corp.		7,659,234
	211,202	Marvell Technology Group Ltd.		4,213,480
	36,723	Texas Instruments, Inc.		3,884,559
				16,935,938
Software – 2.3%
	22,286	Check Point Software Technologies Ltd.*		2,725,578
	18,537	Intuit, Inc.		4,581,049
	34,054	Microsoft Corp.		3,815,069
				11,121,696
Specialty Retail – 1.6%
	11,351	Advance Auto Parts, Inc.		1,836,365
	29,056	Ross Stores, Inc.		2,755,380
	19,162	The Home Depot, Inc.		3,547,653
				8,139,398
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 0.5%
	14,163	Apple, Inc.		2,452,323
Textiles, Apparel & Luxury Goods – 0.9%
	39,991	PVH Corp.		4,592,566
Tobacco – 0.9%
	86,126	Altria Group, Inc.		4,513,864
Water Utilities – 0.8%
	37,908	American Water Works Co., Inc.		3,852,211
	TOTAL COMMON STOCKS
	(Cost $424,170,686)		$	480,810,041

Shares		Dividend Rate	Value
Investment Company(a) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,281,073	2.395%	$	5,281,073
	(Cost $5,281,073)
	TOTAL INVESTMENTS – 98.4%
	(Cost $429,451,759)		$	486,091,114
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			7,851,032
	NET ASSETS – 100.0%		$	493,942,146

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents an affiliated fund.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

46 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – 98.9%
Aerospace & Defense – 1.7%
	101,195	L3 Technologies, Inc.	$	21,428,041
Airlines* – 1.0%
	756,750	JetBlue Airways Corp.		12,637,725
Auto Components – 0.8%
	122,256	Aptiv PLC		10,160,696
Banks – 7.2%
	267,814	Citizens Financial Group, Inc.		9,893,049
	134,205	Comerica, Inc.		11,690,598
	207,244	First Republic Bank		21,756,475
	138,678	M&T Bank Corp.		23,999,615
	90,686	Signature Bank		12,311,531
	197,939	SunTrust Banks, Inc.		12,840,303
				92,491,571
Beverages* – 1.0%
	274,124	Coca-Cola European Partners PLC		12,922,205
Biotechnology* – 0.7%
	28,622	Alexion Pharmaceuticals, Inc.		3,873,415
	60,689	BioMarin Pharmaceutical, Inc.		5,659,856
				9,533,271
Capital Markets – 2.8%
	74,442	Cboe Global Markets, Inc.		7,139,732
	208,928	E*TRADE Financial Corp.		10,235,383
	152,938	Lazard Ltd. Class A		5,724,469
	139,783	Northern Trust Corp.		13,027,776
				36,127,360
Chemicals – 2.8%
	192,532	Celanese Corp.		19,694,098
	203,314	W.R. Grace & Co.		15,791,399
				35,485,497
Communications Equipment – 1.7%
	66,320	Motorola Solutions, Inc.		9,491,718
	970,980	Viavi Solutions, Inc.*		12,748,968
				22,240,686
Construction & Engineering – 1.1%
	185,078	Jacobs Engineering Group, Inc.		13,655,055
Construction Materials – 1.2%
	81,717	Martin Marietta Materials, Inc.		15,346,453
Containers & Packaging – 0.8%
	194,435	Ball Corp.		10,651,149
Diversified Telecommunication Services – 0.9%
	492,522	CenturyLink, Inc.		6,496,365
	189,048	Zayo Group Holdings, Inc.*		4,688,391
				11,184,756
Electric Utilities – 4.1%
	277,994	Evergy, Inc.		15,542,645
	142,443	PG&E Corp.*		2,425,804
	109,634	Pinnacle West Capital Corp.		10,277,091
Common Stocks – (continued)
Electric Utilities – (continued)
	449,948	Xcel Energy, Inc.		24,684,147
				52,929,687
Electrical Equipment – 1.6%
	165,039	AMETEK, Inc.		13,133,803
	159,827	Sensata Technologies Holding PLC*		8,108,024
				21,241,827
Entertainment* – 0.8%
	172,801	Live Nation Entertainment, Inc.		9,773,625
Equity Real Estate Investment Trusts (REITs) – 13.2%
	249,580	Acadia Realty Trust		7,110,534
	139,884	Alexandria Real Estate Equities, Inc.		19,008,837
	102,088	AvalonBay Communities, Inc.		19,869,387
	116,199	Boston Properties, Inc.		15,418,445
	150,719	Camden Property Trust		14,784,027
	138,527	CyrusOne, Inc.		6,904,186
	117,989	Equity LifeStyle Properties, Inc.		12,818,325
	50,331	Essex Property Trust, Inc.		14,084,627
	227,705	HCP, Inc.		7,006,483
	222,958	Hudson Pacific Properties, Inc.		7,406,665
	136,474	Prologis, Inc.		9,561,368
	79,069	Ryman Hospitality Properties, Inc.		6,403,798
	52,209	SBA Communications Corp.*		9,426,857
	311,117	Ventas, Inc.		19,522,592
				169,326,131
Food & Staples Retailing* – 1.1%
	418,340	US Foods Holding Corp.		14,742,302
Food Products – 2.3%
	105,727	Bunge Ltd.		5,611,989
	282,247	Conagra Brands, Inc.		6,596,113
	70,238	McCormick & Co., Inc.		9,550,963
	401,818	Nomad Foods Ltd.*		8,076,542
				29,835,607
Gas Utilities – 0.7%
	94,547	Atmos Energy Corp.		9,345,971
Health Care Equipment & Supplies – 4.0%
	30,503	Teleflex, Inc.		8,840,989
	75,845	The Cooper Cos., Inc.		21,690,912
	173,964	Zimmer Biomet Holdings, Inc.		21,592,412
				52,124,313
Health Care Providers & Services* – 1.6%
	191,760	Acadia Healthcare Co., Inc.		5,041,371
	104,318	Laboratory Corp. of America Holdings		15,464,100
				20,505,471
Hotels, Restaurants & Leisure – 3.0%
	353,318	MGM Resorts International		9,451,256
	167,066	Restaurant Brands International, Inc.		10,560,242
	152,483	Royal Caribbean Cruises Ltd.		18,066,186
				38,077,684

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Household Durables – 0.9%
	289,231	D.R. Horton, Inc.	$	11,248,194
Insurance – 6.7%
	293,176	Arch Capital Group Ltd.*		9,578,060
	31,738	Everest Re Group Ltd.		7,176,279
	200,429	Lincoln National Corp.		12,530,821
	6,298	Markel Corp.*		6,328,734
	71,670	Reinsurance Group of America, Inc.		10,355,598
	55,022	The Hanover Insurance Group, Inc.		6,531,662
	221,096	The Hartford Financial Services Group, Inc.		10,913,299
	120,615	Torchmark Corp.		9,957,974
	74,250	Willis Towers Watson PLC		12,772,485
				86,144,912
Internet & Direct Marketing Retail – 0.7%
	75,523	Expedia Group, Inc.		9,312,741
IT Services – 3.5%
	237,658	Fidelity National Information Services, Inc.		25,702,712
	114,552	GoDaddy, Inc. Class A*		8,551,307
	108,922	Total System Services, Inc.		10,282,237
				44,536,256
Life Sciences Tools & Services – 1.4%
	223,501	Agilent Technologies, Inc.		17,754,919
Machinery – 4.7%
	230,329	Flowserve Corp.		10,228,911
	361,574	ITT, Inc.		20,884,514
	182,287	Stanley Black & Decker, Inc.		24,140,267
	168,954	Terex Corp.		5,675,165
				60,928,857
Media* – 0.9%
	125,069	Liberty Broadband Corp. Class C		11,193,675
Metals & Mining – 1.9%
	958,422	Freeport-McMoRan, Inc.		12,363,644
	210,385	Newmont Mining Corp.		7,178,336
	128,206	Steel Dynamics, Inc.		4,784,648
				24,326,628
Mortgage Real Estate Investment Trusts (REITs) – 0.5%
	293,347	Starwood Property Trust, Inc.		6,579,773
Multi-Utilities – 5.0%
	341,904	CMS Energy Corp.		18,599,577
	394,538	Public Service Enterprise Group, Inc.		23,202,780
	186,011	Sempra Energy		22,403,165
				64,205,522
Multiline Retail – 0.9%
	97,610	Dollar General Corp.		11,562,881
Oil, Gas & Consumable Fuels – 6.4%
	209,261	Cheniere Energy, Inc.*		13,486,871
	188,502	Concho Resources, Inc.		20,735,220
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	183,936	Diamondback Energy, Inc.		18,932,533
	147,946	Marathon Petroleum Corp.		9,174,131
	289,530	The Williams Cos., Inc.		7,727,556
	197,588	Viper Energy Partners LP		6,502,621
	521,434	WPX Energy, Inc.*		6,434,496
				82,993,428
Real Estate Management & Development* – 0.5%
	346,193	Cushman & Wakefield PLC		6,345,718
Road & Rail – 0.8%
	71,005	Old Dominion Freight Line, Inc.		10,705,424
Semiconductors & Semiconductor Equipment – 2.6%
	170,744	Advanced Micro Devices, Inc.*		4,017,606
	60,916	Analog Devices, Inc.		6,515,575
	823,830	Marvell Technology Group Ltd.		16,435,409
	72,132	NXP Semiconductors NV		6,587,094
				33,555,684
Software – 1.6%
	59,930	Check Point Software Technologies Ltd.*		7,329,439
	65,451	PTC, Inc.*		6,075,162
	16,779	Red Hat, Inc.*		3,063,845
	179,569	Symantec Corp.		4,038,507
				20,506,953
Specialty Retail – 1.0%
	54,047	Advance Auto Parts, Inc.		8,743,724
	25,421	Burlington Stores, Inc.*		4,314,960
				13,058,684
Technology Hardware, Storage & Peripherals – 0.8%
	200,992	Western Digital Corp.		10,109,898
Textiles, Apparel & Luxury Goods – 1.1%
	123,409	PVH Corp.		14,172,290
Water Utilities – 0.9%
	119,315	American Water Works Co., Inc.		12,124,790
	TOTAL COMMON STOCKS – 98.9% (Cost $1,174,661,080)		$	1,273,134,310
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			13,671,509
	NET ASSETS – 100.0%		$	1,286,805,819

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
LP	—Limited Partnership
PLC	—Public Limited Company

48 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.0%
Aerospace & Defense – 1.5%
	260,169	AAR Corp.	$	9,503,974
	264,916	Curtiss-Wright Corp.		32,661,494
	184,526	Esterline Technologies Corp.*		22,466,040
	115,488	Mercury Systems, Inc.*		7,335,798
	203,523	Moog, Inc. Class A		19,123,021
				91,090,327
Air Freight & Logistics* – 0.7%
	922,070	Air Transport Services Group, Inc.		21,456,569
	297,427	Atlas Air Worldwide Holdings, Inc.		15,983,727
	192,838	Echo Global Logistics, Inc.		4,631,969
				42,072,265
Airlines – 1.2%
	756,068	SkyWest, Inc.		40,857,915
	582,393	Spirit Airlines, Inc.*		32,759,606
				73,617,521
Auto Components – 0.5%
	1,563,900	American Axle & Manufacturing Holdings, Inc.*		25,178,790
	121,204	Standard Motor Products, Inc.		5,975,357
				31,154,147
Banks – 17.8%
	692,427	Amalgamated Bank Class A		12,262,882
	399,647	Ameris Bancorp		16,293,608
	812,093	BancorpSouth Bank		26,466,111
	947,311	Banner Corp.		58,856,432
	1,269,123	Boston Private Financial Holdings, Inc.		15,089,872
	1,346,705	Brookline Bancorp, Inc.		21,520,346
	356,320	Bryn Mawr Bank Corp.		14,523,603
	1,448,654	CenterState Bank Corp.		38,331,385
	760,874	Chemical Financial Corp.		34,870,855
	1,250,840	Columbia Banking System, Inc.		47,381,819
	664,293	Community Bank System, Inc.		43,039,543
	931,653	ConnectOne Bancorp, Inc.		20,095,755
	2,166,587	CVB Financial Corp.		49,376,518
	417,775	FB Financial Corp.		14,810,124
	612,982	First Financial Bankshares, Inc.		39,751,883
	996,915	First Merchants Corp.		40,265,397
	1,241,150	First Midwest Bancorp, Inc.		28,732,623
	684,243	Flushing Financial Corp.		15,881,280
	1,164,615	Glacier Bancorp, Inc.		51,033,429
	1,320,578	Great Western Bancorp, Inc.		49,587,704
	633,716	Heritage Financial Corp.		20,861,931
	1,084,335	Home BancShares, Inc.		21,122,846
	578,780	Independent Bank Corp.		49,271,541
	658,370	Independent Bank Group, Inc.		38,159,125
	660,165	Lakeland Financial Corp.		31,899,173
	1,245,313	LegacyTexas Financial Group, Inc.		51,966,911
	335,278	National Commerce Corp.*		14,648,296
	228,676	Old Line Bancshares, Inc.		6,549,281
	311,490	Pacific Premier Bancorp, Inc.		9,297,977
	650,996	Pinnacle Financial Partners, Inc.		38,206,955
	1,077,638	Renasant Corp.		41,251,983
Common Stocks – (continued)
Banks – (continued)
	429,261	Sandy Spring Bancorp, Inc.		15,054,183
	433,745	South State Corp.		30,813,245
	154,341	Texas Capital Bancshares, Inc.*		9,419,431
	458,811	The First of Long Island Corp.		10,717,825
	667,343	Towne Bank		18,398,647
	449,325	TriCo Bancshares		18,071,852
	677,370	Union Bankshares Corp.		24,094,051
				1,087,976,422
Beverages – 0.2%
	165,522	MGP Ingredients, Inc.		13,547,976
Biotechnology* – 0.2%
	232,363	Emergent BioSolutions, Inc.		13,558,381
Building Products – 0.3%
	218,378	Armstrong World Industries, Inc.		15,980,902
Capital Markets – 1.6%
	1,014,663	BrightSphere Investment Group PLC		14,357,481
	531,421	Houlihan Lokey, Inc.		24,434,738
	70,510	PJT Partners, Inc. Class A		3,259,677
	800,290	Stifel Financial Corp.		43,559,785
	466,482	Virtu Financial, Inc. Class A		11,727,357
				97,339,038
Chemicals – 1.7%
	29,698	Ferro Corp.*		575,844
	516,155	H.B. Fuller Co.		26,055,504
	316,369	Ingevity Corp.*		36,452,036
	128,530	Quaker Chemical Corp.		26,861,485
	143,668	Sensient Technologies Corp.		9,295,320
	281,524	Tronox Ltd. Class A		3,330,429
				102,570,618
Commercial Services & Supplies – 1.3%
	587,121	ABM Industries, Inc.		20,936,735
	813,012	Advanced Disposal Services, Inc.*		21,561,078
	500,267	Brady Corp. Class A		23,667,632
	361,583	Mobile Mini, Inc.		13,020,604
				79,186,049
Communications Equipment – 2.7%
	1,164,077	Ciena Corp.*		49,659,525
	1,516,776	NetScout Systems, Inc.*		41,514,159
	295,947	Plantronics, Inc.		14,868,377
	4,617,509	Viavi Solutions, Inc.*		60,627,893
				166,669,954
Construction & Engineering – 1.3%
	376,517	EMCOR Group, Inc.		27,158,171
	343,160	Granite Construction, Inc.		15,977,530
	1,888,015	KBR, Inc.		37,307,176
				80,442,877
Diversified Consumer Services* – 1.1%
	900,182	Adtalem Global Education, Inc.		43,388,772
	554,088	Chegg, Inc.		21,958,508
				65,347,280

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electric Utilities – 4.4%
	859,280	ALLETE, Inc.	$	69,644,644
	757,817	El Paso Electric Co.		40,770,555
	569,769	IDACORP, Inc.		56,070,967
	966,472	PNM Resources, Inc.		42,215,497
	1,182,004	Portland General Electric Co.		59,265,680
				267,967,343
Electronic Equipment, Instruments & Components – 2.0%
	826,233	CTS Corp.		26,538,604
	470,872	II-VI, Inc.*		20,002,643
	971,115	Knowles Corp.*		15,809,752
	120,072	Rogers Corp.*		18,641,178
	388,913	SYNNEX Corp.		38,160,143
				119,152,320
Energy Equipment & Services* – 1.5%
	1,227,619	Apergy Corp.		51,535,446
	940,503	Cactus, Inc. Class A		34,102,639
	565,979	NCS Multistage Holdings, Inc.		3,118,544
				88,756,629
Entertainment* – 0.6%
	662,692	Live Nation Entertainment, Inc.		37,481,859
Equity Real Estate Investment Trusts (REITs) – 10.2%
	2,153,143	Acadia Realty Trust		61,343,044
	667,075	Chatham Lodging Trust		13,328,158
	2,380,341	Chesapeake Lodging Trust		71,695,871
	2,709,595	Columbia Property Trust, Inc.		58,608,540
	942,612	CyrusOne, Inc.		46,979,782
	1,878,104	Healthcare Realty Trust, Inc.		59,441,992
	929,636	Hudson Pacific Properties, Inc.		30,882,508
	370,156	Life Storage, Inc.		36,127,226
	719,611	National Health Investors, Inc.		56,151,246
	2,011,681	Pebblebrook Hotel Trust		64,393,909
	889,300	Preferred Apartment Communities, Inc. Class A		13,552,932
	394,787	PS Business Parks, Inc.		58,100,803
	2,685,948	RLJ Lodging Trust		49,878,054
				620,484,065
Food & Staples Retailing* – 0.3%
	525,151	Performance Food Group Co.		20,234,068
Food Products – 1.8%
	369,649	B&G Foods, Inc.(a)		9,100,758
	1,556,977	Darling Ingredients, Inc.*		34,222,354
	106,195	Hostess Brands, Inc.*		1,289,207
	958,336	Nomad Foods Ltd.*		19,262,554
	75,348	Sanderson Farms, Inc.		8,680,090
	1,701,887	The Simply Good Foods Co.*		34,820,608
				107,375,571
Gas Utilities – 1.6%
	509,296	Chesapeake Utilities Corp.		45,841,733
Common Stocks – (continued)
Gas Utilities – (continued)
	972,672	New Jersey Resources Corp.		47,077,325
	164,146	South Jersey Industries, Inc.		4,752,026
				97,671,084
Health Care Equipment & Supplies – 1.8%
	784,090	Avanos Medical, Inc.*		36,914,957
	450,481	CONMED Corp.		34,641,989
	350,370	Orthofix Medical, Inc.*		21,407,607
	578,715	Wright Medical Group NV*		18,119,567
				111,084,120
Health Care Providers & Services* – 0.4%
	411,738	Acadia Healthcare Co., Inc.		10,824,592
	242,776	AMN Healthcare Services, Inc.		12,141,228
				22,965,820
Health Care Technology* – 0.8%
	3,431,342	Allscripts Healthcare Solutions, Inc.		36,783,986
	366,573	HMS Holdings Corp.		12,632,106
				49,416,092
Hotels, Restaurants & Leisure – 2.0%
	112,561	Belmond Ltd. Class A*		2,797,141
	563,458	Boyd Gaming Corp.		16,768,510
	345,865	Dine Brands Global, Inc.		34,309,808
	1,012,949	Eldorado Resorts, Inc.*		48,834,271
	139,035	Jack in the Box, Inc.		11,197,879
	345,935	The Wendy’s Co.		5,995,054
				119,902,663
Household Durables – 1.4%
	156,319	Helen of Troy Ltd.*		17,524,923
	925,998	KB Home		21,122,014
	637,413	Meritage Homes Corp.*		27,950,560
	248,422	Taylor Morrison Home Corp. Class A*		4,166,037
	289,818	TopBuild Corp.*		17,244,171
				88,007,705
Household Products* – 0.2%
	443,400	Central Garden & Pet Co. Class A		12,348,690
Insurance – 5.3%
	283,963	AMERISAFE, Inc.		17,920,905
	1,828,932	CNO Financial Group, Inc.		31,146,712
	137,553	Enstar Group Ltd.*		24,539,455
	735,294	James River Group Holdings Ltd.		30,213,231
	436,613	Kemper Corp.		36,282,540
	584,771	Kinsale Capital Group, Inc.		39,039,312
	265,155	Primerica, Inc.		33,154,981
	532,227	ProAssurance Corp.		21,608,416
	443,125	RLI Corp.		31,249,175
	856,564	Selective Insurance Group, Inc.		56,498,962
				321,653,689
Interactive Media & Services* – 0.4%
	1,121,760	Cars.com, Inc.		26,406,230

50 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Internet & Direct Marketing Retail* – 0.4%
	588,517	Liberty Expedia Holdings, Inc. Class A	$	26,071,303
IT Services* – 1.3%
	322,797	CACI International, Inc. Class A		58,832,981
	382,158	LiveRamp Holdings, Inc.		20,540,993
				79,373,974
Life Sciences Tools & Services* – 0.8%
	358,379	Cambrex Corp.		14,815,388
	813,111	Syneos Health, Inc.		33,963,646
				48,779,034
Machinery – 3.9%
	65,091	Alamo Group, Inc.		6,251,340
	539,098	CIRCOR International, Inc.*		16,997,760
	1,083,291	Federal Signal Corp.		26,627,293
	485,441	ITT, Inc.		28,039,072
	368,139	Navistar International Corp.*		14,125,493
	176,578	RBC Bearings, Inc.*		24,747,407
	1,859,401	Rexnord Corp.*		49,590,225
	68,457	Tennant Co.		4,326,482
	1,200,837	TriMas Corp.*		38,823,060
	339,913	Watts Water Technologies, Inc. Class A		27,376,593
				236,904,725
Media – 1.7%
	524,670	Gray Television, Inc.*		11,495,520
	1,310,019	Liberty Latin America Ltd. Class C*		25,401,268
	676,059	MSG Networks, Inc. Class A*		16,320,064
	222,513	Nexstar Media Group, Inc. Class A		21,746,196
	2,107,676	TEGNA, Inc.		27,758,093
				102,721,141
Metals & Mining – 1.9%
	1,763,815	Allegheny Technologies, Inc.*		50,498,024
	132,215	Carpenter Technology Corp.		6,206,172
	1,869,721	Cleveland-Cliffs, Inc.(a)		20,735,206
	368,111	Commercial Metals Co.		6,092,237
	1,855,131	Constellium NV Class A*		17,549,539
	156,527	Royal Gold, Inc.		13,838,552
				114,919,730
Mortgage Real Estate Investment Trusts (REITs) – 2.3%
	577,091	Blackstone Mortgage Trust, Inc. Class A		19,898,098
	1,086,435	Granite Point Mortgage Trust, Inc.		20,663,994
	5,575,678	MFA Financial, Inc.		40,535,179
	1,117,531	PennyMac Mortgage Investment Trust		22,775,282
	2,552,564	Two Harbors Investment Corp.		35,404,062
				139,276,615
Multiline Retail – 0.1%
	232,307	Big Lots, Inc.		7,324,640
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 4.0%
	4,320,944	Callon Petroleum Co.*		33,055,222
	1,029,828	Centennial Resource Development, Inc. Class A*		9,340,540
	248,230	Delek US Holdings, Inc.		8,782,377
	1,840,217	Falcon Minerals Corp.		14,261,682
	1,740,753	Golar LNG Ltd.		35,929,142
	764,440	Matador Resources Co.*		14,218,584
	266,408	PBF Energy, Inc. Class A		8,277,297
	451,258	PDC Energy, Inc.*		16,728,134
	897,375	SM Energy Co.		14,663,107
	1,412,712	Viper Energy Partners LP		46,492,352
	3,416,880	WPX Energy, Inc.*		42,164,299
				243,912,736
Personal Products* – 0.2%
	268,913	Edgewell Personal Care Co.		11,928,981
Pharmaceuticals* – 0.3%
	835,130	Mallinckrodt PLC		20,844,845
Professional Services* – 0.4%
	368,542	ASGN, Inc.		23,737,790
Real Estate Management & Development – 0.5%
	1,625,794	Kennedy-Wilson Holdings, Inc.		33,783,999
Road & Rail* – 0.3%
	316,825	Saia, Inc.		20,961,142
Semiconductors & Semiconductor Equipment – 3.1%
	964,106	Cree, Inc.*		52,457,007
	1,069,632	Entegris, Inc.		37,790,098
	1,764,522	Lattice Semiconductor Corp.*		20,821,360
	180,734	MKS Instruments, Inc.		14,977,427
	467,598	Semtech Corp.*		25,736,594
	238,897	Silicon Laboratories, Inc.*		19,355,435
	372,909	Synaptics, Inc.*		15,613,700
				186,751,621
Software* – 2.1%
	663,703	CommVault Systems, Inc.		44,726,945
	598,397	Cornerstone OnDemand, Inc.		33,809,431
	887,588	Verint Systems, Inc.		47,264,061
				125,800,437
Specialty Retail – 2.8%
	679,159	Aaron’s, Inc.		36,871,542
	160,185	Abercrombie & Fitch Co. Class A		3,516,061
	290,547	Asbury Automotive Group, Inc.*		20,858,369
	182,043	At Home Group, Inc.*(a)		4,456,413
	92,136	Bed Bath & Beyond, Inc.		1,541,435
	290,538	Burlington Stores, Inc.*		49,315,920
	96,849	Caleres, Inc.		3,012,004
	715,767	DSW, Inc. Class A		21,193,861
	314,789	Guess?, Inc.		7,048,126
	751,350	Sally Beauty Holdings, Inc.*		13,576,895
	258,782	Shoe Carnival, Inc.		9,869,945
	86,657	Signet Jewelers Ltd.		2,435,928
				173,696,499

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 0.7%
	208,047	Columbia Sportswear Co.	$	21,418,439
	325,545	G-III Apparel Group Ltd.*		11,592,657
	280,480	Wolverine World Wide, Inc.		10,029,965
				43,041,061
Thrifts & Mortgage Finance – 2.5%
	4,235,113	MGIC Investment Corp.*		54,971,766
	1,304,564	OceanFirst Financial Corp.		32,875,013
	1,076,222	Provident Financial Services, Inc.		29,542,294
	1,153,947	Washington Federal, Inc.		35,403,094
				152,792,167
Trading Companies & Distributors – 1.9%
	978,098	Beacon Roofing Supply, Inc.*		35,475,614
	984,973	Foundation Building Materials, Inc.*		10,952,900
	700,560	H&E Equipment Services, Inc.		20,169,122
	378,101	Kaman Corp.		23,283,460
	1,119,638	Univar, Inc.*		25,315,015
				115,196,111
	TOTAL COMMON STOCKS
	(Cost $4,804,168,829)		$	5,979,280,256
Exchange Traded Funds – 0.3%
	147,752	iShares Russell 2000 Value ETF	$	18,309,428
	(Cost $16,877,797)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $4,821,046,626)		$	5,997,589,684
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,496,150	2.395%	$	10,496,150
	(Cost $10,496,150)
	TOTAL INVESTMENTS – 98.5%
	(Cost $4,831,542,776)		$	6,008,085,834
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%			88,925,749
	NET ASSETS – 100.0%		$	6,097,011,583

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated fund.

Investment Abbreviations:
ETF	—Exchange Traded Fund
LP	—Limited Partnership
PLC	—Public Limited Company

52 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 96.3%
Aerospace & Defense – 1.3%
	7,411	Curtiss-Wright Corp.	$	913,702
	1,789	Esterline Technologies Corp.*		217,811
	6,093	Hexcel Corp.		439,549
				1,571,062
Air Freight & Logistics* – 0.4%
	18,275	Air Transport Services Group, Inc.		425,259
	499	XPO Logistics, Inc.		25,125
				450,384
Airlines – 1.1%
	14,847	SkyWest, Inc.		802,332
	8,837	Spirit Airlines, Inc.*		497,081
				1,299,413
Auto Components – 0.2%
	5,968	BorgWarner, Inc.		242,360
Banks – 11.9%
	6,877	Bank of Hawaii Corp.		565,496
	11,330	BOK Financial Corp.		1,024,685
	10,514	Chemical Financial Corp.		481,857
	19,774	Commerce Bancshares, Inc.		1,244,378
	9,931	Cullen/Frost Bankers, Inc.		1,029,646
	19,453	East West Bancorp, Inc.		1,062,328
	17,886	Glacier Bancorp, Inc.		783,764
	21,270	PacWest Bancorp		872,495
	19,027	Pinnacle Financial Partners, Inc.		1,116,695
	10,013	Prosperity Bancshares, Inc.		745,468
	6,971	Signature Bank		946,383
	6,015	South State Corp.		427,306
	30,453	Synovus Financial Corp.		1,208,375
	4,169	Texas Capital Bancshares, Inc.*		254,434
	46,418	Umpqua Holdings Corp.		843,879
	15,036	Webster Financial Corp.		863,367
	13,227	Wintrust Financial Corp.		974,433
				14,444,989
Building Products – 0.8%
	4,316	Armstrong World Industries, Inc.		315,845
	4,062	Fortune Brands Home & Security, Inc.		191,402
	1,853	Lennox International, Inc.		454,448
				961,695
Capital Markets – 1.0%
	11,321	BrightSphere Investment Group PLC		160,192
	6,128	E*TRADE Financial Corp.		300,211
	10,368	Stifel Financial Corp.		564,330
	8,298	Virtu Financial, Inc. Class A		208,612
				1,233,345
Chemicals – 3.2%
	15,528	Ashland Global Holdings, Inc.		1,201,557
	3,777	Celanese Corp.		386,349
	3,816	CF Industries Holdings, Inc.		161,035
	10,779	H.B. Fuller Co.		544,124
	7,396	Huntsman Corp.		183,347
Common Stocks – (continued)
Chemicals – (continued)
	6,253	Ingevity Corp.*		720,471
	6,714	Methanex Corp.		378,669
	4,004	W.R. Grace & Co.		310,991
				3,886,543
Communications Equipment* – 1.4%
	10,054	Ciena Corp.		428,904
	19,595	NetScout Systems, Inc.		536,315
	56,402	Viavi Solutions, Inc.		740,558
				1,705,777
Construction & Engineering – 1.8%
	14,893	AECOM*		461,087
	9,122	Arcosa, Inc.		305,496
	13,077	Jacobs Engineering Group, Inc.		964,821
	3,278	Valmont Industries, Inc.		447,742
				2,179,146
Construction Materials – 0.4%
	4,620	Vulcan Materials Co.		514,945
Containers & Packaging – 0.9%
	3,419	Avery Dennison Corp.		369,389
	10,531	Berry Global Group, Inc.*		552,561
	16,987	Graphic Packaging Holding Co.		206,902
				1,128,852
Diversified Consumer Services – 0.8%
	4,490	Bright Horizons Family Solutions, Inc.*		556,760
	3,333	Strategic Education, Inc.		435,890
				992,650
Diversified Financial Services – 0.8%
	19,649	Voya Financial, Inc.		993,650
Electric Utilities – 4.0%
	16,068	ALLETE, Inc.		1,302,311
	32,676	Alliant Energy Corp.		1,498,848
	7,376	IDACORP, Inc.		725,872
	13,756	Pinnacle West Capital Corp.		1,289,488
				4,816,519
Electrical Equipment – 1.9%
	7,626	Hubbell, Inc.		900,249
	29,716	nVent Electric PLC		816,596
	12,189	Sensata Technologies Holding PLC*		618,348
				2,335,193
Electronic Equipment, Instruments & Components* – 1.5%
	11,347	Keysight Technologies, Inc.		957,800
	21,840	Trimble, Inc.		873,819
				1,831,619
Energy Equipment & Services* – 1.2%
	22,411	Apergy Corp.		940,814
	13,494	Cactus, Inc. Class A		489,292
				1,430,106

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Entertainment – 1.0%
	17,225	Live Nation Entertainment, Inc.*	$	974,246
	3,365	World Wrestling Entertainment, Inc. Class A		281,650
				1,255,896
Equity Real Estate Investment Trusts (REITs) – 14.0%
	10,945	Acadia Realty Trust		311,823
	16,139	Camden Property Trust		1,583,074
	45,179	Columbia Property Trust, Inc.		977,222
	12,317	CyrusOne, Inc.		613,879
	31,102	Duke Realty Corp.		919,686
	67,554	Empire State Realty Trust, Inc. Class A		1,028,172
	16,177	Equity LifeStyle Properties, Inc.		1,757,469
	11,794	Federal Realty Investment Trust		1,575,560
	34,348	Healthcare Realty Trust, Inc.		1,087,114
	10,832	Highwoods Properties, Inc.		501,630
	21,946	Hudson Pacific Properties, Inc.		729,046
	3,955	Life Storage, Inc.		386,008
	8,231	Mid-America Apartment Communities, Inc.		852,567
	13,219	National Health Investors, Inc.		1,031,479
	39,051	Pebblebrook Hotel Trust		1,250,023
	5,451	PS Business Parks, Inc.		802,224
	55,370	RLJ Lodging Trust		1,028,221
	48,136	SITE Centers Corp.		642,616
				17,077,813
Food & Staples Retailing – 1.0%
	2,246	Casey’s General Stores, Inc.		302,626
	24,398	US Foods Holding Corp.*		859,786
				1,162,412
Food Products – 2.4%
	2,437	B&G Foods, Inc.(a)		59,999
	1,926	Ingredion, Inc.		178,059
	1,492	J&J Snack Foods Corp.		231,678
	8,876	Lamb Weston Holdings, Inc.		615,195
	22,803	Nomad Foods Ltd.*		458,340
	12,061	Post Holdings, Inc.*		1,228,775
	1,590	TreeHouse Foods, Inc.*		96,322
				2,868,368
Gas Utilities – 1.7%
	14,680	Atmos Energy Corp.		1,451,118
	10,975	New Jersey Resources Corp.		531,190
	2,265	South Jersey Industries, Inc.		65,572
				2,047,880
Health Care Equipment & Supplies – 2.6%
	9,869	Avanos Medical, Inc.*		464,633
	5,526	Hill-Rom Holdings, Inc.		586,032
	4,584	STERIS PLC		554,481
	3,813	The Cooper Cos., Inc.		1,090,480
	4,454	West Pharmaceutical Services, Inc.		466,556
				3,162,182
Common Stocks – (continued)
Health Care Providers & Services* – 0.4%
	10,083	Acadia Healthcare Co., Inc.		265,082
	8,623	MEDNAX, Inc.		283,783
				548,865
Health Care Technology* – 0.4%
	44,143	Allscripts Healthcare Solutions, Inc.		473,213
Hotels, Restaurants & Leisure – 2.4%
	5,788	Aramark		175,376
	11,752	Boyd Gaming Corp.		349,740
	2,679	Caesars Entertainment Corp.*		23,093
	5,633	Dine Brands Global, Inc.		558,794
	19,624	Eldorado Resorts, Inc.*		946,073
	1,070	Jack in the Box, Inc.		86,178
	6,837	The Wendy’s Co.		118,485
	2,929	Vail Resorts, Inc.		610,374
				2,868,113
Household Durables – 1.2%
	2,026	Helen of Troy Ltd.*		227,135
	22,141	Lennar Corp. Class A		1,062,325
	45	NVR, Inc.*		117,900
				1,407,360
Industrial Conglomerates – 0.6%
	6,234	Carlisle Cos., Inc.		767,281
Insurance – 6.2%
	11,722	American Financial Group, Inc.		1,168,214
	22,978	Brown & Brown, Inc.		680,608
	23,267	CNO Financial Group, Inc.		396,237
	6,878	Kemper Corp.		571,562
	5,024	Primerica, Inc.		628,201
	10,440	ProAssurance Corp.		423,864
	5,640	Reinsurance Group of America, Inc.		814,924
	7,142	The Hanover Insurance Group, Inc.		847,827
	10,960	Torchmark Corp.		904,857
	13,754	W.R. Berkley Corp.		1,150,660
				7,586,954
Internet & Direct Marketing Retail* – 0.3%
	9,252	Liberty Expedia Holdings, Inc. Class A		409,864
IT Services – 1.9%
	9,514	Booz Allen Hamilton Holding Corp.		502,910
	5,432	CACI International, Inc. Class A*		990,036
	12,293	Leidos Holdings, Inc.		794,005
				2,286,951
Leisure Products – 0.3%
	7,026	Brunswick Corp.		370,551
Life Sciences Tools & Services – 1.7%
	8,017	PerkinElmer, Inc.		754,881
	20,652	QIAGEN NV*		793,656
	11,580	Syneos Health, Inc.*		483,697
				2,032,234

54 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Machinery – 2.8%
	14,288	Gardner Denver Holdings, Inc.*	$	383,633
	15,570	ITT, Inc.		899,323
	22,909	Rexnord Corp.*		610,983
	21,592	The Timken Co.		936,877
	27,365	Trinity Industries, Inc.		640,614
				3,471,430
Media – 0.9%
	5,240	GCI Liberty, Inc. Class A*		280,550
	4,435	Nexstar Media Group, Inc. Class A		433,433
	32,897	TEGNA, Inc.		433,253
				1,147,236
Metals & Mining – 1.5%
	28,973	Allegheny Technologies, Inc.*		829,497
	4,404	Royal Gold, Inc.		389,358
	17,920	Steel Dynamics, Inc.		668,774
				1,887,629
Mortgage Real Estate Investment Trusts (REITs) – 1.9%
	137,103	MFA Financial, Inc.		996,739
	16,496	PennyMac Mortgage Investment Trust		336,188
	69,086	Two Harbors Investment Corp.		958,223
				2,291,150
Multiline Retail – 0.1%
	2,530	Kohl’s Corp.		170,851
Oil, Gas & Consumable Fuels – 3.6%
	9,804	Diamondback Energy, Inc.		1,009,126
	10,640	HollyFrontier Corp.		544,768
	34,872	Parsley Energy, Inc. Class A*		632,578
	11,820	SM Energy Co.		193,139
	27,792	Viper Energy Partners LP		914,635
	88,237	WPX Energy, Inc.*		1,088,844
				4,383,090
Pharmaceuticals* – 0.8%
	22,187	Catalent, Inc.		958,922
Professional Services* – 0.4%
	6,939	ASGN, Inc.		446,941
Real Estate Management & Development – 0.9%
	38,908	Cushman & Wakefield PLC*		713,184
	16,104	Kennedy-Wilson Holdings, Inc.		334,641
				1,047,825
Road & Rail – 0.9%
	2,209	Landstar System, Inc.		240,074
	5,782	Old Dominion Freight Line, Inc.		871,752
				1,111,826
Semiconductors & Semiconductor Equipment – 2.5%
	46,319	Cypress Semiconductor Corp.		714,702
	19,563	Entegris, Inc.		691,161
	51,808	Marvell Technology Group Ltd.		1,033,570
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	14,858	Teradyne, Inc.		606,652
				3,046,085
Software* – 3.2%
	12,593	CommVault Systems, Inc.		848,642
	10,602	Cornerstone OnDemand, Inc.		599,013
	55,904	Nuance Communications, Inc.		937,510
	4,170	PTC, Inc.		387,060
	14,061	Teradata Corp.		680,131
	8,153	Verint Systems, Inc.		434,147
				3,886,503
Specialty Retail – 1.9%
	4,431	Asbury Automotive Group, Inc.*		318,101
	7,334	Burlington Stores, Inc.*		1,244,873
	2,009	Five Below, Inc.*		241,783
	9,376	Foot Locker, Inc.		558,060
				2,362,817
Textiles, Apparel & Luxury Goods – 0.6%
	6,361	PVH Corp.		730,497
Thrifts & Mortgage Finance – 0.6%
	23,800	MGIC Investment Corp.*		308,924
	14,252	Washington Federal, Inc.		437,251
				746,175
Trading Companies & Distributors* – 1.0%
	14,146	Beacon Roofing Supply, Inc.		513,076
	914	United Rentals, Inc.		123,015
	25,797	Univar, Inc.		583,270
				1,219,361
	TOTAL COMMON STOCKS (Cost $109,131,979)		$	117,252,523
Shares		Dividend Rate	Value
Investment Company(b) – 2.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,789,394	2.395%	$	2,789,394
	(Cost $2,789,394)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $111,921,373)		$	120,041,917

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	118,050	2.395%	$	118,050
	(Cost $118,050)
	TOTAL INVESTMENTS – 98.7%
	(Cost $112,039,423)		$	120,159,967
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			1,580,134
	NET ASSETS – 100.0%		$	121,740,101

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated fund.

Investment Abbreviations:
LP	—Limited Partnership
PLC	—Public Limited Company

56 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Equity Income Fund		Focused Value Fund		Large Cap Value Fund
Assets:
Investments of unaffiliated issuers, at value (cost $320,934,328, $4,206,541 and $424,170,686)	$	356,552,689	$	4,374,208	$	480,810,041
Investments of affiliated issuers, at value (cost $0, $0 and $5,281,073)		—		—		5,281,073
Cash		1,903,591		70,623		7,497,566
Receivables:
Dividends		1,263,622		11,854		1,126,204
Foreign tax reclaims		36,099		194		53,159
Reimbursement from investment adviser		27,776		23,410		34,837
Fund shares sold		11,464		—		25,932
Other assets		67,643		51,702		102,529
Total assets		359,862,884		4,531,991		494,931,341
Liabilities:
Payables:
Fund shares redeemed		206,828		—		523,332
Management fees		187,109		2,333		277,445
Distribution and Service fees and Transfer Agency fees		101,138		156		56,623
Investments purchased		—		—		875
Accrued expenses		181,696		75,865		130,920
Total liabilities		676,771		78,354		989,195
Net Assets:
Paid-in capital		322,221,921		4,297,568		440,387,149
Total distributable earnings		36,964,192		156,069		53,554,997
NET ASSETS	$	359,186,113	$	4,453,637	$	493,942,146
Net Assets:
Class A	$	311,004,077	$	50,745	$	89,757,522
Class C		8,771,859		29,124		23,556,426
Institutional		18,646,272		646,851		155,249,633
Service		102,961		—		989,002
Investor		2,604,688		30,185		5,618,874
Class P		11,011,337		3,636,723		211,631,975
Class R		1,454,710		29,648		5,152,869
Class R6		5,590,209		30,361		1,985,845
Total Net Assets	$	359,186,113	$	4,453,637	$	493,942,146
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,310,578		4,955		6,403,833
Class C		245,851		2,857		1,770,961
Institutional		489,741		63,071		10,974,072
Service		2,742		—		70,800
Investor		69,708		2,950		401,271
Class P		289,252		355,060		14,620,060
Class R		39,084		2,903		379,080
Class R6		146,815		2,965		137,172
Net asset value, offering and redemption price per share:(a)
Class A		$37.42		$10.24		$14.02
Class C		35.68		10.20		13.30
Institutional		38.07		10.26		14.15
Service		37.55		—		13.97
Investor		37.37		10.23		14.00
Class P		38.07		10.24		14.48
Class R		37.22		10.21		13.59
Class R6		38.08		10.24		14.48

(a) Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value and Large Cap Value Funds is $39.60, $10.84 and $14.84 respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities(continued)

February 28, 2019 (Unaudited)

	Mid Cap Value Fund		Small Cap Value Fund		Small/Mid Cap Value Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,174,661,080, $4,821,046,626 and $109,131,979)(a)	$	1,273,134,310	$	5,997,589,684	$	117,252,523
Investments of affiliated issuers, at value (cost $0, $0 and $2,789,394)		—		—		2,789,394
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $0, $10,496,150 and $118,050)		—		10,496,150		118,050
Cash		11,163,029		83,701,072		1,806,957
Receivables:
Investments sold		11,210,508		38,456,118		496,377
Dividends		1,010,875		4,004,234		114,970
Reimbursement from investment adviser		—		79,383		26,077
Fund shares sold		626,568		4,959,690		178,970
Securities lending income		52		19,473		381
Other assets		129,524		166,888		77,540
Total assets		1,297,274,866		6,139,472,692		122,861,239
Liabilities:
Payables:
Investments purchased		6,391,712		19,480,499		831,251
Fund shares redeemed		2,710,212		7,426,360		214
Management fees		738,368		4,182,129		73,197
Distribution and Service fees and Transfer Agency fees		248,106		461,798		4,620
Payable upon return of securities loaned		—		10,496,150		118,050
Accrued expenses		380,649		414,173		93,806
Total liabilities		10,469,047		42,461,109		1,121,138
Net Assets:
Paid-in capital		1,226,860,853		4,995,109,114		118,242,967
Total distributable earnings		59,944,966		1,101,902,469		3,497,134
NET ASSETS	$	1,286,805,819	$	6,097,011,583	$	121,740,101
Net Assets:
Class A	$	542,911,884	$	714,338,398	$	1,545,089
Class C		36,469,893		13,379,998		1,006,361
Institutional		382,863,708		3,404,216,830		6,110,311
Service		54,166,136		85,001,516		—
Investor		43,118,699		157,055,443		3,356,119
Class P		146,190,182		262,553,525		51,645,642
Class R		23,845,395		100,796,773		199,338
Class R6		57,239,922		1,359,669,100		57,877,241
Total Net Assets	$	1,286,805,819	$	6,097,011,583	$	121,740,101
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		17,820,187		14,477,244		129,151
Class C		1,371,784		375,347		86,160
Institutional		12,426,834		63,291,333		504,161
Service		1,819,045		1,786,211		—
Investor		1,452,064		3,211,656		278,632
Class P		4,749,110		4,883,800		4,266,945
Class R		809,899		2,095,644		16,691
Class R6		1,859,080		25,290,841		4,780,956
Net asset value, offering and redemption price per share:(b)
Class A		$30.47		$49.34		$11.96
Class C		26.59		35.65		11.68
Institutional		30.81		53.79		12.12
Service		29.78		47.59		—
Investor		29.69		48.90		12.04
Class P		30.78		53.76		12.10
Class R		29.44		48.10		11.94
Class R6		30.79		53.76		12.11

(a) Includes loaned securities having a market value of $ 10,187,102 and $ 114,650 for the Small Cap Value and Small/Mid Cap Value Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $32.24, $52.21 and $12.66, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

58 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Equity Income Fund			Focused Value Fund			Large Cap Value Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $25,343, $137 and $10,899)	$	5,454,643		$	51,442		$	5,698,667
Dividends — affiliated issuers		420			217			18,509
Securities lending income — affiliated issuer		2,956			—			—
Total investment income		5,458,019			51,659			5,717,176
Expenses:
Management fees		1,218,596			17,493			1,893,880
Distribution and Service fees(a)		432,608			274			247,511
Transfer Agency fees(a)		293,494			896			178,188
Professional fees		62,223			50,250			58,594
Registration fees		61,958			55,228			76,507
Custody, accounting and administrative services		39,696			20,069			47,863
Printing and mailing costs		30,476			10,887			33,166
Trustee fees		8,251			7,927			8,415
Service Share fees — Service Plan		127			—			1,299
Service Share fees — Shareholder Administration Plan		127			—			1,299
Other		8,790			3,917			9,412
Total expenses		2,156,346			166,941			2,556,134
Less — expense reductions		(226,397	)		(148,202	)		(269,532	)
Net expenses		1,929,949			18,739			2,286,602
NET INVESTMENT INCOME		3,528,070			32,920			3,430,574
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers (including commission recapture of $0, $0 and $7,657)		6,936,855			187,015			4,062,786
Net change in unrealized loss on:
Investments — unaffiliated issuers		(13,058,537	)		(375,660	)		(23,990,196	)
Net realized and unrealized loss		(6,121,682	)		(188,645	)		(19,927,410	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,593,612	)	$	(155,725	)	$	(16,496,836	)

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Equity Income	$	382,270	$	46,781	$	3,557	$	275,234	$	8,421	$	4,415	$	20	$	2,349	$	1,568	$	1,280	$	207
Focused Value		61		141		72		44		25		139		—		26		632		26		4
Large Cap Value		113,998		121,230		12,283		82,079		21,822		30,761		208		5,306		33,406		4,422		184

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations(continued)

For the Six Months Ended February 28, 2019 (Unaudited)

	Mid Cap Value Fund			Small Cap Value Fund			Small/Mid Cap Value Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $17,920, $0 and $0)	$	11,265,059		$	55,549,624		$	1,133,039
Dividends — affiliated issuers		40,997			129,957			18,336
Securities lending income — affiliated issuer		785			240,270			2,251
Total investment income		11,306,841			55,919,851			1,153,626
Expenses:
Management fees		5,131,478			27,577,691			470,062
Distribution and Service fees(a)		978,438			1,252,509			7,150
Transfer Agency fees(a)		738,207			1,848,430			23,084
Printing and mailing costs		110,304			213,651			13,472
Registration fees		90,689			145,723			62,857
Custody, accounting and administrative services		76,238			188,743			30,958
Service Share fees — Service Plan		71,387			114,366			—
Service Share fees — Shareholder Administration Plan		71,387			114,366			—
Professional fees		51,529			52,782			50,251
Trustee fees		9,334			14,009			8,035
Other		27,410			52,421			6,103
Total expenses		7,356,401			31,574,691			671,972
Less — expense reductions		(3,772	)		(557,207	)		(170,768	)
Net expenses		7,352,629			31,017,484			501,204
NET INVESTMENT INCOME		3,954,212			24,902,367			652,422
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $11,070, $4,301 and $1,212)		338,753			(18,628,221	)		(4,287,070	)
Net change in unrealized loss on:
Investments — unaffiliated issuers		(57,530,836	)		(518,290,983	)		(3,911,176	)
Net realized and unrealized loss		(57,192,083	)		(536,919,204	)		(8,198,246	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(53,237,871	)	$	(512,016,837	)	$	(7,545,824	)

(a) Class specific Distribution/or and Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Mid Cap Value	$	707,531	$	209,137	$	61,770	$	509,422	$	37,645	$	89,236	$	11,422	$	40,036	$	22,648	$	22,237	$	5,561
Small Cap Value		911,088		82,191		259,230		655,983		14,794		713,125		18,299		137,697		40,814		93,323		174,395
Small/Mid Cap Value		1,870		4,806		474		1,346		865		1,125		—		3,829		7,476		171		8,272

60 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets

	Equity Income Fund						Focused Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	3,528,070		$	6,912,858		$	32,920		$	50,976
Net realized gain		6,936,855			22,834,667			187,015			113,023
Net change in unrealized gain (loss)		(13,058,537	)		9,945,582			(375,660	)		382,741
Net increase (decrease) in net assets resulting from operations		(2,593,612	)		39,693,107			(155,725	)		546,740
Distributions to shareholders:
From distributable earnings:
Class A Shares		(4,956,050	)		(6,132,663	)(b)		(2,623	)		(4,676	)(b)
Class C Shares		(94,738	)		(225,722	)(b)		(1,396	)		(2,157	)(b)
Institutional Shares		(422,898	)		(757,952	)(b)		(36,446	)		(439,580	)(b)
Service Shares		(1,623	)		(1,511	)(b)		—			—
Investor Shares		(45,388	)		(60,208	)(b)		(1,721	)		(2,468	)(b)
Class P Shares(a)		(193,437	)		(71,219	)(b)		(248,134	)		—
Class R Shares		(21,196	)		(24,306	)(b)		(1,556	)		(2,313	)(b)
Class R6 Shares		(216	)		(268	)(b)		(1,772	)		(2,519	)(b)
Total distributions to shareholders		(5,735,546	)		(7,273,849	)		(293,648	)		(453,713	)
From share transactions:
Proceeds from sales of shares		22,663,683			24,540,213			380,879			8,020,093
Reinvestment of distributions		5,603,494			7,092,658			293,648			453,712
Cost of shares redeemed		(36,626,243	)		(75,994,046	)		(2,604,345	)		(6,718,862	)
Net increase (decrease) in net assets resulting from share transactions		(8,359,066	)		(44,361,175	)		(1,929,818	)		1,754,943
TOTAL INCREASE (DECREASE)		(16,688,224	)		(11,941,917	)		(2,379,191	)		1,847,970
Net assets:(c)
Beginning of period		375,874,337			387,816,254			6,832,828			4,984,858
End of period	$	359,186,113		$	375,874,337		$	4,453,637		$	6,832,828

(a) Class P Shares commenced operations on April 17, 2018.

(b) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Equity Income	$	(6,132,663	)	$	(225,722	)	$	(757,952	)	$	(1,511	)	$	(60,208	)	$	(71,219	)	$	(24,306	)	$	(268	)
Focused Value		(434	)		—			(56,946	)		—			(283	)		—			(142	)		(329	)
Distributions from net realized gains:				Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Focused Value				$	(4,242	)	$	(2,157	)	$	(382,634	)	$	—		$	(2,185	)	$	(2,171	)	$	(2,190	)

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $ 1,174,812 and $ 33,292 for the Equity Income and Focused Value Funds as of August 31, 2018.

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets(continued)

	Large Cap Value Fund						Mid Cap Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	3,430,574		$	7,003,431		$	3,954,212		$	7,874,994
Net realized gain		4,062,786			79,648,698			338,753			253,719,524
Net change in unrealized gain (loss)		(23,990,196	)		(22,561,147	)		(57,530,836	)		(42,318,723	)
Net increase (decrease) in net assets resulting from operations		(16,496,836	)		64,090,982			(53,237,871	)		219,275,795
Distributions to shareholders:
From distributable earnings:
Class A Shares		(10,013,173	)		(16,617,728	)(b)		(80,350,023	)		(107,494,646	)(b)
Class C Shares		(2,416,782	)		(5,867,147	)(b)		(5,982,773	)		(14,362,231	)(b)
Institutional Shares		(17,040,940	)		(81,543,072	)(b)		(65,676,202	)		(173,256,802	)(b)
Service Shares		(105,614	)		(420,112	)(b)		(8,245,430	)		(11,309,204	)(b)
Investor Shares		(616,179	)		(1,021,804	)(b)		(6,590,529	)		(9,478,659	)(b)
Class P Shares(a)		(24,947,700	)		—			(21,987,888	)		—
Class R Shares		(536,342	)		(930,857	)(b)		(3,452,428	)		(4,519,818	)(b)
Class R6 Shares		(106,537	)		(23,298	)(b)		(3,562,454	)		(10,340,743	)(b)
Total distributions to shareholders		(55,783,267	)		(106,424,018	)		(195,847,727	)		(330,762,103	)
From share transactions:
Proceeds from sales of shares		48,889,550			336,834,925			146,163,591			427,486,951
Reinvestment of distributions		54,109,142			101,042,965			179,466,797			302,049,331
Cost of shares redeemed		(103,642,186	)		(682,887,277	)		(412,115,172	)		(1,647,750,292	)
Net increase (decrease) in net assets resulting from share transactions		(643,494	)		(245,009,387	)		(86,484,784	)		(918,214,010	)
TOTAL INCREASE (DECREASE)		(72,923,597	)		(287,342,423	)		(335,570,382	)		(1,029,700,318	)
Net assets:(c)
Beginning of period		566,865,743			854,208,166			1,622,376,201			2,652,076,519
End of period	$	493,942,146		$	566,865,743		$	1,286,805,819		$	1,622,376,201

(a) Class P Shares commenced operations on April 17, 2018.

(b) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Large Cap Value	$	(1,439,786	)	$	(326,872	)	$	(9,497,922	)	$	(33,746	)	$	(119,672	)	$	(81,410	)	$	—
Mid Cap Value		(3,307,340	)		—			(9,586,444	)		(299,520	)		(360,363	)		(87,344	)		(518,762	)
Distributions from net realized gains:	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Large Cap Value	$	(15,177,942	)	$	(5,540,275	)	$	(72,045,150	)	$	(386,366	)	$	(902,132	)	$	(849,447	)	$	(23,298	)
Mid Cap Value		(104,187,306	)		(14,362,231	)		(163,670,358	)		(11,009,684	)		(9,118,296	)		(4,432,474	)		(9,821,981	)

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $ 4,845,111 and $270,300 for the Large Cap Value and Mid Cap Value Funds as of August 31, 2018.

62 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets(continued)

	Small Cap Value Fund						Small/Mid Cap Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	24,902,367		$	25,131,142		$	652,422		$	861,999
Net realized gain (loss)		(18,628,221	)		694,975,746			(4,287,070	)		7,650,955
Net change in unrealized gain (loss)		(518,290,983	)		431,991,515			(3,911,176	)		8,151,309
Net increase (decrease) in net assets resulting from operations		(512,016,837	)		1,152,098,403			(7,545,824	)		16,664,263
Distributions to shareholders:
From distributable earnings:
Class A Shares		(80,325,941	)		(90,296,447	)(b)		(96,381	)		(68,649	)(b)
Class C Shares		(2,159,452	)		(5,250,602	)(b)		(60,960	)		(43,477	)(b)
Institutional Shares		(373,807,352	)		(461,156,882	)(b)		(360,731	)		(2,213,891	)(b)
Service Shares		(10,384,854	)		(13,771,001	)(b)		—			—
Investor Shares		(17,181,572	)		(19,178,515	)(b)		(214,689	)		(234,641	)(b)
Class P Shares(a)		(29,152,639	)		—			(3,324,027	)		—
Class R Shares		(11,383,758	)		(13,586,906	)(b)		(11,847	)		(5,587	)(b)
Class R6 Shares		(117,489,659	)		(92,487,505	)(b)		(3,632,477	)		(2,832,291	)(b)
Total distributions to shareholders		(641,885,227	)		(695,727,858	)		(7,701,112	)		(5,398,536	)
From share transactions:
Proceeds from sales of shares		850,200,982			1,602,296,827			12,376,366			77,203,850
Reinvestment of distributions		614,744,607			667,790,846			7,693,950			5,387,653
Cost of shares redeemed		(1,229,604,573	)		(2,191,842,059	)		(12,926,984	)		(73,354,014	)
Net increase (decrease) in net assets resulting from share transactions		235,341,016			78,245,614			7,143,332			9,237,489
TOTAL INCREASE (DECREASE)		(918,561,048	)		534,616,159			(8,103,604	)		20,503,216
Net assets:(c)
Beginning of period		7,015,572,631			6,480,956,472			129,843,705			109,340,489
End of period	$	6,097,011,583		$	7,015,572,631		$	121,740,101		$	129,843,705

(a) Class P Shares commenced operations on April 17, 2018.

(b) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Small Cap Value	$	(1,178,855	)	$	—		$	(23,542,391	)	$	(39,508	)	$	(742,667	)	$	—		$	(4,966,579	)
Small/Mid Cap Value		(10,160	)		—			(468,442	)		—			(45,272	)		(512	)		(607,300	)
Distributions from net realized gains:	Class A			Class C			Institutional			Service			Investor			Class R			Class R6
Small Cap Value	$	(89,117,592	)	$	(5,250,602	)	$	(437,614,491	)	$	(13,731,493	)	$	(18,435,848	)	$	(13,586,906	)	$	(87,520,926	)
Small/Mid Cap Value		(58,489	)		(43,477	)		(1,745,449	)		—			(189,369	)		(5,075	)		(2,224,991	)

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $ 4,433,547 and $ 332,639 for the Small Cap Value and Small/Mid Cap Value Funds as of August 31, 2018.

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	38.26		$	35.17		$	32.53		$	30.47		$	32.21		$	26.70
Net investment income(a)		0.36			0.67			0.61			0.68			0.55			0.42
Net realized and unrealized gain (loss)		(0.61	)		3.12			2.60			2.02			(1.80	)		5.48
Total from investment operations		(0.25	)		3.79			3.21			2.70			(1.25	)		5.90
Distributions to shareholders from net investment income		(0.29	)		(0.70	)		(0.57	)		(0.64	)		(0.49	)		(0.39	)
Distributions to shareholders from net realized gains		(0.30	)		—			—			—			—			—
Total distributions		(0.59	)		(0.70	)		(0.57	)		(0.64	)		(0.49	)		(0.39	)
Net asset value, end of period	$	37.42		$	38.26		$	35.17		$	32.53		$	30.47		$	32.21
Total return(b)		(0.58	)%		10.88	%		9.93	%		9.01	%		(3.98	)%		22.27	%
Net assets, end of period (in 000s)	$	311,004		$	318,960		$	327,650		$	359,003		$	369,115		$	414,276
Ratio of net expenses to average net assets		1.11	%(c)		1.12	%		1.13	%		1.13	%		1.14	%		1.18	%
Ratio of total expenses to average net assets		1.24	%(c)		1.27	%		1.24	%		1.26	%		1.22	%		1.24	%
Ratio of net investment income to average net assets		1.98	%(c)		1.81	%		1.77	%		2.22	%		1.68	%		1.42	%
Portfolio turnover rate(d)		23	%		69	%		43	%		61	%		47	%		40	%

(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) Annualized.

(d) 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.

64 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	36.41		$	33.50		$	31.01		$	29.08		$	30.77		$	25.54
Net investment income(a)		0.21			0.37			0.33			0.43			0.29			0.19
Net realized and unrealized gain (loss)		(0.55	)		2.98			2.48			1.93			(1.72	)		5.23
Total from investment operations		(0.34	)		3.35			2.81			2.36			(1.43	)		5.42
Distributions to shareholders from net investment income		(0.09	)		(0.44	)		(0.32	)		(0.43	)		(0.26	)		(0.19	)
Distributions to shareholders from net realized gains		(0.30	)		—			—			—			—			—
Total distributions		(0.39	)		(0.44	)		(0.32	)		(0.43	)		(0.26	)		(0.19	)
Net asset value, end of period	$	35.68		$	36.41		$	33.50		$	31.01		$	29.08		$	30.77
Total return(b)		(0.88	)%		10.06	%		9.10	%		8.21	%		(4.70	)%		21.32	%
Net assets, end of period (in 000s)	$	8,772		$	16,982		$	18,460		$	22,371		$	23,534		$	26,742
Ratio of net expenses to average net assets		1.86	%(c)		1.87	%		1.88	%		1.88	%		1.89	%		1.93	%
Ratio of total expenses to average net assets		1.99	%(c)		2.02	%		1.99	%		2.01	%		1.97	%		1.99	%
Ratio of net investment income to average net assets		1.22	%(c)		1.06	%		1.02	%		1.47	%		0.93	%		0.67	%
Portfolio turnover rate(d)		23	%		69	%		43	%		61	%		47	%		40	%

(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) Annualized.

(d) 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.

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016				2015			2014
Per Share Data
Net asset value, beginning of period	$	38.92		$	35.77		$	33.07		$	30.96			$	32.72		$	27.12
Net investment income(a)		0.43			0.81			0.77			0.82		��		0.69			0.55
Net realized and unrealized gain (loss)		(0.62	)		3.18			2.64			2.06				(1.83	)		5.56
Total from investment operations		(0.19	)		3.99			3.41			2.88				(1.14	)		6.11
Distributions to shareholders from net investment income		(0.36	)		(0.84	)		(0.71	)		(0.77	)			(0.62	)		(0.51	)
Distributions to shareholders from net realized gains		(0.30	)		—			—			—				—			—
Total distributions		(0.66	)		(0.84	)		(0.71	)		(0.77	)			(0.62	)		(0.51	)
Net asset value, end of period	$	38.07		$	38.92		$	35.77		$	33.07			$	30.96		$	32.72
Total return(b)		(0.39	)%		11.30	%		10.38	%		9.46	%			(3.59	)%		22.73	%
Net assets, end of period (in 000s)	$	18,646		$	24,658		$	37,415		$	31,409			$	29,243		$	29,476
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.73	%		0.73	%			0.74	%		0.78	%
Ratio of total expenses to average net assets		0.85	%(c)		0.87	%		0.84	%		0.86	%			0.82	%		0.84	%
Ratio of net investment income to average net assets		2.35	%(c)		2.17	%		2.19	%		2.61	%			2.09	%		1.82	%
Portfolio turnover rate(d)		23	%		69	%		43	%		61	%			47	%		40	%

(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) Annualized.

(d) 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.

66 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	38.39		$	35.28		$	32.53		$	30.46		$	32.20		$	26.69
Net investment income(a)		0.33			0.63			0.57			0.65			0.51			0.39
Net realized and unrealized gain (loss)		(0.60	)		3.13			2.61			2.02			(1.79	)		5.48
Total from investment operations		(0.27	)		3.76			3.18			2.67			(1.28	)		5.87
Distributions to shareholders from net investment income		(0.27	)		(0.65	)		(0.43	)		(0.60	)		(0.46	)		(0.36	)
Distributions to shareholders from net realized gains		(0.30	)		—			—			—			—			—
Total distributions		(0.57	)		(0.65	)		(0.43	)		(0.60	)		(0.46	)		(0.36	)
Net asset value, end of period	$	37.55		$	38.39		$	35.28		$	32.53		$	30.46		$	32.20
Total return(b)		(0.63	)%		10.77	%		9.84	%		8.88	%		(4.06	)%		22.12	%
Net assets, end of period (in 000s)	$	103		$	84		$	86		$	324		$	397		$	368
Ratio of net expenses to average net assets		1.23	%(c)		1.23	%		1.23	%		1.23	%		1.24	%		1.28	%
Ratio of total expenses to average net assets		1.35	%(c)		1.38	%		1.33	%		1.36	%		1.32	%		1.34	%
Ratio of net investment income to average net assets		1.84	%(c)		1.70	%		1.66	%		2.11	%		1.58	%		1.33	%
Portfolio turnover rate(d)		23	%		69	%		43	%		61	%		47	%		40	%

(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) Annualized.

(d) 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.

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	38.20		$	35.12		$	32.49		$	30.41		$	32.15		$	26.65
Net investment income(a)		0.40			0.76			0.75			0.76			0.62			0.51
Net realized and unrealized gain (loss)		(0.59	)		3.11			2.55			2.02			(1.79	)		5.46
Total from investment operations		(0.19	)		3.87			3.30			2.78			(1.17	)		5.97
Distributions to shareholders from net investment income		(0.34	)		(0.79	)		(0.67	)		(0.70	)		(0.57	)		(0.47	)
Distributions to shareholders from net realized gains		(0.30	)		—			—			—			—			—
Total distributions		(0.64	)		(0.79	)		(0.67	)		(0.70	)		(0.57	)		(0.47	)
Net asset value, end of period	$	37.37		$	38.20		$	35.12		$	32.49		$	30.41		$	32.15
Total return(b)		(0.42	)%		11.15	%		10.21	%		9.27	%		(3.74	)%		22.58	%
Net assets, end of period (in 000s)	$	2,605		$	2,851		$	2,623		$	743		$	614		$	3,937
Ratio of net expenses to average net assets		0.86	%(c)		0.87	%		0.88	%		0.88	%		0.89	%		0.93	%
Ratio of total expenses to average net assets		0.99	%(c)		1.02	%		1.00	%		1.01	%		0.97	%		0.98	%
Ratio of net investment loss to average net assets		2.22	%(c)		2.07	%		2.17	%		2.47	%		1.90	%		1.71	%
Portfolio turnover rate(d)		23	%		69	%		43	%		61	%		47	%		40	%

(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) Annualized.

(d) 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.

68 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	38.92		$	37.37
Net investment income(b)		0.44			0.31
Net realized and unrealized gain (loss)		(0.62	)		1.48
Total from investment operations		(0.18	)		1.79
Distributions to shareholders from net investment income		(0.37	)		(0.24	)
Distributions to shareholders from net realized gains		(0.30	)		—
Total distributions		(0.67	)		(0.24	)
Net asset value, end of period	$	38.07		$	38.92
Total return(c)		(0.39	)%		4.84	%
Net assets, end of period (in 000s)	$	11,011		$	10,835
Ratio of net expenses to average net assets(d)		0.72	%		0.72	%
Ratio of total expenses to average net assets(d)		0.84	%		0.95	%
Ratio of net investment income to average net assets(d)		2.36	%		2.20	%
Portfolio turnover rate(e)		23	%		69	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	38.05		$	34.98		$	32.35		$	30.32		$	32.05		$	26.60
Net investment income(a)		0.31			0.57			0.53			0.60			0.46			0.35
Net realized and unrealized gain (loss)		(0.60	)		3.10			2.59			2.00			(1.78	)		5.45
Total from investment operations		(0.29	)		3.67			3.12			2.60			(1.32	)		5.80
Distributions to shareholders from net investment income		(0.24	)		(0.60	)		(0.49	)		(0.57	)		(0.41	)		(0.35	)
Distributions to shareholders from net realized gains		(0.30	)		—			—			—			—			—
Total distributions		(0.54	)		(0.60	)		(0.49	)		(0.57	)		(0.41	)		(0.35	)
Net asset value, end of period	$	37.22		$	38.05		$	34.98		$	32.35		$	30.32		$	32.05
Total return(b)		(0.70	)%		10.59	%		9.68	%		8.71	%		(4.19	)%		21.94	%
Net assets, end of period (in 000s)	$	1,455		$	1,492		$	1,571		$	1,477		$	1,167		$	1,462
Ratio of net expenses to average net assets		1.36	%(c)		1.37	%		1.38	%		1.38	%		1.39	%		1.43	%
Ratio of total expenses to average net assets		1.49	%(c)		1.52	%		1.49	%		1.51	%		1.47	%		1.49	%
Ratio of net investment income to average net assets		1.73	%(c)		1.55	%		1.54	%		1.96	%		1.44	%		1.16	%
Portfolio turnover rate(d)		23	%(c)		69	%		43	%		61	%		47	%		40	%

(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) Annualized.

(d) 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.

70 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Income Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	38.92		$	35.76		$	33.06		$	30.97		$	33.24
Net investment income(b)		0.47			0.83			0.77			0.82			0.08
Net realized and unrealized gain (loss)		(0.64	)		3.17			2.64			2.04			(2.35	)
Total from investment operations		(0.17	)		4.00			3.41			2.86			(2.27	)
Distributions to shareholders from net investment income		(0.37	)		(0.84	)		(0.71	)		(0.77	)		—
Distributions to shareholders from net realized gains		(0.30	)		—			—			—			—
Total distributions		(0.67	)		(0.84	)		(0.71	)		(0.77	)		—
Net asset value, end of period	$	38.08		$	38.92		$	35.76		$	33.06		$	30.97
Total return(c)		(0.36	)%		11.34	%		10.39	%		9.40	%		(6.83	)%
Net assets, end of period (in 000s)	$	5,590		$	13		$	11		$	10		$	9
Ratio of net expenses to average net assets		0.72	%(d)		0.72	%		0.73	%		0.73	%		0.69	%(d)
Ratio of total expenses to average net assets		0.83	%(d)		0.86	%		0.84	%		0.86	%		0.84	%(d)
Ratio of net investment income to average net assets		2.57	%(d)		2.22	%		2.20	%		2.62	%		2.79	%(d)
Portfolio turnover rate(e)		23	%		69	%		43	%		61	%		47	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.08		$	11.10		$	9.89		$	9.28		$	10.00
Net investment income(b)		0.05			0.05			0.10			0.12			0.01
Net realized and unrealized gain (loss)		(0.33	)		0.87			1.22			0.52			(0.73	)
Total from investment operations		(0.28	)		0.92			1.32			0.64			(0.72	)
Distributions to shareholders from net investment income		(0.05	)		(0.08	)		(0.11	)		(0.03	)		—
Distributions to shareholders from net realized gains		(0.51	)		(0.86	)		—			—			—
Total distributions		(0.56	)		(0.94	)		(0.11	)		(0.03	)		—
Net asset value, end of period	$	10.24		$	11.08		$	11.10		$	9.89		$	9.28
Total return(c)		(2.20	)%		8.64	%		13.42	%		6.93	%		(7.20	)%
Net assets, end of period (in 000s)	$	51		$	52		$	50		$	25		$	23
Ratio of net expenses to average net assets		1.11	%(d)		1.12	%		1.13	%		1.13	%		1.13	%(d)
Ratio of total expenses to average net assets		7.14	%(d)		4.84	%		7.96	%		14.54	%		25.55	%(d)
Ratio of net investment income to average net assets		0.98	%(d)		0.50	%		0.95	%		1.33	%		0.97	%(d)
Portfolio turnover rate(e)		57	%		204	%		126	%		161	%		2	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

72 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.03		$	11.05		$	9.84		$	9.28		$	10.00
Net investment income (loss)(b)		0.01			(0.03	)		0.03			0.05			—	(c)
Net realized and unrealized gain (loss)		(0.32	)		0.87			1.21			0.51			(0.72	)
Total from investment operations		(0.31	)		0.84			1.24			0.56			(0.72	)
Distributions to shareholders from net investment income		(0.01	)		—			(0.03	)		—	(c)		—
Distributions to shareholders from net realized gains		(0.51	)		(0.86	)		—			—			—
Total distributions		(0.52	)		(0.86	)		(0.03	)		—	(c)		—
Net asset value, end of period	$	10.20		$	11.03		$	11.05		$	9.84		$	9.28
Total return(d)		(2.55	)%		7.87	%		12.64	%		6.06	%		(7.20	)%
Net assets, end of period (in 000s)	$	29		$	30		$	48		$	25		$	23
Ratio of net expenses to average net assets		1.86	%(e)		1.87	%		1.88	%		1.88	%		1.89	%(e)
Ratio of total expenses to average net assets		7.89	%(e)		5.77	%		8.66	%		15.30	%		26.30	%(e)
Ratio of net investment income (loss) to average net assets		0.23	%(e)		(0.24	)%		0.25	%		0.58	%		0.21	%(e)
Portfolio turnover rate(f)		57	%		204	%		126	%		161	%		2	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.13		$	11.14		$	9.92		$	9.29		$	10.00
Net investment income(b)		0.07			0.09			0.15			0.16			0.01
Net realized and unrealized gain (loss)		(0.33	)		0.88			1.21			0.52			(0.72	)
Total from investment operations		(0.26	)		0.97			1.36			0.68			(0.71	)
Distributions to shareholders from net investment income		(0.10	)		(0.12	)		(0.14	)		(0.05	)		—
Distributions to shareholders from net realized gains		(0.51	)		(0.86	)		—			—			—
Total distributions		(0.61	)		(0.98	)		(0.14	)		(0.05	)		—
Net asset value, end of period	$	10.26		$	11.13		$	11.14		$	9.92		$	9.29
Total return(c)		(1.93	)%		9.06	%		13.79	%		7.33	%		(7.10	)%
Net assets, end of period (in 000s)	$	647		$	1,007		$	4,802		$	3,206		$	1,741
Ratio of net expenses to average net assets		0.73	%(d)		0.73	%		0.73	%		0.73	%		0.74	%(d)
Ratio of total expenses to average net assets		6.58	%(d)		4.40	%		7.40	%		13.52	%		25.15	%(d)
Ratio of net investment income to average net assets		1.34	%(d)		0.86	%		1.39	%		1.73	%		1.37	%(d)
Portfolio turnover rate(e)		57	%		204	%		126	%		161	%		2	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

74 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.13		$	11.13		$	9.91		$	9.29		$	10.00
Net investment income(b)		0.06			0.08			0.13			0.15			0.01
Net realized and unrealized gain (loss)		(0.34	)		0.88			1.22			0.51			(0.72	)
Total from investment operations		(0.28	)		0.96			1.35			0.66			(0.71	)
Distributions to shareholders from net investment income		(0.11	)		(0.10	)		(0.13	)		(0.04	)		—
Distributions to shareholders from net realized gains		(0.51	)		(0.86	)		—			—			—
Total distributions		(0.62	)		(0.96	)		(0.13	)		(0.04	)		—
Net asset value, end of period	$	10.23		$	11.13		$	11.13		$	9.91		$	9.29
Total return(c)		(2.14	)%		9.01	%		13.65	%		7.26	%		(7.20	)%
Net assets, end of period (in 000s)	$	30		$	31		$	28		$	25		$	23
Ratio of net expenses to average net assets		0.86	%(d)		0.87	%		0.88	%		0.88	%		0.89	%(d)
Ratio of total expenses to average net assets		6.89	%(d)		4.77	%		7.61	%		14.28	%		25.30	%(d)
Ratio of net investment loss to average net assets		1.23	%(d)		0.72	%		1.20	%		1.58	%		1.21	%(d)
Portfolio turnover rate(e)		57	%		204	%		126	%		161	%		2	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	11.15		$	10.54
Net investment income(b)		0.07			0.04
Net realized and unrealized gain (loss)		(0.34	)		0.57
Total from investment operations		(0.27	)		0.61
Distributions to shareholders from net investment income		(0.13	)		—
Distributions to shareholders from net realized gains		(0.51	)		—
Total distributions		(0.64	)		—
Net asset value, end of period	$	10.24		$	11.15
Total return(c)		(2.06	)%		5.79	%
Net assets, end of period (in 000s)	$	3,637		$	5,652
Ratio of net expenses to average net assets(d)		0.72	%		0.72	%
Ratio of total expenses to average net assets(d)		6.56	%		5.91	%
Ratio of net investment income to average net assets(d)		1.31	%		0.89	%
Portfolio turnover rate(e)		57	%		204	%

(a) Class P Shares commenced operations April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

76 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.07		$	11.09		$	9.88		$	9.28		$	10.00
Net investment income(b)		0.04			0.02			0.07			0.10			0.01
Net realized and unrealized gain (loss)		(0.33	)		0.87			1.22			0.52			(0.73	)
Total from investment operations		(0.29	)		0.89			1.29			0.62			(0.72	)
Distributions to shareholders from net investment income		(0.06	)		(0.05	)		(0.08	)		(0.02	)		—
Distributions to shareholder from net realized gains		(0.51	)		(0.86	)		—			—			—
Total distributions		(0.57	)		(0.91	)		(0.08	)		(0.02	)		—
Net asset value, end of period	$	10.21		$	11.07		$	11.09		$	9.88		$	9.28
Total return(c)		(2.30	)%		8.35	%		13.08	%		6.60	%		(7.10	)%
Net assets, end of period (in 000s)	$	30		$	30		$	28		$	25		$	23
Ratio of net expenses to average net assets		1.36	%(d)		1.37	%		1.38	%		1.38	%		1.39	%(d)
Ratio of total expenses to average net assets		7.39	%(d)		5.27	%		8.12	%		14.79	%		25.80	%(d)
Ratio of net investment income to average net assets		0.73	%(d)		0.22	%		0.70	%		1.08	%		0.71	%(d)
Portfolio turnover rate(e)		57	%		204	%		126	%		161	%		2	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS FOCUSED VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Focused Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.14		$	11.15		$	9.92		$	9.29		$	10.00
Net investment income(b)		0.07			0.10			0.15			0.16			0.01
Net realized and unrealized gain (loss)		(0.33	)		0.87			1.22			0.52			(0.72	)
Total from investment operations		(0.26	)		0.97			1.37			0.68			(0.71	)
Distributions to shareholders from net investment income		(0.13	)		(0.12	)		(0.14	)		(0.05	)		—
Distributions to shareholders from net realized gains		(0.51	)		(0.86	)		—			—			—
Total distributions		(0.64	)		(0.98	)		(0.14	)		(0.05	)		—
Net asset value, end of period	$	10.24		$	11.14		$	11.15		$	9.92		$	9.29
Total return(c)		(1.98	)%		9.06	%		13.91	%		7.34	%		(7.10	)%
Net assets, end of period (in 000s)	$	30		$	31		$	28		$	25		$	23
Ratio of net expenses to average net assets		0.72	%(d)		0.72	%		0.71	%		0.71	%		0.72	%(d)
Ratio of total expenses to average net assets		6.74	%(d)		4.64	%		7.46	%		14.11	%		25.14	%(d)
Ratio of net investment income to average net assets		1.37	%(d)		0.87	%		1.37	%		1.75	%		1.39	%(d)
Portfolio turnover rate(e)		57	%		204	%		126	%		161	%		2	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

78 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.16		$	17.25		$	16.08		$	16.45		$	18.50		$	15.06
Net investment income(a)		0.08			0.13			0.19			0.24			0.16			0.13
Net realized and unrealized gain (loss)		(0.57	)		1.35			1.26			0.95			(1.11	)		3.41
Total from investment operations		(0.49	)		1.48			1.45			1.19			(0.95	)		3.54
Distributions to shareholders from net investment income		(0.14	)		(0.21	)		(0.28	)		(0.12	)		(0.14	)		(0.10	)
Distributions to shareholders from net realized gains		(1.51	)		(2.36	)		—			(1.44	)		(0.96	)		—
Total distributions		(1.65	)		(2.57	)		(0.28	)		(1.56	)		(1.10	)		(0.10	)
Net asset value, end of period	$	14.02		$	16.16		$	17.25		$	16.08		$	16.45		$	18.50
Total return(b)		(2.40	)%		9.29	%		9.04	%		7.73	%		(5.51	)%		23.62	%
Net assets, end of period (in 000s)	$	89,758		$	92,226		$	153,608		$	197,754		$	234,810		$	260,256
Ratio of net expenses to average net assets		1.11	%(c)		1.11	%		1.14	%		1.18	%		1.17	%		1.19	%
Ratio of total expenses to average net assets		1.27	%(c)		1.24	%		1.22	%		1.22	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		1.16	%(c)		0.81	%		1.14	%		1.54	%		0.92	%		0.74	%
Portfolio turnover rate(d)		33	%		171	%		124	%		116	%		79	%		67	%

(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) Annualized.

(d) 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.

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	15.32		$	16.51		$	15.43		$	15.83		$	17.86		$	14.56
Net investment income(a)		0.03			0.01			0.07			0.12			0.03			—	(b)
Net realized and unrealized gain (loss)		(0.54	)		1.29			1.19			0.93			(1.08	)		3.31
Total from investment operations		(0.51	)		1.30			1.26			1.05			(1.05	)		3.31
Distributions to shareholders from net investment income		—			(0.13	)		(0.18	)		(0.01	)		(0.02	)		(0.01	)
Distributions to shareholder from net realized gains		(1.51	)		(2.36	)		—			(1.44	)		(0.96	)		—
Total distributions		(1.51	)		(2.49	)		(0.18	)		(1.45	)		(0.98	)		(0.01	)
Net asset value, end of period	$	13.30		$	15.32		$	16.51		$	15.43		$	15.83		$	17.86
Total return(c)		(2.77	)%		8.46	%		8.18	%		7.01	%		(6.28	)%		22.73	%
Net assets, end of period (in 000s)	$	23,556		$	36,819		$	39,403		$	41,587		$	42,221		$	45,535
Ratio of net expenses to average net assets		1.86	%(d)		1.86	%		1.89	%		1.93	%		1.92	%		1.94	%
Ratio of total expenses to average net assets		2.02	%(d)		1.99	%		1.97	%		1.97	%		1.95	%		1.95	%
Ratio of net investment income (loss) to average net assets		0.40	%(d)		0.06	%		0.41	%		0.79	%		0.16	%		(0.01	)%
Portfolio turnover rate(e)		33	%		171	%		124	%		116	%		79	%		67	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

80 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.32		$	17.42		$	16.25		$	16.61		$	18.67		$	15.20
Net investment income(a)		0.11			0.19			0.25			0.30			0.24			0.19
Net realized and unrealized gain (loss)		(0.59	)		1.36			1.27			0.97			(1.12	)		3.45
Total from investment operations		(0.48	)		1.55			1.52			1.27			(0.88	)		3.64
Distributions to shareholders from net investment income		(0.18	)		(0.28	)		(0.35	)		(0.19	)		(0.22	)		(0.17	)
Distributions to shareholders from net realized gains		(1.51	)		(2.37	)		—			(1.44	)		(0.96	)		—
Total distributions		(1.69	)		(2.65	)		(0.35	)		(1.63	)		(1.18	)		(0.17	)
Net asset value, end of period	$	14.15		$	16.32		$	17.42		$	16.25		$	16.61		$	18.67
Total return(b)		(2.28	)%		9.65	%		9.41	%		8.17	%		(5.13	)%		24.15	%
Net assets, end of period (in 000s)	$	155,250		$	174,803		$	645,552		$	905,400		$	1,037,653		$	1,206,895
Ratio of net expenses to average net assets		0.79	%(c)		0.79	%		0.78	%		0.78	%		0.77	%		0.79	%
Ratio of total expenses to average net assets		0.88	%(c)		0.85	%		0.82	%		0.82	%		0.80	%		0.80	%
Ratio of net investment income to average net assets		1.47	%(c)		1.13	%		1.46	%		1.93	%		1.31	%		1.14	%
Portfolio turnover rate(d)		33	%		171	%		124	%		116	%		79	%		67	%

(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) Annualized.

(d) 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.

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.03		$	17.14		$	15.99		$	16.36		$	18.42		$	14.99
Net investment income(a)		0.07			0.10			0.17			0.22			0.15			0.11
Net realized and unrealized gain (loss)		(0.57	)		1.35			1.23			0.96			(1.11	)		3.40
Total from investment operations		(0.50	)		1.45			1.40			1.18			(0.96	)		3.51
Distributions to shareholders from net investment income		(0.05	)		(0.20	)		(0.25	)		(0.11	)		(0.14	)		(0.08	)
Distributions to shareholders from net realized gains		(1.51	)		(2.36	)		—			(1.44	)		(0.96	)		—
Total distributions		(1.56	)		(2.56	)		(0.25	)		(1.55	)		(1.10	)		(0.08	)
Net asset value, end of period	$	13.97		$	16.03		$	17.14		$	15.99		$	16.36		$	18.42
Total return(b)		(2.52	)%		9.15	%		8.80	%		7.67	%		(5.63	)%		23.53	%
Net assets, end of period (in 000s)	$	989		$	1,201		$	2,914		$	3,549		$	4,294		$	3,185
Ratio of net expenses to average net assets		1.29	%(c)		1.29	%		1.28	%		1.28	%		1.27	%		1.29	%
Ratio of total expenses to average net assets		1.38	%(c)		1.35	%		1.32	%		1.32	%		1.30	%		1.30	%
Ratio of net investment income to average net assets		0.96	%(c)		0.64	%		1.01	%		1.45	%		0.84	%		0.64	%
Portfolio turnover rate(d)		33	%		171	%		124	%		116	%		79	%		67	%

(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) Annualized.

(d) 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.

82 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.17		$	17.28		$	16.11		$	16.47		$	18.34		$	14.94
Net investment income(a)		0.10			0.17			0.25			0.27			0.21			0.17
Net realized and unrealized gain (loss)		(0.59	)		1.36			1.23			0.97			(1.12	)		3.38
Total from investment operations		(0.49	)		1.53			1.48			1.24			(0.91	)		3.55
Distributions to shareholders from net investment income		(0.17	)		(0.27	)		(0.31	)		(0.16	)		—			(0.15	)
Distributions to shareholders from net realized gains		(1.51	)		(2.37	)		—			(1.44	)		(0.96	)		—
Total distributions		(1.68	)		(2.64	)		(0.31	)		(1.60	)		(0.96	)		(0.15	)
Net asset value, end of period	$	14.00		$	16.17		$	17.28		$	16.11		$	16.47		$	18.34
Total return(b)		(2.36	)%		9.61	%		9.26	%		8.05	%		(5.29	)%		23.93	%
Net assets, end of period (in 000s)	$	5,619		$	7,447		$	6,516		$	3,654		$	6,878		$	6,618
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.88	%		0.93	%		0.92	%		0.95	%
Ratio of total expenses to average net assets		1.02	%(c)		0.99	%		0.97	%		0.97	%		0.95	%		0.95	%
Ratio of net investment loss to average net assets		1.39	%(c)		1.06	%		1.47	%		1.77	%		1.17	%		1.05	%
Portfolio turnover rate(d)		33	%		171	%		124	%		116	%		79	%		67	%

(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) Annualized.

(d) 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.

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Net asset value, beginning of Period	$	16.66		$	15.81
Net investment income(b)		0.11			0.08
Net realized and unrealized gain (loss)		(0.59	)		0.77
Total from investment operations		(0.48	)		0.85
Distributions to shareholders from net investment income		(0.19	)		—
Distributions to shareholders from net realized gains		(1.51	)		—
Total Distributions		(1.70	)		—
Net asset value, end of Period	$	14.48		$	16.66
Total return(c)		(2.23	)%		5.38	%
Net assets, end of period (in 000s)	$	211,632		$	248,012
Ratio of net expenses to average net assets(d)		0.78	%		0.78	%
Ratio of total expenses to average net assets(d)		0.87	%		0.85	%
Ratio of net investment income to average net assets(d)		1.48	%		1.26	%
Portfolio turnover rate(e)		33	%		171	%

(a) Commenced operations April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

84 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	15.71		$	16.86		$	15.73		$	16.12		$	18.17		$	14.80
Net investment income(a)		0.06			0.09			0.15			0.20			0.12			0.08
Net realized and unrealized gain (loss)		(0.57	)		1.32			1.22			0.94			(1.09	)		3.36
Total from investment operations		(0.51	)		1.41			1.37			1.14			(0.97	)		3.44
Distributions to shareholders from net investment income		(0.10	)		(0.20	)		(0.24	)		(0.09	)		(0.12	)		(0.07	)
Distributions to shareholders from net realized gains		(1.51	)		(2.36	)		—			(1.44	)		(0.96	)		—
Total distributions		(1.61	)		(2.56	)		(0.24	)		(1.53	)		(1.08	)		(0.07	)
Net asset value, end of period	$	13.59		$	15.71		$	16.86		$	15.73		$	16.12		$	18.17
Total return(b)		(2.60	)%		9.05	%		8.73	%		7.51	%		(5.77	)%		23.33	%
Net assets, end of period (in 000s)	$	5,153		$	5,252		$	6,204		$	7,130		$	7,710		$	7,705
Ratio of net expenses to average net assets		1.36	%(c)		1.36	%		1.39	%		1.43	%		1.42	%		1.44	%
Ratio of total expenses to average net assets		1.52	%(c)		1.49	%		1.47	%		1.47	%		1.45	%		1.45	%
Ratio of net investment income to average net assets		0.92	%(c)		0.56	%		0.90	%		1.30	%		0.66	%		0.49	%
Portfolio turnover rate(d)		33	%		171	%		124	%		116	%		79	%		67	%

(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) Annualized.

(d) 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.

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	16.66		$	17.45		$	16.25		$	16.61		$	17.88
Net investment income(b)		0.11			0.18			0.21			0.31			0.03
Net realized and unrealized gain (loss)		(0.59	)		1.39			1.34			0.96			(1.30	)
Total from investment operations		(0.48	)		1.57			1.55			1.27			(1.27	)
Distributions to shareholders from net investment income		(0.19	)		—			(0.35	)		(0.19	)		—
Distributions to shareholders from net realized gains		(1.51	)		(2.36	)		—			(1.44	)		—
Total distributions		(1.70	)		(2.36	)		(0.35	)		(1.63	)		—
Net asset value, end of period	$	14.48		$	16.66		$	17.45		$	16.25$			16.61
Total return(c)		(2.24	)%		9.67	%		9.63	%		8.21	%		(7.10	)%
Net assets, end of period (in 000s)	$	1,986		$	1,106		$	11		$	121,773		$	9
Ratio of net expenses to average net assets		0.78	%(d)		0.78	%		0.76	%		0.76	%		0.77	%(d)
Ratio of total expenses to average net assets		0.87	%(d)		0.85	%		0.79	%		0.80	%		0.81	%(d)
Ratio of net investment income to average net assets		1.55	%(d)		1.12	%		1.27	%		2.05	%		2.01	%(d)
Portfolio turnover rate(e)		33	%		171	%		124	%		116	%		79	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

86 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	36.62		$	38.27		$	35.25		$	38.81		$	49.03		$	46.08
Net investment income(a)		0.07			0.08			0.19			0.32			0.13			0.18
Net realized and unrealized gain (loss)		(1.37	)		3.71			3.20			0.56			(1.75	)		10.10
Total from investment operations		(1.30	)		3.79			3.39			0.88			(1.62	)		10.28
Distributions to shareholders from net investment income		(0.14	)		(0.15	)		(0.37	)		(0.10	)		(0.13	)		(0.22	)
Distributions to shareholders from net realized gains		(4.71	)		(5.29	)		—			(4.34	)		(8.47	)		(7.11	)
Total distributions		(4.85	)		(5.44	)		(0.37	)		(4.44	)		(8.60	)		(7.33	)
Net asset value, end of period	$	30.47		$	36.62		$	38.27		$	35.25		$	38.81		$	49.03
Total return(b)		(2.56	)%		10.68	%		9.66	%		3.00	%		(4.21	)%		24.77	%
Net assets, end of period (in 000s)	$	542,912		$	630,820		$	851,681		$	1,363,093		$	1,876,387		$	3,153,971
Ratio of net expenses to average net assets		1.23	%(c)		1.22	%		1.17	%		1.15	%		1.14	%		1.14	%
Ratio of total expenses to average net assets		1.23	%(c)		1.22	%		1.17	%		1.15	%		1.14	%		1.14	%
Ratio of net investment income to average net assets		0.42	%(c)		0.22	%		0.51	%		0.92	%		0.31	%		0.38	%
Portfolio turnover rate(d)		44	%		137	%		124	%		111	%		95	%		87	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	32.59		$	34.68		$	32.00		$	35.80		$	46.05		$	43.79
Net investment income (loss)(a)		(0.04	)		(0.17	)		(0.09	)		0.05			(0.19	)		(0.17	)
Net realized and unrealized gain (loss)		(1.25	)		3.33			2.92			0.49			(1.59	)		9.54
Total from investment operations		(1.29	)		3.16			2.83			0.54			(1.78	)		9.37
Distributions to shareholders from net investment income		—			—			(0.15	)		—			—	(b)		—
Distributions to shareholders from net realized gains		(4.71	)		(5.25	)		—			(4.34	)		(8.47	)		(7.11	)
Total distributions		(4.71	)		(5.25	)		(0.15	)		(4.34	)		(8.47	)		(7.11	)
Net asset value, end of period	$	26.59		$	32.59		$	34.68		$	32.00		$	35.80		$	46.05
Total return(c)		(2.96	)%		9.86	%		8.86	%		2.20	%		(4.91	)%		23.81	%
Net assets, end of period (in 000s)	$	36,470		$	78,897		$	102,928		$	141,081		$	180,780		$	202,083
Ratio of net expenses to average net assets		1.98	%(d)		1.97	%		1.92	%		1.90	%		1.89	%		1.89	%
Ratio of total expenses to average net assets		1.98	%(d)		1.97	%		1.92	%		1.90	%		1.89	%		1.89	%
Ratio of net investment income (loss) to average net assets		(0.31	)%(d)		(0.53	)%		(0.25	)%		0.16	%		(0.47	)%		(0.38	)%
Portfolio turnover rate(e)		44	%		137	%		124	%		111	%		95	%		87	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

88 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	37.06		$	38.68		$	35.64		$	39.22		$	49.55		$	46.52
Net investment income(a)		0.13			0.21			0.34			0.46			0.29			0.36
Net realized and unrealized gain (loss)		(1.40	)		3.77			3.25			0.56			(1.75	)		10.19
Total from investment operations		(1.27	)		3.98			3.59			1.02			(1.46	)		10.55
Distributions to shareholders from net investment income		(0.27	)		(0.26	)		(0.55	)		(0.26	)		(0.40	)		(0.41	)
Distributions to shareholders from net realized gains		(4.71	)		(5.34	)		—			(4.34	)		(8.47	)		(7.11	)
Total distributions		(4.98	)		(5.60	)		(0.55	)		(4.60	)		(8.87	)		(7.52	)
Net asset value, end of period	$	30.81		$	37.06		$	38.68		$	35.64		$	39.22		$	49.55
Total return(b)		(2.40	)%		11.13	%		10.12	%		3.39	%		(3.82	)%		25.25	%
Net assets, end of period (in 000s)	$	382,864		$	555,930		$	1,424,886		$	3,687,681		$	5,868,055		$	6,347,006
Ratio of net expenses to average net assets		0.84	%(c)		0.83	%		0.77	%		0.75	%		0.74	%		0.74	%
Ratio of total expenses to average net assets		0.84	%(c)		0.83	%		0.77	%		0.75	%		0.74	%		0.74	%
Ratio of net investment income to average net assets		0.82	%(c)		0.58	%		0.91	%		1.31	%		0.68	%		0.77	%
Portfolio turnover rate(d)		44	%		137	%		124	%		111	%		95	%		87	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	35.89		$	37.61		$	34.63		$	38.21		$	48.40		$	45.59
Net investment income(a)		0.05			0.04			0.15			0.28			0.08			0.13
Net realized and unrealized gain (loss)		(1.35	)		3.65			3.15			0.54			(1.71	)		9.97
Total from investment operations		(1.30	)		3.69			3.30			0.82			(1.63	)		10.10
Distributions to shareholders from net investment income		(0.10	)		(0.12	)		(0.32	)		(0.06	)		(0.09	)		(0.18	)
Distributions to shareholders from net realized gains		(4.71	)		(5.29	)		—			(4.34	)		(8.47	)		(7.11	)
Total distributions		(4.81	)		(5.41	)		(0.32	)		(4.40	)		(8.56	)		(7.29	)
Net asset value, end of period	$	29.78		$	35.89		$	37.61		$	34.63		$	38.21		$	48.40
Total return(b)		(2.63	)%		10.58	%		9.56	%		2.87	%		(4.30	)%		24.63	%
Net assets, end of period (in 000s)	$	54,166		$	65,727		$	87,438		$	139,677		$	222,149		$	368,720
Ratio of net expenses to average net assets		1.34	%(c)		1.33	%		1.27	%		1.25	%		1.24	%		1.24	%
Ratio of total expenses to average net assets		1.34	%(c)		1.33	%		1.28	%		1.25	%		1.24	%		1.24	%
Ratio of net investment income to average net assets		0.31	%(c)		0.11	%		0.40	%		0.84	%		0.19	%		0.28	%
Portfolio turnover rate(d)		44	%		137	%		124	%		111	%		95	%		87	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

90 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	35.89		$	37.57		$	34.63		$	38.23		$	48.52		$	45.70
Net investment income(a)		0.10			0.17			0.27			0.39			0.22			0.30
Net realized and unrealized gain (loss)		(1.36	)		3.63			3.17			0.55			(1.70	)		9.98
Total from investment operations		(1.26	)		3.80			3.44			0.94			(1.48	)		10.28
Distributions to shareholders from net investment income		(0.23	)		(0.18	)		(0.50	)		(0.20	)		(0.34	)		(0.35	)
Distributions to shareholders from net realized gains		(4.71	)		(5.30	)		—			(4.34	)		(8.47	)		(7.11	)
Total distributions		(4.94	)		(5.48	)		(0.50	)		(4.54	)		(8.81	)		(7.46	)
Net asset value, end of period	$	29.69		$	35.89		$	37.57		$	34.63		$	38.23		$	48.52
Total return(b)		(2.48	)%		10.98	%		9.94	%		3.24	%		(3.96	)%		25.07	%
Net assets, end of period (in 000s)	$	43,119		$	51,375		$	77,446		$	220,429		$	304,390		$	295,017
Ratio of net expenses to average net assets		0.98	%(c)		0.97	%		0.92	%		0.90	%		0.89	%		0.89	%
Ratio of total expenses to average net assets		0.98	%(c)		0.97	%		0.92	%		0.90	%		0.89	%		0.89	%
Ratio of net investment loss to average net assets		0.66	%(c)		0.47	%		0.73	%		1.16	%		0.52	%		0.66	%
Portfolio turnover rate(d)		44	%		137	%		124	%		111	%		95	%		87	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	37.04		$	35.64
Net investment income(b)		0.13			0.13
Net realized and unrealized gain (loss)		(1.40	)		1.27
Total from investment operations		(1.27	)		1.40
Distributions to shareholders from net investment income		(0.28	)		—
Distributions to shareholders from net realized gains		(4.71	)		—
Total distributions		(4.99	)		—
Net asset value, end of period	$	30.78		$	37.04
Total return(c)		(2.38	)%		3.93	%
Net assets, end of period (in 000s)	$	146,190		$	172,003
Ratio of net expenses to average net assets(d)		0.83	%		0.86	%
Ratio of total expenses to average net assets(d)		0.83	%		0.86	%
Ratio of net investment income to average net assets(d)		0.82	%		0.94	%
Portfolio turnover rate(e)		44	%		137	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

92 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	35.52		$	37.28		$	34.38		$	38.00		$	48.28		$	45.54
Net investment income (loss)(a)		0.03			(0.01	)		0.09			0.22			—	(b)		0.05
Net realized and unrealized gain (loss)		(1.34	)		3.61			3.13			0.55			(1.69	)		9.97
Total from investment operations		(1.31	)		3.60			3.22			0.77			(1.69	)		10.02
Distributions to shareholders from net investment income		(0.06	)		(0.09	)		(0.32	)		(0.05	)		(0.12	)		(0.17	)
Distributions to shareholders from net realized gains		(4.71	)		(5.27	)		—			(4.34	)		(8.47	)		(7.11	)
Total distributions		(4.77	)		(5.36	)		(0.32	)		(4.39	)		(8.59	)		(7.28	)
Net asset value, end of period	$	29.44		$	35.52		$	37.28		$	34.38		$	38.00		$	48.28
Total return(c)		(2.72	)%		10.43	%		9.40	%		2.72	%		(4.45	)%		24.44	%
Net assets, end of period (in 000s)	$	23,845		$	28,103		$	34,193		$	40,111		$	42,277		$	35,896
Ratio of net expenses to average net assets		1.48	%(d)		1.47	%		1.42	%		1.40	%		1.39	%		1.39	%
Ratio of total expenses to average net assets		1.48	%(d)		1.47	%		1.43	%		1.40	%		1.39	%		1.39	%
Ratio of net investment income (loss) to average net assets		0.17	%(d)		(0.03	)%		0.25	%		0.66	%		0.01	%		0.12	%
Portfolio turnover rate(e)		44	%		137	%		124	%		111	%		95	%		87	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	37.04		$	38.66		$	35.64		$	39.23		$	41.24
Net investment income (loss)(b)		0.11			0.22			0.36			0.47			(0.02	)
Net realized and unrealized gain (loss)		(1.38	)		3.76			3.22			0.56			(1.99	)
Total from investment operations		(1.27	)		3.98			3.58			1.03			(2.01	)
Distributions to shareholders from net investment income		(0.27	)		(0.27	)		(0.56	)		(0.28	)		—
Distributions to shareholders from net realized gains		(4.71	)		(5.33	)		—			(4.34	)		—
Total distributions		(4.98	)		(5.60	)		(0.56	)		(4.62	)		—
Net asset value, end of period	$	30.79		$	37.04		$	38.66		$	35.64		$	39.23
Total return(c)		(2.39	)%		11.10	%		10.13	%		3.41	%		(4.87	)%
Net assets, end of period (in 000s)	$	57,240		$	39,520		$	73,505		$	372,313		$	10
Ratio of net expenses to average net assets		0.83	%(d)		0.82	%		0.75	%		0.73	%		0.73	%(d)
Ratio of total expenses to average net assets		0.83	%(d)		0.82	%		0.75	%		0.73	%		0.73	%(d)
Ratio of Net investment income (loss)		0.69	%(d)		0.60	%		0.97	%		1.39	%		(0.62	)%(d)
Portfolio turnover rate(e)		44	%		137	%		124	%		111	%		95	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

94 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	59.98		$	56.63		$	52.52		$	49.78		$	55.40		$	50.43
Net investment income(a)		0.13			0.04			0.16			0.20			0.16	(b)		0.12
Net realized and unrealized gain (loss)		(4.91	)		9.70			5.92			5.11			(1.32	)		9.94
Total from investment operations		(4.78	)		9.74			6.08			5.31			(1.16	)		10.06
Distributions to shareholders from net investment income		(0.02	)		(0.08	)		(0.22	)		(0.16	)		(0.10	)		(0.18	)
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Total distributions		(5.86	)		(6.39	)		(1.97	)		(2.57	)		(4.46	)		(5.09	)
Net asset value, end of period	$	49.34		$	59.98		$	56.63		$	52.52		$	49.78		$	55.40
Total return(c)		(7.14	)%		18.15	%		11.56	%		11.22	%		(2.31	)%		20.72	%
Net assets, end of period (in 000s)	$	714,338		$	803,918		$	851,497		$	928,091		$	950,196		$	1,080,393
Ratio of net expenses to average net assets		1.34	%(d)		1.33	%		1.34	%		1.35	%		1.34	%		1.35	%
Ratio of total expenses to average net assets		1.36	%(d)		1.36	%		1.38	%		1.39	%		1.39	%		1.40	%
Ratio of net investment income to average net assets		0.49	%(d)		0.07	%		0.29	%		0.42	%		0.30	%(b)		0.22	%
Portfolio turnover rate(e)		22	%		55	%		68	%		46	%		49	%		46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	45.37		$	44.50		$	41.75		$	40.23		$	45.84		$	42.64
Net investment loss(a)		(0.05	)		(0.31	)		(0.20	)		(0.13	)		(0.19	)(b)		(0.25	)
Net realized and unrealized gain (loss)		(3.83	)		7.49			4.70			4.06			(1.06	)		8.36
Total from investment operations		(3.88	)		7.18			4.50			3.93			(1.25	)		8.11
Distributions to shareholders from net investment income		—			—			—			(0.00	)(c)		—			—
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Total distributions		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Net asset value, end of period	$	35.65		$	45.37		$	44.50		$	41.75		$	40.23		$	45.84
Total return(d)		(7.50	)%		17.26	%		10.72	%		10.40	%		(3.04	)%		19.85	%
Net assets, end of period (in 000s)	$	13,380		$	37,157		$	37,357		$	47,925		$	59,341		$	69,319
Ratio of net expenses to average net assets		2.09	%(e)		2.08	%		2.09	%		2.10	%		2.09	%		2.10	%
Ratio of total expenses to average net assets		2.11	%(e)		2.11	%		2.13	%		2.14	%		2.14	%		2.15	%
Ratio of net investment loss to average net assets		(0.27	)%(e)		(0.69	)%		(0.45	)%		(0.33	)%		(0.45	)%(b)		(0.55	)%
Portfolio turnover rate(f)		22	%		55	%		68	%		46	%		49	%		46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

96 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	64.90		$	60.78		$	56.20		$	53.10		$	58.80		$	53.22
Net investment income(a)		0.25			0.28			0.41			0.42			0.39	(b)		0.33
Net realized and unrealized gain (loss)		(5.30	)		10.46			6.34			5.45			(1.40	)		10.53
Total from investment operations		(5.05	)		10.74			6.75			5.87			(1.01	)		10.86
Distributions to shareholders from net investment income		(0.22	)		(0.31	)		(0.42	)		(0.36	)		(0.33	)		(0.37	)
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Total distributions		(6.06	)		(6.62	)		(2.17	)		(2.77	)		(4.69	)		(5.28	)
Net asset value, end of period	$	53.79		$	64.90		$	60.78		$	56.20		$	53.10		$	58.80
Total return(c)		(6.97	)%		18.62	%		12.00	%		11.66	%		(1.92	)%		21.22	%
Net assets, end of period (in 000s)	$	3,404,217		$	4,304,041		$	4,393,986		$	4,476,848		$	4,503,821		$	4,694,737
Ratio of net expenses to average net assets		0.95	%(d)		0.94	%		0.94	%		0.95	%		0.94	%		0.95	%
Ratio of total expenses to average net assets		0.97	%(d)		0.97	%		0.98	%		0.99	%		0.99	%		1.00	%
Ratio of net investment income to average net assets		0.89	%(d)		0.45	%		0.69	%		0.82	%		0.70	%(b)		0.58	%
Portfolio turnover rate(e)		22	%		55	%		68	%		46	%		49	%		46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	58.10		$	55.04		$	51.10		$	48.50		$	54.08		$	49.36
Net investment income (loss)(a)		0.10			(0.03	)		0.09			0.15			0.11	(b)		0.05
Net realized and unrealized gain (loss)		(4.77	)		9.42			5.77			4.96			(1.29	)		9.74
Total from investment operations		(4.67	)		9.39			5.86			5.11			(1.18	)		9.79
Distributions to shareholders from net investment income		—			(0.02	)		(0.17	)		(0.10	)		(0.04	)		(0.16	)
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Total distributions		(5.84	)		(6.33	)		(1.92	)		(2.51	)		(4.40	)		(5.07	)
Net asset value, end of period	$	47.59		$	58.10		$	55.04		$	51.10		$	48.50		$	54.08
Total return(c)		(7.20	)%		18.02	%		11.44	%		11.11	%		(2.41	)%		20.62	%
Net assets, end of period (in 000s)	$	85,002		$	110,636		$	145,996		$	119,315		$	134,195		$	176,500
Ratio of net expenses to average net assets		1.45	%(d)		1.44	%		1.44	%		1.45	%		1.44	%		1.45	%
Ratio of total expenses to average net assets		1.47	%(d)		1.47	%		1.48	%		1.49	%		1.49	%		1.50	%
Ratio of net investment income (loss) to average net assets		0.40	%(d)		(0.06	)%		0.17	%		0.32	%		0.21	%(b)		0.10	%
Portfolio turnover rate(e)		22	%		55	%		68	%		46	%		49	%		46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

98 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	59.60		$	56.32		$	52.23		$	49.55		$	55.18		$	50.25
Net investment income(a)		0.19			0.18			0.29			0.32			0.28	(b)		0.23
Net realized and unrealized gain (loss)		(4.90	)		9.64			5.90			5.07			(1.30	)		9.93
Total from investment operations		(4.71	)		9.82			6.19			5.39			(1.02	)		10.16
Distributions to shareholders from net investment income		(0.15	)		(0.23	)		(0.35	)		(0.30	)		(0.25	)		(0.32	)
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Total distributions		(5.99	)		(6.54	)		(2.10	)		(2.71	)		(4.61	)		(5.23	)
Net asset value, end of period	$	48.90		$	59.60		$	56.32		$	52.23		$	49.55		$	55.18
Total return(c)		(7.02	)%		18.44	%		11.84	%		11.50	%		(2.07	)%		21.05	%
Net assets, end of period (in 000s)	$	157,055		$	173,176		$	168,986		$	162,661		$	128,838		$	121,895
Ratio of net expenses to average net assets		1.09	%(d)		1.08	%		1.09	%		1.10	%		1.09	%		1.10	%
Ratio of total expenses to average net assets		1.11	%(d)		1.11	%		1.13	%		1.14	%		1.14	%		1.15	%
Ratio of net investment loss to average net assets		0.74	%(d)		0.31	%		0.53	%		0.67	%		0.54	%(b)		0.43	%
Portfolio turnover rate(e)		22	%		55	%		68	%		46	%		49	%		46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	64.88		$	60.80
Net investment income(b)		0.25			0.11
Net realized and unrealized gain (loss)		(5.30	)		3.97
Total from investment operations		(5.05	)		4.08
Distributions to shareholders from net investment income		(0.23	)		—
Distributions to shareholders from net realized gains		(5.84	)		—
Total distributions		(6.07	)		—
Net asset value, end of period	$	53.76		$	64.88
Total return(c)		(6.94	)%		6.71	%
Net assets, end of period (in 000s)	$	262,554		$	317,224
Ratio of net expenses to average net assets		0.94	%(d)		0.93	%(d)
Ratio of total expenses to average net assets		0.96	%(d)		0.97	%(d)
Ratio of net investment income to average net assets		0.90	%(d)		0.46	%(d)
Portfolio turnover rate(e)		22	%		55	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

100 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	58.69		$	55.60		$	51.62		$	48.95		$	54.58		$	49.80
Net investment income (loss)(a)		0.06			(0.11	)		0.02			0.08			0.03	(b)		(0.03	)
Net realized and unrealized gain (loss)		(4.81	)		9.51			5.82			5.03			(1.30	)		9.82
Total from investment operations		(4.75	)		9.40			5.84			5.11			(1.27	)		9.79
Distributions to shareholders from net investment income		—			—			(0.11	)		(0.03	)		—			(0.10	)
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		(4.36	)		(4.91	)
Total distributions		(5.84	)		(6.31	)		(1.86	)		(2.44	)		(4.36	)		(5.01	)
Net asset value, end of period	$	48.10		$	58.69		$	55.60		$	51.62		$	48.95		$	54.58
Total return(c)		(7.27	)%		17.85	%		11.28	%		10.96	%		(2.56	)%		20.44	%
Net assets, end of period (in 000s)	$	100,797		$	123,288		$	124,039		$	122,526		$	136,644		$	139,858
Ratio of net expenses to average net assets		1.59	%(d)		1.58	%		1.59	%		1.60	%		1.59	%		1.60	%
Ratio of total expenses to average net assets		1.61	%(d)		1.61	%		1.63	%		1.64	%		1.64	%		1.65	%
Ratio of net investment income (loss) to average net assets		0.25	%(d)		(0.19	)%		0.04	%		0.18	%		0.05	%(b)		(0.06	)%
Portfolio turnover rate(e)		22	%		55	%		68	%		46	%		49	%		46	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS SMALL CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	64.88		$	60.77		$	56.19		$	53.10		$	56.15
Net investment income (loss)(b)		0.24			0.27			0.38			0.37			(0.03	)(c)
Net realized and unrealized gain (loss)		(5.29	)		10.47			6.39			5.51			(3.02	)
Total from investment operations		(5.05	)		10.74			6.77			5.88			(3.05	)
Distributions to shareholders from net investment income		(0.23	)		(0.32	)		(0.44	)		(0.38	)		—
Distributions to shareholders from net realized gains		(5.84	)		(6.31	)		(1.75	)		(2.41	)		—
Total distributions		(6.07	)		(6.63	)		(2.19	)		(2.79	)		—
Net asset value, end of period	$	53.76		$	64.88		$	60.77		$	56.19		$	53.10
Total return(d)		(6.95	)%		18.63	%		12.03	%		11.68	%		(5.43	)%
Net assets, end of period (in 000s)	$	1,359,669		$	1,146,132		$	759,095		$	317,289		$	26,847
Ratio of net expenses to average net assets		0.94	%(e)		0.93	%		0.92	%		0.93	%		0.93	%(e)
Ratio of total expenses to average net assets		0.96	%(e)		0.96	%		0.96	%		0.98	%		1.00	%(e)
Ratio of Net investment income (loss)		0.88	%(e)		0.44	%		0.63	%		0.71	%		(0.62	)%(c)
Portfolio turnover rate(f)		22	%		55	%		68	%		46	%		49	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.10 per share and 0.18% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

102 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,												Period Ended August 31, 2014(a)
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.58		$	12.37		$	11.18		$	10.46		$	11.01		$	10.00
Net investment income (loss)(b)		0.04			0.04			0.07			0.08	(c)		0.02			(0.02	)
Net realized and unrealized gain (loss)		(0.88	)		1.72			1.19			0.70			(0.38	)		1.03
Total from investment operations		(0.84	)		1.76			1.26			0.78			(0.36	)		1.01
Distributions to shareholders from net investment income		(0.02	)		(0.08	)		(0.07	)		(0.01	)		(0.03	)		—
Distributions to shareholders from net realized gains		(0.76	)		(0.47	)		—			(0.05	)		(0.16	)		—
Total distributions		(0.78	)		(0.55	)		(0.07	)		(0.06	)		(0.19	)		—
Net asset value, end of period	$	11.96		$	13.58		$	12.37		$	11.18		$	10.46		$	11.01
Total return(d)		(5.66	)%		14.47	%		11.30	%		7.49	%		(3.34	)%		10.10	%
Net assets, end of period (in 000s)	$	1,545		$	1,699		$	1,497		$	1,128		$	530		$	150
Ratio of net expenses to average net assets		1.23	%(e)		1.23	%		1.24	%		1.26	%		1.34	%		1.33	%(e)
Ratio of total expenses to average net assets		1.52	%(e)		1.47	%		1.73	%		2.25	%		4.38	%		6.90	%(e)
Ratio of net investment income (loss) to average net assets		0.73	%(e)		0.34	%		0.58	%		0.78	%(c)		0.14	%		(0.27	)%(e)
Portfolio turnover rate(f)		40	%		105	%		108	%		109	%		122	%		53	%

(a) Commenced operations on January 31, 2014.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,												Period Ended August 31, 2014(a)
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.30		$	12.14		$	11.01		$	10.37		$	10.97		$	10.00
Net investment income (loss)(b)		—	(d)		(0.06	)		(0.02	)		—	(c)(d)		(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		(0.86	)		1.69			1.17			0.69			(0.37	)		1.03
Total from investment operations		(0.86	)		1.63			1.15			0.69			(0.44	)		0.97
Distributions to shareholders from net investment income		—			—			(0.02	)		—			—			—
Distributions to shareholders from net realized gains		(0.76	)		(0.47	)		—			(0.05	)		(0.16	)		—
Total distributions		(0.76	)		(0.47	)		(0.02	)		(0.05	)		(0.16	)		—
Net asset value, end of period	$	11.68		$	13.30		$	12.14		$	11.01		$	10.37		$	10.97
Total return(e)		(5.99	)%		13.63	%		10.48	%		6.71	%		(4.02	)%		9.70	%
Net assets, end of period (in 000s)	$	1,006		$	1,140		$	1,126		$	618		$	321		$	105
Ratio of net expenses to average net assets		1.98	%(f)		1.98	%		1.99	%		2.01	%		2.09	%		2.08	%(f)
Ratio of total expenses to average net assets		2.27	%(f)		2.22	%		2.47	%		2.99	%		5.25	%		8.31	%(f)
Ratio of net investment income (loss) to average net assets		(0.02	)%(f)		(0.44	)%		(0.17	)%		0.04	%(c)		(0.61	)%		(1.01	)%(f)
Portfolio turnover rate(g)		40	%		105	%		108	%		109	%		122	%		53	%

(a) Commenced operations on January 31, 2014.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

104 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,												Period Ended August 31, 2014(a)
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.74		$	12.50		$	11.29		$	10.53		$	11.04		$	10.00
Net investment income(b)		0.07			0.08			0.12			0.12	(c)		0.06			0.03
Net realized and unrealized gain (loss)		(0.89	)		1.75			1.20			0.71			(0.36	)		1.01
Total from investment operations		(0.82	)		1.83			1.32			0.83			(0.30	)		1.04
Distributions to shareholders from net investment income		(0.04	)		(0.12	)		(0.11	)		(0.02	)		(0.05	)		—
Distributions to shareholders from net realized gains		(0.76	)		(0.47	)		—			(0.05	)		(0.16	)		—
Total distributions		(0.80	)		(0.59	)		(0.11	)		(0.07	)		(0.21	)		—
Net asset value, end of period	$	12.12		$	13.74		$	12.50		$	11.29		$	10.53		$	11.04
Total return(d)		(5.47	)%		14.93	%		11.71	%		7.96	%		(2.79	)%		10.40	%
Net assets, end of period (in 000s)	$	6,110		$	5,666		$	42,085		$	39,176		$	25,756		$	3,755
Ratio of net expenses to average net assets		0.84	%(e)		0.84	%		0.84	%		0.87	%		0.93	%		0.93	%(e)
Ratio of total expenses to average net assets		1.13	%(e)		1.08	%		1.35	%		1.84	%		3.41	%		12.86	%(e)
Ratio of net investment income to average net assets		1.12	%(e)		0.58	%		0.97	%		1.18	%(c)		0.51	%		0.49	%(e)
Portfolio turnover rate(f)		40	%		105	%		108	%		109	%		122	%		53	%

(a) Commenced operations on January 31, 2014.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Investor Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,												Period Ended August 31, 2014(a)
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.67		$	12.44		$	11.23		$	10.49		$	11.03		$	10.00
Net investment income(b)		0.06			0.08			0.10			0.11	(c)		0.05			0.02
Net realized and unrealized gain (loss)		(0.89	)		1.73			1.19			0.71			(0.39	)		1.01
Total from investment operations		(0.83	)		1.81			1.29			0.82			(0.34	)		1.03
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.08	)		(0.03	)		(0.04	)		—
Distributions to shareholders from net realized gains		(0.76	)		(0.47	)		—			(0.05	)		(0.16	)		—
Total distributions		(0.80	)		(0.58	)		(0.08	)		(0.08	)		(0.20	)		—
Net asset value, end of period	$	12.04		$	13.67		$	12.44		$	11.23		$	10.49		$	11.03
Total return(d)		(5.59	)%		14.82	%		11.52	%		7.81	%		(3.11	)%		10.30	%
Net assets, end of period (in 000s)	$	3,356		$	5,541		$	3,250		$	2,846		$	119		$	28
Ratio of net expenses to average net assets		0.98	%(e)		0.98	%		0.99	%		1.01	%		1.09	%		1.08	%(e)
Ratio of total expenses to average net assets		1.27	%(e)		1.22	%		1.48	%		2.03	%		4.00	%		13.25	%(e)
Ratio of net investment loss to average net assets		0.95	%(e)		0.61	%		0.82	%		1.08	%(c)		0.43	%		0.39	%(e)
Portfolio turnover rate(f)		40	%		105	%		108	%		109	%		122	%		53	%

(a) Commenced operations on January 31, 2014.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

106 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	13.75		$	13.26
Net investment income(b)		0.07			0.05
Net realized and unrealized gain (loss)		(0.90	)		0.44
Total from investment operations		(0.83	)		0.49
Distributions to shareholders from net investment income		(0.06	)		—
Distributions to shareholders from net realized gains		(0.76	)		—
Total distributions		(0.82	)		—
Net asset value, end of period	$	12.10		$	13.75
Total return(c)		(5.52	)%		3.70	%
Net assets, end of period (in 000s)	$	51,646		$	54,660
Ratio of net expenses to average net assets(d)		0.83	%		0.83	%
Ratio of total expenses to average net assets(d)		1.12	%		1.09	%
Ratio of net investment income to average net assets(d)		1.13	%		0.99	%
Portfolio turnover rate(e)		40	%		105	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class R Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,												Period ended August 31, 2014(a)
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.56		$	12.35		$	11.15		$	10.45		$	11.00		$	10.00
Net investment income (loss)(b)		0.03			0.01			0.04			0.05	(c)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(0.88	)		1.72			1.19			0.70			(0.37	)		1.01
Total from investment operations		(0.85	)		1.73			1.23			0.75			(0.39	)		1.00
Distributions to shareholders from net investment income		(0.01	)		(0.05	)		(0.03	)		—			—			—
Distributions to shareholders from net realized gains		(0.76	)		(0.47	)		—			(0.05	)		(0.16	)		—
Total distributions		(0.77	)		(0.52	)		(0.03	)		(0.05	)		(0.16	)		—
Net asset value, end of period	$	11.94		$	13.56		$	12.35		$	11.15		$	10.45		$	11.00
Total return(d)		(5.81	)%		14.20	%		11.06	%		7.24	%		(3.55	)%		10.00	%
Net assets, end of period (in 000s)	$	199		$	207		$	131		$	132		$	130		$	28
Ratio of net expenses to average net assets		1.48	%(e)		1.48	%		1.49	%		1.52	%		1.59	%		1.58	%(e)
Ratio of total expenses to average net assets		1.77	%(e)		1.72	%		2.00	%		2.50	%		3.81	%		13.76	%(e)
Ratio of net investment income (loss) to average net assets		0.49	%(e)		0.09	%		0.32	%		0.49	%(c)		(0.19	)%		(0.11	)%(e)
Portfolio turnover rate(f)		40	%		105	%		108	%		109	%		122	%		53	%

(a) Commenced operations on January 31, 2014.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

108 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small/Mid Cap Value Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,									Period ended August 31, 2015(a)
				2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.75		$	12.51		$	11.29		$	10.53		$	11.14
Net investment income(b)		0.07			0.10			0.12			0.12	(c)		—	(d)
Net realized and unrealized gain (loss)		(0.90	)		1.73			1.21			0.72			(0.61	)
Total from investment operations		(0.83	)		1.83			1.33			0.84			(0.61	)
Distributions to shareholders from net investment income		(0.05	)		(0.12	)		(0.11	)		(0.03	)		—
Distributions to shareholders from net realized gains		(0.76	)		(0.47	)		—			(0.05	)		—
Total distributions		(0.81	)		(0.59	)		(0.11	)		(0.08	)		—
Net asset value, end of period	$	12.11		$	13.75		$	12.51		$	11.29		$	10.53
Total return(e)		(5.45	)%		14.94	%		11.80	%		7.98	%		(5.48	)%
Net assets, end of period (in 000s)	$	57,877		$	60,931		$	61,251		$	10		$	9
Ratio of net expenses to average net assets		0.83	%(f)		0.83	%		0.83	%		0.88	%		0.94	%(f)
Ratio of total expenses to average net assets		1.12	%(f)		1.07	%		1.08	%		1.90	%		4.88	%(f)
Ratio of Net investment income (loss)		1.13	%(f)		0.75	%		0.97	%		1.14	%(c)		(0.43	)%(f)
Portfolio turnover rate(g)		40	%		105	%		108	%		109	%		122	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Focused Value	A, C, Institutional, Investor, P, R and R6	Non-diversified
Equity Income, Large Cap Value, Mid Cap Value, Small Cap Value	A, C, Institutional, Service, Investor, P, R and R6	Diversified
Small/Mid Cap Value	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a 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. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency, and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not

110

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Equity Income	Quarterly	Annually
Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of 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 the Funds 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).

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

111

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 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.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

EQUITY INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,974,454	$	—	$	—
Europe		40,387,490		—		—
North America		310,190,745		—		—
Total	$	356,552,689	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

112

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

FOCUSED VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	240,792	$	—	$	—
North America		4,133,416		—		—
Total	$	4,374,208	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,725,578	$	—	$	—
Europe		24,931,069		—		—
North America		453,153,394		—		—
Investment Company		5,281,073		—		—
Total	$	486,091,114	$	—	$	—
MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	7,329,439	$	—	$	—
Europe		50,519,022		—		—
North America		1,215,285,849		—		—
Total	$	1,273,134,310	$	—	$	—
SMALL CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	72,086,282	$	—	$	—
North America		5,907,193,974		—		—
Exchange Traded Fund		18,309,428		—		—
Securities Lending Reinvestment Vehicle		10,496,150		—		—
Total	$	6,008,085,834	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

113

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SMALL/MID CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,783,265	$	—	$	—
North America		114,469,258		—		—
Investment Company		2,789,394		—		—
Securities Lending Reinvestment Vehicle		118,050		—		—
Total	$	120,159,967	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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.

As of February 28, 2019, the contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the six months ended February 28, 2019.

	Contractual Management Rate															Effective Contractual Management Rate			Effective Net Management Rate#
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion
Equity Income		0.69	%		0.62	%		0.59	%		0.58	%		0.57	%		0.69	%		0.69	%
Focused Value		0.69			0.62			0.59			0.58			0.57			0.69			0.69
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.75			0.75
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.75			0.75
Small Cap Value		0.98			0.98			0.88			0.84			0.82			0.91			0.91
Small/Mid Cap Value		0.80			0.80			0.72			0.68			0.67			0.80			0.80

# The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with

114

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2019, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Equity Income	$	30
Focused Value		15
Large Cap Value		1,347
Mid Cap Value		3,441
Small Cap Value		11,296
Small/Mid Cap Value		1,439

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to 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.

115

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 28, 2019, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Equity Income	$	9,203	$	116
Large Cap Value		1,353		18
Mid Cap Value		7,787		15
Small Cap Value		1,296		22
Small/Mid Cap Value		331		—

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 0.07% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Large Cap Value Fund. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

Effective December 28, 2018, 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 Equity Income Fund and Focused Value Fund. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Equity Income	$	30	$	22,039	$	204,328	$	226,397
Focused Value		15		9		148,178		148,202
Large Cap Value		1,347		44,331		223,854		269,532
Mid Cap Value		3,441		331		—		3,772
Small Cap Value		11,296		459		545,452		557,207
Small/Mid Cap Value		1,439		3		169,326		170,768

G.  Line of Credit Facility — As of February 28, 2019, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Funds did not have any borrowings under the facility.

H.  Other Transactions with Affiliates — For the six months ended February 28, 2019, Goldman Sachs earned $198, $4,316, $5,719, $5,693 and $ 239 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Focused Value Fund, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

The table below shows the transactions in and earnings from the investments by the Funds in the Government Money Market Fund for the six months ended February 28, 2019:

Fund	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income
Equity Income	$	—	$	1,335,886	$	(1,335,886	)	$	—		—	$	420
Focused Value		—		340,359		(340,359	)		—		—		217
Large Cap Value		1,040		53,139,266		(47,859,233	)		5,281,073		5,281,073		18,509
Mid Cap Value		14,476,801		101,681,350		(116,158,151	)		—		—		40,997
Small Cap Value		93,635,202		80,386,632		(174,021,834	)		—		—		129,957
Small/Mid Cap Value		2,899,902		16,545,900		(16,656,408	)		2,789,394		2,789,394		18,336

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following funds:

Fund	Class A			Class C			Institutional			Investor			Class P			Class R			Class R6
Focused Value		59	%		100	%		100	%		100	%		—	%		100	%		100	%
Small/Mid Cap Value		—			—			—			—			—			6			—

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were as follows:

Fund	Purchases		Sales and Maturities
Equity Income	$	80,739,519	$	89,409,454
Focused Value		2,945,712		5,062,595
Large Cap Value		164,823,468		219,419,574
Mid Cap Value		605,193,186		856,893,661
Small Cap Value		1,368,334,071		1,640,747,645
Small/Mid Cap Value		47,284,649		46,629,929

6.SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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6.SECURITIES LENDING (continued)

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds’ for the six months ended February 28, 2019, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2019:

Fund	Market Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Market Value as of February 28,2019
Equity Income	$	2,181,096	$	5,385,830	$	(7,566,926	)	$	—
Large Cap Value		1,386,000		476,280		(1,862,280	)		—
Mid Cap Value		231,315		15,945,306		(16,176,621	)		—
Small Cap Value		22,026,433		158,652,276		(170,182,559	)		10,496,150
Small/Mid Cap Value		531,675		4,047,606		(4,461,231	)		118,050

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2018, the Funds’ certain timing differences on a tax basis were as follows:

	Equity Income			Focused Value			Large Cap Value			Mid Cap Value		Small Cap Value		Small/Mid Cap Value
Timing differences (Qualified Late Year Loss Deferral and Post October Losses)	$	(4,545,198	)	$	(31,746	)	$	(67,542	)	$	—	$	—	$	—

As of February 28, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Equity Income			Focused Value			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Tax Cost	$	320,610,626		$	4,238,153		$	431,817,925		$	1,187,797,215		$	4,849,031,142		$	112,819,434
Gross unrealized gain		49,331,931			311,076			68,866,716			129,425,967			1,357,010,976			12,157,943
Gross unrealized loss		(13,389,868	)		(175,021	)		(14,593,527	)		(44,088,872	)		(197,956,284	)		(4,817,410	)
Net unrealized security gain	$	35,942,063		$	136,055		$	54,273,189		$	85,337,095		$	1,159,054,692		$	7,340,533

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable to wash sales, differences related to the tax treatment of partnerships and underlying fund investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

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 a

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

8. OTHER RISKS (continued)

Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investments in Other Investment Companies— As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s sharesmay 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 largeshareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk— 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 a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Equity Income Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		360,320		$	13,420,057			167,725		$	6,200,329
Reinvestment of distributions		135,590			4,861,673			165,032			6,010,247
Shares redeemed		(522,163	)		(18,967,463	)		(1,312,242	)		(48,351,410	)
		(26,253	)		(685,733	)		(979,485	)		(36,140,834	)
Class C Shares
Shares sold		38,230			1,292,717			22,099			776,712
Reinvestment of distributions		2,319			78,609			5,908			205,492
Shares redeemed		(261,090	)		(9,431,711	)		(112,657	)		(3,954,929	)
		(220,541	)		(8,060,385	)		(84,650	)		(2,972,725	)
Institutional Shares
Shares sold		31,412			1,170,607			147,137			5,528,674
Reinvestment of distributions		11,157			407,060			19,620			725,998
Shares redeemed		(186,356	)		(6,652,230	)		(579,337	)		(21,764,841	)
		(143,787	)		(5,074,563	)		(412,580	)		(15,510,169	)
Service Shares
Shares sold		801			30,190			9			337
Reinvestment of distributions		41			1,474			37			1,340
Shares redeemed		(291	)		(10,705	)		(280	)		(10,575	)
		551			20,959			(234	)		(8,898	)
Investor Shares
Shares sold		6,143			222,067			21,421			783,804
Reinvestment of distributions		1,266			45,361			1,656			60,208
Shares redeemed		(12,318	)		(451,802	)		(23,145	)		(857,137	)
		(4,909	)		(184,374	)		(68	)		(13,125	)
Class P Shares(a)
Shares sold		30,536			1,166,462			293,384			11,062,520
Reinvestment of distributions		5,308			193,437			1,931			71,219
Shares redeemed		(25,021	)		(929,149	)		(16,886	)		(638,114	)
		10,823			430,750			278,429			10,495,625
Class R Shares
Shares sold		2,221			80,720			5,116			187,837
Reinvestment of distributions		439			15,664			493			17,886
Shares redeemed		(2,782	)		(100,710	)		(11,318	)		(417,040	)
		(122	)		(4,326	)		(5,709	)		(211,317	)
Class R6 Shares
Shares sold		148,726			5,280,863			—			—
Reinvestment of distributions		6			216			7			268
Shares redeemed		(2,239	)		(82,473	)		—			—
		146,493			5,198,606			7			268
NET DECREASE		(237,745	)	$	(8,359,066	)		(1,204,290	)	$	(44,361,175	)

(a) Class P Shares commenced operations April 17, 2018.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Focused Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		—		$	—			7,233		$	79,731
Reinvestment of distributions		273			2,623			435			4,676
Shares redeemed		—			—			(7,498	)		(80,667	)
		273			2,623			170			3,740
Class C Shares
Reinvestment of distributions		146			1,396			203			2,157
Shares redeemed		—			—			(1,878	)		(21,446	)
		146			1,396			(1,675	)		(19,289	)
Institutional Shares
Shares sold		—			—			221,978			2,357,778
Reinvestment of distributions		3,789			36,446			40,754			439,580
Shares redeemed		(31,167	)		(350,000	)		(603,240	)		(6,615,744	)
		(27,378	)		(313,554	)		(340,508	)		(3,818,386	)
Investor Shares
Reinvestment of distributions		179			1,721			229			2,468
		179			1,721			229			2,468
Class P Shares(a)
Shares sold		36,638			380,879			507,094			5,582,584
Reinvestment of distributions		25,771			248,134			—			—
Shares redeemed		(214,353	)		(2,254,345	)		(90	)		(1,005	)
		(151,944	)		(1,625,332	)		507,004			5,581,579
Class R Shares
Reinvestment of distributions		162			1,556			216			2,312
		162			1,556			216			2,312
Class R6 Shares
Reinvestment of distributions		184			1,772			234			2,519
		184			1,772			234			2,519
NET INCREASE (DECREASE)		(178,378	)	$	(1,929,818	)		165,670		$	1,754,943

(a) Class P Shares commenced operations April 17, 2018.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		984,382		$	15,331,677			413,289		$	6,750,744
Reinvestment of distributions		706,075			9,409,667			994,820			15,573,596
Shares redeemed		(993,192	)		(14,339,467	)		(4,607,514	)		(77,164,803	)
		697,265			10,401,877			(3,199,405	)		(54,840,463	)
Class C Shares
Shares sold		141,106			1,883,488			148,820			2,245,882
Reinvestment of distributions		184,223			2,321,210			378,911			5,627,260
Shares redeemed		(957,011	)		(14,373,911	)		(511,674	)		(7,725,106	)
		(631,682	)		(10,169,213	)		16,057			148,036
Institutional Shares
Shares sold		1,828,913			25,491,173			4,776,774			81,141,273
Reinvestment of distributions		1,200,415			16,163,241			4,915,169			77,828,811
Shares redeemed		(2,767,566	)		(39,228,320	)		(36,044,704	)		(585,375,990	)
		261,762			2,426,094			(26,352,761	)		(426,405,906	)
Service Shares
Shares sold		2,590			35,817			9,376			149,981
Reinvestment of distributions		3,114			41,241			5,596			86,929
Shares redeemed		(9,837	)		(146,806	)		(109,997	)		(1,710,617	)
		(4,133	)		(69,748	)		(95,025	)		(1,473,707	)
Investor Shares
Shares sold		78,187			1,125,304			317,252			4,948,653
Reinvestment of distributions		46,233			616,179			65,107			1,021,804
Shares redeemed		(183,771	)		(2,761,815	)		(298,820	)		(4,734,474	)
		(59,351	)		(1,020,332	)		83,539			1,235,983
Class P Shares(a)
Shares sold		229,115			3,411,106			15,124,375			239,722,964
Reinvestment of distributions		1,811,077			24,947,700			—			—
Shares redeemed		(2,303,073	)		(32,090,296	)		(241,434	)		(3,936,526	)
		(262,881	)		(3,731,490	)		14,882,941			235,786,438
Class R Shares
Shares sold		46,705			629,092			52,171			827,332
Reinvestment of distributions		39,199			506,341			57,961			883,060
Shares redeemed		(41,150	)		(571,715	)		(143,771	)		(2,227,470	)
		44,754			563,718			(33,639	)		(517,078	)
Class R6 Shares
Shares sold		71,691			981,893			65,132			1,048,096
Reinvestment of distributions		7,519			103,563			1,353			21,505
Shares redeemed		(8,398	)		(129,856	)		(757	)		(12,291	)
		70,812			955,600			65,728			1,057,310
NET INCREASE (DECREASE)		116,546		$	(643,494	)		(14,632,565	)	$	(245,009,387	)

(a) Class P Shares commenced operations April 17, 2018.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Mid Cap Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,743,440		$	58,232,364			1,689,841		$	60,988,913
Reinvestment of distributions		2,582,868			73,645,934			2,769,823			96,713,734
Shares redeemed		(3,731,124	)		(117,599,842	)		(9,488,943	)		(345,257,202	)
		595,184			14,278,456			(5,029,279	)		(187,554,555	)
Class C Shares
Shares sold		110,232			2,867,782			119,263			3,804,604
Reinvestment of distributions		201,798			5,012,677			422,621			13,135,057
Shares redeemed		(1,361,143	)		(42,586,281	)		(1,088,760	)		(35,349,571	)
		(1,049,113	)		(34,705,822	)		(546,876	)		(18,409,910	)
Institutional Shares
Shares sold		1,114,731			34,571,074			3,300,008			122,071,434
Reinvestment of distributions		2,038,582			58,898,123			4,486,235			158,696,786
Shares redeemed		(5,728,636	)		(179,782,122	)		(29,621,732	)		(1,085,024,436	)
		(2,575,323	)		(86,312,925	)		(21,835,489	)		(804,256,216	)
Service Shares
Shares sold		107,143			3,203,379			227,119			8,067,372
Reinvestment of distributions		267,972			7,463,360			293,774			10,052,364
Shares redeemed		(387,665	)		(11,894,013	)		(1,013,997	)		(36,255,293	)
		(12,550	)		(1,227,274	)		(493,104	)		(18,135,557	)
Investor Shares
Shares sold		115,285			3,537,673			287,629			10,241,742
Reinvestment of distributions		236,814			6,590,455			277,123			9,478,658
Shares redeemed		(331,593	)		(10,222,084	)		(1,194,802	)		(42,912,039	)
		20,506			(93,956	)		(630,050	)		(23,191,639	)
Class P Shares(a)
Shares sold		91,049			2,982,674			4,776,284			173,045,622
Reinvestment of distributions		761,603			21,987,888			—			—
Shares redeemed		(746,863	)		(23,192,013	)		(132,963	)		(4,855,301	)
		105,789			1,778,549			4,643,321			168,190,321
Class R Shares
Shares sold		106,394			3,184,098			187,295			6,554,523
Reinvestment of distributions		99,833			2,747,197			107,540			3,641,285
Shares redeemed		(187,602	)		(5,820,987	)		(420,640	)		(14,898,479	)
		18,625			110,308			(125,805	)		(4,702,671	)
Class R6 Shares
Shares sold		1,304,695			37,584,547			1,130,178			42,712,741
Reinvestment of distributions		108,107			3,121,163			292,138			10,331,447
Shares redeemed		(620,679	)		(21,017,830	)		(2,256,422	)		(83,197,971	)
		792,123			19,687,880			(834,106	)		(30,153,783	)
NET DECREASE		(2,104,759	)	$	(86,484,784	)		(24,851,388	)	$	(918,214,010	)

(a) Class P Shares commenced operations April 17, 2018.

124

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,105,930		$	113,382,069			1,885,581		$	108,294,329
Reinvestment of distributions		1,521,374			69,208,229			1,452,938			80,392,189
Shares redeemed		(2,553,303	)		(127,338,411	)		(4,970,676	)		(287,382,882	)
		1,074,001			55,251,887			(1,632,157	)		(98,696,364	)
Class C Shares
Shares sold		22,843			788,080			62,836			2,782,130
Reinvestment of distributions		52,489			1,727,412			114,621			4,815,235
Shares redeemed		(518,992	)		(22,357,040	)		(197,962	)		(8,704,686	)
		(443,660	)		(19,841,548	)		(20,505	)		(1,107,321	)
Institutional Shares
Shares sold		5,362,759			285,522,217			10,568,911			656,337,622
Reinvestment of distributions		7,284,890			361,589,851			7,430,046			445,393,173
Shares redeemed		(15,678,571	)		(851,500,534	)		(23,965,147	)		(1,492,845,058	)
		(3,030,922	)		(204,388,466	)		(5,966,190	)		(391,114,263	)
Service Shares
Shares sold		172,377			8,107,076			368,465			20,550,477
Reinvestment of distributions		226,267			9,928,596			245,726			13,164,152
Shares redeemed		(516,736	)		(24,346,698	)		(1,362,304	)		(76,531,473	)
		(118,092	)		(6,311,026	)		(748,113	)		(42,816,844	)
Investor Shares
Shares sold		468,215			22,706,287			729,099			42,041,386
Reinvestment of distributions		380,668			17,177,765			348,331			19,174,365
Shares redeemed		(542,866	)		(26,602,283	)		(1,172,281	)		(67,276,389	)
		306,017			13,281,769			(94,851	)		(6,060,638	)
Class P Shares(a)
Shares sold		150,871			7,843,719			4,991,921			317,463,914
Reinvestment of distributions		587,525			29,152,639			—			—
Shares redeemed		(743,817	)		(37,782,229	)		(102,700	)		(6,523,801	)
		(5,421	)		(785,871	)		4,889,221			310,940,113
Class R Shares
Shares sold		175,487			8,351,046			341,452			19,175,194
Reinvestment of distributions		237,161			10,520,466			231,881			12,556,367
Shares redeemed		(417,743	)		(20,637,085	)		(703,547	)		(39,648,438	)
		(5,095	)		(1,765,573	)		(130,214	)		(7,916,877	)
Class R6 Shares
Shares sold		7,478,060			403,500,488			7,043,109			435,651,775
Reinvestment of distributions		2,326,545			115,439,649			1,539,895			92,295,365
Shares redeemed		(2,180,219	)		(119,040,293	)		(3,407,239	)		(212,929,332	)
		7,624,386			399,899,844			5,175,765			315,017,808
NET INCREASE		5,401,214		$	235,341,016			1,472,956		$	78,245,614

(a) Class P Shares commenced operations on April 17, 2018.

125

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small/Mid Cap Value Fund
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		11,944		$	140,196			60,914		$	806,813
Reinvestment of distributions		8,738			96,381			5,273			68,649
Shares redeemed		(16,570	)		(202,013	)		(62,160	)		(805,737	)
		4,112			34,564			4,027			69,725
Class C Shares
Shares sold		16,124			188,853			30,390			394,026
Reinvestment of distributions		5,617			60,556			3,393			43,226
Shares redeemed		(21,304	)		(259,463	)		(40,839	)		(533,227	)
		437			(10,054	)		(7,056	)		(95,975	)
Institutional Shares
Shares sold		114,476			1,413,701			997,011			13,157,832
Reinvestment of distributions		31,723			353,973			167,240			2,203,258
Shares redeemed		(54,363	)		(669,874	)		(4,118,975	)		(55,872,180	)
		91,836			1,097,800			(2,954,724	)		(40,511,090	)
Investor Shares
Shares sold		23,378			282,686			213,402			2,778,201
Reinvestment of distributions		19,341			214,689			17,904			234,641
Shares redeemed		(169,401	)		(2,042,511	)		(87,125	)		(1,146,515	)
		(126,682	)		(1,545,136	)		144,181			1,866,327
Class P Shares(a)
Shares sold		406,531			4,789,230			4,045,544			54,958,773
Reinvestment of distributions		298,105			3,324,027			—			—
Shares redeemed		(413,740	)		(4,564,038	)		(69,495	)		(936,324	)
		290,896			3,549,219			3,976,049			54,022,449
Class R Shares
Shares sold		363			4,370			4,284			54,483
Reinvestment of distributions		1,077			11,847			430			5,587
Shares redeemed		(2	)		(26	)		(88	)		(1,159	)
		1,438			16,191			4,626			58,911
Class R6 Shares
Shares sold		458,636			5,557,330			380,711			5,053,722
Reinvestment of distributions		325,719			3,632,477			214,858			2,832,292
Shares redeemed		(435,477	)		(5,189,059	)		(1,061,479	)		(14,058,872	)
		348,878			4,000,748			(465,910	)		(6,172,858	)
NET INCREASE		610,915		$	7,143,332			701,193		$	9,237,489

(a) Class P Shares commenced operations on April 17, 2018.

126

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, 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, 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 September 1, 2018 through February 28, 2019, which represents a period of 181 days in a 365-day year.

Actual Expenses— The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes— The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:

	Equity Income Fund							Focused Value Fund							Large Cap Value Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Class A
Actual	$	1,000.00	$	994.20		$	5.49	$	1,000.00	$	978.00		$	5.44	$	1,000.00	$	976.00		$	5.44
Hypothetical 5% return		1,000.00		1,019.29	+		5.56		1,000.00		1,019.29	+		5.56		1,000.00		1,019.29	+		5.56
Class C
Actual		1,000.00		991.20			9.18		1,000.00		974.50			9.11		1,000.00		972.30			9.10
Hypothetical 5% return		1,000.00		1,015.57	+		9.30		1,000.00		1,015.57	+		9.30		1,000.00		1,015.57	+		9.30
Institutional
Actual		1,000.00		996.10			3.61		1,000.00		980.70			3.59		1,000.00		977.20			3.87
Hypothetical 5% return		1,000.00		1,021.17	+		3.66		1,000.00		1,021.17	+		3.66		1,000.00		1,020.88	+		3.96
Service
Actual		1,000.00		993.70			6.08		—		1,000.00			—		1,000.00		974.80			6.32
Hypothetical 5% return		1,000.00		—	+		6.16		—		—	+		—		1,000.00		—	+		6.46
Investor
Actual		1,000.00		995.80			4.26		1,000.00		978.60			4.22		1,000.00		976.40			4.21
Hypothetical 5% return		1,000.00		1,020.53	+		4.31		1,000.00		1,020.53	+		4.31		1,000.00		1,020.53	+		4.31
Class P
Actual		1,000.00		996.10			3.56		1,000.00		979.40			3.53		1,000.00		977.70			3.82
Hypothetical 5% return		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.91
Class R
Actual		1,000.00		993.00			6.72		1,000.00		977.00			6.67		1,000.00		974.00			6.66
Hypothetical 5% return		1,000.00		1,018.05	+		6.80		1,000.00		1,018.05	+		6.80		1,000.00		1,018.05	+		6.80
Class R6
Actual		1,000.00		996.40			3.56		1,000.00		980.20			3.54		1,000.00		977.60			3.82
Hypothetical 5% return		1,000.00		1,021.22	+		3.61		1,000.00		1,021.22	+		3.61		1,000.00		1,020.93	+		3.91

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. 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			Class R			Class R6
Equity Income		1.11	%		1.86	%		0.73	%		1.23	%		0.86	%		0.72	%		1.36	%		0.72	%
Focused Value		1.11			1.86			0.73			N/A			0.86			0.72			1.36			0.72
Large Cap Value		1.11			1.86			0.79			1.29			0.86			0.78			1.36			0.78

127

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited) (continued)

	Mid Cap Value Fund							Small Cap Value Fund							Small/Mid Cap Value Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Class A
Actual	$	1,000.00	$	974.40		$	6.02	$	1,000.00	$	928.60		$	6.41	$	1,000.00	$	943.40		$	5.93
Hypothetical 5% return		1,000.00		1,019.29	+		6.16		1,000.00		1,019.29	+		6.71		1,000.00		1,019.29	+		6.16
Class C
Actual		1,000.00		970.40			9.67		1,000.00		925.00			9.98		1,000.00		940.10			9.52
Hypothetical 5% return		1,000.00		1,014.98	+		9.89		1,000.00		1,014.43	+		10.44		1,000.00		1,014.98	+		9.89
Institutional
Actual		1,000.00		976.00			4.12		1,000.00		930.30			4.55		1,000.00		945.30			4.05
Hypothetical 5% return		1,000.00		1,020.63	+		4.21		1,000.00		1,020.08	+		4.76		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		973.70			6.56		1,000.00		928.00			6.93		—		1,000.00			—
Hypothetical 5% return		1,000.00		—	+		6.71		1,000.00		—	+		7.25		—		—			—
Investor
Actual		1,000.00		975.20			4.80		1,000.00		929.80			5.22		1,000.00		944.10			4.72
Hypothetical 5% return		1,000.00		1,019.93	+		4.91		1,000.00		1,019.39	+		5.46		1,000.00		1,019.93	+		4.91
Class P
Actual		1,000.00		976.20			4.07		1,000.00		930.60			4.50		1,000.00		944.80			4.00
Hypothetical 5% return		1,000.00		1,021.22	+		4.16		1,000.00		1,021.22	+		4.71		1,000.00		1,021.22	+		4.16
Class R
Actual		1,000.00		972.80			7.24		1,000.00		927.30			7.60		1,000.00		941.90			7.13
Hypothetical 5% return		1,000.00		1,018.05	+		7.40		1,000.00		1,018.05	+		7.95		1,000.00		1,018.05	+		7.40
Class R6
Actual		1,000.00		976.10			4.07		1,000.00		930.50			4.50		1,000.00		945.50			4.00
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,020.13	+		4.71		1,000.00		1,020.68	+		4.16

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. 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			Class R			Class R6
Mid Cap Value		1.23	%		1.98	%		0.84	%		1.34	%		0.98	%		0.83	%		1.48	%		0.83	%
Small Cap Value		1.34			2.09			0.95			1.45			1.09			0.94			1.59			0.94
Small/Mid Cap Value		1.23			1.98			0.84			N/A			0.98			0.83			1.48			0.83

128

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

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

∎ Municipal Income Completion 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

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity 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 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 atwww.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 calling1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Authorized Institution or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2019 Goldman Sachs. All rights reserved. 162451-OTU-960960 EQVALSAR-19/118K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Global Managed Beta Fund

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by calling the toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free800-621-2550. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Global Managed Beta Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Index Definition	7
Schedule of Investments	8
Financial Statements	26
Financial Highlights	29
Notes to Financial Statements	30
Other Information	40

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Global Managed Beta Fund

Investment Objective

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team (“GPS Team”) discusses the Goldman Sachs Global Managed Beta Fund’s (the “Fund”) performance and positioning for thesix-month period ended February 28, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Institutional Shares generated a cumulative total return of-3.38%. This return compares to the-3.13% cumulative total return of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (“ACWI IMI”) (Net, USD, 50%Non-US Developed Hedged to USD) (the “Index”), during the same time period.

Q What economic and market factors most influenced the Fund during the Reporting Period?

A When the Reporting Period began in September 2018, global economic growth moderated, as third calendar quarter Gross Domestic Product (“GDP”) in both the U.S. and China slowed. However, economic growth overall remained healthy, especially in the U.S. In terms of geopolitics, the U.S. Administration imposed tariffs on $200 billion of imports from China. Major developed markets equity indices were up during September, outperforming emerging markets equities indices, such as the MSCI China Index(-1.39%) and MSCI India Index(-9.10%), which declined. Regarding fixed income, the10-year U.S. Treasury yield rose 20 basis points, and real yields (i.e., nominal yields adjusted for inflation) rose 15 basis points. (A basis point is 1/100^th of a percentage point.) The increase in yields reflected strong U.S. economic activity, with ongoing fiscal stimulus boosting economic activity despite moderating growth outside the U.S. The Federal Reserve (“Fed”) raised short-term interest rates by 25 basis points, much as the markets expected, at its September policy meeting. Additionally, the Fed’s dot plot pointed to one more rate hike by the end of 2018. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.)

In October 2018, global equities sold off as higher U.S. real yields and softer than market expected earnings guidance from U.S. corporations weighed on investors’ risk sentiment. Emerging markets equities were dragged down by a more than 10%sell-off in Chinese, Korean and Taiwanese stocks. Within fixed income, the10-year U.S. Treasury yield rose from 3.05% to 3.20%, driven by a record high in the U.S. Institute for Supply Management’sNon-Manufacturing Purchasing Manufacturing Index (“PMI”) as well as by Fed Chair Jerome Powell’s comment that the Fed was “a long way” from getting short-term interest rates to neutral. Then, in the latter half of October 2018, the U.S.10-year Treasury yield fell to 3.15%, as investors flocked to bonds amid increasedrisk-off sentiment, or reduced risk appetite. For the month overall, the U.S.10-year Treasury yield was up 10 basis points, driven by an 18 basis point increase in real yields and an eight basis point decrease in the breakeven inflation rate due to lower crude oil prices. (The breakeven inflation rate is a market-based measure of expected inflation.)

Global economic growth stabilized somewhat in November 2018, as the global composite PMI improved modestly, driven by better global services PMI readings. China’s industrial output and fixed asset investment data were also better than market expected. However, European economic growth continued to look weak, as both manufacturing PMI and GDP surprised to the downside. European stocks lagged their developed markets peers in November, as weaker economic growth and investor concerns about auto tariffs weighed on their performance, especially the performance of German stocks. Within fixed income, less hawkish Fed commentary and weaker inflation led U.S.10-year Treasury yields to fall by approximately 15 basis points. (Hawkish tends to suggest higher interest rates; opposite of dovish.) On the geopolitical front, U.S. and Chinese policymakers eased market concerns around ongoing trade disputes ahead of the G20 meeting at month end. (Also known as Group of 20 nations, the G20 is a forum attended by finance ministers

1

PORTFOLIO RESULTS

and central bank governors from the world’s highly developed economies consisting of 19 countries and the European Union.)

In December 2018, global economic growth continued to decelerate. In addition, macroeconomic data seemed to suggest U.S. manufacturing growth had started to moderate. The Fed hiked short-term interest rates by 25 basis points at its December meeting, in line with market expectations. At the same time, the Fed lowered its projection for 2019 rate increases from 75 basis points to 50 basis points, while also signaling it would continue to reduce its balance sheet. (The Fed reduces its balance sheet by selling securities on its balance sheet and/or not reinvesting maturing securities.) Risk assets reacted negatively to the announcement. Global equities, as represented by the Index, returned-7.5%, fueled by significant sell-offs in U.S. and Japanese equities. Meanwhile, with trade war fears subsiding and higher interest rates prevailing, globallarge-cap equities outperformed their globalsmall-cap counterparts for the fourth calendar quarter overall, after underperforming for most of 2018.

Given the sharp tightening in U.S. financial conditions during the fourth quarter of 2018 and a benign inflation outlook by the U.S. central bank, the Fed signaled in January 2019 that it was willing to be “patient” in raising interest rates further and would be flexible about balance sheet reduction. As a result, global equities, as measured by the Index, returned more than 8% during January. Emerging markets equities, as represented by the MSCI Emerging Markets Index, rallied 8.75% and outperformed developed markets equities, benefiting in particular from the performance of Brazilian and Russian stocks. Brazilian stocks, as measured by the MSCI Brazil Index, climbed 17.76% based on expectations of potential reforms by the nation’s new government and relatively better macro data. Russian stocks, as measured by the MSCI Russia Index, rose 13.54%, supported by a rebound in Brent crude oil prices. In fixed income, the10-year U.S. Treasury yield fell six basis points. Notably, U.S. breakeven inflation expectations rose 13 basis points due to a rebound in crude oil and equity prices. Real yields declined 19 basis points in response to the Fed’s significantly dovish tone in January.

Global equities continued their positive momentum into February 2019. Developed markets equities across Europe, Japan and the U.S. posted positive returns despite weak global manufacturing and trade data. The performance of emerging markets equities was rather flat overall, with significant dispersion across regions. Within the emerging markets, Chinese onshore equities posted double-digit gains, benefiting from a pickup in Chinese credit growth and positive developments in U.S.-China trade negotiations. Brazilian and South African equities, however, each delivered negative returns, with the decline in Brazilian stocks driven by rumors of a delay in pension reform and the decline in South African stocks driven by concerns around credit risk. In fixed income, the10-year U.S. Treasury yield was up modestly, driven primarily by an increase in the breakeven inflation rate.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of underlying asset classes that provide broad beta exposure to the global equity markets. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) The GPS Team determines allocations to the underlying asset classes—and within the underlying asset classes—based on its cycle-aware long-term strategic allocation model, which may include factor-based diversification. The factor-based diversification approach is implemented through a separately managed account composed of individual stock positions.

During the Reporting Period, the Fund marginally underperformed the Index, largely because of its exposure to the broad equity marketsell-off in the fourth quarter of 2018. The Fund held strategic overweights relative to the Index in U.S. and internationalsmall-cap equities. Mitigating some of these losses was the Fund’s strategic allocation to the macro hedging strategy (through which we seek to diversify the Fund’s overall exposure to global equity asset classes), which benefited from investors’risk-off sentiment during the fourth calendar quarter.

The Fund was also hurt during the Reporting Period by allocations to three of our factor-based strategies—Momentum, Valuation and Quality. However, an allocation to the Volatility factor buoyed performance, helping to offset some of the negative performance. The Momentum factor seeks to identify companies whose stock prices are expected to increase or decrease (by, among other things, evaluating each company’s recent performance results). The Valuation factor seeks to identify companies whose stock prices are trading at a discount to their fundamental or intrinsic value (by, among other things, comparing each company’s book value to market value). The Quality factor seeks to identify

2

PORTFOLIO RESULTS

companies that are expected to generate higher returns on assets (i.e., more profitable). The Volatility factor seeks to identify companies whose stock prices are expected to have a relatively lower degree of fluctuation over time.

Q How was the Fund positioned at the beginning of the Reporting Period?

A In terms of its strategic allocation at the beginning of the Reporting Period, the Fund had 98.09% of its total net assets invested in equity-related investments, 1.78% in the macro hedging strategy and 0.13% in cash and cash equivalents. The Fund also maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

Q How did you tactically manage the Fund’s allocations during the Reporting Period?

A When the Reporting Period began, and as had been the case for most of 2018, the Fund maintained an overweight versus the Index in emerging markets equities versus developed markets equities. However, in October 2018, we modestly reduced the Fund’s overweight in emerging markets equities due to heightened market volatility driven by emerging markets currency risk. This overweight was decreased further at the beginning of 2019. We had expected to see the start of a rebound in China’s economic data by the end of the fourth quarter of 2018 in response to policy initiatives that sought to stimulate growth, but fresh data releases showed continued deterioration. We were particularly worried about weak industrial production data in December 2018 and the drop below 50 of both China’s official manufacturing PMI and the Caixin/Markit China manufacturing PMI during the same month.

Also, at the beginning of the Reporting Period, the Fund held a steepening position on the front, or short-term, end of the U.S. Treasury yield curve. (Yield curve is a spectrum of maturities of varying lengths. A steepening position seeks to take advantage of a widening differential between yields at the shorter- and longer-term ends of a range of maturities.) In December 2018, we allowed the longer end of this steepening position to expire.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, equity futures were employed to express our passive investment views with greater versatility. The use of these instruments to gain exposure to the Canadian equity market and the U.S.small-cap equity market during the Reporting Period detracted from the Fund’s performance, as these positions generated returns similar to the asset classes they represented. In addition, the Fund employed currency forwards and interest rate options to afford greater risk management of macroeconomic and foreign exchange risks in the portfolio. Currency forwards contributed positively to the Fund’s returns due to strength in the U.S. dollar. Interest rate options also added to Fund performance and broadly accomplished their intended purpose in therisk-off environment of the fourth quarter of 2018.

Q How was the Fund positioned at the end of the Reporting Period?

A In terms of its strategic allocation at the end of the Reporting Period, the Fund had 98.00% of its total net assets invested in equity-related investments, 1.72% in the macro hedging strategy and 0.28% in cash and cash equivalents. The Fund also maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

Q What is the Fund’s tactical asset allocation view and strategy for the months ahead?

A At the end of the Reporting Period, we believed the global economy remained in the expansionary phase of the business cycle and was likely to grow above trend through 2019. That said, the risks to this view increased in late 2018 as global economic growth data deteriorated more than we had expected. The overall level of economic activity, however, did not fall to levels that would have forced us to change our core views, and at the end of the Reporting Period, our forward-looking indicators still suggested a positive economic growth environment into 2020. Also at the end of the Reporting Period, we believed some causes of the global economic slowdown would prove temporary and predictions by some market participants of a recession in 2019 would turn out to be premature.

In the U.S., we saw certain downside risks to our economic outlook, ranging from seasonal weakness in first quarter 2019 economic data, potential negative impacts from the partial federal government shutdown and a medium-term economic growth slowdown. Overall, however, we expected to reach a time when the U.S. economic growth outlook would be more balanced. As for Europe, we expected economic growth to improve. China should experience mild

3

PORTFOLIO RESULTS

improvements on the back of ongoing fiscal policy measures, in our view, though we acknowledge this is taking longer to materialize than we had originally anticipated. Should all our economic views materialize, we expect a convergence in global economic growth and, therefore, a softening of the U.S. dollar — an important reversal of what drove negative market conditions in 2018, in our view.

A further note about China: The economic slowdown in that country has lasted longer than we expected and remains the biggest challenge to our core views. We believe some of this may be explained by front-loading strategies — where economic pain is endured up front — ahead of the imposition of tariffs, as evidenced perhaps by the temporary increase in China’s industrial production during October 2018 and thepick-up in inventories and deterioration of net exports to the U.S. during the third quarter of 2018. In our opinion, much of China’s slowdown can be explained by its central bank’s tightening of monetary policy in 2017, with a lesser contribution from trade tensions than market consensus has suggested. Although the latter is certainly having an impact, we believe policy actions could result in a partial reversal of the weakening trend. In our view, better than market expected fourth calendar quarter GDP and December 2018 industrial production, retail sales and fixed asset investment may indicate the stabilization we have expected is beginning to emerge. We also believe there is ample room for further measures if policymakers deem them necessary.

On the asset class level, at the end of the Reporting Period, we expected global equities to generate positive returns over the near term should they continue to recover from the losses they experienced in 2018. Interestingly, at the end of the Reporting Period, the Japanese equity market was trading at its lowestprice-to-earnings multiple since before “Abenomics,” despite an approximately 40% improvement in its return on equity since that time. (Abenomics refers to the multi-pronged economic program of Japanese Prime Minister Shinzo Abe. It seeks to remedy two decades of economic stagnation by increasing Japan’s money supply, boosting government spending and enacting reforms to make the economy more competitive.) As for fixed income, we observed the market was actually pricing in 2019 Fed interest rate cuts at the end of the Reporting Period, something it did not do during previous periods of slower economic growth, such as 2011, 2012 and 2015-2016.

Overall, we expect higher levels of market volatility in the near term. We plan to continue focusing on potential risks and opportunities, such as those related to U.S.-China trade negotiations, Brexit, debate over the U.S. fiscal ceiling, Fed monetary policy and fourth quarter 2018 corporate earnings reports. (Brexit refers to the U.K’s efforts to exit the European Union.)

As for the Fund’s macro hedging strategy, we consider it a long-term structural allocation and a capital-efficient means of diversifying the Fund’s exposure to global equities. As the Fed shifts into a more “patient” and flexible approach to short-term interest rate policy, we plan to continue monitoring the potential impact of events related to key political and monetary policy decisions in the near term.

4

FUND BASICS

Global Managed Beta Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			MSCI All Country World Index Investable Market Index2
Institutional Shares		-3.38	%		-3.13	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI All Country World Index Investable Market Index (Net, USD, 50%Non-US Developed Hedged to USD) captures large, mid and small cap representation across 23 developed markets and 24 emerging markets. With 8,686 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2019, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Since Inception			Inception Date
Institutional		-9.61	%		3.58	%		4/30/15

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 calendarquarter-end. They assume reinvestment of all distributions at NAV. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional Shares		0.19	%		0.52	%

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

5

FUND BASICS

FUND COMPOSITION (%)⁵

⁵  Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The investment in the securities lending reinvestment vehicle represented 0.0% of the Fund’s net assets as of February 28, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

6

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Index Definitions

MSCI China Index represents the performance of large- andmid-cap segments with H shares, B shares, red chips, P chips and foreign listings (e.g., ADRs) of Chinese stocks. China A shares are partially included in the index, making it the de facto index for all of China.

MSCI India Index is designed to measure the performance of the large and mid cap segments of the Indian market.

MSCI Emerging Markets Index captureslarge-cap andmid-cap representation across 24 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging markets countries in the index include Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market.

MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market.

It is not possible to invest directly in an unmanaged index.

7

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 26.8%
Aerospace & Defense – 0.4%
	1,689	Airbus SE	$	217,598
	10,417	BAE Systems PLC		64,228
	3,140	CAE, Inc.		66,214
	61	Dassault Aviation SA		102,689
	567	General Dynamics Corp.		96,515
	288	Harris Corp.		47,500
	216	Huntington Ingalls Industries, Inc.		45,232
	995	L3 Technologies, Inc.		210,691
	17,930	Leonardo SpA		180,602
	460	Lockheed Martin Corp.		142,329
	29,016	Meggitt PLC		207,584
	621	MTU Aero Engines AG		133,103
	855	Northrop Grumman Corp.		247,916
	1,445	Raytheon Co.		269,492
	17,669	Rolls-Royce Holdings PLC*		224,143
	1,335	Safran SA		181,982
	13,131	Singapore Technologies Engineering Ltd.		36,245
	1,047	Spirit AeroSystems Holdings, Inc. Class A		103,444
	5,400	Textron, Inc.		293,220
	702	Thales SA		86,379
	2,665	The Boeing Co.		1,172,493
	563	TransDigm Group, Inc.*		244,393
	3,249	United Technologies Corp.		408,302
				4,782,294
Air Freight & Logistics – 0.2%
	14,716	Bollore SA		65,352
	4,654	C.H. Robinson Worldwide, Inc.		420,628
	9,771	Deutsche Post AG		303,049
	1,377	Expeditors International of Washington, Inc.		103,206
	742	FedEx Corp.		134,302
	85,994	Royal Mail PLC		323,195
	9,021	SG Holdings Co. Ltd.		264,842
	2,381	United Parcel Service, Inc. Class B		262,386
	4,348	XPO Logistics, Inc.*		218,922
	1,941	Yamato Holdings Co. Ltd.		50,691
				2,146,573
Airlines – 0.1%
	1,986	ANA Holdings, Inc.		73,686
	5,915	Delta Air Lines, Inc.		293,266
	9,525	Deutsche Lufthansa AG		243,189
	1,751	Japan Airlines Co. Ltd.		63,922
	5,674	Southwest Airlines Co.		317,971
	4,741	United Continental Holdings, Inc.*		416,307
				1,408,341
Auto Components – 0.1%
	1,208	Aisin Seiki Co. Ltd.		47,448
	570	Aptiv PLC		47,373
	551	Autoliv, Inc.		45,077
	3,725	BorgWarner, Inc.		151,272
	1,822	Bridgestone Corp.		72,172
Common Stocks – (continued)
Auto Components – (continued)
	830	Cie Generale des Etablissements Michelin SCA		99,494
	381	Continental AG		62,402
	1,444	Denso Corp.		62,208
	2,061	Faurecia SA		98,181
	1,752	Lear Corp.		266,427
	3,640	Magna International, Inc.		192,075
	1,490	Nokian Renkaat Oyj		52,732
	1,716	Stanley Electric Co. Ltd.		49,539
	3,801	Sumitomo Electric Industries Ltd.		53,063
	2,877	Sumitomo Rubber Industries Ltd.		37,083
	6,917	The Goodyear Tire & Rubber Co.		136,818
	4,619	The Yokohama Rubber Co. Ltd.		94,541
	1,013	Valeo SA		31,853
				1,599,758
Automobiles – 0.3%
	766	Bayerische Motoren Werke AG		64,750
	1,409	Daimler AG		84,357
	1,326	Ferrari NV		170,606
	16,614	Fiat Chrysler Automobiles NV*		245,520
	45,379	Ford Motor Co.		397,974
	1,329	General Motors Co.		52,469
	4,141	Harley-Davidson, Inc.		153,714
	13,782	Honda Motor Co. Ltd.		389,204
	7,313	Isuzu Motors Ltd.		105,121
	19,321	Mazda Motor Corp.		227,601
	11,286	Nissan Motor Co. Ltd.		97,796
	10,509	Peugeot SA		267,201
	517	Renault SA		35,428
	1,564	Subaru Corp.		39,849
	1,742	Suzuki Motor Corp.		89,451
	6,150	Toyota Motor Corp.		371,636
	239	Volkswagen AG		42,266
				2,834,943
Banks – 1.5%
	5,105	ABN AMRO Group NV(a)		123,584
	1,430	Aozora Bank Ltd.		41,291
	16,110	Australia & New Zealand Banking Group Ltd.		320,052
	24,225	Banco Bilbao Vizcaya Argentaria SA		150,264
	37,761	Banco de Sabadell SA		42,965
	54,193	Banco Santander SA		263,747
	6,651	Bank Hapoalim BM		45,791
	15,743	Bank Leumi Le-Israel BM		104,121
	48,528	Bank of America Corp.		1,411,194
	12,237	Bank of Ireland Group PLC		79,505
	4,014	Bank of Montreal		313,018
	19,875	Bank of Queensland Ltd.		127,156
	3,984	Bankinter SA		32,703
	47,503	Barclays PLC		103,299
	4,955	BB&T Corp.		252,556
	19,337	Bendigo & Adelaide Bank Ltd.		135,234
	5,378	BNP Paribas SA		275,305
	16,775	BOC Hong Kong Holdings Ltd.		70,074

8 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Banks – (continued)
	3,282	Canadian Imperial Bank of Commerce	$	278,407
	2,892	CIT Group, Inc.		147,405
	9,798	Citigroup, Inc.		626,876
	5,955	Citizens Financial Group, Inc.		219,978
	1,280	Comerica, Inc.		111,501
	6,202	Commerzbank AG*		51,118
	5,131	Commonwealth Bank of Australia		269,199
	11,900	Credit Agricole SA		152,303
	4,699	Danske Bank A/S		93,468
	9,078	DBS Group Holdings Ltd.		166,434
	2,734	DNB ASA		52,367
	848	East West Bancorp, Inc.		46,309
	1,120	Erste Groupe Bank AG		42,238
	8,951	Fifth Third Bancorp		246,869
	554	First Republic Bank		58,159
	7,124	Hang Seng Bank Ltd.		176,418
	71,169	HSBC Holdings PLC		580,175
	8,182	Huntington Bancshares, Inc.		117,903
	16,541	ING Groep NV		218,641
	111,080	Intesa Sanpaolo SpA		273,304
	5,360	Japan Post Bank Co. Ltd.		59,912
	19,550	JPMorgan Chase & Co.		2,040,238
	980	KBC Group NV		72,535
	3,592	KeyCorp.		63,435
	224,900	Lloyds Banking Group PLC		189,384
	486	M&T Bank Corp.		84,107
	9,825	Mediobanca Banca di Credito Finanziario SpA		98,338
	36,882	Mitsubishi UFJ Financial Group, Inc.		191,395
	2,319	Mizrahi Tefahot Bank Ltd.		44,405
	114,647	Mizuho Financial Group, Inc.		180,271
	7,920	National Australia Bank Ltd.		141,380
	3,961	National Bank of Canada		186,890
	9,462	Nordea Bank Abp		85,722
	21,878	Oversea-Chinese Banking Corp. Ltd.		178,491
	4,962	People’s United Financial, Inc.		88,125
	3,857	Raiffeisen Bank International AG		98,276
	7,471	Regions Financial Corp.		122,524
	7,526	Resona Holdings, Inc.		34,091
	7,128	Royal Bank of Canada		557,099
	19,664	Royal Bank of Scotland Group PLC		69,156
	12,441	Seven Bank Ltd.		36,385
	2,594	Shinsei Bank Ltd.		35,686
	272	Signature Bank		36,927
	4,532	Skandinaviska Enskilda Banken AB Class A		46,105
	3,883	Societe Generale SA		119,286
	5,420	Standard Chartered PLC		43,222
	8,300	Sumitomo Mitsui Financial Group, Inc.		294,926
	3,264	Sumitomo Mitsui Trust Holdings, Inc.		124,008
	3,601	SunTrust Banks, Inc.		233,597
	288	SVB Financial Group*		71,182
	3,846	Svenska Handelsbanken AB Class A		43,815
	2,687	Swedbank AB Class A		49,327
	43,728	The Bank of East Asia Ltd.		152,239
Common Stocks – (continued)
Banks – (continued)
	5,969	The Bank of Nova Scotia		331,755
	3,246	The PNC Financial Services Group, Inc.		409,061
	7,651	The Toronto-Dominion Bank		438,728
	5,973	U.S. Bancorp		308,744
	9,219	UniCredit SpA		125,202
	9,016	United Overseas Bank Ltd.		166,173
	22,877	Wells Fargo & Co.		1,141,333
	14,507	Westpac Banking Corp.		277,681
	4,732	Yamaguchi Financial Group, Inc.		44,255
	2,086	Zions Bancorp NA		106,595
				17,042,937
Beverages – 0.5%
	946	Anheuser-Busch InBev SA		73,900
	3,212	Asahi Group Holdings Ltd.		139,052
	6,352	Brown-Forman Corp. Class B		314,361
	3,500	Carlsberg A/S Class B		424,046
	8,253	Coca-Cola Amatil Ltd.		46,667
	10,021	Coca-Cola Bottlers Japan Holdings, Inc.		258,597
	6,199	Coca-Cola European Partners PLC		292,221
	3,368	Coca-Cola HBC AG*		113,280
	742	Constellation Brands, Inc. Class A		125,517
	5,358	Davide Campari-Milano SpA		51,082
	8,995	Diageo PLC		348,324
	3,572	Heineken Holding NV		345,165
	1,015	Heineken NV		102,169
	5,599	Kirin Holdings Co. Ltd.		125,455
	6,953	Molson Coors Brewing Co. Class B		428,722
	4,982	Monster Beverage Corp.*		318,001
	6,693	PepsiCo, Inc.		773,979
	1,326	Pernod Ricard SA		228,215
	355	Remy Cointreau SA		46,240
	4,311	Suntory Beverage & Food Ltd.		189,911
	13,700	TheCoca-Cola Co.		621,158
				5,366,062
Biotechnology – 0.4%
	6,797	AbbVie, Inc.		538,594
	259	Alexion Pharmaceuticals, Inc.*		35,050
	3,566	Alkermes PLC*		118,641
	2,636	Amgen, Inc.		501,051
	1,464	Biogen, Inc.*		480,207
	484	BioMarin Pharmaceutical, Inc.*		45,138
	3,074	Celgene Corp.*		255,511
	2,648	CSL Ltd.		362,915
	6,245	Gilead Sciences, Inc.		406,050
	2,064	Incyte Corp.*		177,979
	311	Regeneron Pharmaceuticals, Inc.*		133,960
	1,347	Seattle Genetics, Inc.*		100,055
	5,078	United Therapeutics Corp.*		641,301
	2,438	Vertex Pharmaceuticals, Inc.*		460,172
				4,256,624

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Building Products – 0.2%
	1,354	A.O. Smith Corp.	$	70,313
	1,821	Allegion PLC		163,817
	2,175	Assa Abloy AB Class B		44,953
	4,056	Cie de Saint-Gobain		145,970
	472	Daikin Industries Ltd.		51,380
	3,802	Fortune Brands Home & Security, Inc.		179,150
	107	Geberit AG		42,672
	5,509	Johnson Controls International PLC		194,302
	1,540	Lennox International, Inc.		377,685
	5,980	Masco Corp.		224,609
	6,118	Owens Corning		305,472
	953	TOTO Ltd.		36,128
				1,836,451
Capital Markets – 0.8%
	20,020	3i Group PLC		251,408
	1,143	Ameriprise Financial, Inc.		150,453
	3,652	ASX Ltd.		180,921
	442	BlackRock, Inc.		195,903
	3,140	Brookfield Asset Management, Inc. Class A		141,830
	911	Cboe Global Markets, Inc.		87,374
	22,999	CI Financial Corp.		325,074
	2,305	CME Group, Inc.		419,303
	10,150	Credit Suisse Group AG*		125,179
	7,467	Daiwa Securities Group, Inc.		37,914
	554	Deutsche Boerse AG		69,947
	2,745	E*TRADE Financial Corp.		134,478
	5,488	Eaton Vance Corp.		229,673
	1,871	Franklin Resources, Inc.		61,013
	22,870	Hargreaves Lansdown PLC		528,637
	5,371	Hong Kong Exchanges & Clearing Ltd.		185,134
	1,745	IGM Financial, Inc.		45,589
	2,161	Intercontinental Exchange, Inc.		166,721
	8,839	Invesco Ltd.		171,035
	13,176	Investec PLC		86,148
	1,839	Japan Exchange Group, Inc.		32,553
	927	Julius Baer Group Ltd.*		40,391
	1,334	KKR & Co., Inc. Class A		29,655
	2,536	London Stock Exchange Group PLC		151,445
	2,504	Macquarie Group Ltd.		228,627
	4,446	Moody’s Corp.		769,691
	7,473	Morgan Stanley		313,717
	4,087	MSCI, Inc.		754,951
	2,294	Nasdaq, Inc.		210,062
	12,110	Natixis SA		66,492
	13,692	Nomura Holdings, Inc.		53,368
	684	Northern Trust Corp.		63,749
	431	Partners Group Holding AG		311,405
	580	Raymond James Financial, Inc.		47,896
	3,248	S&P Global, Inc.		650,802
	2,933	SBI Holdings, Inc.		62,019
	2,308	Schroders PLC		83,776
	5,452	SEI Investments Co.		287,593
	67,566	Singapore Exchange Ltd.		391,272
	2,819	St. James’s Place PLC		36,376
Common Stocks – (continued)
Capital Markets – (continued)
	1,512	State Street Corp.		108,667
	3,281	T. Rowe Price Group, Inc.		329,511
	2,641	TD Ameritrade Holding Corp.		148,768
	4,507	The Bank of New York Mellon Corp.		236,527
	4,441	The Charles Schwab Corp.		204,330
	12,467	UBS Group AG*		158,205
				9,365,582
Chemicals – 0.5%
	1,806	Air Liquide SA		225,117
	774	Air Products & Chemicals, Inc.		140,233
	1,858	Akzo Nobel NV		168,447
	5,672	Arkema SA		571,598
	4,293	Asahi Kasei Corp.		46,940
	1,429	Axalta Coating Systems Ltd.*		38,197
	2,615	BASF SE		199,046
	480	Celanese Corp.		49,099
	3,461	CF Industries Holdings, Inc.		146,054
	859	Chr Hansen Holding A/S		87,433
	4,580	Covestro AG(a)		260,773
	2,033	Croda International PLC		129,706
	2,801	DowDuPont, Inc.		149,097
	2,652	Eastman Chemical Co.		219,294
	1,318	Ecolab, Inc.		222,623
	86	EMS-Chemie Holding AG		49,584
	1,961	Evonik Industries AG		55,226
	368	FMC Corp.		32,936
	70	Givaudan SA		174,955
	413	International Flavors & Fragrances, Inc.		52,710
	7,739	Israel Chemicals Ltd.		43,309
	1,291	Koninklijke DSM NV		138,865
	1,626	Linde PLC		281,688
	2,813	LyondellBasell Industries NV Class A		240,568
	563	Methanex Corp.		31,689
	11,481	Mitsubishi Chemical Holdings Corp.		84,904
	2,131	Mitsui Chemicals, Inc.		52,000
	1,061	Nissan Chemical Corp.		53,633
	1,285	Novozymes A/S Class B		58,351
	1,107	Nutrien Ltd.		60,256
	1,047	PPG Industries, Inc.		117,233
	1,322	Showa Denko KK		49,473
	780	Sika AG		105,361
	296	Solvay SA		33,115
	1,071	Symrise AG		94,388
	2,581	Taiyo Nippon Sanso Corp.		36,594
	3,775	Teijin Ltd.		63,393
	1,034	The Chemours Co.		39,323
	4,031	The Mosaic Co.		126,049
	393	The Sherwin-Williams Co.		170,248
	5,058	Toray Industries, Inc.		35,142
	2,381	Tosoh Corp.		35,204
	1,559	Westlake Chemical Corp.		108,927
				5,078,781

10 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – 0.2%
	21,585	Babcock International Group PLC	$	154,802
	7,396	Brambles Ltd.		61,741
	937	Cintas Corp.		193,584
	3,532	Copart, Inc.*		207,222
	2,109	Dai Nippon Printing Co. Ltd.		48,893
	1,897	Edenred		84,133
	1,662	ISS A/S		51,833
	1,840	Republic Services, Inc.		144,311
	13,831	Rollins, Inc.		548,538
	611	Secom Co. Ltd.		52,851
	7,037	Securitas AB Class B		110,262
	1,084	Societe BIC SA		102,502
	2,580	Toppan Printing Co. Ltd.		41,097
	2,100	Waste Connections, Inc.		175,140
	2,265	Waste Management, Inc.		229,331
				2,206,240
Communications Equipment – 0.3%
	879	Arista Networks, Inc.*		250,735
	21,994	Cisco Systems, Inc.		1,138,629
	10,542	CommScope Holding Co., Inc.*		245,734
	3,226	F5 Networks, Inc.*		542,420
	9,881	Juniper Networks, Inc.		267,577
	1,992	Motorola Solutions, Inc.		285,095
	8,914	Nokia Oyj		53,905
	25,135	Telefonaktiebolaget LM Ericsson Class B		229,112
				3,013,207
Construction & Engineering – 0.2%
	2,794	ACS Actividades de Construccion y Servicios SA		123,783
	1,849	CIMIC Group Ltd.		65,823
	3,288	Eiffage SA		320,681
	7,578	Ferrovial SA		174,517
	556	HOCHTIEF AG		88,135
	4,671	Jacobs Engineering Group, Inc.		344,626
	5,965	Kajima Corp.		88,396
	9,733	Obayashi Corp.		94,871
	5,542	Skanska AB Class B		99,862
	2,108	Taisei Corp.		99,629
	2,101	Vinci SA		200,521
	11,214	WSP Global, Inc.		593,870
				2,294,714
Construction Materials – 0.0%
	1,961	CRH PLC		62,153
	2,814	HeidelbergCement AG		207,054
	797	Imerys SA		45,302
	769	LafargeHolcim Ltd.*		38,002
	1,211	Taiheiyo Cement Corp.		41,437
				393,948
Common Stocks – (continued)
Consumer Finance – 0.1%
	2,590	AEON Financial Service Co. Ltd.		51,015
	13,630	Ally Financial, Inc.		369,237
	3,056	American Express Co.		329,253
	3,067	Capital One Financial Corp.		256,340
	2,986	Credit Saison Co. Ltd.		43,459
	2,580	Discover Financial Services		184,754
	5,706	Synchrony Financial		186,072
				1,420,130
Containers & Packaging – 0.1%
	4,414	Amcor Ltd.		47,101
	1,379	Avery Dennison Corp.		148,987
	5,058	Ball Corp.		277,077
	919	Crown Holdings, Inc.*		49,893
	932	International Paper Co.		42,704
	373	Packaging Corp. of America		35,655
	1,396	Sealed Air Corp.		60,894
	1,347	Smurfit Kappa Group PLC		38,161
	3,509	Toyo Seikan Group Holdings Ltd.		74,229
	4,981	Westrock Co.		186,190
				960,891
Distributors – 0.0%
	1,849	Genuine Parts Co.		201,134
	6,027	Jardine Cycle & Carriage Ltd.		148,233
	6,250	LKQ Corp.*		173,125
				522,492
Diversified Consumer Services – 0.1%
	26,491	H&R Block, Inc.		639,758
Diversified Financial Services – 0.2%
	1,894	AXA Equitable Holdings, Inc.		36,213
	4,431	Berkshire Hathaway, Inc. Class B*		891,960
	1,816	Eurazeo SE		136,449
	2,536	EXOR NV		156,016
	422	Groupe Bruxelles Lambert SA		40,571
	2,453	Industrivarden AB Class C		51,058
	2,186	Investor AB		97,551
	11,452	Jefferies Financial Group, Inc.		232,132
	2,178	Kinnevik AB Class B		55,118
	1,234	L E Lundbergforetagen AB Class B		38,038
	11,541	Mitsubishi UFJ Lease & Finance Co. Ltd.		58,929
	976	Onex Corp.		58,703
	5,681	ORIX Corp.		82,253
	1,413	Pargesa Holding SA		115,928
	19,160	Standard Life Aberdeen PLC		62,719
	1,033	Tokyo Century Corp.		46,125
	931	Voya Financial, Inc.		47,081
	247	Wendel SA		31,138
				2,237,982
Diversified Telecommunication Services – 0.4%
	35,040	AT&T, Inc.		1,090,445
	1,043	BCE, Inc.		46,382

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	64,580	Bezeq The Israeli Telecommunication Corp. Ltd.	$	56,619
	19,862	BT Group PLC		56,648
	21,946	CenturyLink, Inc.		289,468
	3,789	Deutsche Telekom AG		62,459
	786	Elisa Oyj		32,981
	71,358	HKT Trust and HKT Ltd.		111,449
	18,073	Koninklijke KPN NV		55,712
	5,795	Nippon Telegraph & Telephone Corp.		250,475
	4,176	Orange SA		63,829
	559,007	PCCW Ltd.		336,142
	15,280	Singapore Telecommunications Ltd.		34,103
	11,929	Spark New Zealand Ltd.		30,283
	153	Swisscom AG		70,783
	130,091	Telecom Italia SpA*		79,186
	155,044	Telecom Italia SpA RSP		84,381
	9,726	Telefonica Deutschland Holding AG		31,891
	13,421	Telefonica SA		115,762
	5,931	Telenor ASA		115,665
	8,289	Telia Co. AB		35,949
	1,660	TELUS Corp.		60,297
	14,582	TPG Telecom Ltd.		68,865
	17,889	Verizon Communications, Inc.		1,018,242
				4,198,016
Electric Utilities – 0.5%
	2,445	Alliant Energy Corp.		112,152
	2,372	American Electric Power Co., Inc.		192,488
	31,146	AusNet Services		38,382
	10,668	Chubu Electric Power Co., Inc.		168,023
	6,468	CK Infrastructure Holdings Ltd.		53,900
	12,262	CLP Holdings Ltd.		145,294
	3,048	Duke Energy Corp.		273,284
	560	Edison International		33,538
	48,462	EDP – Energias de Portugal SA		177,686
	5,022	Electricite de France SA		72,911
	1,284	Emera, Inc.		45,683
	2,051	Endesa SA		51,665
	33,990	Enel SpA		205,542
	1,260	Entergy Corp.		117,596
	2,168	Evergy, Inc.		121,213
	2,121	Eversource Energy		148,067
	8,427	Exelon Corp.		409,468
	5,349	FirstEnergy Corp.		217,972
	1,434	Fortis, Inc.		51,707
	7,446	Fortum Oyj		165,344
	117,130	HK Electric Investments & HK Electric Investments Ltd.		122,058
	2,970	Hydro One Ltd.(a)		46,605
	22,668	Iberdrola SA		189,650
	4,208	Kyushu Electric Power Co., Inc.		50,077
	2,078	NextEra Energy, Inc.		390,082
	3,334	OGE Energy Corp.		141,762
	1,941	Orsted A/S(a)		140,886
	974	Pinnacle West Capital Corp.		91,303
Common Stocks – (continued)
Electric Utilities – (continued)
	7,233	Power Assets Holdings Ltd.	$	50,195
	3,824	PPL Corp.		123,018
	4,221	SSE PLC		66,425
	13,589	Terna Rete Elettrica Nazionale SpA		84,540
	8,166	The Chugoku Electric Power Co., Inc.		106,124
	12,562	The Kansai Electric Power Co., Inc.		188,096
	4,133	The Southern Co.		205,369
	3,373	Tohoku Electric Power Co., Inc.		44,278
	34,781	Tokyo Electric Power Co. Holdings, Inc.*		216,987
	1,053	Verbund AG		50,624
	2,013	Xcel Energy, Inc.		110,433
				5,220,427
Electrical Equipment – 0.2%
	3,174	ABB Ltd.		62,493
	2,737	Acuity Brands, Inc.		356,138
	2,324	AMETEK, Inc.		184,944
	2,667	Eaton Corp. PLC		212,747
	2,181	Emerson Electric Co.		148,635
	945	Legrand SA		62,322
	2,843	Prysmian SpA		57,986
	1,266	Rockwell Automation, Inc.		226,057
	2,027	Schneider Electric SE		157,509
	2,704	Sensata Technologies Holding PLC*		137,174
	2,045	Siemens Gamesa Renewable Energy SA*		31,273
	1,735	Vestas Wind Systems A/S		144,550
				1,781,828
Electronic Equipment, Instruments & Components – 0.2%
	1,739	Amphenol Corp. Class A		163,414
	1,039	Arrow Electronics, Inc.*		82,808
	2,723	CDW Corp.		255,663
	4,481	Cognex Corp.		239,285
	2,736	Corning, Inc.		95,240
	4,679	FLIR Systems, Inc.		240,735
	1,398	Hamamatsu Photonics KK		49,355
	1,397	Hitachi Ltd.		41,994
	2,491	Ingenico Group SA		166,944
	594	IPG Photonics Corp.*		92,088
	65	Keyence Corp.		38,010
	1,669	Keysight Technologies, Inc.*		140,880
	294	Murata Manufacturing Co. Ltd.		45,860
	2,616	Nippon Electric Glass Co. Ltd.		70,849
	3,597	Omron Corp.		155,646
	2,000	Shimadzu Corp.		49,437
	1,582	TE Connectivity Ltd.		129,866
	1,907	Trimble, Inc.*		76,299
	3,152	Venture Corp. Ltd.		41,443
	1,604	Yaskawa Electric Corp.		45,772
	2,373	Yokogawa Electric Corp.		45,790
				2,267,378

12 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Energy Equipment & Services – 0.0%
	2,087	Halliburton Co.	$	64,050
	9,728	John Wood Group PLC		67,195
	6,421	National Oilwell Varco, Inc.		180,687
	2,022	Schlumberger Ltd.		89,089
				401,021
Entertainment – 0.3%
	1,419	Activision Blizzard, Inc.		59,797
	3,878	DeNA Co. Ltd.		59,918
	2,645	Electronic Arts, Inc.*		253,338
	740	Konami Holdings Corp.		30,605
	970	Liberty Media Corp.-Liberty Formula One Class C*		30,186
	1,331	Live Nation Entertainment, Inc.*		75,281
	1,534	Netflix, Inc.*		549,325
	2,746	Nexon Co. Ltd.*		43,788
	519	Take-Two Interactive Software, Inc.*		45,288
	6,328	The Walt Disney Co.		714,052
	834	Toho Co. Ltd.		29,813
	5,472	Twenty-First Century Fox, Inc. Class A		275,953
	4,138	Twenty-First Century Fox, Inc. Class B		207,562
	3,645	Ubisoft Entertainment SA*		262,770
	11,616	Viacom, Inc. Class B		339,420
	2,451	Vivendi SA		71,575
				3,048,671
Equity Real Estate Investment Trusts (REITs) – 0.6%
	694	Alexandria Real Estate Equities, Inc.		94,308
	1,616	American Tower Corp.		284,658
	22,935	Ascendas Real Estate Investment Trust		47,458
	1,140	AvalonBay Communities, Inc.		221,878
	811	Boston Properties, Inc.		107,612
	3,072	Brookfield Property REIT, Inc. Class A		60,273
	2,388	Camden Property Trust		234,239
	25,440	CapitaLand Commercial Trust		36,483
	54,658	CapitaLand Mall Trust		96,991
	890	Covivio		90,097
	1,393	Crown Castle International Corp.		165,419
	30	Daiwa House REIT Investment Corp.		66,881
	4,704	Dexus		40,153
	1,599	Digital Realty Trust, Inc.		180,879
	3,697	Duke Realty Corp.		109,320
	251	Equinix, Inc.		106,298
	2,213	Equity Residential		163,076
	474	Essex Property Trust, Inc.		132,644
	1,600	Extra Space Storage, Inc.		153,504
	423	Federal Realty Investment Trust		56,509
	453	Gecina SA		67,082
	11,584	Goodman Group		105,364
	3,121	H&R Real Estate Investment Trust		53,861
	3,669	HCP, Inc.		112,895
	14,389	Host Hotels & Resorts, Inc.		282,168
	751	ICADE		63,939
	2,899	Invitation Homes, Inc.		66,677
	2,465	Iron Mountain, Inc.		87,310
	25	Japan Prime Realty Investment Corp.		98,103
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	15	Japan Real Estate Investment Corp.		86,853
	31	Japan Retail Fund Investment Corp.		62,535
	3,438	Kimco Realty Corp.		60,474
	1,038	Klepierre SA		36,211
	7,476	Land Securities Group PLC		89,283
	2,034	Liberty Property Trust		96,269
	12,382	Link REIT		140,055
	1,246	Mid-America Apartment Communities, Inc.		129,061
	17,970	Mirvac Group		32,841
	2,061	National Retail Properties, Inc.		107,378
	32	Nippon Building Fund, Inc.		208,364
	30	Nippon Prologis REIT, Inc.		63,806
	50	Nomura Real Estate Master Fund, Inc.		68,497
	2,477	Prologis, Inc.		173,539
	664	Public Storage		140,429
	2,111	Realty Income Corp.		145,997
	1,076	Regency Centers Corp.		70,209
	2,724	RioCan Real Estate Investment Trust		52,039
	497	SBA Communications Corp.*		89,738
	21,040	Scentre Group		57,869
	20,258	Segro PLC		177,669
	1,288	Simon Property Group, Inc.		233,334
	514	SL Green Realty Corp.		46,630
	1,820	SmartCentres Real Estate Investment Trust		46,691
	25,680	Suntec Real Estate Investment Trust		36,575
	8,722	The British Land Co. PLC		69,806
	16,181	The GPT Group		67,198
	935	The Macerich Co.		40,766
	2,430	UDR, Inc.		107,941
	337	Unibail-Rodamco-Westfield*		54,258
	59	United Urban Investment Corp.		91,510
	2,071	Ventas, Inc.		129,955
	11,198	VEREIT, Inc.		89,248
	20,856	Vicinity Centres		36,442
	857	Vornado Realty Trust		57,685
	1,954	Welltower, Inc.		145,202
	2,443	Weyerhaeuser Co.		60,806
	1,708	WP Carey, Inc.		126,170
				6,915,412
Food & Staples Retailing – 0.9%
	5,620	Aeon Co. Ltd.		118,578
	1,103	Alimentation Couche-Tard, Inc. Class B		62,168
	3,913	Carrefour SA		80,065
	4,387	Casino Guichard Perrachon SA		231,985
	24,243	Coles Group Ltd.*		194,839
	3,233	Colruyt SA		230,593
	3,538	Costco Wholesale Corp.		773,902
	46,738	Dairy Farm International Holdings Ltd.		418,365
	34,265	Empire Co. Ltd. Class A		795,989
	6,204	FamilyMart UNY Holdings Co. Ltd.		177,385
	3,651	George Weston Ltd.		260,241
	1,271	ICA Gruppen AB		48,839

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – (continued)
	64,421	J Sainsbury PLC	$	195,754
	12,025	Jeronimo Martins SGPS SA		180,993
	28,473	Koninklijke Ahold Delhaize NV		733,812
	3,424	Lawson, Inc.		207,325
	4,057	Loblaw Cos. Ltd.		202,056
	6,718	METRO AG		112,729
	1,518	Metro, Inc.		57,054
	2,273	Seven & i Holdings Co. Ltd.		100,038
	6,105	Sundrug Co. Ltd.		187,143
	9,425	Sysco Corp.		636,659
	119,534	Tesco PLC		358,681
	18,103	The Kroger Co.		530,961
	1,474	Tsuruha Holdings, Inc.		130,859
	8,617	Walgreens Boots Alliance, Inc.		613,444
	15,225	Walmart, Inc.		1,507,123
	5,133	Welcia Holdings Co. Ltd.		181,948
	60,485	Wm Morrison Supermarkets PLC		184,780
	26,799	Woolworths Group Ltd.		545,787
				10,060,095
Food Products – 0.6%
	10,888	a2 Milk Co. Ltd.*		105,819
	7,009	Ajinomoto Co., Inc.		106,176
	3,566	Archer-Daniels-Midland Co.		151,555
	3,306	Associated British Foods PLC		98,476
	160	Barry Callebaut AG		275,224
	1,176	Bunge Ltd.		62,422
	6,189	Calbee, Inc.		171,818
	3,544	Campbell Soup Co.		127,655
	21	Chocoladefabriken Lindt & Spruengli AG		271,337
	5,554	Conagra Brands, Inc.		129,797
	4,859	Danone SA		366,997
	4,015	General Mills, Inc.		189,227
	702,491	Golden Agri-Resources Ltd.		142,308
	3,754	Hormel Foods Corp.		162,773
	3,664	Ingredion, Inc.		338,737
	1,285	Kellogg Co.		72,294
	687	Kerry Group PLC Class A		70,719
	3,605	Kikkoman Corp.		179,816
	1,641	Lamb Weston Holdings, Inc.		113,738
	1,014	McCormick & Co., Inc.		137,884
	1,950	MEIJI Holdings Co. Ltd.		154,607
	4,486	Mondelez International, Inc. Class A		211,560
	8,224	Mowi ASA		189,786
	11,031	Nestle SA		997,797
	940	NH Foods Ltd.		34,324
	3,302	Nisshin Seifun Group, Inc.		70,958
	638	Nissin Foods Holdings Co. Ltd.		44,381
	4,833	Orkla ASA		38,095
	3,979	Saputo, Inc.		129,685
	3,654	The Hershey Co.		404,425
	3,454	The J.M. Smucker Co.		365,813
	1,004	The Kraft Heinz Co.		33,323
	1,029	Toyo Suisan Kaisha Ltd.		38,231
	8,238	Tyson Foods, Inc. Class A		507,955
Common Stocks – (continued)
Food Products – (continued)
	160,457	WH Group Ltd.(a)		142,286
	16,781	Wilmar International Ltd.		39,634
	743	Yakult Honsha Co. Ltd.		49,930
	7,742	Yamazaki Baking Co. Ltd.		132,865
				6,860,427
Gas Utilities – 0.1%
	4,326	APA Group		30,728
	1,107	Atmos Energy Corp.		109,427
	110,481	Hong Kong & China Gas Co. Ltd.		255,736
	4,595	Naturgy Energy Group SA		124,707
	6,687	Osaka Gas Co. Ltd.		137,233
	1,369	Toho Gas Co. Ltd.		62,347
	1,411	Tokyo Gas Co. Ltd.		38,897
	10,912	UGI Corp.		599,069
				1,358,144
Health Care Equipment & Supplies – 0.7%
	6,903	Abbott Laboratories		535,811
	1,303	ABIOMED, Inc.*		435,854
	1,671	Align Technology, Inc.*		432,739
	2,702	Baxter International, Inc.		201,921
	1,128	Becton Dickinson & Co.		280,635
	1,621	BioMerieux		133,580
	5,990	Boston Scientific Corp.*		240,319
	3,284	Cochlear Ltd.		397,362
	2,214	Coloplast A/S Class B		220,798
	45,135	ConvaTec Group PLC(a)		79,387
	2,559	Danaher Corp.		325,044
	884	DENTSPLY SIRONA, Inc.		36,916
	1,512	DexCom, Inc.*		210,667
	2,378	Edwards Lifesciences Corp.*		402,572
	10,193	Fisher & Paykel Healthcare Corp. Ltd.		101,987
	1,835	Hologic, Inc.*		86,520
	5,460	Hoya Corp.		333,810
	2,513	IDEXX Laboratories, Inc.*		530,318
	597	Intuitive Surgical, Inc.*		326,923
	4,484	Koninklijke Philips NV		178,428
	4,886	Medtronic PLC		442,183
	5,911	Olympus Corp.		262,490
	1,513	ResMed, Inc.		154,977
	986	Siemens Healthineers AG(a)		39,901
	16,942	Smith & Nephew PLC		321,910
	658	Sonova Holding AG		122,775
	277	Straumann Holding AG		215,702
	1,628	Stryker Corp.		306,894
	2,976	Sysmex Corp.		179,966
	354	Teleflex, Inc.		102,603
	2,056	Terumo Corp.		126,292
	404	The Cooper Cos., Inc.		115,540
	1,393	Varian Medical Systems, Inc.*		187,164
	2,144	William Demant Holding A/S*		64,355
	1,314	Zimmer Biomet Holdings, Inc.		163,094
				8,297,437

14 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – 0.6%
	6,783	Alfresa Holdings Corp.	$	196,733
	2,322	AmerisourceBergen Corp.		193,423
	1,540	Anthem, Inc.		463,124
	4,626	Cardinal Health, Inc.		251,377
	5,248	Centene Corp.*		319,551
	2,923	Cigna Corp.		509,888
	9,906	CVS Health Corp.		572,864
	2,262	DaVita, Inc.*		128,708
	2,214	Fresenius Medical Care AG & Co. KGaA		173,090
	1,695	Fresenius SE & Co. KGaA		95,228
	1,982	HCA Healthcare, Inc.		275,577
	3,051	Henry Schein, Inc.*		180,924
	1,403	Humana, Inc.		399,911
	1,455	Laboratory Corp. of America Holdings*		215,689
	2,874	McKesson Corp.		365,458
	10,047	Medipal Holdings Corp.		234,504
	2,304	Quest Diagnostics, Inc.		199,411
	10,679	Ryman Healthcare Ltd.		79,850
	3,017	Sonic Healthcare Ltd.		51,683
	4,549	Suzuken Co. Ltd.		249,116
	6,020	UnitedHealth Group, Inc.		1,458,164
	1,348	Universal Health Services, Inc. Class B		187,143
	347	WellCare Health Plans, Inc.*		87,992
				6,889,408
Health Care Technology – 0.0%
	4,968	Cerner Corp.*		277,960
	5,592	M3, Inc.		92,502
	969	Veeva Systems, Inc. Class A*		114,255
				484,717
Hotels, Restaurants & Leisure – 0.5%
	1,454	Accor SA		61,377
	10,612	Aramark		321,544
	5,685	Aristocrat Leisure Ltd.		99,305
	2,262	Carnival Corp.		130,653
	1,276	Carnival PLC		71,544
	90	Chipotle Mexican Grill, Inc.*		54,678
	5,309	Compass Group PLC		117,249
	5,388	Crown Resorts Ltd.		43,851
	1,214	Darden Restaurants, Inc.		136,102
	2,034	Domino’s Pizza, Inc.		510,412
	10,360	Flight Centre Travel Group Ltd.		336,547
	1,891	Hilton Worldwide Holdings, Inc.		157,142
	5,507	InterContinental Hotels Group PLC		329,289
	956	Las Vegas Sands Corp.		58,727
	868	Marriott International, Inc. Class A		108,734
	3,198	McDonald’s Corp.		587,920
	2,051	McDonald’s Holdings Co. Japan Ltd.		91,890
	1,285	MGM Resorts International		34,374
	4,464	Norwegian Cruise Line Holdings Ltd.*		247,886
	1,436	Oriental Land Co. Ltd.		157,913
	486	Restaurant Brands International, Inc.		30,734
	430	Royal Caribbean Cruises Ltd.		50,947
	10,597	Sands China Ltd.		52,857
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	29,593	Shangri-La Asia Ltd.		42,031
	334,103	SJM Holdings Ltd.		376,313
	6,726	Starbucks Corp.		472,569
	11,539	Tabcorp Holdings Ltd.		38,681
	262	Vail Resorts, Inc.		54,598
	2,525	Whitbread PLC		162,579
	49,807	Wynn Macau Ltd.		123,049
	7,282	Yum! Brands, Inc.		688,149
				5,749,644
Household Durables – 0.2%
	28,605	Barratt Developments PLC		226,991
	8,243	Berkeley Group Holdings PLC		431,747
	1,704	Garmin Ltd.		143,085
	2,023	Iida Group Holdings Co. Ltd.		36,964
	970	Leggett & Platt, Inc.		44,057
	1,853	Lennar Corp. Class A		88,907
	286	Mohawk Industries, Inc.*		38,930
	4,909	Nikon Corp.		74,424
	71	NVR, Inc.*		186,020
	7,810	Panasonic Corp.		72,178
	1,408	Persimmon PLC		45,477
	6,697	PulteGroup, Inc.		180,819
	493	Rinnai Corp.		33,165
	1,885	SEB SA		324,250
	2,616	Sekisui Chemical Co. Ltd.		41,156
	4,211	Sekisui House Ltd.		63,400
	6,153	Sony Corp.		295,439
	67,647	Taylor Wimpey PLC		162,630
	35,310	Techtronic Industries Co. Ltd.		235,880
				2,725,519
Household Products – 0.3%
	1,808	Church & Dwight Co., Inc.		118,966
	10,391	Colgate-Palmolive Co.		684,455
	1,146	Essity AB Class B		31,980
	1,093	Henkel AG & Co. KGaA		105,888
	2,637	Kimberly-Clark Corp.		308,081
	15,875	Lion Corp.		325,655
	1,410	Pigeon Corp.		57,569
	1,157	Reckitt Benckiser Group PLC		88,365
	2,647	The Clorox Co.		418,306
	7,955	The Procter & Gamble Co.		783,965
	3,231	Unicharm Corp.		102,918
				3,026,148
Independent Power and Renewable Electricity Producers – 0.1%
	9,888	AES Corp.		170,370
	3,886	Electric Power Development Co. Ltd.		97,249
	33,845	Meridian Energy Ltd.		85,011
	10,977	NRG Energy, Inc.		457,522
	29,053	Vistra Energy Corp.*		756,540
				1,566,692

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 0.2%
	2,909	3M Co.	$	603,297
	22,290	CK Hutchison Holdings Ltd.		237,167
	514	DCC PLC		44,473
	6,174	General Electric Co.		64,148
	2,210	Honeywell International, Inc.		340,495
	1,508	Jardine Matheson Holdings Ltd.		103,279
	2,644	Keihan Holdings Co. Ltd.		109,516
	30,405	NWS Holdings Ltd.		73,669
	618	Roper Technologies, Inc.		200,016
	1,760	Siemens AG		192,268
	1,594	Smiths Group PLC		30,274
				1,998,602
Insurance – 1.1%
	19,238	Admiral Group PLC		557,062
	34,734	Aegon NV		186,369
	6,416	Aflac, Inc.		315,282
	4,180	Ageas		206,003
	46,242	AIA Group Ltd.		461,510
	125	Alleghany Corp.		80,370
	2,500	Allianz SE		556,492
	908	American Financial Group, Inc.		90,491
	1,934	American International Group, Inc.		83,549
	1,310	Aon PLC		224,704
	2,826	Arch Capital Group Ltd.*		92,325
	1,700	Arthur J. Gallagher & Co.		136,476
	14,843	Assicurazioni Generali SpA		264,661
	1,242	Assurant, Inc.		127,914
	2,623	Athene Holding Ltd. Class A*		116,855
	19,413	Aviva PLC		108,821
	4,282	AXA SA		108,425
	696	Baloise Holding AG		113,484
	3,410	Brighthouse Financial, Inc.*		132,035
	1,539	Chubb Ltd.		206,072
	922	Cincinnati Financial Corp.		80,048
	4,820	CNP Assurances		111,357
	7,890	Dai-ichi Life Holdings, Inc.		120,228
	22,196	Direct Line Insurance Group PLC		104,931
	269	Everest Re Group Ltd.		60,824
	154	Fairfax Financial Holdings Ltd.		76,246
	3,780	Fidelity National Financial, Inc.		132,640
	2,993	Gjensidige Forsikring ASA		53,648
	4,402	Great-West Lifeco, Inc.		101,223
	694	Hannover Rueck SE		103,411
	5,114	IA Financial Corp., Inc.		196,212
	9,359	Insurance Australia Group Ltd.		48,821
	995	Intact Financial Corp.		83,172
	14,741	Japan Post Holdings Co. Ltd.		179,191
	83,069	Legal & General Group PLC		309,110
	2,269	Lincoln National Corp.		141,858
	2,455	Loews Corp.		116,907
	7,360	Manulife Financial Corp.		124,386
	19,604	Mapfre SA		55,349
	135	Markel Corp.*		135,659
	3,940	Marsh & McLennan Cos., Inc.		366,499
	48,741	Medibank Pvt. Ltd.		98,241
Common Stocks – (continued)
Insurance – (continued)
	6,119	MetLife, Inc.		276,518
	2,066	MS&AD Insurance Group Holdings, Inc.		62,195
	656	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		154,497
	6,427	NN Group NV		279,739
	16,715	Poste Italiane SpA(a)		150,694
	9,746	Power Corp. of Canada		208,036
	7,773	Power Financial Corp.		173,481
	2,685	Principal Financial Group, Inc.		141,338
	2,427	Prudential Financial, Inc.		232,628
	9,352	Prudential PLC		197,173
	3,913	QBE Insurance Group Ltd.		34,352
	1,216	Reinsurance Group of America, Inc.		175,700
	429	RenaissanceRe Holdings Ltd.		63,084
	8,607	RSA Insurance Group PLC		58,279
	1,264	Sampo Oyj Class A		60,811
	970	SCOR SE		43,641
	878	Sompo Holdings, Inc.		32,850
	2,333	Sony Financial Holdings, Inc.		44,296
	4,946	Sun Life Financial, Inc.		187,248
	12,316	Suncorp Group Ltd.		118,454
	352	Swiss Life Holding AG*		153,173
	1,643	Swiss Re AG		162,411
	2,881	T&D Holdings, Inc.		34,810
	2,802	The Allstate Corp.		264,453
	1,868	The Hartford Financial Services Group, Inc.		92,204
	5,303	The Progressive Corp.		386,589
	1,664	The Travelers Cos., Inc.		221,162
	3,894	Tokio Marine Holdings, Inc.		190,337
	2,955	Torchmark Corp.		243,965
	3,691	Tryg A/S		100,605
	3,571	Unum Group		133,413
	1,820	W.R. Berkley Corp.		152,261
	631	Willis Towers Watson PLC		108,545
	647	Zurich Insurance Group AG		213,437
				12,121,240
Interactive Media & Services – 0.7%
	1,635	Alphabet, Inc. Class A*		1,841,909
	1,562	Alphabet, Inc. Class C*		1,749,315
	81,327	Auto Trader Group PLC(a)		513,413
	14,289	Facebook, Inc. Class A*		2,306,959
	22,788	Kakaku.com, Inc.		438,599
	3,963	LINE Corp.*		144,973
	1,893	REA Group Ltd.		109,823
	6,740	TripAdvisor, Inc.*		358,366
	4,165	Twitter, Inc.*		128,199
	951	Zillow Group, Inc. Class C*		39,752
				7,631,308
Internet & Direct Marketing Retail – 0.5%
	2,396	Amazon.com, Inc.*		3,929,033
	269	Booking Holdings, Inc.*		456,504
	8,191	eBay, Inc.		304,295

16 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – (continued)
	1,715	Expedia Group, Inc.	$	211,477
	411	MercadoLibre, Inc.*		188,563
	18,784	Qurate Retail, Inc.*		338,300
	4,475	Rakuten, Inc.		35,270
	1,784	Wayfair, Inc. Class A*		295,573
	4,809	Zalando SE*(a)		177,376
	10,019	ZOZO, Inc.		189,013
				6,125,404
IT Services – 1.1%
	5,791	Accenture PLC Class A		934,552
	2,743	Akamai Technologies, Inc.*		191,077
	2,024	Alliance Data Systems Corp.		350,152
	3,990	Amadeus IT Group SA		300,137
	5,812	Atos SE		557,604
	2,186	Automatic Data Processing, Inc.		334,524
	2,376	Broadridge Financial Solutions, Inc.		240,570
	1,757	Capgemini SE		210,011
	5,296	CGI, Inc.*		355,079
	5,068	Cognizant Technology Solutions Corp. Class A		359,727
	4,687	Computershare Ltd.		57,336
	9,574	DXC Technology Co.		630,544
	3,671	Fidelity National Information Services, Inc.		397,019
	3,380	Fiserv, Inc.*		286,252
	819	FleetCor Technologies, Inc.*		191,056
	1,528	Fujitsu Ltd.		103,122
	787	Gartner, Inc.*		111,990
	1,520	Global Payments, Inc.		198,178
	2,155	GoDaddy, Inc. Class A*		160,871
	5,081	International Business Machines Corp.		701,838
	1,839	Jack Henry & Associates, Inc.		243,906
	8,326	Leidos Holdings, Inc.		537,776
	4,814	Mastercard, Inc. Class A		1,082,043
	9,143	NTT Data Corp.		100,137
	376	Obic Co. Ltd.		36,027
	1,128	Otsuka Corp.		40,612
	2,892	Paychex, Inc.		222,742
	4,399	PayPal Holdings, Inc.*		431,410
	5,952	Sabre Corp.		133,503
	514	Shopify, Inc. Class A*		97,367
	2,257	Square, Inc. Class A*		183,359
	18,926	The Western Union Co.		338,208
	3,244	Total System Services, Inc.		306,234
	2,768	VeriSign, Inc.*		492,815
	7,678	Visa, Inc. Class A		1,137,265
	934	Wirecard AG		127,749
	1,260	Wix.com Ltd.*		137,655
	2,214	Worldpay, Inc. Class A*		212,101
				12,532,548
Leisure Products – 0.1%
	2,504	Bandai Namco Holdings, Inc.		106,635
	3,365	Hasbro, Inc.		285,688
	2,342	Mattel, Inc.*		33,772
Common Stocks – (continued)
Leisure Products – (continued)
	1,976	Polaris Industries, Inc.		168,414
	1,332	Sankyo Co. Ltd.		49,121
	208	Shimano, Inc.		31,638
	1,300	Yamaha Corp.		64,114
				739,382
Life Sciences Tools & Services – 0.2%
	1,994	Agilent Technologies, Inc.		158,403
	480	Illumina, Inc.*		150,130
	2,395	IQVIA Holdings, Inc.*		335,540
	284	Lonza Group AG*		78,870
	798	Mettler-Toledo International, Inc.*		543,366
	1,225	QIAGEN NV*		46,851
	284	Sartorius Stedim Biotech		33,406
	1,873	Thermo Fisher Scientific, Inc.		486,175
	597	Waters Corp.*		144,605
				1,977,346
Machinery – 0.3%
	1,640	Alfa Laval AB		35,839
	2,896	Alstom SA		125,840
	2,910	ANDRITZ AG		145,253
	4,286	Atlas Copco AB Class A		116,163
	3,592	Atlas Copco AB Class B		90,138
	1,094	Caterpillar, Inc.		150,250
	18,816	CNH Industrial NV		203,572
	1,103	Cummins, Inc.		169,961
	423	Deere & Co.		69,389
	779	Dover Corp.		70,523
	1,909	Fortive Corp.		155,717
	1,040	IDEX Corp.		149,864
	1,244	Illinois Tool Works, Inc.		179,236
	2,021	Ingersoll-Rand PLC		213,337
	727	Kone Oyj Class B		35,520
	7,195	MISUMI Group, Inc.		175,019
	3,503	Mitsubishi Heavy Industries Ltd.		142,854
	1,979	NGK Insulators Ltd.		30,247
	687	PACCAR, Inc.		46,579
	1,212	Parker-Hannifin Corp.		213,506
	4,941	Pentair PLC		210,190
	3,231	Sandvik AB		52,960
	442	Schindler Holding AG		98,947
	1,875	SKF AB Class B		31,491
	1,565	Snap-on, Inc.		250,400
	487	Stanley Black & Decker, Inc.		64,493
	1,571	Sumitomo Heavy Industries Ltd.		53,977
	480	The Middleby Corp.*		58,843
	5,196	Volvo AB Class B		76,421
	1,291	WABCO Holdings, Inc.*		177,551
	33	Wabtec Corp.		2,429
	1,459	Xylem, Inc.		110,227
				3,706,736
Marine – 0.0%
	2,724	Kuehne & Nagel International AG		354,868

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media – 0.4%
	1,350	Axel Springer SE	$	77,078
	1,090	CBS Corp. Class B		54,729
	500	Charter Communications, Inc. Class A*		172,455
	20,462	Comcast Corp. Class A		791,266
	5,293	CyberAgent, Inc.		164,703
	4,284	Discovery, Inc. Class A*		123,808
	5,035	Discovery, Inc. Class C*		137,204
	1,468	Eutelsat Communications SA		28,965
	3,884	Hakuhodo DY Holdings, Inc.		59,699
	5,358	Informa PLC		50,106
	391	Liberty Broadband Corp. Class C*		34,994
	826	Liberty Global PLC Class A*		21,765
	1,092	Liberty Global PLC Class C*		27,726
	7,467	Liberty Media Corp.-Liberty SiriusXM Class A*		305,400
	6,969	Liberty Media Corp.-Liberty SiriusXM Class C*		287,192
	16,355	News Corp. Class A		212,942
	2,422	Omnicom Group, Inc.		183,345
	19,412	Pearson PLC		218,866
	1,658	Publicis Groupe SA		91,777
	2,760	RTL Group SA		155,538
	10,443	Schibsted ASA Class B		386,884
	1,481	SES SA		29,750
	1,717	Shaw Communications, Inc. Class B		35,411
	25,317	Sirius XM Holdings, Inc.		150,130
	177	Telenet Group Holding NV		7,978
	2,606	The Interpublic Group of Cos., Inc.		60,016
	8,405	WPP PLC		92,141
				3,961,868
Metals & Mining – 0.3%
	44,809	Alumina Ltd.		80,888
	16,583	Anglo American PLC		439,809
	3,920	Antofagasta PLC		48,572
	11,926	ArcelorMittal		273,239
	15,395	BHP Group Ltd.		406,604
	6,867	BHP Group PLC		159,288
	20,845	BlueScope Steel Ltd.		198,155
	4,040	Boliden AB		110,450
	17,087	Freeport-McMoRan, Inc.		220,422
	51,319	Glencore PLC*		206,763
	3,360	JFE Holdings, Inc.		58,736
	2,143	Maruichi Steel Tube Ltd.		64,605
	3,317	Newcrest Mining Ltd.		57,044
	1,640	Newmont Mining Corp.		55,957
	2,356	Nippon Steel & Sumitomo Metal Corp.		42,491
	743	Nucor Corp.		45,003
	1,668	Rio Tinto Ltd.		113,685
	5,293	Rio Tinto PLC		304,066
	90,801	South32 Ltd.		253,826
	3,260	Steel Dynamics, Inc.		121,663
	1,620	Sumitomo Metal Mining Co. Ltd.		47,495
	9,951	Teck Resources Ltd. Class B		222,999
				3,531,760
Common Stocks – (continued)
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	12,649	AGNC Investment Corp.		223,255
	27,947	Annaly Capital Management, Inc.		283,103
				506,358
Multi-Utilities – 0.3%
	9,228	AGL Energy Ltd.		138,974
	1,810	Ameren Corp.		128,945
	1,539	Atco Ltd. Class I		51,797
	1,900	Canadian Utilities Ltd. Class A		50,519
	3,149	CenterPoint Energy, Inc.		94,911
	74,415	Centrica PLC		123,062
	2,118	CMS Energy Corp.		115,219
	1,478	Consolidated Edison, Inc.		121,861
	2,991	Dominion Energy, Inc.		221,603
	1,347	DTE Energy Co.		166,435
	7,652	E.ON SE		84,162
	9,988	Engie SA		150,477
	2,016	Innogy SE(a)		93,192
	12,540	National Grid PLC		141,319
	3,463	NiSource, Inc.		93,432
	4,231	Public Service Enterprise Group, Inc.		248,825
	18,150	RWE AG		442,819
	548	Sempra Energy		66,001
	2,341	Suez		29,916
	3,578	Veolia Environnement SA		78,507
	2,000	WEC Energy Group, Inc.		152,560
				2,794,536
Multiline Retail – 0.5%
	6,603	Dollar General Corp.		782,191
	6,508	Dollar Tree, Inc.*		626,916
	10,696	Dollarama, Inc.		289,518
	8,752	Isetan Mitsukoshi Holdings Ltd.		87,134
	10,564	Kohl’s Corp.		713,387
	22,939	Macy’s, Inc.		568,658
	106,047	Marks & Spencer Group PLC		383,233
	1,899	Marui Group Co. Ltd.		33,460
	4,895	Next PLC		330,136
	10,559	Nordstrom, Inc.		499,229
	1,243	Ryohin Keikaku Co. Ltd.		294,081
	9,897	Target Corp.		718,918
	13,492	Wesfarmers Ltd.		318,064
				5,644,925
Oil, Gas & Consumable Fuels – 1.1%
	3,804	Aker BP ASA		128,943
	700	Anadarko Petroleum Corp.		30,450
	80,840	BP PLC		573,099
	1,320	Cabot Oil & Gas Corp.		32,498
	2,034	Caltex Australia Ltd.		41,244
	12,734	Cameco Corp.		147,763
	3,642	Canadian Natural Resources Ltd.		103,452
	13,280	Cenovus Energy, Inc.		121,704
	1,372	Cheniere Energy, Inc.*		88,425
	8,172	Chevron Corp.		977,208
	5,868	ConocoPhillips		398,144

18 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	1,954	Continental Resources, Inc.*	$	87,168
	9,975	Enagas SA		284,123
	5,468	Enbridge, Inc.		202,274
	20,551	Eni SpA		354,419
	2,545	EOG Resources, Inc.		239,230
	9,379	Equinor ASA		210,952
	16,229	Exxon Mobil Corp.		1,282,578
	2,580	Galp Energia SGPS SA		42,300
	1,483	Hess Corp.		85,791
	7,889	HollyFrontier Corp.		403,917
	15,776	Husky Energy, Inc.		175,389
	5,694	Imperial Oil Ltd.		154,168
	1,892	Inter Pipeline Ltd.		30,423
	8,112	Kinder Morgan, Inc.		155,426
	621	Koninklijke Vopak NV		30,335
	3,377	Lundin Petroleum AB		110,639
	5,736	Marathon Oil Corp.		95,218
	10,350	Marathon Petroleum Corp.		641,803
	1,356	Neste Oyj		130,382
	4,311	Occidental Petroleum Corp.		285,173
	14,231	Oil Search Ltd.		84,415
	1,662	OMV AG		87,497
	2,821	ONEOK, Inc.		181,277
	30,730	Origin Energy Ltd.*		160,635
	2,204	Pembina Pipeline Corp.		80,660
	6,083	Phillips 66		586,158
	285	Pioneer Natural Resources Co.		40,171
	20,583	Repsol SA		354,229
	21,278	Royal Dutch Shell PLC Class A		663,278
	17,704	Royal Dutch Shell PLC Class B		555,379
	45,112	Santos Ltd.		221,409
	5,602	Showa Shell Sekiyu K.K		84,060
	15,612	Snam SpA		77,066
	7,392	Suncor Energy, Inc.		254,798
	901	Targa Resources Corp.		36,256
	3,219	The Williams Cos., Inc.		85,915
	9,884	TOTAL SA		562,584
	1,223	TransCanada Corp.		54,693
	6,172	Valero Energy Corp.		503,388
	1,461	Washington H Soul Pattinson & Co. Ltd.		30,517
	4,501	Woodside Petroleum Ltd.		115,345
				12,464,368
Paper & Forest Products – 0.1%
	1,631	Mondi PLC		37,338
	16,187	Oji Holdings Corp.		96,692
	3,853	Stora Enso Oyj Class R		51,606
	3,938	UPM-Kymmene Oyj		118,746
	4,527	West Fraser Timber Co. Ltd.		222,815
				527,197
Personal Products – 0.4%
	1,847	Beiersdorf AG		171,296
	4,066	Kao Corp.		308,274
	1,051	Kobayashi Pharmaceutical Co. Ltd.		85,009
Common Stocks – (continued)
Personal Products – (continued)
	2,297	Kose Corp.		372,873
	2,636	L’Oreal SA		664,825
	9,147	Pola Orbis Holdings, Inc.		257,673
	7,074	Shiseido Co. Ltd.		467,892
	5,017	The Estee Lauder Cos., Inc. Class A		787,368
	8,736	Unilever NV		473,121
	7,002	Unilever PLC		372,771
				3,961,102
Pharmaceuticals – 1.3%
	4,495	Allergan PLC		619,006
	24,384	Astellas Pharma, Inc.		378,064
	5,001	AstraZeneca PLC		407,547
	9,092	Aurora Cannabis, Inc.*		68,538
	9,543	Bausch Health Cos., Inc.*		226,691
	6,509	Bayer AG		520,010
	8,570	Bristol-Myers Squibb Co.		442,726
	885	Canopy Growth Corp.*		41,952
	1,032	Chugai Pharmaceutical Co. Ltd.		70,246
	2,483	Daiichi Sankyo Co. Ltd.		93,027
	856	Eisai Co. Ltd.		70,743
	4,750	Eli Lilly & Co.		599,878
	24,168	GlaxoSmithKline PLC		481,686
	4,251	H. Lundbeck A/S		194,070
	2,171	Ipsen SA		300,170
	1,841	Jazz Pharmaceuticals PLC*		257,795
	14,205	Johnson & Johnson		1,940,971
	12,161	Merck & Co., Inc.		988,568
	1,729	Merck KGaA		178,671
	2,215	Mitsubishi Tanabe Pharma Corp.		31,950
	14,125	Mylan NV*		372,759
	2,277	Nektar Therapeutics*		92,310
	7,771	Novartis AG		708,202
	8,319	Novo Nordisk A/S Class B		407,844
	7,057	Orion Oyj Class B		251,946
	1,073	Otsuka Holdings Co. Ltd.		44,775
	8,373	Perrigo Co. PLC		407,765
	31,938	Pfizer, Inc.		1,384,512
	2,657	Recordati SpA		99,864
	3,520	Roche Holding AG		976,885
	4,312	Sanofi		359,575
	917	Shionogi & Co. Ltd.		58,678
	5,295	Sumitomo Dainippon Pharma Co. Ltd.		130,874
	671	Taisho Pharmaceutical Holdings Co. Ltd.		68,165
	1,134	Takeda Pharmaceutical Co. Ltd.		45,636
	29,725	Teva Pharmaceutical Industries Ltd. ADR*		500,272
	2,965	UCB SA		248,410
	4,709	Zoetis, Inc.		443,729
				14,514,510
Professional Services – 0.3%
	1,630	Adecco Group AG		84,432
	2,147	Bureau Veritas SA		51,278
	538	CoStar Group, Inc.*		246,151

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Professional Services – (continued)
	287	Equifax, Inc.	$	31,429
	9,899	Experian PLC		257,519
	2,273	IHS Markit Ltd.*		120,855
	678	Intertek Group PLC		45,747
	2,144	ManpowerGroup, Inc.		180,632
	5,355	Nielsen Holdings PLC		140,301
	5,776	Persol Holdings Co. Ltd.		99,317
	4,214	Randstad NV		224,710
	12,727	Recruit Holdings Co. Ltd.		356,804
	9,756	RELX PLC		223,956
	8,235	Robert Half International, Inc.		561,545
	130	SGS SA		331,009
	802	Teleperformance		143,105
	1,787	Thomson Reuters Corp.		97,175
	2,034	Verisk Analytics, Inc.*		257,159
	4,652	Wolters Kluwer NV		306,550
				3,759,674
Real Estate Management & Development – 0.3%
	9,814	Aroundtown SA		82,407
	12,853	CapitaLand Ltd.		32,468
	10,161	CBRE Group, Inc. Class A*		505,611
	17,722	CK Asset Holdings Ltd.		147,040
	1,281	Daito Trust Construction Co. Ltd.		177,529
	7,041	Daiwa House Industry Co. Ltd.		218,060
	2,557	Deutsche Wohnen SE		118,996
	2,069	First Capital Realty, Inc.		33,678
	6,226	Henderson Land Development Co. Ltd.		35,202
	4,960	Hongkong Land Holdings Ltd.		35,576
	4,221	Hulic Co. Ltd.		38,870
	3,782	Jones Lang LaSalle, Inc.		624,484
	39,221	Kerry Properties Ltd.		163,858
	1,932	Mitsubishi Estate Co. Ltd.		33,189
	1,397	Mitsui Fudosan Co. Ltd.		33,152
	25,527	New World Development Co. Ltd.		40,756
	1,599	Nomura Real Estate Holdings, Inc.		30,303
	2,070	Sumitomo Realty & Development Co. Ltd.		77,480
	3,935	Sun Hung Kai Properties Ltd.		65,241
	12,798	Swire Pacific Ltd. Class A		152,251
	12,673	Swire Properties Ltd.		50,872
	670	Swiss Prime Site AG*		56,479
	6,849	Tokyu Fudosan Holdings Corp.		37,907
	11,797	UOL Group Ltd.		57,778
	2,863	Vonovia SE		138,573
	5,636	Wharf Real Estate Investment Co. Ltd.		39,572
	5,604	Wheelock & Co. Ltd.		37,975
				3,065,307
Road & Rail – 0.3%
	127	AMERCO		48,843
	9,277	Aurizon Holdings Ltd.		29,764
	2,620	Canadian National Railway Co.		224,819
	748	Canadian Pacific Railway Ltd.		154,562
	1,242	Central Japan Railway Co.		278,708
	16,747	ComfortDelGro Corp. Ltd.		29,558
Common Stocks – (continued)
Road & Rail – (continued)
	3,104	CSX Corp.		225,568
	1,578	DSV A/S		131,253
	775	East Japan Railway Co.		74,235
	1,598	Hankyu Hanshin Holdings, Inc.		58,013
	726	J.B. Hunt Transport Services, Inc.		78,168
	715	Kansas City Southern		77,678
	901	Keio Corp.		52,944
	1,742	Keisei Electric Railway Co. Ltd.		59,474
	1,884	Kintetsu Group Holdings Co. Ltd.		85,122
	1,923	Kyushu Railway Co.		65,849
	12,338	MTR Corp. Ltd.		70,894
	2,714	Nagoya Railroad Co. Ltd.		74,772
	1,088	Norfolk Southern Corp.		195,078
	2,507	Odakyu Electric Railway Co. Ltd.		58,590
	809	Old Dominion Freight Line, Inc.		121,973
	1,810	Seibu Holdings, Inc.		32,226
	1,623	Tobu Railway Co. Ltd.		45,344
	5,634	Tokyu Corp.		95,504
	2,775	Union Pacific Corp.		465,367
	1,689	West Japan Railway Co.		127,268
				2,961,574
Semiconductors & Semiconductor Equipment – 0.6%
	20,696	Advanced Micro Devices, Inc.*		486,977
	1,008	Analog Devices, Inc.		107,816
	6,569	Applied Materials, Inc.		251,855
	7,149	ASM Pacific Technology Ltd.		75,762
	1,374	ASML Holding NV		251,355
	1,268	Broadcom, Inc.		349,157
	266	Disco Corp.		36,806
	1,611	Infineon Technologies AG		35,405
	28,070	Intel Corp.		1,486,587
	1,426	KLA-Tencor Corp.		164,689
	1,694	Lam Research Corp.		298,296
	5,355	Marvell Technology Group Ltd.		106,832
	1,545	Maxim Integrated Products, Inc.		84,094
	533	Microchip Technology, Inc.		46,302
	16,383	Micron Technology, Inc.*		669,737
	3,985	NVIDIA Corp.		614,726
	2,957	NXP Semiconductors NV		270,033
	11,810	ON Semiconductor Corp.*		253,679
	2,884	Qorvo, Inc.*		202,284
	2,343	QUALCOMM, Inc.		125,093
	6,091	Renesas Electronics Corp.*		35,798
	2,241	Skyworks Solutions, Inc.		183,000
	5,879	STMicroelectronics NV		96,085
	2,460	Sumco Corp.		31,364
	8,023	Texas Instruments, Inc.		848,673
	374	Tokyo Electron Ltd.		51,127
	856	Xilinx, Inc.		107,257
				7,270,789
Software – 1.3%
	3,102	Adobe, Inc.*		814,275
	1,080	ANSYS, Inc.*		191,441
	2,565	Autodesk, Inc.*		418,121

20 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Shares		Description	Value
Common Stocks – (continued)
Software – (continued)
	10,941	Cadence Design Systems, Inc.*	$	626,372
	1,639	CDK Global, Inc.		95,078
	457	Check Point Software Technologies Ltd.*		55,891
	4,874	Citrix Systems, Inc.		514,207
	756	Constellation Software, Inc.		645,572
	1,360	Dassault Systemes SE		198,830
	6,008	Fortinet, Inc.*		521,434
	4,336	Intuit, Inc.		1,071,556
	3,265	Micro Focus International PLC		81,165
	43,208	Microsoft Corp.		4,840,592
	492	Nice Ltd.*		58,031
	797	Open Text Corp.		30,210
	14,947	Oracle Corp.		793,054
	1,136	Palo Alto Networks, Inc.*		279,763
	828	PTC, Inc.*		76,855
	2,687	Red Hat, Inc.*		490,646
	3,626	salesforce.com, Inc.*		593,395
	2,323	SAP SE		248,623
	2,319	ServiceNow, Inc.*		555,261
	2,043	Splunk, Inc.*		277,603
	2,163	SS&C Technologies Holdings, Inc.		133,197
	18,422	Symantec Corp.		414,311
	2,098	Synopsys, Inc.*		213,325
	1,069	Tableau Software, Inc. Class A*		141,001
	1,272	Temenos AG*		183,893
	26,176	The Sage Group PLC		229,618
	712	Trend Micro, Inc.		35,220
	1,096	VMware, Inc. Class A		188,304
	712	Workday, Inc. Class A*		140,926
				15,157,770
Specialty Retail – 1.0%
	954	ABC-Mart, Inc.		54,658
	3,591	Advance Auto Parts, Inc.		580,952
	795	AutoZone, Inc.*		746,481
	11,904	Best Buy Co., Inc.		819,471
	2,382	Burlington Stores, Inc.*		404,321
	555	CarMax, Inc.*		34,466
	1,614	Dufry AG*		163,484
	758	Fast Retailing Co. Ltd.		356,537
	27,862	Hennes & Mauritz AB Class B		422,300
	721	Hikari Tsushin, Inc.		129,298
	13,241	Industria de Diseno Textil SA		399,694
	18,754	Kingfisher PLC		60,280
	14,937	L Brands, Inc.		390,453
	7,869	Lowe’s Cos., Inc.		826,953
	1,181	Nitori Holdings Co. Ltd.		147,517
	1,601	O’Reilly Automotive, Inc.*		595,508
	7,195	Ross Stores, Inc.		682,302
	832	Shimamura Co. Ltd.		70,368
	15,850	The Gap, Inc.		402,590
	8,104	The Home Depot, Inc.		1,500,375
	16,556	The TJX Cos., Inc.		849,157
	2,354	Tiffany & Co.		223,724
	6,239	Tractor Supply Co.		594,889
Common Stocks – (continued)
Specialty Retail – (continued)
	1,847	Ulta Salon, Cosmetics & Fragrance, Inc.*		577,169
	2,167	USS Co. Ltd.		39,539
	26,353	Yamada Denki Co. Ltd.		127,296
				11,199,782
Technology Hardware, Storage & Peripherals – 0.7%
	30,413	Apple, Inc.		5,266,011
	3,649	Brother Industries Ltd.		66,826
	4,852	Canon, Inc.		139,363
	9,270	Dell Technologies Class C*		517,452
	3,575	FUJIFILM Holdings Corp.		160,153
	4,910	Hewlett Packard Enterprise Co.		80,426
	16,410	HP, Inc.		323,769
	7,226	Konica Minolta, Inc.		70,275
	2,902	NetApp, Inc.		189,210
	3,306	Ricoh Co. Ltd.		33,643
	4,839	Seagate Technology PLC		225,304
	6,644	Western Digital Corp.		334,193
	8,611	Xerox Corp.		266,080
				7,672,705
Textiles, Apparel & Luxury Goods – 0.7%
	1,739	adidas AG		422,139
	12,842	Asics Corp.		171,641
	20,891	Burberry Group PLC		523,770
	8,972	Capri Holdings Ltd.		409,123
	1,142	Cie Financiere Richemont SA		87,250
	1,036	EssilorLuxottica SA		125,381
	914	Hermes International		578,808
	4,713	HUGO BOSS AG		348,559
	504	Kering SA		274,964
	4,828	Lululemon Athletica, Inc.*		726,228
	1,767	LVMH Moet Hennessy Louis Vuitton SE		606,414
	9,626	Moncler SpA		369,104
	11,483	NIKE, Inc. Class B		984,438
	2,304	Pandora A/S		120,902
	559	Puma SE		315,056
	2,280	PVH Corp.		261,835
	3,544	Ralph Lauren Corp.		443,603
	7,840	Tapestry, Inc.		273,930
	1,137	The Swatch Group AG		158,285
	16,368	Under Armour, Inc. Class A*		369,098
	17,466	Under Armour, Inc. Class C*		350,717
	5,879	VF Corp.		513,589
				8,434,834
Tobacco – 0.2%
	3,211	Altria Group, Inc.		168,289
	9,699	British American Tobacco PLC		355,595
	7,683	Imperial Brands PLC		256,015
	2,193	Japan Tobacco, Inc.		55,851
	7,204	Philip Morris International, Inc.		626,316
	6,370	Swedish Match AB		298,544
				1,760,610

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Trading Companies & Distributors – 0.3%
	1,527	AerCap Holdings NV*	$	68,929
	1,171	Brenntag AG		58,140
	2,855	Bunzl PLC		89,830
	9,033	Fastenal Co.		568,537
	3,916	Ferguson PLC		270,552
	8,606	HD Supply Holdings, Inc.*		370,144
	12,972	ITOCHU Corp.		233,015
	24,929	Marubeni Corp.		178,103
	12,804	Mitsubishi Corp.		361,563
	8,540	Mitsui & Co. Ltd.		134,413
	4,984	MonotaRO Co. Ltd.		117,942
	16,778	Rexel SA		208,961
	13,514	Sumitomo Corp.		194,431
	3,740	Toyota Tsusho Corp.		119,155
	1,174	United Rentals, Inc.*		158,009
	1,954	W.W. Grainger, Inc.		595,521
				3,727,245
Transportation Infrastructure – 0.0%
	238	Aena SME SA(a)		42,446
	359	Aeroports de Paris		69,643
	5,885	Auckland International Airport Ltd.		31,116
	393	Fraport AG Frankfurt Airport Services Worldwide		31,579
	3,702	Getlink SE		54,645
	4,911	Kamigumi Co. Ltd.		114,078
	5,980	Sydney Airport		30,556
	10,774	Transurban Group		95,325
				469,388
Water Utilities – 0.0%
	1,790	American Water Works Co., Inc.		181,900
	1,671	Severn Trent PLC		44,759
	4,329	United Utilities Group PLC		48,241
				274,900
Wireless Telecommunication Services – 0.1%
	8,737	KDDI Corp.		211,170
	600	Millicom International Cellular SA SDR*		36,112
	9,425	NTT DOCOMO, Inc.		219,412
	2,080	Rogers Communications, Inc. Class B		114,926
	578	SoftBank Group Corp.		53,635
	5,194	Sprint Corp.*		32,982
	4,117	T-Mobile US, Inc.*		297,289
	133,091	Vodafone Group PLC		237,081
				1,202,607
	TOTAL COMMON STOCKS
	(Cost $283,558,007)		$	302,309,935
Shares		Rate	Value
Preferred Stocks – 0.0%
Automobiles – 0.0%
	Bayerische Motoren Werke AG
	440	6.270%	$	32,534
	Volkswagen AG
	211	2.750		36,180
				68,714
Chemicals – 0.0%
	FUCHS PETROLUB SE
	3,146	2.250		140,469
Health Care Equipment & Supplies – 0.0%
	Sartorius AG
	348	0.340		55,162
	TOTAL PREFERRED STOCKS
	(Cost $298,010)		$	264,345
Shares		Description	Value
Exchange Traded Funds – 59.0%
	943,269	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(b)	$	30,778,867
	2,808,698	iShares Core MSCI Emerging Markets ETF		143,580,642
	2,483,251	iShares MSCI EAFE ETF		159,598,542
	1,312,784	iShares MSCI EAFE Small-Cap ETF		75,025,606
	1,006,078	Vanguard S&P 500 ETF		257,626,393
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $614,447,429)		$	666,610,050
Shares		Dividend Rate	Value
Investment Company(b) – 9.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	104,405,858	2.395%	$	104,405,858
	(Cost $104,405,858)
	TOTAL INVESTMENTS – 95.0%
	(Cost $1,002,709,304)		$	1,073,590,188
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 5.0%			56,434,838
	NET ASSETS – 100.0%		$	1,130,025,026

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents affiliated funds.

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ADR	—American Depositary Receipt
ETF	—Exchange Traded Fund
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SDR	—Special Drawing Rights

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

	Currency Purchased		Currency Sold
Counterparty					Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	11,726,692	AUD	16,240,000		03/20/19	$	202,582
	USD	14,749,025	CHF	14,490,000		03/20/19		202,458
	USD	2,902,345	DKK	18,870,000		03/20/19		20,218
	USD	53,175,006	EUR	46,300,000		03/20/19		419,883
	USD	6,100,077	HKD	47,600,000		03/20/19		31,686
	USD	1,581,189	JPY	175,422,474		03/04/19		6,929
	USD	3,038,638	JPY	329,000,000		03/20/19		82,224
	USD	1,195,490	NOK	10,150,000		03/20/19		8,173
	USD	337,681	NZD	490,000		03/20/19		3,845
	USD	4,607,834	SEK	41,175,000		03/20/19		142,440
	USD	111,504	SGD	150,000		03/20/19		521
TOTAL							$	1,120,959

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	CAD	460,452	USD	350,138		03/04/19	$	(205	)
	USD	5,177,379	CAD	6,930,000		03/20/19		(91,429	)
	USD	28,052,179	GBP	21,810,000		03/20/19		(906,209	)
	USD	463,706	ILS	1,720,000		03/20/19		(11,458	)
	USD	37,527,901	JPY	4,178,000,000		03/20/19		(15,856	)
	USD	34,910	NOK	300,000		03/20/19		(183	)
	USD	40,451	NZD	60,000		03/20/19		(427	)
	USD	2,147,392	SGD	2,930,000		03/20/19		(20,474	)
TOTAL							$	(1,046,241	)

FUTURES CONTRACTS — At February 28, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-mini Russell 2000 Index		1,448		03/15/19	$	114,066,200	$	13,231,452
S&P Toronto Stock Exchange 60 Index		164		03/14/19		23,738,531		1,926,861
TOTAL FUTURES CONTRACTS							$	15,158,313

24 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At February 28, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	97.13 USD		03/18/2019		917	$	2,292,500	$	630,438	$	1,940,158	$	(1,309,720	)
Eurodollar Futures	97.88 USD		03/18/2019		99		247,500		619		143,779		(143,160	)
Eurodollar Futures	98.00 USD		03/18/2019		141		352,500		881		296,584		(295,703	)
Eurodollar Futures	99.00 USD		03/18/2019		5,264		13,160,000		32,900		372,335		(339,435	)
Eurodollar Futures	96.88 USD		06/17/2019		1,498		3,745,000		1,947,400		2,509,057		(561,657	)
Eurodollar Futures	97.75 USD		06/17/2019		166		415,000		1,038		357,871		(356,833	)
Eurodollar Futures	99.00 USD		06/17/2019		2,194		5,485,000		13,713		180,981		(167,268	)
Eurodollar Futures	97.75 USD		09/16/2019		337		842,500		12,637		211,403		(198,766	)
Eurodollar Futures	96.75 USD		03/16/2020		211		527,500		361,337		237,864		123,473
Eurodollar Futures	97.38 USD		03/16/2020		2,513		6,282,500		1,287,912		1,547,244		(259,332	)
Eurodollar Futures	97.13 USD		06/15/2020		383		957,500		414,119		297,714		116,405
Eurodollar Futures	97.50 USD		06/15/2020		2,368		5,920,000		1,272,800		1,504,785		(231,985	)
Eurodollar Futures	97.13 USD		09/14/2020		329		822,500		407,138		300,976		106,162
Eurodollar Futures	97.50 USD		09/14/2020		2,616		6,540,000		1,798,500		2,030,688		(232,188	)
Eurodollar Futures	97.50 USD		12/14/2020		2,462		6,155,000		1,923,437		2,348,039		(424,602	)
Eurodollar Futures	97.50 USD		03/15/2021		2,373		5,932,500		2,106,038		2,675,758		(569,720	)
Eurodollar Futures	97.50 USD		06/14/2021		2,165		5,412,500		2,083,812		2,525,624		(441,812	)
					26,036	$	65,090,000	$	14,294,719	$	19,480,860	$	(5,186,141	)
Puts
Eurodollar Futures	100.00 USD		03/16/2020		3,202		8,005,000		20,572,850		20,360,870		211,980
TOTAL PURCHASED OPTIONS CONTRACTS					29,238	$	73,095,000	$	34,867,569	$	39,841,730	$	(4,974,161	)

Abbreviations:

MS & Co. Int. PLC—Morgan Stanley & Co. International  PLC

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Assets and Liabilities

February 28, 2019 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $866,144,306)	$	938,405,463
Investments of affiliated issuers, at value (cost $136,564,998)		135,184,725
Purchased options (cost $39,841,730)		34,867,569
Cash		17,636,672
Foreign currencies, at value (cost $443,335)		438,076
Unrealized gain on forward foreign currency exchange contracts		1,120,959
Receivables:
Investments sold		18,808,657
Collateral on certain derivative contracts(a)		4,707,666
Dividends		730,935
Foreign tax reclaims		61,998
Reimbursement from investment adviser		21,819
Other assets		15,593
Total assets		1,152,000,132
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		1,046,241
Variation margin on futures		615,335
Payables:
Fund shares redeemed		10,500,000
Investments purchased		9,512,939
Transfer Agency fees		17,273
Accrued expenses		283,318
Total liabilities		21,975,106
Net Assets:
Paid-in capital		1,081,856,557
Total distributable earnings		48,168,469
NET ASSETS	$	1,130,025,026
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		99,352,003
Institutional		$11.37

(a) Includes amount segregated for initial margin and/or collateral on futures contracts and forward foreign currecncy exchange contracts of $1,067,666 and $3,640,000, respectively.

26 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $102,895)	$	10,083,423
Dividends — affiliated issuers		1,318,509
Securities lending income		163,950
Interest		15,323
Total investment income		11,581,205
Expenses:
Management fees		1,632,122
Custody, accounting and administrative services		158,192
Transfer Agency fees		108,808
Professional fees		61,796
Printing and mailing costs		26,706
Registration fees		12,804
Trustee fees		8,959
Prime Broker Fees		1,770
Other		15,954
Total expenses		2,027,111
Less — expense reductions		(1,760,819	)
Net expenses		266,292
NET INVESTMENT INCOME		11,314,913
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(11,662,539	)
Purchased options		1,246,983
Futures contracts		(20,956,784	)
Forward foreign currency exchange contracts		6,661,084
Foreign currency transactions		5,192
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(24,133,738	)
Investments — affiliated issuers		(226,385	)
Purchased options		(1,199,244	)
Futures contracts		10,874,670
Forward foreign currency exchange contracts		(3,204,236	)
Foreign currency translation		(10,723	)
Net realized and unrealized loss		(42,605,720	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,290,807	)

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	11,314,913		$	17,014,431
Net realized gain (loss)		(24,706,064	)		11,054,603
Net change in unrealized gain (loss)		(17,899,656	)		48,653,598
Net increase (decrease) in net assets resulting from operations		(31,290,807	)		76,722,632
Distributions to shareholders:
From distributable earnings		(39,877,290	)		(21,487,711	)(a)
From share transactions:
Proceeds from sales of shares		90,890,000			808,670,005
Reinvestment of distributions		39,877,290			21,487,711
Cost of shares redeemed		(113,850,553	)		(143,186,818	)
Net increase in net assets resulting from share transactions		16,916,737	��		686,970,898
TOTAL INCREASE (DECREASE)		(54,251,360	)		742,205,819
Net assets:(b)
Beginning of period		1,184,276,386			442,070,567
End of period	$	1,130,025,026		$	1,184,276,386

(a) Prior year information has been revised to conform with current year presentation. Distributions to shareholders for the Fund consisted of $(8,851,460) of net investment income and $(12,636,251) of net realized gains for the fiscal year ended August 31, 2018.

(b) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $11,876,859 as of August 31, 2018.

28 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Global Managed Beta Fund Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016			Period Ended October 31, 2015(a)
Per Share Data
Net asset value, beginning of period	$	12.23		$	11.33		$	9.84		$	9.68		$	10.00
Net investment income(b)		0.12			0.25			0.15			0.18			0.05
Net realized and unrealized gain (loss)		(0.59	)		1.00			1.54			0.11			(0.37	)
Total from investment operations		(0.47	)		1.25			1.69			0.29			(0.32	)
Distributions to shareholders from net investment income		(0.27	)		(0.14	)		(0.20	)		(0.11	)		—
Distributions to shareholders from net realized gains		(0.12	)		(0.21	)		—			(0.02	)		—
Total distributions		(0.39	)		(0.35	)		(0.20	)		(0.13	)		—
Net asset value, end of period	$	11.37		$	12.23		$	11.33		$	9.84		$	9.68
Total return(c)		(3.38	)%		11.18	%		17.43	%		3.08	%		(3.20	)%
Net assets, end of period (in 000s)	$	1,130,025		$	1,184,276		$	442,071		$	144,246		$	136,984
Ratio of net expenses to average net assets(d)		0.05	%(e)		0.07	%		0.10	%(e)		0.17	%		0.37	%(e)
Ratio of total expenses to average net assets(d)		0.37	%(e)		0.39	%		0.42	%(e)		0.48	%		0.68	%(e)
Ratio of net investment income to average net assets		2.08	%(e)		2.07	%		1.71	%(e)		1.90	%		1.04	%(e)
Portfolio turnover rate(f)		14	%		18	%		44	%		37	%		—	%(g)

* The Fund changed its fiscal year end from October 31 to August 31.

(a) Commenced operations April 30, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(g) Portfolio Turnover rounds to less than 0.5%.

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements

February 28, 2019 (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 anopen-end management investment company. Goldman Sachs Global Managed Beta Fund (the “Fund”) is a diversified fund that currently offers one class of shares — Institutional Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/orpro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies 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 theex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

30

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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 GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2.

Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share 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.

31

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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 aremarked-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.

Aforward foreign currency exchange contractis a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at apre-determined price at a future date. All forward foreign currency exchange contracts aremarked-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. 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 subsequentlymarked-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 subsequentlymarked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent 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.

32

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

GLOBAL MANAGED BETA
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	86,148		$	—
Asia		927,325		32,245,514			—
Australia and Oceania		194,839		7,578,701			—
Europe		6,957,131		61,107,104			—
North America		193,168,787		71,596			—
South America		188,563		48,572			—
Exchange Traded Funds		666,610,050		—			—
Investment Company		104,405,858		—			—
Total	$	972,452,553	$	101,137,635		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—	$	1,120,959		$	—
Futures Contracts(b)		15,158,313		—			—
Options Purchased		34,867,569		—			—
Total	$	50,025,882	$	1,120,959		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(1,046,241	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	34,867,569		—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,120,959		Payable for unrealized loss on forward foreign currency exchange contracts		(1,046,241	)
Equity	Variation margin on future contracts		15,158,313	(a)	—		—
Total		$	51,146,841			$	(1,046,241	)

(a) Represents unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

33

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest	Net realized gain (loss) on purchased options/ Net change in unrealized gain (loss) on purchased options	$	1,246,983		$	(1,199,244	)		21
Currency	Net realized gain (loss) on forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		6,661,084			(3,204,236	)		25
Equity	Net realized gain (loss) on futures contracts/ Net change in unrealized gain (loss) on futures contracts		(20,956,784	)		10,874,670			1,614
Total		$	(13,048,717	)	$	6,471,190			1,660

(a) Average number of contracts is based on the average of month end balances for the six months ended February 28, 2019.

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 Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts.Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractualnetting/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.

34

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.30% of the Fund’s average daily net assets.

GSAM has agreed to waive all management fees payable by the Fund, except those management fees it earns from the Fund’s investment of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”). This arrangement will remain in place through at least December 28, 2019 and prior to such date GSAM may not terminate this arrangement without the approval of the Trustees. For the six months ended February 28, 2019, GSAM waived $1,632,122 in management fees.

B.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rate of 0.02% of the average daily net assets of Institutional Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.204%. For the period ended February 28, 2019, the Fund did not have any other expense reimbursements from GSAM.

The Fund invests in Institutional Shares of the Government Money Market Fund and the shares of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF Fund, which are affiliated Underlying Funds. GSAM has agreed to reduce or limit “Other Expenses” in an amount equal to the management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests. For the six months ended February 28, 2019, GSAM waived $128,697 of the Fund’s management fee.

These Other Expense limitations will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

D.  Line of Credit Facility — As of February 28, 2019, the Fund participated in a $770,000,000 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 February 28, 2019, the Fund did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — The table below shows the transaction in and earnings from investments in the Underlying Funds for the six months ended February 28, 2019.

Underlying Fund	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in unrealized gain (loss)			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares		$84,833,299	$	186,653,529	$	(167,080,970	)	$	—		$	104,405,858		104,405,858	$	931,080
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		31,005,252		—		—			(226,385	)		30,778,867		943,269		387,429

35

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were $137,879,483 and $145,012,534 respectively.

7. SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invested 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% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying 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 may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of February 28, 2019.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned by the Fund for the six months ended February 28, 2019, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2019:

Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2019
$	532,050	$	73,957,931	$	(74,489,981	)	$	—

36

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

8. TAX INFORMATION

As of the Fund’s most recent fiscal year ended August 31, 2018 the Fund’s certain timing differences on a tax basis were as follows:

Timing differences (Straddle Loss Deferral) $ (98,995 ) 

As of February 28, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	1,008,635,307
Gross unrealized gain		137,575,750
Gross unrealized loss		(72,620,869	)
Net unrealized gains (losses)	$	64,954,881

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, partnership investments, and passive foreign investment company investments.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If the Fund invests in foreign securities the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets

37

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

9. OTHER RISKS (continued)

may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If the 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 exchange-traded fund (“ETF”), the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use ofnon-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, 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 or otherwise maintains a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Sector Risk— To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

38

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

12. SUMMARY OF SHARE TRANSACTIONS

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		8,553,279		$	90,890,000			67,979,907		$	808,670,005
Reinvestment of distributions		3,834,358			39,877,290			1,818,458			21,487,711
Shares redeemed		(9,905,250	)		(113,850,553	)		(11,945,951	)		(143,186,818	)
NET INCREASE		2,482,387		$	16,916,737			57,852,414		$	686,970,898

39

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited)

As a shareholder of Institutional Shares of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019, which represents a period of 181 days out of a 365 day year.

Actual Expenses— The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes— The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs

Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6  months ended 2/28/19*
Institutional
Actual	$	1,000.00	$	966.20		$	0.10
Hypothetical 5% return		1,000.00		1,024.70	+		0.10

+ 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 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 February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period was 0.05%.

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

Investor Funds^SM

∎ Investor Money Market Fund³

∎ InvestorTax-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 andTax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short DurationTax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S.Tax-Managed Equity Fund

∎ InternationalTax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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-ManagerNon-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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list coversopen-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about ourclosed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels 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 Treasurerand 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 atwww.GSAMFUNDS.com to obtain the most recentmonth-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available (I) without charge, upon request by calling1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Diversification does not protect an investor from market risk and does not ensure a profit.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling1-800-621-2550.

© 2019 Goldman Sachs. All rights reserved. 162452-OTU-960951 MGDBETASAR-19/136

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	GlobalTax-Aware Equity Portfolios
	Enhanced Dividend Global Equity Portfolio
	Tax-Advantaged Global Equity Portfolio

It is our intention that beginning on January 1, 2021, paper copies of the Portfolios’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Portfolio or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Portfolio electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Portfolio directly with the Portfolio’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Portfolio through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Portfolios’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs GlobalTax-Aware Equity Portfolios

∎ ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

∎ TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

TABLE OF CONTENTS
Market Review	1
Portfolio Management Discussion and Performance Summaries	4
Index Definitions	14
Schedules of Investments	15
Financial Statements	19
Financial Highlights
Enhanced Dividend Global Equity Portfolio	22
Tax-Advantaged Global Equity Portfolio	26
Notes to Financial Statements	30
Other Information	44

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs GlobalTax-Aware Equity Portfolios

Investment Strategy

The Portfolios invest in a strategic mix of Underlying Funds and other securities with the goal of achieving long-term growth of capital (both Portfolios) and current income (Goldman Sachs Enhanced Dividend Global Equity Portfolio only). Under normal conditions, at least 80% of the Portfolios’ total assets measured at the time of purchase will be allocated among the Underlying Funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM”) or an affiliate, now or in the future, acts as investment adviser or principal underwriter. Some of the Underlying Funds invest primarily in fixed income or money market instruments and other Underlying Funds invest primarily in equity securities. The Portfolios may also invest directly in the Underlying Tactical Fund (as defined below) and other securities or instruments, including unaffiliated exchange-traded funds and derivatives, and can use these investments for implementing tactical tilts. Under normal circumstances, each of the Portfolios also has a small strategic allocation to U.S. investment grade corporate bonds, which is used to help fund the tactical tilts.

Market Review

During the six months ended February 28, 2019 (the “Reporting Period”), the financial markets were influenced most by global economic growth data, central bank monetary policy and geopolitics. U.S. and international stocks lost ground, while emerging markets equities eked out a small gain. The fixed income market recorded a positive return during the Reporting Period.

Equity Markets

When the Reporting Period began in September 2018, volatility was high in the equity markets, fueled by harsh trade rhetoric between the U.S. and China as well as key U.S. allies and by strong U.S. macroeconomic data relative to other developed markets and to emerging markets. Against a backdrop of solid U.S. economic growth, near-target inflation and healthy monthly job gains, the Federal Reserve (“Fed”) raised short-term interest rates by 25 basis points, in line with market expectations. (A basis point is 1/100^th of a percentage point.)

In October 2018, global equities broadly retreated, as investor sentiment rapidly deteriorated on a delayed response to a rise in global interest rates earlier in the month, a moderation of global economic growth expectations, hawkish rhetoric from the Fed, and corporate concerns about global economic growth and trade expressed in third quarter 2018 earnings guidance. (Hawkish rhetoric tends to imply higher interest rates; opposite of dovish.) U.S. stocks and emerging markets equities then rebounded in November 2018 on more accommodative comments from Fed Chair Jerome Powell and on headway being made in U.S.-China trade talks. However, international equities see-sawed during the month based on trade, political and economic growth concerns on the one hand and Fed Chair Powell’s dovish comments and encouraging progress in U.S.-China trade talks on the other. During December 2018, global equities broadly plunged on renewed investor fears sparked by the arrest of a Chinese technology executive, the partial U.S. federal government shutdown, the U.S. President’s criticism of Fed Chair Powell and reignited corporate earnings growth concerns. Escalating trade tensions, worries about slowing global economic growth and populist politics also weighed on market sentiment during the month.

1

MARKET REVIEW

In January 2019, dovish Fed commentary indicating a possible pause in its hiking cycle, headlines about easing trade tensions, and strong corporate earnings propelled global equity markets higher despite the ongoing U.S. government shutdown and decelerating emerging markets demand. Releases of economic data in January indicated economic growth had stabilized in the U.S. but had continued to weaken in other developed economies, such as those of Europe and Japan. The International Monetary Fund also lowered its expectations for global economic growth. In Europe, Brexit headlines remained center-stage as the outcome remained uncertain. (Brexit refers to the U.K. efforts to leave the European Union.) Toward month end, U.S. and international equities were supported by a resolution to the U.S. government shutdown. The Fed kept its monetary policy unchanged at its January meeting and maintained its dovish tilt, saying it would be “patient” about interest rate increases and describing inflationary pressures as “muted.”

U.S. and international equities continued to rally in February 2019, as corporate earnings growth remained solid, surpassing consensus expectations. Emerging markets equities ended the month relatively unchanged. Investor sentiment was buoyed overall by news that the deadline for further U.S. tariffs on Chinese goods would be extended because of promising developments in deal negotiations. The Fed reaffirmed its dovish stance, announcing its intention to conclude its balance sheet unwind in the near future. (The Fed unwinds, or shrinks, its balance sheet by selling securities on its balance sheet and/or not reinvesting maturing securities.) Additionally, U.S. and international equity markets were positively surprised by the 2.6% U.S. Gross Domestic Product growth rate for the fourth quarter of 2018, which was reported at the end of February 2019. Signs of weakening economic momentum persisted in Europe, however, while Brexit continued to weigh on business sentiment during the month.

Fixed Income Markets

Spread, or non-government bond, sectors generally performed well in September 2018. U.S. economic growth remained strong, though some major economies, including those of the Eurozone, the U.K. and China, exhibited a gradual weakening trend. The Fed delivered the eighth interest rate hike of its current tightening cycle, with its dot plot pointing to another increase by the end of 2018 and three more during 2019. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.) Fed Chair Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. U.S. Treasury rates rose in response, followed, in turn, by the interest rates of several other developed markets countries. The U.S. dollar was broadly flat versus many major currencies during the month.

During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions, mainly in the U.S., weighed on spread sector performance. In particular, U.S. corporate bonds experienced notable weakness, as credit spreads, or yield differentials versus U.S. Treasury securities, widened significantly. U.S. Treasury yields fell as investors grew fearful about the possible end of the global economic cycle and as their expectations for Fed rate hikes diminished. In December 2018, Fed policymakers raised short-term interest rates, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. U.S. economic activity data remained in expansionary territory during the fourth calendar quarter but moderated from cycle highs. Headline inflation pressures eased as crude oil prices declined. The U.S. dollar appreciated relative to many major currencies in the fourth calendar quarter.

2

MARKET REVIEW

Spread sectors generally posted gains in January 2019, as investor risk sentiment heightened on the back of a more dovish Fed. Other factors supporting spread sector performance were higher crude oil prices, several upside corporate earnings surprises and somewhat positive U.S.-China trade developments. The Fed left its monetary policy unchanged and eliminated language about “further gradual increases in rates,” cementing investor expectations for a near-term pause in short-term rate hikes. Fed Chair Powell emphasized that the U.S. central bank would be largely guided by inflation indicators as well as by the global economic growth backdrop and the potential for financial market volatility. In January, the U.S. dollar weakened versus many major currencies.

Spread sectors overall continued to advance during February 2019, supported by the accommodative stances of global central banks overall and the de-escalation of U.S.-China trade tensions. In the U.S., the release of the minutes from the Fed’s January meeting confirmed policymakers’ dovish tilt. U.S. economic growth softened but continued to hold its own as global economic growth slowed. While European economic growth weakened, the European Central Bank (“ECB”) left its monetary policy unchanged at its February meeting.(On March 7^th, after the end of the Reporting Period, the ECB extended its forward guidance to signal unchanged rates through 2019 and unveiled financing support for the banking sector.) In the U.K., uncertainty about Britain’s exit from the European Union led the Bank of England to adopt a slightly more dovish tone. The U.S. dollar strengthened slightly versus many major currencies during February 2019.

Looking Ahead

At the end of the Reporting Period, we believed the pace of U.S. economic growth would moderate during 2019 and the slowdown in other economies would stabilize. Meanwhile, we believed many emerging markets economies remained in the early stages of recovery with room to run. In our view, continued global economic expansion may well underpin corporate earnings growth and support the performance of risk assets over the near team. Additionally, corporate profit margins have been expanding, and we believed financial imbalances pose idiosyncratic rather than systemic challenges. In the months ahead, we expect investor concerns about the long economic cycle, trade tensions and populist politics to persist.

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PORTFOLIO RESULTS

Goldman Sachs Enhanced Dividend

Global Equity Portfolio

Investment Objective

The Portfolio seeks long-term growth of capital and current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Enhanced Dividend Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2019 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Class A, Institutional, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of -3.03%,-2.88%, -2.88% and -2.97%, respectively. These returns compare to the-2.78% cumulative total return of the Portfolio’s blended benchmark, the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), over the same time period. The components of the EDGE Composite Index — the MSCI All Country World Index (ACWI) Investable Market Index (“MSCI ACWI IMI”) (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%) — returned -3.46% and 1.99%, respectively, during the Reporting Period.

Q What key factors affected the Portfolio’s performance during the Reporting Period?

A During the Reporting Period, the Portfolio’s strategic weightings detracted from its performance versus the EDGE Composite Index. (The strategic weightings are based upon Goldman Sachs Investment Strategy Group’s (“ISG”) assumptions regarding long-term expected returns, expected volatilities and expected correlations, as well as the investments views of Goldman Sachs ISG.) Our tactical asset allocation decisions (“tactical tilts”) also detracted, albeit more slightly, from relative returns. The overall performance of the Underlying Funds contributed positively to the Fund’s relative results during the Reporting Period.

Q How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period?

A In keeping with our investment process, we implement tactical tilts, based on Goldman Sachs ISG’s views about near-term expected market returns, in an attempt to enhance performance. These tactical tilts are implemented through an investment in the Goldman Sachs Tactical Tilt Overlay Fund (the “Underlying Tactical Fund”), which seeks long-term total return through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. As mentioned previously, the Portfolio’s tactical tilts slightly detracted from its performance during the Reporting Period.

Q How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

A To implement strategic weightings and our tactical tilts, the Portfolio invests in 10 Underlying Funds. Nine of these Underlying Funds may be used to implement strategic weightings (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement tactical tilts.

During the Reporting Period, the Portfolio was invested in eight of the nine Underlying Strategic Funds, six of which underperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.)

The Underlying Strategic Funds that underperformed their respective benchmark indices most during the Reporting Period were the Goldman Sachs Emerging Markets Equity Insights Fund, the Goldman Sachs Global Infrastructure Fund, the Goldman Sachs International Small Cap Insights Fund, the Goldman Sachs Small Cap Equity Insights Fund and the Goldman Sachs MLP Energy Infrastructure Fund. Another one of the Underlying Strategic Funds that underperformed in relative terms — the Goldman Sachs International Equity Dividend and Premium Fund — is one of two in which the Portfolio invested a significant percentage of its equity allocation.

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PORTFOLIO RESULTS

The Goldman Sachs U.S. Equity Dividend and Premium Fund, the other Underlying Strategic Fund in which the Portfolio invested a significant percentage of its equity allocation, outperformed its benchmark index during the Reporting Period. In addition, the Goldman Sachs Global Real Estate Securities Fund outperformed its benchmark index during the Reporting Period.

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark¹ index by approximately 48 basis points¹ during the Reporting Period. (A basis point is 1/100^th of a percent.)

Q How did call writing affect performance?

A As mentioned above, the Portfolio’s two largest allocations were to the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund, which earn premiums through an equity index call writing strategy. When equity markets are down, flat or modestly positive, these Underlying Strategic Funds tend to outperform their respective benchmark indices because of the premiums they earn from call writing. When equity markets rally strongly, these two Underlying Strategic Funds are likely to trail their respective benchmark indices. Although the Underlying Strategic Funds keep the premiums they earn from call writing, they can underperform when the call options are exercised.

As the U.S. and international equity markets declined during the Reporting Period, the call writing strategies of the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund added to performance.

Q How did the Portfolio use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Portfolio employed Standard & Poor’s 500^® Index (“S&P 500^® Index”) futures as part of its strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks, which did not have a material impact on performance. The Portfolio also utilized forward foreign currency exchange contracts to take positions in the British pound, euro, Australian dollar, Swiss franc and Japanese yen. These currency hedging positions had a positive impact on the Portfolio’s performance during the Reporting Period.

In addition, some of the Portfolio’s Underlying Funds, including the Portfolio’s Underlying Tactical Fund, used derivatives during the Reporting Period to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes.

Q What changes did you make during the Reporting Period within the Portfolio?

A No significant changes were made within the Portfolio during the Reporting Period.

Q What was the Portfolio’s strategy at the end of the Reporting Period?

A Going forward, we plan to maintain a diversified equity portfolio that implements our strategic and tactical views as we continue to seek long-term growth of capital and current income.

¹  Performance quoted is for Institutional Shares.

5

FUND BASICS

Enhanced Dividend Global Equity Portfolio

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Portfolio Total Return (based on NAV)1			EDGE Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			MSCI ACWI IMI4
Class A		-3.03	%		-2.78	%		1.99	%		-3.46	%
Institutional		-2.88			-2.78			1.99			-3.46
Class P		-2.88			-2.78			1.99			-3.46
Class R6		-2.97			-2.78			1.99			-3.46

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio(ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance reflects the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,686 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2019, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STANDARDIZED TOTAL RETURNS5
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-13.63	%		2.01	%		8.01	%		3.93	%	4/30/08
Institutional		-8.27			3.59			9.06			4.91		4/30/08
Class P		N/A			N/A			N/A			-8.72		4/17/18
Class R6		-8.27			N/A			N/A			-8.20		12/29/17

⁵  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares. Because Institutional, 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

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FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		1.44	%
Institutional		0.95			1.05
Class P		0.94			1.04
Class R6		0.94			1.04

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 12/31/187
Class A Shares	One Year			Five Years			Ten Years			Since Inception (4/30/08)
Return before taxes*		-13.63	%		2.01	%		8.01	%		3.93	%
Return after taxes on distributions**		-14.72			0.89			7.06			3.04
Return after taxes on distributions and sale of Portfolio shares***		-7.32			1.46			6.46			3.04

⁷  The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions and do not reflect state and local taxes. The 2017 tax rates (23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and tax characteristics of distributions were used to estimate after-tax returns in 2018. Actualafter-tax returns will be calculated at calendaryear-end and depend on an investor’s tax situation and may differ from those shown. In addition, theafter-tax returns shown are not relevant to investors who hold Portfolio shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Portfolio Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes.Standardizedafter-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares.

* Returns Before Taxesdo not reflect taxes on distributions on the Portfolio’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributionsassume that taxes are paid on distributions on the Portfolio’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Portfolio Sharesreflect taxes paid on distributions on the Portfolio’s Class A Shares and taxes applicable when the shares are redeemed.

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FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS^8,9

Percentage of Net Assets

⁸  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁹  Represents affiliated funds.

8

PORTFOLIO RESULTS

Goldman Sachs Tax-Advantaged

Global Equity Portfolio

Investment Objective

The Portfolio seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Tax-Advantaged Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the six-month period ended February 28, 2019 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Class A, Institutional, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of -5.26%,-5.10%, -5.10% and -5.13%, respectively. These returns compare to the-2.78% cumulative total return of the Portfolio’s blended benchmark, the Tax-Advantaged Global Equity Composite Index (“TAG Composite Index”), over the same time period. The components of the TAG Composite Index — the MSCI All Country World Index (ACWI) Investable Market Index (“MSCI ACWI IMI”) (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%) — returned -3.46% and 1.99%, respectively, during the Reporting Period.

Q What key factors affected the Portfolio’s performance during the Reporting Period?

A During the Reporting Period, the Portfolio’s strategic weightings detracted from its performance versus the TAG Composite Index. (The strategic weightings are based upon Goldman Sachs Investment Strategy Group’s (“ISG”) assumptions regarding long-term expected returns, expected volatilities and expected correlations, as well as the investments views of Goldman Sachs ISG.) Our tactical asset allocation decisions (“tactical tilts”) and the overall performance of the Underlying Funds also detracted from the Portfolio’s relative returns during the Reporting Period.

Q How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period?

A In keeping with our investment process, we implement tactical tilts, based on Goldman Sachs ISG’s views about near-term expected market returns, in an attempt to enhance performance. These tactical tilts are implemented through an investment in the Goldman Sachs Tactical Tilt Overlay Fund (the “Underlying Tactical Fund”), which seeks long-term total return through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. As mentioned previously, the Portfolio’s tactical tilts detracted from performance during the Reporting Period.

Q How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

A To implement strategic weightings and our tactical tilts, the Portfolio invests in nine Underlying Funds. Eight of these Underlying Funds may be used to implement strategic asset allocation decisions (“Underlying Strategic Funds”). The Underlying Tactical Fund, as mentioned previously, is used to implement tactical tilts.

During the Reporting Period, the Portfolio was invested in seven of the eight Underlying Strategic Funds, six of which underperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.)

The Underlying Strategic Funds that underperformed their respective benchmark indices most were the Goldman Sachs Emerging Markets Equity Insights Fund, the Goldman Sachs Global Infrastructure Fund, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs MLP Energy Infrastructure Fund. In addition, two of the Underlying Strategic Funds that underperformed in relative terms — the Goldman Sachs U.S. Tax-Managed Equity Fund and the Goldman Sachs International Tax-Managed Equity Fund — are those in which the Portfolio held its largest weightings.

The Goldman Sachs Global Real Estate Securities Fund outperformed its benchmark index during the Reporting Period overall.

9

PORTFOLIO RESULTS

The Portfolio’s Underlying Tactical Fund outperformed its cash benchmark index¹ by more than 48 basis points¹ during the Reporting Period. (A basis point is 1/100^th of a percent.)

Q How did the Portfolio use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Portfolio employed Standard & Poor’s 500^® Index (“S&P 500^® Index”) futures as part as part of its strategic weightings in U.S. large-cap growth stocks and U.S. large-cap value stocks, which did not have a material impact on performance. The Portfolio also utilized forward foreign currency exchange contracts to take positions in the British pound, euro, Australian dollar, Swiss franc and Japanese yen. These currency hedging positions contributed positively to the Portfolio’s performance during the Reporting Period.

In addition, some of the Portfolio’s Underlying Funds, including the Portfolio’s Underlying Tactical Fund, used derivatives during the Reporting Period to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes.

Q What changes did you make during the Reporting Period within the Portfolio?

A No significant changes were made within the Portfolio during the Reporting Period.

Q What was the Portfolio’s strategy at the end of the Reporting Period?

A Going forward, we plan to maintain a diversified equity portfolio that implements our strategic and tactical views as we continue to seek long-term growth of capital.

¹  Performance quoted is for Institutional Shares.

10

FUND BASICS

Tax-Advantaged Global Equity Portfolio

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Portfolio Total Return (based on NAV)1			TAG Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index3			MSCI ACWI IMI4
Class A		-5.26	%		-2.78	%		1.99	%		-3.46	%
Institutional		-5.10			-2.78			1.99			-3.46
Class P		-5.10			-2.78			1.99			-3.46
Class R6		-5.13			-2.78			1.99			-3.46

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio(ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance reflects the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.

The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg Barclays U.S. Aggregate Bond Index (10%). The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage-backed and asset-backed securities.

⁴  The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 23 emerging markets. With 8,686 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of February 28, 2019, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The 23 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STANDARDIZED TOTAL RETURNS5
For the period ended 12/31/18	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-14.91	%		2.53	%		8.85	%		4.45	%	4/30/08
Institutional		-9.63			4.12			9.92			5.43		4/30/08
Class P		N/A			N/A			N/A			-11.00		4/17/18
Class R6		-9.60			N/A			N/A			-9.52		12/29/17

⁵  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares. Because Institutional, 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recentmonth-end returns.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

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FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.32	%		1.40	%
Institutional		0.93			1.01
Class P		0.92			1.00
Class R6		0.92			1.00

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

STANDARDIZED AFTER-TAX PERFORMANCE AS OF 12/31/187
Class A Shares	One Year			Five Years			Ten Years			Since Inception (4/30/08)
Return before taxes*		-14.91	%		2.53	%		8.85	%		4.45	%
Return after taxes on distributions**		-15.24			2.11			8.43			4.04
Return after taxes on distributions and sale of Portfolio shares***		-8.59			1.91			7.21			3.48

⁷  The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions and do not reflect state and local taxes. The 2017 tax rates (23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and tax characteristics of distributions were used to estimate after-tax returns in 2018. Actualafter-tax returns will be calculated at calendaryear-end and depend on an investor’s tax situation and may differ from those shown. In addition, theafter-tax returns shown are not relevant to investors who hold Portfolio shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Portfolio Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes.Standardizedafter-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares.

* Returns Before Taxesdo not reflect taxes on distributions on the Portfolio’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

** Returns After Taxes on Distributionsassume that taxes are paid on distributions on the Portfolio’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

*** Returns After Taxes on Distributions and Sale of Portfolio Sharesreflect taxes paid on distributions on the Portfolio’s Class A Shares and taxes applicable when the shares are redeemed.

12

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS^8,9

Percentage of Net Assets

⁸  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁹  Represents affiliated funds.

13

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Index Definition

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.

It is not possible to invest directly in an unmanaged index.

TheICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. It is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

14

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 99.0%
Equity – 99.0%
	21,840,640	Goldman Sachs US Equity Dividend and Premium Fund	$	274,536,850
	19,288,921	Goldman Sachs International Equity Dividend and Premium Fund		132,514,888
	6,137,938	Goldman Sachs Tactical Tilt Overlay Fund		59,906,273
	2,013,275	Goldman Sachs Small Cap Equity Insights Fund		52,365,286
	3,406,900	Goldman Sachs Emerging Markets Equity Insights Fund		32,024,859
	2,039,478	Goldman Sachs International Small Cap Insights Fund		23,005,311
	2,313,890	Goldman Sachs MLP Energy Infrastructure Fund		15,271,674
	1,373,471	Goldman Sachs Global Infrastructure Fund		14,957,102
	1,355,109	Goldman Sachs Global Real Estate Securities Fund		14,648,725
	TOTAL INVESTMENTS – 99.0%
	(Cost $524,164,129)		$	619,230,968
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			6,183,526
	NET ASSETS – 100.0%		$	625,414,494

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	860,000	USD	606,601		03/20/2019	$	3,621
	GBP	1,830,000	USD	2,340,217		03/20/2019		89,053
	USD	5,861,029	AUD	8,109,962		03/20/2019		106,519
	USD	6,996,553	CHF	6,870,844		03/20/2019		101,643
	USD	26,948,874	EUR	23,464,225		03/20/2019		222,822
TOTAL							$	523,658

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	CHF	630,000	USD	644,885		03/20/2019	$	(12,679	)
	EUR	3,520,000	USD	4,055,653		03/20/2019		(46,328	)
	JPY	372,000,000	USD	3,411,502		03/20/2019		(69,823	)
	USD	14,987,817	GBP	11,659,415		03/20/2019		(489,701	)
	USD	21,110,766	JPY	2,350,272,100		03/20/2019		(1,747	)
TOTAL							$	(620,278	)

FUTURES CONTRACTS — At February 28, 2019, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		47		03/15/2019	$	6,544,045	$	421,270

16 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 98.8%
Equity – 98.8%
	61,629,753	Goldman Sachs US Tax-Managed Equity Fund	$	1,444,601,400
	60,660,430	Goldman Sachs International Tax-Managed Equity Fund		584,159,938
	26,634,712	Goldman Sachs Tactical Tilt Overlay Fund		259,954,790
	14,778,025	Goldman Sachs Emerging Markets Equity Insights Fund		138,913,438
	8,782,797	Goldman Sachs International Small Cap Insights Fund		99,069,955
	10,021,370	Goldman Sachs MLP Energy Infrastructure Fund		66,141,040
	5,955,609	Goldman Sachs Global Infrastructure Fund		64,856,586
	5,874,556	Goldman Sachs Global Real Estate Securities Fund		63,503,946
	TOTAL INVESTMENTS – 98.8%
	(Cost $2,061,056,297)		$	2,721,201,093
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%			31,927,374
	NET ASSETS – 100.0%		$	2,753,128,467

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	GBP	6,690,000	USD	8,555,219		03/20/2019	$	325,552
	USD	23,368,180	AUD	32,334,774		03/20/2019		424,697
	USD	29,329,964	CHF	28,802,984		03/20/2019		426,095
	USD	113,959,609	EUR	99,223,958		03/20/2019		942,253
TOTAL							$	2,118,597

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	CHF	2,420,000	USD	2,477,178		03/20/2019	$	(48,702	)
	EUR	14,900,000	USD	17,167,393		03/20/2019		(196,102	)
	JPY	1,490,000,000	USD	13,664,350		03/20/2019		(279,669	)
	USD	62,025,382	GBP	48,251,169		03/20/2019		(2,026,573	)
	USD	88,629,390	JPY	9,867,154,282		03/20/2019		(7,336	)
TOTAL							$	(2,558,382	)

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS— At February 28, 2019, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		195		03/15/2019	$	27,150,825	$	1,747,824

18 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Enhanced Dividend Global Equity Portfolio		Tax-Advantaged Global Equity Portfolio
Assets:
Investments in affiliated Underlying Funds, at value (cost $524,164,129 and $2,061,056,297)	$	619,230,968	$	2,721,201,093
Cash		5,157,689		30,601,113
Foreign currencies, at value (cost $0 and $121,499)		—		123,770
Receivables:
Investments sold		858,743		—
Portfolio shares sold		667,179		5,743,646
Collateral on certain derivative contracts(a)		450,000		2,510,000
Reimbursement from investment adviser		30,139		42,529
Foreign tax reclaims		—		7,249
Unrealized gain on forward foreign currency exchange contracts		523,658		2,118,597
Other assets		77,785		93,092
Total assets		626,996,161		2,762,441,089
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		620,278		2,558,382
Variation margin on futures		24,437		101,397
Payables:
Portfolio shares redeemed		805,738		1,529,537
Management fees		38,123		166,688
Distribution and Service fees and Transfer Agency fees		17,477		63,047
Investments purchased		—		4,705,125
Accrued expenses		75,614		188,446
Total liabilities		1,581,667		9,312,622
Net Assets:
Paid-in capital		543,840,816		2,158,573,238
Total distributable earnings		81,573,678		594,555,229
NET ASSETS	$	625,414,494	$	2,753,128,467
Net Assets:
Class A	$	9,706,263	$	620,140
Institutional		27,824,340		45,968,176
Class P		587,873,855		2,706,530,132
Class R6		10,036		10,019
Total Net Assets	$	625,414,494	$	2,753,128,467
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		847,108		40,294
Institutional		2,401,661		2,966,590
Class P		50,861,106		176,943,354
Class R6		868		655
Net asset value, offering and redemption price per share:(b)
Class A		$11.46		$15.39
Institutional		11.59		15.50
Class P		11.56		15.30
Class R6		11.56		15.29

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Forwards		Futures
Enhanced Dividend Global Equity	$	—	$	450,000
Tax-Advantaged Global Equity		970,000		1,540,000

(b) Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios is $12.13 and $16.29, respectively.

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Enhanced Dividend Global Equity Portfolio			Tax-Advantaged Global Equity Portfolio
Investment income:
Dividends from affiliated Underlying Funds	$	7,213,083		$	35,976,286
Expenses:
Management fees		466,287			1,986,192
Transfer Agency fees(a)		102,259			400,259
Registration fees		78,578			105,858
Custody, accounting and administrative services		45,109			150,400
Professional fees		38,738			39,064
Printing and mailing costs		19,603			31,773
Distribution and Service fees — Class A Shares		12,513			743
Trustee fees		8,677			10,556
Other		18,051			54,244
Total expenses		789,815			2,779,089
Less — expense reductions		(377,652	)		(1,114,948	)
Net expenses		412,163			1,664,141
NET INVESTMENT INCOME		6,800,920			34,312,145
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		(3,326,523	)		(13,986,578	)
Investments — unaffiliated issuers		—			(151,877	)
Futures contracts		(410,680	)		(1,812,467	)
Forward foreign currency exchange contracts		3,392,041			13,627,202
Foreign currency transactions		—			(155	)
Capital gain distributions from affiliated Underlying Funds		16,018,113			—
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		(41,688,612	)		(171,536,109	)
Futures contracts		116,382			582,075
Forward foreign currency exchange contracts		(1,933,854	)		(7,649,229	)
Foreign currency translation		—			(145	)
Net realized and unrealized loss		(27,833,133	)		(180,927,283	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,032,213	)	$	(146,615,138	)

(a) Class specific Transfer Agency fees were as follows:

	Transfer Agency Fees
Portfolio	Class A		Institutional		Class P		Class R6
Enhanced Dividend Global Equity	$	9,010	$	5,980	$	87,267	$	2
Tax-Advantaged Global Equity		535		10,336		389,386		2

20 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Statements of Changes in Net Assets

	Enhanced Dividend Global Equity Portfolio						Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	6,800,920		$	11,182,516		$	34,312,145		$	25,044,835
Net realized gain (loss)		15,672,951			18,730,524			(2,323,875	)		19,444,413
Net change in unrealized gain (loss)		(43,506,084	)		30,379,698			(178,603,408	)		263,591,756
Net increase (decrease) in net assets resulting from operations		(21,032,213	)		60,292,738			(146,615,138	)		308,081,004
Distributions to shareholders:
From distributable earnings:
Class A Shares		(425,620	)		(319,947	)(a)		(8,664	)		(6,733	)(a)
Institutional Shares		(1,289,271	)		(20,182,584	)(a)		(376,203	)		(32,796,134	)(a)
Class P Shares(b)		(25,502,864	)		(3,566,150	)(a)		(51,683,171	)		—
Class R6 Shares(c)		(424	)		(97	)(a)		(191	)		—
Total distributions to shareholders		(27,218,179	)		(24,068,778	)		(52,068,229	)		(32,802,867	)
From share transactions:
Proceeds from sales of shares		46,637,186			707,181,772			219,856,681			3,154,128,273
Reinvestment of distributions		26,811,089			23,731,281			52,065,950			32,786,693
Cost of shares redeemed		(80,435,590	)		(732,774,402	)		(180,768,060	)		(2,809,978,324	)
Net increase (decrease) in net assets resulting from share transactions		(6,987,315	)		(1,861,349	)		91,154,571			376,936,642
TOTAL INCREASE (DECREASE)		(55,237,707	)		34,362,611			(107,528,796	)		652,214,779
Net assets:(d)
Beginning of period		680,652,201			646,289,590			2,860,657,263			2,208,442,484
End of period	$	625,414,494		$	680,652,201		$	2,753,128,467		$	2,860,657,263

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

	Class A			Institutional			Class P(b)			Class R6(c)
Distribution from net investment income:
Enhanced Dividend Global Equity Portfolio:	$	(203,951	)	$	(12,726,620	)	$	(3,566,150	)	$	(97	)
Tax-Advantaged Global Equity Portfolio:	$	(6,733	)	$	(32,796,134	)	$	—		$	—
Distributions from net realized gains:
Enhanced Dividend Global Equity Portfolio:	$	(115,996	)	$	(7,455,964	)	$	—		$	—

(b) Commenced operations on April 17, 2018.

(c) Commenced operations on December 29, 2017.

(d) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $– and $1,654,828 for the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, as of August 31, 2018.

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.34		$	11.70		$	10.68		$	10.69		$	11.83		$	10.64
Net investment income(a)(b)		0.10			0.15			0.17			0.11			0.16			0.23
Net realized and unrealized gain (loss)		(0.50	)		0.88			1.12			0.52			(0.73	)		1.62
Total from investment operations		(0.40	)		1.03			1.29			0.63			(0.57	)		1.85
Distributions to shareholders from net investment income		(0.16	)		(0.25	)		(0.20	)		(0.31	)		(0.21	)		(0.24	)
Distributions to shareholders from net realized gains		(0.32	)		(0.14	)		(0.07	)		(0.33	)		(0.36	)		(0.42	)
Total distributions		(0.48	)		(0.39	)		(0.27	)		(0.64	)		(0.57	)		(0.66	)
Net asset value, end of period	$	11.46		$	12.34		$	11.70		$	10.68		$	10.69		$	11.83
Total return(c)		(3.03	)%		8.94	%		12.25	%		6.32	%		(4.82	)%		17.92	%
Net assets, end of period (in 000s)	$	9,706		$	10,418		$	9,289		$	4,993		$	1,729		$	220
Ratio of net expenses to average net assets(d)		0.53	%(e)		0.52	%		0.53	%		0.53	%		0.55	%		0.60	%
Ratio of total expenses to average net assets(d)		0.65	%(e)		0.62	%		0.63	%		0.64	%		0.66	%		0.66	%
Ratio of net investment income to average net assets(b)		1.80	%(e)		1.21	%		1.54	%		1.09	%		1.40	%		2.02	%
Portfolio turnover rate(f)		10	%		20	%		8	%		19	%		25	%		14	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.48		$	11.80		$	10.76		$	10.76		$	11.89		$	10.69
Net investment income(a)(b)		0.12			0.17			0.22			0.16			0.22			0.28
Net realized and unrealized gain (loss)		(0.50	)		0.93			1.12			0.51			(0.74	)		1.62
Total from investment operations		(0.38	)		1.10			1.34			0.67			(0.52	)		1.90
Distributions to shareholders from net investment income		(0.19	)		(0.28	)		(0.23	)		(0.34	)		(0.25	)		(0.28	)
Distributions to shareholders from net realized gains		(0.32	)		(0.14	)		(0.07	)		(0.33	)		(0.36	)		(0.42	)
Total distributions		(0.51	)		(0.42	)		(0.30	)		(0.67	)		(0.61	)		(0.70	)
Net asset value, end of period	$	11.59		$	12.48		$	11.80		$	10.76		$	10.76		$	11.89
Total return(c)		(2.88	)%		9.45	%		12.66	%		6.67	%		(4.29	)%		18.29	%
Net assets, end of period (in 000s)	$	27,824		$	33,490		$	637,000		$	507,845		$	424,196		$	373,665
Ratio of net expenses to average net assets(d)		0.14	%(e)		0.13	%		0.13	%		0.13	%		0.17	%		0.20	%
Ratio of total expenses to average net assets(d)		0.26	%(e)		0.23	%		0.24	%		0.24	%		0.26	%		0.26	%
Ratio of net investment income to average net assets(b)		2.17	%(e)		1.43	%		1.93	%		1.58	%		1.95	%		2.43	%
Portfolio turnover rate(f)		10	%		20	%		8	%		19	%		25	%		14	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			For the Period April 17, 2018* to August 31, 2018
Per Share Data
Net asset value, beginning of period	$	12.45		$	12.18
Net investment income(a)(b)		0.13			0.11
Net realized and unrealized gain (loss)		(0.51	)		0.23
Total from investment operations		(0.38	)		0.34
Distributions to shareholders from net investment income		(0.19	)		(0.07	)
Distributions to shareholders from net realized gains		(0.32	)		—
Total distributions		(0.51	)		(0.07	)
Net asset value, end of period	$	11.56		$	12.45
Total return(c)		(2.88	)%		2.80	%
Net assets, end of period (in 000s)	$	587,874		$	636,733
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.13	%(e)
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.25	%(e)
Ratio of net investment income to average net assets(b)		2.20	%(e)		2.48	%(e)
Portfolio turnover rate(f)		10	%		20	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

24 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Dividend Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			For the Period December 29, 2017* to August 31, 2018
Per Share Data
Net asset value, beginning of period	$	12.46		$	12.17
Net investment income(a)(b)		0.13			0.10
Net realized and unrealized gain (loss)		(0.52	)		0.31
Total from investment operations		(0.39	)		0.41
Distributions to shareholders from net investment income		(0.19	)		(0.12	)
Distributions to shareholders from net realized gains		(0.32	)		—
Total distributions		(0.51	)		(0.12	)
Net asset value, end of period	$	11.56		$	12.46
Total return(c)		(2.97	)%		3.39	%
Net assets, end of period (in 000s)	$	10		$	10
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.12	%(e)
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.18	%(e)
Ratio of net investment income to average net assets(b)		2.18	%(e)		1.27	%(e)
Portfolio turnover rate(f)		10	%		20	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHSTAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman SachsTax-Advantaged Global Equity Portfolio
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.51		$	14.78		$	12.91		$	12.58		$	13.51		$	11.31
Net investment income(a)(b)		0.15			0.12			0.11			0.08			0.09			0.20
Net realized and unrealized gain (loss)		(1.04	)		1.77			1.85			0.52			(0.69	)		2.31
Total from investment operations		(0.89	)		1.89			1.96			0.60			(0.60	)		2.51
Distributions to shareholders from net investment income		(0.13	)		(0.16	)		(0.09	)		(0.18	)		(0.10	)		—
Distributions to shareholders from net realized gains		(0.10	)		—			—			(0.09	)		(0.23	)		(0.31	)
Total distributions		(0.23	)		(0.16	)		(0.09	)		(0.27	)		(0.33	)		(0.31	)
Net asset value, end of period	$	15.39		$	16.51		$	14.78		$	12.91		$	12.58		$	13.51
Total return(c)		(5.26	)%		12.81	%		15.23	%		4.88	%		(4.39	)%		22.55	%
Net assets, end of period (in 000s)	$	620		$	658		$	615		$	591		$	543		$	235
Ratio of net expenses to average net assets(d)		0.53	%(e)		0.52	%		0.53	%		0.53	%		0.56	%		0.60	%
Ratio of total expenses to average net assets(d)		0.61	%(e)		0.60	%		0.61	%		0.61	%		0.61	%		0.62	%
Ratio of net investment income to average net assets(b)		1.93	%(e)		0.77	%		0.80	%		0.64	%		0.66	%		1.56	%
Portfolio turnover rate(f)		8	%		17	%		8	%		19	%		22	%		9	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

26 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHSTAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman SachsTax-Advantaged Global Equity Portfolio
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	16.46		$	14.72		$	12.86		$	12.53		$	13.48		$	11.38
Net investment income(a)(b)		0.19			0.17			0.17			0.11			0.17			0.18
Net realized and unrealized gain (loss)		(1.03	)		1.78			1.84			0.53			(0.71	)		2.39
Total from investment operations		(0.84	)		1.95			2.01			0.64			(0.54	)		2.57
Distributions to shareholders from net investment income		(0.02	)		(0.21	)		(0.15	)		(0.22	)		(0.18	)		(0.16	)
Distributions to shareholders from net realized gains		(0.10	)		—			—			(0.09	)		(0.23	)		(0.31	)
Total distributions		(0.12	)		(0.21	)		(0.15	)		(0.31	)		(0.41	)		(0.47	)
Net asset value, end of period	$	15.50		$	16.46		$	14.72		$	12.86		$	12.53		$	13.48
Total return(c)		(5.10	)%		13.32	%		15.74	%		5.22	%		(3.96	)%		23.05	%
Net assets, end of period (in 000s)	$	45,968		$	62,718		$	2,207,827		$	1,816,911		$	1,701,226		$	1,233,566
Ratio of net expenses to average net assets(d)		0.14	%(e)		0.13	%		0.13	%		0.13	%		0.17	%		0.20	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.21	%		0.21	%		0.21	%		0.21	%		0.22	%
Ratio of net investment income to average net assets(b)		2.50	%(e)		1.06	%		1.26	%		0.92	%		1.31	%		1.43	%
Portfolio turnover rate(f)		8	%		17	%		8	%		19	%		22	%		9	%

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHSTAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			For the Period April 17, 2018* to August 31, 2018
Per Share Data
Net asset value, beginning of period	$	16.47		$	15.84
Net investment income(a)(b)		0.19			0.01
Net realized and unrealized gain (loss)		(1.06	)		0.62
Total from investment operations		(0.87	)		0.63
Distributions to shareholders from net investment income		(0.20	)		—
Distributions to shareholders from net realized gains		(0.10	)		—
Total distributions		(0.30	)		—
Net asset value, end of period	$	15.30		$	16.47
Total return(c)		(5.10	)%		3.98	%
Net assets, end of period (in 000s)	$	2,706,530		$	2,797,271
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.12	%(e)
Ratio of total expenses to average net assets(d)		0.21	%(e)		0.20	%(e)
Ratio of net investment income to average net assets(b)		2.59	%(e)		0.15	%(e)
Portfolio turnover rate(f)		8	%		17	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

28 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHSTAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tax-Advantaged Global Equity Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			For the Period December 29, 2017* to August 31, 2018
Per Share Data
Net asset value, beginning of period	$	16.46		$	15.59
Net investment income (loss)(a)(b)		0.19			(0.01	)
Net realized and unrealized gain (loss)		(1.06	)		0.88
Total from investment operations		(0.87	)		0.87
Distributions to shareholders from net investment income		(0.20	)		—
Distributions to shareholders from net realized gains		(0.10	)		—
Total distributions		(0.30	)		—
Net asset value, end of period	$	15.29		$	16.46
Total return(c)		(5.13	)%		5.58	%
Net assets, end of period (in 000s)	$	10		$	11
Ratio of net expenses to average net assets(d)		0.13	%(e)		0.12	%(e)
Ratio of total expenses to average net assets(d)		0.19	%(e)		0.18	%(e)
Ratio of net investment income (loss) to average net assets(b)		2.59	%(e)		(0.05	)%(e)
Portfolio turnover rate(f)		8	%		17	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements

February 28, 2019 (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 anopen-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act:

Portfolio	Share Classes Offered	Diversified/ Non-diversified
Enhanced Dividend Global Equity andTax-Advantaged Global Equity	A, Institutional, P and R6	Diversified

Class A Shares are sold with afront-end sales charge of up to 5.50%. Institutional, 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 Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP Fund”) records itspro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, andnon-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio, while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/orpro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

30

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Enhanced Dividend Global Equity	Quarterly	Annually
Tax-Advantaged Global Equity	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Portfolio are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the

31

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because each Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence oftwo-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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 aremarked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

32

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Aforward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at apre-determined price at a future date. All forward foreign currency exchange contracts aremarked-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. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolios and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts.Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules of Investments.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV.

C.  Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

ENHANCED DIVIDEND GLOBAL EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Equity Funds	$	619,230,968	$	—	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	523,658	$	—
Futures Contracts		421,270		—		—
Total	$	421,270	$	523,658	$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(620,278)	$	—
TAX-ADVANTAGED GLOBAL EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Equity Funds	$	2,721,201,093	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

TAX-ADVANTAGED GLOBAL EQUITY (continued)
Derivative Type	Level 1		Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	2,118,597		$	—
Futures Contracts		1,747,824		—			—
Total	$	1,747,824	$	2,118,597		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(2,558,382	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2019. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure:

Enhanced Dividend Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	523,658		Payable for unrealized loss on forward foreign currency exchange contracts	$	(620,278)
Equity	Variation margin on futures contracts		421,270	(a)	—		—
Total		$	944,928			$	(620,278)
Tax-Advantaged Global Equity
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	2,118,597		Payable for unrealized loss on forward foreign currency exchange contracts	$	(2,558,382)
Equity	Variation margin on futures contracts		1,747,824	(a)	—		—
Total		$	3,866,421			$	(2,558,382)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of February 28, 2019 is reported within the Statements of Assets and Liabilities.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Enhanced Dividend Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		$ 3,392,041			$(1,933,854)		9
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(410,680	)		116,382		47
Total		$	2,981,361		$	(1,817,472)		56
Tax-Advantaged Global Equity
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	$	13,627,202		$	(7,649,229)		9
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(1,812,467	)		582,075		195
Total		$	11,814,735		$	(7,067,154)		204

(a) Average number of contracts is based on the average of month end balances for the six months ended February 28, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. GSAM has agreed to waive a portion of its management fee in order to achieve an effective rate of 0.08% as an annual percentage rate of average daily net assets of each Portfolio through at least December 28, 2019, and prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees.

B.  Distribution and/or Service(12b-1) Plan — The Trust, on behalf of Class A Shares of each Portfolio, has adopted a Distribution and Service Plan subject to Rule12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the six months ended February 28, 2019, Goldman Sachs advised that it retainedfront-end sales charges of $1,545 and $0 for the Enhanced Dividend Global Equity Portfolio andTax-Advantaged Global Equity Portfolio, respectively.

D.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolios (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six month ended February 28, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Enhanced Dividend Global Equity	$	217,599	$	157,672	$	2,381	$	377,652
Tax-Advantaged Global Equity		926,883		179,580		8,485		1,114,948

F.  Line of Credit Facility — As of February 28, 2019, the Portfolios participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Portfolios did not have any borrowings under the facility.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2019:

Enhanced Dividend Global Equity
Underlying Funds	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income from Affiliated Investment Companies				Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	35,112,555	$	2,710,087	$	(3,627,644	)	$	—		$	(373,366	)	$	(1,796,773	)	$	32,024,859		3,406,900	$	692,800		��	$	—
Goldman Sachs Global Infrastructure Fund		15,612,484		1,263,658		(2,351,834	)		—			(208,266	)		641,060			14,957,102		1,373,471		122,365				—
Goldman Sachs Global Real Estate Securities Fund		15,597,639		1,373,338		(2,351,834	)		(22,872	)		(99,474	)		151,928			14,648,725		1,355,109		189,173				—
Goldman Sachs International Equity Dividend and Premium Fund		143,854,054		8,495,828		(12,821,175	)		—			(838,926	)		(6,174,893	)		132,514,888		19,288,921		1,238,921				—
Goldman Sachs International Small Cap Insights Fund		25,359,630		2,253,654		(2,207,012	)		—			(277,779	)		(2,123,182	)		23,005,311		2,039,478		338,680				—
Goldman Sachs MLP Energy Infrastructure Fund		16,266,217		2,146,116		(1,381,834	)		(664,227	)		115,803			(1,210,401	)		15,271,674		2,313,890		(109,405	)(a)			—
Goldman Sachs Small Cap Equity Insights Fund		54,548,989		9,476,444		(4,661,466	)		—			282,476			(7,281,157	)		52,365,286		2,013,275		111,850				2,463,665
Goldman Sachs Tactical Tilt Overlay Fund		66,830,501		5,157,413		(11,120,618	)		—			(1,143,122	)		182,099			59,906,273		6,137,938		1,702,590				—
Goldman Sachs US Equity Dividend and Premium Fund		300,497,217		29,460,500		(30,559,705	)		—			(783,869	)		(24,077,293	)		274,536,850		21,840,640		2,926,109				13,554,448
Total	$	673,679,286	$	62,337,038	$	(71,083,122	)	$	(687,099	)	$	(3,326,523	)	$	(41,688,612	)	$	619,230,968			$	7,213,083			$	16,018,113

(a) Amount includes return of capital distributions of $664,227, which represents the difference between the estimated amount related to the fiscal year ended August 31, 2018 and the final amount recorded during the period ended February 28, 2019.

Tax-Advantaged Global Equity
Underlying Funds	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income from Affiliated Investment Companies
Goldman Sachs Emerging Markets Equity Insights Fund	$	145,338,015	$	13,505,156	$	(10,908,840	)	$	—		$	(2,357,527	)	$	(6,663,366	)	$	138,913,438		14,778,025	$	3,018,567
Goldman Sachs Global Infrastructure Fund		64,491,434		6,328,736		(7,864,828	)		—			(886,345	)		2,787,589			64,856,586		5,955,609		526,742
Goldman Sachs Global Real Estate Securities Fund		65,925,422		5,339,249		(7,944,828	)		(93,863	)		(554,802	)		832,768			63,503,946		5,874,556		813,393

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Tax-Advantaged Global Equity (continued)
Underlying Funds	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Return of Capital on Dividends			Net Realized Gain/(Loss) from Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income from Affiliated Investment Companies
Goldman Sachs International Small Cap Insights Fund	$	105,010,891	$	7,515,195	$	(3,020,171	)	$	—		$	(703,038	)	$	(9,732,922	)	$	99,069,955		8,782,797	$	1,485,938
Goldman Sachs InternationalTax-Managed Equity Fund		594,924,163		65,711,024		(17,478,342	)		—			(3,338,434	)		(55,658,473	)		584,159,938		60,660,430		11,604,648
Goldman Sachs MLP Energy Infrastructure Fund		67,225,300		8,294,980		(1,884,828	)		(2,696,687	)		(64,734	)		(4,732,991	)		66,141,040		10,021,370		(293,702	)(a)
Goldman Sachs Tactical Tilt Overlay Fund		276,668,789		25,755,026		(38,189,390	)		—			(4,461,690	)		182,055			259,954,790		26,634,712		7,418,486
Goldman Sachs USTax-Managed Equity Fund		1,510,652,685		118,783,222		(84,663,730	)		—			(1,620,008	)		(98,550,769	)		1,444,601,400		61,629,753		11,402,214
Total	$	2,830,236,699	$	251,232,588	$	(171,954,957	)	$	(2,970,550	)	$	(13,986,578	)	$	(171,536,109	)	$	2,721,201,093			$	35,976,286

(a) Amount includes return of capital distributions of $2,696,687, which represents the difference between the estimated amount related to the fiscal year ended August 31, 2018 and the final amount recorded during the period ended February 28, 2019.

As of February 28, 2019, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Underlying Funds	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Goldman Sachs Emerging Markets Equity Insights Fund		—	%		7	%
Goldman Sachs Global Infrastructure Fund		7			31
Goldman Sachs Global Real Estate Securities Fund		5			23
Goldman Sachs International Equity Dividend and Premium Fund		42			—
Goldman Sachs InternationalTax-Managed Equity Fund		—			83
Goldman Sachs Small Cap Equity Insights Fund		8			—
Goldman Sachs Tactical Tilt Overlay Fund		—			7
Goldman Sachs U.S. Equity Dividend and Premium Fund		9			—
Goldman Sachs U.S.Tax-Managed Equity Fund		—			85

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of the following share classes of the Portfolios:

Portfolio	Class R6
Enhanced Dividend Global Equity		100	%
Tax-Advantaged Global Equity		100

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six month ended February 28, 2019 were as follows:

Portfolio	Purchases		Sales
Enhanced Dividend Global Equity	$	62,337,039	$	71,083,123
Tax-Advantaged Global Equity		251,232,588		213,334,120

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, August 31, 2018, the Portfolios’ certain timing differences, on atax-basis were as follows:

	Enhanced Dividend Global Equity		Tax-Advantaged Global Equity
Timing differences (Qualified Late Year Loss Deferral)	$	—	$	(419	)

As of February 28, 2019, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Dividend Global Equity			Tax-Advantaged Global Equity
Tax cost	$	548,679,898		$	2,120,122,368
Gross unrealized gain		96,198,073			671,241,455
Gross unrealized loss		(25,647,003	)		70,162,730
Net unrealized gain	$	70,551,070		$	601,078,725

The difference between GAAP-basis andtax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of underlying fund investments.

GSAM has reviewed the Portfolios’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Portfolios’ and Underlying Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Portfolios’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolios. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

8. OTHER RISKS (continued)

Energy Sector Risk — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Portfolio or an Underlying Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. As of February 28, 2019, the Enhanced Dividend Global Equity Portfolio invested 43.9% and 21.2% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large-capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500^® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of February 28, 2019, theTax-Advantaged Global Equity Portfolio invested 52.5% and 21.2% of its net assets in the Goldman Sachs U.S.Tax-Managed Equity Fund (the “U.S.Tax-Managed Equity Fund”) and the Goldman Sachs InternationalTax-Managed Equity Fund (the “InternationalTax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, theTax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S.Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The InternationalTax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seektax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

8. OTHER RISKS (continued)

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use ofnon-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — An Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Portfolios’ investments in securities of issuers located in emerging market countries.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio and the Underlying Fund have unsettled or open transactions defaults.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Enhanced Dividend Global Equity Portfolio
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		164,329		$	1,958,065			324,709		$	3,943,586
Reinvestment of distributions		37,624			415,198			26,616			319,508
Shares redeemed		(198,839	)		(2,263,527	)		(301,614	)		(3,632,003	)
		3,114			109,736			49,711			631,091
Institutional Shares
Shares sold		321,245			3,759,086			4,309,057			52,413,693
Reinvestment of distributions		79,759			892,604			1,640,101			19,845,526
Shares redeemed		(683,627	)		(7,734,444	)		(57,258,674	)		(708,001,831	)
		(282,623	)		(3,082,754	)		(51,309,516	)		(635,742,612	)
Class P Shares(a)
Shares sold		3,635,398			40,920,035			52,581,452			650,814,493
Reinvestment of distributions		2,289,136			25,502,863			295,701			3,566,150
Shares redeemed		(6,210,561	)		(70,437,619	)		(1,730,020	)		(21,140,571	)
		(286,027	)		(4,014,721	)		51,147,133			633,240,072
Class R6 Shares(b)
Shares sold		—			—			822			10,000
Reinvestment of distributions		38			424			8			97
Shares redeemed		—			—			—			3
		38			424			830			10,100
NET DECREASE		(565,498	)	$	(6,987,315	)		(111,842	)	$	(1,861,349	)

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on December 29, 2017.

42

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Tax-Advantaged Global Equity Portfolio
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,402		$	74,986			8,348		$	129,809
Reinvestment of distributions		612			8,663			428			6,733
Shares redeemed		(5,535	)		(80,181	)		(10,588	)		(167,246	)
		479			3,468			(1,812	)		(30,704	)
Institutional Shares
Shares sold		37,818			547,248			24,560,793			384,930,184
Reinvestment of distributions		25,730			373,925			2,094,566			32,779,960
Shares redeemed		(908,355	)		(13,621,721	)		(172,784,396	)		(2,794,881,954	)
		(844,807	)		(12,700,548	)		(146,129,037	)		(2,377,171,810	)
Class P Shares(a)
Shares sold		14,662,084			219,234,447			170,800,885			2,769,058,280
Reinvestment of distributions		3,693,484			51,683,171			—			—
Shares redeemed		(11,297,705	)		(167,066,158	)		(915,394	)		(14,929,124	)
		7,057,863			103,851,460			169,885,491			2,754,129,156
Class R6 Shares(b)
Shares sold		—			—			641			10,000
Reinvestment of distributions		14			191			—			—
		14			191			641			10,000
NET INCREASE		6,213,549		$	91,154,571			23,755,283		$	376,936,642

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on December 29, 2017.

43

GOLDMAN SACHS GLOBALTAX-AWARE EQUITY PORTFOLIOS

Portfolio Expenses — Six Month Period Ended February 28,  2019 (Unaudited)

As a shareholder of Class A, Institutional, Class P or Class R6 Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), and (2) ongoing costs, including management fees; distribution and/or service(12b-1) fees (with respect to Class A Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Class P and Class R6 Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019,which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolios’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Portfolios invest. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Enhanced Dividend Global Equity Portfolio							Tax-Advantaged Global Equity Portfolio
Share Class	Beginning Account Value 9/01/18		Ending Account Value 2/28/19			Expenses Paid for the 6 Months Ended 2/28/19*		Beginning Account Value 9/01/18		Ending Account Value 2/28/19			Expenses Paid for the 6 Months Ended 2/28/19*
Class A
Actual	$	1,000	$	969.70		$	2.59	$	1,000	$	947.40		$	2.56
Hypothetical 5% return		1,000		1,022.17	+		2.66		1,000		1,022.17	+		2.66
Institutional
Actual		1,000		971.20			0.68		1,000		949.00			0.68
Hypothetical 5% return		1,000		1,024.10	+		0.70		1,000		1,024.10	+		0.70
Class P
Actual		1,000		971.20			0.64		1,000		949.00			0.63
Hypothetical 5% return		1,000		1,024.15	+		0.65		1,000		1,024.15	+		0.65
Class R6
Actual		1,000		970.30			0.64		1,000		948.70			0.63
Hypothetical 5% return		1,000		1,024.15	+		0.65		1,000		1,024.15	+		0.65

+ Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Portfolio	Class A			Institutional			Class P			Class R6
Enhanced Dividend Global Equity		0.53	%		0.14	%		0.13	%		0.13	%
Tax-Advantaged Global Equity		0.53			0.14			0.13			0.13

44

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

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

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SMand Investor Funds^SMare registered service marks of Goldman Sachs & Co. LLC.

*This list coversopen-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about ourclosed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels 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 atwww.GSAMFUNDS.com to obtain the most recentmonth-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available (i) without charge, upon request by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Portfolios will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders).

Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Diversification does not protect an investor from market risk and does not ensure a profit.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail –1-800-526-7384) (institutional –1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

© 2019 Goldman Sachs. All rights reserved. 162453-OTU-961806/TAGEDSAR-19/2.6K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Investor FundsSM
	Money Market
	Tax-Exempt Money Market

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Class I, Administration, Capital, Cash Management, Preferred, Premier, Resource, Select and Service shareholders or 800-526-7384 for Class A and Class C shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with a Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Investor Funds

∎ MONEY MARKET

∎ TAX-EXEMPT MONEY MARKET

TABLE OF CONTENTS
Portfolio Management Discussion and Analysis	1
Fund Basics	4
Yield Summary	6
Sector Allocations	7
Schedule of Investments	10
Financial Statements	22
Financial Highlights
Money Market	25
Tax-Exempt Money Market	32
Notes to Financial Statements	43
Other Information	52

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Investor Funds

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Investor Funds’ (the “Funds”) performance and positioning for thesix-month period ended February 28, 2019 (the “Reporting Period”).

Q What economic and market factors most influenced the money markets as a whole during the Reporting Period?

A During the Reporting Period, taxable andtax-exempt money market yields remained low but continued to move higher as the Federal Reserve (“Fed”) tightened monetary policy. Fed officials raised the targeted federal funds rate twice — in September and December 2018 — such that at the end of the Reporting Period, it was in a range of between 2.25% and 2.50%. Other influences on the money markets during the Reporting Period were the continuation of the Fed’s balance sheet normalization and the dovish stance of most developed markets central banks. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007. Dovish tends to imply lower interest rates; opposite of hawkish.)

When the Reporting Period started in September 2018, U.S. economic growth was robust, though some major economies, including those of the Eurozone, the U.K. and China, exhibited a gradual weakening trend. The Fed raised the targeted federal funds rate by 25 basis points, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. (A basis point is 1/100th of a percentage point.) The Fed’s dot plot pointed to another increase by the end of 2018 and three more during 2019. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.) Fed Chair Jerome Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions weighed on financial markets. Global interest rates, which had risen for most of the calendar year, fell, as investors grew fearful about the possible end of the global economic cycle and as their expectations for Fed rate hikes diminished. In December 2018, Fed policymakers raised short-term interest rates by an additional 25 basis points, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. In January 2019, the Fed left monetary policy unchanged and also eliminated language about “further gradual increases in rates,” cementing investor expectations for a near-term pause in rate hikes. Fed Chair Powell emphasized that the U.S. central bank would be largely guided by inflation indicators as well as by the global economic growth backdrop and the potential for financial market volatility. During February 2019, the release of minutes from the Fed’s January meeting confirmed policymakers’ dovish tilt.

In thetax-exempt money markets, investment inflows increased slightly from approximately $130 billion in August 2018 to approximately $138 billion in February 2019. In December 2018 and January 2019, investment inflows had jumped to more than $140 billion amid asell-off in the equity markets. During the Reporting Period overall, the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index, representingseven-daytax-exempt variable rate demand obligations, rose 18 basis points, from 1.56% on August 31, 2018 to 1.74% on February 28, 2019. The increase was driven primarily by the Fed’s rate hikes in September and December 2018. At the end of the Reporting Period, the ratio of the SIFMA Municipal Swap Index toone-month LIBOR was approximately 70% compared to its less than 71% average since 1997. (LIBOR, or the London Inter-Bank Offered Rate, is the interest rate that banks charge each other for short-term loans.)

Q What key factors were responsible for the performance of the Funds during the Reporting Period?

A The yields of the Goldman Sachs Investor Money Market Fund (“the taxable Fund”) and the Goldman Sachs InvestorTax-Exempt Money Market Fund (“thetax-exempt Fund”) rose during the Reporting Period, driven by the increase in money market yields, which occurred primarily because of the economic and market factors discussed above. The taxable andtax-exempt money market yield curves flattened, meaning yields on shorter-term maturities rose more than those on longer-term maturities. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

1

PORTFOLIO RESULTS

Q How did you manage the taxable Fund during the Reporting Period?

A During the Reporting Period, the taxable Fund had investments in commercial paper, asset-backed commercial paper, repurchase agreements, government agency securities, U.S. Treasury securities, time deposits, certificates of deposit, short-term corporate obligations, municipal debt, floating rate securities and variable rate demand notes (“VRDNs”).

Rather consistent clarity from the Fed around potential September and December 2018 interest rate hikes led us to maintain a somewhat short weighted average maturity of between 32 and 40 days in the taxable Fund during the first four months of the Reporting Period. Purchases were focused on floating rate securities, asset-backed commercial paper and government agency securities, all of which helped us to manage duration. (Duration is the taxable Fund’s sensitivity to changes in interest rates). After the December rate hike, the Fed’s path became less clear to us. As a result, we lengthened the weighted average maturity of the taxable Fund to between 51 and 55 days during the last two months of the Reporting Period.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by a Fund, taking into consideration any available maturity shortening features.

Q How did you manage thetax-exempt Fund during the Reporting Period?

A Thetax-exempt Fund had investments in VRDNs, short-termtax-exempt securities,non-financialtax-exempt commercial paper and other municipal securities during the Reporting Period.

During the first four months of the Reporting Period, we maintained a rather short weighted average maturity of between 14 and 20 days in thetax-exempt Fund in response to the Fed’s interest rate hikes. We extended the weighted average maturity of thetax-exempt Fund to between 23 and 25 days during the last two months of the Reporting Period. Overall, thetax-exempt Fund’s positioning was driven largely by the relative value of securities in the front, or short-term, end of thetax-exempt money market yield curve. Given the market’s muted expectations for Fed rate hikes in 2019 and the flattertax-exempt money market yield curve, we looked for opportunities to extend thetax-exempt Fund’s duration, while maintaining adequate liquidity to take advantage of opportunities driven by market technicals (or supply and demand dynamics).

Q How did you manage the Funds’ weighted average life during the Reporting Period?

A During the Reporting Period, we managed the weighted average life of the taxable andtax-exempt Funds below 120 days. In the taxable Fund, we maintained a weighted average life in a range between 92 days and 103 days. In thetax-exempt Fund, we maintained a weighted average life in a range between 15 days and 25 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A During the Reporting Period, we made adjustments to the Funds’ weighted average maturities and their allocations to specific investments based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.

Q What is the Funds’ tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we expected the elongated U.S. economic expansion to continue and considered market concerns around a near-term recession premature. However, we believed global economic growth was likely to moderate in 2019. More than 60% of the 32 economies for which we track manufacturing data closed 2018 with a lower reading than where they commenced the year. This contrasts with 2017 when almost 80% of these economies ended the year with higher readings. However, manufacturing activity remained in expansionary territory for 70% of these countries, in our view.

Regarding inflation, the moderation in crude oil prices in October 2018 is likely, we believe, to feed through to lower headline inflation in key economies in the short term. Meanwhile, we think cyclical improvements — namely, a

2

PORTFOLIO RESULTS

decline in unemployment rates and improving wage growth — could result in firmer core inflation in key developed economies. Potential downside inflation risks include slower than consensus anticipated economic growth and, therefore, stalling or declining labor market improvements, while potential upside risks include continued labor market improvements that lead to inflation or an increase in tariffs.

As for monetary policy, at the end of the Reporting Period, we had scaled back our expectations for 2019 Fed action from three interest rate hikes to one. We also anticipated a near-term pause in the Fed’s rate increases. Regarding other central banks, we expected the European Central Bank to start lifting its policy rates out of negative territory toward the end of 2019, though we thought low interest rates would continue for a prolonged period due to the subdued inflation outlook for the region. We also saw scope for monetary policy normalization in several other developed markets countries, including the U.K. once uncertainty about the country’s exit from the European Union subsides.

Overall, the taxable andtax-exempt Funds continue to be flexibly guided by shifting market conditions, and we have positioned them to seek to take advantage of anticipated interest rate movements. As always, we intend to continue to use our actively managed approach to seek the best possible return within the framework of our Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the taxable andtax-exempt money market yield curves, as we strive to navigate the interest rate environment.

RETAIL MONEY MARKET FUNDS

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

3

FUND BASICS

Investor Funds

as of February 28, 2019

PERFORMANCE REVIEW1,2
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)3 Class I Shares			iMoneyNet Institutional Average4
Investor Money Market		1.16	%		1.92	%5
Investor Tax-Exempt Money Market		0.70			1.16	6

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹  The Money Market Fund offers seven separate classes of shares (Class I, Administration, Service, Resource, Cash Management, Class A and Class C Shares) and the Tax-Exempt Money Market Fund offers eleven separate classes of shares (Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The Class I Shares do not have distribution and/or service (12b-1) or administration and/or service(non-12b-1) fees. The Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution, administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution and/or service (12b-1) or administration and/or service (non-12b-1) fees (as applicable) at the following contractual rates: Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares pay 0.25%, Premier Shares pay 0.35%, Service Shares pay 0.50%, Resource Shares pay 0.65%, Cash Management Shares pay 0.80%, Class A Shares pay 0.25%, and Class C Shares pay 1.00%. If these fees were reflected in the above performance, performance would have been reduced. In addition, the Fund’s performance does not reflect the deduction of any applicable sales charges.

² The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

³  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s total return assumes the reinvestment of dividends and other distributions.

⁴  Source: iMoneyNet, Inc. February 2019.

⁵  First Tier Retail–Category includes only non-government retail funds that also are not holding any second-tier securities. Portfolio holdings of first-tier funds include US Treasury, US other, repos, time deposits, domestic bank obligations, foreign bank obligations, first-tier commercial paper, floating rate notes and asset-backed commercial paper.

⁶  Tax-Free National Retail–Category includes all retail national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds—6 months & less, put bonds—over 6 months, alternative minimum tax paper and other tax-free holdings. Consists of all funds in the National Tax-Free Retail and State-Specific Retail categories.

4

FUND BASICS

STANDARDIZED TOTAL RETURNS1,2,7
For the period ended 12/31/18	SEC 7-Day Current Yield8			One Year			Five Years			Ten Years			Since Inception			Inception Date
Investor Money Market		2.48	%		1.96	%		N/A			N/A			3.52	%	1/29/16
Investor Tax-Exempt Money Market		1.54			1.24			0.45	%		0.28	%		1.73		7/19/94

⁷  The Standardized Total Returns are average annual or cumulative total returns (only if the performance period is one year or less) of Class I Shares as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. The SEC 7-Day Current Yield is not a Standardized Total Return.

Because Class I Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The yields and returns represent past performance. Past performance does not guarantee future results. The Funds’ investment yields and returns will fluctuate as market conditions change. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end yields and returns.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁸  The SEC 7-Day Current Yield figures are as of December 31, 2018 and are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring.The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Standardized Total Return figures.

5

YIELD SUMMARY

SUMMARY OF THE CLASS I SHARES AS OF 2/28/191,2
Fund	7-Day Dist. Yield9			SEC 7-Day Effective Yield10			30-Day Average Yield11			Weighted Avg. Maturity (days)12		Weighted Avg. Life (days)13
Investor Money Market		2.54	%		2.57	%		2.54	%		51		95
Investor Tax-Exempt Money Market		1.57			1.58			1.45			23		23

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

⁹ The 7-Day Distribution Yield is an annualized measure of a Fund’s dividends per share, divided by the price per share. This yield can include capital gain/loss distribution, if any. This is not an SEC Yield.

¹⁰ The SEC 7-Day Effective Yield of a Fund is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹¹  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution.

¹²  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹³  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

6

SECTOR ALLOCATIONS

INVESTOR MONEY MARKET FUND14
As of February 28, 2019
Security Type	Percentage of Net Assets
Certificates of Deposit		0.8	%
Certificates of Deposit - Eurodollar		4.5
Certificates of Deposit - Yankeedollar		3.4
Commercial Paper & Corporate Obligations		34.1
Fixed Rate Municipal Debt Obligations		4.8
Repurchase Agreements		27.2
U.S. Treasury Obligations		4.1
Variable Rate Municipal Debt Obligations		2.4
Variable Rate Obligations		20.2
As of August 31, 2018
Security Type	Percentage of Net Assets
Certificates of Deposit - Eurodollar		1.7	%
Certificates of Deposit - Yankeedollar		3.8
Commercial Paper & Corporate Obligations		35.1
Fixed Rate Municipal Debt Obligations		2.0
Repurchase Agreements		23.6
U.S. Treasury Obligations		9.4
Variable Rate Municipal Debt Obligations		3.3
Variable Rate Obligations		22.3

¹⁴  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

7

SECTOR ALLOCATIONS

INVESTOR TAX-EXEMPT MONEY MARKET FUND15
As of February 28, 2019
Security Type	Percentage of Net Assets
Commercial Paper		13.6	%
Revenue Anticipation Notes		1.6
Tax and Revenue Anticipation Note		1.3
Tax Anticipation Note		1.2
Variable Rate Obligations		82.2
As of August 31, 2018
Security Type	Percentage of Net Assets
Commercial Paper		15.9	%
General Obligation		0.5
Revenue Anticipation Notes		1.9
Revenue Bond		0.1
Tax and Revenue Anticipation Note		0.6
Variable Rate Obligations		79.5

¹⁵  The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

8

Index Definitions

Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Indexis aseven-day high-grade market index comprised oftax-exempt variable rate demand obligations with certain characteristics. The Index is calculated and published by Bloomberg. The Index is overseen by SIFMA’s municipal swap index committee.

It is not possible to invest directly in an unmanaged index.

9

INVESTOR MONEY MARKET FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – 34.1%
	Albion Capital LLC
$	10,607,000		2.516	%		03/01/19	$	10,607,000
	1,500,000		2.570			03/28/19		1,497,154
	Antalis S.A.
	8,294,000		2.806			04/10/19		8,268,657
	ANZ New Zealand International Ltd. (London)
	6,050,000		2.811			03/08/19		6,046,765
	Atlantic Asset Securitization LLC
	6,000,000		2.839			03/04/19		5,998,610
	2,000,000		2.871			03/11/19		1,998,439
	4,000,000		2.911			03/21/19		3,993,666
	Banque et Caisse d’Epargne de l’Etat
	2,000,000		2.696	(a)		05/07/19		1,990,173
	4,000,000		2.662	(a)		07/01/19		3,964,756
	Barclays US CCP Funding LLC
	3,500,000		2.910			03/07/19		3,498,337
	2,000,000		2.709			03/26/19		1,996,306
	Barton Capital S.A.
	10,000,000		2.798			04/16/19		9,964,989
	CAFCO, LLC
	4,000,000		3.015			07/01/19		3,960,282
	4,000,000		2.818			08/01/19		3,953,420
	Cancara Asset Securitisation LLC
	3,500,000		2.903			03/22/19		3,494,202
	1,500,000		2.901			04/30/19		1,492,950
	1,026,000		3.005			05/28/19		1,018,676
	Cancara Asset Securitisation Ltd.
	3,000,000		3.037			06/03/19		2,976,892
	Chariot Funding LLC
	6,000,000		3.037			07/08/19		5,936,575
	China Construction Bank Corp.
	1,050,000		3.044			04/08/19		1,046,697
	CNPC Finance (HK) Ltd.
	3,000,000		2.968			03/14/19		2,996,837
	Coca-Cola Company (The)
	2,000,000		2.822			02/11/20		1,947,757
	Collateralized Commercial Paper II Co., LLC
	5,000,000		2.984			07/08/19		4,948,042
	993,000		3.309			11/25/19		969,553
	Dexia Credit Local-New York Branch
	3,500,000		2.644			05/07/19		3,483,324
	5,000,000		2.866			10/10/19		4,914,207
	DNB Bank ASA
	10,000,000		2.434			03/06/19		9,996,667
	Erste Abwicklungsanstalt
	10,000,000		2.584			05/08/19		9,952,117
	Federation des caisses Desjardins du Quebec
	3,000,000		3.102			08/13/19		2,958,887
	3,000,000		2.803			02/25/20		2,919,076
	First Abu Dhabi Bank P.J.S.C.
	4,000,000		2.736			05/06/19		3,980,347
	4,000,000		2.762			06/05/19		3,971,200
	Industrial & Commercial Bank of China Ltd.-New York Branch
	4,250,000		3.066			04/15/19		4,234,062
	J.P. Morgan Securities LLC
	2,000,000		2.992			06/03/19		1,984,855
	6,000,000		3.012			08/01/19		5,925,540
Commercial Paper and Corporate Obligations – (continued)
	Liberty Street Funding LLC
	6,000,000		2.859			04/04/19		5,984,133
	LMA-Americas LLC
	4,000,000		2.870			03/05/19		3,998,751
	1,500,000		2.900			03/08/19		1,499,172
	Longship Funding LLC
	3,000,000		2.592			04/02/19		2,993,200
	8,000,000		2.617			04/23/19		7,969,731
	Macquarie Bank Ltd.
	2,400,000		2.807			04/10/19		2,392,667
	Manhattan Asset Funding Company LLC
	1,250,000		2.498			03/21/19		1,248,292
	Matchpoint Finance PLC
	5,000,000		2.516			03/07/19		4,997,933
	2,000,000		2.807			04/18/19		1,992,720
	3,500,000		3.004			05/13/19		3,479,276
	3,000,000		3.029			05/20/19		2,980,333
	3,000,000		3.030			06/03/19		2,976,892
	Mercy Health
	2,000,000		2.662			03/18/19		1,997,525
	Metlife Short Term Funding LLC
	3,000,000		2.816			07/24/19		2,966,892
	Mitsubishi UFJ Trust and Banking Corp.
	5,000,000		2.777			04/16/19		4,982,622
	4,000,000		2.813			05/09/19		3,978,917
	National Securities Clearing Corp.
	3,500,000		3.245			12/13/19		3,413,501
	4,000,000		3.137			01/02/20		3,897,667
	Natixis-New York Branch
	6,000,000		3.006			07/01/19		5,940,627
	Nieuw Amsterdam Receivables Corp.
	2,000,000		2.617			04/03/19		1,995,288
	3,000,000		2.562			04/08/19		2,992,020
	1,673,000		2.562	(b)		04/09/19		1,668,433
	Old Line Funding Corp.
	3,500,000		3.057			06/17/19		3,468,815
	Ridgefield Funding Company LLC
	4,000,000		2.828			04/16/19		3,985,842
	7,500,000		3.089			06/10/19		7,436,875
	3,000,000		3.015			07/08/19		2,968,503
	Skandinaviska Enskilda Banken AB
	4,000,000		2.742			11/13/19		3,924,328
	State of the Netherlands (The)
	12,000,000		2.455	(b)		03/07/19		11,995,160
	Sumitomo Mitsui Trust Bank, Ltd.-Singapore Branch
	5,000,000		2.873			03/20/19		4,992,585
	6,000,000		2.907			05/03/19		5,970,180
	Swedbank AB
	9,000,000		2.763			05/16/19		8,948,700
	Thunder Bay Funding, LLC
	3,500,000		3.057			06/17/19		3,468,815
	3,000,000		3.046			06/26/19		2,971,140
	Toronto-Dominion Bank (The)
	2,200,000		3.136			10/18/19		2,157,650
	Versailles Commercial Paper LLC
	3,000,000		2.788			03/01/19		3,000,000
	2,000,000		2.821			03/04/19		1,999,533

10 The accompanying notes are an integral part of these financial statements.

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations – (continued)
	Versailles Commercial Paper LLC – (continued)
$	8,000,000		2.965	%		04/08/19	$	7,975,511
	Victory Receivables Corp.
	3,000,000		2.859			03/05/19		2,999,067
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	303,496,313
Certificate of Deposit – 0.8%
	Branch Banking and Trust Company
$	7,000,000		2.410	%		03/05/19	$	7,000,000
Certificates of Deposit-Eurodollar – 4.5%
	Credit Industriel et Commercial
$	8,000,000		2.900	%		08/01/19	$	7,902,871
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank
	5,000,000		2.595			06/28/19		4,957,478
	KBC Bank NV
	4,000,000		2.750			04/25/19		4,000,000
	4,500,000		2.620	(b)		07/01/19		4,500,076
	5,500,000		2.770			07/01/19		5,500,000
	Mitsubishi UFJ Trust and Banking Corp.
	5,000,000		2.705			05/07/19		4,975,001
	Sumitomo Mitsui Trust Bank Ltd.
	4,000,000		2.795			05/24/19		3,974,154
	4,000,000		2.835			07/31/19		3,952,793
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	39,762,373
Certificates of Deposit-Yankeedollar – 3.4%
	Banco Del Estado De Chile
$	4,000,000		2.970	%		08/09/19	$	4,000,000
	Mizuho Bank, Ltd.-New York Branch
	6,000,000		2.710			09/20/19		6,000,000
	MUFG Bank, Ltd.
	4,500,000		2.840			02/24/20		4,500,000
	National Bank of Kuwait S.A.K.P
	3,000,000		2.800			03/01/19		3,000,000
	2,250,000		2.850			04/29/19		2,250,000
	3,000,000		2.900			05/20/19		3,000,000
	Natixis-New York Branch
	3,100,000		2.900			08/12/19		3,100,000
	Sumitomo Mitsui Trust Bank Ltd.
	4,000,000		2.820			03/19/19		4,000,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	29,850,000
Fixed Rate Municipal Debt Obligations – 4.8%
	Banque Federative du Credit Mutuel
$	2,000,000		1.900	%(a)		03/28/19	$	1,998,386
	1,000,000		2.000	(a)		04/12/19		998,696
Fixed Rate Municipal Debt Obligations – (continued)
	Cooperatieve Rabobank UA
	4,000,000		2.250			01/14/20		3,978,990
	Credit Agricole S.A.
	1,300,000		2.500	(a)		04/15/19		1,299,836
	Credit Suisse AG-New York Branch
	4,000,000		5.300			08/13/19		4,046,127
	ING Bank NV
	2,000,000		2.500	(a)		10/01/19		1,991,009
	Santander UK PLC
	2,000,000		2.500			03/14/19		1,999,762
	Skandinaviska Enskilda Banken AB
	3,000,000		2.375	(a)		03/25/19		2,999,221
	Sumitomo Mitsui Banking Corp.
	6,000,000		2.514			01/17/20		5,978,808
	Svenska Handelsbanken AB
	5,000,000		2.250			06/17/19		4,993,870
	Wells Fargo Bank N.A.
	5,000,000		1.750			05/24/19		4,986,560
	3,000,000		2.150			12/06/19		2,974,946
	Westpac Banking Corp.
	4,000,000		1.600			08/19/19		3,978,750
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	42,224,961
U.S. Treasury Obligations – 4.1%
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.00%)
$	12,300,000		2.420	%(c)		01/31/20	$	12,297,529
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	8,500,000		2.453	(c)		04/30/20		8,500,468
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	15,700,000		2.463	(c)		07/31/20		15,698,772
	TOTAL U.S. TREASURY OBLIGATIONS						$	36,496,769
Variable Rate Municipal Debt Obligations(d) – 2.4%
	Alaska Housing Finance Corp. VRDN RB Refunding for State Capital Project Bonds II Series 2017 B
$	2,000,000		2.420	%		03/07/19	$	2,000,000
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(a)
	4,000,000		2.500			03/01/19		4,000,000
	BlackRock MuniVest Fund II, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,000,000		2.500			03/01/19		4,000,000
	City of Portland, Maine GO VRDN for Taxable Pension Bonds Series 2001 RMKT (Sumitomo Mitsui Banking Corp., SPA)
	2,970,000		2.440			03/07/19		2,970,000
	Providence St. Joseph Health Obligated Group VRDN Series 16G (Bank of Tokyo-Mitsubishi UFJ, LOC)
	5,000,000		2.460			03/07/19		5,000,000

The accompanying notes are an integral part of these financial statements. 11

INVESTOR MONEY MARKET FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Municipal Debt Obligations(d) – (continued)
	Regents of the University of California VRDN RB Taxable Series 2011 Z-1
$	3,530,000		2.380	%		03/07/19	$	3,530,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	21,500,000
Variable Rate Obligations(c) – 20.2%
	Australia & New Zealand Banking Group Ltd. (3 Mo. LIBOR + 0.25%)
$	2,160,000		3.054	%(a)		12/19/19	$	2,163,641
	Australia & New Zealand Banking Group Ltd. (3 Mo. LIBOR + 0.66%)
	1,255,000		3.484	(a)		09/23/19		1,259,661
	Banco Del Estado De Chile (3 Mo. LIBOR + 0.07%)
	4,000,000		2.860			03/21/19		4,000,000
	Banco Del Estado De Chile (3 Mo. LIBOR + 0.08%)
	1,500,000		2.851			07/25/19		1,500,000
	Bank of America, N.A. (1 Mo. LIBOR + 0.20%)
	5,000,000		2.709			05/01/19		5,000,000
	Bank of Montreal (1 Mo. LIBOR + 0.40%)
	3,500,000		2.917			12/10/19		3,500,000
	Bank of Montreal (3 Mo. LIBOR + 0.21%)
	3,500,000		2.946			11/01/19		3,500,000
	Bank of Montreal (3 Mo. LIBOR + 0.33%)
	5,000,000		3.106			06/12/19		5,002,678
	Bank of Nova Scotia (The) (3 Mo. LIBOR + 0.08%)
	8,000,000		2.904	(a)		06/24/19		8,000,000
	Bedford Row Funding Corp. (1 Mo. LIBOR + 0.19%)
	4,000,000		2.671	(a)		05/22/19		4,000,000
	Bedford Row Funding Corp. (3 Mo. LIBOR + 0.16%)
	6,000,000		2.939	(a)		01/10/20		6,000,000
	BNZ International Funding Ltd. (3 Mo. LIBOR + 0.25%)
	2,251,000		3.045	(a)		04/05/19		2,251,000
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.35%)
	2,500,000		2.864			11/05/19		2,500,000
	Canadian Imperial Bank of Commerce (1 Mo. LIBOR + 0.40%)
	6,500,000		2.917			12/10/19		6,500,000
	Cooeperatieve Rabobank U.A. (1 Mo. LIBOR + 0.28%)
	3,500,000		2.773			05/29/19		3,500,000
	Credit Suisse AG (3 Mo. LIBOR + 0.25%)
	4,700,000		3.054			01/08/20		4,700,000
	Credit Suisse AG-New York Branch (1 Mo. LIBOR + 0.22%)
	4,000,000		2.737			12/09/19		4,000,000
	HSBC Bank PLC (1 Mo. LIBOR + 0.27%)
	7,000,000		2.751	(a)		05/22/19		7,000,000
	ING (U.S.) Funding LLC (3 Mo. LIBOR + 0.11%)
	2,000,000		2.807			05/10/19		2,000,000
	J.P. Morgan Securities LLC (1 Mo. LIBOR + 0.32%)
	3,000,000		2.800	(a)		07/17/19		3,000,000
	Macquarie Bank Ltd. (3 Mo. LIBOR + 0.35%)
	1,750,000		3.138	(a)		03/15/19		1,750,165
	Mizuho Bank, Ltd.-New York Branch (3 Mo. LIBOR + 0.05%)
	6,000,000		2.830			07/18/19		6,000,000
	Mizuho Bank, Ltd.-New York Branch (3 Mo. LIBOR + 0.08%)
	4,000,000		2.867			07/15/19		4,000,000
Variable Rate Obligations(c) – (continued)
	Natixis-New York Branch (3 Mo. LIBOR + 0.18%)
	2,000,000		2.847			06/06/19		2,000,000
	Nordea Bank AB (1 Mo. LIBOR + 0.15%)
	7,000,000		2.659			04/01/19		7,000,000
	Nordea Bank AB (3 Mo. LIBOR + 0.20%)
	260,000		2.978			03/14/19		260,015
	Old Line Funding Corp. (1 Mo. LIBOR + 0.37%)
	4,269,000		2.884	(a)		03/04/19		4,269,152
	Oversea-Chinese Banking Corp., Ltd. (3 Mo. LIBOR + 0.21%)
	4,000,000		2.989			10/24/19		4,000,000
	Societe Generale (3 Mo. LIBOR + 0.16%)
	2,000,000		2.939			04/24/19		2,000,000
	Societe Generale (3 Mo. LIBOR + 0.21%)
	3,500,000		2.849			03/03/20		3,500,000
	Societe Generale (3 Mo. LIBOR + 0.41%)
	3,400,000		3.211	(a)		12/18/19		3,400,000
	Standard Chartered Bank (3 Mo. LIBOR + 0.06%)
	6,000,000		2.850			03/21/19		6,000,000
	Standard Chartered Bank (3 Mo. LIBOR + 0.21%)
	2,000,000		2.884			06/10/19		2,000,000
	Sumitomo Mitsui Banking Corp. (1 Mo. LIBOR + 0.19%)
	6,000,000		2.674			03/26/19		6,000,598
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.10%)
	5,000,000		2.897			04/12/19		5,000,000
	Sumitomo Mitsui Banking Corp. (3 Mo. LIBOR + 0.31%)
	3,000,000		3.090			10/18/19		3,002,525
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.31%)
	1,500,000		2.800			08/23/19		1,500,000
	Svenska Handelsbanken AB (1 Mo. LIBOR + 0.34%)
	2,000,000		2.821			11/22/19		2,000,000
	Toronto-Dominion Bank (The) (3 Mo. LIBOR + 0.11%)
	4,000,000		2.934			09/23/19		4,000,000
	Toyota Finance Australia Limited (3 Mo. LIBOR + 0.08%)
	1,000,000		2.863			07/02/19		1,000,000
	Toyota Motor Credit Corp. (3 Mo. LIBOR + 0.10%)
	3,500,000		2.883			01/10/20		3,493,979
	Toyota Motor Finance (Netherlands) B.V. (3 Mo. LIBOR + 0.09%)
	5,000,000		2.880			03/18/19		5,000,000
	U.S. Bank N.A. (3 Mo. LIBOR + 0.15%)
	4,000,000		2.801			05/24/19		4,000,919
	UBS AG-London Branch (3 Mo. LIBOR + 0.00%)
	4,000,000		2.824	(a)		09/24/19		4,000,000
	UBS AG-London Branch (3 Mo. LIBOR + 0.12%)
	2,000,000		2.871	(a)		06/05/19		2,000,000
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.30%)
	3,000,000		2.790			07/23/19		3,000,000
	Wells Fargo Bank N.A. (1 Mo. LIBOR + 0.39%)
	3,000,000		2.903			12/09/19		3,000,000
	Westpac Banking Corp. (3 Mo. LIBOR + 0.10%)
	4,000,000		2.892	(a)		09/20/19		4,000,000
	Westpac Banking Corp. (3 Mo. LIBOR + 0.18%)
	3,000,000		2.924	(a)		10/31/19		3,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	179,554,333
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	659,884,749

12 The accompanying notes are an integral part of these financial statements.

INVESTOR MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements(e) – 27.2%
	BNP Paribas (OBFR + 0.20%)
$	5,000,000		2.600	%(c)		03/07/19	$	5,000,000
	Maturity Value: $5,259,277
	Settlement Date: 03/24/17
	Collateralized by mortgage-backed obligations, 4.640% to 6.090%, due 04/25/24 to 10/25/48, various corporate security issuers, 4.250% to 10.750%, due 05/13/19 to 12/31/99 and various sovereign debt security issuers, 4.250% to 8.875%, due 04/15/24 to 04/14/26. The aggregate market value of the collateral, including accrued interest, was $5,551,925.
	Citigroup Global Markets, Inc. (3 Mo. LIBOR + 0.43%)
	6,000,000		3.209	(c)		06/03/19		6,000,000
	Maturity Value: $6,146,007
	Settlement Date: 09/10/18
	Collateralized by mortgage-backed obligations, 4.259% to 5.739%, due 10/15/21 to 12/15/37 and various asset-backed obligations, 0.000% to 8.360%, due 08/15/21 to 03/25/45. The aggregate market value of the collateral, including accrued interest, was $6,600,003.
	Joint Repurchase Agreement Account III
	216,100,000		2.595			03/01/19		216,100,000
	Maturity Value: $216,115,577
	Merrill Lynch, Pierce, Fenner & Smith, Inc. (OBFR + 0.30%)
	9,000,000		2.700	(c)		04/04/19		9,000,000
	Maturity Value: $9,036,450
	Settlement Date: 02/14/19
	Collateralized by mortgage-backed obligations, 3.184% to 9.240%, due 01/25/24 to 05/25/57 and various asset-backed obligations, 2.370% to 3.869%, due 03/15/23 to 07/26/66. The aggregate market value of the collateral, including accrued interest, was $10,350,001.
	Wells Fargo Securities LLC (3 Mo. LIBOR + 0.20%)
	6,000,000		2.890	(c)		05/10/19		6,000,000
	Maturity Value: $6,057,800
	Settlement Date: 01/10/19
	Collateralized by various asset-backed obligations, 1.750% to 8.151%, due 05/17/21 to 01/17/38. The aggregate market value of the collateral, including accrued interest, was $6,600,000.
	TOTAL REPURCHASE AGREEMENTS						$	242,100,000
	TOTAL INVESTMENTS – 101.5%						$	901,984,749
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.5)%							(12,997,812	)
	NET ASSETS – 100.0%						$	888,986,937

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion represents a forward commitment.
(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(d)	Rate shown is that which is in effect on February 28, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Unless noted, all repurchase agreements were entered into on February 28, 2019. Additional information on Joint Repurchase Agreement Account III appears on page 21.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
GO	—General Obligation
LIBOR	—London Interbank Offered Rates
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MMY	—Money Market Yield
OBFR	—Overnight Bank Funding Rate
RB	—Revenue Bond
RMKT	—Remarketed
SPA	—Stand-by Purchase Agreement
T-Bill	—Treasury Bill
VRDN	—Variable Rate Demand Notes

The accompanying notes are an integral part of these financial statements. 13

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – 99.9%
Alabama – 3.2%
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 2014 C(a)
$	10,000,000		1.770	%		03/01/19	$	10,000,000
	Huntsville Health Care Authority CP Series 2019A-2
	13,410,000		1.670			03/01/19		13,410,000
	6,550,000		1.560			05/02/19		6,550,000
	Mobile IDB VRDN PCRB for Alabama Power Co. Barry Plant Project Series 2007 C RMKT(a)
	11,500,000		1.830			03/07/19		11,500,000
								41,460,000
Alaska – 3.8%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding Series 2009 D RMKT (Bank of America N.A., SPA)
	8,575,000		1.710			03/07/19		8,575,000
	Alaska Housing Finance Corp. VRDN RB Refunding for Governmental Purpose Series 2001 B RMKT(a)
	25,480,000		1.720			03/07/19		25,480,000
	Alaska Housing Finance Corp. VRDN RB State Capital Project Series 2002 C RMKT(a)
	4,120,000		1.730			03/07/19		4,120,000
	City of Valdez Marine Terminal VRDN RB Refunding for ExxonMobil Project Series 2001 (GTY AGMT – Exxon Mobil Corp.)(a)
	9,920,000		1.720			03/01/19		9,920,000
								48,095,000
Arizona – 0.2%
	Arizona Health Facilities Authority VRDN RB for Banner Health Series 2015 C RMKT (Bank of America N.A., LOC)(a)
	450,000		1.720			03/01/19		450,000
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 F (JPMorgan Chase Bank N.A., LOC)
	1,350,000		1.770			03/07/19		1,350,000
	Arizona Health Facilities Authority VRDN RB Refunding for Banner Health Series 2008 G (Wells Fargo Bank N.A., LOC)(a)
	650,000		1.770			03/07/19		650,000
	City of Phoenix IDA Health Care Facilities VRDN RB for Mayo Clinic Series 2014 B (Wells Fargo Bank N.A., SPA) (GTY AGMT – Mayo Clinic)
	400,000		1.650			03/01/19		400,000
								2,850,000
California – 0.2%
	State of California GO VRDN Refunding SIFMA Index Series 2012 B (SIFMA + 1.00%)
	3,000,000		2.740			05/01/19		3,000,000
Colorado – 5.5%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	6,075,000		1.760			03/07/19		6,075,000
Municipal Debt Obligations – (continued)
Colorado – (continued)
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2005 A RMKT (Mizuho Bank, Ltd., SPA)(a)
	9,075,000		1.780			03/07/19		9,074,621
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2006 B RMKT (Landesbank Hessen- Thueringen Girozentrale, SPA)(a)
	1,400,000		1.830			03/07/19		1,400,000
	City of Colorado Springs Utilities System VRDN RB Series 2008 A (U.S. Bank N.A., SPA)(a)
	795,000		1.800			03/07/19		795,000
	City of Colorado Springs Utilities System VRDN RB Series 2010 C RMKT (Barclays Bank PLC, SPA)(a)
	8,535,000		1.710			03/07/19		8,535,000
	City of Colorado Springs Utilities System VRDN RB Series 2012 A (U.S. Bank N.A., SPA)(a)
	12,720,000		1.710			03/07/19		12,720,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 B (Wells Fargo Bank N.A., LIQ)(a)
	12,200,000		1.750			03/07/19		12,200,000
	Colorado Health Facilities Authority VRDN RB for SCL Health System Series 2016 D (Wells Fargo Bank N.A., LIQ)(a)
	5,600,000		1.750			03/07/19		5,600,000
	Colorado Housing & Finance Authority VRDN RB Refunding for Single Family Mortgage Class I Series 2001 AA-2 (Sumitomo Mitsui Banking Corp., LOC)(a)
	9,365,000		1.800			03/07/19		9,365,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-1(a)
	490,000		1.710			03/07/19		490,000
	University of Colorado Hospital Authority VRDN RB Refunding Series 2017 B-2(a)
	3,770,000		1.710			03/07/19		3,770,000
								70,024,621
Connecticut – 3.7%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2012 Subseries B-3 (Royal Bank of Canada, SPA)(a)
	8,920,000		1.740			03/07/19		8,920,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2013 Subseries B-6 (Bank of Tokyo-Mitsubishi UFJ, SPA)(a)
	3,650,000		1.730			03/07/19		3,650,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2014 Subseries C-2 RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)(a)
	9,675,000		1.760			03/07/19		9,675,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2016Subseries E-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	24,220,000		1.760			03/07/19		24,220,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Refunding Series 2017Subseries A-3 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	675,000		1.780			03/07/19		675,000
								47,140,000

14 The accompanying notes are an integral part of these financial statements.

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Delaware – 1.2%
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2010 B(a)
$	15,415,000		1.800	%		03/07/19	$	15,415,000
District of Columbia – 3.8%
	District of Columbia CP Series 2019A-2
	10,100,000		1.950			03/04/19		10,100,000
	5,000,000		1.800			04/03/19		5,000,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)(a)
	15,315,000		1.730			03/07/19		15,315,000
	Metropolitan Washington Airports Authority Airport System CP Series 2019-1
	1,250,000		1.520			03/21/19		1,249,913
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-1 (TD Bank N.A., LOC)(a)
	1,750,000		1.820			03/07/19		1,750,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2009 D Subseries D-2 (TD Bank N.A., LOC)(a)
	14,300,000		1.700			03/01/19		14,300,000
	Metropolitan Washington Airports Authority Airport System VRDN RB Refunding Series 2010 C Subseries C-2 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	750,000		1.710			03/07/19		750,000
								48,464,913
Florida – 6.2%
	City of Gainesville Utilities System VRDN RB Refunding Series 2007 A RMKT (State Street Bank & Trust Co., SPA)(a)
	15,965,000		1.800			03/07/19		15,965,000
	City of Gainesville Utilities System VRDN RB Refunding Series 2012 B RMKT (Citibank N.A., SPA)(a)
	24,525,000		1.800			03/07/19		24,525,000
	Orlando Utilities Commission VRDN RB Water Utility ImprovementsSeries 2008-2 RMKT (TD Bank N.A., SPA)(a)
	26,150,000		1.700			03/07/19		26,150,000
	Pinellas County Health Facilities Authority VRDN RB Refunding for BayCare Health System Series 2009 A2 (Northern Trust Co., LOC)(a)
	12,905,000		1.740			03/07/19		12,905,000
								79,545,000
Georgia – 2.7%
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-1(a)
	2,300,000		1.700			03/07/19		2,300,000
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-2(a)
	1,755,000		1.700			03/07/19		1,755,000
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 B-3(a)
	975,000		1.710			03/07/19		975,000
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 C-1 RMKT(a)
	19,875,000		1.780			03/07/19		19,875,000
Municipal Debt Obligations – (continued)
Georgia – (continued)
	Private Colleges & Universities Authority VRDN RB Refunding for Emory University Series 2005 C-5 RMKT(a)
	9,725,000		1.780			03/07/19		9,725,000
								34,630,000
Illinois – 3.6%
	Illinois Educational Facilities Authority VRDN RB for University of Chicago Series 2003 B(a)
	300,000		1.730			03/07/19		300,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2004 Subseries C(a)
	8,200,000		1.740			03/07/19		8,200,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B(a)
	2,200,000		1.730			03/07/19		2,200,000
	Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B(a)
	723,000		1.730			03/07/19		723,000
	Illinois Finance Authority VRDN RB Refunding for Northwestern Memorial Hospital Series 2007A-1 (JPMorgan Chase Bank N.A., SPA)
	1,400,000		1.720			03/01/19		1,400,000
	Illinois Finance Authority VRDN RB Refunding for Northwestern Memorial Hospital Series 2007A-3 (JPMorgan Chase Bank N.A., SPA)(a)
	1,540,000		1.720			03/01/19		1,540,000
	Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C(a)
	615,000		1.730			03/07/19		615,000
	Illinois Health Facilities Authority VRDN RB Refunding for Evanston Hospital Corp. Series 1996 RMKT (JPMorgan Chase Bank N.A., SPA)(a)
	16,100,000		1.790			03/07/19		16,100,000
	Illinois Housing Development Authority VRDN Homeowner Mortgage RB Series 2018 SubseriesA-2 (GNMA/FNMA/ FHLMC)(FHLB, SPA)(a)
	895,000		1.730			03/07/19		895,000
	Illinois Toll Highway Authority VRDN RB Senior Priority Series 2007A-1B RMKT (Bank of America N.A., LOC)(a)
	9,400,000		1.750			03/07/19		9,400,000
	Joliet Regional Port District VRDN Marine Terminal RB Refunding for Exxon Project Series 1989(a)
	4,500,000		1.720			03/01/19		4,500,000
								45,873,000
Indiana – 0.4%
	Indiana Finance Authority VRDN RB for Ascension Health Senior Credit Group Series 2008E-4
	3,000,000		1.760			03/07/19		3,000,000
	Indiana Health Facility Financing Authority VRDN RB Refunding for Ascension Health Credit Group Series 2003E-6(a)
	2,100,000		1.760			03/07/19		2,100,000
								5,100,000

The accompanying notes are an integral part of these financial statements. 15

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Louisiana – 0.9%
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 A(a)
$	4,700,000		1.720	%		03/01/19	$	4,700,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Bonds Series 2010 B(a)
	4,000,000		1.720			03/01/19		4,000,000
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf Opportunity Zone Series 2011(a)
	2,850,000		1.720			03/01/19		2,850,000
								11,550,000
Maryland – 0.2%
	Maryland State Economic Development Corp. VRDN RB Refunding for Howard Hughes Medical Institute Project Series 2008 B(a)
	2,360,000		1.750			03/07/19		2,360,000
Massachusetts – 9.1%
	Commonwealth of Massachusetts GO RANS Series 2018 A
	5,000,000		4.000			04/25/19		5,016,754
	Commonwealth of Massachusetts GO RANS Series 2018 C
	5,000,000		4.000			06/20/19		5,032,753
	Commonwealth of Massachusetts GO VRDN for Central Artery/ Ted Williams Tunnel Infrastructure Loan Act Series 2000 A RMKT (Citibank N.A., SPA)(a)
	14,550,000		1.710			03/07/19		14,550,000
	Commonwealth of Massachusetts GO VRDN Refunding Series 2001 C RMKT (Barclays Bank PLC, SPA)
	1,300,000		1.770			03/07/19		1,300,000
	Massachusetts Bay Transportation Authority VRDN RB Refunding for General Transportation System Series 2000A-2 RMKT (Barclays Bank PLC, SPA)(a)
	15,270,000		1.750			03/07/19		15,270,000
	Massachusetts Health & Educational Facilities Authority CP Series 2019 EE
	24,750,000		1.750			10/02/19		24,750,000
	10,000,000		1.750			10/03/19		10,000,000
	6,750,000		1.750			10/10/19		6,750,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y(a)
	2,000,000		1.680			03/07/19		2,000,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Massachusetts Institute of Technology Series 2001 J-1
	1,280,000		1.700			03/07/19		1,280,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007A-1 RMKT (Wells Fargo Bank N.A., SPA)(a)
	5,300,000		1.720			03/01/19		5,300,000
	Massachusetts State Development Finance Agency VRDN RB for Partners HealthCare Systems Series 2011 K-2 (Barclays Bank, SPA) (GTY AGMT – Brigham and Women’s Hospital, Inc., Faulkner Hospital, Massachusetts General Hospital and The General Hospital Corp.)(a)
	7,800,000		1.690			03/07/19		7,800,000
	Massachusetts Water Resources Authority CP Series 1999A-2
	6,750,000		1.860			05/02/19		6,750,000
Municipal Debt Obligations – (continued)
Massachusetts – (continued)
	Massachusetts Water Resources Authority VRDN RB Refunding Series 2008A-1 RMKT (JP Morgan Chase Bank SPA)(a)
	355,000		1.720			03/07/19		355,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008A-3 RMKT (Wells Fargo Bank N.A. SPA)(a)
	1,725,000		1.720			03/07/19		1,725,000
	Massachusetts Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 E (JPMorgan Chase Bank N.A., SPA)(a)
	9,240,000		1.760			03/07/19		9,240,000
								117,119,507
Michigan – 6.4%
	Michigan Finance Authority State Aid RN Series 2018A-1 (State Aid Withholding)
	10,000,000		4.000			08/20/19		10,104,189
	Michigan Finance Authority VRDN RB Refunding for Hospital Project Ascension Senior Credit Group Series 2016E-2(a)
	7,690,000		1.770			03/07/19		7,690,000
	Michigan State University VRDN RB General Series 2000 A (Northern Trust Co., SPA)(a)
	1,330,000		1.780			03/07/19		1,330,000
	Michigan State University VRDN RB General Series 2005 (Royal Bank of Canada, SPA)(a)
	13,145,000		1.780			03/07/19		13,145,000
	Michigan State University VRDN RB Refunding for General Series 2003 A (Northern Trust Co., SPA)(a)
	21,415,000		1.780			03/07/19		21,415,000
	Regents of the University of Michigan VRDN RB Refunding General Series 2012 D-1(a)
	635,000		1.570			03/01/19		635,000
	Regents of the University of Michigan VRDN RB Refunding Series 2012 A(a)
	16,500,000		1.680			03/07/19		16,500,000
	University of Michigan CP Series 2019 K-1
	4,135,000		1.400			04/02/19		4,135,000
	6,675,000		1.420			04/09/19		6,675,000
								81,629,189
Minnesota – 3.0%
	County of Hennepin GO VRDN Series 2017 B (U.S. Bank N.A., SPA)(a)
	23,545,000		1.720			03/07/19		23,545,000
	Minnesota Higher Education Facilities Authority VRDN RB Refunding for Carleton College Series 2005 Six D (JPMorgan Chase Bank N.A., SPA)(a)
	4,630,000		1.770			03/07/19		4,630,000
	University of Minnesota CP Series 2019 H
	9,800,000		1.700			05/01/19		9,800,000
								37,975,000
Mississippi – 2.1%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 C (GTY AGMT-Chevron Corp.)(a)
	170,000		1.690			03/01/19		170,000

16 The accompanying notes are an integral part of these financial statements.

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Mississippi – (continued)
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 C (GTY AGMT-Chevron Corp.)(a)
$	220,000		1.780	%		03/07/19	$	220,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 G (GTY AGMT- Chevron Corp.)(a)
	325,000		1.690			03/01/19		325,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 E (GTY AGMT – Chevron Corp.)(a)
	8,000,000		1.720			03/01/19		8,000,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 A (GTY AGMT – Chevron Corp.)(a)
	1,800,000		1.720			03/01/19		1,800,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 D (GTY AGMT – Chevron Corp.)(a)
	7,900,000		1.720			03/01/19		7,900,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 A (GTY AGMT – Chevron Corp.)(a)
	340,000		1.770			03/07/19		340,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 B (GTY AGMT – Chevron Corp.)(a)
	3,735,000		1.770			03/07/19		3,735,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (GTY AGMT – Chevron Corp.)(a)
	700,000		1.780			03/07/19		700,000
	Mississippi Business Finance Corporation Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 J (GTY AGMT – Chevron Corp.)(a)
	3,600,000		1.720			03/01/19		3,600,000
								26,790,000
Missouri – 2.7%
	Curators University of Missouri CPSeries 2019-A
	18,300,000		1.680			06/05/19		18,300,000
	Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Foundation Series 2004 A (Northern Trust Co., SPA)(a)
	10,550,000		1.710			03/01/19		10,550,000
	Missouri Health & Educational Facilities Authority VRDN RB for Ascension Health Senior Credit Group Series 2008 C4(a)
	335,000		1.770			03/07/19		335,000
	Missouri Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2008 A (BJC Health System, LIQ)
	1,350,000		1.700			03/07/19		1,350,000
	Missouri Health & Educational Facilities Authority VRDN RB Refunding for Ascension Health Credit Group Series 2003C-2 RMKT(a)
	4,470,000		1.750			03/07/19		4,470,000
								35,005,000
Municipal Debt Obligations – (continued)
Multi-State – 2.8%
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate CertificatesSeries 2013-M027 Class A (FHLMC, LIQ)(a)
	20,075,000		1.760			03/07/19		20,075,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate CertificatesSeries 2014-M031 Class A (FHLMC, LIQ)(a)
	11,850,000		1.770			03/07/19		11,850,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi- Family Variable Rate CertificatesSeries 2015-M033 Class A (FHLMC, LIQ)(a)
	3,995,000		1.770			03/07/19		3,995,000
								35,920,000
New Hampshire – 0.6%
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 B (The Bank of New York Mellon, SPA)(a)
	8,105,000		1.670			03/01/19		8,105,000
New York – 13.5%
	Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB Refunding Series 2008A-1 RMKT (TD Bank N.A., LOC)(a)
	4,990,000		1.680			03/01/19		4,990,000
	Nassau County Interim Finance Authority GO TAN Series 2018 A
	15,850,000		4.000			03/15/19		15,863,244
	Nassau County Interim Finance Authority VRDN RB Refunding for Sales Tax Revenue Series 2008 A (TD Bank N.A., SPA)(a)
	9,975,000		1.730			03/07/19		9,975,000
	Nassau County Interim Finance Authority VRDN RB Refunding for Sales Tax Revenue Series 2008 B (Sumitomo Mitsui Banking Corp., SPA)(a)
	1,970,000		1.730			03/07/19		1,970,000
	New York City GO VRDN Series 2018 Subseries B-5 (Barclays Bank PLC, SPA)(a)
	3,000,000		1.730			03/01/19		3,000,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for 245 East 124th Street Series 2008 (FHLMC, LIQ) (FHLMC, LOC)
	450,000		1.750			03/07/19		450,000
	New York City Housing Development Corp. Multi-Family Mortgage VRDN RB for Elliot Chelsea Development Series 2010 A (FHLMC, LIQ)(a)
	17,800,000		1.740			03/07/19		17,800,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding for Second General Resolution Series 2007 CC-2 (Bank of Montreal, SPA)(a)
	10,000,000		1.700			03/01/19		10,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding for Second General Resolution Series 2015 Subseries BB-4 (Barclays Bank PLC, SPA)(a)
	2,675,000		1.730			03/01/19		2,675,000

The accompanying notes are an integral part of these financial statements. 17

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
New York – (continued)
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding for Second General ResolutionSeries 2019-BB (Industrial & Commercial Bank of China, SPA)(a)
$	10,000,000		1.770	%		03/07/19	$	10,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Refunding Series 2008 Subseries B-3 (Bank of America N.A., SPA)(a)
	7,000,000		1.730			03/01/19		7,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2011 Subseries FF-2 (Landesbank Hessen-Thueringen Girozentrale, SPA)(a)
	5,800,000		1.730			03/01/19		5,800,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT(a)
	17,000,000		1.680			03/07/19		17,000,000
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)(a)
	1,795,000		1.680			03/07/19		1,795,000
	New York State Dormitory Authority Non-State Supported VRDN RB for Rockefeller University Series 2008 A (JPMorgan Chase Bank N.A., SPA)(a)
	200,000		1.750			03/07/19		200,000
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA, LIQ) (FNMA, LOC)(a)
	4,600,000		1.740			03/07/19		4,600,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA, LIQ) (FNMA, LOC)(a)
	9,000,000		1.750			03/07/19		9,000,000
	New York State Housing Finance Agency VRDN RB for Chelsea Apartments Series 2003 A (FNMA, LIQ) (FNMA, LOC)(a)
	7,100,000		1.840			03/07/19		7,100,000
	New York State Housing Finance Agency VRDN RB for Clinton Park Housing Series 2010 A (FHLMC, LIQ)(a)
	350,000		1.750			03/07/19		350,000
	New York State Housing Finance Agency VRDN RB Refunding for Economic Development Series 2005 C RMKT (JPMorgan Chase Bank N.A., SPA)(a)
	7,000,000		1.750			03/07/19		7,000,000
	New York State Housing Finance Agency VRDN RB Refunding for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ) (FNMA, LOC)(a)
	13,500,000		1.740			03/07/19		13,500,000
	New York State Local Government Assistance Corp. VRDN RB Refunding for Subordinated Lien Series 2008 B-3V (JPMorgan Chase Bank N.A., SPA)
	1,000,000		1.750			03/07/19		1,000,000
	New York State Urban Development Corp. VRDN RB Refunding for State Facilities and Equipment 2004A-3B RMKT (JPMorgan Chase Bank N.A., SPA)(a)
	8,900,000		1.740			03/07/19		8,900,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2002 F RMKT (Citibank N.A., LOC)(a)
	3,980,000		1.710			03/01/19		3,980,000
Municipal Debt Obligations – (continued)
New York – (continued)
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 RMKT (State Street Bank & Trust Co., LOC)(a)
	8,515,000		1.700			03/01/19		8,515,000
								172,463,244
North Carolina – 1.4%
	Charlotte-Mecklenburg Hospital Authority (The) VRDN RB for Atrium Health Series 2018 G (JP Morgan Chase Bank N.A., SPA)
	4,000,000		1.730			03/01/19		4,000,000
	City of Raleigh Combined Enterprise System VRDN RB Series 2008 A RMKT (Bank of America N.A., SPA)(a)
	3,925,000		1.740			03/07/19		3,925,000
	North Carolina Capital Facilities Finance Agency Educational Facilities VRDN RB Refunding for Wake Forest University Series 2004 A(a)
	6,900,000		1.740			03/07/19		6,900,000
	University of North Carolina Hospital at Chapel Hill VRDN RB Refunding Series 2003 A (Bank of America N.A., SPA)(a)
	3,705,000		1.720			03/07/19		3,705,000
								18,530,000
Ohio – 7.0%
	City of Columbus GO VRDN for Sanitation Sewer System Series 2006-1(a)
	1,145,000		1.750			03/07/19		1,145,000
	City of Columbus Sewerage System VRDN RB Refunding Series 2008 B(a)
	650,000		1.750			03/07/19		650,000
	County of Hamilton VRDN RB Refunding for Cincinnati Children’s Hospital Medical Center Series 2018 AA(a)
	14,370,000		1.730			03/07/19		14,370,000
	Franklin County Hospital VRDN RB Improvement for Nationwide Children’s Hospital Project Series 2008 B(a)
	14,500,000		1.770			03/07/19		14,500,000
	Franklin County Hospital VRDN RB Refunding for Ohio Health Facilities Series 2009 B RMKT (Barclays Bank PLC, SPA)(a)
	5,440,000		1.730			03/07/19		5,440,000
	Ohio Higher Educational Facility Commission VRDN RB Refunding for Cleveland Clinic Health System Series 2013 B-1 (Wells Fargo Bank N.A., SPA)(a)
	600,000		1.670			03/01/19		600,000
	Ohio State University General Receipts VRDN RB Refunding Series 2010 E(a)
	3,000,000		1.720			03/07/19		3,000,000
	Ohio State University General Receipts VRDN RB Series 2005 B(a)
	1,200,000		1.700			03/07/19		1,200,000
	Ohio State University General Receipts VRDN RB Series 2008 B(a)
	5,600,000		1.700			03/07/19		5,600,000
	Ohio State University General Receipts VRDN RB Series 2014 B-1(a)
	1,130,000		1.700			03/07/19		1,130,000

18 The accompanying notes are an integral part of these financial statements.

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Ohio – (continued)
	Ohio State University General Receipts VRDN RB Series 2014 B-2(a)
$	2,140,000		1.700	%		03/07/19	$	2,140,000
	State of Ohio GO VRDN for Common Schools Series 2003 D RMKT(a)
	30,000,000		1.730			03/07/19		30,000,000
	State of Ohio GO VRDN for Common Schools Series 2005 A (State of Ohio, LIQ)(a)
	965,000		1.700			03/07/19		965,000
	State of Ohio GO VRDN for Common Schools Series 2005 B (State of Ohio, LIQ)(a)
	4,700,000		1.700			03/07/19		4,700,000
	State of Ohio GO VRDN for Common Schools Series 2006 C(a)
	3,420,000		1.710			03/07/19		3,420,000
	State of Ohio GO VRDN Refunding for Infrastructure Improvement Series 2004 A(a)
	930,000		1.730			03/07/19		930,000
								89,790,000
Rhode Island – 0.5%
	Rhode Island Health & Educational Building Corp. Higher Education Facilities VRDN RB for Brown University Series 2003 B (Northern Trust Co., SPA)(a)
	6,855,000		1.750			03/07/19		6,855,000
South Carolina – 0.5%
	City of Columbia, South Carolina Waterworks & Sewer System VRDN RB Series 2009 RMKT (Sumitomo Mitsui Banking Corp., LOC)(a)
	6,750,000		1.740			03/07/19		6,750,000
Texas – 8.0%
	Dallas Area Rapid Transit CP Series 2019A-2
	3,615,000		1.520			04/02/19		3,615,000
	Gulf Coast Waste Disposal Authority VRDN PCRB Refunding for Exxon Project Series 1989(a)
	3,630,000		1.720			03/01/19		3,630,000
	Harris County Cultural Education Facilities Finance Corp. CP Series 2019 C-1
	6,300,000		1.750			06/04/19		6,298,353
	16,400,000		1.870			06/20/19		16,400,000
	Harris County Cultural Education Facilities Finance Corp. CP Series 2019 C-2
	6,230,000		1.550			05/02/19		6,230,000
	9,355,000		1.750			06/04/19		9,352,554
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Memorial Hermann Health System Series 2015 C(a)
	6,700,000		1.780			03/07/19		6,700,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Memorial Hermann Health System Series 2016 C(a)
	970,000		1.780			03/07/19		970,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-1(a)
	1,000,000		1.730			03/01/19		1,000,000
Municipal Debt Obligations – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 Subseries C-2(a)
	3,550,000		1.730			03/01/19		3,550,000
	Harris County Industrial Development Corp. VRDN PCRB for Exxon Project Series 1984(a)
	300,000		1.720			03/01/19		300,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB for ExxonMobil Project Series 2010 (GTY AGMT – Exxon Mobil Corp.)(a)
	1,000,000		1.730			03/01/19		1,000,000
	Port of Port Arthur Navigation District VRDN RB Refunding for Texaco, Inc. Project Series 1994(a)
	7,400,000		1.720			03/01/19		7,400,000
	State of Texas TRANS Series 2018
	16,800,000		4.000			08/29/19		16,977,111
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 A(a)
	1,220,000		1.730			03/07/19		1,220,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Texas Health Resources Series 2008 B(a)
	15,285,000		1.790			03/07/19		15,285,000
	University of Texas System Permanent University Fund CP Series 2019 A
	2,000,000		1.640			03/05/19		2,000,000
	University of Texas System VRDN RB Refunding for Financing System Series 2008 B (University of Texas Investment Management Co., LIQ)(a)
	200,000		1.720			03/07/19		200,000
								102,128,018
Virginia – 4.7%
	City of Norfolk Economic Development Authority Hospital Facilities VRDN RB Refunding for Sentara Healthcare Series 2016 B(a)
	18,835,000		1.720			03/07/19		18,835,000
	Fairfax County IDA VRDN RB Refunding for Inova Health System Project Series 2018 C
	1,890,000		1.740			03/07/19		1,890,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 C(a)
	26,270,000		1.750			03/07/19		26,270,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 D(a)
	4,000,000		1.750			03/07/19		4,000,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 E(a)
	1,250,000		1.750			03/07/19		1,250,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2003 F(a)
	940,000		1.750			03/07/19		940,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2009 B(a)
	220,000		1.750			03/07/19		220,000

The accompanying notes are an integral part of these financial statements. 19

INVESTOR TAX-EXEMPT MONEY MARKET FUND

Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – (continued)
Virginia – (continued)
	University of Virginia CP Series 2019 A
$	3,550,000		1.600	%		03/11/19	$	3,550,000
	3,000,000		1.800			04/04/19		3,000,000
								59,955,000
Washington – 2.0%
	County of King Sewer Revenue VRDN RB Junior Lien Series 2001 A (Landesbank Hessen-Thueringen Girozentrale, LOC)(a)
	350,000		1.760			03/07/19		350,000
	Washington Health Care Facilities Authority VRDN RB Refunding for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)(a)
	16,080,000		1.750			03/07/19		16,080,000
	Washington State Housing Finance Commission VRDN RB for Discovery Heights Apartments Series 2010 (FHLMC, LIQ)(a)
	9,450,000		1.830			03/07/19		9,450,000
								25,880,000
	TOTAL INVESTMENTS – 99.9%						$	1,280,402,492
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							1,693,402
	NET ASSETS – 100.0%						$	1,282,095,894

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Rate shown is that which is in effect on February 28, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
CP	—Commercial Paper
FHLB	—Insured by Federal Home Loan Bank
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IDB	—Industrial Development Board
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCRB	—Pollution Control Revenue Bond
RANS	—Revenue Anticipation Notes
RB	—Revenue Bond
RN	—Revenue Notes
RMKT	—Remarketed
SIFMA	—Securities Industry and Financial Markets Association
SPA	—Stand-by Purchase Agreement
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes

20 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 28, 2019, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of March 1, 2019, as follows:

Principal Amount	Maturity Value	Collateral Value
$216,100,000	$216,115,577	$222,327,313

REPURCHASE AGREEMENTS — At February 28, 2019, the Principal Amounts of the Investor Money Market Fund’s interests in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		2.600	%		$17,796,470
Bank of America, N.A.		2.580			12,711,765
Bank of Nova Scotia (The)		2.620			55,931,765
BNP Paribas		2.610			12,711,765
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.570			45,762,353
Wells Fargo Securities, LLC		2.590			71,185,882
TOTAL				$	216,100,000

At February 28, 2019, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		2.450 to 4.150	%		03/01/21 to 06/27/33
Federal Home Loan Bank		3.930			07/11/33
Federal Home Loan Mortgage Corp.		2.000 to 9.500			11/01/19 to 03/01/49
Federal Home Loan Mortgage Corp. Stripped Securities		0.000			07/15/32
Federal National Mortgage Association		1.750 to 7.500			03/01/19 to 03/01/49
Federal National Mortgage Association Stripped Securities		0.000			03/23/28 to 11/15/30
Government National Mortgage Association		2.500 to 7.500			09/15/24 to 02/20/49
U.S. Treasury Bonds		2.750 to 3.375			11/15/47 to 11/15/48
U.S. Treasury Inflation-Indexed Bonds		2.375 to 3.875			01/15/25 to 04/15/29
U.S. Treasury Inflation-Indexed Notes		0.125			01/15/22
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/37
U.S. Treasury Notes		1.250 to 2.875			11/30/19 to 11/15/24

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Investor Money Market Fund		Investor Tax-Exempt Money Market Fund
Assets:
Investments based on amortized cost	$	659,884,749	$	1,280,402,492
Repurchase agreements based on amortized cost		242,100,000		—
Cash		38,703		2,888,532
Receivables:
Interest		1,120,294		416,416
Fund shares sold		6,463,047		25,954
Reimbursement from investment advisor		12,246		23,746
Other assets		3,810		6,201
Total assets		909,622,849		1,283,763,341
Liabilities:
Payables:
Dividend distribution		286,177		1,246,043
Management fees		105,895		157,473
Fund shares redeemed		2,004,648		107,786
Distribution and Service fees and Transfer Agency fees		7,115		10,146
Investments purchased		18,163,668		—
Accrued expenses		68,409		145,999
Total liabilities		20,635,912		1,667,447
Net Assets:
Paid-in capital		888,962,164		1,282,102,573
Total distributal earnings (loss)		24,773		(6,679	)
NET ASSETS	$	888,986,937	$	1,282,095,894
Net asset value, offering and redemption price per share		$1.00		$1.00
Net Assets:
Class I Shares	$	739,456,413	$	1,274,471,773
Select Shares		—		3,199
Preferred Shares		—		58,232
Capital Shares		—		1,020
Administration Shares		112,941,727		796,979
Premier Shares		—		1,015
Service Shares		10,628		2,515,030
Resource Shares		10,499		2,187,257
Cash Management Shares		3,004,288		1,006
Class A Shares		33,553,113		2,051,357
Class C Shares		10,269		9,026
Total Net Assets	$	888,986,937	$	1,282,095,894
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class I Shares		739,435,815		1,274,427,760
Select Shares		—		3,199
Preferred Shares		—		58,230
Capital Shares		—		1,020
Administration Shares		112,938,564		796,952
Premier Shares		—		1,015
Service Shares		10,628		2,514,943
Resource Shares		10,499		2,187,182
Cash Management Shares		3,004,204		1,006
Class A Shares		33,552,185		2,051,286
Class C Shares		10,269		9,026

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Investor Money Market Fund			Investor Tax-Exempt Money Market Fund
Investment income:
Interest income	$	9,600,810		$	9,221,000
Total investment income		9,600,810			9,221,000
Expenses:
Fund-Level Expenses:
Management fees		608,203			931,949
Professional fees		54,636			49,867
Registration fees		45,502			74,721
Transfer Agency fees		38,013			58,247
Custody, accounting and administrative services		28,689			60,194
Trustee fees		8,437			13,516
Printing and mailing fees		7,146			21,777
Other		862			24,359
Subtotal		791,488			1,234,630
Class Specific Expenses:
Administration Share fees		152,194			63
Distribution and Service fees — Class A Shares		20,624			2,709
Cash Management Share fees		2,738			2
Distribution fees — Cash Management Shares		1,643			1
Distribution fees — Class C Shares		38			34
Resource Share fees		26			5,679
Service Share fees		26			2,395
Class C Share fees		13			11
Distribution fees — Resource Shares		8			1,704
Preferred Share fees		—			32
Premier Share fees		—			2
Capital Share fees		—			1
Select Share fees		—			1
Total expenses		968,798			1,247,264
Less — expense reductions		(92,050	)		(186,218	)
Net expenses		876,748			1,061,046
NET INVESTMENT INCOME	$	8,724,062		$	8,159,954
Net realized gain from investment transactions		15,081			8
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,739,143		$	8,159,962

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Statements of Changes in Net Assets

	Investor Money Market Fund						Investor Tax-Exempt Money Market Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	8,724,062		$	6,248,660		$	8,159,954		$	10,782,417
Net realized gain (loss) from investment transactions		15,081			12,206			8			(6,657	)
Net increase in net assets resulting from operations		8,739,143			6,260,866			8,159,962			10,775,760
Distributions to shareholders:
From distributable earnings:
Class I Shares		(7,269,578	)		(4,773,851	)(a)		(8,133,666	)		(10,701,557	)(a)
Select Shares		—			—			(23	)		(13,704	)(a)
Preferred Shares		—			—			(425	)		(445	)(a)
Capital Shares		—			—			(8	)		(13	)(a)
Administration Shares		(1,262,306	)		(1,436,061	)(a)		(316	)		(21,141	)(a)
Premier Shares		—			—			(7	)		(10	)(a)
Service Shares		(97	)		(314	)(a)		(4,335	)		(4,638	)(a)
Resource Shares		(89	)		(261	)(a)		(8,572	)		(11,907	)(a)
Cash Management Shares		(8,744	)		(5,856	)(a)		(5	)		(98	)(a)
Class A Shares		(176,310	)		(42,376	)(a)		(12,580	)		(29,474	)(a)
Class C Shares		(68	)		(164	)(a)		(17	)		(13	)(a)
Total distributions to shareholders		(8,717,192	)		(6,258,883	)		(8,159,954	)		(10,783,000	)
From share transactions: (at $1.00 per share):
Proceeds from sales of shares		905,187,864			801,426,361			980,550,837			1,654,445,910
Reinvestment of distributions		6,947,706			4,214,509			1,156,798			1,638,479
Cost of shares redeemed		(669,032,145	)		(477,393,348	)		(757,469,261	)		(1,536,838,676	)
Net increase in net assets resulting from share transactions		243,103,425			328,247,522			224,238,374			119,245,713
NET INCREASE		243,125,376			328,249,505			224,238,382			119,238,473
Net assets:(b)
Beginning of period		645,861,561			317,612,056			1,057,857,512			938,619,039
End of period	$	888,986,937		$	645,861,561		$	1,282,095,894		$	1,057,857,512

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

Distributions from net investment income:	Class I Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares
Investor Money Market Fund		(4,766,356	)		—			—			—			(1,433,408	)		—			(313	)		(42,317	)		(163	)		(260	)		(5,843	)
Investor Tax-Exempt Money Market Fund		(10,700,983	)		(13,702	)		(445	)		(13	)		(21,139	)		(10	)		(4,637	)		(29,472	)		(13	)		(11,905	)		(98	)

Distributions from net realized gains:	Class I Shares			Select Shares			Preferred Shares		Capital Shares		Administration Shares			Premier Shares		Service Shares			Class A Shares			Class C Shares			Resource Shares			Cash Management Shares
Investor Money Market Fund		(7,495	)		—			—		—		(2,653	)		—		(1	)		(59	)		(1	)		(1	)		(13	)
Investor Tax-Exempt Money Market Fund		(574	)		(2	)		0		—		(2	)		—		(1	)		(2	)		0			(2	)		0

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $13,291 and $(30) for the Investor Money Market Fund and Investor Tax-Exempt Money Market Fund, respectively as of August 31, 2018.

24 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Class I Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.015			0.017			0.009			0.002
Net realized loss		(0.003	)		(0.001	)		—	(b)		—	(b)
Total from investment operations		0.012			0.016			0.009			0.002
Distributions to shareholders from net investment income		(0.012	)		(0.016	)		(0.009	)		(0.002	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.012	)		(0.016	)		(0.009	)		(0.002	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.16	%		1.61	%		0.87	%		0.24	%
Net assets, end of period (in 000’s)	$	739,456		$	504,770		$	216,443		$	10,679
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.18	%(e)
Ratio of total expenses to average net assets		0.20	%(e)		0.29	%		0.51	%		4.88	%(e)
Ratio of net investment income to average net assets		2.34	%(e)		1.68	%		0.90	%		0.41	%(e)

* Commenced operations on January 29, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.014			0.007			0.001
Net realized loss		(0.001	)		(0.001	)		(0.001	)		—	(b)
Total from investment operations		0.010			0.013			0.006			0.001
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.006	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.006	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.04	%		1.36	%		0.62	%		0.09	%
Net assets, end of period (in 000’s)	$	112,942		$	132,200		$	100,351		$	50
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.43	%		0.43	%(e)
Ratio of total expenses to average net assets		0.45	%(e)		0.54	%		0.76	%		5.13	%(e)
Ratio of net investment income to average net assets		2.08	%(e)		1.37	%		0.72	%		0.16	%(e)

* Commenced operations on January 29, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

26 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.009			0.004			—	(b)
Net realized gain		0.002			0.002			—	(b)		—	(b)
Total from investment operations		0.009			0.011			0.004			—	(b)
Distributions to shareholders from net investment income		(0.009	)		(0.011	)		(0.004	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.009	)		(0.011	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.91	%		1.11	%		0.39	%		0.05	%
Net assets, end of period (in 000’s)	$	11		$	11		$	50		$	50
Ratio of net expenses to average net assets		0.67	%(e)		0.68	%		0.68	%		0.61	%(e)
Ratio of total expenses to average net assets		0.70	%(e)		0.79	%		1.01	%		5.38	%(e)
Ratio of net investment income to average net assets		1.85	%(e)		0.92	%		0.36	%		0.02	%(e)

* Commenced operations on May 31, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.006			0.008			0.002			—	(b)
Net realized gain		0.002			0.002			0.001			—	(b)
Total from investment operations		0.008			0.010			0.003			—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.010	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.010	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.84	%		0.96	%		0.26	%		0.05	%
Net assets, end of period (in 000’s)	$	10		$	11		$	50		$	50
Ratio of net expenses to average net assets		0.81	%(e)		0.83	%		0.82	%		0.62	%(e)
Ratio of total expenses to average net assets		0.85	%(e)		0.94	%		1.16	%		5.53	%(e)
Ratio of net investment income to average net assets		1.71	%(e)		0.77	%		0.22	%		0.01	%(e)

* Commenced operations on May 31, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

28 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.009			0.009			0.002			—	(b)
Net realized loss		(0.001	)		(0.001	)		(0.001	)		—	(b)
Total from investment operations		0.008			0.008			0.001			—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.008	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.008	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.76	%		0.81	%		0.15	%		0.05	%
Net assets, end of period (in 000’s)	$	3,004		$	927		$	91		$	50
Ratio of net expenses to average net assets		0.98	%(e)		0.98	%		0.95	%		0.62	%(e)
Ratio of total expenses to average net assets		1.00	%(e)		1.09	%		1.31	%		5.68	%(e)
Ratio of net investment income to average net assets		1.60	%(e)		0.88	%		0.18	%		0.01	%(e)

* Commenced operations on May 31, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.017			0.016			0.008			0.001
Net realized loss		(0.007	)		(0.003	)		(0.002	)		—	(b)
Total from investment operations		0.010			0.013			0.006			0.001
Distributions to shareholders from net investment income		(0.010	)		(0.013	)		(0.006	)		(0.001	)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.010	)		(0.013	)		(0.006	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.04	%		1.36	%		0.62	%		0.09	%
Net assets, end of period (in 000’s)	$	33,553		$	7,933		$	563		$	50
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.43	%		0.43	%(e)
Ratio of total expenses to average net assets		0.45	%(e)		0.54	%		0.76	%		5.13	%(e)
Ratio of net investment income to average net assets		2.14	%(e)		1.59	%		0.81	%		0.16	%(e)

* Commenced operations on January 29, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

30 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Money Market Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.005			0.004			—	(b)		—	(b)
Net realized gain		0.002			0.002			0.001			—	(b)
Total from investment operations		0.007			0.006			0.001			—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.006	)		(0.001	)		—	(b)
Distributions to shareholders from net realized gains		—	(b)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.006	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.66	%		0.60	%		0.06	%		0.05	%
Net assets, end of period (in 000’s)	$	10		$	10		$	64		$	50
Ratio of net expenses to average net assets		1.18	%(e)		1.18	%		1.02	%		0.58	%(e)
Ratio of total expenses to average net assets		1.20	%(e)		1.29	%		1.51	%		5.88	%(e)
Ratio of net investment income to average net assets		1.34	%(e)		0.40	%		0.04	%		0.01	%(e)

* Commenced operations on January 29, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Class I Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.010			0.006			0.001			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			0.010			0.007			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.010	)		(0.006	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.010	)		(0.007	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.70	%		1.03	%		0.63	%		0.11	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1,274,472		$	1,052,229		$	924,326		$	1,387,634		$	4,955,885		$	5,225,304
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.11	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.21	%(e)		0.22	%		0.29	%		0.24	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		1.40	%(e)		1.02	%		0.57	%		0.07	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

32 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Select Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		—	(b)		0.009			0.006			0.001			—	(b)		—	(b)
Net realized gain		0.007			0.001			—	(b)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			0.010			0.006			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.010	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.010	)		(0.006	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.68	%		1.00	%		0.60	%		0.09	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	3		$	3		$	5,401		$	—		$	193,506		$	267,104
Ratio of net expenses to average net assets		0.18	%(e)		0.21	%		0.21	%		0.11	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.24	%(e)		0.25	%		0.32	%		0.27	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		1.44	%(e)		0.95	%		0.62	%		0.01	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Preferred Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.009			0.005			0.001			—	(b)		—	(b)
Net realized gain (loss)		(0.001	)		—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.009			0.006			0.001			—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.009	)		(0.005	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.006	)		(0.009	)		(0.006	)		(0.001	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.65	%		0.93	%		0.53	%		0.06	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	58		$	68		$	37		$	46		$	6,914		$	15,635
Ratio of net expenses to average net assets		0.28	%(e)		0.28	%		0.28	%		0.13	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.31	%(e)		0.32	%		0.39	%		0.34	%		0.33	%		0.33	%
Ratio of net investment income to average net assets		1.31	%(e)		0.93	%		0.48	%		0.03	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

34 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Capital Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.008			0.013			0.003			—	(b)		—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		0.002			—	(b)		—	(b)		—	(b)
Total from investment operations		0.008			0.013			0.005			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.008	)		(0.013	)		(0.004	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.008	)		(0.013	)		(0.005	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.62	%		0.88	%		0.48	%		0.04	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	886		$	22,788		$	5,728
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.33	%		0.19	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.36	%(e)		0.37	%		0.44	%		0.39	%		0.38	%		0.38	%
Ratio of net investment income to average net assets		1.68	%(e)		1.31	%		0.30	%		0.04	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Administration Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		—	(b)		0.008			0.003			—	(b)		—	(b)		—	(b)
Net realized gain		0.006			—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.008			0.004			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.008	)		(0.003	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.006	)		(0.008	)		(0.004	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.57	%		0.78	%		0.38	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	797		$	2		$	3,575		$	13,041		$	107,676		$	155,732
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.43	%		0.18	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.46	%(e)		0.47	%		0.54	%		0.49	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.25	%(e)		0.75	%		0.30	%		0.01	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

36 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Premier Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.007			0.010			0.004			—	(b)		—	(b)		—	(b)
Net realized gain (loss)		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total from investment operations		0.007			0.010			0.003			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.007	)		(0.010	)		(0.002	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.007	)		(0.010	)		(0.003	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.52	%		0.68	%		0.29	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	1		$	1		$	1		$	1,858
Ratio of net expenses to average net assets		0.54	%(e)		0.54	%		0.47	%		0.12	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.56	%(e)		0.57	%		0.64	%		0.59	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		1.31	%(e)		0.95	%		0.43	%		0.37	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Service Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.004			0.005			—	(b)		—	(b)		—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		0.002			—	(b)		—	(b)		—	(b)
Total from investment operations		0.004			0.005			0.002			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.004	)		(0.005	)		(0.001	)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.004	)		(0.005	)		(0.002	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.45	%		0.53	%		0.15	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	2,515		$	836		$	841		$	58,173		$	72,003		$	66,226
Ratio of net expenses to average net assets		0.68	%(e)		0.68	%		0.63	%		0.21	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.71	%(e)		0.72	%		0.79	%		0.74	%		0.73	%		0.73	%
Ratio of net investment income to average net assets		0.91	%(e)		0.52	%		0.04	%		0.01	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

38 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Resource Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.003			0.004			—	(b)		—	(b)		—	(b)		—	(b)
Net realized gain		0.001			—	(b)		0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.004			0.004			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.004	)		(0.004	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.004	)		(0.004	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.38	%		0.37	%		0.08	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	2,187		$	2,412		$	3,731		$	6,469		$	8,268		$	12,979
Ratio of net expenses to average net assets		0.83	%(e)		0.83	%		0.73	%		0.20	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		0.86	%(e)		0.87	%		0.94	%		0.89	%		0.88	%		0.88	%
Ratio of net investment income to average net assets		0.75	%(e)		0.36	%		0.02	%		0.01	%		0.01	%		0.01	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Cash Management Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		—	(b)		0.002			—	(b)		—	(b)		—	(b)		—	(b)
Net realized gain		0.005			0.001			0.001			—	(b)		—	(b)		—	(b)
Total from investment operations		0.005			0.003			0.001			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income		(0.005	)		(0.003	)		—	(b)		—	(b)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)		—	(b)		—	(b)
Total distributions(c)		(0.005	)		(0.003	)		(0.001	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.30	%		0.24	%		0.09	%		0.01	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	1		$	1		$	54		$	1		$	1		$	1
Ratio of net expenses to average net assets		0.90	%(e)		0.96	%		0.77	%		0.12	%		0.08	%		0.10	%
Ratio of total expenses to average net assets		1.01	%(e)		1.02	%		1.09	%		1.04	%		1.03	%		1.03	%
Ratio of net investment income to average net assets		0.95	%(e)		0.24	%		0.01	%		0.37	%		0.40	%		0.40	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

40 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Class A Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.003			0.008			0.004			—	(b)
Net realized gain		0.003			—	(b)		—	(b)		—	(b)
Total from investment operations		0.006			0.008			0.004			—	(b)
Distributions to shareholders from net investment income		(0.006	)		(0.008	)		(0.003	)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)
Total distributions(c)		(0.006	)		(0.008	)		(0.004	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.57	%		0.78	%		0.38	%		0.01	%
Net assets, end of period (in 000’s)	$	2,051		$	2,296		$	643		$	10
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.43	%		0.30	%(e)
Ratio of total expenses to average net assets		0.46	%(e)		0.47	%		0.54	%		0.49	%(e)
Ratio of net investment income to average net assets		1.16	%(e)		0.82	%		0.35	%		0.04	%(e)

* Commenced operations on March 31, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Investor Tax-Exempt Money Market Fund
	Class C Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016*
				2018			2017
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.002			0.001			—	(b)		—	(b)
Net realized gain		—	(b)		—	(b)		0.001			—	(b)
Total from investment operations		0.002			0.001			0.001			—	(b)
Distributions to shareholders from net investment income		(0.002	)		(0.001	)		—	(b)		—	(b)
Distributions to shareholders from net realized gains		—			—	(b)		(0.001	)		—	(b)
Total distributions(c)		(0.002	)		(0.001	)		(0.001	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.20	%		0.13	%		0.07	%		0.01	%
Net assets, end of period (in 000’s)	$	9		$	9		$	9		$	10
Ratio of net expenses to average net assets		1.19	%(e)		1.06	%		0.72	%		0.31	%(e)
Ratio of total expenses to average net assets		1.21	%(e)		1.22	%		1.29	%		1.24	%(e)
Ratio of net investment income to average net assets		0.39	%(e)		0.15	%		0.04	%		0.04	%(e)

* Commenced operations on March 31, 2016.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e) Annualized.

42 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements

February 28, 2019 (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 anopen-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-Diversified
Investor Money Market	Class I, Administration, Service, Resource, Cash Management, Class A and Class C	Diversified
Investor Tax-Exempt Money Market	Class I, Select, Preferred, Capital, Administration, Premier, Service, Resource, Cash Management, Class A and Class C	Diversified

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The investment valuation policy of the Funds is to use theamortized-cost method permitted by Rule2a-7 under the Act for valuing portfolio securities. Theamortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between each Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with Valuation Procedures approved by the Trustees. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, andnon-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees.Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/orpro-rata basis depending upon the nature of the expenses.

43

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable andtax-exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distributions of short-term capital gains (or any portion thereof).

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designatedsub-custodians undertri-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 maintainpro-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.

44

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of February 28, 2019, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

B.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the “Plans”) to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

C.  Distribution and/or Service(12b-1) Plans — The Trust, on behalf of the Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C, Resource and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule12b-1 under the Act. Under the Distribution Plans, Goldman Sachs as Distributor is entitled to a fee accrued

45

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C, Resource and Cash Management Shares of the Funds, as set forth below.

The Trust, on behalf of the Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

D.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares’ CDSC. During the six months ended February 28, 2019, Goldman Sachs has advised that it did not retain any CDSCs with respect to Class C Shares of the Funds.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund’s average daily net assets.

F.  Other Agreements — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

G.  Total Fund Expenses

Fund Contractual Fees

The contractual annualized rates for each of the Funds are as follows:

	Class I Shares			Select Shares(a)			Preferred Shares(a)			Capital Shares(a)			Administration Shares			Premier Shares(a)			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration, Service and/or Shareholder Administration Fees		N/A			0.03			0.10			0.15			0.25			0.35			0.25			0.50			0.50			N/A			0.25
Distribution and/or Service(12b-1) Fees		N/A			N/A			N/A			N/A			N/A			N/A			0.25	(b)		0.15	(c)		0.30	(c)		0.25			0.75	(c)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

N/A—Fees not applicable to respective share class

(a) Tax-Exempt Money Market Fund only.

(b) Service(12b-1) fee only.

(c) Distribution(12b-1) fee only.

46

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

During the six months ended February 28, 2019, GSAM and Goldman Sachs (as applicable) agreed to waive all or a portion of the management fees and respective class-specific fees described above attributable to the Funds. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the six months ended February 28, 2019, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers			Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Investor Money Market	$	—	$	—	*	$	—	$	92	$	92
Investor Tax-Exempt Money Market		—		—	*		—		186		186

* Amount less than one thousand.

For the six months ended February 28, 2019, the net effective management fee rate for each of the Funds was 0.16%.

H.  Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees. For the six months ended February 28, 2019, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule17a-7 under the Act were as follows:

Fund	��	Purchases		Sales		Net Realized Gain (Loss)
Investor Money Market		$	—	$	8,001,416	$	—
InvestorTax-Exempt Money Market			52,120,739		20,311,116		—

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

Fund	Class I Shares		Select Shares			Preferred Shares		Capital Shares			Administration Shares		Premier Shares			Service Shares			Resource Shares			Cash Management Shares			Class A Shares		Class C Shares
Investor Money Market		—		—			—		—			—		—			100	%		100	%		—			—		100	%
InvestorTax-Exempt Money Market		—		32	%		—		100	%		—		100	%		—			—			100	%		—		100

I.  Line of Credit Facility — As of February 28, 2019, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Funds did not have any borrowings under the facility.

47

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2018, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Investor Money Market			Investor Tax-Exempt Money Market
Capital loss carryforwards (Perpetual Short-Term)	$	—		$	(6,657	)
Timing differences (Distribution Payable)		(254,148	)		(1,007,681	)

At February 28, 2019, the aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

6. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Geographic and Sector Risk — The InvestorTax-Exempt Money Market Fund may invest a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, which may subject the value of the Fund’s investments to risks associated with an adverse economic, business, political or environmental development affecting that state, region or sector.

48

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

6. OTHER RISKS (continued)

Credit/Default Risk — An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in NAV.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

9. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

49

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:

	Investor Money Market Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
Class I Shares
Shares sold		818,767,990			716,352,662
Reinvestment of distributions		5,535,848			2,763,014
Shares redeemed		(589,636,190	)		(430,789,541	)
		234,667,648			288,326,135
Administration Shares
Shares sold		50,557,260			66,436,013
Reinvestment of distributions		1,226,566			1,402,584
Shares redeemed		(71,044,932	)		(35,989,338	)
		(19,261,106	)		31,849,259
Service Shares
Shares sold		—			—
Reinvestment of distributions		96			313
Shares redeemed		—			(40,000	)
		96			(39,687	)
Resource Shares
Shares sold		—			—
Reinvestment of distributions		87			261
Shares redeemed		—			(40,000	)
		87			(39,739	)
Cash Management Shares
Shares sold		4,670,415			2,929,009
Reinvestment of distributions		8,744			5,819
Shares redeemed		(2,601,675	)		(2,099,476	)
		2,077,484			835,352
Class A Shares
Shares sold		31,192,197			15,708,677
Reinvestment of distributions		176,298			42,358
Shares redeemed		(5,749,346	)		(8,381,415	)
		25,619,149			7,369,620
Class C Shares
Shares sold		—			—
Reinvestment of distributions		68			160
Shares redeemed		(1	)		(53,578	)
		67			(53,418	)
NET INCREASE IN SHARES		243,103,425			328,247,522

50

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	InvestorTax-Exempt Money Market Fund
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
Class I Shares
Shares sold		970,791,283			1,608,090,653
Reinvestment of distributions		1,133,200			1,581,148
Shares redeemed		(749,681,366	)		(1,481,762,959	)
		222,243,117			127,908,842
Select Shares
Shares sold		—			5,049,149
Reinvestment of distributions		22			13,703
Shares redeemed		—			(10,460,376	)
		22			(5,397,524	)
Preferred Shares
Shares sold		3,033			32,634
Reinvestment of distributions		7			11
Shares redeemed		(12,898	)		(1,486	)
		(9,858	)		31,159
Capital Shares
Shares sold		—			—
Reinvestment of distributions		6			9
Shares redeemed		—			—
		6			9
Administration Shares
Shares sold		946,528			9,267,994
Reinvestment of distributions		231			243
Shares redeemed		(151,997	)		(12,840,341	)
		794,762			(3,572,104	)
Premier Shares
Shares sold		—			—
Reinvestment of distributions		5			7
Shares redeemed		—			—
		5			7
Service Shares
Shares sold		1,928,689			188,313
Reinvestment of distributions		2,506			2,712
Shares redeemed		(252,087	)		(195,928	)
		1,679,108			(4,903	)
Resource Shares
Shares sold		3,840,456			13,214,184
Reinvestment of distributions		8,219			11,065
Shares redeemed		(4,073,485	)		(14,544,306	)
		(224,810	)		(1,319,057	)
Cash Management Shares
Shares sold		—			180,115
Reinvestment of distributions		3			84
Shares redeemed		—			(233,485	)
		3			(53,286	)
Class A Shares
Shares sold		3,040,848			18,422,868
Reinvestment of distributions		12,580			29,486
Shares redeemed		(3,297,427	)		(16,799,795	)
		(243,999	)		1,652,559
Class C Shares
Shares sold		—			—
Reinvestment of distributions		18			11
Shares redeemed		—			—
		18			11
NET INCREASE (DECREASE) IN SHARES		224,238,374			119,245,713

51

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended  February 28, 2019 (Unaudited)

As a shareholder of Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C Shares of a Fund you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (with respect to Class C Shares); and (2) ongoing costs, including management fees and distribution, service, administration and/or shareholder administration fees (with respect to all share classes except Class I Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class I Shares, Select Shares, Preferred Shares, Capital Shares, Administration Shares, Premier Shares, Service Shares, Resource Shares, Cash Management Shares, Class A Shares, or Class C Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019, which represents a period of 181 days in a 365-day year.

Actual Expenses — The first line under each Share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each Share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Investor Money Market Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Class I Shares
Actual	$	1,000.00	$	1,011.61		$	0.90
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Administration Shares
Actual		1,000.00		1,010.35			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Service Shares
Actual		1,000.00		1,009.11			3.34
Hypothetical (5% return before expenses)		1,000.00		1,021.47	+		3.36
Resource Shares
Actual		1,000.00		1,008.36			4.03
Hypothetical (5% return before expenses)		1,000.00		1,020.78	+		4.06
Cash Management Shares
Actual		1,000.00		1,007.61			4.88
Hypothetical (5% return before expenses)		1,000.00		1,019.93	+		4.91
Class A Shares
Actual		1,000.00		1,010.35			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Class C Shares
Actual		1,000.00		1,006.61			5.87
Hypothetical (5% return before expenses)		1,000.00		1,018.94	+		5.91

* 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 February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class I Shares			Administration Shares			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Investor Money Market		0.18	%		0.43	%		0.67	%		0.81	%		0.98	%		0.43	%		1.18	%

+ 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.

52

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

Fund Expenses — Six Month Period Ended February 28, 2019 (Unaudited)  (continued)

	InvestorTax-Exempt Money Market Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Class I Shares
Actual	$	1,000.00	$	1,006.99		$	0.90
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Select Shares
Actual		1,000.00		1,006.84			0.90
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Preferred Shares
Actual		1,000.00		1,006.49			1.39
Hypothetical (5% return before expenses)		1,000.00		1,023.41	+		1.40
Capital Shares
Actual		1,000.00		1,006.25			0.90
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90
Administration Shares
Actual		1,000.00		1,005.75			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Premier Shares
Actual		1,000.00		1,005.25			2.68
Hypothetical (5% return before expenses)		1,000.00		1,022.12	+		2.71
Service Shares
Actual		1,000.00		1,004.50			3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.42	+		3.41
Resource Shares
Actual		1,000.00		1,003.76			4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.68	+		4.16
Cash Management Shares
Actual		1,000.00		1,003.01			4.47
Hypothetical (5% return before expenses)		1,000.00		1,020.33	+		4.51
Class A Shares
Actual		1,000.00		1,005.75			2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.66	+		2.16
Class C Shares
Actual		1,000.00		1,002.02			5.91
Hypothetical (5% return before expenses)		1,000.00		1,018.89	+		5.96

* 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 February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class I Shares			Select Shares			Preferred Shares			Capital Shares			Administration Shares			Premier Shares			Service Shares			Resource Shares			Cash Management Shares			Class A Shares			Class C Shares
Investor Tax-Exempt Money Market		0.18	%		0.18	%		0.28	%		0.33	%		0.43	%		0.54	%		0.68	%		0.83	%		0.90	%		0.43	%		1.19	%

+ 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.

53

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

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

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity 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 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 atwww.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares of a Fund) or 1-800-621-2550 (for shareholders of all other share classes of a Fund); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. Form N-Qs may be obtained upon request and without charge by calling 1-800-526-7384 (for shareholders of Class A Shares or Class C Shares) or 1-800-621-2550 (for shareholders of all other share classes of a Fund).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Goldman Sachs Investor Funds^SM is a service mark of Goldman Sachs & Co. LLC.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Intermediary or from Goldman Sachs & Co. LLC by calling (Class A Shares and Class C Shares – 1-800-526-7384) (all other share classes – 1-800-621-2550).

© 2019 Goldman Sachs. All rights reserved. 162570-OTU-960929 IMMITEMMSAR-19/2.3K

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Strategic Factor Allocation Fund

It is our intention that beginning on January 1, 2021, paper copies of the Portfolio’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolio or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Portfolio electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Portfolio directly with the Portfolio’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by callingtoll-free 800-621-2550 for Institutional, Class R6 and Class P shareholders. If you hold shares of the Portfolio through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Portfolio’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Strategic Factor Allocation Fund

TABLE OF CONTENTS
Portfolio Management Discussions and Performance Summary	1
Schedule of Investments	6
Financial Statements	8
Financial Highlights	11
Notes to the Financial Statements	14
Other Information	25

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Strategic Factor Allocation Fund

Investment Objective

The Portfolio seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team (“QIS Team”) discusses the Goldman Sachs Strategic Factor Allocation Fund’s (the “Portfolio”) performance and positioning for thesix-month period ended February 28, 2019 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Institutional, Class P and Class R6 Shares generated cumulative total returns of-1.13%,-1.06% and-1.09%, respectively. This compares to the-0.28% cumulative total return of the Portfolio’s blended benchmark, the Strategic Factor Allocation Composite Index (the “Index”), which is composed 50% of the S&P 500^® Index and 50% of the Bloomberg Barclays U.S. Aggregate Bond Index, during the same period. The components of the Portfolio’s blended benchmark, the S&P 500^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, generated cumulative total returns of-3.04% and 1.99%, respectively, during the Reporting Period.

Q What economic and market factors most influenced the Portfolio as a whole during the Reporting Period?

A During the Reporting Period, global economic growth data, central bank monetary policy and geopolitics most influenced the financial markets and the Portfolio. U.S. equities lost ground, while the fixed income market recorded a gain.

U.S. equities inched higher as the Reporting Period began in September 2018, driven by robust U.S. macroeconomic data relative to other developed markets and to emerging markets. Against a backdrop of solid economic growth, near-target inflation and healthy monthly job gains, the Federal Reserve (“Fed”) raised interest rates by 25 basis points, in line with market expectations. (A basis point is 1/100th of a percentage point.) The successful outcome of North American Free Trade Agreement negotiations to its new incarnation as the United States-Mexico-Canada Agreement near month end was also supportive of market sentiment. U.S. equities then fell in October 2018, as investor sentiment rapidly deteriorated on escalating trade and political uncertainty and in a delayed response to an earliersell-off in global interest rates. The retreat resulted in tighter U.S. financial conditions, which had been resilient to Fed interest rate hikes earlier in the calendar year. U.S. equities saw a reprieve in November 2018 on more accommodative comments from Fed Chair Jerome Powell and encouraging progress in U.S.-China trade talks. However, the recovery was short-lived. U.S. equities subsequently plunged in December 2018 on renewed investor fears sparked by the arrest of a Chinese technology executive, the partial U.S. federal government shutdown, the U.S. President’s criticism of Fed Chair Powell and reignited corporate earnings growth concerns.

In January 2019, dovish Fed commentary indicating a possible pause in its rate hiking cycle, headlines of easing trade tensions and strong corporate earnings propelled U.S. equities higher despite the ongoing U.S. government shutdown and decelerating emerging markets demand. (Dovish commentary tends to suggest lower interest rates; opposite of hawkish.) Investor sentiment improved as the release of generally healthy U.S. economic data and corporate earnings suggested that U.S. equity markets had likely oversold at the end of 2018. Toward month end, U.S. equities were supported by a resolution to the long-lasting U.S. government shutdown. The Fed kept its monetary policy unchanged at its January meeting and maintained its dovish tilt, saying it would be “patient” about interest rate increases and describing inflationary pressures as “muted.”

The U.S. equity market rally continued in February 2019, as corporate earnings growth remained solid, surpassing consensus expectations, which had been reduced at the end of 2018. Investors also rallied around news the deadline for further U.S. tariffs on Chinese goods would be extended given promising developments in deal negotiations. The Fed reaffirmed its dovish tone, announcing its intention to conclude its balance sheet unwind in the near future. (The

1

PORTFOLIO RESULTS

Fed unwinds, or shrinks, its balance sheet by selling securities on its balance sheet and/or not reinvesting maturing securities.) Additionally, U.S. equity markets were positively surprised by the 2.6% Gross Domestic Product growth rate for the fourth quarter of 2018 reported at the end of the month. In further evidence of economic strength, U.S. unemployment remained low at 4.0%, and private payrolls grew by 296,000, beating the consensus estimate by 90,000.

As for the fixed income markets, spread, ornon-government bond, sectors generally performed well in September 2018. U.S. economic growth remained strong, though some major economies, including those of the Eurozone, the U.K. and China, exhibited a gradual weakening trend. The Fed delivered the eighth interest rate hike of its current tightening cycle, with its dot plot pointing to another increase by the end of 2018 and three more during 2019. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.) Fed Chair Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. U.S. Treasury rates rose in response, followed, in turn, by the interest rates of several other developed markets countries. The U.S. dollar was broadly flat versus many major currencies during the month.

During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions, mainly in the U.S., weighed on spread sector performance. In particular, U.S. corporate bonds experienced notable weakness, as credit spreads, or yield differentials versus U.S. Treasury securities, widened significantly. U.S. Treasury yields fell as investors grew fearful about the possible end of the global economic cycle and as their expectations for Fed rate hikes diminished. In December 2018, Fed policymakers raised short-term interest rates, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. U.S. economic activity data remained in expansionary territory during the fourth quarter but moderated from cycle highs. Headline inflation pressures eased as crude oil prices declined. The U.S. dollar appreciated relative to many major currencies in the fourth calendar quarter.

Spread sectors generally posted gains in January 2019, as investor risk sentiment improved on the back of a more dovish Fed. Other factors supporting spread sector performance were higher crude oil prices, several upside corporate earnings surprises and somewhat positiveU.S.-China trade developments. The Fed left its monetary policy unchanged and eliminated language about “further gradual increases in rates,” cementing investor expectations for a near-term pause in short-term rate hikes. Fed Chair Powell emphasized the U.S. central bank would be largely guided by inflation indicators as well as by the global economic growth backdrop and the potential for financial market volatility. In January, the U.S. dollar weakened versus many major currencies.

In February 2019, spread sectors continued to advance overall, supported by the accommodative stances of several global central banks and thede-escalation of U.S.-China trade tensions. In the U.S., the release of the minutes from the Fed’s January meeting confirmed policymakers’ dovish tilt. U.S. economic growth softened but continued to hold its own as global economic growth slowed. The U.S. dollar strengthened slightly versus many major currencies during February 2019.

Q What were the primary contributors to and detractors from the Portfolio’s performance during the Reporting Period?

A The Portfolio seeks to achieve its investment objective through the implementation of the Goldman Sachs Strategic Factor Allocation process (“Strategic Allocation”), which is derived from the Goldman Sachs Investment Strategy Group’s (“ISG”) market views on a variety of asset classes and instruments. The Strategic Allocation was developed to provide exposure to “factors,” which are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and more consistent returns in various market environments. These factors include, but are not limited to, Equity, Term, Flow and Volatility. The Equity factor seeks to capture the premium associated with equity risk. The Term factor seeks to capture the premium associated with interest rate and inflation risk. The Flow factor seeks to systematically capitalize on flows within and across asset classes. The Volatility factor seeks to capture the “fear premium” associated with equity risk. (The fear premium is the amount investors tend to overpay to preserve capital during periods of financial market volatility.) The QIS Team implements the Strategic Allocation by investing primarily in derivatives; pooled investment vehicles, such as exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”) and underlying funds; and equities, fixed income and currencies.

During the Reporting Period, the Strategic Allocation detracted from the Portfolio’s performance. On an absolute

2

PORTFOLIO RESULTS

basis, the Equity, Volatility and Term factors hurt returns, while the Flow factor contributed positively.

In terms of underlying asset classes and instruments, the Portfolio’s allocations to U.S. equity index options and U.S. fixed income detracted from returns. On the other hand, exposure to U.S. equities contributed most positively. The Portfolio’s allocations to developed markets currencies, accomplished through the use of forward foreign currency exchange contracts, generated mixed results overall. More specifically, the Portfolio benefited from its positions in the Swiss franc, British pound, Canadian dollar and euro, but this was partially offset by its position in the New Zealand dollar, which detracted. Allocations to the Australian dollar and Japanese yen did not have a meaningful impact on performance during the Reporting Period.

Q How was the Portfolio positioned at the beginning of the Reporting Period?

A In terms of its Strategic Allocation at the beginning of the Reporting Period, the Portfolio maintained equal weightings in the Equity, Term, Flow and Volatility factors.

In terms of underlying asset classes and instruments, the Portfolio maintained positions in U.S. equities, listed U.S. equity index options and U.S. fixed income. In terms of currencies, it held long positions versus the U.S. dollar in the Canadian dollar and the euro. It held short positions relative to the U.S. dollar in the Australian dollar, British pound and the New Zealand dollar at the start of the Reporting Period. The Portfolio did not hold positions versus the U.S. dollar in the Swiss franc or Japanese yen at the beginning of the Reporting Period.

Q How did the Portfolio use derivatives and similar instruments during the Reporting Period?

A The Portfolio uses derivatives for both hedging andnon-hedging purposes in the implementation of the Strategic Allocation. During the Reporting Period, the Portfolio employed listed equity index options to implement views on the U.S. equity market, which had a negative impact on performance. It used bond futures to express views on the U.S. fixed income market, which detracted from returns. In addition, forward foreign currency exchange contracts, which were used to take long and short positions in select developed markets currencies, had a negative impact on the Portfolio’s results during the Reporting Period.

Q How was the Portfolio positioned at the end of the Reporting Period?

A In terms of its Strategic Allocation at the end of the Reporting Period, the Portfolio maintained equal weightings in the Equity, Flow and Volatility factors. It had a relatively smaller weighting in the Term factor.

In terms of underlying asset classes and instruments, the Portfolio maintained positions in U.S. equities, listed U.S. equity index options and U.S. fixed income. In terms of currencies, it held long positions versus the U.S. dollar in the euro, Canadian dollar and Japanese yen. It held short positions relative to the U.S. dollar in the Australian dollar, Swiss franc and New Zealand dollar. The Portfolio did not hold a position in the British pound versus the U.S. dollar at the end of the Reporting Period.

Q What was the Portfolio’s strategy at the end of the Reporting Period?

A Going forward, the QIS Team plans to continue implementing the Goldman Sachs Strategic Factor Allocation process as it seeks long-term total return.

3

PORTFOLIO BASICS

Strategic Factor Allocation Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Portfolio Total Return (based on NAV)1			Strategic Factor Allocation Composite Index2			S&P 500® Index3			Bloomberg Barclays U.S. Aggregate Bond Index4
Institutional		-1.13	%		-0.28	%		-3.04	%		1.99	%
Class P		-1.06			-0.28			-3.04			1.99
Class R6		-1.09			-0.28			-3.04			1.99

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio(ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Strategic Factor Allocation Composite Index is a blend of 50% the S&P 500^® Index and 50% the Bloomberg Barclays U.S. Aggregate Bond Index. It is not possible to invest in an unmanaged index.

³  The S&P 500^® Index is the Standard & Poor’s Composite Index of 500 stocks, an unmanaged index of common stock prices. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS5
For the period ended 12/31/18	One Year			Since Inception			Inception Date
Institutional		-3.62	%		3.91	%	5/31/16
Class P		N/A			-1.29		4/17/18
Class R6		-3.71			-3.68		12/29/17

⁵  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional, 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

4

PORTFOLIO BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.85	%		0.93	%
Class P		0.84			0.92
Class R6		0.84			0.92

⁶  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date Goldman Sachs Asset Management, L.P., the Portfolio’s investment adviser, may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

HOLDINGS AS OF 2/28/197
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund — Institutional Shares		53.9	%	Investment Companies
SPDR S&P 500 ETF Trust		44.2		Exchange Traded Funds

⁷ The holdings may not be representative of the Portfolio’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities.

5

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Description	Value
Exchange Traded Fund – 44.2%
	2,491,295	SPDR S&P 500 ETF Trust	$	694,274,090
	(Cost $659,950,682)

Shares		Dividend Rate	Value
Investment Company(a) – 53.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	844,974,227	2.395%	$	844,974,227
	(Cost $844,974,227)
	TOTAL INVESTMENTS – 98.1%
	(Cost $1,504,924,909)		$	1,539,248,317
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%			29,066,593
	NET ASSETS – 100.0%		$	1,568,314,910

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated fund.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
JPY	—Japanese Yen
NZD	—New Zealand Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC		CAD	19,980,000		USD	15,155,483		03/25/19	$	37,117
		EUR	26,670,000		USD	30,386,819		03/25/19		14,960
		USD	103,383,672		AUD	145,200,000		03/25/19		339,379
		USD	51,259,977		NZD	75,080,000		03/25/19		102,857
TOTAL									$	494,313

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC		JPY	1,683,590,000		USD	15,225,975		03/25/19	$	(90,690	)
		USD	51,850,105		CHF	51,680,000		03/25/19		(57,476	)
TOTAL									$	(148,166	)

FUTURES CONTRACTS — At February 28, 2019, the Portfolio had the following futures contracts:

Type	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds	1,892		06/19/19	$	301,951,375	$	(4,321,033	)

6 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At February 28, 2019, the Portfolio had the following written options:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount		Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Puts
S&P 500 Index	$	2,665.00		04/18/2019		(1,178	)	$	(117,800)	$	(2,361,890	)	$	(2,658,064	)	$	296,174
S&P 500 Index		2,680.00		04/18/2019		(2,349	)		(234,900)		(5,214,780	)		(4,954,283	)		(260,497	)
S&P 500 Index		2,615.00		03/15/2019		(1,187	)		(118,700)		(379,840	)		(1,931,922	)		1,552,082
TOTAL						(4,714	)	$	(471,400)	$	(7,956,510	)	$	(9,544,269	)	$	1,587,759

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Assets and Liabilities

February 28, 2019 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost $659,950,682)	$	694,274,090
Investments of affiliated issuers, at value (cost $844,974,227)		844,974,227
Cash		44,215,290
Unrealized gain on forward foreign currency exchange contracts		494,313
Receivables:
Collateral on certain derivative contracts(a)		142,200,307
Investments sold		18,815,637
Dividends		1,502,412
Portfolio shares sold		1,040,500
Other assets		101,803
Total assets		1,747,618,579
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		148,166
Variation margin on futures		802,198
Written option contracts, at value (premium received $9,544,269)		7,956,510
Payables:
Investments purchased		163,741,917
Portfolio shares redeemed		5,723,204
Management fees		801,104
Transfer Agency fees		36,293
Accrued expenses		94,277
Total liabilities		179,303,669
Net Assets:
Paid-in capital		1,635,716,917
Total distributable loss		(67,402,007	)
NET ASSETS	$	1,568,314,910
Net Assets:
Institutional	$	9,938,649
Class P		1,558,366,231
Class R6		10,030
Total Net Assets	$	1,568,314,910
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		946,444
Class P		149,805,698
Class R6		964
Net asset value, offering and redemption price per share:
Institutional		$10.50
Class P		10.40
Class R6		10.41

(a) Includes amounts segregated for initial margin requirements and/or collateral on futures, options and forward foreign currency exchange contract transactions of $7,596,380, $131,713,927 and $2,890,000, respectively.

8 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statement of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers	$	3,283,368
Dividends — affiliated issuers		13,156,494
Interest		164,726
Securities lending income — affiliated issuer		10,550
Total investment income		16,615,138
Expenses:
Management fees		7,242,942
Transfer Agency fees(a)		292,558
Registration fees		95,432
Custody, accounting and administrative services		72,665
Professional fees		65,708
Printing and mailing costs		42,368
Prime Broker Fees		16,154
Trustee fees		10,075
Other		24,055
Total expenses		7,861,957
Less — expense reductions		(994,223	)
Net expenses		6,867,734
NET INVESTMENT INCOME		9,747,404
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		11,139,183
Futures contracts		(16,172,743	)
Written options		(38,627,645	)
Forward foreign currency exchange contracts		6,181
Foreign currency transactions		(3,322,315	)
Net change in unrealized loss on:
Investments — unaffiliated issuers		(14,720,617	)
Futures contracts		(7,845,421	)
Written options		(1,447,910	)
Forward foreign currency exchange contracts		(985,917	)
Net realized and unrealized gain (loss)		(71,977,204	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(62,229,800	)

(a) Class specific Transfer Agency fees were as follows:

Transfer Agency Fees
Institutional		Class P		Class R6
$	3,149	$	289,407	$	2

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	9,747,404		$	12,681,424
Net realized gain (loss)		(46,977,339	)		58,522,161
Net change in unrealized gain (loss)		(24,999,865	)		30,575,292
Net increase (decrease) in net assets resulting from operations		(62,229,800	)		101,778,877
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(935,279	)		(47,358,676	)(a)
Class P Shares		(118,182,472	)		—
Class R6 Shares		(638	)		—
Total distributions to shareholders		(119,118,389	)		(47,358,676	)
From share transactions:
Proceeds from sales of shares		159,977,907			3,709,070,464
Reinvestment of distributions		119,118,391			47,358,677
Cost of shares redeemed		(1,016,967,627	)		(2,782,548,551	)
Net increase (decrease) in net assets resulting from share transactions		(737,871,329	)		973,880,590
TOTAL INCREASE (DECREASE)		(919,219,518	)		1,028,300,791
Net assets:(b)
Beginning of period		2,487,534,428			1,459,233,637
End of period	$	1,568,314,910		$	2,487,534,428

(a) Prior year information has been revised to conform with current year presentation. Distributions to shareholders for the Portfolio consisted of $2,205,857 of net investment income and $45,152,819 of net realized gains for the fiscal year ended August 31, 2018.

(b) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $14,035,031 for the Portfolio as of August 31, 2018.

10 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Factor Allocation Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2016(a)
				2018			2017
Per Share Data
Net asset value, beginning of period	$	11.26		$	10.96		$	10.34		$	10.00
Net investment income (loss)(b)		0.05			0.06			—	(c)		(0.01	)
Net realized and unrealized gain (loss)		(0.20	)		0.50			0.70			0.35
Total from investment operations		(0.15	)		0.56			0.70			0.34
Distributions to shareholders from net investment income		—			(0.01	)		(0.00	)(c)		—
Distributions to shareholders from net realized gains		(0.61	)		(0.25	)		(0.08	)		—
Total distributions		(0.61	)		(0.26	)		(0.08	)		—
Net asset value, end of period	$	10.50		$	11.26		$	10.96		$	10.34
Total return(d)		(1.13	)%		5.18	%		6.88	%		3.40	%
Net assets, end of period (in 000s)	$	9,939		$	20,035		$	1,459,234		$	338,592
Ratio of net expenses to average net assets		0.72	%(e)		0.71	%		0.74	%		0.87	%(e)
Ratio of total expenses to average net assets		0.82	%(e)		0.80	%		0.84	%		1.07	%(e)
Ratio of net investment income to average net assets		1.00	%(e)		0.59	%		0.01	%		0.51	%(e)
Portfolio turnover rate(f)		554	%		725	%		589	%		86	%

(a) Commenced operations on May 31, 2016.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Factor Allocation Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	11.26		$	10.83
Net investment income(b)		0.05			0.02
Net realized and unrealized gain (loss)		(0.21	)		0.41
Total from investment operations		(0.16	)		0.43
Distributions to shareholders from net investment income		(0.09	)		—
Distributions to shareholders from net realized gains		(0.61	)		—
Total distributions		(0.70	)		—
Net asset value, end of period	$	10.40		$	11.26
Total return(c)		(1.06	)%		3.97	%
Net assets, end of period (in 000s)	$	1,558,366		$	2,467,490
Ratio of net expenses to average net assets(d)		0.71	%		0.71	%
Ratio of total expenses to average net assets(d)		0.81	%		0.80	%
Ratio of net investment income to average net assets(d)		1.00	%		0.40	%
Portfolio turnover rate(e)		554	%		725	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

12 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Factor Allocation Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	11.26		$	11.10
Net investment income(b)		0.05			0.04
Net realized and unrealized gain (loss)		(0.20	)		0.12
Total from investment operations		(0.15	)		0.16
Distributions to shareholders from net investment income		(0.09	)		—
Distributions to shareholders from net realized gains		(0.61	)		—
Total distributions		(0.70	)		—
Net asset value, end of period	$	10.41		$	11.26
Total return(c)		(1.09	)%		1.44	%
Net assets, end of period (in 000s)	$	10		$	10
Ratio of net expenses to average net assets(d)		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.79	%		0.79	%
Ratio of net investment income to average net assets(d)		0.98	%		0.58	%
Portfolio turnover rate(e)		554	%		725	%

(a) Commenced operations on December 29, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Strategic Factor Allocation Fund (the “Portfolio”) is a non-diversified portfolio and currently offers three classes of shares — Institutional, Class P, and Class R6 Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Portfolio’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, 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. 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 the Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolio’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Portfolio are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolio’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolio’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

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 on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Portfolio invests in Underlying Funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be

15

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  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.

Aforward foreign currency exchange contractis a forward contract in which the Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments.

iii.  Options — When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV.

C.  Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

STRATEGIC FACTOR ALLOCATION
Investment Type	Level 1		Level 2		Level 3
Assets
Exchange Traded Fund	$	694,274,090	$	—	$	—
Investment Company		844,974,227		—		—
Total	$	1,539,248,317	$	—	$	—

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	494,313		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(148,166	)	$	—
Futures Contracts(a)		(4,321,033	)		—			—
Written option contracts		(7,956,510	)		—			—
Total	$	(12,277,543	)	$	(148,166	)	$	—

(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 February 28, 2019. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest rate	—	$	—	Variation margin on futures contracts	$	(4,321,033)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		494,313	Payable for unrealized loss on forward foreign currency exchange contracts		(148,166)
Equity	—		—	Written Options, at value		(7,956,510)
Total		$	494,313		$	(12,425,709)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2019. 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.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(16,172,742	)	$	(7,845,421	)		3,727
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		6,181			(985,917	)		13
Equity	Net realized gain (loss) from written options contracts/change in unrealized gain (loss) from written options contracts		(38,627,645	)		(1,447,910	)		3
Total		$	(54,794,206	)	$	(10,279,248	)		3,743

(a) Average number of contracts is based on the average of month end balances for the period ended February 28, 2019.

In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio and the counterparty. Additionally, the Portfolio may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Portfolio, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolio’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Portfolio’s average daily net assets.

For the six months ended February 28, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First $2 Billion		Next $3 Billion		Next $3 Billion		Over $8 Billion		Effective Rate		Effective Net Management Rate*^
	0.75%		0.68%		0.64%		0.62%		0.75%		0.64%

* GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Portfolio invests through at least December 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.

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2019, GSAM waived $994,223 of the Portfolio’s management fee.

B.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class P and Class R6 Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Portfolio is 0.164%. The Other Expense limitation will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

D.  Line of Credit Facility — As of February 28, 2019, the Portfolio participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolio based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Portfolio did not have any borrowings under the facility.

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E.  Other Transactions with Affiliates — For the six months ended February 28, 2019 , Goldman Sachs earned did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of Class R6 Shares of the Portfolio.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2019:

Affiliated Investment Company	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,243,562,349	$	3,643,331,560	$	(4,041,919,682	)	$	844,974,227		844,974,227	$	13,156,494

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were $3,493,665,712, and $3,859,302,494, respectively.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Portfolio 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 Portfolio’s securities lending procedures, the Portfolio receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Portfolio, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Portfolio on the next business day. As with other extensions of credit, the Portfolio may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Portfolio invests the cash collateral received in connection with securities lending transactions in the 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% 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 Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Portfolio by paying the Portfolio an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any

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GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

7. SECURITIES LENDING (continued)

shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Portfolio’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Portfolio’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Portfolio did not have securities on loan as of February 28, 2019.

Both the Portfolio and GSAL received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio’s for the six months ended February 28, 2019, are reported under Investment Income on the Statement of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended February 28, 2019				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned  as of February 28, 2019
Portfolio	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Portfolio’s from Lending to Goldman Sachs
Strategic Factor Allocation	$	1,172	$	—	$	—

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the six months ended February 28, 2019.

Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2019
$	—	$	588,403,225	$	(588,403,225	)	$	—

8. TAX INFORMATION

As of the Portfolio’s most recent fiscal year end, August 31, 2018, the Portfolio had no capital loss carryforwards nor certain timing differences on a tax basis.

As of February 28, 2019, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$ 1,567,016,983
Gross unrealized gain	34,323,408
Gross unrealized loss	(62,092,074)
Net unrealized gains (losses) on securities	$     (27,768,666)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, options contracts and foreign currency contracts.

GSAM has reviewed the Portfolio’s tax positions for all open tax years (the current and prior three years as applicable) and has concluded that no provision for income tax is required in the Portfolio’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

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Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

9. OTHER RISKS

The Portfolio’s risks include, but are not limited to, the following:

Derivatives Risk — The Portfolio’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolio. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Foreign Custody Risk — If the Portfolio invests in foreign securities the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Portfolio’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If the Portfolio focuses its investments in securities of issuers located in a particular country or geographic region, the Portfolio may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Portfolio’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — The Portfolio may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial

22

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

9. OTHER RISKS (continued)

intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio. Such large shareholder redemptions, which may occur rapidly or unexpectedly may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

Non-Diversification Risk — The Portfolio is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Portfolio may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

23

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		14,318		$	152,319			112,967,854		$	1,246,492,116
Reinvestment of distributions		91,964			935,279			4,267,627			47,358,677
Shares redeemed		(938,976	)		(9,828,303	)		(248,616,561	)		(2,738,342,880	)
		(832,694	)		(8,740,705	)		(131,381,080	)		(1,444,492,087	)
Class P Shares(a)
Shares sold		15,465,756			159,825,588			223,146,844			2,462,568,348
Reinvestment of distributions		11,657,218			118,182,473			—			—
Shares redeemed		(96,509,295	)		(1,007,139,324	)		(3,954,825	)		(44,205,671	)
		(69,386,321	)		(729,131,263	)		219,192,019			2,418,362,677
Class R6 Shares(b)
Shares sold		—			—			901			10,000
Reinvestment of distributions		63			639			—			—
		63			639			901			10,000
NET INCREASE (DECREASE)		(70,218,952	)	$	(737,871,329	)		87,811,840		$	973,880,590

(a) Class P Shares commenced operations on April 17, 2018.

(b) Class R6 Shares commenced operations on December 29, 2017.

24

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Fund Expenses — Six Month Period Ended February 28,  2019 (Unaudited)

As a shareholder of Institutional, Class P or Class R6 Shares of the Portfolio, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class P, and Class R6 Shares of the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019, which represents a period of 181 days in a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes— The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Strategic Factor Allocation Fund
Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Institutional
Actual	$	1,000.00	$	988.70		$	3.55
Hypothetical 5% return		1,000.00		1,021.22	+		3.61
Class P
Actual		1,000.00		989.40			3.50
Hypothetical 5% return		1,000.00		1,021.27	+		3.56
Class R6
Actual		1,000.00		989.10			3.40
Hypothetical 5% return		1,000.00		1,021.37	+		3.46

* Expenses are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. 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: 0.72% for Institutional Shares, 0.71% for Class P Shares and 0.69% for Class R6 Shares.

+ Hypothetical expenses are based on the Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

25

PORTFOLIO PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

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

∎ Municipal Income Completion 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

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity 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 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 atwww.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolio. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Portfolio will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Portfolio holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

© 2019 Goldman Sachs. All rights reserved. 162456-OTU-961812/STRATFACALSAR-19/606

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Tactical Exposure Fund

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by calling the toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free800-621-2550. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Tactical Exposure Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Schedule of Investments	7
Financial Statements	12
Financial Highlights	15
Notes to the Financial Statements	18
Other Information	31

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Tactical Exposure Fund

Investment Objective

The Fund seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Group discusses the Goldman Sachs Tactical Exposure Fund’s (the “Fund”) performance and positioning for thesix-month period ended February 28, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Institutional, Class P and Class R6 Shares generated cumulative total returns of 0.37%, 0.38% and 0.47%, respectively. These returns compare to the 1.24% cumulative total return of the Fund’s benchmark, the ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

References to the Fund’s benchmark and to other indices, if any, 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, global economic growth slowed, led by weakness in Europe and China. However, it remained healthy overall. U.S. economic growth was stronger than the growth of other major developed countries. The news flow around U.S.-China trade negotiations, which was volatile early in the Reporting Period, improved in late 2018 as positive developments emerged.

Global equities sold off significantly in the fourth quarter of 2018 amid concerns about the magnitude of the global economic growth slowdown. Market participants, who had appeared to be underpricing the pace of Federal Reserve (“Fed”) interest rate hikes when the Reporting Period began in September 2018, repriced their expectations in response to the global equitysell-off. In January 2019, the Fed’s tone became less hawkish, sparking a rally in risk assets, including equities, corporate credit and emerging markets currencies, that continued through the end of the Reporting Period. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Regarding commodities, December 2018 production cuts by the Organization of the Petroleum Exporting Countries (“OPEC”) supported crude oil prices in early 2019 following a substantial decline in the fourth quarter of 2018.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments.

Overall, our equity views detracted from the Fund’s performance during the Reporting Period. Specifically, the Fund was hurt by its tactical long position in Japanese equities during October 2018, as global economic growth slowed and a stronger Japanese yen weighed on the Japanese stock market. In addition, the Fund’s tactical long position in U.S. equities, led by energy and information technology stocks, detracted from returns. The energy sector was hurt by lower crude oil prices, while the information technology sector suffered due to investor fears about the pace of global economic growth and an inventory buildup by semiconductor companies.

Within fixed income, which detracted overall, the Fund was hampered by our view that the Fed would hike interest rates in 2019, expressed through a tactical short position in Eurodollar futures, as the market priced in no rate hike at all. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.)

On the positive side, our commodities views added to the Fund’s performance. During the Reporting Period, the Fund benefited from its tactical positioning in crude oil. In our

1

PORTFOLIO RESULTS

view, crude oil prices should have ranged between $45 and $65 a barrel because we believed OPEC production cuts would limit downside price movements and political pressure would cap the upside. To express this view, we opportunistically sold call and put options when crude oil prices were close to the upper and lower ends of our expected range. (A call option is an option that gives the holder the right, but not the obligation, to buy an underlying asset at an agreed-upon price at any time up to an agreed-upon date. A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.) In addition, the Fund was helped by its tactical long positions in platinum and gold.

Tactical exposure to a basket of currencies also contributed positively to the Fund’s performance 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 21.43% of its total net assets in long equity-related investments; approximately 104.81% of its total net assets in long fixed income-related investments; approximately 40.51% of its total net assets in long commodity-related investments; and approximately 20.70% of its total net assets in long currency-related investments. It had no short positions in equity-related investments at the beginning of the Reporting Period. The Fund had approximately-90.74% of its total net assets in short fixed income-related investments; approximately-35.95% of its total net assets in short commodity-related investments; and approximately-3.11% of its total net assets in short currency-related investments. These positions were accomplished through the use of exchange traded funds, equity futures, equity index options, interest rates futures, crude oil options and currency forwards. Although the above sector breakout is inclusive of derivative exposure across all asset classes, it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash and short-term investments held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced.

Q How did you tactically manage the Fund’s allocations during the Reporting Period?

A During the Reporting Period, in response to shifting macroeconomic and market dynamics, we made a number of changes to the Fund’s tactical exposures. First, because the global economic growth slowdown was more pronounced than we expected, we gradually reduced the Fund’s tactical exposure to equities during the first four months of the Reporting Period. We then increased the Fund’s tactical exposure to equities during January 2019 amid tentative signs of global economic growth stabilization and in response to the Fed’s dovish shift. Second, we gradually reduced the Fund’s short tactical exposure to U.S. interest rates (implemented through positions in Eurodollar futures) throughout the fourth quarter of 2018, as risk assets sold off and financial conditions tightened. However, we maintained some of the Fund’s exposure to U.S. interest rates at the front, or short-term, end of the U.S. Treasury yield curve, in line with our view that the market was underpricing the pace of Fed rate hikes. (Yield curve is a spectrum of maturities of varying lengths.) In February 2019, we increased the Fund’s short tactical exposure to U.S. interest rates based on our belief the Fed would hike interest rates at least once in 2019. Third, when the Reporting Period began, the Fund had only modest exposure to commodities through a tactical long position in platinum and relative value positions in West Texas Intermediate (“WTI”) and Brent crude oil futures. By December 2018, we had moved the Fund to an outright long position in commodities, accomplished through tactical long positions in gold, platinum and crude oil. Finally, we reduced the Fund’s tactical long exposure to emerging markets currencies throughout the Reporting Period to reduce overall risk. However, in January 2019, we increased its tactical long position in emerging markets currencies, as the Fed hinted at fewer interest rate hikes than markets had previously expected.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund used derivatives and similar instruments as part of its investment strategy to express views implemented in the Fund. Positions were supported predominantly by cash held in the Fund specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced.

During the Reporting Period, the Fund employed forward foreign currency exchange contracts to express our currency views, which added to performance. The Fund used equity futures and equity index options to gain exposure to or express our bullish and/or bearish views about the equities of certain countries. Collectively, the use of equity futures and equity index options had a negative impact on Fund

2

PORTFOLIO RESULTS

performance. In addition, the Fund used call and put options to express our views on emerging markets equities, U.S. bank stocks, crude oil and gold, which had a positive impact on returns. Commodity futures and options, which were used to express our views on crude oil, gold, silver, platinum, heating oil and gasoline, added to performance. In addition, the Fund employed U.S. Treasury and Eurodollar futures to express our views on interest rates, both of which had a negative impact on performance. The Fund utilized interest rate swaps and bond futures to express our views on the shape of the U.S. Treasury yield curve and the shape of the European government bond yield curve, which contributed positively to returns. Total return swaps, which were used to express our views on European banks, added to performance. Finally, the Fund used credit default swaps to express our bullish views of U.S. high yield and investment grade corporate bonds, which had a positive impact on performance during the Reporting Period.

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 13.05% of its total net assets in long equity-related investments; approximately 65.09% of its total net assets in long fixed income-related investments; approximately 11.74% of its total net assets in long commodity-related investments; and approximately 17.99% of its total net assets in long currency-related investments. The Fund had approximately-5.03% of its total net assets in short equity-related investments; approximately-71.53% of its total net assets in short fixed income-related investments; and approximately-9.31% of its total net assets in short commodity-related investments. It had none of its total net assets in short currency-related investments at the end of the Reporting Period. These positions were accomplished through the use of exchange traded funds, equity futures, equity index options, interest rates futures, crude oil options and currency forwards. Although the above sector breakout is inclusive of derivative exposure across all asset classes, it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash and short-term investments held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced.

Q Were there any changes to the Fund’s portfolio management team during the Reporting Period?

A As of February 8, 2019, Joshua Sheldon no longer served as a portfolio manager of the Fund. Effective February 19, 2019, Raymond Chan no longer served as a portfolio manager of the Fund, and Siwen Wu became a portfolio manager of the Fund. By design, all investment decisions for the Fund are performed within aco-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Fund. At the end of the Reporting Period, the portfolio managers for the Fund were Neill Nuttall, Robert Surgent and Siwen Wu.

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 did not find equity valuations attractive given that market prices were significantly higher than they had been at the start of 2019. Overall, the risk/reward outlook for equities was limited, in our view, as these less attractive valuations as well as weaker global economic growth were being countered by a supportive Fed and China policymakers’ stimulus measures. However, we may seek to increase the Fund’s global equity exposure if global economic growth stabilizes in 2019, as we expect. Regarding fixed income, at the end of the Reporting Period, we believed global yields would continue to rise, driven by diminishing economic slack and higher inflation around the world. Within the commodities markets, we expected crude oil prices to remain range-bound, with OPEC production cuts continuing to provide support and with political pressure from consumer nations, as well as shale producers, limiting price increases. Accordingly, at the end of the Reporting Period, we maintained a neutral view on commodities.

In terms of positioning, we favored equities over corporate credit and corporate credit over government bonds at the end of the Reporting Period. Within equities, we preferred ChinaA-shares and European banks, as they appeared undervalued relative to our macro views about economic growth stability in the two regions. As for fixed income, we expected the Fed to raise short-term interest rates at least once in 2019, which we continued to express through the Fund’s short position in Eurodollar futures.

Three risks may cause us to modify the Fund’s positioning. The first risk is an escalation in the U.S.-China trade war, though we believed at the end of the Reporting Period that negotiations were proceeding well and that markets were reacting positively overall. That said, if we see signs of a breakdown in talks, we plan to reevaluate the Fund’s growth-sensitive exposures overall and its tactical long position in Chinese equities in particular. The second risk is that

3

PORTFOLIO RESULTS

inflation increases at a faster pace than we anticipate. Though not a near-term risk, in our view, we believe higher wage growth and inflation could eventually become a headwind for equities. Higher inflation might lead us to reduce the Fund’s tactical long positions in equities and increase its tactical short positions in fixed income. The third risk, in our opinion, is a slowdown in global economic growth, though this is not our base case. If we do see economic growth weakness outside the U.S., we plan to reexamine the Fund’s tactical long positions in Chinese equities and its tactical short positions in the U.S. dollar.

4

PORTFOLIO BASICS

Tactical Exposure Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Fund Total Return (based on NAV)1			ICE® BofAML® U.S.  Dollar Three-Month LIBOR Constant Maturity Index2
Institutional		0.37	%		1.24	%
Class P		0.38			1.24
Class R6		0.47			1.24

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Since Inception			Inception Date
Institutional		-5.55	%		-4.83	%	9/6/17
Class P		N/A			-5.87		4/17/18
Class R6		-5.50			-4.78		9/6/17

³  The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Because Institutional, 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.

5

PORTFOLIO BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.91	%		1.22	%
Class P		0.90			1.21
Class R6		0.90			1.21

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Consolidated Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

PORTFOLIO COMPOSITION5
	Percentage of Net Assets
	as of 2/28/19			as of 8/31/18
Investment Companies		92.6	%		73.4	%
Exchange Traded Funds		0.0			15.1

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

TOP HOLDINGS AS OF 2/28/196
Holding	% of Net Assets			Line of Business
Goldman Sachs Short-Term Conservative Income Fund – Class R6 Shares		68.2	%	Investment Companies
Goldman Sachs Financial Square Government Fund – Institutional Shares		24.4		Investment Companies

⁶  The top holdings may not be representative of the Fund’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities.

6

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Schedule of Investments

February 28, 2019 (Unaudited)

Shares		Dividend Rate	Value
Investment Companies(a) – 92.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	59,298,770	2.395%	$	59,298,770
	Goldman Sachs Short-Term Conservative Income Fund – Class R6 Shares
	16,559,789	2.634		166,094,687
	TOTAL INVESTMENT COMPANIES (Cost $225,349,231)		$	225,393,457
	TOTAL INVESTMENTS – 92.6% (Cost $225,349,231)		$	225,393,457
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 7.4%			17,918,293
	NET ASSETS – 100.0%		$	243,311,750

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents affiliated funds.

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
IDR	—Indonesian Rupiah
INR	—Indian Rupee
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
ETF	—Exchange Traded Fund
EURO	—Euro Offered Rate
LIBOR	—London Interbank Offered Rate
PLC	—Public Limited Company

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Schedule of Investments(continued)

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC		BRL	18,020,000		USD	4,761,024		03/06/19	$	34,306
		CAD	11,800,000		USD	8,873,794		03/20/19		97,627
		EUR	6,370,000		USD	7,232,313		03/20/19		25,789
		IDR	132,660,000,000		USD	9,153,404		03/20/19		196,021
		INR	519,500,000		USD	7,244,211		03/20/19		70,030
		MXN	181,125,000		USD	8,690,830		03/20/19		672,637
		NOK	600,000		USD	69,975		03/20/19		211
		PHP	465,000,000		USD	8,776,056		03/20/19		182,168
		THB	291,000,000		USD	9,102,866		03/20/19		135,356
		TRY	25,950,000		USD	4,636,330		03/20/19		167,737
		USD	7,284,480		AUD	10,240,000		03/20/19		18,046
		USD	4,840,203		BRL	18,020,000		03/06/19		44,871
		USD	8,991,554		CHF	8,830,000		03/20/19		127,083
		USD	10,936,146		EUR	9,500,000		03/20/19		111,660
		USD	7,416,913		IDR	104,670,000,000		03/20/19		40,129
		USD	9,163,203		KRW	10,140,000,000		03/20/19		149,138
		USD	7,341,306		MXN	141,500,000		03/20/19		26,298
		USD	241,292		NOK	2,050,000		03/20/19		1,488
		USD	128,685		TRY	690,000		03/20/19		947
		USD	12,297,049		TWD	373,500,000		03/20/19		171,434
		ZAR	81,620,000		USD	5,693,042		03/20/19		84,249
TOTAL									$	2,357,225

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	22,410,000		USD	16,070,637		03/20/19	$	(168,215	)
	CHF	8,830,000		USD	8,989,530		03/20/19		(125,059	)
	EUR	22,450,000		USD	25,610,302		03/20/19		(30,334	)
	KRW	10,140,000,000		USD	9,175,267		03/20/19		(161,202	)
	NOK	76,000,000		USD	8,947,903		03/20/19		(57,643	)
	TRY	600,000		USD	111,544		03/20/19		(468	)
	TWD	75,000,000		USD	2,460,321		03/20/19		(25,459	)
	USD	1,372,522		AUD	1,950,000		03/20/19		(11,223	)
	USD	8,815,851		CAD	11,800,000		03/20/19		(155,569	)
	USD	11,390		EUR	10,000		03/20/19		(4	)
	USD	1,906,143		IDR	27,990,000,000		03/20/19		(66,496	)
	USD	7,259,541		INR	519,500,000		03/20/19		(54,700	)
	USD	1,989,572		MXN	39,625,000		03/20/19		(58,888	)
	USD	1,408,424		NOK	12,300,000		03/20/19		(30,394	)

8 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL EXPOSURE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
		USD	7,259,012		NZD	10,660,000		03/20/19	$	(3,607	)
		USD	8,815,206		PHP	465,000,000		03/20/19		(143,018	)
		USD	8,895,900		THB	291,000,000		03/20/19		(342,323	)
		USD	5,721,100		ZAR	81,620,000		03/20/19		(56,190	)
TOTAL									$	(1,490,792	)

FUTURES CONTRACTS— At February 28, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds		127			03/15/19	$	12,162,918		$	13,162
Brent Crude		83			03/29/19		5,503,730			(2,807	)
Crude Oil		45			03/20/19		2,574,900			108,573
FTSE China A50 Index		610			03/28/19		7,646,350			268,823
Gasoline RBOB		47			04/30/19		3,485,689			55,751
MSCI Emerging Markets Index		226			03/15/19		11,827,710			(275,732	)
Platinum		309			04/26/19		13,521,840			1,231,950
Silver		45			05/29/19		3,517,650			(79,074	)
10 Year German Euro-Bund		224			03/07/19		42,119,114			146,350
10 Year U.S. Treasury Notes		1			06/19/19		122,000			(188	)
Total									$	1,466,808
Short position contracts:
Eurodollars		(1,936	)		09/16/19		(471,367,600	)		(344,191	)
Euro Stoxx 50 Index		(326	)		03/15/19		(12,229,264	)		(13,756	)
Gold 100 Oz		(67	)		04/26/19		(8,817,870	)		(187,375	)
NY Harbor ULSD		(30	)		04/30/19		(2,547,342	)		(37,732	)
Total									$	(583,054	)
TOTAL FUTURES CONTRACTS									$	883,754

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Schedule of Investments(continued)

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At February 28, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M LIBOR(b)		2.900%(c)	04/13/23		$       103,622		$    752,918			$       938			$    751,980
0.900%(d)		6M EURO(c)	04/13/23		EUR 76,529		(1,080,700	)		854			(1,081,554	)
3M LIBOR(b)		3.066(c)	11/17/23		$       228,229		2,173,196			2,065			2,171,131
0.750(d)		6M EURO(c)	11/17/23		EUR 191,003		(1,448,013	)		1,970			(1,449,983	)
6M EURO(c)		1.568(d)	04/13/31		16,182		828,849			280			828,569
2.965(c)		3M LIBOR(b)	04/13/31		$         22,840		(251,998	)		320			(252,318	)
6M EURO(c)		1.510(d)	11/17/31		EUR 39,192		1,299,524			(59,641	)		1,359,165
3.269(c)		3M LIBOR(b)	11/17/31		$         50,198		(1,648,116	)		228,663			(1,876,779	)
TOTAL							$    625,660			$175,449			$    450,211

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to February 28, 2019.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received by the Fund(a)	Credit Spread at February 28, 2019(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 31	5.000%	3.466%		12/20/23	$	6,644	$	480,796	$	251,191	$	229,605

(a) Payments made quarterly.

(b) 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.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date		Notional Amount (000s)			Unrealized Appreciation/ (Depreciation)*
SX7T Index	(1.300)%	Citibank NA		08/30/19	$	(4,856	)	$	—
SX7T Index	(2.630)	Deutsche Bank AG		05/31/19		(7,300	)		146,736
TOTAL								$	146,736

(a) The Fund pays/receives quarterly coupon payments in accordance with the swap contracts. On the termination date of the swap contracts, the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

10 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL EXPOSURE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN AND PURCHASED OPTIONS CONTRACTS — At February 28, 2019, the Fund had the following written and purchased options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
iShares MSCI Emerging Markets ETF	Barclays Bank PLC		43.00		03/15/2019		371,287		$	371,287		$	121,781		$	316,003		$	(194,222	)
Puts
USO Indices	MS & Co. Int. PLC		10.16		03/14/2019		445,589			445,589			1,032			57,570			(56,538	)
Total Purchased option contracts							816,876		$	816,876		$	122,813		$	373,573		$	(250,760	)
Written option contracts
Calls
USO Indices	Citibank NA		11.74		03/14/2019		(575,105	)	$	(575,105	)	$	(210,428	)	$	(135,955	)	$	(74,473	)
USO Indices	MS & Co. Int. PLC		11.87		03/14/2019		(734,134	)		(734,134	)		(208,973	)		(209,228	)		255
USO Indices	Citibank NA		11.33		03/14/2019		(222,794	)		(222,794	)		(151,509	)		(58,260	)		(93,249	)
iShares MSCI Emerging Markets ETF	MS & Co. Int. PLC		43.00		03/15/2019		(371,287	)		(371,287	)		(121,781	)		(432,661	)		310,880
iShares iBoxx High Yield Corporate Bond ETF	MS & Co. Int. PLC		85.59		03/14/2019		(84,832	)		(84,832	)		(18,579	)		(17,501	)		(1,078	)
							(1,988,152	)	$	(1,988,152	)	$	(711,270	)	$	(853,605	)	$	142,335
Puts
USO Indices	MS & Co. Int. PLC		10.90		03/14/2019		(734,134	)		(734,134	)		(12,775	)		(227,582	)		214,807
USO Indices	MS & Co. Int. PLC		10.76		03/14/2019		(445,589	)		(445,589	)		(5,223	)		(124,765	)		119,542
							(1,179,723	)	$	(1,179,723	)	$	(17,998	)	$	(352,347	)	$	334,349
Total Written option contracts							(3,167,875	)	$	(3,167,875	)	$	(729,268	)	$	(1,205,952	)	$	476,684
TOTAL							(2,350,999	)	$	(2,350,999	)	$	(606,455	)	$	(832,379	)	$	225,924

Abbreviations:
CDX.NA.HY Index 31	— CDX North America High Yield Index 31
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SX7T Index	—Euro STOXX Bank Net Return Index EUR
USO Indices	—United States Oil Fund LP ETF Indices

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Statement of Assets and Liabilities^(a)

February 28, 2019 (Unaudited)

Assets:
Investments of affiliated issuers, at value (cost $225,349,231)	$	225,393,457
Purchased options (cost $373,573)		122,813
Cash		3,703,719
Foreign currencies, at value (cost $311,929)		315,541
Unrealized gain on swap contracts		146,736
Unrealized gain on forward foreign currency exchange contracts		2,357,225
Variation margin on futures		381,834
Receivables:
Collateral on certain derivative contracts(b)		14,476,297
Dividends		462,429
Reimbursement from investment adviser		29,232
Other assets		35,180
Total assets		247,424,463
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		1,490,792
Variation margin on swaps		175,051
Written option contracts, at value (premium received $1,205,952)		729,268
Payables:
Collateral on certain derivative contracts(c)		970,000
Investments purchased		462,429
Management fees		109,354
Transfer Agency fees		5,571
Due to broker — upfront payment		1,654
Accrued expenses		168,594
Total liabilities		4,112,713
Net Assets:
Paid-in capital	$	258,673,110
Total distributable loss		(15,361,360	)
NET ASSETS	$	243,311,750
Net Assets:
Institutional		56,851
Class P		96,488
Class R6		243,158,411
Total Net Assets	$	243,311,750
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		5,956
Class P		10,238
Class R6		25,795,929
Net asset value, offering and redemption price per share:
Institutional		$9.55
Class P		9.42
Class R6		9.43

(a) Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TEX, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes amounts segregated for initial margin requirements and/or collateral on futures and swaps of $3,501,233 and $10,975,064, respectively.

(c) Amount segregated for initial margin requirements and/or collateral on swaps.

12 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Statement of Operations^(a)

For the Six Months Ended February 28, 2019 (Unaudited)

Investment income:
Dividends — affiliated issuers	$	2,944,120
Dividends — unaffiliated issuers		585,896
Interest		61,453
Total investment income		3,591,469
Expenses:
Management fees		1,054,790
Professional fees		109,087
Custody, accounting and administrative services		61,843
Transfer Agency fees(b)		42,195
Registration fees		21,812
Printing and mailing costs		12,746
Trustee fees		8,196
Prime Broker Fees		2,509
Other		4,865
Total expenses		1,318,043
Less — expense reductions		(381,920	)
Net expenses		936,123
NET INVESTMENT INCOME		2,655,346
Realized and unrealized gain (loss):
Capital gain distributions from Affiliated Underlying Funds		9,869
Net realized gain (loss) from:
Investments — unaffiliated issuers		(4,366,567	)
Investment — affiliated issuers		(6,773,265	)
Purchased options		(975,528	)
Futures contracts		1,136,135
Written options		1,857,988
Swap contracts		(297,686	)
Forward foreign currency exchange contracts		(2,163,302	)
Foreign currency transactions		(54,987	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(228,362	)
Investments — affiliated issuers		5,937,973
Purchased options		(250,760	)
Futures contracts		(2,186,677	)
Written options		476,684
Swap contracts		1,902,273
Forward foreign currency exchange contracts		3,125,746
Foreign currency translation		(67,680	)
Net realized and unrealized loss		(2,918,146	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(262,800	)

(a) Statement of Operations for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TEX, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Transfer Agency fees were as follows:

Transfer Agency Fees
Institutional		Class P		Class R6
$	13	$	14	$	42,168

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Statements of Changes in Net Assets^(a)

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period Ended August 31, 2018(b)
From operations:
Net investment income	$	2,655,346		$	3,869,630
Net realized loss		(11,627,343	)		(8,420,719	)
Net change in unrealized gain (loss)		8,709,197			(5,858,696	)
Net decrease in net assets resulting from operations		(262,800	)		(10,409,785	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(437	)		(1,600,152	)(c)
Class P Shares(d)		(1,914	)		—
Class R6 Shares		(5,278,574	)		(69	)(c)
Total distributions to shareholders		(5,280,925	)		(1,600,221	)
From share transactions:
Proceeds from sales of shares		1,607,472			603,000,995
Reinvestment of distributions		5,280,860			1,600,221
Cost of shares redeemed		(74,451,278	)		(276,172,789	)
Net increase (decrease) in net assets resulting from share transactions		(67,562,946	)		328,428,427
TOTAL INCREASE (DECREASE)		(73,106,671	)		316,418,421
Net assets(e):
Beginning of period		316,418,421			—
End of period	$	243,311,750		$	316,418,421

(a) Statement of Changes in Net Assets for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity-TEX, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Commenced operations on September 6, 2017.

(c) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

	Institutional		Class R6
Distributions from net investment income	$	(577,823)	$	(25)
Distributions from net realized gains		(1,022,329)		(44)

(d) Commenced operations on April 17, 2018.

(e) Prior year information has been revised to conform with current year presentation. Distributions in excess of net investment income was $(3,210,141) as of August 31, 2018.

14 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Exposure Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.58		$	10.00
Net investment income(b)		0.09			0.09
Net realized and unrealized loss		(0.05	)		(0.45	)
Total from investment operations		0.04			(0.36	)
Distributions to shareholders from net investment income		—	(c)		(0.02	)
Distributions to shareholders from net realized gains		(0.07	)		(0.04	)
Total distributions		(0.07	)		(0.06	)
Net asset value, end of period	$	9.55		$	9.58
Total return(d)		0.37	%		(3.54	)%
Net assets, end of period (in 000s)	$	57		$	99
Ratio of net expenses to average net assets(e)		0.68	%(f)		0.68	%(f)
Ratio of total expenses to average net assets(e)		0.94	%(f)		1.04	%(f)
Ratio of net investment income to average net assets		1.97	%(f)		0.91	%(f)
Portfolio turnover rate(g)		89	%		132	%

(a) Commenced operations on September 6, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $(0.005).

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Exposure Fund
	Class P
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.58		$	9.88
Net investment income(b)		0.09			0.08
Net realized and unrealized loss		(0.06	)		(0.38	)
Total from investment operations		0.03			(0.30	)
Distributions to shareholders from net investment income		(0.12	)		—
Distributions to shareholders from net realized gains		(0.07	)		—
Total distributions		(0.19	)		—
Net asset value, end of period	$	9.42		$	9.58
Total return(c)		0.38	%		(3.04	)%
Net assets, end of period (in 000s)	$	96		$	96
Ratio of net expenses to average net assets(d)		0.67	%(e)		0.63	%(e)
Ratio of total expenses to average net assets(d)		0.94	%(e)		1.10	%(e)
Ratio of net investment income to average net assets		1.88	%(e)		2.18	%(e)
Portfolio turnover rate(f)		89	%		132	%

(a) Commenced operations April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

16 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Exposure Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.58		$	10.00
Net investment income(b)		0.09			0.18
Net realized and unrealized gain (loss)		(0.06	)		(0.54	)
Total from investment operations		0.03			(0.36	)
Distributions to shareholders from net investment income		(0.11	)		(0.02	)
Distributions to shareholders from net realized gains		(0.07	)		(0.04	)
Total distributions		(0.18	)		(0.06	)
Net asset value, end of period	$	9.43		$	9.58
Total return(c)		0.47	%		(3.54	)%
Net assets, end of period (in 000s)	$	243,158		$	316,223
Ratio of net expenses to average net assets(d)		0.67	%(e)		0.60	%(e)
Ratio of total expenses to average net assets(d)		0.94	%(e)		0.99	%(e)
Ratio of net investment income to average net assets		1.89	%(e)		1.90	%(e)
Portfolio turnover rate(f)		89	%		132	%

(a) Commenced operations on September 6, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Tactical Exposure Fund (the “Fund”) is a diversified fund and currently offers three classes of shares — Institutional, Class P and Class R6 Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Basis of Consolidation for Goldman Sachs Tactical Exposure Fund— The Cayman Commodity – TEX, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on June 27, 2017 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of September 6, 2017, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2019, the Fund’s net assets were $243,311,750, of which, $15,957,801, or 6.6%, 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, less any amounts reclaimable, 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.

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 swap contracts whose realized gains or losses are recognized from the effective start date.

D.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

E.  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 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.

18

GOLDMAN SACHS TACTICAL EXPOSURE FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 distributable earnings 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).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

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

19

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the 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 generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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.

Aforward foreign currency exchange contractis 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. 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 Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments.

iii.  Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

20

GOLDMAN SACHS TACTICAL EXPOSURE FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. The 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.

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, basket of investments or indices, 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

21

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

Investment Type	Level 1			Level 2			Level 3
Assets
Investment Companies	$	225,393,457		$	—		$	—
Total	$	225,393,457		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	2,357,225		$	—
Futures Contracts(a)		1,824,609			—			—
Interest Rate Swap Contracts(a)		—			5,110,845			—
Credit Default Swap Contracts(a)		—			229,605			—
Total Return Swap Contracts(a)		—			146,736			—
Options Purchased		—			122,813			—
Total	$	1,824,609		$	7,967,224		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,490,792	)	$	—
Futures Contracts(a)		(940,855	)		—			—
Interest Rate Swap Contracts(a)		—			(4,660,634	)		—
Written option contracts		—			(729,268	)		—
Total	$	(940,855	)	$	(6,880,694	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated Schedule of Investments.

22

GOLDMAN SACHS TACTICAL EXPOSURE FUND

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts	$	5,270,367	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written option contracts, at value	$	(5,023,592)	(a)
Credit	Variation margin on swap contracts		229,605	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,357,225		Payable for unrealized loss on forward foreign currency exchange contracts		(1,490,792)
Commodity	Variation margin on futures contracts; Purchased options, at value		1,397,306	(a)	Variation margin on futures contracts; Written option contracts, at value		(895,896)	(a)
Equity	Receivable for unrealized gain on swap contracts Variation margin on futures contracts; Purchased options, at value		537,340	(a)	Variation margin on futures contracts; Written option contracts, at value		(411,269)	(a)
Total		$	9,791,843			$	(7,821,549)

(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 tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Consolidated Statement of Operations:

Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts and written options	$	(61,624	)	$	(1,123,131	)		3,307
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		110,083			229,605			1
Commodity	Net realized gain (loss) from purchased options, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options		(139,529	)		1,353,386			1,810
Currency	Net realized gain (loss) from purchased options and forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(2,390,631	)		3,125,746			49

23

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Equity	Net realized gain (loss) from from purchased options, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options		2,039,308			(518,340	)		727
Total		$	(442,393	)	$	3,067,276			5,894

(a) Average number of contracts is based on the average of month end balances for the six months ended February 28, 2019.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Additionally, the Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

24

GOLDMAN SACHS TACTICAL EXPOSURE FUND

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2019:

	Derivative Assets(1)								Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total
Barclays Bank PLC	$	121,781	$	—	$	—	$	121,781	$	—		$	—		$	—		$	121,781		$	(121,781	)	$	—
Citibank NA		—		—		—		—		—			(361,937	)		(361,937	)		(361,937	)		—			(361,937	)
Deutsche Bank AG		—		146,736		—		146,736		—			—			—			146,736			—			146,736
Morgan Stanley & Co. International PLC		1,032		—		2,357,225		2,358,257		(1,490,792	)		(367,331	)		(1,858,123	)		500,134			—			500,134
Total	$	122,813	$	146,736	$	2,357,225	$	2,626,774	$	(1,490,792	)	$	(729,268	)	$	(2,220,060	)	$	406,714		$	(121,781	)	$	284,933

(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 each Fund’s average daily net assets.

As of February 28, 2019, the contractual management fee with GSAM were as stated below. The effective contractual management rate and the effective net management fee rate represent the rates for the six months ended February 28, 2019.

Contractual Management Rate
First $2 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Fee Rate		Effective Net Management Fee Rate^
	0.75%		0.68%		0.64%		0.63%		0.75%		0.59%

^ Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

The Fund invested in Institutional and/or Class R6 Shares of the Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs Financial Square Government Fund and the Goldman Sachs Short-Term Conservative Income 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 period ended February 28, 2019, GSAM waived $229,112 of the Fund’s management fee.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended February 28, 2019, GSAM waived $27,567 of the Fund’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

B.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the 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

25

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

as follows: 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 Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund are 0.044%. The Other Expense limitation will remain in place through at least December 28, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fees		Other Expense Reimbursements		Total Expense Reductions
$	229,112	$	152,808	$	381,920

D.  Line of Credit Facility — As of February 28, 2019, the Fund participated in a $770,000,000 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 February 28, 2019, the Fund did not have any borrowings under the facility.

E.  Other Transactions with Affiliates — For the six months ended February 28, 2019, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended February 28, 2019:

Underlying Funds	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ Depreciation		Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Emerging Markets Debt Fund — Class R6 Shares	$	64,291,556	$	272,149	$	(63,684,187	)	$	(6,773,265	)	$	5,893,747	$	—		—	$	335,733	$	—
Goldman Sachs Financial Square Government Fund — Institutional Shares		168,107,291		241,455,867		(350,264,388	)		—			—		59,298,770		59,298,770		857,925		—
Goldman SachsShort-Term Conservative Income Fund — Class R6 Shares		—		166,050,461		—			—			44,226		166,094,687		16,559,789		1,750,462		9,869
Total	$	232,398,847	$	407,778,477	$	(413,948,575	)	$	(6,773,265	)	$	5,937,973	$	225,393,457		75,858,559	$	2,944,120	$	9,869

26

GOLDMAN SACHS TACTICAL EXPOSURE FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2019, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Fund:

Goldman Sachs Balanced Strategy Portfolio		Goldman Sachs Growth Strategy Portfolio		Goldman Sachs Growth and Income Strategy Portfolio
	15%		24%		28%

As of February 28, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 10% of Class P Shares of the Fund.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were $216,504,462 and $157,074,407, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2018, the Fund had $(9,644,360) in timing differences due to qualified late year loss deferral and post October losses.

As of February 28, 2019, the Fund’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	224,944,565
Gross unrealized gain		448,892
Gross unrealized loss		—
Net unrealized gains (losses) on securities	$	448,892

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to net mark to market gains/(losses) on regulated futures and foreign currency contracts, and differences in the tax treatment of swap transactions.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the 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.

27

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

8. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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 changing interest rates may have 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, which may occur rapidly or unexpectedly, 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 or otherwise maintains a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Sector Risk — To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

28

GOLDMAN SACHS TACTICAL EXPOSURE FUND

8. OTHER RISKS (continued)

Tax Risk — The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Fund’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. The Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income,” in which case the Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for Fund shareholders.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the Consolidated Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

29

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Consolidated Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Period Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares(a)
Shares sold		875		$	8,472			25,814,085		$	258,050,037
Reinvestment of distributions		40			372			161,187			1,600,152
Shares redeemed		(5,341	)		(52,078	)		(25,964,890	)		(256,679,156	)
		(4,426	)		(43,234	)		10,382			2,971,033
Class P Shares(b)
Shares sold		—			—			10,095			98,103
Reinvestment of distributions		209			1,914			—			—
Shares redeemed		—			—			(66	)		(633	)
		209			1,914			10,029			97,470
Class R6 Shares(a)
Shares sold		175,277			1,599,000			34,996,802			344,852,855
Reinvestment of distributions		574,904			5,278,574			7			69
Shares redeemed		(7,975,001	)		(74,399,200	)		(1,976,060	)		(19,493,000	)
		(7,224,820	)		(67,521,626	)		33,020,749			325,359,924
NET INCREASE (DECREASE)		(7,229,037	)	$	(67,562,946	)		33,041,160		$	328,428,427

(a) Commenced operations on September 6, 2017.

(b) Commenced operations on April 17, 2018.

30

GOLDMAN SACHS TACTICAL EXPOSURE FUND

Fund Expenses — Six Month Period Ended February 28,  2019 (Unaudited)

As a shareholder of Institutional, Class P or Class R6 Shares of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class P, 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 September 1, 2018 through February 28, 2019, which represents a period of 181 days in a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes— The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Institutional
Actual	$	1,000.00	$	1,003.70		$	3.38
Hypothetical 5% return		1,000.00		1,021.42	+		3.41
Class P
Actual		1,000.00		1,003.80			3.33
Hypothetical 5% return		1,000.00		1,021.47	+		3.36
Class R6
Actual		1,000.00		1,004.70			3.33
Hypothetical 5% return		1,000.00		1,021.47	+		3.36

+ 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 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 February 28, 2019. 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:

Institutional	Class P			Class R6
0.68%		0.67	%		0.67	%

31

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, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

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

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ 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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity 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 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 atwww.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders).

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

© 2019 Goldman Sachs. All rights reserved. 162457-OTU-961627 TACTEXPSAR-19/129

Goldman Sachs Funds

Semi-Annual Report	February 28, 2019
	Tactical Tilt Overlay Fund

It is our intention that beginning on January 1, 2021, paper copies of the Portfolio’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolio or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Portfolio electronically by calling the toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Portfolio directly with the Portfolio’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free800-621-2550. If you hold shares of the Portfolio through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Portfolio’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Tactical Tilt Overlay Fund

TABLE OF CONTENTS
Portfolio Management Discussion and Performance Summary	1
Index Definitions	7
Schedule of Investments	10
Financial Statements	18
Financial Highlights	21
Notes to the Financial Statements	24
Other Information	39

NOT FDIC-INSURED May Lose Value No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Tactical Tilt Overlay Fund

Investment Objective

The Portfolio seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Tactical Tilt Overlay Fund’s (the “Portfolio”) performance and positioning for thesix-month period ended February 28, 2019 (the “Reporting Period”).

Q How did the Portfolio perform during the Reporting Period?

A During the Reporting Period, the Portfolio’s Institutional, Class P and Class R6 Shares generated cumulative total returns of 1.72%, 1.63% and 1.62%, respectively. These returns compare to the 1.24% cumulative total return of the Portfolio’s benchmark, the ICE^® BofAML^® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

References to the Portfolio’s benchmark and to other indices, if any, mentioned herein are for informational purposes only, and unless otherwise noted, are not indications of how the Portfolio is managed. The use of the Index as the Portfolio’s benchmark does not imply the Portfolio is being managed like cash and does not imply low risk or low volatility.

Q What economic and market factors most influenced the Portfolio during the Reporting Period?

A When the Reporting Period began in September 2018, global economic growth moderated, but nevertheless remained healthy, especially in the U.S. China’s economic data was mixed, with retail sales slightly better than market anticipated and fixed asset investment, which is a measure of capital spending, missing market expectations. In terms of geopolitics, the U.S. Administration imposed tariffs on $200 billion of imports from China. However, the tariff rate was set at 10%, which was at the lower end of the market expected 10% to 25%, sparking a rally in emerging markets assets and helping them to recover some losses they had experienced earlier in the month. Major developed markets equity indices were up in September, outperforming emerging markets equities indices, such as the MSCI China Index(-1.70%) and the MSCI India Index(-9.10%), both of which declined. Within developed markets equities, Japanese stocks were the best performers, as a weaker Japanese yen supported export-oriented companies. Regarding fixed income, the10-year U.S. Treasury yield rose 20 basis points, and real yields (i.e., nominal yields adjusted for inflation) rose 15 basis points. (A basis point is 1/100^th of a percentage point.) The increase in yields reflected strong U.S. economic activity, with ongoing fiscal stimulus boosting economic activity despite moderating growth outside the U.S. The Federal Reserve (“Fed”) raised short-term interest rates by 25 basis points, much as the markets expected, at its September policy meeting. Additionally, the Fed’s dot plot pointed to one more rate hike by the end of 2018, with its longer-term outlook essentially unchanged. (The “dot plot” shows rate projections of the members of the Fed’s Open Market Committee.) Among currencies, the U.S. dollar weakened slightly, while the Mexican peso and Canadian dollar strengthened. The Japanese yen was the worst performing major currency, largely due to higher U.S. interest rates and a reduction in global investor risk aversion. Within commodities, Iran sanctions and comments from the Organization of the Petroleum Exporting Countries (“OPEC”) fueled a rally in Brent and West Texas Intermediate (“WTI”) crude oil prices, respectively.

Subsequently, a mix of slowing global economic growth, downward revisions in investors’ corporate earnings growth expectations, and a less accommodative Fed weighed on global equities, which experienced one of their worst fourth quarters and Decembers in history. Global equities, as represented by the MSCI All Country World Index Investable Market Index (“MSCI ACWI IMI”), were down more than 12% for the fourth calendar quarter, with major equity markets across the U.S., Eurozone and Japan all posting negative returns. Despite continued weakness in Chinese economic data, emerging market equities outperformed developed markets equities, thanks to the strong performance of Brazilian and Indian equities. Within fixed income, the10-year U.S. Treasury yield fell on signs of slowing U.S. economic growth. Investors revised downward

1

PORTFOLIO RESULTS

their expectations for 2019 Fed monetary policy action from two interest rate hikes to no rate increases at all. The Fed, however, still projected two rate hikes during the 2019 calendar year. Within commodities, WTI crude oil prices declined on market concerns about global economic growth and oversupply. In December 2018, OPEC and Russia decided to cut crude oil production to support prices.

Risk assets rebounded strongly in January 2019, supported by a decline in investor pessimism and a dovish Fed, which stressed “patience” about the pace of future monetary policy moves and the reduction of its balance sheet. (Dovish tends to suggest lower interest rates; opposite of hawkish. The Fed reduces its balance sheet by selling securities on its balance sheet and/or not reinvesting maturing securities.) As a result, global equities, as measured by the MSCI ACWI IMI, returned more than 8% during January. U.S. stocks outperformed other developed markets stocks, such as European and Japanese equities, on the back of comparatively stronger macro data. Within Europe, Italy performed strongly as fiscal concerns subsided. Emerging markets equities modestly outperformed developed markets equities, with Brazilian stocks, as represented by the MSCI Brazil Index, climbing 17.77% based on expectations of potential reforms by the country’s new government and relatively better macro data, and Russian stocks, as represented by the MSCI Russia Index, rising 13.60% based on a rebound in Brent crude oil prices, which rallied approximately 18% during January. Regarding fixed income, the Fed’s dovish tone drove a decline in the10-year U.S. Treasury yield. In currencies, the U.S. dollar weakened versus many major currencies. The Chinese renminbi strengthened on positive market expectations for a trade deal between the U.S. and China.

Global equities maintained their positive momentum into February 2019. Developed markets equities across Europe, Japan and the U.S. posted positive returns despite weak global manufacturing and trade data. The performance of emerging markets equities was rather flat overall, with significant dispersion across regions. In the emerging markets, Chinese onshore equities posted double-digit gains, benefiting from a pickup in Chinese credit growth and positive developments in U.S.-China trade negotiations. Brazilian and South African equities both delivered negative returns, with the decline in Brazilian stocks driven by rumors of a delay in pension reform and the drop in South African stocks fueled by concerns around credit risk. In fixed income, the10-year U.S. Treasury yield was up modestly, driven solely by an increase in the breakeven inflation rate. (The breakeven inflation rate is a market-based measure of expected inflation.) Within commodities, crude oil prices rose as Saudi Arabia reduced its output. Meanwhile, copper prices rallied on positive news surrounding China. Within currencies, the U.S. dollar strengthened versus most major currencies, thanks to relatively better economic data from the U.S.

Q What key factors were responsible for the Portfolio’s performance during the Reporting Period?

A The Portfolio seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments.

During the Reporting Period, the Portfolio benefited from its tactical long position in WTI crude oil, accomplished through an option call spread. (An option call spread is a strategy that involves purchasing call options at a specific strike price, while simultaneously selling call options on the same asset but at a higher strike price. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.) Most of this position’s outperformance occurred in January 2019 when crude oil prices rebounded from earlier declines and U.S.-China trade deal negotiations boosted investor sentiment. Within fixed income, the Portfolio was helped by its holdings of investment grade corporate bonds, which performed well in November 2018 on less hawkish comments by Fed Chair Jerome Powell and on investor caution amid ongoing equity market volatility and falling crude oil prices. Within currencies, the Portfolio’s tactical short position in the Japanese yen versus its long position in the U.S. dollar was advantageous, as the Fed’s September 2018 interest rate hike drove spread (i.e., yield differentials) widening between U.S. Treasury securities and Japanese government bonds, increasing the attractiveness of the U.S. dollar.

Among detractors was the Portfolio’s tactical exposure to energy master limited partnerships (“MLPs”), as costs for completing projects and capital expenditures for new projects rose during the early part of the Reporting Period. The energy sector, as well as the broader equity market, had a weak October 2018, with concerns about global economic growth, rising interest rates and U.S.-China trade disputes weighing on investor sentiment. Falling crude oil prices also dampened the performance of energy MLPs during the month. Crude oil prices declined as markets priced in a

2

PORTFOLIO RESULTS

possible drop in demand caused by slowing global economic growth. The Alerian MLP Index finished 2018 with a fourth consecutive month of negative performance, largely due to the decline in crude oil prices. Although the Portfolio’s tactical exposure to energy MLPs detracted for the Reporting Period overall, it contributed positively in the closing weeks of the Reporting Period when energy MLPs benefited from both a rebound in crude oil prices and market optimism about U.S.-China trade deal negotiations. Within equities, the Portfolio’s tactical long position in European bank stocks hurt its performance, as global economic growth, trade tensions, concerns over Brexit, flattening of the U.S. Treasury yield curve, and sluggish loan growth all contributed to poor performance in both the U.S. and European banking sectors. (Brexit refers to the U.K.’s efforts to exit the European Union. Yield curve is a spectrum of maturities of varying lengths. A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.) In fixed income, a tactical long position in energy-related high yield corporate bonds detracted from the Portfolio’s returns, as crude oil prices fell intoyear-end 2018.

Q How was the Portfolio positioned at the beginning of the Reporting Period?

A At the beginning of the Reporting Period, the Portfolio had approximately 33.74% of its total net assets invested in long equity-related investments; approximately 35.58% of its total net assets invested in long fixed income-related investments; approximately 17.89% of its total net assets invested in long currency-related investments; and approximately 0.16% of its total net assets invested in long commodity-related investments. It had short positions of approximately-9.76% of its total net assets in a basket oflarge-cap equity-related investments that we believed might underperform the U.S. stock market and also short positions of approximately-3.22% of its total net assets in emerging markets equity-related investments. The Portfolio had no short positions in fixed income-related investments at the beginning of the Reporting Period.

The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Portfolio specifically to cover its exposure and any potential margin calls or future losses experienced. Given theline-up of positions held, most of them were derivatives-based, so the Portfolio’s cash allocation at the beginning of the Reporting Period was high.

Q How did you tactically manage the Portfolio’s allocations during the Reporting Period?

A During the Reporting Period, in response to shifting macroeconomic and market dynamics, we made a number of changes to the Portfolio’s exposures.

In terms of equity-related exposures, we shifted a portion of the Portfolio’s tactical long position in Spanish equities to its existing tactical long position in European bank stocks during October 2018. In our view, the risk/reward profile of European bank stocks had improved relative to that of Spanish equities. Also during October, we added two tactical U.S. bank option tilts. The first was a longat-the-money call option position and the second was a shortat-the-money put option position.(“At-the-money” is a term used to describe a call option with a strike price that is the same as the market price of the underlying asset. 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 rationale for both positions was the underperformance of European bank stocks, which were down more than 10% for 2018year-to-date near the end of October. In our opinion, the fundamentals did not justify the decline, given that 2019-2020 corporate earnings estimates fell only about 1% during the third quarter of 2018. In November 2018, the long U.S. bank equity call option position expired out of the money. (“Out of the money” is a term used to describe a call option with a strike price that is higher than the market price of the underlying asset, or a put option with a strike price that is lower than the market price of the underlying asset.) Nevertheless, we continued to believe that U.S. banks had an attractive risk/reward profile, which is why the Portfolio maintained exposure to them through a tactical long position in an exchanged traded fund and tactical short positions in put options.

During November 2018, we increased the Portfolio’s systematic downside mitigation tactical tilt because of what we viewed as elevated equity valuations and the advanced stage of the U.S. economic cycle. (The systematic downside mitigation tactical tilt was designed to limit the Portfolio’s exposure to potential market declines through the shorting of U.S.large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) We believed the increase could add value; in our view, investors’ margin of safety was increasingly slim but we did not think a tactical short position was warranted yet. Also in November,

3

PORTFOLIO RESULTS

we reduced the Portfolio’s tactical short position in emerging markets equities, which was part of its tactical tilt in South African stocks and emerging markets equities, by changing that tactical tilt to a long position in South African stocks and short positions in emerging markets equities and investment grade bonds. Rising U.S. interest rates and a stronger U.S. dollar, along with what appeared to be investors’ waning concerns about China, suggested to us the environment was becoming more favorable for emerging markets equities.

During December 2018, the Portfolio took assignment of U.S. bank stocks after its put options expired in the money. (“In the money” is a term used to describe a call option with a strike price that is lower than the market price of the underlying asset, or a put option with a strike price that is higher than the market price of the underlying asset.) U.S. bank stocks had underperformed since the put options position was implemented, and valuations had become more attractive, in our view. Earnings estimates had been relatively flat, and we believed U.S. bank stocks offered a solid risk premium. Also in December 2018, we added a S&P 500^® Index call option spread. In our view, equity market declines seemed to overstate the degree of potential U.S. economic weakening. We believed the option call spread could help mitigate unexpected downside because the Portfolio would keep the premium it earned from option writing. In January 2019, we reduced the size of the call option spread tilt because the S&P 500^® Index had rallied more than 6% since we implemented the position. We eliminated the position entirely by the end of the month, as we believed it had realized most of its potential gains. In January and February 2019, we sold a portion of the Portfolio’s tactical long position in U.S. bank stocks to capture gains. In February 2019, we added a European bank call option to the Portfolio, as European bank stocks continued to perform poorly but had improving fundamentals, in our opinion.

In terms of fixed income-related exposures, we eliminated a portion of our duration-neutral high yield corporate bond tactical tilt in September 2018. This positioning seeks to benefit from the spread offered as compensation for the risk of potential default. We exited the position entirely in February 2019, as it had nearly met our full calendar year return expectations, and high yield spreads were at levels we considered consistent with a low single-digit default rate. Additionally, we eliminated the Portfolio’s tactical long position in U.S. bank loans in October 2018 when the position had met our return expectations. Higher interest rates made investment grade corporate bonds more attractive, in our opinion, than bank loans. In addition, during January 2019, we removed the Portfolio’s tactical long position in energy-related high yield corporate bonds, as they had reached our expected return expectations and market prices presented what we felt was an attractive exit point. Finally, we increased the Portfolio’s tactical exposure to investment grade fixed income, using bond futures, as we considered a higher allocation to U.S. Treasuries to be a viable complement to the Portfolio’s already-large cash buffer.

Regarding currency-related exposures, we trimmed the Portfolio’s tactical long position in the British pound versus its tactical short position in the U.S. dollar during September 2018, given that the British pound was up nearly 4% from its recent trough in August 2018. We further reduced the position in December 2018, as the British pound weakened and we anticipated market volatility due to Brexit negotiations. Also in December, we decreased the Portfolio’s tactical short position in the Japanese yen versus its tactical long position in the U.S. dollar. This move was predicated on our belief the Fed would pause its interest rate hiking cycle and adopt more dovish forward guidance, which could be a headwind for the U.S. dollar. In addition, the Japanese yen had significantly outperformed as compared to its historical correlation with risk assets during sell-offs, and we thought this atypical performance might change if market volatility persisted.

Regarding commodities, we reduced the Portfolio’s WTI crude oil tactical tilt, which we had implemented through an option call spread, during September 2018 to capture gains. The position was eliminated near the beginning of October, as WTI crude oil prices had increased significantly, and we believed the position was vulnerable to short-term market risks. In December 2018, we reestablished a WTI crude oil tactical tilt through a call spread collar. (A call spread collar is an options trading strategy that is constructed by holding shares of the underlying stock while simultaneously selling call options against that holding.) We established the position due to what we considered to be attractive valuations, as potential supply disruptions could occur, in our opinion, if Iranian sanctions were tightened after waivers expire in April 2019. In February 2019, we added WTI crude oil puts to the Portfolio. The same month, we reduced by half the Portfolio’s WTI crude oil tactical tilt, retaining the rest of the position as potential upside emerged, including sanctions on Venezuela and strong OPEC production discipline.

4

PORTFOLIO RESULTS

Separately, we increased the Portfolio’s tactical exposure to energy MLPs during October 2018. At the time, the Alerian MLP Index had declined almost 15% from its late August 2018 high. In addition, energy MLP valuations and distribution yields remained attractive, in our view.

Q How did the Portfolio use derivatives and similar instruments during the Reporting Period?

A The Portfolio used derivatives and similar instruments as part of its investment strategy to express views implemented in the Portfolio. Positions were supported predominantly by cash held in the Portfolio specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced.

During the Reporting Period, the Portfolio employed equity and bond futures, equity swaps, total return swaps, options, options on commodity futures, currency forwards and index credit default swaps to express active investment views with greater versatility across regional equity markets, global market sectors, commodities markets and currency markets. The Portfolio’s use of equity futures to gain exposure to emerging markets equities, Spanish equities, European bank stocks, South African equities and U.S. stocks detracted from performance. Bond futures, which the Portfolio employed for its long position in investment grade fixed income, contributed positively. Collectively, the Portfolio’s use of equity swaps to obtain exposure to European bank stocks and its use of total return swaps within the systematic downside mitigation tactical tilt had a positive impact on performance. To afford greater risk management precision, options on equity indices were employed to tactically adjust the amount of equity risk and downside risk in the Portfolio. The Portfolio’s use of equity options, including call options on the S&P 500^® Index as well as call options on European and U.S. bank stocks, added to performance. In addition, the Portfolio used options on commodity futures to express our views of WTI crude oil prices, which had a positive impact on performance. Currency forwards, which were used to express our views on developed and emerging markets currencies, added overall to the Portfolio’s performance. Finally, the use of index credit default swaps within the Portfolio’s duration-neutral high yield corporate bond tactical tilt had a slightly positive impact on returns during the Reporting Period.

Q How was the Portfolio positioned at the end of the Reporting Period?

A At the end of the Reporting Period, the Portfolio had approximately 23.90% of its total net assets invested in long equity-related investments; approximately 39.91% of its total net assets invested in long fixed income-related investments; and none of its total net assets invested in long commodity-related investments. In terms of currency-related investments, the Portfolio had a long position in the British pound versus a short position in the U.S. dollar (representing 6.24% of its total net assets) and a short position in the Japanese yen versus a long position in the U.S. dollar (representing-6.23% of its total net assets). The Portfolio also had short positions of approximately-12.46% of its total net assets in a basket oflarge-cap equity-related investments that we believed might underperform the U.S. stock market and also short positions of approximately-1.83% of its total net assets in emerging markets equity-related investments. The Portfolio had no short positions in fixed income-related or commodity-related investments at the end of the Reporting Period.

The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Portfolio specifically to cover its exposure and any potential margin calls or future losses experienced. Given theline-up of positions held, most of them were derivatives-based, so the cash allocation at the end of the Reporting Period was high.

Q What is the Portfolio’s tactical asset allocation view and strategy for the months ahead?

A At the end of the Reporting Period, we anticipated a modest slowdown in economic activity across most countries and regions, including the U.S., in the near term. In the U.S., the impact of the fiscal stimulus from tax legislation, signed into law during December 2017, seemed likely to wane over the course of 2019, we believed. In Europe, Germany’s budget surplus had decreased, but we expected the German economy to continue expanding slightly. As for Japan, we believed an increase in the consumption tax would cause only a slight economic contraction due to certain offsetting measures. We expected China to pursue an expansionary policy to limit the slowdown in its economic growth.

As for monetary policy, at the end of the Reporting Period, we believed the Fed was nearing the end of its current tightening cycle. And while the European Central Bank (“ECB”) left its monetary policy unchanged at its February 2019 meeting, we — like many market participants — anticipated an interest rate hike later in 2019.(On March 7th, after the end of the Reporting Period, the ECB extended its forward guidance to signal unchanged rates through 2019

5

PORTFOLIO RESULTS

and unveiled financing support for the banking sector.) In the U.K., uncertainty about Brexit led the Bank of England to adopt a slightly more dovish tone. Meanwhile, the Bank of Japan is likely to stay on hold, in our opinion, and we expected China’s central bank to pursue an accommodative monetary policy.

In spite of the generally positive backdrop, we see no shortage of global risks, including the potential of excessive Fed monetary policy tightening, growing political tensions between the White House and a Democrat-controlled House of Representatives, and unknown outcomes with respect to Brexit. Additionally, U.S.-China trade tensions are high at a time of slowing Chinese economic growth and the country’s imbalanced economy overall. Although an agreement may be reached in early 2019 that addresses certain trade, cybersecurity and intellectual property theft issues, the U.S. Administration has raised other long-term concerns that will not be easily allayed, in our opinion.

Looking ahead, we believed the global environment at the end of the Reporting Period was supportive of positive, though modest, equity market returns, which we expect to exceed those of cash and bonds. Thus, we planned to focus the Portfolio on opportunities in equities, including tactical tilts to certain U.S. equity sectors, including the energy sector through investments in energy MLPs, and Spanish, South African and European bank stocks. We also favored increased exposure to interest rates, which we planned to implement through U.S. Treasury futures. In addition, the Portfolio continued to hold positions related to our crude oil and individual currency views at the end of the Reporting Period.

6

PORTFOLIO RESULTS

Index Definitions

MSCI China Index represents the performance of large- andmid-cap segments with H shares, B shares, red chips, P chips and foreign listings (e.g., ADRs) of Chinese stocks. China A shares are partially included in the index, making it the de facto index for all of China.

MSCI India Index is designed to measure the performance of the large and mid cap segments of the Indian market.

MSCI ACWI Investable Market Index captures large, mid and small cap representation across 23 developed markets and 24 emerging markets countries.

MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market.

MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market.

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).

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.

It is not possible to invest directly in an unmanaged index.

7

PORTFOLIO BASICS

Tactical Tilt Overlay Fund

as of February 28, 2019

PERFORMANCE REVIEW
September 1, 2018–February 28, 2019	Portfolio Total Return (based on NAV)1			ICE® BofAML® U.S.  Dollar Three- Month LIBOR Constant Maturity Index2
Institutional		1.72	%		1.24	%
Class P		1.63			1.24
Class R6		1.62			1.24

¹ The net asset value (“NAV”) represents the net assets of the class of the Portfolio(ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

² The ICE^® BofAML^®U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 12/31/18	One Year			Since Inception			Inception Date
Institutional		-2.45	%		0.95	%	7/31/14
Class P		N/A			-1.96		4/17/18
Class R6		-2.47			-2.45		12/29/17

³ The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendarquarter-end. They assume reinvestment of all distributions at NAV. Because Institutional, 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

8

PORTFOLIO BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.82	%		0.91	%
Class P		0.81			0.90
Class R6		0.81			0.90

⁴  The expense ratios of the Portfolio, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Consolidated Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

PORTFOLIO COMPOSITION⁵

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The Investment in the securities lending reinvestment vehicle represented 3.0% of the Portfolio’s net assets as of February 28, 2019. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

9

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations(a)(b)(c) – 0.0%
Energy – Exploration & Production – 0.0%
	Berry Petroleum Co. LLC
$	1,200,000		6.750	%		11/01/20	$	—
	18,124,000		6.375			09/15/22		—
	TOTAL CORPORATE OBLIGATIONS
	(Cost $—)						$	—

Shares		Description	Value
Common Stock(a)(d) – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
	176,413	Blue Ridge Mountain Resources, Inc.	$	786,255
	(Cost $1,759,790)
Exchange Traded Funds(e) – 7.1%
	23,899,877	Alerian MLP ETF	$	231,589,808
	800,448	SPDR S&P Bank ETF		36,228,277
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $253,950,684)		$	267,818,085

Shares	Dividend Rate	Value
Investment Companies(f) – 27.7%
Goldman Sachs Financial Square Government Fund – Institutional Shares
934,204,613	2.395%	$	934,204,613
Goldman Sachs MLP Energy Infrastructure Fund – Class R6 Shares
16,865,569	21.195		111,312,757
TOTAL INVESTMENT COMPANIES
(Cost $1,049,896,353)		$	1,045,517,370
TOTAL INVESTMENTS BEFORESHORT-TERM INVESTMENT
(Cost $1,305,606,827)		$	1,314,121,710

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 62.6%
Certificates of Deposit – 58.9%
	ABN AMRO Funding USA LLC(g)(h)
$	13,950,000		0.000	%		11/08/19	$	13,677,358
	Albion Capital LLC(h)
	5,000,000		0.000			03/22/19		4,992,517
	ASB Finance Ltd.(g)(i) (1M USD LIBOR + 0.310%)
	23,000,000		2.812			06/28/19		23,015,326
	AT&T, Inc.(g)(h)
	4,750,000		0.000			03/27/19		4,740,264
	9,900,000		0.000			05/28/19		9,828,362
	10,000,000		0.000			06/05/19		9,921,053
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Atlantic Asset Securitization LLC(g)(h)
	20,000,000		0.000			05/14/19		19,893,750
	AutoZone, Inc.(g)(h)
	3,000,000		0.000			03/11/19		2,997,566
	Banco Del Estado De Chile(i) (3M USD LIBOR + 0.070%)
	20,000,000		2.860			03/21/19		19,999,806
	Banco Santander SA
	25,000,000		0.000	(h)		05/14/19		24,855,990
	(3M USD LIBOR + 0.350%)
	15,000,000		3.043	(i)		06/13/19		14,999,936
	Bank of China Ltd.(g)(h)
	4,000,000		0.000			05/10/19		3,979,363
	Bank of Montreal(i)
	(1M USD LIBOR + 0.400%)
	11,000,000		2.917			12/10/19		11,021,193
	(3M USD LIBOR + 0.210%)
	20,000,000		2.946			11/01/19		20,024,724
	(SOFR + 0.440%)
	10,000,000		2.820			05/09/19		10,004,644
	Bank of Nova Scotia(i)
	(3M USD LIBOR + 0.200%)
	11,000,000		2.939			03/06/19		11,000,283
	(3M USD LIBOR + 0.280%)
	23,000,000		3.072			03/20/19		23,002,905
	Banque Et Caisse Epargen(h)
	10,250,000		0.000			07/01/19		10,157,055
	BASF SE(g)(h)
	6,400,000		0.000			04/12/19		6,380,912
	Bayerische Landesbank(h)
	17,350,000		0.000			04/10/19		17,300,383
	11,000,000		0.000			05/10/19		10,944,874
	Bedford Row Funding Corp.(g)
	15,000,000		0.000	(h)		04/25/19		14,941,177
	5,000,000		0.000	(h)		10/16/19		4,913,750
	6,000,000		0.000	(h)		10/18/19		5,895,523
	(3M USD LIBOR + 0.100%)
	6,250,000		2.526	(i)		07/15/19		6,252,466
	Bell Canada, Inc.(g)(h)
	13,400,000		0.000			04/16/19		13,351,995
	5,000,000		0.000			04/22/19		4,979,713
	BNP Paribas SA(i) (3M USD LIBOR + 0.140%)
	8,550,000		2.918			06/14/19		8,554,754
	BNZ International Funding Ltd.(g)(i)
	(1M USD LIBOR + 0.280%)
	9,750,000		2.590			05/15/19		9,754,940
	(3M USD LIBOR + 0.200%)
	600,000		2.636			04/16/19		600,093
	(3M USD LIBOR + 0.250%)
	20,651,000		3.045			04/05/19		20,654,261
	Cafco LLC(g)(h)
	7,450,000		0.000			05/29/19		7,402,693
	Canadian Imperial Bank of Commerce(i)
	(1M USD LIBOR + 0.350%)
	9,700,000		2.864			11/05/19		9,710,928
	(1M USD LIBOR + 0.400%)
	15,000,000		2.917			12/10/19		15,028,546

10 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Canadian Imperial Bank of Commerce(i) – (continued)
	(3M USD LIBOR + 0.320%)
$	23,000,000		3.115	%		07/05/19	$	23,026,184
	Cancara Asset Securitisation LLC(h)
	7,000,000		0.000			04/30/19		6,969,730
	6,000,000		0.000			05/09/19		5,970,052
	3,377,000		0.000			05/28/19		3,355,310
	15,000,000		0.000			06/03/19		14,896,806
	Chariot Funding LLC(g)(h)
	10,000,000		0.000			05/02/19		9,955,410
	11,500,000		0.000			07/08/19		11,394,395
	24,000,000		0.000			07/12/19		23,772,647
	China Construction Banking Corp.(g)(h)
	10,000,000		0.000			03/20/19		9,986,222
	5,000,000		0.000			04/16/19		4,983,106
	CNPC Finance HK Ltd.(g)(h)
	15,000,000		0.000			03/06/19		14,993,610
	Collateralized Commercial Paper Co. LLC(g)(h)
	15,000,000		0.000			10/15/19		14,741,993
	Collateralized Commercial Paper II Co. LLC(g)(h)
	4,000,000		0.000			07/08/19		3,962,921
	3,268,000		0.000			11/25/19		3,200,352
	Cooperatieve Rabobank UA(i)
	(1M USD LIBOR + 0.190%)
	14,800,000		2.670			04/18/19		14,801,618
	(1M USD LIBOR + 0.280%)
	11,000,000		2.773			05/29/19		11,004,354
	(3M USD LIBOR + 0.200%)
	15,000,000		2.976			03/12/19		15,000,677
	CRC Funding LLC(g)(h)
	6,750,000		0.000			05/28/19		6,707,464
	Credit Agricole Corporate and Investment Bank(i) (3M USD LIBOR + 0.030%)
	12,000,000		2.810			07/18/19		12,002,614
	Credit Industriel ET Commercial NY(i)
	(3M USD LIBOR + 0.040%)
	25,000,000		2.820			07/18/19		25,002,654
	(3M USD LIBOR + 0.040%)
	10,000,000		2.832			03/20/19		10,000,167
	Credit Suisse AG(i)
	(3M USD LIBOR + 0.320%)
	11,000,000		3.087			03/08/19		11,000,308
	(3M USD LIBOR + 0.340%)
	18,000,000		3.137			04/09/19		18,005,355
	Duke Energy Corp.(g)(h)
	11,000,000		0.000			06/21/19		10,899,490
	Eastman Chemical Co.(g)(h)
	15,800,000		0.000			03/21/19		15,774,949
	7,000,000		0.000			03/26/19		6,986,224
	Ei Dupont(g)(h)
	15,000,000		0.000			03/26/19		14,970,739
	Eli Lilly & Co.(g)(h)
	25,000,000		0.000			10/31/19		24,546,580
	Essilorluxottica(g)(h)
	10,000,000		0.000			06/19/19		9,920,203
	13,000,000		0.000			09/03/19		12,822,604
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Fairway Finance Co. LLC(g)(h)
	7,500,000		0.000			06/05/19		7,447,115
	Federation des Caisses Desjardins du Quebec(g)
	20,000,000		0.000	(h)		02/24/20		19,454,890
	(1M USD LIBOR + 0.270%)
	20,550,000		2.776	(i)		03/26/19		20,554,489
	First Abu Dhabi Bank P.J.S.C.(g)(h)
	25,000,000		0.000			05/06/19		24,874,421
	General Electric Co.(h)
	12,000,000		0.000			03/01/19		11,999,109
	5,000,000		0.000			04/25/19		4,977,818
	Gotham Funding Corp.(g)(h)
	20,000,000		0.000			04/08/19		19,945,812
	8,200,000		0.000			04/22/19		8,169,542
	HSBC Bank PLC(g)(i) (3M USD LIBOR + 0.230%)
	7,100,000		2.644			04/10/19		7,101,740
	HSBC Bank USA NA(i)
	(3M USD LIBOR + 0.080%)
	14,950,000		2.877			07/12/19		14,954,709
	(3M USD LIBOR + 0.090%)
	25,000,000		2.855			04/26/19		25,003,735
	Industrial & Commercial Bank of China Ltd.(g)(h)
	10,500,000		0.000			04/15/19		10,465,479
	ING (U.S.) Funding LLC(i)
	(1M USD LIBOR + 0.270%)
	11,000,000		2.791			03/08/19		11,000,872
	(3M USD LIBOR + 0.110%)
	6,000,000		2.807			05/10/19		6,001,069
	J.P. Morgan Securities LLC(h)
	11,500,000		0.000			08/01/19		11,368,011
	Jupiter Securitization Co. LLC(g)(h)
	23,000,000		0.000			04/03/19		22,945,933
	Keurig Dr Pepper, Inc.(g)(h)
	5,000,000		0.000			03/12/19		4,995,582
	8,150,000		0.000			03/21/19		8,137,069
	8,500,000		0.000			04/05/19		8,477,101
	La Fayette Asset Securitiization(g)(h)
	15,000,000		0.000			05/16/19		14,917,289
	8,600,000		0.000			06/03/19		8,540,836
	Landesbank Hessen-Thueringen Girozentrale(g)(h)
	21,590,000		0.000			04/01/19		21,543,730
	Liberty Funding LLC(g)(h)
	23,000,000		0.000			05/28/19		22,855,573
	Lloyds Bank Corp. (j)
	10,000,000		3.000			07/29/19		10,013,360
	Longship Funding LLC(g)(h)
	25,000,000		0.000			04/24/19		24,897,142
	Lowe’s Cos., Inc.(h)								��
	9,500,000		0.000			03/01/19		9,499,307
	Macquarie Bank Ltd.(g)
	13,350,000		0.000	(h)		04/10/19		13,311,746
	7,000,000		0.000	(h)		04/15/19		6,977,397
	5,000,000		0.000	(h)		08/16/19		4,936,977
	(1M USD LIBOR + 0.180%)
	8,700,000		2.560	(i)		03/06/19		8,700,393

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments(continued)

February 28, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Manhattan Asset Funding Co. LLC(g)(h)
$	11,150,000		0.000	%		03/21/19	$	11,133,948
	5,000,000		0.000			04/01/19		4,988,956
	Marriott Internation, Inc.(g)(h)
	15,000,000		0.000			03/13/19		14,985,581
	15,000,000		0.000			04/30/19		14,928,757
	Matchpoint Finance PLC(g)(h)
	15,000,000		0.000			03/06/19		14,993,708
	6,000,000		0.000			05/13/19		5,967,280
	Metlife Short Term Funding(g)(h)
	15,000,000		0.000			07/23/19		14,842,735
	15,000,000		0.000			08/12/19		14,820,563
	Mizuho Bank Ltd.(i)
	(1M USD LIBOR + 0.190%)
	11,000,000		2.680			03/25/19		11,001,756
	(1M USD LIBOR + 0.200%)
	2,700,000		2.714			03/05/19		2,700,110
	(3M USD LIBOR + 0.100%)
	11,000,000		2.908			04/03/19		11,000,715
	Mondelez International, Inc.(g)(h)
	400,000		0.000			03/12/19		399,645
	14,000,000		0.000			04/18/19		13,947,197
	MUFG Bank Ltd.(j)
	25,000,000		2.930			01/28/20		25,037,603
	National Bank of Canada(i) (3M USD LIBOR + 0.230%)
	22,000,000		3.010			04/18/19		22,006,050
	National Bank of Kuwait SAKP(j)
	6,050,000		2.580			04/29/19		6,051,844
	11,000,000		3.000			04/01/19		11,004,032
	17,000,000		3.000			04/24/19		17,008,540
	5,000,000		3.050			04/23/19		5,002,953
	National Securities Clearing Corp.(g)(h)
	10,500,000		0.000			12/13/19		10,268,916
	Natixis SA(i)
	(3M USD LIBOR + 0.160%)
	3,950,000		2.804			05/20/19		3,951,492
	(3M USD LIBOR + 0.180%)
	11,000,000		2.847			06/06/19		11,005,297
	(3M USD LIBOR + 0.230%)
	25,000,000		3.029			01/10/20		25,027,328
	Nederlandse Waterschapsbank N.V.(g)(h)
	23,000,000		0.000			04/11/19		22,932,648
	Nieuw Amsterdam Receivables Corp.(g)(h)
	4,250,000		0.000			03/12/19		4,246,553
	23,000,000		0.000			05/07/19		22,891,259
	Nordea Bank AB(i)
	(3M USD LIBOR + 0.200%)
	25,200,000		2.988			03/15/19		25,201,495
	(3M USD LIBOR + 0.270%)
	11,000,000		3.050			10/18/19		11,017,607
	Old Line Funding LLC(g)(h)
	23,000,000		0.000			06/17/19		22,822,699
	Oversea-Chinese Banking Corp. Ltd.
	20,100,000		0.000	(g)(h)		04/17/19		20,032,678
	(1M USD LIBOR + 0.150%)
	11,000,000		2.663	(i)		03/06/19		11,000,451
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	PPG Industries, Inc.(h)
	4,000,000		0.000			03/27/19		3,991,801
	Ridgefield Funding Co. LLC(g)(h)
	15,000,000		0.000			04/16/19		14,950,650
	5,000,000		0.000			06/03/19		4,966,051
	15,000,000		0.000			06/10/19		14,890,435
	Schlumberger Holdings Corp.(g)(h)
	10,000,000		0.000			03/06/19		9,995,573
	11,000,000		0.000			03/07/19		10,994,311
	Sempra Energy Holdings(g)(h)
	14,400,000		0.000			03/14/19		14,385,960
	Skandinaviska Enskilda Banken AB
	20,000,000		0.000	(g)(h)		11/13/19		19,620,883
	(1M USD LIBOR + 0.210%)
	11,825,000		2.691	(i)		08/22/19		11,829,511
	Societe Generale SA
	15,000,000		0.000	(g)(h)		08/02/19		14,829,285
	(3M USD LIBOR + 0.200%)
	11,000,000		2.863	(i)		08/21/19		11,010,267
	(3M USD LIBOR + 0.410%)
	14,650,000		3.211	(g)(i)		12/18/19		14,682,996
	Spire, Inc.(g)(h)
	1,000,000		0.000			03/15/19		998,888
	5,000,000		0.000			03/19/19		4,992,870
	8,000,000		0.000			03/22/19		7,986,707
	Standard Chartered Bank(i)
	(3M USD LIBOR + 0.060%)
	25,000,000		2.850			03/21/19		25,000,564
	(3M USD LIBOR + 0.150%)
	3,900,000		2.958			10/03/19		3,901,555
	(3M USD LIBOR + 0.220%)
	13,500,000		2.903			05/16/19		13,505,372
	(3M USD LIBOR + 0.310%)
	4,000,000		3.046			10/31/19		4,006,011
	Starbird Funding. Corp.(g)(h)
	20,000,000		0.000			04/15/19		19,935,677
	Sumitomo Mitsui Banking Corp.(i) (3M USD LIBOR + 0.100%)
	15,000,000		2.897			04/12/19		15,001,464
	Sumitomo Mitsui Trust Bank Ltd.(i)
	(3M USD LIBOR + 0.100%)
	15,000,000		2.887			04/15/19		15,001,580
	(3M USD LIBOR + 0.200%)
	2,000,000		2.883			08/16/19		2,001,342
	(3M USD LIBOR + 0.200%)
	22,000,000		2.997			07/09/19		22,013,629
	Suncor Energy, Inc.(g)(h)
	9,300,000		0.000			03/04/19		9,297,283
	10,000,000		0.000			05/28/19		9,928,874
	5,250,000		0.000			05/30/19		5,212,463
	Svenska Handelsbanken AB(i) (1M USD LIBOR + 0.150%)
	25,000,000		2.664			04/05/19		25,003,013
	Swedbank AB(i) (1M USD LIBOR + 0.290%)
	15,000,000		2.780			07/25/19		15,008,169
	TELUS Corp.(g)(h)
	6,250,000		0.000			05/30/19		6,204,484

12 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	TheCoca-Cola Co.
$	30,450,000		0.000	%		12/11/19	$	29,790,800
	The Korea Development Bank of New York(h)
	15,000,000		0.000			04/16/19		14,951,159
	The Toronto-Dominion Bank
	7,250,000		0.000	(g)(h)		10/18/19		7,128,662
	(3M USD LIBOR + 0.170%)
	30,000,000		2.943	(i)		04/17/19		30,005,873
	Thunder Bay Funding LLC(g)(h)
	5,000,000		0.000			06/26/19		4,957,782
	Toyota Motor Finance Netherlands BV(i) (3M USD LIBOR + 0.090%)
	25,843,000		2.880			03/18/19		25,844,062
	TransCanada Pipelines Ltd.(g)(h)
	10,000,000		0.000			03/08/19		9,994,124
	UBS AG(g)(i)
	(3M USD LIBOR + 0.210%)
	20,500,000		2.946			06/04/19		20,507,805
	(3M USD LIBOR + 0.330%)
	10,000,000		2.738			04/04/19		10,002,560
	United Overseas Bank Ltd.(g)(h)
	15,000,000		0.000			03/12/19		14,987,855
	US Bank NA(j)
	11,000,000		2.517			05/24/19		11,003,872
	Victory Receivables Corp.(g)(h)
	22,000,000		0.000			03/11/19		21,983,531
	VW Credit, Inc.(g)(h)
	8,350,000		0.000			03/20/19		8,337,429
	5,000,000		0.000			07/02/19		4,949,625
	11,800,000		0.000			07/08/19		11,675,022
	Walgreens Boots Alliance, Inc.(h)
	9,300,000		0.000			07/16/19		9,195,046
	3,531,000		0.000			08/12/19		3,482,934
	6,500,000		0.000			08/26/19		6,403,720
	Wells Fargo Bank NA(i)
	(1M USD LIBOR + 0.300%)
	15,000,000		2.790			07/23/19		15,010,935
	(3M USD LIBOR + 0.250%)
	15,000,000		3.047			04/05/19		15,004,245
	Westpac Banking Corp.(g)(i) (3M USD LIBOR + 0.180%)
	10,000,000		2.762			10/31/19		10,009,707
	Whirlpool Corp.(g)(h)
	9,140,000		0.000			03/14/19		9,130,545
	11,000,000		0.000			03/29/19		10,975,818
								2,228,203,262
Commercial Paper – 3.7%
	Credit Agricole SA(j)
	15,000,000		2.800			05/09/19		15,010,082
	9,750,000		3.070			11/19/19		9,778,779
	Dexia Credit Local SA(h)
	11,000,000		0.000			05/07/19		10,948,617
	15,000,000		0.000			10/10/19		14,758,827
	Dominion Resources, Inc.(h)
	10,350,000		0.000			06/27/19		10,250,134
Short-term Investments – (continued)
Commercial Paper – (continued)
	Kells Funding LLC(h)
	10,000,000		0.000			05/20/19		9,942,940
	Landesbank Hessen-Thueringen Girozentrale(j)
	3,850,000		2.940			01/17/20		3,857,755
	LMA SA LMA Americas(h)
	17,100,000		0.000			03/22/19		17,074,408
	7,000,000		0.000			04/08/19		6,981,186
	11,000,000		0.000			06/10/19		10,919,091
	Standard Chartered Bank(j)
	4,000,000		3.190			10/31/19		4,011,579
	Sumitomo Mitsui Banking Corp.(j)
	15,000,000		2.510			03/01/19		15,000,027
	Sumitomo Mitsui Trust Bank Ltd.(j)
	11,000,000		2.820			03/19/19		11,002,160
								139,535,585
	TOTALSHORT-TERM INVESTMENTS
	(Cost $2,366,829,205)						$	2,367,738,847
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $3,672,436,032)						$	3,681,860,557

Shares	Dividend Rate		Value
Securities Lending Reinvestment Vehicle(f) – 3.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
111,866,493		2.395%	$	111,866,493
(Cost $111,866,493)
TOTAL INVESTMENTS – 100.4%
(Cost $3,784,302,525)			$	3,793,727,050
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%				(13,761,084	)
NET ASSETS – 100.0%			$	3,779,965,966

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments(continued)

February 28, 2019 (Unaudited)

amounts to $786,255, which represents approximately 0.0% of net assets as of February 28, 2019.

Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc.		5/6/2016 – 3/14/2017	$	1,759,790

(e)	All or a portion of security is on loan.
(f)	Represents an affiliated fund.
(g)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2019.
(j)	Rate shown is that which is in effect on February 28, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MLP	—Master Limited Partnership
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At February 28, 2019, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	GBP	230,395,000	USD	295,904,823		03/20/19	$	10,003,846
	JPY	16,376,000,000	USD	145,877,376		03/20/19		1,278,335
	USD	12,789,531	JPY	1,412,000,000		03/20/19		101,215
	ZAR	1,797,710,000	USD	125,391,301		03/20/19		1,855,618
TOTAL							$	13,239,014

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	JPY	3,586,000,000	USD	32,780,781		03/20/19	$	(556,772	)
	USD	67,316,372	GBP	53,060,000		03/20/19		(3,134,436	)
	USD	402,405,450	JPY	44,800,000,000		03/20/19		(170,017	)
	USD	12,362,862	ZAR	178,710,000		03/20/19		(286,730	)
TOTAL							$	(4,147,955	)

FUTURES CONTRACTS — At February 28, 2019, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
FTSE/JSE Top 40 Index		3,451		03/20/19	$	121,384,602	$	9,905,669
IBEX 35 Index		1,530		03/15/19		161,710,189		5,602,857
S&P 500E-Mini Index		3,382		03/15/19		470,892,770		29,441,055
STOXX 600 Banks Index		3,088		03/15/19		25,430,092		1,549,654

14 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts (continued):
2 Year U.S. Treasury Notes		4,116			06/28/19	$	873,395,904		$	(425,035	)
5 Year U.S. Treasury Notes		1,799			06/28/19		206,097,938			(32,735	)
10 Year U.S. Treasury Notes		3,964			06/19/19		483,608,000			(745,632	)
Total									$	45,295,833
Short position contracts:
MSCI Emerging Markets Index		(1,324	)		03/15/19		(69,291,540	)		(4,803,458	)
Total Futures Contracts									$	40,492,375

SWAP CONTRACTS — At February 28, 2019, the Portfolio had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Portfolio			Counterparty	Termination Date(c)	Notional Amount (000s)	Unrealized Appreciation/ (Depreciation)*
SX7T Index		0.020	%(a)	Citibank NA	04/02/19	$104,099	$	15,427,675
SX7T Index		0.100	%(a)	UBS AG (London)	04/02/19	59,619		8,870,972
JPGSVENK Index(d)		0.070	%(b)	JPMorgan Securities, Inc.	04/03/19	472,632		1,614,149
TOTAL							$	25,912,796

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made quarterly.

(b) Payments made monthly.

(c) The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(d) The top 50 components are shown below.

A basket (JPGSVENK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Align Technology Inc	Consumer,Non-cyclical		231	$	54,292		3.71	%
General Electric Co	Industrial		5,537		52,212		3.56
Arconic Inc	Industrial		3,086		51,781		3.53
CenturyLink Inc	Communications		3,721		44,541		3.04
Coty Inc	Consumer,Non-cyclical		3,550		35,437		2.42
Mattel Inc	Consumer, Cyclical		2,337		30,591		2.09
Philip Morris International Inc	Consumer,Non-cyclical		371		29,267		2.00
Conagra Brands Inc	Consumer,Non-cyclical		1,376		29,188		1.99
Albemarle Corp	Basic Materials		352		29,177		1.99
Campbell Soup Co	Consumer,Non-cyclical		883		28,852		1.97
Vulcan Materials Co	Industrial		276		27,919		1.91
United Parcel Service Inc	Industrial		273		27,309		1.86
Aptiv PLC	Consumer, Cyclical		361		27,238		1.86
NVIDIA Corp	Technology		193		27,076		1.85
Equifax Inc	Consumer,Non-cyclical		265		26,295		1.79
DowDuPont Inc	Basic Materials		538		25,981		1.77
Wynn Resorts Ltd	Consumer, Cyclical		223		25,639		1.75
Facebook Inc	Communications		171		25,005		1.71
Advanced Micro Devices Inc	Technology		1,146		24,473		1.67
International Flavors & Fragrances Inc	Basic Materials		203		23,466		1.60
Concho Resources Inc	Energy		233		23,236		1.59

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments(continued)

February 28, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Common Stocks	Sector	Shares		Value		Weight
Tapestry Inc	Consumer, Cyclical		727	$	23,064		1.57	%
Fluor Corp	Industrial		582		19,858		1.36
Alliant Energy Corp	Utilities		449		18,705		1.28
American Tower Corp	Financial		105		16,806		1.15
Realty Income Corp	Financial		264		16,548		1.13
IPG Photonics Corp	Technology		103		14,523		0.99
Fortive Corp	Industrial		191		14,112		0.96
Sealed Air Corp	Industrial		354		14,030		0.96
Baker Hughes a GE Co	Energy		586		14,020		0.96
General Mills Inc	Consumer,Non-cyclical		327		13,979		0.95
CarMax Inc	Consumer, Cyclical		246		13,839		0.94
Microchip Technology Inc	Technology		175		13,767		0.94
Stryker Corp	Consumer,Non-cyclical		80		13,721		0.94
Hess Corp	Energy		259		13,614		0.93
LKQ Corp	Consumer, Cyclical		541		13,609		0.93
FMC Corp	Basic Materials		166		13,488		0.92
Brighthouse Financial Inc	Financial		383		13,453		0.92
Netflix Inc	Communications		41		13,450		0.92
PACCAR Inc	Consumer, Cyclical		218		13,408		0.92
PerkinElmer Inc	Industrial		157		13,396		0.91
Stanley Black & Decker Inc	Industrial		111		13,318		0.91
Incyte Corp	Consumer,Non-cyclical		170		13,307		0.91
Martin Marietta Materials Inc	Industrial		78		13,289		0.91
Noble Energy Inc	Energy		658		13,230		0.90
Flowserve Corp	Industrial		325		13,086		0.89
Cooper Cos Inc/The	Consumer,Non-cyclical		50		13,081		0.89
Royal Caribbean Cruises Ltd	Consumer, Cyclical		121		13,003		0.89
Amazon.com Inc	Communications		9		12,992		0.89
Becton Dickinson and Co	Consumer,Non-cyclical		57		12,949		0.88

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At February 28, 2019, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON COMMODITIES CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Crude Oil Futures	$50.00		05/16/2019		2,032		$	2,032,000		$	17,678,400		$	9,655,578		$	8,022,822
Written option contracts
Calls
Crude Oil Futures	55.00		05/16/2019		(2,032	)		(2,032,000	)		(9,875,520	)		(5,717,760	)		(4,157,760	)
TOTAL					—		$	—		$	7,802,880		$	3,937,818		$	3,865,062

16 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
KBE Index	Citibank NA		35.860		03/14/2019		826,769		$	826,769		$	7,792,815		$	1,860,230		$	5,932,585
SX7E Index	UBS AG (London)		95.766		12/20/2019		685,996			685,996			5,108,513			2,884,772			2,223,741
Total Purchased option contracts							1,512,765		$	1,512,765		$	12,901,328		$	4,745,002		$	8,156,326
Written option contracts
Puts
KBE Index	Citibank NA		35.860		03/14/2019		(826,769	)		(826,769	)		(622	)		(1,653,538	)		1,652,916
TOTAL							685,996		$	685,996		$	12,900,706		$	3,091,464		$	9,809,242

Abbreviations:

MS & Co. Int. PLC—Morgan Stanley & Co. International PLC

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Assets and Liabilities^(a)

February 28, 2019 (Unaudited)

Assets:
Investments of unaffiliated issuers, at value (cost 2,622,539,679)(b)	$	2,636,343,187
Investments of affiliated issuers, at value (cost $1,049,896,353)		1,045,517,370
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $111,866,493)		111,866,493
Purchased options, at value (cost $14,400,580)		30,579,728
Cash		69,585,995
Foreign currencies, at value (cost $1,120,031)		820,903
Unrealized gain on swap contracts		25,912,796
Unrealized gain on forward foreign currency exchange contracts		13,239,014
Receivables:
Collateral on certain derivative contracts(c)		57,550,001
Dividends and interest		5,726,084
Fund shares sold		4,604,979
Securities lending income		234,854
Reimbursement from investment adviser		3,334
Foreign tax reclaims		801
Other assets		266,625
Total assets		4,002,252,164
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		4,147,955
Variation margin on futures contracts		1,012,986
Written option contracts, at value (premium received $7,371,298)		9,876,142
Payables:
Payable upon return of securities loaned		111,866,493
Investments purchased		47,910,297
Collateral on certain derivative contracts(d)		32,426,816
Fund shares redeemed		12,651,440
Management fees		1,919,205
Transfer Agency fees		86,689
Accrued expenses		388,175
Total liabilities		222,286,198
Net Assets:
Paid-in capital		3,958,183,704
Total distributable loss		(178,217,738	)
NET ASSETS	$	3,779,965,966
Net Assets:
Institutional	$	24,451,154
Class P		3,435,605,465
Class R6		319,909,347
Total Net Assets	$	3,779,965,966
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		2,435,633
Class P		352,022,095
Class R6		32,773,697
Net asset value, offering and redemption price per share:
Institutional		$10.04
Class P		9.76
Class R6		9.76

(a) Statement of Assets and Liabilities for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Goldman Sachs Cayman Commodity — TTIF Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $109,184,354.

(c) Includes amounts segregated for initial margin requirements and/or collateral on futures, swaps and forward foreign currency exchange contract transactions of $51,450,001, $1,130,000 and $4,970,000, respectively.

(d) Includes amounts segregated for initial margin requirements and/or collateral on swaps contracts.

18 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Operations^(a)

For the Six Months Ended February 28, 2019 (Unaudited)

Investment income:
Interest — unaffiliated issuers	$	32,447,403
Dividends — affiliated issuers		16,503,830
Dividends — unaffiliated issuers		10,972,319
Securities lending income — affiliated issuer		1,890,086
Total investment income		61,813,638
Expenses:
Management fees		14,306,777
Transfer Agency fees(b)		601,735
Custody, accounting and administrative services		155,617
Registration fees		130,477
Professional fees		84,680
Printing and mailing costs		45,701
Trustee fees		11,814
Prime Broker Fees		10,966
Other		207,614
Total expenses		15,555,381
Less — expense reductions		(1,189,390	)
Net expenses		14,365,991
NET INVESTMENT INCOME		47,447,647
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		2,582,596
Investment — affiliated issuers		(4,506,330	)
Purchased options		46,240,320
Futures contracts		(28,597,097	)
Written options		(18,227,298	)
Swap contracts		(22,368,582	)
Forward foreign currency exchange contracts		(9,899,572	)
Foreign currency transactions		(504,868	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(49,306,728	)
Investments — affiliated issuers		(8,332,061	)
Purchased options		14,440,096
Futures contracts		16,400,957
Written options		(6,030,374	)
Swap contracts		36,095,687
Forward foreign currency exchange contracts		29,144,995
Foreign currency translation		(327,917	)
Net realized and unrealized loss		(3,196,176	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	44,251,471

(a) Statement of Operations for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Goldman Sachs Cayman Commodity — TTIF Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Transfer Agency fees were as follows:

Transfer Agency Fees
Institutional		Class P		Class R6
$	4,728	$	547,074	$	49,933

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statements of Changes in Net Assets^(a)

	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	47,447,647		$	67,621,747
Net realized loss		(35,280,831	)		(21,067,284	)
Net change in unrealized gain		32,084,655			73,015,573
Net increase in net assets resulting from operations		44,251,471			119,570,036
Distributions to shareholders:
From total distributable earnings:
Institutional Shares		—			(45,296,029	)(b)
Class P Shares(c)		(88,570,565	)		—
Class R6 Shares(d)		(9,121,338	)		—
Total distributions to shareholders		(97,691,903	)		(45,296,029	)
From share transactions:
Proceeds from sales of shares		368,328,867			5,187,683,119
Reinvestment of distributions		97,691,903			45,296,029
Cost of shares redeemed		(1,044,813,040	)		(6,137,982,554	)
Net decrease in net assets resulting from share transactions		(578,792,270	)		(905,003,406	)
TOTAL DECREASE		(632,232,702	)		(830,729,399	)
Net assets:(e)
Beginning of period		4,412,198,668			5,242,928,067
End of period	$	3,779,965,966		$	4,412,198,668

(a) Statement of Changes in Net Assets for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity — TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended August 31, 2018.

(c) Commenced operations on April 17, 2018.

(d) Commenced operations on December 29, 2017.

(e) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $53,093,613 as of August 31, 2018.

20 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Tilt Overlay Fund
	Institutional Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Period November 1, 2016 – August 31, 2017*			Year Ended October 31,						Period July 31, 2014 – October 31, 2014(a)
										2016			2015
Per Share Data
Net asset value, beginning of period	$	9.87		$	9.73		$	9.83		$	10.40		$	9.87		$	10.00
Net investment income(b)		0.12			0.12			0.09			0.11			0.18			0.04
Net realized and unrealized gain (loss)		0.05			0.11			(0.01	)		(0.22	)		0.46			(0.17	)
Total from investment operations		0.17			0.23			0.08			(0.11	)		0.64			(0.13	)
Distributions to shareholders from net investment income		—			(0.09	)		(0.18	)		(0.46	)		(0.11	)		—
Net asset value, end of period	$	10.04		$	9.87		$	9.73		$	9.83		$	10.40		$	9.87
Total return(c)		1.72	%		2.39	%		0.82	%		(0.96	)%		6.57	%		(1.30	)%
Net assets, end of period (in 000s)	$	24,451		$	23,583		$	5,242,928		$	5,214,846		$	4,664,660		$	1,522,551
Ratio of net expenses to average net assets(d)		0.73	%(e)		0.69	%		0.62	%(e)		0.59	%		0.52	%		0.63	%(e)
Ratio of total expenses to average net assets(d)		0.79	%(e)		0.76	%		0.75	%(e)		0.77	%		0.79	%		0.86	%(e)
Ratio of net investment income to average net assets		2.38	%(e)		1.20	%		1.10	%(e)		1.15	%		1.77	%		1.63	%(e)
Portfolio turnover rate(f)		24	%		41	%		28	%		48	%		81	%		45	%

* The Portfolio changed its fiscal year end from October 31 to August 31.

(a) Commenced operations on July 31, 2014.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Tilt Overlay Fund
	Class P Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.87		$	9.76
Net investment income(b)		0.11			0.14
Net realized and unrealized gain (loss)		0.04			(0.03	)
Total from investment operations		0.15			0.11
Distributions to shareholders from net investment income		(0.26	)		—
Net asset value, end of period	$	9.76		$	9.87
Total return(c)		1.63	%		1.13	%
Net assets, end of period (in 000s)	$	3,435,605		$	4,045,246
Ratio of net expenses to average net assets(d)(e)		0.72	%		0.71	%
Ratio of total expenses to average net assets(d)(e)		0.78	%		0.77	%
Ratio of net investment income to average net assets(e)		2.37	%		3.80	%
Portfolio turnover rate(f)		24	%		41	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Tactical Tilt Overlay Fund
	Class R6 Shares
	Six Months Ended February 28, 2019 (Unaudited)			Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.87		$	9.81
Net investment income(b)		0.11			0.11
Net realized and unrealized gain (loss)		0.04			(0.05	)
Total from investment operations		0.15			0.06
Distributions to shareholders from net investment income		(0.26	)		—
Net asset value, end of period	$	9.76		$	9.87
Total return(c)		1.62	%		0.61	%
Net assets, end of period (in 000s)	$	319,909		$	343,370
Ratio of net expenses to average net assets(d)(e)		0.72	%		0.69	%
Ratio of total expenses to average net assets(d)(e)		0.78	%		0.76	%
Ratio of net investment income to average net assets(e)		2.38	%		1.77	%
Portfolio turnover rate(f)		24	%		41	%

(a) Commenced operations on December 29, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Consolidated Financial Statements

February 28, 2019 (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 anopen-end management investment company. Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”) is a diversified portfolio and currently offers three classes of shares — Institutional, Class P and Class R6 Shares. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund— The Cayman Commodity — TTIF, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 31, 2014 and is currently a wholly-owned subsidiary of the Portfolio. The Subsidiary acts as an investment vehicle for the Portfolio to enable the Portfolio to gain exposure to certain types of commodity-linked derivative instruments. The Portfolio is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of July 31, 2014, and it is intended that the Portfolio will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with anywinding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of February 28, 2019, the Portfolio’s net assets were $3,779,965,966, of which, $ 385,451,724, or 10.2%, represented the Subsidiary’s net assets.

B.  Investment Valuation — The Portfolio’s valuation policy is to value investments at fair value.

C.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Portfolio may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Portfolio records itspro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

D.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, andnon-class specific expenses of the Portfolio are allocated daily based upon the proportion of net assets of each class.Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the Portfolio on a straight-line and/orpro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.

24

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

E.  Federal Taxes and Distributions to Shareholders — It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. Income and capital gains distributions, if any, are declared and paid according annually.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Portfolio is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Portfolio in the current period nor carried forward to offset taxable income in future periods.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolio’s net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of the Portfolio are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency 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 Portfolio’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolio’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

25

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Consolidated Financial Statements(continued)

February 28, 2019 (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.

Private investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Portfolio invest in Underlying Funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and

26

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 aremarked-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.

Aforward foreign currency exchange contractis a forward contract in which the Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at apre-determined price at a future date. All forward foreign currency exchange contracts aremarked-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. Upon entering into a futures contract, the Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts.Non-cash collateral pledged by the Portfolio, if any, is noted in the Consolidated Schedule of Investments.

iii.  Options — When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequentlymarked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequentlymarked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which the Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps aremarked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by anymark-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.

Aninterest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

27

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Consolidated Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Acredit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. The Portfolio’s investment in credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Portfolio buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Portfolio, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Portfolio may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, the Portfolio generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Portfolio sells protection through a credit default swap, the Portfolio could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Portfolio, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Portfolio may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Portfolio is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Portfolio bought credit protection.

Atotal return swap is an agreement that gives the Portfolio the right to receive the appreciation in value of a specified security, basket of investments or indices, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of February 28, 2019:

TACTICAL TILT OVERLAY
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	—		$	786,255		$	—
Exchange Traded Funds		267,818,085			—			—
Investment Companies		1,045,517,370			—			—
Short-term Investments		—			2,367,738,847			—
Securities Lending Reinvestment Vehicle		111,866,493			—			—
Total	$	1,425,201,948		$	2,368,525,102		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	13,239,014		$	—
Futures Contracts(b)		46,499,235			—			—
Total Return Swap Contracts(b)		—			25,912,796			—
Options Purchased		17,678,400			12,901,328			—
Total	$	64,177,635		$	52,053,138		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(4,147,955	)	$	—
Futures Contracts(b)		(6,006,860	)		—			—
Written Options Contracts		(9,875,520	)		(622	)		—
Total	$	(15,882,380	)	$	(4,148,577	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Portfolio utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated Schedule of Investments.

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Notes to Consolidated Financial Statements(continued)

February 28, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2019. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest rate	—	$	—		Variation margin on futures contracts	$	(1,203,402)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		13,239,014		Payable for unrealized loss on forward foreign currency exchange contracts		(4,147,955)
Commodity	Purchased Options, at value		17,678,400		Written Options, at Value		(9,875,520)
Equity	Variation margin on futures contracts; Receivable for unrealized gain on swap contracts; Purchased options, at value		85,313,359	(a)	Variation margin on futures contracts; Written options, at value		(4,804,080)	(a)
Total		$	116,230,773			$	(20,030,957)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Consolidated Statement of Operations:

Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	19,195,185		$	(899,839	)		11,289
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		9,603,607			(7,764,545	)		1
Commodity	Net realized gain (loss) from purchased options and written options /Net change in unrealized gain (loss) on purchased options and written options		19,619,536			(1,399,520	)		2
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(9,899,572	)		29,144,995			9
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on swap contracts, futures contracts, purchased options and written options		(71,370,985	)		70,970,270			16,270
Total		$	(32,852,229	)	$	90,051,361			27,571

(a) Average number of contracts is based on the average of month end balances for the six months ended February 28, 2019.

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4. INVESTMENTS IN DERIVATIVES (continued)

In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default(close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio and the counterparty. Additionally, the Portfolio may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts.Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractualnetting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Portfolio’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of February 28, 2019:

	Derivative Assets(a)								Derivative Liabilities(a)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)		Collateral (Received) Pledged(a)			Net Amount(b)
Citibank NA	$	7,792,815	$	15,427,675	$	—	$	23,220,490	$	—		$	(622	)	$	(622	)	$	23,219,868	$	(20,700,000	)	$	2,519,868
JPMorgan Securities, Inc.		—		1,614,149		—		1,614,149		—			—			—			1,614,149		—			1,614,149
MS & Co. Int. PLC		—		—		13,239,014		13,239,014		(4,147,955	)		—			(4,147,955	)		9,091,059		—			9,091,059
UBS AG (London)		5,108,513		8,870,972		—		13,979,485		—			—			—			13,979,485		(11,690,000	)		2,289,485
Total	$	12,901,328	$	25,912,796	$	13,239,014	$	52,053,138	$	(4,147,955	)	$	(622	)	$	(4,148,577	)	$	47,904,561	$	(32,390,000	)	$	15,514,561

(a) Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(b) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractualset-off rights under the agreement. Net amount excludes any over-collateralized amounts.

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Notes to Consolidated Financial Statements(continued)

February 28, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Portfolio, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolio’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Portfolio’s average daily net assets.

For the six months ended February 28, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate								Effective Management Fee Rate		Effective Net Management Fee Rate*^(a)
First $2 billion		Next $3 billion		Next $3 billion		Over $8 billion
	0.75%		0.68%		0.64%		0.62%		0.71%		0.65%

* GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Portfolio invests through at least December 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 Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), Class R6 Shares of the Goldman Sachs High Yield Floating Rate Fund and the Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolio invests, except those management fees it earns from the Portfolio’s investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended February 28, 2019, GSAM waived $1,167,611 of the Portfolio’s management fee.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Portfolio’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended February 28, 2019, GSAM waived $774,916 of the Portfolio’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

B.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.04% of the average daily net assets of Institutional Shares and 0.03% of the average daily net assets of Class P Shares and Class R6 Shares.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolio are 0.164%. These Other Expense limitations will remain in place through at least December 28, 2019 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
$	1,167,611	$	21,779	$	1,189,390

D.  Line of Credit Facility — As of February 28, 2019, the Portfolio participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolio based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2019, the Portfolio did not have any borrowings under the facility

E.  Other Transactions with Affiliates — For the six months ended February 28, 2019, Goldman Sachs earned $176,859 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended February 28, 2019:

Affiliated Investment Companies	Beginning Value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on Sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income from Affiliated Investment Companies
Goldman Sachs Financial Square Government Fund	$	1,323,638,062	$	1,701,296,037	$	(2,090,729,486	)	$	—		$	—		$	934,204,613		934,204,613	$	10,963,522
Goldman Sachs High Yield Floating Rate Fund		149,250,733		—		(149,932,602	)		681,869			—			—		—		945,765
Goldman Sachs MLP Energy Infrastructure Fund		93,710,816		50,594,543		(20,000,000	)		(3,985,962	)		(9,006,640	)		111,312,757		16,865,569		4,594,543
Total	$	1,566,599,611	$	1,751,890,580	$	(2,260,662,088	)	$	(3,304,093	)	$	(9,006,640	)	$	1,045,517,370		951,070,182	$	16,503,830

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were $127,874,996 and $392,374,352, respectively.

7. SECURITIES LENDING

The Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Portfolio’s securities lending procedures, the Portfolio receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Portfolio, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Portfolio on the next business day. As with other extensions of credit, the

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Notes to Consolidated Financial Statements(continued)

February 28, 2019 (Unaudited)

7. SECURITIES LENDING (continued)

Portfolio may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Portfolio invests the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Portfolio by paying the Portfolio an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for thenon-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right ofset-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Portfolio’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Portfolio’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019, which are disclosed as “Payable upon return of securities loaned” on the Consolidated Statement of Assets and Liabilities, where applicable.

Both the Portfolio and BNYM received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio’s for the six months ended February 28, 2019, are reported under Investment Income on the Consolidated Statement of Operations.

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the six months ended February 28, 2019.

Beginning Value as of August 31, 2018	Purchases at Cost	Proceeds from Sales			Ending Value as of February 28, 2019
$256,405,265	$536,734,194	$	(681,272,966	)	$	111,866,493

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8. TAX INFORMATION

As of the Portfolio’s most recent fiscal year end, August 31, 2018, the Portfolio’s capital loss carryforwards and certain timing differences on a tax basis were as follows:

Capital loss carryforwards:
Perpetual Short-Term	$	(182,973,140	)
Perpetual Long-Term		(35,900,828	)
Total capital loss carryforwards	$	(218,873,968	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral)		(38,910,791	)

As of February 28, 2019, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	3,770,820,321
Gross unrealized gain		44,223,547
Gross unrealized loss		(21,316,818	)
Net unrealized gains on investments	$	22,906,729

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 option 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 Portfolio’s tax positions for all open tax years (the current and prior three years, as applicable) and

has concluded that no provision for income tax is required in the Portfolio’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Portfolio’s risks include, but are not limited to, the following:

Derivatives Risk — The Portfolio’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolio. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Portfolio also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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Notes to Consolidated Financial Statements(continued)

February 28, 2019 (Unaudited)

9. OTHER RISKS (continued)

Foreign Custody Risk — If the Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Portfolio’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If the Portfolio focuses its investments in securities of issuers located in a particular country or geographic region, the Portfolio may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Portfolio’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Investments in the Underlying Funds Risk — The investments of a Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. A Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. A Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — The Portfolio may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use ofnon-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests,

36

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

9. OTHER RISKS (continued)

or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

Sector Risk— To the extent the Portfolio focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Portfolio may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Tax Risk — The Portfolio will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The Portfolio has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat the Portfolio’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. The Portfolio has obtained an opinion of counsel that the Portfolio’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Portfolio’s income from such investments was not “qualifying income,” in which case the Portfolio would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Portfolio failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Portfolio shareholders.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

37

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Consolidated Financial Statements(continued)

February 28, 2019 (Unaudited)

11. SUBSEQUENT EVENTS

Subsequent events after the Consolidated Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		67,551		$	658,000			64,892,471		$	637,795,407
Reinvestment of distributions		—			—			4,617,332			45,296,029
Shares redeemed		(20,336	)		(202,299	)		(606,120,936	)		(5,988,362,486	)
		47,215			455,701			(536,611,133	)		(5,305,271,050	)
Class P Shares(a)
Shares sold		35,686,796			345,879,503			424,051,472			4,196,560,752
Reinvestment of distributions		9,554,538			88,570,565			—			—
Shares redeemed		(103,250,152	)		(995,300,733	)		(14,020,559	)		(138,742,662	)
		(58,008,818	)		(560,850,665	)		410,030,913			4,057,818,090
Class R6 Shares(b)
Shares sold		2,231,619			21,791,364			35,922,228			353,326,960
Reinvestment of distributions		983,963			9,121,338			—			—
Shares redeemed		(5,245,264	)		(49,310,008	)		(1,118,849	)		(10,877,406	)
		(2,029,682	)		(18,397,306	)		34,803,379			342,449,554
NET DECREASE		(59,991,285	)	$	(578,792,270	)		(91,776,841	)	$	(905,003,406	)

(a) Commenced operations on April 17, 2018.

(b) Commenced operations on December 29, 2017.

38

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Portfolio Expenses — Six Month Period Ended February 28,  2019 (Unaudited)

As a shareholder of Institutional, Class P and Class R6 Shares of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Institutional, Class P and Class R6 Shares of the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2018 through February 28, 2019, which represents a period of 181 days in a365-day year.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:

Share Class	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid for the 6 months ended 2/28/19*
Institutional
Actual	$	1,000.00	$	1017.20		$	3.65
Hypothetical 5% return		1,000.00		1021.17	+		3.66
Class P
Actual		1,000.00		1016.30			3.60
Hypothetical 5% return		1,000.00		1021.22	+		3.61
Class R6
Actual		1,000.00		1016.20			3.60
Hypothetical 5% return		1,000.00		1021.22	+		3.61

+ Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. 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: 0.73% for Institutional Shares, 0.72% for Class P Shares and 0.72% for Class R6 Shares.

39

FUND PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 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

Investor Funds^SM

∎ Investor Money Market Fund³

∎ InvestorTax-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 andTax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short DurationTax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap 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 Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S.Tax-Managed Equity Fund

∎ InternationalTax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ 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 Fund

∎ 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-ManagerNon-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

∎ Dynamic Global Equity Fund⁴

∎ 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 February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list coversopen-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about ourclosed-end funds and exchange-traded funds.

TRUSTEES	OFFICERS
Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	James A. McNamara,President Scott M. McHugh,Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria,Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus,Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site atwww.GSAMFUNDS.com to obtain the most recentmonth-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolio. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for the most recent12-month period ended June 30, are available (I) without charge, upon request by calling1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Portfolio will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-621-2550 (for Institutional Shareholders).

Portfolio holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling1-800-621-2550.

© 2019 Goldman Sachs. All rights reserved. 162458-OTU-960992 TACTSAR-19/964

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 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. 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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 Rule30a-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 Rule30a-3(b) under the 1940 Act and15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 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.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	April 26, 2019

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:	April 26, 2019
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	April 26, 2019