Goldman Sachs Mid Cap Value Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

Date of reporting period: April 30, 2019

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2019

				Absolute Return Multi-Asset 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 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 Fund directly with the Fund’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 or800-526-7384 for all other shareholders. 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.

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Goldman Sachs Absolute Return Multi-Asset Fund


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summary			2

Schedule of Investments			11

Financial Statements			15

Financial Highlights			18

Notes to the Financial Statements			25

Other Information			37



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

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

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

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∎

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

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

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∎

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

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

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

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We leverage the insights and alpha generation of GSAM’s 700+ investment professionals in 30 offices around the globe (as of September 30, 2018)

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

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

FUND RESULTS

Goldman Sachs Absolute Return Multi-Asset Fund

Investment Objective

The Fund seeks to achieve long-term absolute return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Absolute Return Multi-Asset Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 4.01%, 3.61%, 4.22%, 4.10%, 4.27%, 3.90%, and 4.25%, respectively. These returns compare to the 1.34% 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.

What economic and market factors most influenced the Fund during the Reporting Period?

During the Reporting Period overall, the factors most influencing the financial markets and the Fund were global economic data, central bank monetary policy, crude oil prices and geopolitical events.

In November 2018, when the Reporting Period began, global economic growth appeared to be stabilizing following previous weakness, with risk assets supported by less hawkish commentary from the U.S. Federal Reserve (“Fed”), decreased concerns around U.S.-China trade relations and improved Chinese economic data. (Hawkish tends to suggest higher interest rates; opposite of dovish.) Global equities recorded gains, led by emerging markets stocks. Within fixed income, the10-year U.S. Treasury yield fell.

In December 2018, global economic growth moderated, as evidenced by declining manufacturing indicators across the U.S., Europe and China. The Fed hiked short-term interest rates by 25 basis points at its December meeting, in line with market expectations. (A basis point is 1/100^th of a percentage point.) The less accommodative Fed and the slowing global economic growth backdrop weighed on risk assets during the month. Global equities declined, fueled by sell-offs in U.S. and Japanese stocks. Emerging markets equities posted negative returns, but outpaced developed markets stocks. In fixed income, the10-year U.S. Treasury yield fell on a combination of market-perceived safe-haven demand and lower crude oil prices. Crude oil prices fell during December 2018 in spite of proposed production cuts by the Organization of the Petroleum Exporting Countries and Russia, as weak investor risk appetite and market concerns around oversupply remained in focus.

Risk assets broadly rebounded during the first quarter of 2019, as investor sentiment turned positive on a combination of dovish global central bank policy, tentative stabilization in Chinese economic growth and seemingly promising developments in U.S.-China trade talks. As inflationary pressures remained rather muted, the Fed and the European Central Bank (“ECB”) each made a dovish shift and then maintained monetary policy stances that were broadly supportive of economic growth. More specifically, the Fed signaled it would make no additional short-term interest rate hikes during 2019, and the ECB indicated it was reluctant to hike interest rates during the calendar year. Although global economic growth continued to decelerate, there were signs of improvement, including indications of a bottoming in Chinese credit growth, a modestpick-up in fixed asset investment and an uptick in March 2019 manufacturing data. Global equities posted a double-digit gain during the first calendar quarter, led by a rally in U.S. stocks. Emerging markets equities overall underperformed developed markets equities, but Chinese stocks rose significantly. In fixed income, the10-year U.S. Treasury yield fell during the first quarter of 2019.

FUND RESULTS

In April 2019, risk assets continued to rally, supported by signs of stabilization in global economic growth and continued dovishness from major central banks amidst muted inflationary pressures. In the U.S., stocks reached new highs on the back of stronger than consensus expected corporate earnings. European stocks also posted solid gains. Although Japanese equities recorded positive returns, they lagged their developed markets counterparts due to weaker than market expected corporate earnings. In China, money supply and credit data were stronger than market anticipated, adding to investor expectations that Chinese economic growth might continue to recover. However, a less dovish stance by China’s central bank dampened market optimism. In fixed income, the U.S.10-year U.S. Treasury yield rose. Crude oil prices rallied, driven mostly by the U.S. Administration’s decision to end waivers on Iranian oil exports.

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

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

During the Reporting Period, the Fund generated positive returns, driven primarily by strategic asset allocation and, to a lesser extent, by short-term tactical asset allocation. These results were offset somewhat by medium-term cycle-aware allocation and security selection within the Underlying Funds, which detracted from the Fund’s performance.

Strategic asset allocation overall added to the Fund’s results during the Reporting Period. At the asset class level, allocations to equities, fixed income, real assets and currencies contributed positively. Strategic allocations to multi-strategy liquid alternatives detracted from returns. Within its strategic allocations to equities, the Fund’s positive performance was largely due to its exposure to emerging markets stocks. Investor sentiment was buoyed by a combination of constructive U.S.-China trade talks, the Fed’s considerably more dovish stance and market expectations for better Chinese economic data due to policy stimulus. In addition, the Fund benefited from its exposure to U.S. and international equities, as risk assets rallied during the first quarter of 2019. Within its strategic fixed income allocations, the Fund’s exposure to high yield corporate bonds added to performance, as credit spreads narrowed and interest rates broadly declined during the Reporting Period. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.) The Fund was also aided by our long U.S. interest rate options strategy, through which we seek to profit if interest rates fall, remain constant or rise less than anticipated. This strategy bolstered the Fund’s performance, given that U.S. Treasury yields fell over the course of the Reporting Period. (Our long U.S. interest rate options strategy is a macroeconomic hedge that buys put options on short-term interest rates. A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.) Additionally, the Fund’s strategic allocations to U.S. dollar-denominated emerging markets debt and local currency emerging markets debt contributed positively. Within its strategic allocations to real assets, the Fund was helped by its exposure to U.S. and international real estate securities as well as by its exposure to global infrastructure securities. Within its strategic allocations to currencies, the Fund benefited from our decision to hedge foreign currency exposure back to the U.S. dollar (accomplished through foreign exchange currency forward contracts), as the U.S. dollar strengthened versus other major currencies during the Reporting Period. With its strategic allocations to multi-strategy liquid alternatives, the Fund was hurt, especially during the first quarter of 2019, by our U.S. equity volatility strategy, which seeks to benefit from the difference between

FUND RESULTS

implied volatility (i.e., expectations of future volatility) and realized volatility (i.e., historical volatility) in equity markets. On the other hand, the Fund’s strategic allocation to the Goldman Sachs Alternative Premia Fund, which provides exposure to a diversified range of alternative investment strategies, and its strategic allocation to the Goldman Sachs Managed Futures Strategy Fund added to returns during the Reporting Period.

Medium-term cycle-aware allocation detracted overall from the Fund’s performance. We held three medium-term cycle-aware views during the Reporting Period. The first view was to be short interest rate duration, which we expressed through the Fund’s short position in long-maturity German government bonds and the Fund’s short positions in specific segments of the U.S. Treasury yield curve. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The Fund’s short position in long-maturity German government bonds hampered returns, as Germany’s long-term interest rates fell in response to slower European economic growth, dovish ECB monetary policy and benign inflation. The Fund’s short positioning in specific segments of the U.S. Treasury yield curve detracted from performance on the back of the broad decline in U.S. Treasury yields during the Reporting Period. The second medium-term cycle-aware view was to hold a long position in emerging markets equities versus developed markets equities. This positioning contributed positively to the Fund’s results, as emerging markets equities outperformed developed markets equities during the Reporting Period. The third medium-term cycle-aware view — to hold a long position in local currency emerging markets bonds versus U.S. high yield corporate bonds — also enhanced the Fund’s returns, as local currency emerging markets debt outperformed U.S. high yield corporate bonds during the Reporting Period.

Tactical asset allocation added to the Fund’s performance during the Reporting Period, as the Goldman Sachs Tactical Exposure Fund (the “Underlying Tactical Fund”), which we use to express our tactical views, generated a positive return.

Security selection overall detracted from the Fund’s returns during the Reporting Period. The Fund was hurt most by security selection within the Goldman Sachs Managed Futures Strategy Fund, followed by the marginally negative performance of our U.S. real estate strategy (implemented through the Goldman Sachs Real Estate Securities Fund). These results were partially offset by the positive contributions of our emerging markets equity strategy (implemented primarily through the Goldman Sachs Emerging Markets Equity Fund), emerging markets debt strategy (implemented primarily through the Goldman Sachs Local Emerging Markets Debt Fund and the Goldman Sachs Emerging Markets Debt Fund), international real estate strategy (implemented through the Goldman Sachs International Real Estate Securities Fund) and security selection within the Goldman Sachs Global Infrastructure Fund.

How was the Fund positioned at the beginning of the Reporting Period?

At the beginning of the Reporting Period, the Fund had approximately 34% of its total net assets in long equity-related investments; approximately 34% of its total net assets in long fixed income-related investments; approximately 9% of its total net assets in long real assets investments; approximately 11% of its total net assets in long currency-related investments; and approximately 51% of its total net assets in long multi-strategy liquid alternatives. It had short positions of approximately-5% of its total net assets in equity-related investments; approximately-17% of its total net assets in fixed income-related assets; none of its total net assets in real asset investments; approximately-10% of its total net assets in currency-related investments; and none of its total net assets in multi-strategy liquid alternatives. The positioning breakout above is inclusive of derivatives exposure across all asset classes, which generally includes the use of equity index futures, equity options, interest rate futures, commodity futures and currency forwards.

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

We took advantage of the rally in risk assets during the first quarter of 2019 to reduce the Fund’s overall exposure to risk. More specifically, we decreased the Fund’s strategic allocations to emerging markets equities, real estate securities and managed futures over the course of the first calendar quarter and increased its allocations to more traditional investments, such as U.S. large cap equities andnon-U.S. developed markets equities. As part of this effort, we also reduced the size of the Fund’s short-term tactical allocation by trimming its investment in the Underlying Tactical Fund. During January 2019, we eliminated the Fund’s short positions in futures on the S&P 500^® Index and the MSCI EAFE Index, which sought to moderate exposure to equity beta, and adopted long positions in U.S. and international stocks (implemented through futures on the

FUND RESULTS

S&P 500^® Index and the MSCI EAFE Index). (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.)

We also sought to adjust the Fund’s exposure for what we viewed as medium-term changes to the business or economic cycle. In January 2019, we removed our medium-term cycle-aware view that the Fund be overweight emerging markets equities versus developed markets equities. We had expected to see the start of a rebound in China’s economic data by the end of 2018 in response to policy initiatives that sought to stimulate growth, but fresh data releases showed continued deterioration. Although we continued to believe Chinese economic data would recover, we thought the likely timing had been pushed into the future and market uncertainty around it had increased. Finally, during March 2019, we reduced the Fund’s short position in long-maturity German government bonds, as Germany’s long-term interest rates fell.

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

During the Reporting Period, the Fund used exchange-traded index futures contracts to gain long exposure to U.S.large-cap equities,non-U.S. developed equities and emerging markets equities (each had a positive impact on performance).

Interest rate futures were used to manage the Fund’s interest rate exposures and to facilitate the implementation of specific duration and yield curve views (negative impact on performance). The Fund employed U.S. Treasury futures to gain access to10-year U.S. Treasury notes (positive impact). German bund futures were utilized to express a view on the direction of long-term German interest rates (negative impact). The Fund used options on Eurodollar futures to take tactical positions on the U.S. interest rate yield curve (positive impact). (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Different positions may be taken within the Fund based on expectations of changes in interest rates and expectations of changes in the yield curve. Changes in the shape of the yield curve will change the relative price of bonds represented by the curve. Also during the Reporting Period, the Fund used a specialized index of credit default swaps to gain exposure to U.S. high yield corporate bonds (positive impact). Interest rate options were employed as part of the Fund’s macroeconomic hedge (positive impact).

To hedge its exposure tonon-U.S. developed markets currencies and emerging markets currencies, the Fund used forward foreign currency exchange contracts (positive impact on performance).

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

How was the Fund positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had approximately 31% of its total net assets in long equity-related investments; approximately 52% of its total net assets in long fixed income-related investments; approximately 5% of its total net assets in long real assets investments; approximately 6% of its total net assets in long currency-related investments; and approximately 39% of its total net assets in long multi-strategy liquid alternatives. It had short positions of approximately-2% of its total net assets in equity-related investments; approximately-2% of its total net assets in fixed income-related assets; none of its total net assets in real asset investments; approximately-6% of its total net assets in currency-related investments; and none of its total net assets in multi-strategy liquid alternatives. The positioning breakout above is inclusive of derivatives exposure across all asset classes, which generally includes the use of equity index futures, equity options, interest rate futures, commodity futures and currency forwards.

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

At the end of the Reporting Period, we emphasized three macro themes. First, we expected to see an elongated U.S. economic expansion in 2019, with growth continuing and a downturn unlikely, in our view. Second, we expected to see signs of a synchronized rebound in economic growth across the U.S., Europe and China following the slowdown in activity near the beginning of 2019. Third, we believed risk assets were less likely to experience sell-offs in the very near term, though we anticipated episodic drawdowns later in 2019, which should create attractive investment

FUND RESULTS

opportunities, in our opinion, if global economic growth flattens and bond yields become less well-anchored.

At the asset class level, we had a positive outlook on equities over the medium term at the end of the Reporting Period. In our view, the macro environment is likely to support equities going into the summer months. We expect the equity market rally to continue thereafter, though we believe returns may be capped to some degree by more modest corporate earnings growth and there-rating seen in the first four months of 2019.(Re-rating occurs when market participants change their view of a company, and valuation measures, such as the price-earnings ratio, are revised substantially higher or lower.) As for fixed income, we remained bearish on government bonds at the end of the Reporting Period. In the near term, long-term interest rates are likely to remain range bound, in our view, given the Fed’s dovish shift during the Reporting Period and limited inflationary pressures. However, in the medium term, we expect the elongated U.S. economic cycle to lead to higher bond yields should the Fed hike short-term interest rates. As for credit spreads, while they compressed significantly during the first four months of 2019, we see scope for additional tightening into the summer and believe they are more likely than not to tighten further by the end of 2019. That said, we think late economic cycle dynamics, especially near calendaryear-end, could potentially push credit spreads wider.

FUND BASICS

Index Definitions

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.

MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries in the index include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the U.K.

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

FUND BASICS

Goldman Sachs Absolute Return Multi-Asset Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index²

Class A		4.01	%		1.34	%
Class C		3.61			1.34
Institutional		4.22			1.34
Investor		4.10			1.34
Class P		4.27			1.34
Class R		3.90			1.34
Class R6		4.25			1.34

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.

The Fund’s benchmark index is the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”). The Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Since Inception			Inception Date

Class A		-5.88	%		-1.67	%		09/02/2015
Class C		-2.05			-0.84			09/02/2015
Institutional		0.11			0.31			09/02/2015
Investor		-0.12			0.15			09/02/2015
Class P		N/A			-0.16			04/16/2018
Class R		-0.54			-0.34			09/02/2015
Class R6		0.03			0.30			09/02/2015

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.43	%		4.32	%
Class C		2.18			5.07
Institutional		1.04			3.93
Investor		1.18			4.07
Class P		1.03			3.92
Class R		1.68			4.57
Class R6		1.03			3.92

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

Goldman Sachs Financial Square Government Fund – Institutional Shares		21.9	%	Investment Companies
Goldman Sachs Short-Term Conservative Income Fund – Class R6 Shares		20.5		Investment Companies
Goldman Sachs Tactical Exposure Fund – Class R6		15.4		Investment Companies
Goldman Sachs Alternative Premia Fund – Class R6		14.9		Investment Companies
Goldman Sachs Managed Futures Strategy Fund – Class R6		10.4		Investment Companies
Goldman Sachs Emerging Markets Equity Fund – Class R6		5.4		Investment Companies
Goldman Sachs Local Emerging Markets Debt Fund – Class R6		5.1		Investment Companies
Goldman Sachs Global Infrastructure Fund – Class R6		3.4		Investment Companies
Goldman Sachs International Real Estate Securities Fund – Class R6		1.4		Investment Companies
Goldman Sachs Emerging Markets Debt Fund – Class R6		1.1		Investment Companies

⁵

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

FUND BASICS

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 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 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.

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Dividend Rate			Value

Investment Companies^(a) – 100.1%
Dynamic – 40.6%
	Goldman Sachs Alternative Premia Fund – Class R6 Shares
	81,580		N/A		$	668,141
	Goldman Sachs Managed Futures Strategy Fund – Class R6 Shares
	44,525		N/A			467,954
	Goldman Sachs Tactical Exposure Fund – Class R6 Shares
	72,995		N/A			690,536
							��
						1,826,631

Equity – 11.0%
	Goldman Sachs Emerging Markets Equity Fund – Class R6 Shares
	11,236		N/A			241,910
	Goldman Sachs Global Infrastructure Fund – Class R6 Shares
	13,642		N/A			154,842
	Goldman Sachs International Real Estate Securities Fund – Class R6 Shares
	9,995		N/A			63,471
	Goldman Sachs Real Estate Securities Fund – Class R6 Shares
	2,133		N/A			32,128

						492,351

Fixed Income – 48.5%
	Goldman Sachs Emerging Markets Debt Fund – Class R6 Shares
	3,890		4.494	%		47,220
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	982,153		2.464			982,153
	Goldman Sachs Local Emerging Markets Debt Fund – Class R6 Shares
	39,786		4.996			227,576
	Goldman SachsShort-Term Conservative Income Fund – Class R6 Shares
	91,913		2.822			922,803

						2,179,752

	TOTAL INVESTMENT COMPANIES
	(Cost $4,519,936)				$	4,498,734

	TOTAL INVESTMENTS – 100.1%
	(Cost $4,519,936)				$	4,498,734

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%					(4,142	)

	NET ASSETS – 100.0%				$	4,494,592



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
CAD		—Canadian Dollar
CHF		—Swiss Franc
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
JPY		—Japanese Yen
SEK		—Swedish Krona
USD		—U.S. Dollar

Investment Abbreviations:
PLC		—Public Limited Company


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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	USD	20,123	CHF	20,000		06/19/19	$	398
	USD	4,593	DKK	30,000		06/19/19		65
	USD	79,884	EUR	70,000		06/19/19		1,031
	USD	46,319	GBP	35,000		06/19/19		557
	USD	7,667	HKD	60,000		06/19/19		13
	USD	63,176	JPY	7,000,000		06/19/19		77
	USD	8,139	SEK	75,000		06/19/19		210

TOTAL							$	2,351

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	14,074	AUD	20,000		06/19/19	$	(42	)
	USD	22,375	CAD	30,000		06/19/19		(48	)

TOTAL							$	(90	)

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		5			06/19/19	$	618,359		$	7,850
Mini MSCI EAFE Index		1			06/21/19		95,850			4,548
S&P 500E-Mini Index		1			06/21/19		147,425			3,361

Total									$	15,759
Short position contracts:
Eurodollars		(10	)		09/14/20		(2,445,750	)		(9,273	)
MSCI Emerging Markets Index		(1	)		06/21/19		(54,010	)		168

Total									$	(9,105	)

TOTAL FUTURES CONTRACTS									$	6,654


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At April 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund^(a)	Credit Spread at April 30, 2019^(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:

CDX.NA.HY Index 32	5.000%		3.251%		06/20/24	$	560	$	46,023	$	34,293	$	11,730

(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^(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*

MSCBCSSB Index^(c)	0.200%	MS & Co. Int. PLC	09/16/19	$	952	$	(15,035	)

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 semi-annually.

(b)

The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(c)

The components are shown below.

A basket (MSCBCSSB) of options on equity indices


Description	Strike Price		Expiration Date		Contracts		Value			Weight
Call - S&P 500 Index	$	2,985		05/31/2019		104	$	(1,593	)		10.59	%
Put - S&P 500 Index		2,890		05/31/2019		81		(1,592	)		10.59
Call - S&P 500 Index		2,925		05/03/2019		28		(719	)		4.78
Put - S&P 500 Index		2,830		05/03/2019		1,198		(719	)		4.78
Call - S&P 500 Index		2,930		05/10/2019		25		(717	)		4.77
Put - S&P 500 Index		2,840		05/10/2019		205		(717	)		4.77
Call - S&P 500 Index		2,940		05/17/2019		25		(713	)		4.74
Put - S&P 500 Index		2,850		05/17/2019		94		(713	)		4.74
Call - S&P 500 Index		2,970		05/24/2019		40		(706	)		4.70
Put - S&P 500 Index		2,875		05/24/2019		51		(706	)		4.70
Call - Euro Stoxx 50 Index		3,375		05/17/2019		6		(638	)		4.25
Put - Euro Stoxx 50 Index		3,200		05/17/2019		375		(638	)		4.25
Call - S&P 500 Index		2,895		05/31/2019		9		(635	)		4.22
Put - S&P 500 Index		2,730		05/31/2019		109		(635	)		4.22
Call - S&P 500 Index		3,010		06/28/2019		28		(598	)		3.98
Put - S&P 500 Index		2,870		06/28/2019		19		(598	)		3.98
Call - Euro Stoxx 50 Index		3,500		06/21/2019		16		(597	)		3.97
Put - Euro Stoxx 50 Index		3,325		06/21/2019		23		(597	)		3.97
Call - Euro Stoxx 50 Index		3,450		05/10/2019		3		(152	)		1.01
Put - Euro Stoxx 50 Index		3,350		05/10/2019		66		(152	)		1.01
Call - Euro Stoxx 50 Index		3,475		05/03/2019		5		(152	)		1.01
Put - Euro Stoxx 50 Index		3,375		05/03/2019		217		(152	)		1.01
Call - Euro Stoxx 50 Index		3,500		05/17/2019		7		(149	)		0.99
Put - Euro Stoxx 50 Index		3,400		05/17/2019		14		(149	)		0.99
Call - Euro Stoxx 50 Index		3,500		05/24/2019		6		(149	)		0.99
Put - Euro Stoxx 50 Index		3,400		05/24/2019		8		(149	)		0.99


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At April 30, 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	$97.75		06/17/2019		1	$	2,500	$	6	$	2,752	$	(2,746	)
Eurodollar Futures	99.00		06/17/2019		2		5,000		13		205		(192	)
Eurodollar Futures	97.75		09/16/2019		1		2,500		75		627		(552	)
Eurodollar Futures	97.50		06/15/2020		6		15,000		5,475		3,813		1,662
Eurodollar Futures	97.50		09/14/2020		6		15,000		6,675		4,658		2,017
Eurodollar Futures	97.50		12/14/2020		6		15,000		7,237		5,722		1,515
Eurodollar Futures	97.00		03/15/2021		1		2,500		2,263		1,790		473
Eurodollar Futures	97.50		03/15/2021		6		15,000		7,950		6,765		1,185
Eurodollar Futures	97.00		06/14/2021		1		2,500		2,268		1,852		416
Eurodollar Futures	97.50		06/14/2021		5		12,500		6,813		5,833		980
Eurodollar Futures	98.00		06/14/2021		3		7,500		2,288		2,444		(156	)
Eurodollar Futures	97.00		09/13/2021		1		2,500		2,293		2,452		(159	)
Eurodollar Futures	98.00		09/13/2021		7		17,500		5,644		6,512		(868	)

TOTAL					46	$	115,000	$	49,000	$	45,425	$	3,575



Abbreviations:
CDX.NA.HY Index 32		—CDX North America High Yield Index 32
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)



Assets:
Investments of affiliated issuers, at value (cost $4,519,936)	$	4,498,734
Purchased options, at value (cost $45,425)		49,000
Cash		68,693
Foreign currencies, at value (cost $35,969)		36,059
Unrealized gain on forward foreign currency exchange contracts		2,351
Variation margin on futures contracts		753
Variation margin on swap contracts		416
Receivables:
Reimbursement from investment adviser		44,739
Collateral on certain derivative contracts^(a)		35,207
Dividends and interest		5,142
Foreign tax reclaims		1,001
Other assets		59,123
Total assets		4,801,218

Liabilities:
Unrealized loss on swap contracts		15,035
Unrealized loss on forward foreign currency exchange contracts		90
Payables:
Investments purchased		5,142
Fund shares redeemed		1,450
Management fees		1,059
Distribution and service fees and transfer agency fees		1,029
Collateral on certain derivative contracts^(b)		157
Accrued expenses		282,664
Total liabilities		306,626

Net Assets:
Paid-in capital		4,896,692
Total distributable earnings (loss)		(402,100	)
NET ASSETS	$	4,494,592
Net Assets:
Class A	$	2,643,594
Class C		24,257
Institutional		1,502,418
Investor		25,157
Class P		249,152
Class R		24,703
Class R6		25,311
Total Net Assets	$	4,494,592
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		278,284
Class C		2,572
Institutional		157,035
Investor		2,640
Class P		26,124
Class R		2,603
Class R6		2,654
Net asset value, offering and redemption price per share:^(c)
Class A		$9.50
Class C		9.43
Institutional		9.57
Investor		9.53
Class P		9.54
Class R		9.49
Class R6		9.54

(a)

Includes amounts segregated for initial margin and/or collateral on futures transactions, options and swaps transactions of $4,087, $53 and $31,067, respectively, for the Fund.

(b)

Includes amounts segregated for collateral on swaps transactions.

(c)

Maximum public offering price per share for Class A Shares is $10.05. 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.		15

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)


Investment income:

Dividends — affiliated issuers	$	40,280

Interest		2,118

Total investment income		42,398

Expenses:

Professional fees		81,452

Custody, accounting and administrative services		80,004

Registration fees		57,999

Printing and mailing costs		37,240

Management fees		20,314

Trustee fees		7,925

Distribution and Service fees^(a)		3,472

Transfer Agency fees^(a)		2,838

Other		8,284

Total expenses		299,528

Less — expense reductions		(288,016	)

Net expenses		11,512

NET INVESTMENT INCOME		30,886

Realized and unrealized gain (loss):

Capital gain distributions from Affiliated Underlying Funds		61,305

Net realized gain (loss) from:

Investments — affiliated issuers		(45,379	)

Purchased options		11,923

Futures contracts		9,471

Written options		6

Swap contracts		(42,740	)

Forward foreign currency exchange contracts		6,434

Foreign currency transactions		(580	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		46

Investments — affiliated issuers		86,642

Purchased options		29,066

Futures contracts		17,020

Swap contracts		35,509

Forward foreign currency exchange contracts		(2,909	)

Foreign currency translation		(1,231	)

Net realized and unrealized gain		164,583

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	195,469

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


Distribution and/or Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P		Class R		Class R6
$	3,295	$	117	$	60	$	2,372	$	21	$	362	$	22	$	36	$	22	$	4


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Statements of Changes in Net Assets


	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	30,886		$	332,305

Net realized gain (loss)		440			(407,275	)

Net change in unrealized gain (loss)		164,143			(667,911	)

Net increase (decrease) in net assets resulting from operations		195,469			(742,881	)

Distributions to shareholders:

From distributable earnings

Class A Shares		(85,274	)		(9,391	)

Class C Shares		(569	)		—

Institutional Shares		(57,789	)		(102,701	)

Investor Shares		(823	)		(63	)

Class P Shares^(a)		(8,528	)		—

Class R Shares		(693	)		—

Class R6 Shares		(864	)		(105	)

Total distributions to shareholders		(154,540	)		(112,260	)

From share transactions:

Proceeds from sales of shares		612,982			1,584,140

Reinvestment of distributions		151,936			111,949

Cost of shares redeemed		(1,226,116	)		(26,178,033	)

Net decrease in net assets resulting from share transactions		(461,198	)		(24,481,944	)

TOTAL DECREASE		(420,269	)		(25,337,085	)

Net assets:

Beginning of period		4,914,861			30,251,946

End of period	$	4,494,592		$	4,914,861

(a)

Commenced operations on April 16, 2018.


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	9.43		$	10.00		$	9.75		$	9.93		$	10.00

Net investment income (loss)^(b)		0.05			0.09			—	^(c)		0.05			(0.01	)

Net realized and unrealized gain (loss)		0.31			(0.64	)		0.34			(0.19	)		(0.06	)

Total from investment operations		0.36			(0.55	)		0.34			(0.14	)		(0.07	)

Distributions to shareholders from net investment income		(0.29	)		(0.02	)		(0.09	)		(0.04	)		—

Net asset value, end of period	$	9.50		$	9.43		$	10.00		$	9.75		$	9.93

Total return^(d)		4.01	%		(5.46	)%		3.54	%		(1.36	)%		(0.70	)%

Net assets, end of period (in 000s)	$	2,644		$	2,804		$	3,909		$	83		$	25

Ratio of net expenses to average net assets^(e)		0.64	%^(f)		0.94	%		1.05	%		0.79	%		1.23	%^(f)

Ratio of total expenses to average net assets^(e)		12.63	%^(f)		6.36	%		3.21	%		5.28	%^(g)		3.81	%^(f)

Ratio of net investment income (loss) to average net assets		1.14	%^(f)		0.96	%		(0.01	)%		0.53	%		(0.36	)%^(f)

Portfolio turnover rate^(h)		41	%		228	%		96	%		38	%		1	%

(a)

Commenced operations on September 2, 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 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 (if any). 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 Fund invests.

(f)

Annualized.

(g)

The amount previously reported as 4.01% has been corrected to include certain professional fees.

(h)

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.


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	9.33		$	9.94		$	9.68		$	9.92		$	10.00

Net investment income (loss)^(b)		0.02			0.01			(0.06	)		—	^(c)		(0.02	)

Net realized and unrealized gain (loss)		0.31			(0.62	)		0.34			(0.22	)		(0.06	)

Total from investment operations		0.33			(0.61	)		0.28			(0.22	)		(0.08	)

Distributions to shareholders from net investment income		(0.23	)		—			(0.02	)		(0.02	)		—

Net asset value, end of period	$	9.43		$	9.33		$	9.94		$	9.68		$	9.92

Total return^(d)		3.61	%		(6.14	)%		2.75	%		(2.01	)%		(0.90	)%

Net assets, end of period (in 000s)	$	24		$	23		$	25		$	24		$	26

Ratio of net expenses to average net assets^(e)		1.40	%^(f)		1.68	%		1.80	%		1.65	%		1.98	%^(f)

Ratio of total expenses to average net assets^(e)		13.38	%^(f)		7.45	%		4.05	%		5.73	%^(g)		4.55	%^(f)

Ratio of net investment income (loss) to average net assets		0.36	%^(f)		0.15	%		(0.59	)%		(0.02	)%		(1.10	)%^(f)

Portfolio turnover rate^(h)		41	%		228	%		96	%		38	%		1	%

(a)

Commenced operations on September 2, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than ($0.005) per share.

(d)

(e)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)

Annualized.

(g)

The amount previously reported as 4.46% has been corrected to include certain professional fees.

(h)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Institutional
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	9.49		$	10.04		$	9.78		$	9.94		$	10.00

Net investment income^(b)		0.07			0.15			0.05			0.11			0.00	^(c)

Net realized and unrealized gain (loss)		0.32			(0.66	)		0.34			(0.21	)		(0.06	)

Total from investment operations		0.39			(0.51	)		0.39			(0.10	)		(0.06	)

Distributions to shareholders from net investment income		(0.31	)		(0.04	)		(0.13	)		(0.06	)		—

Net asset value, end of period	$	9.57		$	9.49		$	10.04		$	9.78		$	9.94

Total return^(d)		4.22	%		(5.11	)%		4.02	%		(0.93	)%		(0.70	)%

Net assets, end of period (in 000s)	$	1,502		$	1,776		$	26,242		$	24,542		$	24,718

Ratio of net expenses to average net assets^(e)		0.26	%^(f)		0.57	%		0.65	%		0.49	%		0.82	%^(f)

Ratio of total expenses to average net assets^(e)		12.23	%^(f)		3.06	%		2.91	%		4.58	%^(g)		3.40	%^(f)

Ratio of net investment income to average net assets		1.49	%^(f)		1.48	%		0.55	%		1.13	%		0.04	%^(f)

Portfolio turnover rate^(h)		41	%		228	%		96	%		38	%		1	%

(a)

Commenced operations on September 2, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)

Annualized.

(g)

The amount previously reported as 3.31% has been corrected to include certain professional fees.

(h)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	9.48		$	10.02		$	9.76		$	9.93		$	10.00

Net investment income^(b)		0.06			0.11			0.04			0.10			—	^(c)

Net realized and unrealized gain (loss)		0.31			(0.63	)		0.33			(0.22	)		(0.07	)

Total from investment operations		0.37			(0.52	)		0.37			(0.12	)		(0.07	)

Distributions to shareholders from net investment income		(0.32	)		(0.02	)		(0.11	)		(0.05	)		—

Net asset value, end of period	$	9.53		$	9.48		$	10.02		$	9.76		$	9.93

Total return^(d)		4.10	%		(5.25	)%		3.97	%		(1.18	)%		(0.70	)%

Net assets, end of period (in 000s)	$	25		$	24		$	25		$	25		$	25

Ratio of net expenses to average net assets^(e)		0.40	%^(f)		0.68	%		0.80	%		0.65	%		0.98	%^(f)

Ratio of total expenses to average net assets^(e)		12.39	%^(f)		6.43	%		3.05	%		4.74	%^(g)		3.57	%^(f)

Ratio of net investment income to average net assets		1.36	%^(f)		1.15	%		0.41	%		0.98	%		(0.11	)%^(f)

Portfolio turnover rate^(h)		41	%		228	%		96	%		38	%		1	%

(a)

Commenced operations on September 2, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than ($0.005) per share.

(d)

(e)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)

Annualized.

(g)

The amount previously reported as 3.47% has been corrected to include certain professional fees.

(h)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	9.49		$	9.90

Net investment income^(b)		0.07			0.06

Net realized and unrealized gain (loss)		0.32			(0.47	)

Total from investment operations		0.39			(0.41	)

Distributions to shareholders from net investment income		(0.34	)		—

Net asset value, end of period	$	9.54		$	9.49

Total return^(c)		4.27	%		(4.14	)%

Net assets, end of period (in 000s)	$	249		$	239

Ratio of net expenses to average net assets^(d)^(e)		0.25	%		0.31	%

Ratio of total expenses to average net assets^(d)^(e)		12.24	%		11.95	%

Ratio of net investment income to average net assets^(e)		1.51	%		1.15	%

Portfolio turnover rate^(f)		41	%		228	%

(a)

Commenced operations on April 16, 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 (if any). 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)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	9.41		$	9.98		$	9.72		$	9.93		$	10.00

Net investment income (loss)^(b)		0.04			0.06			(0.01	)		0.05			(0.01	)

Net realized and unrealized gain (loss)		0.31			(0.63	)		0.33			(0.22	)		(0.06	)

Total from investment operations		0.35			(0.57	)		0.32			(0.17	)		(0.07	)

Distributions to shareholders from net investment income		(0.27	)		—			(0.06	)		(0.04	)		—

Net asset value, end of period	$	9.49		$	9.41		$	9.98		$	9.72		$	9.93

Total return^(c)		3.90	%		(5.71	)%		3.36	%		(1.64	)%		(0.80	)%

Net assets, end of period (in 000s)	$	25		$	24		$	25		$	24		$	25

Ratio of net expenses to average net assets^(d)		0.90	%^(e)		1.18	%		1.30	%		1.15	%		1.48	%^(e)

Ratio of total expenses to average net assets^(d)		12.88	%^(e)		6.96	%		3.56	%		5.24	%^(f)		4.07	%^(e)

Ratio of net investment income (loss) to average net assets		0.86	%^(e)		0.65	%		(0.09	)%		0.48	%		(0.62	)%^(e)

Portfolio turnover rate^(g)		41	%		228	%		96	%		38	%		1	%

(a)

Commenced operations on September 2, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e)

Annualized.

(f)

The amount previously reported as 3.97% has been corrected to include certain professional fees.

(g)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Absolute Return Multi-Asset Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	9.49		$	10.04		$	9.78		$	9.94		$	10.00

Net investment income^(b)		0.07			0.13			0.06			0.11			—	^(c)

Net realized and unrealized gain (loss)		0.32			(0.64	)		0.33			(0.21	)		(0.06	)

Total from investment operations		0.39			(0.51	)		0.39			(0.10	)		(0.06	)

Distributions to shareholders from net investment income		(0.34	)		(0.04	)		(0.13	)		(0.06	)		—

Net asset value, end of period	$	9.54		$	9.49		$	10.04		$	9.78		$	9.94

Total return^(d)		4.25	%		(5.09	)%		4.05	%		(0.92	)%		(0.70	)%

Net assets, end of period (in 000s)	$	25		$	24		$	26		$	25		$	25

Ratio of net expenses to average net assets^(e)		0.25	%^(f)		0.53	%		0.63	%		0.47	%		0.77	%^(f)

Ratio of total expenses to average net assets^(e)		12.24	%^(f)		6.29	%		2.89	%		4.55	%^(g)		3.35	%^(f)

Ratio of net investment income to average net assets		1.51	%^(f)		1.29	%		0.58	%		1.16	%		0.10	%^(f)

Portfolio turnover rate^(h)		41	%		228	%		96	%		38	%		1	%

(a)

Commenced operations on September 2, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)

Annualized.

(g)

The amount previously reported as 3.28% has been corrected to include certain professional fees.

(h)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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 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.

C. 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/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, Transfer Agency and Service fees. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds (“Underlying Funds”). Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

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 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 eithershort-term orlong-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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:

Underlying Funds (including Money Market Funds) — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Fund invests primarily in other mutual funds that fluctuate in value, the Fund’s 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. The Fund enters into derivative transactions to hedge against changes in interest rates, securities

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on Statement of Assets or Liabilities as receivable/payables for collateral on certain derivative contracts. Non cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are 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 contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts 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.

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 and or credit default 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.

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 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 Fund is required to satisfy an

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 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.

Atotal 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 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET 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 April 30, 2019:



ABSOLUTE RETURN MULTI-ASSET

Investment Type	Level 1			Level 2			Level 3

Assets

Investment Companies	$	4,498,734		$	—		$	—

Total	$	4,498,734		$	—		$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	2,351		$	—

Futures Contracts^(a)		15,927			—			—

Credit Default Swap Contracts^(a)		—			11,730			—

Options Purchased		49,000			—			—

Total	$	64,927		$	14,081		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(90	)	$	—

Futures Contracts		(9,273	)		—			—

Total Return Swap Contracts		—			(15,035	)		—

Total	$	(9,273	)	$	(15,125	)	$	—

(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 tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 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 rate	Variation margin on futures contracts; Purchased Options, at value	$	56,850	^(a)	Variation margin on futures contracts;	$	(9,273)	^(a)
Credit	Variation margin on swap contracts		11,730		—		—
Equity	Variation margin on futures contracts		8,077	^(a)	Payable for unrealized loss on swap contracts		(15,035)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,351		Payable for unrealized loss on forward foreign currency exchange contracts		(90)
Total		$	79,008			$	(24,398)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swaps 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.

(b)

Aggregate of amounts include $15,035, for the Fund, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

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 April 30, 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 rate	Net realized gain (loss) from futures contracts, swap contracts and purchased options/Net change in unrealized gain (loss) on futures contracts, swap contracts and purchased options	$	(55,276	)	$	54,096			34
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		7,870			19,443			1
Equity	Net realized gain (loss) from futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts and swap contracts		26,066			8,056			6
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain (loss) on forward foreign currency exchange contracts		6,434			(2,909	)		9
Total		$	(14,906	)	$	78,686			50

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 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 Management Fee Rate		Effective Net Management Fee Rate^
	0.85%		0.77%		0.73%		0.71%		0.85%		0.11%

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

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, and Class R6 Shares of the Goldman Sachs Alternative Premia Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Global Infrastructure Fund, Goldman Sachs International Real Estate Securities Fund, Goldman Sachs Local Emerging Markets Debt Fund, Goldman Sachs Managed Futures Strategy Fund, Goldman Sachs Real Estate Securities Fund, Goldman Sachs Short-Term Conservative Income Fund, and the Goldman Sachs Tactical Exposure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Fund invests. For the six months ended April 30, 2019, GSAM waived $17,611, of the Fund’s management fee.

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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


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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. For the six months ended April 30, 2019 , Goldman Sachs retained $0 of the front end sales charges and $0 of the CDSC for this Fund.

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

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

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund are 0.104%. These Other Expense limitations will remain in place through at least February 28, 2020 for Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares, and prior to such dates GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund		Management fees		Other Expense Reimbursements		Total Expense Reimbursements
	Absolute Return Multi-Asset	$	17,611	$	270,405	$	288,016

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of April 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2019, the Fund did not have any borrowings under the facility. The facility was $770,000,000 prior to April 30, 2019.

H. Other Transactions with Affiliates — For the six months ended April 30, 2019 , Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.

As of April 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100%, 32%, 100%, 100% and 100% of outstanding Class C, Institutional, Investor, Class R and Class R6 Shares, respectively of the Fund.

The Fund invests primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in these Underlying Funds for the six months ended April 30, 2019:


Underlying Fund	Market Value as of 10/31/18		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ Depreciation			Market Value as of 04/30/19		Shares as of 04/30/19		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Alternative Premia Fund — Class R6 Shares	$	820,848	$	133,429	$	(250,400	)	$	(12,452	)	$	(23,284	)	$	668,141		81,580		—		40,428
Goldman Sachs Managed Futures Strategy Fund — Class R6 Shares		719,428		63,050		(317,000	)		1,620			856			467,954		44,525		—		1,049
Goldman Sachs Tactical Exposure Fund — Class R6 Shares		1,013,115		131,427		(438,600	)		(25,083	)		9,677			690,536		72,995		11,866		7,561
Goldman Sachs Emerging Markets Equity Fund — Class R6 Shares		254,722		14,861		(65,800	)		(8,349	)		46,476			241,910		11,236		1,862		—
Goldman Sachs Global Infrastructure Fund — Class R6 Shares		146,828		9,593		(20,200	)		975			17,646			154,842		13,642		1,594		—
Goldman Sachs International Real Estate Securities Fund — Class R6 Shares		190,161		19,186		(166,000	)		1,941			18,183			63,471		9,995		1,686		—
Goldman Sachs Real Estate Securities Fund — Class R6 Shares		100,403		12,445		(76,500	)		346			(4,566	)		32,128		2,133		178		12,267
Goldman Sachs Emerging Markets Debt Fund — Class R6 Shares		48,956		1,142		(5,800	)		(454	)		3,376			47,220		3,890		1,141		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		903,731		1,642,310		(1,563,888	)		—			—			982,153		982,153		11,228		—

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Underlying Fund	Market Value as of 10/31/18		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ Depreciation		Market Value as of 04/30/19		Shares as of 04/30/19		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
Goldman Sachs Local Emerging Markets Debt Fund — Class R6 Shares	$	251,099	$	22,214	$	(59,100	)	$	(3,957	)	$	17,320	$	227,576		39,786		6,214		—
Goldman SachsShort-Term Conservative Income Fund — Class R6 Shares		—		1,010,511		(88,700	)		34			958		922,803		91,913		4,511		—

Total	$	4,449,291	$	3,060,168	$	(3,051,988	)	$	(45,379	)	$	86,642	$	4,498,734		1,353,848		40,280		61,305

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities oflong-term securities for the six months ended April 30, 2019, were $1,478,445 and $1,558,403, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, October 31, 2018, the Fund’s capital loss carryforwards and certain timing differences on a tax basis were as follows:


Capital loss carryforwards:⁽¹⁾
Perpetual Long Term	$	(399,559	)
Perpetual Short Term		(23,066	)
Total capital loss carryovers	$	(422,625	)
Timing differences (Straddle Deferral)	$	140

(1)

Due to certain Section 382 limitations, certain losses may be limited.

As of April 30, 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	$	4,469,080
Gross unrealized gain		42,773
Gross unrealized loss		(13,119	)
Net unrealizd security gain (loss)	$	29,654

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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

7. TAX INFORMATION (continued)

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

8. OTHER RISKS

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

Derivatives Risk— The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk— Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (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 may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

8. OTHER RISKS (continued)

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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period 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 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 the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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.

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 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.

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Absolute Return Multi-Asset Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		9,820		$	93,175			41,291		$	409,161
Reinvestment of distributions		9,402			85,274			943			9,390
Shares redeemed		(38,268	)		(356,976	)		(135,729	)		(1,340,262	)
		(19,046	)		(178,527	)		(93,495	)		(921,711	)
Class C Shares
Shares sold		—			—			—			37
Reinvestment of distributions		63			569			—			—
		63			569			—			37
Institutional Shares
Shares sold		55,738			519,807			88,646			876,539
Reinvestment of distributions		6,044			55,185			10,249			102,391
Shares redeemed		(91,916	)		(869,140	)		(2,526,311	)		(24,786,595	)
		(30,134	)		(294,148	)		(2,427,416	)		(23,807,665	)
Investor Shares
Shares sold		—			—			—			38
Reinvestment of distributions		91			823			6			63
		91			823			6			101
Class P Shares^(a)
Shares sold		—			—			30,441			298,288
Reinvestment of distributions		937			8,528			—			—
Shares redeemed		—			—			(5,254	)		(51,176	)
		937			8,528			25,187			247,112
Class R Shares
Shares sold		—			—			—			38
Reinvestment of distributions		77			693			—			—
		77			693			—			38
Class R6
Shares sold		—			—			—			39
Reinvestment of distributions		94			864			11			105
		94			864			11			144

NET DECREASE		(47,918	)	$	(461,198	)		(2,495,707	)	$	(24,481,944	)

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND



Fund Expenses — Six Month Period Ended April 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2018 through April 30, 2019, which represents a period of 181 days in a365-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.


	Absolute Return Multi-Asset Fund
Share Class	Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*
Class A
Actual	$	1,000.00	$	1,040.10		$	3.24
Hypothetical 5% return		1,000.00		1,021.62	+		3.21
Class C
Actual		1,000.00		1,036.10			7.07
Hypothetical 5% return		1,000.00		1,017.85	+		7.00
Institutional
Actual		1,000.00		1,042.20			1.32
Hypothetical 5% return		1,000.00		1,023.51	+		1.30
Investor
Actual		1,000.00		1,041.00			2.02
Hypothetical 5% return		1,000.00		1,022.81	+		2.01
Class P
Actual		1,000.00		1,042.70			1.27
Hypothetical 5% return		1,000.00		1,023.56	+		1.25
Class R
Actual		1,000.00		1,039.00			4.55
Hypothetical 5% return		1,000.00		1,020.33	+		4.51
Class R6
Actual		1,000.00		1,042.50			1.27
Hypothetical 5% return		1,000.00		1,023.56	+		1.25

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

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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			Investor			Class P			Class R			Class R6
Absolute Return Multi-Asset Fund		0.64	%		1.40	%		0.26	%		0.40	%		0.25	%		0.90	%		0.25	%

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 $1.38 trillion in assets under supervision as of March 31, 2019, 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

Alternative

∎

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

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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Tactical Exposure 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.

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.

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.

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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 Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our website 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 during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings 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).

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

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

Holdings and allocations shown are as of April 30, 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.

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).

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2019

				Dividend Focus Funds
				Income Builder
				Rising Dividend Growth

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 callingtoll-free 800-621-2550 for Institutional, Class R6 and Class P shareholders or800-526-7384 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.

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Goldman Sachs Dividend Focus Funds

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INCOME BUILDER

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RISING DIVIDEND GROWTH


TABLE OF CONTENTS

Investment Process — Income Builder			1

Portfolio Management Discussion and Performance Summary — Income Builder			2

Portfolio Management Discussion and Performance Summary — Rising Dividend Growth			12

Schedules of Investments			22

Financial Statements			36

Financial Highlights			39

Income Builder			39

Rising Dividend Growth			45

Notes to Financial Statements			52

Other Information			72



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS INCOME BUILDER FUND

What Differentiates Goldman Sachs’

Income Builder Fund Investment Process?

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

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

LOGO

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

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

LOGO

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

Global Fundamental Equity Group: A group of investment professionals averaging over 15 years of investment experience and with a strong commitment to fundamental research.

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

Global Portfolio Solutions Group: The team is comprised of over 135* professionals with significant academic and practitioner experience.

As of March 2019

FUND RESULTS

Goldman Sachs Income Builder Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team, the Goldman Sachs Fixed Income Investment Management Team, and the Goldman Sachs Global Portfolio Solutions Team, collectively the Goldman Sachs Income Builder Team (the “Income Builder Team”), discuss the Goldman Sachs Income Builder Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 7.59%, 7.13%, 7.77%, 7.67%, 7.77% and 7.73%, respectively. These returns compare to the 7.90% and 6.07% cumulative total returns of the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”) and the ICE BofAML BB to B U.S. High Yield Constrained Index (the “ICE BofAML Index”), respectively, during the same period.

What economic and market factors most influenced the Fund during the Reporting Period?

During the Reporting Period, Federal Reserve (“Fed”) monetary policy, economic growth expectations and geopolitics most influenced the financial markets and the Fund.

When the Reporting Period began in November 2018, U.S. stocks gained on dovish comments from Fed Chair Jerome Powell and encouraging progress in U.S.-China trade talks. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) Within fixed income, 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. U.S. high yield corporate bonds experienced a modest loss amid pressure on corporate profit margins, company-specific events and lower crude oil prices. In December 2018, Fed policymakers raised short-term interest rates, much as the markets had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. The U.S.10-year Treasury yield fell on a combination of market-perceived safe-haven demand and lower crude oil prices. For similar reasons, U.S. high yield corporate credit posted its worst monthly total return since 2015. Meanwhile, U.S. equities plunged on renewed investor fears sparked by the partial U.S. federal government shutdown, the U.S. President’s criticism of Fed Chair Powell and reignited corporate earnings growth concerns.

During the first quarter of 2019, U.S. stocks posted double-digit gains. The Fed kept its monetary policy unchanged, with its dot plot projecting no interest rate hikes at all during 2019. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) Largely as a result, U.S. Treasury yields fell. U.S. high yield corporate bonds logged their strongest start to a calendar year on record, due in part to better than market expected corporate earnings and improved investor risk sentiment.

U.S. stocks continued to rally in April 2019, driven by the dovish Fed, market anticipation of a rebound in Chinese economic growth and investor expectations of a resolution to trade negotiations between the U.S. and China. U.S. equities received additional support from positive corporate earnings reports. In fixed income, the U.S.10-year Treasury yield fell, driven by a drop in the breakeven inflation rate. (The breakeven inflation rate is a market-based measure of expected inflation.) U.S. high yield corporate bonds delivered positive returns, as corporate earnings remained better than market expected, global economic data improved and the market anticipated a lengthier credit cycle.

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

As part of its principal investment strategies, the Fund has a baseline allocation of 60% to fixed income securities and 40% to equity securities, though in seeking to meet its investment objective, the Fund has the flexibility to opportunistically tilt the allocation to fixed income and equity securities up to 15% above or below that baseline allocation. The Fund seeks to provide a high and stable

FUND RESULTS

income stream plus capital appreciation, with lower volatility than the equity market. The percentage of the portfolio invested in equity and fixed income securities will vary from time to time as the Income Builder Team evaluates such securities’ relative attractiveness based on, among other factors, income opportunities, market valuations, economic growth and inflation prospects. Because of these stated goals of the Fund, the Income Builder Team believes the returns of the Russell Index and the ICE BofAML Index should be considered for reference only.

At the beginning of the Reporting Period, the Fund was invested 39.9% in equities and 55.7% in fixed income, with the balance of 4.4% in cash and cash equivalents. During the Reporting Period, we lengthened the Fund’s duration position. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) In addition, we sought to mitigate potential risk within high yield corporate credit and within equities. We also increased the Fund’s position in cash and cash equivalents. Within equities, we reduced the Fund’s allocation to emerging markets stocks amidst lowered investor expectations for global economic growth and as U.S.-China trade negotiations dragged on. Over the course of the first quarter of 2019, as equities outperformed our expectations, we reduced the Fund’s exposure to stocks and sold equity call options to mitigate potential downside risk. At the end of the Reporting Period, the Fund was invested 37.8% in equities and 58.0% in fixed income, with the balance of 4.2% in cash and cash equivalents.

What was the Fund’s12-month distribution rate and what was its30-day SEC yield during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares provided12-month distribution rates of 3.69%, 3.03%, 3.98%, 3.85%, 3.99% and 3.99%, respectively. On April 30, 2019, the Fund’s30-day SEC yields (subsidized) for its Class A, Class C, Institutional, Investor, Class P and Class R6 Shares were 3.13%, 2.57%, 3.70%, 3.56%, 3.71% and 3.71%, respectively.

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

Relative to the Russell Index, stock selection had the greatest positive impact on the Fund’s equity allocation during the Reporting Period. The Fund’s call writing strategy, which seeks to generate additional cash flow and potentially reduce volatility by sales of call options on the S&P 500^® Index or other regional stock market indices (or related ETFs), had a negative impact on its performance during the Reporting Period.

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

During the Reporting Period, the Fund’s overweight positions compared to the Russell Index in the utilities, information technology and industrials sectors added to its returns. Stock selection in all three sectors also contributed positively. Detracting most from relative performance was the Fund’s positioning in two sectors. The Fund was hampered by a modest overweight position in health care and by an underweight position in consumer staples. Stock selection in both sectors also detracted from relative results.

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

Compared to the Russell Index, the Fund’s investments in Microsoft, Enel and Rio Tinto added to performance during the Reporting Period.

Microsoft was the Fund’s top positive contributor. The developer and marketer of software and hardware services posted strong quarterly earnings results during the Reporting Period, with outperformance across all business segments, including continued robust demand for its cloud computing service, Azure. Investor concerns around slowing hardware purchases, which had caused Microsoft to underperform in early 2019, also eased toward the end of the Reporting Period. At the end of the Reporting Period, we had a favorable view of the company’s ongoing progress in migrating enterprise customers to its cloud platform, as Microsoft remains a major player in the public cloud market. We also continued to believe Microsoft was a well-diversified, high quality company led by an excellent management team.

Another notable contributor to the Fund’s relative returns was Enel, a European utility company. Its shares traded higher after Enel reported solid quarterly earnings, driven largely by strong growth in renewables/networks, which offset its weaker Italian operations. We, along with the market at large, were also positive about the company’s new business plan and outlook for 2019. At the end of the Reporting Period, we believed Enel was continuing to trade at an attractive valuation relative to its peers. In addition, we had a favorable view of the company’s cash flow generation.

FUND RESULTS

Rio Tinto, an Anglo-Australian company that explores, mines and processes mineral resources, also added to the Fund’s relative performance during the Reporting Period. The company reported strong 2018 results with successfully completed disposals as well as higher iron ore shipments and mined copper production, which led its share price higher. At the end of the Reporting Period, we believed Rio Tinto may benefit from continued commodity price strength, especially iron ore. We also thought shares of Rio Tinto were trading at an attractive discount relative to peers. In our view, the company also offered high asset quality, a strong balance sheet and a sustainable dividend yield.

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

During the Reporting Period, the largest detractors from the Fund’s performance relative to the Russell Index were Altria Group, The Kraft Heinz Company (“Kraft”) and British American Tobacco.

Altria Group, which produces and markets tobacco products, was a top detractor from the Fund’s relative returns. At the beginning of the Reporting Period, its share price declined in response to the Federal Drug Administration’s (“FDA”) increased focus on regulation, including the potential of minimizing youth access toe-vapor products. In our view, Altria Group was well insulated from key pressures facing the consumer packaged goods industry and was attractively valued at the end of the Reporting Period. Additionally, we believed the company had positioned itself to continue adapting to consumer preferences over time.

Kraft, a producer of processed food and beverages, also hurt the Fund’s relative performance during the Reporting Period. Its shares plummeted near the end of February 2019 after the company reported quarterly earnings that missed market estimates across all metrics. Furthermore, Kraft cut its dividend by roughly one third, announced a $15 billion goodwill impairment* charge, and said it had received a subpoena from the Securities and Exchange Commission. Following the report, we decided to exit the Fund’s position in the stock in favor of what we considered to be more attractive investment opportunities.

Another leading detractor from the Fund’s relative results was U.K.-based British American Tobacco. Its stock declined following reports that senior FDA officials had signaled a possible ban on menthol cigarettes. Although such a ban could take years to implement, we believed the company was overexposed to menthol relative to its peers and could be impacted most if the ban takes effect. Given the continued regulatory uncertainty arounde-cigarettes in general, combined with British American Tobacco’s weak underlying growth and its high levels of debt, we decided to eliminate the Fund’s investment in the stock by the end of the Reporting Period.

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

During the Reporting Period, the Fund initiated a position in Texas Instruments. In our view, the company is a high quality semiconductor manufacturer that has underperformed due to fears around tariffs, trade tensions and slowing economic growth. We also believed its stock was trading at an attractive valuation relative to peers and its share price was highly discounted due to these investor fears.

Another notable purchase was CMS Energy, which is focused on electric and gas utility operations. We appreciated what we saw as the company’s excellent execution, solid earnings growth and favorable medium-term outlook in an encouraging regulatory environment. Furthermore, we had a positive view on what we considered to be CMS Energy’s strong balance sheet, attractive dividend yield and management team.

Among sales completed during the Reporting Period was the Fund’s position in Duke Energy, a regulated utility company and the largest electric power holding company in the U.S.

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.

FUND RESULTS

Our original investment thesis had largely played out, and the stock had reached our price target. We decided to sell the stock in order to pursue new, high conviction ideas in the utilities sector.

We eliminated the Fund’s position in Fortis, a Canada-based diversified electric utility. Our original investment thesis had largely played out, and the stock had reached our price target. We exited the Fund’s position in the stock in favor of new, high conviction ideas in the utilities sector.

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

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

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

Relative to the ICE BofAML Index, the Fund’s overweight position in communications-related high yield corporate bonds detracted from performance as did an underweight in consumer cyclicals-related high yield corporate bonds. In addition, a slight overweight in emerging markets debt diminished the Fund’s relative returns. On the positive side, the Fund benefited from its underweight position in energy-related high yield corporate bonds and from its overweight position in technology-related high yield corporate bonds.

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

During the Reporting Period, the Fund’s duration positioning strategy added to returns. Specifically, our decision to lengthen the Fund’s duration position contributed positively, as interest rates generally declined over the course of the Reporting Period. We do not actively manage the Fund’s yield curve positioning as part of our investment process. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

During the Reporting Period, we increased the Fund’s exposure to the commercial services and technology market segments. We accomplished this by making investments in the business services, payment processing and software industries within these market segments. In addition, we reduced the Fund’s overweight in cellular telecommunications, as we sought to increase diversification across industries and individual securities. In April 2019, we scaled back the Fund’s exposure overall to high yield corporate bonds due to their strong performance since the beginning of the calendar year. At the end of the Reporting Period, the Fund was overweight relative to the ICE BofAML Index in the banking and technology market segments. It was also overweight communications industries broadly. Compared to the ICE BofAML Index, the Fund was underweight the gaming and lodging, energy, and metals and mining market segments.

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

As mentioned previously, the Income Builder Team wrote equity index options on a portion of the Fund’s equity allocation in an effort to generate additional cash flow and potentially reduce volatility (negative impact on performance). In addition, total return swaps were employed as part of the systematic strategy to buy and sell equity index options (negative impact). Within the Fund’s fixed income allocation, the Income Builder Team used interest rates swaps and U.S. Treasury futures as cost-efficient instruments to provide greater precision and versatility in the management of duration (both had a positive impact). To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed currency forwards to express our views on a given currency (slightly negative impact). Finally, equity futures were utilized within the Fund overall to help manage cash balances during the Reporting Period (positive impact).

FUND RESULTS

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

Effective February 19, 2019, Raymond Chan no longer served as a portfolio manager of the Fund, and Christopher Lvoff became a portfolio manager of the Fund. As of March 1, 2019, David Beers no longer served as a portfolio manager of the Fund, and Ashish Shah 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 ensures continuity in the Fund. At the end of the Reporting Period, the portfolio managers for the Fund were Ashish Shah, Ron Arons, Collin Bell, Daniel Lochner, Charles “Brook” Dane and Christopher Lvoff.

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

At the end of the Reporting Period, the Income Builder Team believed U.S. equities had rebounded from a tumultuous environment at the end of 2018. In our view, equities should continue to appreciate and corporate earnings should continue to grow, albeit at a more moderate pace, throughout 2019. We considered the U.S. economic backdrop steady at the end of the Reporting Period, with above-trend economic growth and a solid labor market, as demonstrated by a low unemployment rate and ongoing wage growth. Although higher wages, along with rising raw materials and transportation costs, have pressured corporate profit margins, we believed the impact had been partially offset by topline growth and in some cases, company pricing power. At the end of the Reporting Period, we believed corporate fundamentals remained healthy, with no immediate risks. Additionally, the Fed had adopted a patient, data-driven approach to avoid raising short-term interest rates too quickly. That said, fundamental,bottom-up stock selection will continue to drive our process, not headlines or investor sentiment, regardless of the market direction. We maintained high conviction in the companies owned by the equity portion of the Fund at the end of the Reporting Period, and we believed they have the potential to outperform relative to the broader market regardless of the growth environment. We intend to continue focusing on undervalued companies we believe are in control of their own future, such as innovators with differentiated products, companies withlow-cost structures and firms that have been investing in their own businesses and are poised to gain market share. We intend to maintain our discipline in identifying companies with what we consider to be strong or improving balance sheets, led by quality management teams and trading at discounted valuations, seeking to generate long-term outperformance.

Within the fixed income allocation, the Fund remained overweight U.S. high yield corporate bonds at the end of Reporting Period. In our opinion, the high yield corporate bond market was supported by strong fundamentals, with the high yield default rate below the historical average at the close of the Reporting Period; ongoing investor demand amid solid investment inflows into high yield corporate bond mutual funds during the first four months of 2019; a net demand/supply imbalance; and fair but not rich valuations. We plan to maintain the Fund’s underweight relative to the ICE BofAML Index inBB-rated high yield corporate bonds, as we considered them expensive at the end of the Reporting Period. We had a favorable view of high yield corporate bonds issued by smaller companies, as they generally underperformed high yield corporate bonds issued by larger companies during the Reporting Period and therefore were relatively less expensive, in our view. Going forward, we expect to continue increasing the Fund’s diversification among individual securities. We intend to reduce the Fund’s overweight relative to the ICE BofAML Index in communications industries and trim its underweight in consumer-oriented market segments, given our positive views on employment, consumer sentiment and health of household balance sheets. We plan to maintain the Fund’s overweight in energy-related high yield corporate bonds, primarily high quality exploration and production issues, due to the potential of consolidating mergers and acquisitions activity. Finally, we expected to reduce the Fund’s exposure to the technology and chemicals market segments because of tight valuations at the end of the Reporting Period.

FUND BASICS

Income Builder Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			Russell 1000^® Value Index²			ICE BofAML BB to B U.S. High Yield Constrained Index³

Class A		7.59	%		7.90	%		6.07	%
Class C		7.13			7.90			6.07
Institutional		7.77			7.90			6.07
Investor		7.67			7.90			6.07
Class P		7.77			7.90			6.07
Class R6		7.73			7.90			6.07

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

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

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

FUND BASICS


PERFORMANCE REVIEW (continued)

November 1, 2018–April 30, 2019	12-Month Distribution Rate⁴			30-Day Standardized Subsidized Yield⁵			30-Day Standardized Unsubsidized Yield⁵

Class A		3.69	%		3.13	%		3.10	%
Class C		3.03			2.57			2.53
Institutional		3.98			3.70			3.67
Investor		3.85			3.56			3.53
Class P		3.99			3.71			3.68
Class R6		3.99			3.71			3.68

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

⁵

The method of calculation of the30-Day Standardized Subsidized Yield is mandated by the SEC and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁶

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		0.00	%		2.44	%		9.13	%		6.38	%		10/12/94
Class C		4.01			2.83			8.93			4.00			8/15/97
Institutional		6.24			4.01			10.19			5.24			8/15/97
Investor		6.06			3.86			N/A			7.86			8/31/10
Class P		N/A			N/A			N/A			4.82			4/16/18
Class R6		6.25			N/A			N/A			4.52			7/31/15

⁶

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

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


EXPENSE RATIOS⁷

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.98	%		1.00	%
Class C		1.73			1.75
Institutional		0.59			0.61
Investor		0.73			0.75
Class P		0.58			0.60
Class R6		0.58			0.60

⁷

FUND BASICS


TOP TEN EQUITY HOLDINGS AS OF 4/30/19⁸

Holding	% of Net Assets			Line of Business

Microsoft Corp.		2.0	%	Software
Johnson & Johnson		1.3		Pharmaceuticals
Chevron Corp.		1.2		Oil, Gas & Consumable Fuels
Cisco Systems, Inc.		1.1		Communications Equipment
Royal Dutch Shell PLC ADR Class A		1.1		Oil, Gas & Consumable Fuels
Pfizer, Inc.		1.0		Pharmaceuticals
Medtronic PLC		0.9		Health Care Equipment & Supplies
Comcast Corp. Class A		0.8		Media
JPMorgan Chase & Co.		0.8		Banks
Verizon Communications, Inc.		0.7		Diversified Telecommunication Services

⁸

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

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⁹

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of the Fund’s Equity investments. 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.

FUND BASICS

FUND’S FIXED INCOME FUND COMPOSITION¹⁰

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¹⁰

The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. Short-term investments represent commercial paper. 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.

FUND RESULTS

Goldman Sachs Rising Dividend Growth Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Quantitative Investment Strategies (“QIS”) portfolio management team, the Goldman Sachs Global Portfolio Solutions Group and the Dividend Assets Capital, LLC (“DAC”) portfolio management team, the Fund’ssub-adviser, discuss the Goldman Sachs Rising Dividend Growth Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 9.37%, 8.99%, 9.60%, 9.52%, 9.61%, 9.18% and 9.53%, respectively. These returns compare to the 9.76% cumulative total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), during the same time period.

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

The S&P 500 Index gained 2.04% in November 2018 following a volatile prior month. Trade and political uncertainty persisted, but U.S. equities were buoyed by dovish comments from the Federal Reserve (“Fed”) Chair Jerome Powell and by seemingly encouraging progress towardChina-U.S. trade talks. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) The U.S. midterm elections on November 6^th resulted in a divided government, as had been widely anticipated, with the Democrats gaining control of the House of Representatives and the Republicans maintaining their majority in the Senate. U.S. economic data remained strong, with Gross Domestic Product (“GDP”) growing at an annualized pace of 3.5% in the third quarter of 2018, following a 4.2% annualized GDP growth rate in the second calendar quarter. However, the rally was short-lived, as U.S. equities plunged in December 2018 on renewed investor fears, sparked by the arrest of a Chinese technology executive, the partial federal government shutdown and the U.S. President’s criticism of Fed Chair Powell.

The S&P 500 Index gained 8.01% in January 2019, as U.S. equities rebounded after a challenging and volatile 2018. The U.S. federal government shutdown and decelerating emerging market demand were headwinds, but U.S. equities were buoyed by dovish Fed commentary, headlines of easing trade tensions and strong corporate earnings reports. The December 2018 labor market report was solid, with the U.S. economy adding 312,000 jobs, and the annualized growth rate in average hourly earnings reaching a cycle high of 3.2%. Other U.S. activity data were mixed. The ISM manufacturing andnon-manufacturing indices declined to 54.1 and 57.6, respectively, in December 2018. Flash Purchasing Managers Index data for January 2019 indicated growth stabilization in the U.S. but continued downward paths for other key advanced economies, such as Europe and Japan. Toward month end, U.S. equities were supported by a temporary end to the U.S. government shutdown. Also supportive was the Fed keeping its monetary policy unchanged at its January 2019 meeting and delivering dovish tilts, including the statement it will be “patient” as it determines “future adjustments” of interest rates and its description of inflationary pressures as “muted.”

The S&P 500 Index increased 3.21% in February, extending the prior month’s gains. U.S. equities were buoyed by promising developments in U.S.-China trade talks, further indications of the Fed’s dovish stance and evidence of a solid U.S. economy. The U.S. equities market was primarily fixated on U.S.-China trade negotiations, and investors rallied around the headline that enough progress had been made to avert the increase in tariffs on Chinese goods that had been scheduled for March 1^st. After confirming the shift in its thinking in January 2019 to prioritize “patience,” the Fed maintained this dovish stance by announcing its intention to maintain a larger balance sheet and therefore stop its quantitative tightening, or the shrinking of the Fed

FUND RESULTS

balance sheet as securities mature, by the end of the year, a move that pushed longer-term bond yields down and pushed U.S. equity indices higher. The release of a fourth quarter 2018 GDP growth rate of 2.6% on an annualized basis illustrated that the U.S. economy was moderating but remained seemingly healthy. U.S. unemployment came in persistently low at 4.05%, and private payrolls grew by 296,000 in January 2019, beating consensus expectations by 90,000.

The S&P 500 Index rose 1.94% in March, bringing first quarter 2019 returns to 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500 Index since 1998. Fed commentary provided a supportive background for U.S. equities, as Fed Chair Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to its balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, with a steady increase in wages of 3.4% year over year. Housing data continued to show strength in the first quarter, with new home sales reaching 667,000 in February 2019, bringing the three-month average up to 630,000. Strength in housing data can be partially attributed to a steep decline in mortgage rates, resulting, in turn, from a more cautious Fed. The University of Michigan Consumer Sentiment Index was a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter and eventually reaching 98.4 in March 2019, its highest level in six months. Economic growth concerns, however, failed to completely abate, as fourth quarter 2018 GDP growth was revised down 0.4% in March to a 2.2% annualized rate. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by U.S. equity markets and thus had limited effect on stock prices outside the financials sector, which tends to be more rate sensitive.

The S&P 500 Index increased 4.05% in April 2019, extending March’s gains and bringingyear-to-date total returns to 18.25%. After a strong first calendar quarter, U.S. equities continued to rally, driven by a relatively accommodative Fed, consensus anticipation of a rebound in Chinese economic growth, and widespread expectations of a resolution to trade negotiations between the U.S. and China. U.S. equities received additional support from a healthy start to the first quarter 2019 corporate earnings season. Consensus estimates had come down since the beginning of the calendar year, but a significant number of companies were able to deliver positive surprises. Within the broader economic backdrop, the U.S. labor market report for March eased near-term recession concerns, as the 196,000 payroll gain came in above consensus expectations. Year-over-year wage growth of 3.3% appeared high enough to support real wage growth and, by extension, consumption, without prompting fears at the Fed of rising inflationary pressures. The first estimate of first quarter 2019 GDP annualized growth was 3.2%, a signal the U.S. economy was still growing at an above-trend rate.

For the Reporting Period overall, consumer discretionary, information technology, real estate and industrials were the best performing sectors in the S&P 500 Index. The weakest performing sectors in the S&P 500 Index were energy, health care, consumer staples and financials.

Within the U.S. equity market, all capitalization segments posted solid positive 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, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

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

In the first months of the Reporting Period, fears about a U.S. economic slowdown led by weakness abroad and trade tensions with China triggered a global equity marketsell-off, including energy Master Limited Partnerships (“MLPs”). Brent crude oil active contracts lost 26.8% between October 31, 2018 and December 31, 2018, while economically-sensitive indices like the Dow Jones Transportation Average declined approximately 10% and the S&P 500 Index shed approximately 7.6%. As a result, Fed policy makers paused their interest rate hiking cycle and signaled monetary policy would remain accommodative and “patient” with any future interest rate increases. Risky assets subsequently rebounded from their December 2018 lows in the new calendar year, including equity markets and commodity prices. In the meantime, U.S. economic data, such as Purchasing Managers Index (“PMI”), Consumer Sentiment Index and labor market data all came in above consensus expectations. China’s PMI also reverted from contraction to expansion, suggesting its government’s stimulus measures put in place in 2018 started to channel

FUND RESULTS

through different economic sectors. With the relief rally at the start of 2019, Brent crude oil active contracts jumped 31.6% between January 1, 2019 and April 30, 2019. For the same time period, the Dow Jones Transportation Average rebounded approximately 18.8%, and the S&P 500 Index was up approximately 18.3%.

Overall, midstream assets operators, as measured by the Alerian U.S. Midstream Energy Index (“AMNA”), which is a broad-based composite of North American energy infrastructure companies, delivered a total return of 10.70% for the Reporting Period. (The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side, i.e. energy producers, and the demand side, i.e. energyend-users, for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.) The energyMLP-based Alerian MLP Index (“AMZ”) posted a total return of 3.41%, and the S&P 500 Index energy sector generated a total return of 0.07% for the Reporting Period. AMNA’s outperformance of AMZ indicated, in our view, strength and investor acceptance fornon-MLP structured midstream assets operators. AMNA’s and AMZ’s outperformance of pure energy companies indicated, in our opinion, that the attractive yield and improved business fundamentals for the midstream space were embraced by investors seeking income and energy commodity exposure.

Notably, during the Reporting Period, the topic of simplification — through a Limited Partnership roll up or an Incentive Distribution Rights (“IDRs”) buy in or a structural change from an MLP to a C-corp — to seek to attract a broad investor base was at the forefront of traditional MLP management decision making. (IDRs give a general partner an increasing share of a limited partnership’s incremental distributable cash flow. Used in MLPs, IDRs outlineper-unit distribution increases to the limited partners. IDRs are used to align the interests of all parties in a partnership. A C-corp, orC-corporation, is a corporation in which the owners, or shareholders, are taxed separately from the entity.) As a result, there was increased merger activity between limited partners and general partners during the Reporting Period. Some of these corporate events caused heightened volatility. Some became a catalyst for superior performance, for as idiosyncratic risks increased, actively managed strategies outperformed passively managed strategies during the Reporting Period.

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

While the Fund posted solid absolute gains, it underperformed the S&P 500 Index on a relative basis for the Reporting Period.

During the Reporting Period, the Fund’s dividend-paying investments outperformed the S&P 500ex-Energy Index, the benchmark used for the dividend-paying growers portion of the Fund. While sector allocation contributed positively, albeit modestly, to relative results, the primary driver of outperformance within this portion of the Fund was stock selection.

For the Reporting Period, the Fund’s MLP assets outperformed the Alerian MLP Index, the benchmark used for the MLP portion of the Fund. Such outperformance was driven by favorable stock selection and, to a lesser degree, by effective allocation positioning. In particular, DAC’s focus on high quality midstream assets operators contributed positively to its relative performance during the Reporting Period. On a factor level, the Fund’s MLPs had positive active exposure to growth and profitability and negative exposure to leverage, dividend yield and volatility. Such positioning proved beneficial, for as crude oil prices rebounded from their December 2018 low in the first several months of 2019, factors such as higher growth and profitability drove returns, while high leverage detracted. A position in cash within this portion of the Fund, albeit modest, detracted from relative results during this Reporting Period when the Alerian MLP Index posted solid positive returns.

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

The dividend-paying growers portion of the Fund does not take explicit sector bets relative to the S&P 500ex-Energy Index but rather allocations are the result of stock selection. That said, the sectors that contributed most positively on a relative basis to the S&P 500ex-Energy Index during the Reporting Period were information technology, financials and communication services. Partially offsetting these positive contributors were consumer staples, health care and industrials, which detracted from this portion of the Fund’s relative results.

FUND RESULTS

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

Having no exposure to information technology giant Apple, which underperformed the S&P 500ex-Energy Index during the Reporting Period, contributed most positively to the Fund’s relative results during the Reporting Period. Among positions held, the top individual contributors to the Fund’s relative performance during the Reporting Period were overweighted positions in semiconductor company Xilinx and entertainment company The Walt Disney Company, each of which outperformed the S&P 500ex-Energy Index during the Reporting Period.

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

Detracting most from the Fund’s results relative to the S&P 500ex-Energy Index during the Reporting Period were overweight positions in integrated pharmacy health care provider CVS Health and health care products developer, manufacturer and distributor Perrigo and an underweight position in software behemoth Microsoft. CVS Health and Perrigo underperformed the S&P 500ex-Energy Index and Microsoft outperformed the S&P 500ex-Energy Index during the Reporting Period.

Which industries within the Alerian MLP Index most significantly affected Fund performance during the Reporting Period?

As measured by the Alerian MLP Index, the GICSsub-industries that contributed most positively on a relative basis during the Reporting Period were oil and gas storage and transportation; oil and gas equipment and services; and gas utilities. Effective security selection helped most within oil and gas storage and transportation, while both security selection and having an underweight to oil and gas equipment and services boosted relative results. The Fund had no exposure to gas utilities, which proved prudent, as thesub-industry underperformed the Alerian MLP Index during the Reporting Period.

Only twosub-industries detracted from the MLP portion of the Fund during the Reporting Period, partially offsetting these positive contributors. Weak security selection within oil and gas refining and marketing and having an overweight to coal and consumable fuels detracted. The negative impact in both cases was due primarily to the timing of the Alerian MLP Index changing its rules to no longer include the coal and consumable fuelssub-industry and also excluding one of the Fund’s holdings within the oil and gas refining and marketingsub-industry after the company changed the legal entity from a limited partnership to a limited liability company.

What were some of the Fund’s best-performing MLPs and energy infrastructure securities during the Reporting Period?

Relative to the Alerian MLP Index, among those MLPs and energy infrastructure securities that contributed most to the Fund’s performance during the Reporting Period were Williams Cos., EQGP Holdings L.P. and Cheniere Energy Partners, L.P. Each of these holdings delivered a double-digit positive absolute return during the Reporting Period.

Which MLPs and energy infrastructure securities detracted significantly from the Fund’s performance during the Reporting Period?

Among those MLPs and energy infrastructure securities detracting most from the Fund’s results relative to the Alerian MLP Index were overweight positions in Targa Resources Corp., EnLink Midstream Partners, L.P. and Antero Midstream Partners, L.P., each of which posted a double-digit negative return during the Reporting Period. EnLink Midstream Partners, L.P. and Antero Midstream Partners, L.P. each merged with their general partners during the Reporting Period and then changed their underlying ticker and legal entity in the process.

How did the Fund use derivatives during the Reporting Period?

The MLP portion of the Fund did not use derivatives during the Reporting Period. The dividend-paying equity investments portion of the Fund used equity index futures on an opportunistic basis during the Reporting Period to equitize its modest cash position. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

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

The dividend-paying growers portion of the Fund uses a systematic, rules-based approach and thus equity purchases and sales are based solely on that quantitative process.

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

The MLP portion of the Fund initiated a position in Oneok, Inc. (“OKE”) during the Reporting Period. OKE is a fully

FUND RESULTS

integrated and diversified midstream asset operator that, in our view, has a simplified organizational structure and strong cash flow to support potential dividend growth. OKE’s debt is rated investment grade, offering attractive financing to support growth projects that may create economic value for shareholders, in our opinion. At the time of purchase, we viewed OKE as undervalued and believed it had the potential to produce superior returns.

We established a Fund position in Holly Energy Partners, L.P. (“HEP”). HEP is the limited partnership of HollyFrontier Corp. HEP has grown its distribution every quarter since its Initial Public Offering in March 2014, with a rather stable rate of growth of about 6% per year. Most of HEP’s assets support crude oil transportation, terminaling, and storage for the petroleum industry. Unlike other MLPs that had strongly rebounded in the first months of 2019, HEP had not done so at the time of the Fund‘s purchase in early April 2019. However, HEP had held its value relatively well during the collapse of late 2018. We view HEP as a stable distribution payer with a straightforward business model.

Conversely, the MLP portion of the Fund eliminated its position in Summit Midstream Partners (“SMLP”) after the limited partner announced a distribution cut as well as the stepping down of its Chief Executive Officer at the end of February 2019. Based on our investment criteria, the distribution cut triggered DAC’s sell discipline. The timing of our sale proved prudent, as SMLP’s share price declined significantly since its distribution cut announcement.

We exited the MLP portion of the Fund’s position in Andeavor Logistics, L.P. (“ANDX”), as its general partner agreed to be acquired by Marathon Petroleum Corp. (“MPLX”), which already has a stand-alone MLP structure. Since then, ANDX’s distribution growth rate decelerated. Further, in our view, the opportunity for ANDX to be folded into MPLX reduced ANDX’s investment attractiveness. Thus, we sold the position in favor of what we believed were better opportunities elsewhere.

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

As mentioned earlier, under the QIS team’s investment approach, the dividend-paying growers portion of the Fund does not take sector bets by design. Therefore, the dividend-paying investments portion of the Fund, using a quantitative process, strove to be similar to the S&P 500ex-Energy Index in terms of sector allocation. We seek to provide exposure to high quality, dividend-paying growers within each sector.

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

During the Reporting Period, the Alerian MLP Index updated its methodology guidance and inclusion rules. As a result, the Alerian MLP Index no longer has exposure to gas utilities; oil and gas exploration and production; oil and gas equipment services; and coal and consumable fuels. The only GICSsub-industries the Alerian MLP Index has exposure to since November 30, 2018 are oil and gas storage and transportation and oil and gas refining and marketing. Given these changes, the MLP portion of the Fund hadout-of-benchmark exposure to oil and gas equipment and services; oil and gas exploration and production; coal and consumable fuels and renewable electricity at the end of the Reporting Period. Based on GICSsub-industries, the MLP portion of the Fund had an underweighted allocation relative to the Alerian MLP Index in oil and gas storage and transportation and had no exposure to oil and gas refining and marketing.

At the end of the Reporting Period, the MLP portion of the Fund had its largest allocation in the oil and gas storage and transportationsub-industry, equivalent to approximately 91.6% of the Fund’s MLP assets, excluding cash.

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

As mentioned earlier, it is not part of the dividend-paying investments portion of the Fund’s approach to take sector bets. Thus, at the end of April 2019, the dividend-paying investments portion of the Fund had rather neutral positions in each sector of the S&P 500ex-Energy Index.

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

There were no changes in either portion of the Fund’s portfolio management team during the Reporting Period.

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

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

FUND RESULTS

As for MLPs, we believed at the end of the Reporting Period that macroeconomic conditions continued to be key. Healthy economic conditions historically support higher demand for crude oil and energy consumption. In turn, we would expect U.S. shale operators to benefit from higher production and relatively stable prices, and midstream assets operators to benefit from increased volume transportation, export, storage and other process steps through the value chain. In our view, manageable inflation and an accommodative monetary environment increases the attractiveness of higher income assets such as midstream MLPs.

On the micro level, as MLPs simplify their organizational structures and improve governance, we believe disciplined investment and sustainable distribution/dividend policies can provide much-needed confidence for other investors seeking not only attractive valuations but also exposure to a positive commodity cycle and higher or sustainable income potential. Finally, we expect mergers and acquisitions to increase among exploration and production companies, which could increase both risk and opportunity to associated MLPs, creating winners and losers along the way. We believe the MLP portion of the Fund was well positioned at the end of the Reporting Period, embracing the changes in the MLP space to diversify some of the MLP structure-related risks and to focus on those names having a broad value chain presence and those with ownership of critical assets that are hard to replicate due to regulatory constraints. In our opinion, the most important feature of the MLP portion of the Fund is its emphasis on higher quality through growth and profitability and its underweight to the leverage and high yield factors — especially in a late economic cycle environment. Over the long term, we believe this focus on high quality has produced superior relative returns compared to the Alerian MLP Index, despite near-term market volatility. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund.

FUND RESULTS

Index Definitions

The Alerian MLP Index (AMZ) is a widely recognized, unmanaged index that includes a composite of the 50 most prominent energy MLPs. The Index returns do not reflect the deduction of expenses, which have been deducted from net returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees.

The Alerian U.S. Midstream Energy Index (AMNA) is a broad-based composite of U.S. energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMNA) and on a total return basis (AMNAX).

The Dow Jones Transportation Average is a price-weighted average of 20 transportation stocks traded in the U.S.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the Russell 2000^® Index do not include any deduction for fees, expenses or taxes.

The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. The Russell Midcap^® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. The Russell Midcap^® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap^® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

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

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

It is not possible to invest directly in an index.

FUND BASICS

Rising Dividend Growth Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			S&P 500 Index²

Class A		9.37	%		9.76	%
Class C		8.99			9.76
Institutional		9.60			9.76
Investor		9.52			9.76
Class P		9.61			9.76
Class R		9.18			9.76
Class R6		9.53			9.76

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.

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


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		1.59	%		5.02	%		11.77	%		7.58	%	3/23/04
Class C		5.72			5.43			11.70			7.46		4/14/05
Institutional		7.99			6.64			12.88			7.91		3/21/07
Investor		7.67			6.48			N/A			9.11		2/27/12
Class P		N/A			N/A			N/A			6.03		4/16/18
Class R		7.28			5.96			N/A			8.57		2/27/12
Class R6		8.07			N/A			N/A			6.04		2/28/18

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. Effective February 27, 2012, the Rising Dividend Growth Fund, a series of Dividend Growth Trust (the “Predecessor Fund”), was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to February 27, 2012 (the effective date of the reorganization of the Predecessor Fund into the Fund), the maximum initial sales charge applicable to sales of Class A Shares of the Predecessor Fund was 5.75%, which is not reflected in the average annual total return figures shown. 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.10	%		1.19	%
Class C		1.85			1.94
Institutional		0.77			0.80
Investor		0.85			0.94
Class P		0.76			0.79
Class R		1.35			1.44
Class R6		0.76			0.79

⁴


TOP TEN HOLDINGS AS OF 4/30/19⁵

Holding	% of Net Assets			Line of Business

The Walt Disney Co.		2.7	%	Entertainment
Comcast Corp. Class A		2.5		Media
Energy Transfer LP		1.8		Oil, Gas & Consumable Fuels
Enterprise Products Partners LP		1.7		Oil, Gas & Consumable Fuels
Omnicom Group, Inc.		1.7		Media
CBS Corp. Class B		1.6		Media
QUALCOMM, Inc.		1.6		Semiconductors & Semiconductor Equipment
Magellan Midstream Partners LP		1.6		Oil, Gas & Consumable Fuels
UnitedHealth Group, Inc.		1.5		Health Care Providers & Services
Danaher Corp.		1.5		Health Care Equipment & Supplies

⁵

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of April 30, 2019

LOGO

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 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 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.

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 37.4%
Aerospace & Defense – 0.5%
	22,839	Northrop Grumman Corp.	$	6,621,255
	12,938	Raytheon Co.		2,297,659

				8,918,914

Banks – 3.7%
	184,822	Bank of America Corp.		5,651,857
	227,323	BB&T Corp.		11,638,938
	82,952	Commerce Bancshares, Inc.		5,012,789
	29,106	Cullen/Frost Bankers, Inc.		2,959,789
	116,398	JPMorgan Chase & Co.		13,507,988
	37,570	M&T Bank Corp.		6,389,530
	175,922	SunTrust Banks, Inc.		11,519,373
	94,240	Wells Fargo & Co.		4,562,158

				61,242,422

Biotechnology – 0.2%
	45,256	Gilead Sciences, Inc.		2,943,450

Capital Markets – 0.8%
	90,799	Northern Trust Corp.		8,948,242
	50,060	Singapore Exchange Ltd. ADR		4,084,395

				13,032,637

Chemicals – 0.9%
	53,195	DowDuPont, Inc.		2,045,348
	20,363	Ecolab, Inc.		3,748,421
	47,188	Linde PLC		8,506,109

				14,299,878

Commercial Services & Supplies – 0.4%
	86,436	Republic Services, Inc.		7,158,629

Communications Equipment – 1.1%
	336,926	Cisco Systems, Inc.		18,851,010

Construction & Engineering – 0.6%
	393,279	Vinci SA ADR		9,946,026

Diversified Telecommunication Services – 0.8%
	216,894	Verizon Communications, Inc.		12,404,168

Electric Utilities – 1.4%
	1,457,655	Enel SpA ADR		9,183,226
	74,544	Pinnacle West Capital Corp.		7,101,807
	111,454	Xcel Energy, Inc.		6,297,151

				22,582,184

Electronic Equipment, Instruments & Components – 0.3%
	54,504	TE Connectivity Ltd.		5,213,308

Energy Equipment & Services – 0.3%
	108,770	Schlumberger Ltd.		4,642,304

Equity Real Estate Investment Trusts (REITs) – 2.6%
	31,407	American Tower Corp.		6,133,787
	29,147	AvalonBay Communities, Inc.		5,856,507
	48,421	Camden Property Trust		4,873,573
	71,827	Crown Castle International Corp.		9,034,400
	152,695	Hudson Pacific Properties, Inc.		5,322,948


Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	162,525	Klepierre SA		5,775,190
	271,507	SITE Centers Corp.		3,594,753
	48,217	Ventas, Inc.		2,946,541

				43,537,699

Food Products – 0.5%
	147,395	Mondelez International, Inc. Class A		7,495,036

Health Care Equipment & Supplies – 1.4%
	110,397	Abbott Laboratories		8,783,185
	161,363	Medtronic PLC		14,330,648

				23,113,833

Health Care Providers & Services – 0.1%
	34,689	CVS Health Corp.		1,886,388

Hotels, Restaurants & Leisure – 0.6%
	53,483	McDonald’s Corp.		10,566,636

Household Durables – 0.3%
	114,281	D.R. Horton, Inc.		5,063,791

Household Products – 0.6%
	90,370	The Procter & Gamble Co.		9,622,597

Industrial Conglomerates – 0.7%
	67,957	Honeywell International, Inc.		11,799,374

Insurance – 0.8%
	70,088	Principal Financial Group, Inc.		4,006,230
	32,763	RenaissanceRe Holdings Ltd.		5,090,059
	32,041	The Travelers Cos., Inc.		4,605,894

				13,702,183

Interactive Media & Services^(a) – 0.5%
	6,885	Alphabet, Inc. Class A		8,254,840

IT Services – 0.3%
	36,788	Fidelity National Information Services, Inc.		4,264,833

Machinery – 0.4%
	44,521	Stanley Black & Decker, Inc.		6,526,779

Media – 0.8%
	316,762	Comcast Corp. Class A		13,788,650

Metals & Mining – 0.5%
	152,156	Rio Tinto PLC ADR		8,961,988

Multi-Utilities – 1.2%
	85,664	Ameren Corp.		6,233,769
	113,967	CMS Energy Corp.		6,330,867
	61,983	Public Service Enterprise Group, Inc.		3,697,286
	26,620	Sempra Energy		3,406,029

				19,667,951

Oil, Gas & Consumable Fuels – 5.1%
	193,807	Antero Midstream Corp.		2,366,384


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

GOLDMAN SACHS INCOME BUILDER FUND


Shares		Description	Value

Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	253,911	BP PLC ADR	$	11,103,528
	165,889	Chevron Corp.		19,916,633
	578,871	Energy Transfer LP		8,752,530
	63,859	Exxon Mobil Corp.		5,126,601
	73,551	Marathon Petroleum Corp.		4,477,049
	76,736	Montage Resources Corp.^(a)(b)		853,304
	135,600	Plains All American Pipeline LP		3,139,140
	292,941	Royal Dutch Shell PLC ADR Class A		18,610,542
	333,480	The Williams Cos., Inc.		9,447,488

				83,793,199

Personal Products – 0.7%
	184,076	Unilever NV		11,138,439

Pharmaceuticals – 3.6%
	150,636	AstraZeneca PLC ADR		5,672,952
	166,887	Bristol-Myers Squibb Co.		7,748,563
	157,512	Johnson & Johnson		22,240,694
	89,516	Merck & Co., Inc.		7,045,804
	396,806	Pfizer, Inc.		16,114,292

				58,822,305

Road & Rail – 0.6%
	60,110	Union Pacific Corp.		10,641,874

Semiconductors & Semiconductor Equipment – 1.2%
	144,510	Intel Corp.		7,375,790
	98,267	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		4,306,060
	71,188	Texas Instruments, Inc.		8,388,082

				20,069,932

Software – 2.0%
	249,098	Microsoft Corp.		32,532,199

Technology – Software/Services – 0.0%
	194,739	Aspect Software, Inc. Class B		—

Technology Hardware, Storage & Peripherals – 0.4%
	36,671	Apple, Inc.		7,358,769

Tobacco – 0.5%
	156,115	Altria Group, Inc.		8,481,728

Water Utilities – 0.5%
	75,798	American Water Works Co., Inc.		8,200,586

Wireless Telecommunication Services – 0.5%
	464,730	Vodafone Group PLC ADR		8,606,800

	TOTAL COMMON STOCKS
	(Cost $515,798,797)		$	619,133,339


Shares		Dividend Rate	Value

Preferred Stocks^(c) – 0.6%
Capital Markets^(d) – 0.3%
	Morgan Stanley (3M USD LIBOR + 3.708%)
	183,597	6.375%	$	4,969,971


Preferred Stocks^(c) – (continued)
Diversified Telecommunication Services – 0.1%
	Qwest Corp.
	43,276	6.500%		998,377

Electric Utilities^(d) – 0.0%
	SCE Trust V (3M USD LIBOR + 2.990%)
	12,549	5.450		294,650

Insurance^(d) – 0.2%
	Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%)
	143,849	5.874		3,222,218

	TOTAL PREFERRED STOCKS
	(Cost $9,038,195)		$	9,485,216


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 40.8%
Advertising^(c)(e) – 0.0%
	Getty Images, Inc.
$	250,000		9.750	%		03/01/27	$	253,750

Aerospace & Defense^(c) – 0.3%
	Arconic, Inc.
	2,950,000		5.400			04/15/21		3,041,273
	TransDigm, Inc.
	2,750,000		6.000			07/15/22		2,784,375

								5,825,648

Agriculture^(c) – 0.5%
	BAT Capital Corp.
	10,000,000		4.390			08/15/37		9,074,600

Airlines^(e) – 0.1%
	Air Canada Pass ThroughTrust Series 2013-1, Class B
	1,847,619		5.375			11/15/22		1,887,084

Automotive – 1.5%
	Adient US LLC^(c)(e)
	1,650,000		7.000			05/15/26		1,685,062
	Delphi Technologies PLC^(e)
	5,000,000		5.000			10/01/25		4,585,200
	Ford Motor Credit Co. LLC
	2,500,000		5.875			08/02/21		2,616,700
	General Motors Co.^(c)
	3,000,000		6.600			04/01/36		3,295,650
	IHO Verwaltungs GmbH^(c)(e)(f) (PIK 5.250%, Cash 4.500%)
	12,000,000		4.500			09/15/23		12,090,000

								24,272,612

Banks – 3.2%
	Bank of America Corp.^(c)(d) (3M USD LIBOR + 3.898%)
	4,000,000		6.100			12/29/49		4,285,000
	Barclays PLC^(c)(d) (5 Year USD Swap + 5.022%)
	3,000,000		6.625			06/29/49		3,011,250
	CIT Group, Inc.^(c)
	4,025,000		5.250			03/07/25		4,281,594
	Citigroup, Inc.^(c)(d) (3M USD LIBOR + 4.517%)
	4,000,000		6.250			12/29/49		4,265,000


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Credit Agricole SA^(c)(d)(e) (5 year USD Swap + 4.697%)
$	2,500,000		6.625	%		09/29/49	$	2,521,875
	Credit Suisse Group AG^(c)(d)(e) (5 year USD Swap + 4.598%)
	4,025,000		7.500			12/29/49		4,306,750
	ING Groep NV^(c)(d)
	(5 year USD Swap + 4.445%)
	4,275,000		6.000			12/29/49		4,307,062
	(5 year USD Swap + 4.446%)
	5,000,000		6.500			12/29/49		5,056,250
	Intesa Sanpaolo SpA^(e)
	8,000,000		5.017			06/26/24		7,720,000
	JPMorgan Chase & Co.^(c)(d) (3M USD LIBOR + 3.330%)
	4,000,000		6.125			12/29/49		4,243,520
	Royal Bank of Scotland Group PLC
	2,975,000		6.000			12/19/23		3,198,488
	UBS Group Funding Switzerland AG^(c)(d) (5 year USD Swap + 4.590%)
	6,000,000		6.875			12/29/49		6,187,380

								53,384,169

Beverages^(c) – 0.5%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(e)
	3,000,000		4.700			02/01/36		3,041,640
	Anheuser-Busch InBev Worldwide, Inc.
	3,000,000		4.150			01/23/25		3,135,240
	Keurig Dr Pepper, Inc.^(e)
	2,000,000		4.057			05/25/23		2,060,240

								8,237,120

Building Materials^(c)(e) – 0.7%
	BMC East LLC
	2,750,000		5.500			10/01/24		2,763,750
	Builders FirstSource, Inc.
	4,000,000		5.625			09/01/24		4,010,000
	Masonite International Corp.
	3,000,000		5.625			03/15/23		3,075,000
	Standard Industries, Inc.
	1,285,000		5.000			02/15/27		1,265,725

								11,114,475

Chemicals^(c) – 0.5%
	Ashland LLC
	3,010,000		6.875			05/15/43		3,213,175
	PQ Corp.^(e)
	3,400,000		6.750			11/15/22		3,523,250
	Valvoline, Inc.
	1,950,000		5.500			07/15/24		1,998,750

								8,735,175

Commercial Services – 0.6%
	Nielsen Finance LLC/Nielsen Finance Co.^(c)(e)
	4,000,000		5.000			04/15/22		3,975,000
	Prime Security Services Borrower LLC/Prime Finance, Inc.^(e)
	1,750,000		5.250			04/15/24		1,754,375
	Refinitiv US Holdings, Inc.^(c)(e)
	3,000,000		8.250			11/15/26		3,037,500


Corporate Obligations – (continued)
Commercial Services – (continued)
	The Hertz Corp.^(c)(e)
	900,000		7.625			06/01/22		928,125
	United Rentals North America, Inc.^(c)
	1,000,000		5.875			09/15/26		1,045,000

								10,740,000

Computers^(c) – 1.0%
	Banff Merger Sub, Inc.^(e)
	4,000,000		9.750			09/01/26		4,010,000
	Dell International LLC/EMC Corp.^(e)
	5,000,000		8.100			07/15/36		6,023,500
	Hewlett Packard Enterprise Co.
	3,000,000		6.200			10/15/35		3,252,600
	Western Digital Corp.
	3,000,000		4.750			02/15/26		2,891,250

								16,177,350

Diversified Financial Services – 3.0%
	Ally Financial, Inc.
	4,000,000		8.000			11/01/31		5,130,000
	CoBank ACB^(c)(d) (3M USD LIBOR + 4.660%)
	5,350,000		6.250			12/29/49		5,601,289
	Curo Group Holdings Corp.^(c)(e)
	5,000,000		8.250			09/01/25		4,400,000
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(c)
	4,000,000		6.250			02/01/22		4,110,000
	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(c)(e)
	2,500,000		5.875			08/01/21		2,543,750
	4,000,000		5.250			03/15/22		4,095,000
	Nationstar Mortgage Holdings, Inc.^(c)(e)
	3,050,000		8.125			07/15/23		3,072,875
	Nationstar Mortgage LLC/Nationstar Capital Corp.^(c)
	6,000,000		6.500			07/01/21		6,000,000
	Navient Corp.
	5,000,000		5.875			03/25/21		5,168,750
	3,000,000		5.500			01/25/23		3,056,250
	Quicken Loans, Inc.^(c)(e)
	2,000,000		5.750			05/01/25		2,031,710
	Springleaf Finance Corp.
	3,500,000		7.125			03/15/26		3,749,375

								48,958,999

Electrical^(c)(e) – 0.5%
	Calpine Corp.
	2,000,000		6.000			01/15/22		2,020,000
	3,000,000		5.875			01/15/24		3,067,500
	Electricite de France SA^(d) (10 year USD Swap + 3.709%)
	2,500,000		5.250			01/29/49		2,534,375

								7,621,875

Entertainment^(c)(e) – 0.4%
	Scientific Games International, Inc.
	1,000,000		5.000			10/15/25		992,500
	1,350,000		8.250			03/15/26		1,390,500
	WMG Acquisition Corp.
	3,795,000		5.625			04/15/22		3,851,925

								6,234,925


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

GOLDMAN SACHS INCOME BUILDER FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Environmental^(c)(e) – 0.1%
	GFL Environmental, Inc.
$	1,430,000		8.500	%		05/01/27	$	1,487,200

Food & Drug Retailing^(c) – 0.6%
	B&G Foods, Inc.
	4,020,000		5.250			04/01/25		3,949,650
	Post Holdings, Inc.^(e)
	6,000,000		5.500			03/01/25		6,120,000

								10,069,650

Gas^(c) – 0.3%
	AmeriGas Partners LP/AmeriGas Finance Corp.
	4,125,000		5.875			08/20/26		4,300,313

Health Care Products^(c) – 0.1%
	Becton Dickinson & Co.
	2,000,000		2.894			06/06/22		1,993,880

Healthcare Providers & Services – 2.3%
	CHS/Community Health Systems, Inc.^(c)
	3,000,000		6.250			03/31/23		2,925,000
	DaVita, Inc.^(c)
	8,000,000		5.000			05/01/25		7,820,000
	HCA, Inc.
	3,000,000		4.750			05/01/23		3,134,370
	12,000,000		5.000			03/15/24		12,720,000
	6,000,000		5.875	^(c)		02/15/26		6,450,000
	Tenet Healthcare Corp.
	3,000,000		8.125			04/01/22		3,210,000
	2,000,000		6.250	^(c)(e)		02/01/27		2,085,000

								38,344,370

Home Builders – 0.4%
	PulteGroup, Inc.
	3,000,000		7.875			06/15/32		3,480,000
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
	3,000,000		4.375			06/15/19		3,000,000

								6,480,000

Household Products^(c) – 0.2%
	Spectrum Brands, Inc.
	3,500,000		6.625			11/15/22		3,578,750

Insurance – 0.2%
	Fidelity & Guaranty Life Holdings, Inc.^(c)(e)
	2,850,000		5.500			05/01/25		2,878,500
	Transatlantic Holdings, Inc.
	75,000		8.000			11/30/39		102,140

								2,980,640

Internet – 0.7%
	Netflix, Inc.
	3,000,000		5.875			02/15/25		3,236,250
	Symantec Corp.^(c)(e)
	4,000,000		5.000			04/15/25		4,072,684
	VeriSign, Inc.^(c)
	4,000,000		5.250			04/01/25		4,245,000

								11,553,934


Corporate Obligations – (continued)
Iron/Steel^(c) – 0.2%
	Cleveland-Cliffs, Inc.
	4,000,000		5.750			03/01/25		3,970,000

Lodging – 0.5%
	MGM Resorts International
	8,000,000		6.750			10/01/20		8,380,000

Media – 5.8%
	Altice Financing SA^(c)(e)
	6,000,000		6.625			02/15/23		6,150,000
	Altice Finco SA^(c)(e)
	2,000,000		8.125			01/15/24		2,055,000
	CCO Holdings LLC/CCO Holdings Capital Corp.^(c)(e)
	3,000,000		5.875			05/01/27		3,123,750
	Charter Communications Operating LLC/Charter Communications Operating Capital^(c)
	12,000,000		6.384			10/23/35		13,563,840
	Clear Channel Worldwide Holdings, Inc.^(c)
	4,000,000		6.500			11/15/22		4,090,000
	450,000		9.250	^(e)		02/15/24		484,313
	CSC Holdings LLC^(c)(e)
	5,450,000		5.500			05/15/26		5,606,687
	DISH DBS Corp.
	8,000,000		5.875			07/15/22		7,800,000
	Entercom Media Corp.^(c)(e)
	2,300,000		7.250			11/01/24		2,374,750
	2,150,000		6.500			05/01/27		2,193,000
	Gray Television, Inc.^(c)(e)
	2,125,000		7.000			05/15/27		2,295,000
	Meredith Corp.^(c)
	10,000		6.875			02/01/26		10,425
	Sirius XM Radio, Inc.^(c)(e)
	12,000,000		6.000			07/15/24		12,405,000
	Univision Communications, Inc.^(c)(e)
	6,925,000		5.125			05/15/23		6,682,625
	UPCB Finance IV Ltd.^(c)(e)
	8,000,000		5.375			01/15/25		8,160,000
	Videotron Ltd.^(c)(e)
	10,000,000		5.375			06/15/24		10,512,500
	Virgin Media Secured Finance PLC^(c)
GBP	4,000,000		4.875			01/15/27		5,273,012
	Ziggo Bond Co. B.V.^(c)(e)
	3,000,000		5.875			01/15/25		2,988,750

								95,768,652

Mining – 0.5%
	First Quantum Minerals Ltd.^(c)(e)
	4,000,000		7.250			04/01/23		3,945,000
	Freeport-McMoRan, Inc.^(c)
	2,000,000		5.400			11/14/34		1,880,000
	Glencore Finance Canada Ltd.^(e)
	3,000,000		5.550			10/25/42		2,942,820

								8,767,820

Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	2,000,000		6.000			08/07/19		2,016,400


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – 2.5%
	Antero Resources Corp.^(c)
$	5,000,000		5.125	%		12/01/22	$	5,018,750
	3,000,000		5.625			06/01/23		3,030,000
	Chesapeake Energy Corp.
	3,000,000		8.000	^(c)		01/15/25		3,022,500
	2,000,000		5.500			09/15/26		1,819,696
	Ensign Drilling, Inc.^(c)(e)
	1,400,000		9.250			04/15/24		1,400,000
	Gulfport Energy Corp.^(c)
	3,200,000		6.375			01/15/26		2,752,000
	Halcon Resources Corp.^(c)
	3,089,000		6.750			02/15/25		1,969,238
	Laredo Petroleum, Inc.^(c)
	4,000,000		5.625			01/15/22		3,760,000
	Matador Resources Co.^(c)
	3,000,000		5.875			09/15/26		3,015,000
	MEG Energy Corp.^(c)(e)
	3,000,000		6.375			01/30/23		2,835,000
	Nexen, Inc.
	5,000		6.400			05/15/37		6,343
	50,000		7.500			07/30/39		71,685
	Nine Energy Service, Inc.^(c)(e)
	1,450,000		8.750			11/01/23		1,497,125
	Noble Holding International Ltd.^(c)
	840,000		7.750			01/15/24		762,300
	1,975,000		7.875	^(e)		02/01/26		1,910,813
	Range Resources Corp.^(c)
	4,000,000		5.875			07/01/22		4,040,000
	Transocean, Inc.^(c)(e)
	3,000,000		9.000			07/15/23		3,210,000
	Whiting Petroleum Corp.
	1,000,000		1.250			04/01/20		970,648

								41,091,098

Packaging^(c)(e) – 0.5%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	6,000,000		6.000			02/15/25		6,045,000
	Sealed Air Corp.
	2,000,000		5.250			04/01/23		2,080,000

								8,125,000

Pharmaceuticals^(c) – 0.8%
	Bausch Health Cos., Inc.^(e)
	4,000,000		9.000			12/15/25		4,430,000
	Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(e)
	6,545,000		6.000			07/15/23		5,334,175
	Mylan NV
	3,000,000		3.950			06/15/26		2,888,700
	Vizient, Inc.^(e)
	580,000		6.250			05/15/27		600,300

								13,253,175

Pipelines – 2.8%
	DCP Midstream Operating LP^(e)
	4,000,000		6.750			09/15/37		4,170,000
	Energy Transfer Operating LP
	4,000,000		4.250	^(c)		03/15/23		4,100,588
	2,985,000		6.625			10/15/36		3,356,812


Corporate Obligations – (continued)
Pipelines – (continued)
	Enterprise Products Operating LLC^(c)(d) (3M USD LIBOR + 2.778%)
	1,000,000		5.404			06/01/67		931,500
	Genesis Energy LP/Genesis Energy Finance Corp.^(c)
	6,000,000		6.000			05/15/23		6,060,000
	Kinder Morgan Energy Partners LP
	7,000,000		7.300			08/15/33		8,817,480
	NGPL PipeCo LLC^(c)(e)
	1,315,000		4.375			08/15/22		1,347,875
	Plains All American Pipeline LP/PAA Finance Corp.^(c)
	3,000,000		3.600			11/01/24		2,992,560
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(c)
	5,000,000		5.125			02/01/25		5,112,500
	The Williams Cos., Inc.
	7,000,000		7.500			01/15/31		8,809,402

								45,698,717

Real Estate Investment Trust – 2.5%
	American Tower Corp.
	2,250,000		5.000			02/15/24		2,426,715
	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL^(c)(e)
	600,000		5.750			05/15/26		610,397
	Crown Castle International Corp.
	2,250,000		5.250			01/15/23		2,414,905
	Equinix, Inc.^(c)
	3,000,000		5.375			04/01/23		3,060,000
	8,000,000		5.750			01/01/25		8,300,000
	MPT Operating Partnership LP/MPT Finance Corp.^(c)
	4,000,000		6.375			03/01/24		4,210,840
	3,000,000		5.000			10/15/27		3,008,010
	Realogy Group LLC/Realogy Co-Issuer Corp.^(c)(e)
	350,000		4.875			06/01/23		333,375
	1,950,000		9.375			04/01/27		2,025,562
	SBA Communications Corp.^(c)
	15,016,000		4.875			07/15/22		15,203,700

								41,593,504

Retailing – 0.5%
	1011778 BC ULC/New Red Finance, Inc.^(c)(e)
	3,000,000		5.000			10/15/25		2,977,500
	JC Penney Corp., Inc.
	850,000		8.625	^(c)(e)		03/15/25		527,000
	6,000,000		7.400	^(g)		04/01/37		2,475,000
	L Brands, Inc.
	3,000,000		6.875			11/01/35		2,662,500
	Suburban Propane Partners LP/Suburban Energy Finance Corp.^(c)
	550,000		5.500			06/01/24		547,250

								9,189,250

Semiconductors – 0.5%
	Amkor Technology, Inc.^(c)(e)
	850,000		6.625			09/15/27		868,063
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	2,000,000		2.375			01/15/20		1,991,140


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

GOLDMAN SACHS INCOME BUILDER FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Semiconductors – (continued)
	Microchip Technology, Inc.^(e)
$	2,000,000		3.922	%		06/01/21	$	2,027,750
	NXP B.V./NXP Funding LLC^(e)
	3,000,000		4.125			06/01/21		3,059,880

								7,946,833

Software^(c) – 0.4%
	First Data Corp.^(e)
	3,000,000		5.750			01/15/24		3,082,500
	Nuance Communications, Inc.
	3,000,000		5.625			12/15/26		3,075,000

								6,157,500

Telecommunication Services – 5.4%
	Altice France SA^(c)(e)
	5,000,000		7.375			05/01/26		5,056,250
	AT&T, Inc.^(c)
	3,000,000		5.250			03/01/37		3,215,730
	CenturyLink, Inc.
	5,000,000		6.450			06/15/21		5,206,250
	CommScope, Inc.^(c)(e)
	1,100,000		6.000			03/01/26		1,164,625
	250,000		8.250			03/01/27		270,000
	Digicel Group One Ltd.^(c)(e)
	1,955,000		8.250			12/30/22		1,287,368
	Digicel Group Two Ltd.^(c)(e)
	1,845,000		8.250			09/30/22		713,766
	Frontier Communications Corp.^(c)
	6,000,000		11.000			09/15/25		3,885,000
	2,050,000		8.500	^(e)		04/01/26		1,932,125
	Intelsat Jackson Holdings SA^(c)(e)
	8,000,000		8.000			02/15/24		8,350,000
	3,000,000		8.500			10/15/24		2,970,000
	Nokia of America Corp.
	3,000,000		6.450			03/15/29		2,940,000
	SoftBank Group Corp.^(c)
	7,000,000		6.125			04/20/25		7,314,860
	Sprint Corp.
	12,889,000		7.875			09/15/23		13,404,560
	T-Mobile USA, Inc.^(c)
	3,000,000		4.000			04/15/22		3,037,500
	6,000,000		6.500			01/15/26		6,412,500
	Telecom Italia Capital SA
	4,000,000		7.721			06/04/38		4,180,000
	Telecom Italia SpA^(e)
	5,000,000		5.303			05/30/24		5,000,000
	Verizon Communications, Inc.
	3,000,000		5.250			03/16/37		3,408,210
	Wind Tre SpA^(c)(e)
	9,985,000		5.000			01/20/26		9,148,756

								88,897,500

Trucking & Leasing^(c)(e) – 0.1%
	Park Aerospace Holdings Ltd.
	2,235,000		5.250			08/15/22		2,324,400

	TOTAL CORPORATE OBLIGATIONS
	(Cost $667,496,036)						$	676,486,368


Mortgage-Backed Obligations^(d) – 0.0%
Collateralized Mortgage Obligations – 0.0%
Interest Only^(h) – 0.0%
	CS First Boston Mortgage Securities Corp.Series 2003-AR20, Class 2X⁽ⁱ⁾ (1 Year CMT + 2.912%)
$	2,738		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X⁽ⁱ⁾ (1 Year CMT + 2.999%)
	7,779		0.000			07/25/33		—
	Master Adjustable Rate MortgagesTrust Series 2003-2, Class 3AX (6M USD LIBOR + 3.592%)
	17,867		0.123			08/25/33		89
	Master Adjustable Rate MortgagesTrust Series 2003-2, Class 4AX (6M USD LIBOR + 3.176%)
	2,750		0.320			07/25/33		30

								119

Sequential Floating Rate – 0.0%
	Countrywide Alternative LoanTrust Series 2005-31, Class 2A1 (1M LIBOR + 0.300%)
	82,926		3.086			08/25/35		81,104
	JPMorgan Alternative LoanTrust Series 2005-A2, Class 1A1 (1M LIBOR + 0.520%)
	55,006		3.006			01/25/36		54,506
	Merrill Lynch Alternative Note AssetTrust Series 2007-OAR3, Class A1 (1M LIBOR + 0.190%)
	258,350		2.676			07/25/47		238,370

								373,980

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $222,550)						$	374,099



Bank Loans^(j) – 10.1%
Aerospace^(d) – 0.3%
	TransDigm, Inc. (1M LIBOR + 2.500%)
$	4,304,804		4.983	%		06/09/23	$	4,288,402

Chemicals – 0.3%
	Momentive Performance Materials, Inc.^(k)
	2,150,000		3.250			04/16/24		2,152,688
	Starfruit Finco B.V.^(d) (1M LIBOR + 3.250%)
	3,000,000		5.729			10/01/25		2,986,890

								5,139,578

Computers^(d) – 0.2%
	Dell International LLC (1M LIBOR + 1.750%)
	2,578,030		4.240			09/07/21		2,573,879

Diversified Financial Services^(d) – 0.1%
	Fortress Investment Group LLC (1M LIBOR + 2.000%)
	1,999,092		4.483			12/27/22		2,006,169

Entertainment^(d) – 0.2%
	AMC Entertainment Holdings, Inc. (3M LIBOR + 2.250%)
	2,850,000		6.750			04/22/26		2,857,125

Environmental^(d) – 0.2%
	Advanced Disposal Services, Inc. (1W LIBOR + 2.250%)
	1,989,218		4.681			11/10/23		1,992,361


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(j) – (continued)
Environmental^(d) – (continued)
	EnergySolutions LLC (3M LIBOR + 3.750%)
$	1,992,475		6.351	%		05/09/25	$	1,872,927

								3,865,288

Food & Beverages^(d) – 0.6%
	Chobani LLC/Chobani Finance Corp., Inc. (1M LIBOR + 3.500%)
	2,977,175		5.983			10/10/23		2,936,239
	Shearer’s Foods, Inc. (1M LIBOR + 4.250%)
	2,498,096		6.733			06/30/21		2,493,924
	US Foods, Inc. (1M LIBOR + 2.000%)
	4,095,592		4.483			06/27/23		4,083,510

								9,513,673

Food & Drug Retailers^(k) – 0.1%
	Albertsons LLC
	2,000,000		3.750			11/17/25		2,001,260

Health Care – Services^(d) – 0.7%
	Change Healthcare Holdings LLC (1M LIBOR + 2.750%)
	1,989,637		5.233			03/01/24		1,988,563
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,928,826		5.351			06/07/23		1,908,669
	Sotera Health Holdings LLC (1M LIBOR + 3.000%)
	1,994,911		5.483			05/15/22		1,977,456
	U.S. Renal Care, Inc. (3M LIBOR + 4.250%)
	4,039,313		6.851			12/30/22		4,041,857
	Verscend Holding Corp. (1M LIBOR + 4.500%)
	1,393,000		6.983			08/27/25		1,399,965

								11,316,510

Home Construction^(d) – 0.1%
	Brookfield Residential Properties, Inc. (1M LIBOR + 2.250%)
	2,037,890		4.729			08/28/23		1,978,037

Insurance^(d) – 0.1%
	USI, Inc. (3M LIBOR + 3.000%)
	997,468		5.601			05/16/24		986,995

Media – Broadcasting & Radio^(d) – 0.1%
	Getty Images, Inc. (1M LIBOR + 4.500%)
	1,995,000		7.000			02/19/26		1,986,282

Media – Cable^(d) – 0.3%
	CSC Holdings LLC
	(1M LIBOR + 2.250%)
	1,720,359		4.723			07/17/25		1,711,517
	(1M LIBOR + 2.500%)
	3,811,500		4.973			01/25/26		3,803,572

								5,515,089

Metals & Mining^(d) – 0.2%
	Aleris International, Inc. (1M LIBOR + 4.750%)
	3,970,000		7.233			02/27/23		3,976,630

Noncaptive – Financial^(d) – 0.2%
	Avolon TLB Borrower 1 (US) LLC (1M LIBOR + 2.000%)
	3,834,466		4.487			01/15/25		3,832,203

Oil Field Services^(d) – 0.0%
	MEG Energy Corp. (1M LIBOR + 3.500%)
	512,277		5.990			12/31/23		511,852


Bank Loans^(j) – (continued)
Packaging^(d) – 0.2%
	BWAY Holding Co. (3M LIBOR + 3.250%)
	909,810		5.854			04/03/24		897,728
	Reynolds Group Holdings, Inc. (1M LIBOR + 2.750%)
	2,984,732		5.233			02/05/23		2,988,552

								3,886,280

Pharmaceuticals^(d) – 0.5%
	Alphabet Holding Co., Inc. (1M LIBOR + 7.750%)
	5,000,000		10.233			09/26/25		4,100,000
	Valeant Pharmaceuticals International, Inc. (1M LIBOR + 3.000%)
	4,765,800		5.474			06/02/25		4,784,673

								8,884,673

Restaurants^(d) – 0.3%
	1011778 B.C. Unlimited Liability Co. (1M LIBOR + 2.250%)
	4,256,931		4.733			02/16/24		4,242,755

Retailers^(k) – 0.1%
	Staples, Inc.
	1,600,000		5.000			04/09/26		1,579,200

Services Cyclical – Business Services – 0.9%
	EVO Payments International LLC^(d) (1M LIBOR + 3.250%)
	2,984,925		5.730			12/22/23		2,987,402
	Global Payments, Inc.^(d) (1M LIBOR + 1.750%)
	1,993,064		4.233			04/21/23		1,989,955
	Sabre GLBL, Inc.^(d) (1M LIBOR + 2.000%)
	3,661,051		4.483			02/22/24		3,652,557
	Travelport Finance S.a.r.l.^(k)
	3,100,000		5.000			03/13/26		3,027,677
	Worldpay LLC^(d) (1M LIBOR + 1.500%)
	2,985,801		3.973			01/16/23		2,984,189

								14,641,780

Services Cyclical – Consumer Services^(d) – 0.2%
	Asurion LLC (1M LIBOR + 3.000%)
	3,717,335		5.483			08/04/22		3,728,970

Technology – Software/Services – 3.4%
	Ancestry.com Operations, Inc.^(d) (1M LIBOR + 3.250%)
	5,154,250		5.740			10/19/23		5,156,827
	Aspect Software, Inc.^(d) (3M LIBOR + 5.000%)
	4,755,584		7.738			01/15/24		3,930,490
	Avast Software B.V.^(d) (3M LIBOR + 2.250%)
	799,244		4.851			09/30/23		802,241
	BMC Software Finance, Inc.^(d) (1M LIBOR + 3.250%)
	4,999,275		6.851			10/02/25		4,966,430
	Ceridian HCM Holding, Inc.^(d) (1M LIBOR + 3.250%)
	2,985,000		5.502			04/30/25		2,999,925
	DigiCert, Inc.^(d) (1M LIBOR + 4.000%)
	1,990,000		6.483			10/31/24		1,991,652
	Financial & Risk US Holdings, Inc.^(d) (1M LIBOR + 3.750%)
	4,139,625		6.233			10/01/25		4,093,054
	First Data Corp.^(d) (1M LIBOR + 2.000%)
	7,149,830		4.481			07/08/22		7,149,401
	Infor (US), Inc.^(d) (1M LIBOR + 2.750%)
	4,136,069		5.233			02/01/22		4,136,814


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

GOLDMAN SACHS INCOME BUILDER FUND


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(j) – (continued)
Technology – Software/Services – (continued)
	Ion Trading Technologies S.a.r.l.^(d) (3M LIBOR + 4.000%)
$	2,000,000		6.651	%		11/21/24	$	1,952,180
	MA FinanceCo. LLC^(d) (1M LIBOR + 2.250%)
	5,302,166		4.733			11/19/21		5,265,741
	Micron Technology, Inc.^(d) (1M LIBOR + 1.750%)
	3,209,250		4.240			04/26/22		3,211,657
	SS&C Technologies Holdings Europe S.a.r.l.^(d) (1M LIBOR + 2.250%)
	1,448,058		4.733			04/16/25		1,448,247
	SS&C Technologies, Inc.^(d) (1M LIBOR + 2.250%)
	2,025,745		4.733			04/16/25		2,026,008
	The Dun & Bradstreet Corp.^(d) (1M LIBOR + 5.000%)
	3,100,000		7.479			02/01/26		3,121,328
	The Ultimate Software Group, Inc.^(k)
	1,650,000		3.750			03/15/26		1,660,725
	TIBCO Software, Inc.^(d) (1M LIBOR + 3.500%)
	1,994,898		5.990			12/04/20		1,994,399

								55,907,119

Telecommunication Services^(d) – 0.2%
	Level 3 Financing, Inc. (1M LIBOR + 2.250%)
	3,000,000		4.733			02/22/24		3,000,750

Trading Companies & Distributors^(d) – 0.1%
	Core & Main LP (3M LIBOR + 3.000%)
	1,994,949		5.626			08/01/24		1,996,206

Wireless Telecommunications^(d) – 0.2%
	Intelsat Jackson Holdings SA (1M LIBOR + 3.750%)
	3,000,000		6.229			11/27/23		2,994,750

Wirelines Telecommunications^(k) – 0.3%
	Consolidated Communications, Inc.
	4,912,469		4.000			10/04/23		4,827,189

	TOTAL BANK LOANS
	(Cost $168,352,760)						$	168,038,644

Shares

Description

Value

U.S. Treasury Obligation^(l) – 0.1%

United States Treasury Note

1,730,000

1.875%

12/15/20

1,718,211

(Cost $1,726,872)


Shares		Dividend Rate	Value

Investment Companies^(m) – 9.0%
	Goldman Sachs Emerging Markets Debt Fund – Class R6
	1,121,989	4.483%	$	13,620,945
	Goldman Sachs Emerging Markets Equity Fund – Class R6
	2,489	0.707		53,578
	Goldman Sachs Financial Square Government Fund – Class R6
	20,853,804	2.464		20,853,804
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	88,164,662	2.464		88,164,662

Investment Companies^(m) – (continued)
	Goldman Sachs High Yield Fund – Class R6
	8,101	5.871		51,928
	Goldman Sachs Local Emerging Markets Debt Fund – Class R6
	4,483,001	4.918		25,642,765

	TOTAL INVESTMENT COMPANIES
	(Cost $148,360,859)		$	148,387,682

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,510,996,069)		$	1,623,623,559


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments⁽ⁱ⁾ – 0.3%
Commercial Paper – 0.3%
	General Electric Co.
$	2,000,000		0.000	%		06/03/19	$	1,994,891
	VW Credit, Inc.^(e)
	1,750,000		0.000			07/08/19		1,740,695
	1,750,000		0.000			12/06/19		1,717,831

	TOTALSHORT-TERM INVESTMENTS
	(Cost $5,449,671)						$	5,453,417

	TOTAL INVESTMENTS – 98.3%
	(Cost $1,516,445,740)						$	1,629,076,976


Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value

Reverse Repurchase Agreements⁽ⁿ⁾ – (0.2)%
	Nomura Reverse Repurchase Agreement
$	(2,958,750	)		0.001	%		01/28/20	$	(2,958,750	)
	(Cost $(2,958,750))

	OTHER ASSETS IN EXCESS OF OTHER LIABILITIES – 1.9%								30,643,145

	NET ASSETS – 100.0%							$	1,656,761,371



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

(a)		Security is currently in default and/or non-income producing.

(b)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $853,304, which represents approximately 0.1% of net assets as of April 30, 2019. See additional details below:


Restricted Security	Acquisition Date		Cost
Montage Resources Corp.		05/06/16 – 08/18/16	$	2,595,051
(Common Stock)


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)



(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d)		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 April 30, 2019.

(e)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(f)		Pay-in-kind securities.

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on April 30, 2019.

(h)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(i)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(j)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on April 30, 2019. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These
		base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(k)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(l)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(m)		Represents an affiliated issuer/fund.

(n)		Reverse repurchase agreements are entered on a rolling day-to-day basis with no final maturity; both parties to the agreement have the right to terminate the contract on any date.



Currency Abbreviations:
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
ADR		—American Depositary Receipt
CMT		—Constant Maturity Treasury Indexes
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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

USD

4,701,186

GBP

3,577,443

07/08/19

19,189

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500E-Mini Index		450			06/21/19	$	66,341,250		$	4,035,737
Ultra Long U.S. Treasury Bonds		319			06/19/19		52,405,719			720,188
Ultra 10 Year U.S. Treasury Notes		163			06/19/19		21,480,344			248,342
2 Year U.S. Treasury Notes		195			06/28/19		41,536,523			132,355
10 Year U.S. Treasury Notes		73			06/19/19		9,028,047			5,349

Total									$	5,141,971
Short position contracts:
U.S. Long Bonds		(45	)		06/19/19		(6,636,094	)		(78,014	)
5 Year U.S. Treasury Notes		(19	)		06/28/19		(2,197,172	)		(776	)
Total									$	(78,790	)

TOTAL FUTURES CONTRACTS									$	5,063,181


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

GOLDMAN SACHS INCOME BUILDER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At April 30, 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)			Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
3M LIBOR^(a)		3.000%^(b)	06/19/39	$	10,890	^(c)	$	570,370	$	498,382	$	71,988
3M LIBOR^(a)		3.000^(b)	06/19/29		140,790	^(c)		6,374,549		5,589,335		785,214
3M LIBOR^(a)		3.000^(b)	06/19/26		4,400	^(c)		175,346		147,087		28,259
3M LIBOR^(a)		3.000^(b)	06/19/24		141,510	^(c)		4,555,589		3,952,951		602,638
3M LIBOR^(a)		3.000^(b)	06/19/22		4,860	^(c)		98,825		79,237		19,588
3M LIBOR^(a)		3.000^(b)	06/19/21		10,420	^(c)		132,510		110,676		21,834

TOTAL							$	11,907,189	$	10,377,668	$	1,529,521

(a)

Payments made quarterly.

(b)

Payments made semi-annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2019.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Paid by the Fund^(a)	Counterparty	Termination Date^(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*

MSCBCSSB Index^(c)	0.200%	MS & Co. Int. PLC	09/10/19	$	32,411	$	(511,814	)

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)

(c)

The components are shown below.

A basket (MSCBCSSB) of equity index options


Description	Strike Price		Expiration Date		Contracts		Value			Weight
Put - S&P 500 Index	$	2,890		05/31/2019		2,773	$	(54,217	)		10.59	%
Call - S&P 500 Index		2,985		05/31/2019		3,544		(54,217	)		10.59
Call - S&P 500 Index		2,925		05/03/2019		948		(24,468	)		4.78
Put - S&P 500 Index		2,830		05/03/2019		40,780		(24,468	)		4.78
Call - S&P 500 Index		2,930		05/10/2019		839		(24,406	)		4.77
Put - S&P 500 Index		2,840		05/10/2019		6,973		(24,406	)		4.77
Call - S&P 500 Index		2,940		05/17/2019		858		(24,285	)		4.74
Put - S&P 500 Index		2,850		05/17/2019		3,217		(24,285	)		4.74
Put - S&P 500 Index		2,875		05/24/2019		1,742		(24,034	)		4.70
Call - S&P 500 Index		2,970		05/24/2019		1,350		(24,034	)		4.70
Put - Euro Stoxx 50 Index		3,200		05/17/2019		12,781		(21,727	)		4.25
Call - Euro Stoxx 50 Index		3,375		05/17/2019		192		(21,727	)		4.25
Put - S&P 500 Index		2,730		05/31/2019		3,694		(21,609	)		4.22
Call - S&P 500 Index		2,895		05/31/2019		306		(21,609	)		4.22
Put - S&P 500 Index		2,870		06/28/2019		655		(20,371	)		3.98
Call - S&P 500 Index		3,010		06/28/2019		945		(20,371	)		3.98
Call - Euro Stoxx 50 Index		3,500		06/21/2019		534		(20,333	)		3.97
Put - Euro Stoxx 50 Index		3,325		06/21/2019		797		(20,333	)		3.97
Put - Euro Stoxx 50 Index		3,350		05/10/2019		2,252		(5,179	)		1.01
Call - Euro Stoxx 50 Index		3,450		05/10/2019		105		(5,179	)		1.01
Put - Euro Stoxx 50 Index		3,375		05/03/2019		7,374		(5,162	)		1.01
Call - Euro Stoxx 50 Index		3,475		05/03/2019		155		(5,162	)		1.01


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MSCBCSSB) of equity index options (continued)


Description	Strike Price		Expiration Date		Contracts		Value			Weight
Put - Euro Stoxx 50 Index	$	3,400		05/17/2019		460	$	(5,060	)		0.99	%
Call - Euro Stoxx 50 Index		3,500		05/17/2019		231		(5,060	)		0.99
Put - Euro Stoxx 50 Index		3,400		05/24/2019		269		(5,056	)		0.99
Call - Euro Stoxx 50 Index		3,500		05/24/2019		215		(5,056	)		0.99

WRITTEN OPTIONS CONTRACTS — At April 30, 2019, the Fund had the following written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls

SPX Index	UBS AG (London)		$2,928.270		05/17/2019		(22,892	)	$	(22,892	)	$	(825,287	)	$	(457,533	)	$	(367,754	)



Abbreviations:
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SPX Index		—S&P 500 Index


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 97.3%
Air Freight & Logistics – 1.0%
	45,915	FedEx Corp.	$	8,699,056

Automobiles – 0.3%
	45,460	Thor Industries, Inc.		2,994,450

Banks – 0.4%
	103,165	Bank OZK		3,368,337

Building Products – 1.2%
	94,295	A.O. Smith Corp.		4,957,088
	19,680	Lennox International, Inc.		5,342,136

				10,299,224

Capital Markets – 5.2%
	47,300	Ameriprise Financial, Inc.		6,942,221
	19,980	BlackRock, Inc.		9,695,095
	33,607	Evercore, Inc. Class A		3,274,330
	20,320	FactSet Research Systems, Inc.		5,605,678
	40,990	Moody’s Corp.		8,059,454
	85,980	SEI Investments Co.		4,681,611
	68,614	T. Rowe Price Group, Inc.		7,376,005

				45,634,394

Chemicals – 1.9%
	37,735	Ecolab, Inc.		6,946,259
	6,755	NewMarket Corp.		2,834,263
	15,117	The Sherwin-Williams Co.		6,875,665

				16,656,187

Commercial Services & Supplies – 0.6%
	142,145	Rollins, Inc.		5,496,747

Consumer Finance – 0.9%
	95,894	Discover Financial Services		7,814,402

Electric Utilities – 1.1%
	49,995	NextEra Energy, Inc.		9,721,028

Electrical Equipment – 0.8%
	37,965	Rockwell Automation, Inc.		6,860,655

Electronic Equipment, Instruments & Components – 3.2%
	79,160	Amphenol Corp. Class A		7,881,170
	228,105	Corning, Inc.		7,265,144
	90,582	National Instruments Corp.		4,266,412
	91,873	TE Connectivity Ltd.		8,787,653

				28,200,379

Energy Equipment & Services – 0.5%
	247,000	USA Compression Partners LP		4,184,180

Entertainment – 2.7%
	175,585	The Walt Disney Co.		24,049,877

Equity Real Estate Investment Trusts (REITs) – 2.5%
	51,040	Digital Realty Trust, Inc.		6,007,918
	40,780	Equity LifeStyle Properties, Inc.		4,759,026
	49,150	Extra Space Storage, Inc.		5,096,364
	29,575	Public Storage		6,541,398

				22,404,706


Common Stocks – (continued)
Food & Staples Retailing – 3.2%
	26,895	Casey’s General Stores, Inc.		3,559,553
	37,720	Costco Wholesale Corp.		9,261,392
	282,040	The Kroger Co.		7,270,991
	145,320	Walgreens Boots Alliance, Inc.		7,784,793

				27,876,729

Food Products – 1.5%
	169,840	Hormel Foods Corp.		6,783,409
	43,640	Ingredion, Inc.		4,134,890
	17,065	J&J Snack Foods Corp.		2,682,277

				13,600,576

Health Care Equipment & Supplies – 3.0%
	100,845	Danaher Corp.		13,355,912
	67,255	Stryker Corp.		12,705,142

				26,061,054

Health Care Providers & Services – 8.3%
	116,255	AmerisourceBergen Corp.		8,691,224
	191,045	Cardinal Health, Inc.		9,305,802
	16,255	Chemed Corp.		5,311,809
	243,801	CVS Health Corp.		13,257,898
	90,570	McKesson Corp.		10,800,473
	92,780	Quest Diagnostics, Inc.		8,942,136
	72,931	The Ensign Group, Inc.		3,757,405
	57,665	UnitedHealth Group, Inc.		13,439,982

				73,506,729

Hotels, Restaurants & Leisure – 1.9%
	51,075	Brinker International, Inc.		2,184,478
	54,543	Darden Restaurants, Inc.		6,414,257
	80,730	Yum! Brands, Inc.		8,427,404

				17,026,139

Independent Power and Renewable Electricity Producers – 0.2%
	40,200	NextEra Energy Partners LP		1,850,406

Industrial Conglomerates – 0.9%
	43,675	3M Co.		8,276,849

Insurance – 5.0%
	77,355	American Equity Investment Life Holding Co.		2,275,011
	50,204	American Financial Group, Inc.		5,197,620
	45,840	Aon PLC		8,257,618
	39,827	Assurant, Inc.		3,783,565
	118,820	Principal Financial Group, Inc.		6,791,751
	81,375	Prudential Financial, Inc.		8,602,151
	33,550	Reinsurance Group of America, Inc.		5,083,160
	31,095	The Hanover Insurance Group, Inc.		3,750,368

				43,741,244

IT Services – 7.7%
	60,182	Accenture PLC Class A		10,993,446
	54,162	Broadridge Financial Solutions, Inc.		6,398,157
	72,795	Fidelity National Information Services, Inc.		8,439,124


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
IT Services – (continued)
	68,570	International Business Machines Corp.	$	9,618,314
	39,580	Jack Henry & Associates, Inc.		5,899,795
	42,590	Mastercard, Inc. Class A		10,828,082
	259,440	The Western Union Co.		5,043,514
	64,450	Visa, Inc. Class A		10,597,513

				67,817,945

Leisure Products – 1.2%
	67,235	Hasbro, Inc.		6,848,557
	42,999	Polaris Industries, Inc.		4,145,104

				10,993,661

Machinery – 0.5%
	81,445	Donaldson Co., Inc.		4,360,565

Media – 6.3%
	282,969	CBS Corp. Class B		14,507,820
	498,745	Comcast Corp. Class A		21,710,409
	107,500	John Wiley & Sons, Inc. Class A		4,964,350
	183,565	Omnicom Group, Inc.		14,690,707

				55,873,286

Metals & Mining – 0.4%
	35,638	Reliance Steel & Aluminum Co.		3,277,271

Multi-Utilities – 1.6%
	119,531	CMS Energy Corp.		6,639,947
	98,760	WEC Energy Group, Inc.		7,745,747

				14,385,694

Oil, Gas & Consumable Fuels – 14.9%
	110,000	Alliance Resource Partners LP		2,119,700
	274,311	Antero Midstream Corp.		3,349,337
	93,000	BP Midstream Partners LP		1,344,780
	145,500	Cheniere Energy Partners LP		6,375,810
	228,000	Enable Midstream Partners LP		3,173,760
	1,066,800	Energy Transfer LP		16,130,016
	268,000	EnLink Midstream LLC		3,132,920
	535,400	Enterprise Products Partners LP		15,328,502
	75,500	EQM Midstream Partners LP		3,473,000
	280,877	Hess Midstream Partners LP		6,207,382
	78,561	Holly Energy Partners LP		2,136,074
	222,000	Magellan Midstream Partners LP		13,766,220
	392,100	MPLX LP		12,649,146
	82,787	Noble Midstream Partners LP		2,850,357
	93,000	ONEOK, Inc.		6,317,490
	112,500	Phillips 66 Partners LP		5,572,125
	172,500	Tallgrass Energy LP		4,164,150
	136,076	Targa Resources Corp.		5,463,451
	300,000	The Williams Cos., Inc.		8,499,000
	37,000	TransCanada Corp.		1,767,120
	83,500	Viper Energy Partners LP		2,807,270
	155,207	Western Midstream Partners LP		4,901,437

				131,529,047


Common Stocks – (continued)
Personal Products – 1.5%
	48,101	Nu Skin Enterprises, Inc. Class A		2,446,898
	60,190	The Estee Lauder Cos., Inc. Class A		10,341,244

				12,788,142

Pharmaceuticals – 0.7%
	124,400	Perrigo Co. PLC		5,961,248

Professional Services – 0.4%
	28,995	Insperity, Inc.		3,466,642

Semiconductors & Semiconductor Equipment –5.9%
	78,710	Analog Devices, Inc.		9,149,250
	205,415	Applied Materials, Inc.		9,052,639
	60,140	KLA-Tencor Corp.		7,666,647
	31,486	Power Integrations, Inc.		2,488,024
	163,015	QUALCOMM, Inc.		14,040,482
	81,495	Texas Instruments, Inc.		9,602,556

				51,999,598

Software – 1.3%
	86,440	Microsoft Corp.		11,289,064

Specialty Retail – 1.8%
	58,164	Aaron’s, Inc.		3,239,153
	97,270	Best Buy Co., Inc.		7,237,861
	217,530	The Gap, Inc.		5,673,182

				16,150,196

Technology Hardware, Storage & Peripherals –0.9%
	412,520	HP, Inc.		8,229,774

Textiles, Apparel & Luxury Goods – 3.6%
	44,310	Columbia Sportswear Co.		4,429,671
	120,845	NIKE, Inc. Class B		10,613,816
	26,075	Oxford Industries, Inc.		2,165,790
	44,510	Ralph Lauren Corp.		5,856,626
	91,123	VF Corp.		8,602,922

				31,668,825

Trading Companies & Distributors – 2.3%
	101,695	Fastenal Co.		7,174,582
	40,193	MSC Industrial Direct Co., Inc. Class A		3,362,145
	21,044	W.W. Grainger, Inc.		5,934,408
	26,119	Watsco, Inc.		4,139,078

				20,610,213

	TOTAL COMMON STOCKS
	(Cost $729,456,575)		$	858,724,519


Shares		Dividend Rate	Value

Investment Companies^(a) – 2.3%
	Goldman Sachs Financial Square Government Fund – Class R6 Shares
	19,759,363	2.464%	$	19,759,363


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND


Shares		Dividend Rate	Value

Investment Companies^(a) – (continued)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	533,304	2.464%	$	533,304

	TOTAL INVESTMENT COMPANIES
	(Cost $20,292,667)		$	20,292,667

	TOTAL INVESTMENTS – 99.6%
	(Cost $749,749,242)		$	879,017,186

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			3,449,812

	NET ASSETS – 100.0%		$	882,466,998



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

*		Non-income producing security.

(a)		Represents an affiliated issuer/fund.



Investment Abbreviations:
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500E-Mini Index		175		06/21/19	$	25,799,375	$	1,180,264


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2019 (Unaudited)


	Income Builder Fund		Rising Dividend Growth Fund
Assets:
Investments, at value (cost $1,368,084,881 and $729,456,575, respectively)	$	1,480,689,294	$	858,724,519
Investments of affiliated issuers, at value (cost $148,360,859 and $20,292,667, respectively)		148,387,682		20,292,667
Cash		22,548,646		446,728
Variation margin on futures contracts		436,683		61,204
Foreign currencies, at value (cost $146,356 and $0, respectively)		146,651		—
Unrealized gain on forward foreign currency exchange contracts		19,189		—
Receivables:
Collateral on certain derivative contracts^(a)		14,663,764		1,212,750
Dividends and interest		11,359,446		1,597,015
Investments sold		6,632,143		1,056,877
Fund shares sold		1,215,522		197,679
Foreign tax reclaims		71,822		2,404,959
Reimbursement from investment adviser		8,480		27,895
Investments sold on an extended settlement basis		8,448		—
Securities lending income		917		—
Other assets		85,362		121,758
Total assets		1,686,274,049		886,144,051

Liabilities:
Written option contracts, at value (premium received $457,533 and $0, respectively)		825,287		—
Variation margin on swaps contracts		718,400		—
Unrealized loss on swap contracts		511,814		—
Payables:
Investments purchased on an extended settlement basis		21,437,321		—
Collateral on reverse repurchase agreements		2,958,750		—
Fund shares redeemed		1,410,774		1,618,903
Management fees		668,776		541,499
Distribution and service fees and transfer agency fees		614,135		345,930
Investments purchased		173,785		1,046,473
Accrued expenses		193,636		124,248
Total liabilities		29,512,678		3,677,053

Net Assets:
Paid-in capital		1,618,440,393		733,867,803
Total distributable earnings (loss)		38,320,978		148,599,195
NET ASSETS	$	1,656,761,371	$	882,466,998
Net Assets:
Class A	$	304,096,308	$	222,806,745
Class C		468,138,070		243,382,325
Institutional		654,853,650		248,364,548
Investor		207,398,462		138,922,627
Class P		12,992,999		23,906,225
Class R		—		2,723,158
Class R6		9,281,882		2,361,370
Total Net Assets	$	1,656,761,371	$	882,466,998
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		13,298,630		19,909,239
Class C		20,830,886		21,413,579
Institutional		28,008,188		21,109,432
Investor		8,896,593		11,825,242
Class P		555,685		2,031,829
Class R		—		244,399
Class R6		397,104		200,737
Net asset value, offering and redemption price per share:^(b)
Class A	$	22.87	$	11.19
Class C		22.47		11.37
Institutional		23.38		11.77
Investor		23.31		11.75
Class P		23.38		11.77
Class R		—		11.14
Class R6		23.37		11.76

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps
Income Builder	$	3,727,500	$	10,936,264

Rising Dividend Growth		1,212,750		—

(b)

Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $24.20 and $11.84, 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 or the original purchase price of the shares.


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2019 (Unaudited)


	Income Builder Fund			Rising Dividend Growth Fund
Investment income:

Interest	$	26,861,941		$	44,726

Dividends — unaffiliated issuers (net of foreign withholding taxes of $272,970 and $2,849)		10,710,435			9,920,793

Dividends — affiliated issuers		1,868,857			322,926

Securities lending income — affiliated issuer		4,911			6,876

Total investment income		39,446,144			10,295,321

Expenses:

Management fees		4,267,523			3,610,213

Distribution and/or Service fees^(a)		2,676,700			1,619,332

Transfer Agency fees^(a)		1,014,925			652,769

Custody, accounting and administrative services		128,762			67,801

Registration fees		67,120			76,474

Professional fees		62,540			69,666

Printing and mailing costs		42,850			25,671

Trustee fees		9,486			9,043

Other		7,431			11,707

Total expenses		8,277,337			6,142,676

Less — expense reductions		(255,922	)		(277,740	)

Net expenses		8,021,415			5,864,936

NET INVESTMENT INCOME		31,424,729			4,430,385

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(11,048,409	)		46,021,665

Investments — affiliated issuers		(3,456,716	)		—

Futures contracts		(2,439,847	)		1,523,184

Written options		(2,491,610	)		—

Swap contracts		3,141,661			—

Forward foreign currency exchange contracts		(185,066	)		—

Foreign currency transactions		115,580			—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		79,676,778			16,199,363

Investments — affiliated issuers		7,300,714			—

Futures contracts		12,055,980			3,425,057

Written options		(367,754	)		—

Swap contracts		3,981,027			—

Forward foreign currency exchange contracts		32,401			—

Foreign currency translation		(12,083	)		—

Net realized and unrealized gain		86,302,656			67,169,269

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	117,727,385		$	71,599,654

(a)

Class specific Distribution 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		Investor		Class P		Class R		Class R6
Income Builder	$	371,533	$	2,305,167	$	—	$	267,504	$	414,931	$	127,726	$	201,842	$	2,008	$	—	$	914
Rising Dividend Growth		290,724		1,321,134		7,474		209,321		237,803		56,308		142,325		4,126		2,691		195


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets


	Income Builder Fund						Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	31,424,729		$	68,390,555		$	4,430,385		$	6,671,563

Net realized gain (loss)		(16,364,407	)		25,984,073			47,544,849			534,353,974

Net change in unrealized gain (loss)		102,667,063			(111,004,711	)		19,624,420			(419,146,159	)
Net increase (decrease) in net assets resulting from operations		117,727,385			(16,630,083	)		71,599,654			121,879,378

Distributions to shareholders:

From distributable earnings:

Class A Shares		(5,770,790	)		(12,517,684	)		(120,481,299	)		(68,626,546	)

Class C Shares		(7,385,743	)		(16,065,974	)		(141,357,341	)		(81,567,378	)

Institutional Shares		(13,308,218	)		(29,183,012	)		(162,480,152	)		(124,315,111	)

Investor Shares		(4,512,047	)		(10,376,835	)		(82,660,780	)		(63,337,794	)

Class P Shares^(a)		(276,541	)		(266,588	)		(16,095,647	)		(714,643	)

Class R Shares		—			—			(1,498,030	)		(876,021	)

Class R6 Shares^(b)		(138,321	)		(1,664	)		(31,478	)		(206	)

Return of capital:

Class A Shares		—			(396,253	)		—			—

Class C Shares		—			(629,266	)		—			—

Institutional Shares		—			(848,901	)		—			—

Investor Shares		—			(312,980	)		—			—

Class P Shares^(a)		—			(13,057	)		—			—

Class R6 Shares^(b)		—			(50	)		—			—

Total distributions to shareholders		(31,391,660	)		(70,612,264	)		(524,604,727	)		(339,437,699	)

From share transactions:

Proceeds from sales of shares		167,100,353			362,634,067			139,393,350			177,893,913

Reinvestment of distributions		28,091,730			63,231,528			468,462,943			302,328,491

Cost of shares redeemed		(346,520,491	)		(744,673,467	)		(615,650,392	)		(879,243,018	)

Net decrease in net assets resulting from share transactions		(151,328,408	)		(318,807,872	)		(7,794,099	)		(399,020,614	)

TOTAL DECREASE		(64,992,683	)		(406,050,219	)		(460,799,172	)		(616,578,935	)

Net assets:
Beginning of period		1,721,754,054			2,127,804,273			1,343,266,170			1,959,845,105

End of period	$	1,656,761,371		$	1,721,754,054		$	882,466,998		$	1,343,266,170

(a)

Commenced operations on April 16, 2018.

(b)

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


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Builder Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.67		$	22.72		$	21.60		$	21.77		$	22.83		$	22.47

Net investment income^(a)		0.42			0.80			0.79			0.79			0.84			0.89

Net realized and unrealized gain (loss)		1.20			(1.02	)		1.17			(0.16	)		(0.99	)		0.64

Total from investment operations		1.62			(0.22	)		1.96			0.63			(0.15	)		1.53

Distributions to shareholders from net investment income		(0.42	)		(0.80	)		(0.80	)		(0.80	)		(0.82	)		(0.96	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.21	)

Distributions to shareholders from return of capital		—			(0.03	)		(0.04	)		—			(0.09	)		—

Total distributions		(0.42	)		(0.83	)		(0.84	)		(0.80	)		(0.91	)		(1.17	)

Net asset value, end of period	$	22.87		$	21.67		$	22.72		$	21.60		$	21.77		$	22.83

Total return^(b)		7.59	%		(1.03	)%		9.21	%		3.04	%		(0.70	)%		6.96	%

Net assets, end of period (in 000s)	$	304,096		$	309,719		$	387,349		$	574,574		$	708,457		$	660,692

Ratio of net expenses to average net assets		0.96	%^(c)		0.97	%		0.98	%		0.98	%		0.97	%		0.95	%

Ratio of total expenses to average net assets		0.99	%^(c)		1.02	%		1.10	%		1.10	%		1.10	%		1.13	%

Ratio of net investment income (loss) to average net assets		3.85	%^(c)		3.54	%		3.55	%		3.75	%		3.73	%		3.89	%

Portfolio turnover rate^(d)		16	%		42	%		51	%		80	%		57	%		52	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Builder Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.31		$	22.35		$	21.26		$	21.45		$	22.51		$	22.17

Net investment income^(a)		0.33			0.62			0.61			0.62			0.66			0.70

Net realized and unrealized gain (loss)		1.17			(1.00	)		1.16			(0.16	)		(0.98	)		0.65

Total from investment operations		1.50			(0.38	)		1.77			0.46			(0.32	)		1.35

Distributions to shareholders from net investment income		(0.34	)		(0.64	)		(0.65	)		(0.65	)		(0.66	)		(0.80	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.21	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			(0.08	)		—

Total distributions		(0.34	)		(0.66	)		(0.68	)		(0.65	)		(0.74	)		(1.01	)

Net asset value, end of period	$	22.47		$	21.31		$	22.35		$	21.26		$	21.45		$	22.51

Total return^(b)		7.13	%		(1.74	)%		8.41	%		2.25	%		(1.44	)%		6.20	%

Net assets, end of period (in 000s)	$	468,138		$	475,897		$	619,357		$	682,819		$	704,566		$	530,983

Ratio of net expenses to average net assets		1.71	%^(c)		1.72	%		1.73	%		1.73	%		1.72	%		1.70	%

Ratio of total expenses to average net assets		1.74	%^(c)		1.77	%		1.85	%		1.85	%		1.85	%		1.88	%

Ratio of net investment income to average net assets		3.10	%^(c)		2.79	%		2.79	%		2.98	%		2.98	%		3.10	%

Portfolio turnover rate^(d)		16	%		42	%		51	%		80	%		57	%		52	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Builder Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	22.15		$	23.20		$	22.04		$	22.20		$	23.25		$	22.86

Net investment income^(a)		0.47			0.90			0.90			0.89			0.94			1.01

Net realized and unrealized gain (loss)		1.23			(1.03	)		1.19			(0.17	)		(0.99	)		0.64

Total from investment operations		1.70			(0.13	)		2.09			0.72			(0.05	)		1.65

Distributions to shareholders from net investment income		(0.47	)		(0.89	)		(0.88	)		(0.88	)		(0.90	)		(1.05	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.21	)

Distributions to shareholders from return of capital		—			(0.03	)		(0.05	)		—			(0.10	)		—

Total distributions		(0.47	)		(0.92	)		(0.93	)		(0.88	)		(1.00	)		(1.26	)

Net asset value, end of period	$	23.38		$	22.15		$	23.20		$	22.04		$	22.20		$	23.25

Total return^(b)		7.77	%		(0.63	)%		9.64	%		3.42	%		(0.25	)%		7.39	%

Net assets, end of period (in 000s)	$	654,854		$	680,661		$	818,309		$	740,182		$	766,537		$	644,757

Ratio of net expenses to average net assets		0.57	%^(c)		0.58	%		0.58	%		0.58	%		0.57	%		0.55	%

Ratio of total expenses to average net assets		0.60	%^(c)		0.63	%		0.70	%		0.70	%		0.70	%		0.73	%

Ratio of net investment income to average net assets		4.24	%^(c)		3.93	%		3.93	%		4.13	%		4.13	%		4.31	%

Portfolio turnover rate^(d)		16	%		42	%		51	%		80	%		57	%		52	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Builder Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	22.09		$	23.14		$	21.98		$	22.14		$	23.20		$	22.81

Net investment income^(a)		0.46			0.87			0.86			0.85			0.91			0.96

Net realized and unrealized gain (loss)		1.21			(1.03	)		1.20			(0.16	)		(1.01	)		0.66

Total from investment operations		1.67			(0.16	)		2.06			0.69			(0.10	)		1.62

Distributions to shareholders from net investment income		(0.45	)		(0.86	)		(0.85	)		(0.85	)		(0.86	)		(1.02	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.21	)

Distributions to shareholders from return of capital		—			(0.03	)		(0.05	)		—			(0.10	)		—

Total distributions		(0.45	)		(0.89	)		(0.90	)		(0.85	)		(0.96	)		(1.23	)

Net asset value, end of period	$	23.31		$	22.09		$	23.14		$	21.98		$	22.14		$	23.20

Total return^(b)		7.67	%		(0.77	)%		9.51	%		3.28	%		(0.45	)%		7.24	%

Net assets, end of period (in 000s)	$	207,398		$	239,226		$	302,778		$	142,813		$	130,575		$	94,528

Ratio of net expenses to average net assets		0.71	%^(c)		0.72	%		0.73	%		0.73	%		0.72	%		0.70	%

Ratio of total expenses to average net assets		0.74	%^(c)		0.77	%		0.85	%		0.85	%		0.85	%		0.88	%

Ratio of net investment income to average net assets		4.11	%^(c)		3.79	%		3.77	%		3.96	%		3.98	%		4.13	%

Portfolio turnover rate^(d)		16	%		42	%		51	%		80	%		57	%		52	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Builder Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	22.15		$	22.95

Net investment income^(b)		0.47			0.45

Net realized and unrealized gain (loss)		1.23			(0.71	)

Total from investment operations		1.70			(0.26	)

Distributions to shareholders from net investment income		(0.47	)		(0.51	)

Distributions to shareholders from return of capital		—			(0.03	)

Total distributions		(0.47	)		(0.54	)

Net asset value, end of period	$	23.38		$	22.15

Total return^(c)		7.77	%		(1.18	)%

Net assets, end of period (in 000s)	$	12,993		$	16,122

Ratio of net expenses to average net assets		0.56	%^(d)		0.58	%^(d)

Ratio of total expenses to average net assets		0.59	%^(d)		0.58	%^(d)

Ratio of net investment income to average net assets		4.26	%^(d)		3.60	%^(d)

Portfolio turnover rate^(e)		16	%		42	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Income Builder Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015^(a)
Per Share Data

Net asset value, beginning of period	$	22.15		$	23.20		$	22.04		$	22.20		$	22.83

Net investment income^(b)		0.47			0.85			0.90			0.89			0.18

Net realized and unrealized gain (loss)		1.22			(0.98	)		1.19			(0.17	)		(0.56	)

Total from investment operations		1.69			(0.13	)		2.09			0.72			(0.38	)

Distributions to shareholders from net investment income		(0.47	)		(0.89	)		(0.88	)		(0.88	)		(0.22	)

Distributions to shareholders from return of capital		—			(0.03	)		(0.05	)		—			(0.03	)

Total distributions		(0.47	)		(0.92	)		(0.93	)		(0.88	)		(0.25	)

Net asset value, end of period	$	23.37		$	22.15		$	23.20		$	22.04		$	22.20

Total return^(c)		7.73	%		(0.62	)%		9.69	%		3.38	%		(1.63	)%

Net assets, end of period (in 000s)	$	9,282		$	130		$	11		$	10		$	10

Ratio of net expenses to average net assets		0.56	%^(d)		0.57	%		0.57	%		0.58	%		0.58	%^(d)

Ratio of total expenses to average net assets		0.59	%^(d)		0.61	%		0.69	%		0.70	%		0.69	%^(d)

Ratio of net investment income to average net assets		4.20	%^(d)		3.72	%		3.93	%		4.12	%		3.15	%^(d)

Portfolio turnover rate^(e)		16	%		42	%		51	%		80	%		57	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	19.56		$	22.54		$	19.66		$	20.68		$	21.25		$	18.50

Net investment income^(a)		0.06			0.09			0.11			0.07			0.06			0.03

Net realized and unrealized gain (loss)		0.72			1.25			3.48			(0.83	)		(0.42	)		2.88

Total from investment operations		0.78			1.34			3.59			(0.76	)		(0.36	)		2.91

Distributions to shareholders from net investment income		(0.11	)		(0.28	)		(0.25	)		(0.12	)		(0.10	)		(0.07	)

Distributions to shareholders from net realized gains		(9.04	)		(4.04	)		(0.46	)		(0.14	)		—			—

Distributions to shareholders from return of capital		—			—			—			—			(0.11	)		(0.09	)

Total distributions		(9.15	)		(4.32	)		(0.71	)		(0.26	)		(0.21	)		(0.16	)

Net asset value, end of period	$	11.19		$	19.56		$	22.54		$	19.66		$	20.68		$	21.25

Total return^(b)		9.37	%		6.27	%		18.59	%		(3.71	)%		(1.72	)%		15.81	%

Net assets, end of period (in 000s)	$	222,807		$	297,772		$	370,204		$	697,430		$	1,054,093		$	1,063,292

Ratio of net expenses to average net assets		1.17	%^(c)		1.17	%		1.16	%		1.14	%		1.13	%		1.15	%

Ratio of total expenses to average net assets		1.23	%^(c)		1.20	%		1.19	%		1.16	%		1.15	%		1.16	%

Ratio of net investment income (loss) to average net assets		0.94	%^(c)		0.42	%		0.52	%		0.35	%		0.28	%		0.13	%

Portfolio turnover rate^(d)		30	%		101	%		45	%		16	%		25	%		12	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	19.71		$	22.69		$	19.79		$	20.84		$	21.41		$	18.65

Net investment income (loss)^(a)		0.01			(0.07	)		(0.05	)		(0.08	)		(0.10	)		(0.13	)

Net realized and unrealized gain (loss)		0.75			1.26			3.50			(0.84	)		(0.42	)		2.92

Total from investment operations		0.76			1.19			3.45			(0.92	)		(0.52	)		2.79

Distributions to shareholders from net investment income		(0.06	)		(0.13	)		(0.13	)		(0.06	)		(0.02	)		(0.02	)

Distributions to shareholders from net realized gains		(9.04	)		(4.04	)		(0.42	)		(0.07	)		—			—

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)		(0.01	)

Total distributions		(9.10	)		(4.17	)		(0.55	)		(0.13	)		(0.05	)		(0.03	)

Net asset value, end of period	$	11.37		$	19.71		$	22.69		$	19.79		$	20.84		$	21.41

Total return^(b)		8.99	%		5.49	%		17.68	%		(4.43	)%		(2.44	)%		14.93	%

Net assets, end of period (in 000s)	$	243,382		$	348,220		$	463,110		$	571,438		$	732,998		$	632,859

Ratio of net expenses to average net assets		1.92	%^(c)		1.92	%		1.91	%		1.89	%		1.88	%		1.90	%

Ratio of total expenses to average net assets		1.98	%^(c)		1.95	%		1.94	%		1.91	%		1.90	%		1.91	%

Ratio of net investment income (loss) to average net assets		0.20	%^(c)		(0.33	)%		(0.23	)%		(0.40	)%		(0.47	)%		(0.63	)%

Portfolio turnover rate^(d)		30	%		101	%		45	%		16	%		25	%		12	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	20.08		$	23.02		$	20.08		$	21.12		$	21.69		$	18.88

Net investment income^(a)		0.09			0.18			0.20			0.15			0.15			0.11

Net realized and unrealized gain (loss)		0.77			1.28			3.55			(0.85	)		(0.43	)		2.94

Total from investment operations		0.86			1.46			3.75			(0.70	)		(0.28	)		3.05

Distributions to shareholders from net investment income		(0.13	)		(0.36	)		(0.31	)		(0.15	)		(0.14	)		(0.11	)

Distributions to shareholders from net realized gains		(9.04	)		(4.04	)		(0.50	)		(0.19	)		—			—

Distributions to shareholders from return of capital		—			—			—			—			(0.15	)		(0.13	)

Total distributions		(9.17	)		(4.40	)		(0.81	)		(0.34	)		(0.29	)		(0.24	)

Net asset value, end of period	$	11.77		$	20.08		$	23.02		$	20.08		$	21.12		$	21.69

Total return^(b)		9.60	%		6.75	%		19.01	%		(3.35	)%		(1.29	)%		16.26	%

Net assets, end of period (in 000s)	$	248,365		$	425,555		$	759,274		$	958,317		$	1,476,799		$	1,509,224

Ratio of net expenses to average net assets		0.79	%^(c)		0.78	%		0.76	%		0.74	%		0.73	%		0.75	%

Ratio of total expenses to average net assets		0.84	%^(c)		0.81	%		0.79	%		0.76	%		0.74	%		0.76	%

Ratio of net investment income to average net assets		1.36	%^(c)		0.83	%		0.92	%		0.74	%		0.67	%		0.52	%

Portfolio turnover rate^(d)		30	%		101	%		45	%		16	%		25	%		12	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	20.07		$	23.01		$	20.07		$	21.10		$	21.68		$	18.87

Net investment income^(a)		0.08			0.14			0.17			0.12			0.11			0.07

Net realized and unrealized gain (loss)		0.76			1.29			3.54			(0.84	)		(0.43	)		2.95

Total from investment operations		0.84			1.43			3.71			(0.72	)		(0.32	)		3.02

Distributions to shareholders from net investment income		(0.12	)		(0.33	)		(0.27	)		(0.14	)		(0.13	)		(0.10	)

Distributions to shareholders from net realized gains		(9.04	)		(4.04	)		(0.50	)		(0.17	)		—			—

Distributions to shareholders from return of capital		—			—			—			—			(0.13	)		(0.11	)

Total distributions		(9.16	)		(4.37	)		(0.77	)		(0.31	)		(0.26	)		(0.21	)

Net asset value, end of period	$	11.75		$	20.07		$	23.01		$	20.07		$	21.10		$	21.68

Total return^(b)		9.52	%		6.56	%		18.85	%		(3.45	)%		(1.49	)%		16.10	%

Net assets, end of period (in 000s)	$	138,923		$	227,158		$	362,752		$	272,442		$	437,422		$	428,787

Ratio of net expenses to average net assets		0.92	%^(c)		0.92	%		0.91	%		0.89	%		0.88	%		0.90	%

Ratio of total expenses to average net assets		0.98	%^(c)		0.95	%		0.94	%		0.91	%		0.89	%		0.91	%

Ratio of net investment income to average net assets		1.22	%^(c)		0.68	%		0.79	%		0.59	%		0.53	%		0.37	%

Portfolio turnover rate^(d)		30	%		101	%		45	%		16	%		25	%		12	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	20.08		$	20.21

Net investment income (loss)^(b)		0.09			(0.04	)

Net realized and unrealized gain		0.77			0.25

Total from investment operations		0.86			0.21

Distributions to shareholders from net investment income		(0.13	)		(0.21	)

Distributions to shareholder from net realized gains		(9.04	)		(0.13	)

Total distributions		(9.17	)		(0.34	)

Net asset value, end of period	$	11.77		$	20.08

Total return^(c)		9.61	%		1.03	%

Net assets, end of period (in 000s)	$	23,906		$	41,067

Ratio of net expenses to average net assets		0.78	%^(d)		0.77	%^(d)

Ratio of total expenses to average net assets		0.83	%^(d)		0.81	%^(d)

Ratio of net investment income (loss) to average net assets		1.35	%^(d)		(0.37	)%^(d)

Portfolio turnover rate^(e)		30	%		101	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	19.51		$	22.49		$	19.63		$	20.66		$	21.20		$	18.46

Net investment income (loss)^(a)		0.04			0.04			0.06			0.02			0.01			(0.03	)

Net realized and unrealized gain (loss)		0.72			1.25			3.47			(0.84	)		(0.43	)		2.89

Total from investment operations		0.76			1.29			3.53			(0.82	)		(0.42	)		2.86

Distributions to shareholders from net investment income		(0.09	)		(0.23	)		(0.21	)		(0.08	)		(0.06	)		(0.06	)

Distributions to shareholders from net realized gains		(9.04	)		(4.04	)		(0.46	)		(0.13	)		—			—

Distributions to shareholders from return of capital		—			—			—			—			(0.06	)		(0.06	)

Total distributions		(9.13	)		(4.27	)		(0.67	)		(0.21	)		(0.12	)		(0.12	)

Net asset value, end of period	$	11.14		$	19.51		$	22.49		$	19.63		$	20.66		$	21.20

Total return^(b)		9.18	%		6.07	%		18.27	%		(3.96	)%		(2.00	)%		15.53	%

Net assets, end of period (in 000s)	$	2,723		$	3,484		$	4,506		$	4,749		$	3,740		$	7,268

Ratio of net expenses to average net assets		1.42	%^(c)		1.42	%		1.41	%		1.39	%		1.38	%		1.40	%

Ratio of total expenses to average net assets		1.48	%^(c)		1.45	%		1.44	%		1.41	%		1.39	%		1.41	%

Ratio of net investment income (loss) to average net assets		0.70	%^(c)		0.18	%		0.27	%		0.10	%		0.05	%		(0.14	)%

Portfolio turnover rate^(d)		30	%		101	%		45	%		16	%		25	%		12	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Rising Dividend Growth Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	20.08		$	20.18

Net investment income^(b)		0.08			0.02

Net realized and unrealized gain		0.77			0.29

Total from investment operations		0.85			0.31

Distributions to shareholders from net investment income		(0.13	)		(0.28	)

Distributions to shareholders from net realized gains		(9.04	)		(0.13	)

Total distributions		(9.17	)		(0.41	)

Net asset value, end of period	$	11.76		$	20.08

Total return^(c)		9.53	%		1.54	%

Net assets, end of period (in 000s)	$	2,361		$	10

Ratio of net expenses to average net assets		0.79	%^(d)		0.77	%^(d)

Ratio of total expenses to average net assets		0.83	%^(d)		0.80	%^(d)

Ratio of net investment income to average net assets		1.36	%^(d)		0.16	%^(d)

Portfolio turnover rate^(e)		30	%		101	%

(a)

Commenced operations on February 28, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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 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 Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A 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. 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 Statements 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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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/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, Transfer Agency and Service 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 theex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


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

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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 a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-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.

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts.Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price 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.

Aforward foreign currency exchange contractis a forward contract in which a 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, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When a 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 and/or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and 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 a 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 a 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 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, a 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 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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 total return swap is an agreement that gives a 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, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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

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

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

B. Level 3 Fair Value Investments —To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2019:



INCOME BUILDER

Investment Type	Level 1			Level 2			Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	8,390,455		$	—		$	—

Europe		111,273,566			5,775,190			—

North America		493,694,128			—			—

Preferred Stock		—			9,485,216			—

Fixed Income

Corporate Obligations		—			676,486,368			—

Mortgage-Backed Obligations		—			374,099			—

Bank Loans		—			168,038,644			—

U.S. Treasury Obligations		1,718,211			—			—

Investment Companies		148,387,682			—			—

Short-term Investments		—			5,453,417			—

Total	$	763,464,042		$	865,612,934		$	—

Liabilities

Reverse Repurchase Agreements	$	—		$	(2,958,750	)	$	—

Derivative Type

Assets^(b)

Forward Foreign Currency Exchange Contracts	$	—		$	19,189		$	—

Futures Contracts		5,141,971			—			—

Interest Rate Swap Contracts		—			1,529,521			—

Total	$	5,141,971		$	1,548,710		$	—

Liabilities

Futures Contracts^(b)	$	(78,790	)	$	—		$	—

Total Return Swap Contracts^(b)		—			(511,814	)		—

Written Option Contracts		—			(825,287	)		—

Total	$	(78,790	)	$	(1,337,101	)	$	—

(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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



RISING DIVIDEND GROWTH

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	33,999,965	$	—	$	—

North America		824,724,554		—		—

Investment Companies		20,292,667		—		—

Total	$	879,017,186	$	—	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	1,180,264	$	—	$	—

(a)

(b)

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on swap contracts; Variation margin on futures contracts

2,635,755

^(a)

Variation margin on futures contracts

(78,790)

^(a)

Equity

Variation margin on futures contracts

4,035,737

^(a)

Payable for unrealized loss on swap contracts; Written options, at value

(1,337,101)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

19,189

—

Total

6,690,681

(1,415,891)

Rising Dividend Growth

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Equity

Variation margin on futures contracts

1,180,264

^(a)

—

(a)

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

(b)

Aggregate of amounts include $511,814 for the Income Builder Fund, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with theclose-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

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


Income Builder
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain		Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) from futures contracts and swap contracts	$	5,638,888		$	6,542,810		960
Equity	Net realized gain (loss) from futures contracts, swap contracts and written options/Net change in unrealized gain (loss) futures contracts, swap contracts and written options		(7,428,684	)		9,126,443		497
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(185,066	)		32,401		1
Total		$	(1,974,862	)	$	15,701,654		1,458

Rising Dividend Growth

Risk

Statements of Operations

Net Realized
Gain (Loss)

Net Change in
Unrealized
Gain

Average
Number of
Contracts^(a)

Equity

Net realized gain (loss) from futures/Net change in unrealized gain (loss) futures

1,523,184

3,425,057

317

(a)

Average number of contracts is based on the average of month end balances for the six months period ended April 30, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Income Builder		0.54	%		0.49	%		0.46	%		0.45	%		0.44	%		0.52	%		0.49	%
Rising Dividend Growth		0.75			0.68			0.64			0.63			0.62			0.75			0.74

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Class R6 Shares of the Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs High Yield Fund, and Goldman Sachs Local Emerging Markets Debt Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the six months ended April 30, 2019, the management fee waived by GSAM was for each Fund as follows:


Fund	Management Fee Waived
Income Builder	$	216,643
Rising Dividend Growth		22,956

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 Rule12b-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 Rule12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.


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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2019 , Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class C
Income Builder	$	20,921	$	—
Rising Dividend Growth		10,614		22

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

Effective February 28, 2019, Goldman Sachs has agreed to waive a portion of its transfer agency fees by an amount equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund. This arrangement will remain in effect through at least February 28, 2020, and prior to such date, 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 reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.034% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Transfer Agency Waivers/ Credits		Other Expense Reimbursements		Total Expense Reductions
Income Builder	$	216,643	$	—	$	39,279	$	255,922
Rising Dividend Growth		22,956		62,309		192,475		277,740

G. Line of Credit Facility — As of April 30, 2019, the Funds participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019, the facility was $770,000,000.

H. Other Transactions with Affiliates— For the six months ended April 30, 2019, Goldman Sachs earned $10,769 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder Fund.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Underlying Funds For the six months ended April 30, 2019:


Fund	Underlying Fund		Beginning Value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Ending Value as of April 30, 2019		Shares as of April 30, 2019		Dividend Income
Income Builder		Goldman Sachs Emerging Markets Debt Fund — Class R6 Shares	$	14,482,024	$	324,264	$	(2,000,000	)	$	(66,896	)	$	881,553	$	13,620,945		1,121,989	$	324,264
		Goldman Sachs Emerging Markets Equity Fund — Class R6 Shares		13,919,890		114,532		(14,200,000	)		(2,869,142	)		3,088,298		53,578		2,489		114,533
		Goldman Sachs Financial Square Government Fund — Institutional Shares		34,687,589		205,097,206		(151,620,133	)		—			—		88,164,662		88,164,662		608,403
		Goldman Sachs Financial Square Government Fund — Class R6 Shares		21,433,835		207,715,923		(208,295,954	)		—			—		20,853,804		20,853,804		145,224
		Goldman Sachs High Yield Fund — Class R6 Shares		49,242		1,466		—			—			1,220		51,928		8,101		1,466
		Goldman Sachs Local Emerging Markets Debt Fund — Class R6 Shares		29,205,566		674,968		(5,700,000	)		(520,678	)		1,982,909		25,642,765		4,483,001		674,967

Total			$	113,778,146	$	413,928,359	$	(381,816,087	)	$	(3,456,716	)	$	5,953,980	$	148,387,682			$	1,868,857
Rising Dividend Growth		Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	5,588,872		$ (5,055,568)		$	—		$	—	$	533,304		533,304	$	2,707
		Goldman Sachs Financial Square Government Fund — Class R6 Shares		15,556,632		452,853,160		(448,650,429	)		—			—		19,759,363		19,759,363		320,219

			$	15,556,632	$	458,442,032	$	(453,705,997	)	$	—		$	—	$	20,292,667			$	322,926

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 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 April 30, 2019, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Income Builder	$	—	$	246,618,917	$	11,340,713	$	410,676,681
Rising Dividend Growth		—		293,031,060		—		799,996,487

The table below summarizes the reverse repurchase agreement activity for the six months ended April 30, 2019:


Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Income Builder	$	2,958,750		(0.013	)%		96

The following table sets forth the Funds’ different types of investments pledged as collateral and the remaining contractual maturities of the reverse repurchase agreements as of April 30, 2019:


	Remaining Contractual Maturity of the Agreements As of April 30, 2019
	Overnight and Continuous		<30 days		Between 30 and 90 days		>90 days		Total

Reverse Repurchase Agreements
Corporate Obligations	$	—	$	—	$	—	$	2,958,750	$	2,958,750

Total Borrowings	$	—	$	—	$	—	$	2,958,750	$	2,958,750
Gross amount of recognized liabilities for reverse repurchase agreements									$	2,958,750

7. SECURITIES LENDING

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

7. SECURITIES LENDING (continued)

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, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The 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 April 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2019, are reported under Investment Income on the Statements of Operations.

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


	For the Six Months Ended April 30, 2019				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2019
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Rising Dividend Growth	$	768	$	—	$	—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2019.


Fund	Beginning value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2019		Shares as of April 30, 2019
Income Builder	$	—	$	14,786,797	$	(14,786,797	)	$	—		—
Rising Dividend Growth		—		34,850,648		(34,850,648	)		—		—

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2018, the Funds’ capital loss carryforwards on a tax basis were as follows:


	Income Builder			Rising Dividend Growth
Capital loss carryforwards:
Perpetual Short-Term	$	(35,423,940	)	$	—
Perpetual Long-Term		(35,237,614	)		—
Total capital loss carryforwards	$	(70,661,554	)	$	—

As of April 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Income Builder			Rising Dividend Growth
Tax Cost	$	1,509,526,458		$	755,726,374
Gross unrealized gain		152,534,438			160,686,406
Gross unrealized loss		(32,983,920	)		(37,395,594	)
Net unrealized gains (losses)	$	119,550,518		$	123,290,812

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 contracts and foreign currency contracts, differences to the tax treatment of underlying fund investments, partnership investments, swap transactions, and modification of debt securities.

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

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (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 Funds invest. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody,

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

9. OTHER RISKS (continued)

may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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

Large Shareholder Transactions Risk— A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use ofnon-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.

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

Liquidity Risk— A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period 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. 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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

9. OTHER RISKS (continued)

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

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

Market and Credit Risks — In the normal course of business, a Fund trades 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 the Fund has unsettled or open transactions defaults.

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

Short Position Risk — The Funds may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Funds may purchase for investment. Taking short positions involves leverage of the Funds’ assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Funds have taken a short position increases, then the Funds will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Funds use the proceeds they receive from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Funds to the markets and therefore could magnify changes to the Funds’ NAV.

10. INDEMNIFICATIONS

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

10. INDEMNIFICATIONS (continued)

exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU)2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

12. SUBSEQUENT EVENTS

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Income Builder Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		791,284		$	17,342,979			1,785,092		$	40,204,213
Reinvestment of distributions		250,568			5,508,788			548,582			12,291,013
Shares redeemed		(2,034,252	)		(44,069,186	)		(5,090,064	)		(114,234,110	)
		(992,400	)		(21,217,419	)		(2,756,390	)		(61,738,884	)
Class C Shares
Shares sold		1,077,483		$	23,075,210			1,851,990		$	41,074,070
Reinvestment of distributions		309,085			6,683,138			685,018			15,096,254
Shares redeemed		(2,891,215	)		(62,057,106	)		(7,909,622	)		(174,679,951	)
		(1,504,647	)		(32,298,758	)		(5,372,614	)		(118,509,627	)
Institutional Shares
Shares sold		3,193,170			71,451,916			9,311,756			215,175,360
Reinvestment of distributions		488,494			10,975,319			1,086,788			24,874,912
Shares redeemed		(6,403,647	)		(141,230,383	)		(14,935,164	)		(343,676,196	)
		(2,721,983	)		(58,803,148	)		(4,536,620	)		(103,625,924	)
Investor Shares
Shares sold		1,940,958			42,785,072			2,073,883			47,605,287
Reinvestment of distributions		201,663			4,511,962			468,350			10,689,253
Shares redeemed		(4,077,856	)		(90,977,686	)		(4,796,110	)		(109,846,752	)
		(1,935,235	)		(43,680,652	)		(2,253,877	)		(51,552,212	)
Class P Shares^(a)
Shares sold		18,803			400,791			813,199			18,451,567
Reinvestment of distributions		12,318			276,541			12,301			279,645
Shares redeemed		(203,263	)		(4,497,733	)		(97,673	)		(2,236,043	)
		(172,142	)		(3,820,401	)		727,827			16,495,169
Class R6 Shares
Shares sold		547,530			12,044,385			5,382			123,570
Reinvestment of distributions		5,961			135,982			21			451
Shares redeemed		(162,252	)		(3,688,397	)		(19	)		(415	)
		391,239			8,491,970			5,384			123,606

NET DECREASE		(6,935,168	)	$	(151,328,408	)		(14,186,290	)	$	(318,807,872	)

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Rising Dividend Growth Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,174,459		$	22,912,485			1,251,756		$	25,564,840
Reinvestment of distributions		11,215,175			113,713,878			3,291,672			64,533,940
Shares redeemed		(8,704,893	)		(109,777,976	)		(5,745,663	)		(116,707,958	)
		4,684,741			26,848,387			(1,202,235	)		(26,609,178	)
Class C Shares
Shares sold		1,803,251		$	19,194,636			987,628		$	19,971,825
Reinvestment of distributions		12,047,712			123,788,099			3,608,555			71,210,377
Shares redeemed		(10,100,487	)		(125,198,507	)		(7,347,614	)		(151,191,571	)
		3,750,476			17,784,228			(2,751,431	)		(60,009,369	)
Institutional Shares
Shares sold		5,477,872			77,983,687			3,048,075			63,011,397
Reinvestment of distributions		12,298,804			131,093,947			5,070,695			101,991,902
Shares redeemed		(17,856,324	)		(243,739,803	)		(19,906,472	)		(423,748,047	)
		(79,648	)		(34,662,169	)		(11,787,702	)		(258,744,748	)
Investor Shares
Shares sold		1,387,145			15,923,386			1,059,119			22,245,923
Reinvestment of distributions		7,767,745			82,646,818			3,148,574			63,278,078
Shares redeemed		(8,649,985	)		(116,019,887	)		(8,652,881	)		(181,621,659	)
		504,905			(17,449,683	)		(4,445,188	)		(96,097,658	)
Class P Shares^(a)
Shares sold		7,725			98,619			2,176,595			45,658,034
Reinvestment of distributions		1,510,043			16,095,647			33,863			714,643
Shares redeemed		(1,530,723	)		(19,112,068	)		(165,674	)		(3,514,400	)
		(12,955	)		(2,917,802	)		2,044,784			42,858,277
Class R Shares
Shares sold		72,508			771,304			69,947			1,431,894
Reinvestment of distributions		108,348			1,093,076			30,656			599,345
Shares redeemed		(115,019	)		(1,388,816	)		(122,354	)		(2,459,383	)
		65,837			475,564			(21,751	)		(428,144	)
Class R6 Shares^(b)
Shares sold		233,819			2,509,233			495			10,000
Reinvestment of distributions		2,832			31,478			10			206
Shares redeemed		(36,419	)		(413,335	)		—			—
		200,232			2,127,376			505			10,206

NET INCREASE (DECREASE)		9,113,588		$	(7,794,099	)		(18,163,018	)	$	(399,020,614	)

(a)

Commenced operations on April 16, 2018.

(b)

Commenced operations on February 28, 2018.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS



Fund Expenses — Six Month Period Ended April 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service(12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class P, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.


	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*		Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*
Class A
Actual	$	1,000.00	$	1,075.90		$	4.94	$	1,000.00	$	1,093.70		$	6.07
Hypothetical 5% return		1,000.00		1,020.03	+		4.81		1,000.00		1,018.99	+		5.86
Class C
Actual		1,000.00		1,071.30			8.78		1,000.00		1,089.90			9.95
Hypothetical 5% return		1,000.00		1,016.32	+		8.55		1,000.00		1,015.27	+		9.59
Institutional
Actual		1,000.00		1,077.70			2.94		1,000.00		1,096.00			4.11
Hypothetical 5% return		1,000.00		1,021.97	+		2.86		1,000.00		1,020.88	+		3.96
Investor
Actual		1,000.00		1,076.70			3.66		1,000.00		1,095.20			4.78
Hypothetical 5% return		1,000.00		1,021.27	+		3.56		1,000.00		1,020.23	+		4.61
Class P
Actual		1,000.00		1,077.70			2.88		1,000.00		1,096.10			4.05
Hypothethical 5% return		1,000.00		1,022.02	+		2.81		1,000.00		1,020.93	+		3.91
Class R
Actual		N/A		N/A			N/A		1,000.00		1,091.80			7.36
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,017.75	+		7.10
Class R6
Actual		1,000.00		1,077.30			2.88		1,000.00		1,095.30			4.10
Hypothethical 5% return		1,000.00		1,022.02	+		2.81		1,000.00		1,020.88	+		3.96

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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			Investor			Class P			Class R		Class R6
Income Builder		0.96	%		1.71	%		0.57	%		0.71	%		0.56	%		N/A		0.56	%

Rising Dividend Growth		1.17			1.92			0.79			0.92			0.78			1.42		0.79

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

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.

Money Market

Financial Square Funds^SM

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Financial Square Treasury Solutions Fund¹

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Financial Square Government Fund¹

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Financial Square Money Market Fund²

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Financial Square Prime Obligations Fund²

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Financial Square Treasury Instruments Fund¹

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Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

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Investor Money Market Fund³

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InvestorTax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

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Enhanced Income Fund

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High Quality Floating Rate Fund

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Short-Term Conservative Income Fund

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Short Duration Government Fund

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Short Duration Income Fund

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Government Income Fund

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Inflation Protected Securities Fund

Multi-Sector

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Bond Fund

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Core Fixed Income Fund

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Global Income Fund

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Strategic Income Fund

Municipal andTax-Free

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High Yield Municipal Fund

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Dynamic Municipal Income Fund

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Short DurationTax-Free Fund

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Municipal Income Completion Fund

Single Sector

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Investment Grade Credit Fund

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U.S. Mortgages Fund

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High Yield Fund

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High Yield Floating Rate Fund

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Emerging Markets Debt Fund

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Local Emerging Markets Debt Fund

Fixed Income Alternatives

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Long Short Credit Strategies Fund

Fundamental Equity

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Equity Income Fund

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Small Cap Value Fund

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Small/Mid Cap Value Fund

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Mid Cap Value Fund

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Large Cap Value Fund

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Focused Value Fund

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Capital Growth Fund

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Strategic Growth Fund

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Small/Mid Cap Growth Fund

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Flexible Cap Fund

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Concentrated Growth Fund

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Technology Opportunities Fund

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Growth Opportunities Fund

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Rising Dividend Growth Fund

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Blue Chip Fund

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Income Builder Fund

Tax-Advantaged Equity

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U.S.Tax-Managed Equity Fund

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InternationalTax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

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International Equity Dividend and Premium Fund

Equity Insights

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Small Cap Equity Insights Fund

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U.S. Equity Insights Fund

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Small Cap Growth Insights Fund

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

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International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

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International Equity Income Fund

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International Equity ESG Fund

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Asia Equity Fund

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Emerging Markets Equity Fund

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N-11 Equity Fund

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ESG Emerging Markets Equity Fund

Alternative

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Real Estate Securities Fund

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International Real Estate Securities Fund

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Commodity Strategy Fund

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Global Real Estate Securities Fund

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Alternative Premia Fund

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Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

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MLP & Energy Fund

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Multi-Manager Alternatives Fund

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Absolute Return Multi-Asset Fund

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Global Infrastructure Fund

Total Portfolio Solutions

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Global Managed Beta Fund

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Multi-ManagerNon-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

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Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

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Growth and Income Strategy Portfolio

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Growth Strategy Portfolio

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Dynamic Global Equity Fund⁴

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Satellite Strategies Portfolio

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Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

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Strategic Factor Allocation Fund

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Target Date 2020 Portfolio

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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Tactical Exposure Fund

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 Joseph F. DiMaria,Principal FinancialOfficer, PrincipalAccounting Officer and Treasurer Caroline L. Kraus,Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

The Funds will file their portfolio holdings 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).

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

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

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).

Goldman Sachs Funds

LOGO



Semi-Annual Report				April 30, 2019

				Domestic Equity Insights Funds
				Large Cap Growth Insights
				Large Cap Value Insights
				Small Cap Equity Insights
				Small Cap Growth Insights
				Small Cap Value Insights
				U.S. Equity Insights

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, Service, Class R6 and Class P shareholders or800-526-7384 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.

LOGO

Goldman Sachs Domestic Equity Insights Funds

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LARGE CAP GROWTH INSIGHTS

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LARGE CAP VALUE INSIGHTS

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SMALL CAP EQUITY INSIGHTS

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SMALL CAP GROWTH INSIGHTS

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SMALL CAP VALUE INSIGHTS

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U.S. EQUITY INSIGHTS


TABLE OF CONTENTS

Investment Process			1

Market Review			3

Portfolio Management Discussion and Performance Summaries			5

Index Definitions			35

Schedules of Investments			36

Financial Statements			64

Financial Highlights			71

Large Cap Growth Insights			71

Large Cap Value Insights			79

Small Cap Equity Insights			87

Small Cap Growth Insights			95

Small Cap Value Insights			102

U.S. Equity Insights			109

Notes to Financial Statements			117

Other Information			138



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

What Differentiates Goldman Sachs’

Domestic Equity Insights Funds Investment Process?

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

LOGO

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

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

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

LOGO

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

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

LOGO

Fully invested, well-diversified portfolio that seeks to:

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

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Offer broad access to a clearly defined equity universe.

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Generate excess returns that are positive, consistent and repeatable.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during theSix-Month Period Ended April 30, 2019

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during thesix-month period ended April 30, 2019 (the “Reporting Period”).

Within our High Quality Business Models investment theme, we added a signal that uses novel data to help us understand consumer retail trends. We believe this signal will complement our existing suite of alternative data metrics to help us better understand retailers’ earnings growth. In addition, we added a number of signals that utilize natural language processing and regulatory filings to help us better understand the regulatory and business risks faced by companies. Within our Sentiment Analysis investment theme, we enhanced our existing signals that use machine learning to help understand sell-side analyst sentiment. With a larger corpus of sell-side research reports to analyze, we have introduced a new machine learning algorithm to help classify sentiment.

MARKET REVIEW

Goldman Sachs Domestic Equity Insights Funds

Market Review

U.S. equities generated positive returns during thesix-month period ended April 30, 2019 (the “Reporting Period”), with Federal Reserve (“Fed”) monetary policy, economic growth expectations, corporate earnings results and geopolitics dominating market sentiment.

When the Reporting Period began in November 2018, U.S. equities gained following a volatile prior month. Trade and political uncertainty persisted, but U.S. stocks were buoyed by dovish comments from Fed Chair Jerome Powell and by seemingly encouraging progress towardChina-U.S. trade talks. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) The U.S. midterm elections on November 6th resulted in a divided government, as had been widely anticipated, with the Democrats gaining control of the House of Representatives and the Republicans maintaining their majority in the Senate. U.S. economic data remained strong, with Gross Domestic Product (“GDP”) growing at an annualized pace of 3.5% in the third quarter of 2018, following a 4.2% annualized GDP growth rate in the second calendar quarter. However, the rally was short-lived, as U.S. equities plunged in December 2018 on renewed investor fears, sparked by the arrest of a Chinese technology executive, a partial U.S. federal government shutdown and the U.S. President’s criticism of Fed Chair Powell.

U.S. equities rallied in January 2019, rebounding after a challenging and volatile 2018. The U.S. federal government shutdown and decelerating emerging markets demand were headwinds, but U.S. equities were supported by dovish Fed commentary, headlines of easing U.S.-China trade tensions and strong corporate earnings reports. The December 2018 labor market report was solid, with the U.S. economy adding 312,000 jobs, and the annualized growth rate in average hourly earnings reaching a cycle high of 3.2%. Other U.S. activity data were mixed. The Institute for Supply Management’s manufacturing andnon-manufacturing indices declined to 54.1 and 57.6, respectively, in December 2018. Flash Purchasing Managers Indices data for January 2019 indicated growth stabilization in the U.S. but continued downward paths for other key advanced economies, such as Europe and Japan. Toward month end, U.S. equities were buoyed by a temporary end to the U.S. federal government shutdown. Also supportive was the Fed keeping its monetary policy unchanged at its January 2019 meeting and delivering dovish tilts, including the statement it will be “patient” as it determines “future adjustments” of interest rates and its description of inflationary pressures as “muted.”

The U.S. stock market continued to rally in February 2019, extending January’s gains. U.S. equities were buoyed by promising developments in U.S.-China trade talks, further indications of the Fed’s dovish stance and evidence of a solid U.S. economy. The U.S. equities market was primarily fixated on U.S.-China trade negotiations, and investors rallied around the headline that enough progress had been made to avert the increase in tariffs on Chinese goods that had been scheduled for March 1st. After confirming the shift in its thinking in January 2019 to prioritize “patience,” the Fed maintained its dovish stance by announcing its intention to maintain a larger balance sheet and therefore stop its quantitative tightening, or the shrinking of the Fed balance sheet as securities mature, by the end of the calendar year, a move that pushed longer-term yields down and pushed U.S. equity indices higher. The release of a fourth quarter 2018 GDP annualized growth rate of 2.6% illustrated that the U.S. economy was moderating but remained seemingly healthy. U.S. unemployment came in persistently at 4.05%, and private payrolls grew by 296,000 in January 2019, beating consensus expectations by 90,000.

In March 2019, U.S. equities recorded positive returns, driving double-digit gains for the first calendar quarter overall. Fed commentary provided a supportive background for U.S. equities, as Fed Chair Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to its balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, with a steady increase in wages of 3.4%

MARKET REVIEW

year-over-year. Housing data continued to show strength in the first calendar quarter, with new home sales reaching 667,000 in February 2019, bringing the three-month average up to 630,000. Strength in housing data seemed partially related to a steep decline in mortgage rates, resulting, in turn, from a more cautious Fed. The University of Michigan Consumer Sentiment Index was a point of significant strength in the U.S. economy, steadily climbing in each month of the first calendar quarter and eventually reaching 98.4 in March 2019, its highest level in six months. However, fourth quarter 2018 GDP growth was revised down 0.4% in March to a 2.2% annualized rate. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by U.S. equity markets and thus had limited effect on stock prices outside of the financials sector, which tends to be more rate sensitive.

During April 2019, U.S. equities extended their March gains, supported by a relatively accommodative Fed, consensus anticipation of a rebound in Chinese economic growth and widespread expectations of a resolution to trade negotiations between the U.S. and China. U.S. equities received additional support from a healthy start to the first quarter 2019 corporate earnings season. Consensus estimates had come down since the beginning of the calendar year, but a significant number of companies were able to deliver positive surprises. Within the broader economic backdrop, the U.S. labor market report for March 2019 eased near-term recession concerns, as the 196,000 payroll gain came in above consensus expectations. Year-over-year wage growth of 3.3% appeared high enough to support real wage growth and, by extension, consumption, without prompting fears at the Fed of rising inflationary pressures. The first estimate of first quarter 2019 GDP annualized growth was 3.2%, a signal the U.S. economy was still growing at an above-trend rate.

For the Reporting Period overall, the S&P 500^® Index (with dividends reinvested) returned 9.76%, with all 11 of its sectors generating positive absolute returns. Consumer discretionary, information technology, real estate and industrials were the best performing sectors in the S&P 500^® Index. The weakest performing sectors in the S&P 500^® Index were energy, health care, consumer staples and financials.

In terms of market capitalization, all segments posted solid positive 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, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Looking Ahead

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

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

PORTFOLIO RESULTS

Goldman Sachs Large Cap Growth Insights Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Growth Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 9.70%, 9.27%, 9.89%, 9.61%, 9.84%, 9.90%, 9.53% and 9.91%, respectively. These returns compare to the 12.09% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund underperformed the Index, with all four of our quantitative model’s investment themes detracting from performance. Stock selection driven by these investment themes hurt relative returns.

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

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

During the Reporting Period, all four of our investment themes — Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends — detracted from the Fund’s relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

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

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

PORTFOLIO RESULTS

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

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

During the Reporting Period, stock selection hurt the Fund’s relative performance, highlighted by holdings in the health care, energy and materials sectors. On the other hand, the Fund benefited from stock selection in communication services.

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

In terms of individual stock positions, the Fund was hurt during the Reporting Period by overweight positions relative to the Index in HCA Healthcare, a health care facility operator; Humana, a health care insurance company; and Abiomed, a medical implant device manufacturer. The Fund’s overweight in all three stocks was predominantly due to our Sentiment Analysis and High Quality Business Models investment themes.

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

During the Reporting Period, the Fund benefited from overweight positions in technology company Apple and cybersecurity firm Palo Alto Networks. Both overweights were established largely because of our High Quality Business Models investment theme. In addition, the Fund’s underweight in tobacco maker Altria Group added to performance, a position driven by our Sentiment Analysis and Market Themes & Trends investment themes.

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

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

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

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

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			Russell 1000^®Growth Index²

Class A		9.70	%		12.09	%
Class C		9.27			12.09
Institutional		9.89			12.09
Service		9.61			12.09
Investor		9.84			12.09
Class P		9.90			12.09
Class R		9.53			12.09
Class R6		9.91			12.09

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.

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


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		0.84	%		11.01	%		15.89	%		6.41	%	5/1/97
Class C		4.85			11.43			15.66			5.15		8/15/97
Institutional		7.15			12.71			17.00			7.10		5/1/97
Service		6.59			12.15			16.42			6.58		5/1/97
Investor		6.99			12.54			16.82			8.90		11/30/07
Class P		N/A			N/A			N/A			5.32		4/16/18
Class R		6.45			11.98			16.25			8.37		11/30/07
Class R6		7.13			N/A			N/A			11.81		7/31/15

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. 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, 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.92	%		0.95	%
Class C		1.67			1.70
Institutional		0.53			0.56
Service		1.03			1.06
Investor		0.67			0.70
Class P		0.52			0.55
Class R		1.17			1.20
Class R6		0.52			0.55

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

Apple, Inc.		7.8	%	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		5.8		Internet & Direct Marketing Retail
Microsoft Corp.		5.7		Software
Facebook, Inc. Class A		3.3		Interactive Media & Services
Alphabet, Inc. Class A		2.6		Interactive Media & Services
Alphabet, Inc. Class C		2.6		Interactive Media & Services
Visa, Inc. Class A		2.1		IT Services
Union Pacific Corp.		1.8		Road & Rail
American Tower Corp.		1.6		Equity Real Estate Investment Trusts (REITs)
Gilead Sciences, Inc.		1.5		Biotechnology

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

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 April 30, 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.

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Insights Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Value Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 5.10%, 4.73%, 5.27%, 5.07%, 5.27%, 5.33%, 4.95% and 5.33%, respectively. These returns compare to the 7.90% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund underperformed the Index, with all four of our quantitative model’s investment themes detracting from returns. Stock selection driven by these investment themes hurt relative returns.

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

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection detracted from the Fund’s relative performance, led by investments in the health care, energy and communication services sectors. Stock selection in two sectors — information technology and utilities — contributed positively to relative returns.

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

In terms of individual stock positions, the Fund was hampered by overweight positions relative to the Index in Conagra Brands, a packaged food company, and in Humana and Anthem, both health insurance companies. We decided to overweight Conagra Brands mainly because of our Market Themes & Trends and Sentiment Analysis investment themes. Overweight positions in Humana and Anthem were chosen largely due to our Sentiment Analysis and High Quality investment themes.

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

During the Reporting Period, the Fund benefited from underweight positions in CVS Health, a retail pharmacy chain and pharmacy benefit manager, and in Walgreens Boots Alliance, which owns pharmacy chains and a number of pharmaceutical manufacturing, wholesale and distribution companies. Our decision to underweight CVS Health added to relative returns, driven predominantly by our High Quality Business Models investment theme. The underweight in Walgreens Boots Alliance was established primarily due to our Market Themes & Trends and High Quality Business Models investment themes. Additionally, the Fund’s overweight compared to the Index in semiconductor maker NXP Semiconductors boosted relative performance, a position implemented largely as a result of our High Quality Business Models and Fundamental Mispricings investment themes.

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

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

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

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			Russell 1000^®Value Index²

Class A		5.10	%		7.90	%
Class C		4.73			7.90
Institutional		5.27			7.90
Service		5.07			7.90
Investor		5.27			7.90
Class P		5.33			7.90
Class R		4.95			7.90
Class R6		5.33			7.90

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.

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


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-2.54	%		6.79	%		13.67	%		5.63	%	12/31/98
Class C		1.29			7.20			13.47			5.13		12/31/98
Institutional		3.49			8.42			14.77			6.34		12/31/98
Service		2.95			7.88			14.20			5.81		12/31/98
Investor		3.33			8.26			14.61			6.25		11/30/07
Class P		N/A			N/A			N/A			1.52		4/16/18
Class R		2.84			7.72			14.04			5.73		11/30/07
Class R6		3.50			N/A			N/A			8.57		7/31/15

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. 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, 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		1.03	%
Class C		1.70			1.78
Institutional		0.56			0.64
Service		1.06			1.14
Investor		0.70			0.78
Class P		0.55			0.63
Class R		1.20			1.28
Class R6		0.55			0.63

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

Wells Fargo & Co.		2.5	%	Banks
Citigroup, Inc.		2.2		Banks
Philip Morris International, Inc.		1.9		Tobacco
JPMorgan Chase & Co.		1.8		Banks
Berkshire Hathaway, Inc. Class B		1.7		Diversified Financial Services
Exxon Mobil Corp.		1.6		Oil, Gas & Consumable Fuels
Anthem, Inc.		1.5		Health Care Providers & Services
ConocoPhillips		1.5		Oil, Gas & Consumable Fuels
Exelon Corp.		1.3		Electric Utilities
Johnson & Johnson		1.3		Pharmaceuticals

⁵

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

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.

PORTFOLIO RESULTS

Goldman Sachs Small Cap Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Equity Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 4.15%, 3.80%, 4.36%, 4.14%, 4.33%, 4.39%, 4.04% and 4.38%, respectively. These returns compare to the 6.06% cumulative total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Index”), during the same period.

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

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

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection hurt the Fund’s performance, with investments in the information technology, consumer staples and materials sectors detracting most. Holdings in the communication services, real estate and health care sectors added to the Fund’s relative returns.

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

In terms of individual stock positions, the Fund was hindered by its overweight positions compared to the Index in nutrition and weight loss company Medifast, fashion retailer Express and molecular diagnostic company Myriad Genetics. The overweight in Medifast was established primarily as a result of our High Quality Business Models and Sentiment Analysis investment themes. We chose to overweight the Fund’s position in Express primarily due to our Fundamental Mispricings and High Quality Business Models investment themes. Largely because of our Fundamental Mispricings and Market Themes & Trends investment themes, the Fund was overweight Myriad Genetics.

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

The Fund was helped during the Reporting Period by its overweights in telecommunications companies Sinclair Broadcast Group and Nexstar Media Group. The overweight in Sinclair Broadcast Group was established predominantly due to our High Quality Business Models investment theme. The overweight in Nexstar Media Group was driven by our Sentiment Analysis and High Quality Business Models investment themes. In addition, a modest underweight in biotechnology company Loxo Oncology contributed positively, a position implemented largely because of our Market Themes & Trends and Fundamental Mispricings investment themes.

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

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

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

FUND BASICS

Small Cap Equity Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			Russell 2000^®Index²

Class A		4.15	%		6.06	%
Class C		3.80			6.06
Institutional		4.36			6.06
Service		4.14			6.06
Investor		4.33			6.06
Class P		4.39			6.06
Class R		4.04			6.06
Class R6		4.38			6.06

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.

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


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-3.82	%		6.65	%		15.15	%		6.65	%	8/15/97
Class C		0.01			7.06			14.94			6.15		8/15/97
Institutional		2.18			8.30			16.26			7.35		8/15/97
Service		1.67			7.76			15.67			6.82		8/15/97
Investor		2.04			8.14			16.10			8.13		11/30/07
Class P		N/A			N/A			N/A			-0.61		4/16/18
Class R		1.52			7.60			15.51			7.60		11/30/07
Class R6		2.16			N/A			N/A			8.69		7/31/15

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. 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, 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.31	%
Class C		1.98			2.06
Institutional		0.84			0.92
Service		1.34			1.42
Investor		0.98			1.06
Class P		0.83			0.91
Class R		1.48			1.56
Class R6		0.83			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, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at leastFebruary 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

HubSpot, Inc.		0.9	%	Software
Nexstar Media Group, Inc. Class A		0.9		Media
Sinclair Broadcast Group, Inc. Class A		0.8		Media
First Industrial Realty Trust, Inc.		0.8		Equity Real Estate Investment Trusts (REITs)
Rexford Industrial Realty, Inc.		0.8		Equity Real Estate Investment Trusts (REITs)
New Relic, Inc.		0.8		Software
Portland General Electric Co.		0.8		Electric Utilities
Delek US Holdings, Inc.		0.8		Oil, Gas & Consumable Fuels
Terreno Realty Corp.		0.7		Equity Real Estate Investment Trusts (REITs)
Planet Fitness, Inc. Class A		0.7		Hotels, Restaurants & Leisure

⁵

The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

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 0.7% of the Fund’s net assets as of April 30, 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.

PORTFOLIO RESULTS

Goldman Sachs Small Cap Growth Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Growth Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 5.56%, 5.20%, 5.78%, 5.69%, 5.78%, 5.42% and 5.78%, respectively. These returns compare to the 8.27% cumulative total return of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

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

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

During the Reporting Period, all four of our investment themes — Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends — detracted from the Fund’s relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection had a negative impact on the Fund’s performance, with holdings in the consumer discretionary, information technology and consumer staples sectors detracting most. On the positive side, investments in the health care, communication services and financials sectors bolstered relative returns.

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

In terms of individual stock positions, the Fund was hurt by its overweight positions relative to the Index in nutrition and weight loss company Medifast, biopharmaceutical company Ligand Pharmaceuticals and cloud communications services provider Vonage Holdings. We chose to overweight Medifast due primarily to our High Quality Business Models investment theme. The Fund’s overweight in Ligand Pharmaceuticals was largely driven by our Fundamental Mispricings and Sentiment Analysis investment themes. An overweight in Vonage Holdings was implemented primarily due to our High Quality Business Models and Sentiment Analysis investment themes.

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

During the Reporting Period, the Fund was helped by its modest underweight versus the Index in biotechnology company Loxo Oncology, a position established due primarily to our Fundamental Mispricings and Market Themes & Trends investment themes. In addition, an overweight in telecommunications company Sinclair Broadcast Group boosted the Fund’s relative performance, a position taken mainly because of our High Quality Business Models investment theme. The overweight in Nexstar Media Group, also a telecommunications company, that contributed positively to the Fund’s relative returns during the Reporting Period, was largely based on our Sentiment Analysis and High Quality Business Models investment themes.

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

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

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

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			Russell 2000 Growth^®Index²

Class A		5.56	%		8.27	%
Class C		5.20			8.27
Institutional		5.78			8.27
Investor		5.69			8.27
Class P		5.78			8.27
Class R		5.42			8.27
Class R6		5.78			8.27

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.

The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higherprice-to-book ratios and higher forecasted growth values. The Russell 2000^® 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 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-2.02	%		7.55	%		16.35	%		7.24	%	6/25/07
Class C		1.87			7.97			16.15			6.95		6/25/07
Institutional		4.08			9.20			17.48			8.18		6/25/07
Investor		3.91			9.04			17.31			9.24		11/30/07
Class P		N/A			N/A			N/A			1.47		4/16/18
Class R		3.40			8.50			16.72			8.69		11/30/07
Class R6		4.08			N/A			N/A			8.95		7/31/15

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. 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 R6Shares 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.23	%		1.32	%
Class C		1.98			2.07
Institutional		0.84			0.93
Investor		0.98			1.07
Class P		0.83			0.92
Class R		1.48			1.57
Class R6		0.83			0.92

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at leastFebruary 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

HubSpot, Inc.		1.2	%	Software
Nexstar Media Group, Inc. Class A		1.1		Media
Etsy, Inc.		1.0		Internet & Direct Marketing Retail
New Relic, Inc.		1.0		Software
Planet Fitness, Inc. Class A		0.9		Hotels, Restaurants & Leisure
Array BioPharma, Inc.		0.9		Biotechnology
Repligen Corp.		0.8		Biotechnology
The Trade Desk, Inc. Class A		0.8		Software
Insperity, Inc.		0.8		Professional Services
Sinclair Broadcast Group, Inc. Class A		0.8		Media

⁵

The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets as of April 30, 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. Percentages may not sum to 100% due to rounding.

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Value Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 3.29%, 2.95%, 3.48%, 3.42%, 3.50%, 3.15% and 3.48%, respectively. These returns compare to the 3.77% cumulative total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund underperformed the Index. Collectively, our quantitative model’s four investment themes had a modestly negative impact on performance. The Fund was also hurt by certain individual stock positions based on our investment themes.

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

During the Reporting Period, three of our four investment themes — Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends — added to relative returns. However, these results were offset by our High Quality Business Models investment theme, which had a negative impact on the Fund’s performance.

Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its

PORTFOLIO RESULTS

sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

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

During the Reporting Period, the Fund was hampered by certain individual stock positions, with investments in the information technology, consumer staples and materials sectors detracting from relative returns. Holdings in the communication services, health care and real estate sectors bolstered the Fund’s relative performance.

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

In terms of individual positions, the Fund was hurt by an underweight versus the Index in Cree, which makes lighting-class light emitting diodes (“LEDs”), lighting products and products for power and radio-frequency applications. The positioning was primarily driven by our High Quality Business Models and Fundamental Mispricings investment themes. An overweight in nutrition and weight loss company Medifast also dampened relative returns, a position largely based on our High Quality Business Models investment theme. The Fund’s overweight in food and beverage company Dean Foods diminished performance, a position implemented because of our Market Themes & Trends, Fundamental Mispricings and High Quality Business Models investment themes.

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

During the Reporting Period, the Fund benefited from its overweight positions in telecommunications companies Sinclair Broadcast Group and Nexstar Media Group as well as in Fabrinet, a provider of optical packaging and precision optical, electro-mechanical and electronic manufacturing services. The overweight in Sinclair Broadcast Group was due primarily to our High Quality Business Models investment theme. Our Sentiment Analysis and High Quality Business Models investment themes mainly fueled the Fund’s overweights in Nexstar Media Group and Fabrinet.

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

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

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

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			Russell 2000^®Value Index²

Class A		3.29	%		3.77	%
Class C		2.95			3.77
Institutional		3.48			3.77
Investor		3.42			3.77
Class P		3.50			3.77
Class R		3.15			3.77
Class R6		3.48			3.77

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.

The Russell 2000^® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with 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 index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-5.77	%		5.55	%		14.31	%		4.88	%	6/25/07
Class C		-2.00			5.96			14.09			4.59		6/25/07
Institutional		0.09			7.18			15.41			5.82		6/25/07
Investor		-0.04			7.02			15.23			7.38		11/30/07
Class P		N/A			N/A			N/A			-2.95		4/16/18
Class R		-0.55			6.48			14.66			6.87		11/30/07
Class R6		0.10			N/A			N/A			8.57		7/31/15

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. 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 R6Shares do not involve a sales charge, such a charge is not applied to their Standardized Total 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		1.40	%
Class C		1.98			2.15
Institutional		0.84			1.01
Investor		0.98			1.15
Class P		0.83			1.00
Class R		1.48			1.65
Class R6		0.83			1.00

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at leastFebruary 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

IDACORP, Inc.		1.0	%	Electric Utilities
Portland General Electric Co.		1.0		Electric Utilities
Cousins Properties, Inc.		0.9		Equity Real Estate Investment Trusts (REITs)
Darling Ingredients, Inc.		0.8		Food Products
Rexford Industrial Realty, Inc.		0.8		Equity Real Estate Investment Trusts (REITs)
RLJ Lodging Trust		0.8		Equity Real Estate Investment Trusts (REITs)
First Industrial Realty Trust, Inc.		0.8		Equity Real Estate Investment Trusts (REITs)
NorthWestern Corp.		0.8		Multi-Utilities
Louisiana-Pacific Corp.		0.8		Paper & Forest Products
Sinclair Broadcast Group, Inc. Class A		0.8		Media

⁵

The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets as of April 30, 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.

PORTFOLIO RESULTS

Goldman Sachs U.S. Equity Insights Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 6.65%, 6.30%, 6.86%, 6.61%, 6.78%, 6.87%, 6.54% and 6.84%, respectively. These returns compare to the 9.76% cumulative total return of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund underperformed the Index, with all four of our quantitative model’s investment themes detracting from results. Stock selection driven by these investment themes diminished relative performance.

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

During the Reporting Period, all four of our investment themes — Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends — detracted from the Fund’s relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection hampered the Fund’s performance, with investments in the health care sector detracting most. Holdings in the energy, consumer discretionary and consumer staples sectors also had a negative impact on relative returns. On the positive side, the Fund benefited from stock selection in information technology and, to a lesser extent, utilities.

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

In terms of individual stock positions, the Fund was hindered by overweight positions relative to the Index in packaged food company Conagra Brands, health insurer Anthem and energy company ConocoPhilips. The overweight in Conagra Brands was largely due to our Market Themes & Trends and Sentiment Analysis investment themes. The Fund’s overweight in Anthem was driven by our Sentiment Analysis and High Quality Business Models investment themes. Mainly because of our High Quality Business Models investment theme, the Fund was overweight ConocoPhillips.

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

During the Reporting Period, the Fund was aided by overweight positions in technology company Apple, cybersecurity firm Palo Alto Networks and fast casual restaurant chain Chipotle Mexican Grill. The overweights in Apple and Chipotle Mexican Grill were established primarily because of our High Quality Business Models investment theme. The Fund was overweight Palo Alto Networks due to our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.

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

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

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

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			S&P 500^®Index²

Class A		6.65	%		9.76	%
Class C		6.30			9.76
Institutional		6.86			9.76
Service		6.61			9.76
Investor		6.78			9.76
Class P		6.87			9.76
Class R		6.54			9.76
Class R6		6.84			9.76

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.

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


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-0.74	%		8.60	%		14.43	%		8.43	%	5/24/91
Class C		3.24			9.01			14.23			5.70		8/15/97
Institutional		5.44			10.26			15.54			8.89		6/15/95
Service		4.91			9.72			14.97			7.55		6/7/96
Investor		5.29			10.10			15.36			7.56		11/30/07
Class P		N/A			N/A			N/A			3.54		4/16/18
Class R		4.78			9.56			14.80			7.03		11/30/07
Class R6		5.46			N/A			N/A			9.92		7/31/15

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. 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, 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		0.94	%		1.01	%
Class C		1.69			1.76
Institutional		0.55			0.62
Service		1.05			1.12
Investor		0.69			0.76
Class P		0.54			0.61
Class R		1.19			1.26
Class R6		0.54			0.61

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at leastFebruary 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business

Apple, Inc.		4.6	%	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.		3.3		Internet & Direct Marketing Retail
Microsoft Corp.		3.1		Software
Facebook, Inc. Class A		1.9		Interactive Media & Services
Wells Fargo & Co.		1.8		Banks
Visa, Inc. Class A		1.8		IT Services
Citigroup, Inc.		1.7		Banks
Alphabet, Inc. Class A		1.5		Interactive Media & Services
Alphabet, Inc. Class C		1.5		Interactive Media & Services
Union Pacific Corp.		1.5		Road & Rail

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

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 0.0% of the Fund’s net assets as of April 30, 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.

FUND BASICS

Index Definitions

Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. The Russell Midcap^® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. The Russell Midcap^® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap^® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.2%
Aerospace & Defense – 2.7%
	31,855	Curtiss-Wright Corp.	$	3,629,559
	74,312	Harris Corp.		12,521,572
	252,744	Spirit AeroSystems Holdings, Inc. Class A		21,963,454
	56,702	The Boeing Co.		21,415,778

				59,530,363

Air Freight & Logistics*^(a) – 0.1%
	32,949	XPO Logistics, Inc.		2,243,168

Auto Components – 0.8%
	129,745	Lear Corp.		18,553,535

Automobiles – 0.6%
	17,105	Tesla, Inc.*^(a)		4,082,793
	139,790	Thor Industries, Inc.		9,207,967

				13,290,760

Banks – 3.9%
	319,640	Citigroup, Inc		22,598,548
	289,040	Comerica, Inc.		22,715,653
	70,608	SVB Financial Group*		17,773,446
	132,192	Western Alliance Bancorp*		6,316,134
	378,192	Zions Bancorp NA		18,656,211

				88,059,992

Beverages – 1.5%
	47,484	Brown-Forman Corp. Class B		2,530,422
	447,579	Monster Beverage Corp.*		26,675,708
	23,692	PepsiCo, Inc.		3,033,761
	17,309	TheCoca-Cola Co.		849,180

				33,089,071

Biotechnology – 6.3%
	401,665	AbbVie, Inc.		31,888,184
	70,454	Biogen, Inc.*		16,150,875
	155,089	BioMarin Pharmaceutical, Inc.*		13,264,762
	92,158	Celgene Corp.*		8,723,676
	14,236	Exelixis, Inc.*		279,880
	498,504	Gilead Sciences, Inc.		32,422,700
	241,372	Incyte Corp.*		18,537,370
	21,444	Neurocrine Biosciences, Inc.*		1,549,115
	104,726	Vertex Pharmaceuticals, Inc.*		17,696,599

				140,513,161

Building Products – 0.9%
	16,221	Lennox International, Inc.		4,403,191
	416,405	Masco Corp.		16,264,779

				20,667,970

Capital Markets – 0.8%
	7,541	MSCI, Inc.		1,699,590
	38,206	SEI Investments Co.		2,080,317
	205,541	State Street Corp.		13,906,904

				17,686,811


Common Stocks – (continued)
Chemicals – 1.6%
	368,016	Axalta Coating Systems Ltd.*		9,929,072
	33,571	CF Industries Holdings, Inc.		1,503,309
	52,425	The Sherwin-Williams Co.		23,844,463

				35,276,844

Commercial Services & Supplies – 0.2%
	43,969	Waste Management, Inc.		4,719,632

Communications Equipment* – 1.2%
	39,351	Arista Networks, Inc.		12,288,924
	90,272	F5 Networks, Inc.		14,163,677

				26,452,601

Consumer Finance – 0.1%
	69,275	Ally Financial, Inc.		2,058,160

Containers & Packaging – 1.1%
	99,972	Berry Global Group, Inc.*		5,878,353
	409,127	Sealed Air Corp.		19,073,501

				24,951,854

Diversified Consumer Services* – 0.3%
	51,106	Bright Horizons Family Solutions, Inc.		6,549,234

Diversified Financial Services – 1.0%
	397,936	Voya Financial, Inc.		21,842,707

Electric Utilities – 0.9%
	408,168	Exelon Corp.		20,796,160

Electrical Equipment – 0.4%
	94,187	AMETEK, Inc.		8,304,468

Electronic Equipment, Instruments & Components – 0.7%
	74,514	Keysight Technologies, Inc.*		6,484,954
	182,451	National Instruments Corp.		8,593,442

				15,078,396

Energy Equipment & Services – 0.3%
	268,233	TechnipFMC PLC		6,595,849

Entertainment – 1.1%
	63,288	Netflix, Inc.*		23,450,735
	8,682	The Walt Disney Co.		1,189,174

				24,639,909

Equity Real Estate Investment Trusts (REITs) – 3.5%
	183,308	American Tower Corp.		35,800,052
	55,128	CoreSite Realty Corp.		6,031,554
	35,122	Duke Realty Corp.		1,092,997
	1,092,891	Host Hotels & Resorts, Inc.		21,027,223
	170,568	Lamar Advertising Co. Class A		14,100,857

				78,052,683

Food & Staples Retailing* – 0.4%
	224,491	US Foods Holding Corp.		8,205,146


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Food Products – 0.0%
	5,307	Ingredion, Inc.	$	502,838

Health Care Equipment & Supplies – 1.4%
	7,343	ABIOMED, Inc.*		2,037,022
	44,249	Align Technology, Inc.*		14,366,765
	122,526	Hill-Rom Holdings, Inc.		12,426,587
	2,071	Varian Medical Systems, Inc.*		282,008
	19,129	West Pharmaceutical Services, Inc.		2,367,979

				31,480,361

Health Care Providers & Services – 3.5%
	10,929	Anthem, Inc.		2,874,655
	191,228	HCA Healthcare, Inc.		24,329,938
	108,577	Humana, Inc.		27,731,651
	22,143	McKesson Corp.		2,640,553
	64,319	Molina Healthcare, Inc.*		8,337,672
	55,180	UnitedHealth Group, Inc.		12,860,803

				78,775,272

Hotels, Restaurants & Leisure – 3.0%
	297,301	Hilton Worldwide Holdings, Inc.		25,862,214
	364,161	Las Vegas Sands Corp.		24,416,995
	346,244	Yum China Holdings, Inc.		16,460,440

				66,739,649

Household Durables – 0.1%
	8,494	Whirlpool Corp.		1,179,137

Household Products – 0.3%
	104,553	Colgate-Palmolive Co.		7,610,413

Independent Power and Renewable Electricity Producers – 0.6%
	51,725	AES Corp.		885,532
	332,806	NRG Energy, Inc.		13,701,623

				14,587,155

Insurance – 1.7%
	47,146	Aon PLC		8,492,880
	401,292	Arch Capital Group Ltd.*		13,555,644
	107,561	Athene Holding Ltd. Class A*		4,857,455
	127,979	The Progressive Corp.		10,001,559

				36,907,538

Interactive Media & Services – 8.9%
	48,957	Alphabet, Inc. Class A*		58,697,485
	48,529	Alphabet, Inc. Class C*		57,675,746
	379,325	Facebook, Inc. Class A*		73,361,455
	67,126	Match Group, Inc.		4,054,410
	103,815	Twitter, Inc.*		4,143,257

				197,932,353

Internet & Direct Marketing Retail – 7.6%
	67,241	Amazon.com, Inc.*		129,541,131
	7,516	Booking Holdings, Inc.*		13,942,105
	612,952	eBay, Inc.		23,751,890
	14,841	Expedia Group, Inc.		1,926,956

				169,162,082


Common Stocks – (continued)
IT Services – 7.4%
	367,490	Black Knight, Inc.*		20,733,786
	12,617	EPAM Systems, Inc.*		2,262,985
	80,991	Fidelity National Information Services, Inc.		9,389,287
	108,882	GoDaddy, Inc. Class A*		8,873,883
	113,050	International Business Machines Corp.		15,857,523
	78,597	Mastercard, Inc. Class A		19,982,501
	236,467	PayPal Holdings, Inc.*		26,666,384
	15,457	Square, Inc. Class A*		1,125,579
	67,179	VeriSign, Inc.*		13,264,493
	278,953	Visa, Inc. Class A		45,868,242

				164,024,663

Life Sciences Tools & Services* – 0.6%
	16,277	Mettler-Toledo International, Inc.		12,130,597
	8,571	PRA Health Sciences, Inc.		829,844

				12,960,441

Machinery – 2.6%
	469,147	Allison Transmission Holdings, Inc.		21,984,228
	139,065	Caterpillar, Inc.		19,388,442
	59,579	Gardner Denver Holdings, Inc.*		2,010,791
	8,563	IDEX Corp.		1,341,480
	25,363	Ingersoll-Rand PLC		3,109,757
	57,856	Parker-Hannifin Corp.		10,476,565

				58,311,263

Media – 0.0%
	49,671	News Corp. Class A		616,914

Oil, Gas & Consumable Fuels – 1.2%
	36,669	ConocoPhillips		2,314,547
	44,817	Marathon Oil Corp.		763,682
	170,738	Occidental Petroleum Corp.		10,053,053
	50,117	Parsley Energy, Inc. Class A*		1,000,335
	134,977	Phillips 66		12,724,282

				26,855,899

Personal Products – 0.4%
	109,294	Herbalife Nutrition Ltd.*		5,776,188
	20,475	The Estee Lauder Cos., Inc. Class A		3,517,810

				9,293,998

Pharmaceuticals – 1.4%
	593,384	Bristol-Myers Squibb Co.		27,550,819
	22,785	Jazz Pharmaceuticals PLC*		2,956,810

				30,507,629

Professional Services – 0.9%
	23,282	CoStar Group, Inc.*		11,553,692
	133,389	Robert Half International, Inc.		8,282,123

				19,835,815

Road & Rail – 2.1%
	69,003	CSX Corp.		5,494,709
	230,950	Union Pacific Corp.		40,887,388

				46,382,097


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 2.9%
	99,609	Lam Research Corp.	$	20,661,895
	98,448	Micron Technology, Inc.*		4,140,723
	224,482	NXP Semiconductors NV		23,709,789
	444,328	ON Semiconductor Corp.*		10,246,204
	58,569	Xilinx, Inc.		7,036,479

				65,795,090

Software – 11.6%
	25,833	Cadence Design Systems, Inc.*		1,792,294
	242,863	Citrix Systems, Inc.		24,519,449
	396,200	FireEye, Inc.*		6,347,124
	183,540	Fortinet, Inc.*		17,146,307
	973,832	Microsoft Corp.		127,182,459
	105,004	Palo Alto Networks, Inc.*		26,128,145
	19,174	Proofpoint, Inc.*		2,404,803
	34,621	salesforce.com, Inc.*		5,724,582
	113,655	ServiceNow, Inc.*		30,858,469
	138,536	Tableau Software, Inc. Class A*		16,875,070

				258,978,702

Specialty Retail – 2.3%
	5,472	AutoZone, Inc.*		5,626,912
	57,784	Best Buy Co., Inc.		4,299,707
	194,162	L Brands, Inc.		4,978,314
	55,631	O’Reilly Automotive, Inc.*		21,060,228
	73,340	The Home Depot, Inc.		14,939,358

				50,904,519

Technology Hardware, Storage & Peripherals – 7.9%
	870,432	Apple, Inc.^(b)		174,669,589
	36,789	NetApp, Inc.		2,680,079

				177,349,668

Textiles, Apparel & Luxury Goods* – 0.3%
	287,900	Under Armour, Inc. Class A		6,647,611

Trading Companies & Distributors* – 0.1%
	41,263	WESCO International, Inc.		2,361,894

	TOTAL COMMON STOCKS
	(Cost $1,811,921,803)		$	2,212,861,475

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,811,921,803)		$	2,212,861,475

Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle^(c) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,556,225	2.464%		5,556,225
	(Cost $5,556,225)

	TOTAL INVESTMENTS – 99.5%
	(Cost $1,817,478,028)		$	2,218,417,700

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			11,266,611

	NET ASSETS – 100.0%		$	2,229,684,311



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares			Description	Value

Common Stocks – 97.3%
Aerospace & Defense – 0.5%
	1,644		Curtiss-Wright Corp.	$	187,318
	1,537		Spirit AeroSystems Holdings, Inc. Class A		133,565
	4,630		Teledyne Technologies, Inc.*		1,150,601
	28,795		Textron, Inc.		1,526,135

					2,997,619

Auto Components – 0.8%
	32,496		Lear Corp.		4,646,928

Banks – 13.4%
	200,044		Bank of America Corp.^(a)		6,117,346
	6,005		CIT Group, Inc.		319,886
	187,009		Citigroup, Inc.		13,221,536
	124,661		Citizens Financial Group, Inc.		4,512,728
	80,086		Comerica, Inc.		6,293,959
	32,037		Fifth Third Bancorp		923,306
	24,231		First Hawaiian, Inc.		669,987
	93,240		JPMorgan Chase & Co.		10,820,502
	39,742		PacWest Bancorp		1,571,796
	54,504		Popular, Inc.		3,145,426
	22,789		SVB Financial Group*		5,736,447
	298,882		Wells Fargo & Co.		14,468,878
	95,347		Western Alliance Bancorp*		4,555,680
	124,753		Zions Bancorp NA		6,154,065

					78,511,542

Beverages* – 0.2%
	16,861		Monster Beverage Corp.		1,004,916

Biotechnology – 2.3%
	5,606		AbbVie, Inc.		445,060
	9,973		Amgen, Inc.		1,788,359
	12,383		Biogen, Inc.*		2,838,679
	104,804		Gilead Sciences, Inc.		6,816,452
	9,547		Incyte Corp.*		733,210
	4,539		Vertex Pharmaceuticals, Inc.*		767,000

					13,388,760

Building Products – 1.3%
	103,360		Johnson Controls International PLC		3,876,000
	94,478		Masco Corp.		3,690,311

					7,566,311

Capital Markets – 1.1%
	93,128		State Street Corp.		6,301,040

Chemicals – 2.5%
	58,959		Axalta Coating Systems Ltd.*		1,590,714
	4,673		Celanese Corp.		504,170
	81,157		CF Industries Holdings, Inc.		3,634,211
	31,897		Eastman Chemical Co.		2,516,035
	50,668		Huntsman Corp.		1,126,856
	44,831		Olin Corp.		972,384
	9,676		The Sherwin-Williams Co.		4,400,935

					14,745,305


Common Stocks – (continued)
Commercial Services & Supplies – 0.4%
	22,809		Waste Management, Inc.		2,448,318

Communications Equipment – 1.8%
	1,152		Arista Networks, Inc.*		359,758
	94,873		Cisco Systems, Inc.		5,308,145
	53,809		Juniper Networks, Inc.		1,494,276
	13,740		Palo Alto Networks, Inc.*		3,418,924

					10,581,103

Construction & Engineering* – 0.3%
	52,613		AECOM		1,783,581

Consumer Finance – 1.5%
	199,897		Ally Financial, Inc.		5,938,940
	76,122		Synchrony Financial		2,639,150

					8,578,090

Containers & Packaging – 0.8%
	30,081		Berry Global Group, Inc.*		1,768,763
	64,840		Sealed Air Corp.		3,022,841

					4,791,604

Diversified Consumer Services* – 0.1%
	3,558		Bright Horizons Family Solutions, Inc.		455,958

Diversified Financial Services – 2.8%
	45,764		Berkshire Hathaway, Inc. Class B*		9,917,517
	8,334		Jefferies Financial Group, Inc.		171,430
	112,282		Voya Financial, Inc.		6,163,159

					16,252,106

Diversified Telecommunication Services – 2.1%
	125,740		AT&T, Inc.		3,892,910
	349,430		CenturyLink, Inc.		3,990,491
	76,509		Verizon Communications, Inc.		4,375,550

					12,258,951

Electric Utilities – 3.8%
	89,031		American Electric Power Co., Inc.		7,616,602
	157,731		Exelon Corp.		8,036,395
	220,145		PPL Corp.		6,870,725

					22,523,722

Electrical Equipment – 0.5%
	31,125		AMETEK, Inc.		2,744,291

Electronic Equipment, Instruments & Components – 1.3%
	12,738		Jabil, Inc.		384,815
	72,992		Keysight Technologies, Inc.*		6,352,494
	25,254		National Instruments Corp.		1,189,463
		��
					7,926,772

Energy Equipment & Services – 0.7%
	72,256		Baker Hughes a GE Co.		1,735,589
	8,681		National Oilwell Varco, Inc.		226,921
	75,447		TechnipFMC PLC		1,855,242

					3,817,752


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Entertainment – 0.3%
	41,132	Cinemark Holdings, Inc.	$	1,729,600
	2,301	Take-Two Interactive Software, Inc.*		222,806

				1,952,406

Equity Real Estate Investment Trusts (REITs) – 5.6%
	167,340	American Homes 4 Rent Class A		4,012,813
	30,089	American Tower Corp.		5,876,382
	62,161	Camden Property Trust		6,256,505
	204,100	Duke Realty Corp.		6,351,592
	341,484	Host Hotels & Resorts, Inc.		6,570,152
	19,634	Lamar Advertising Co. Class A		1,623,143
	25,719	STORE Capital Corp.		856,957
	9,306	Sun Communities, Inc.		1,145,382

				32,692,926

Food & Staples Retailing – 0.1%
	4,638	Walmart, Inc.		476,972

Food Products – 1.8%
	49,184	Ingredion, Inc.		4,660,184
	23,356	Lamb Weston Holdings, Inc.		1,636,088
	81,394	Mondelez International, Inc. Class A		4,138,885

				10,435,157

Health Care Equipment & Supplies – 0.9%
	30,681	Hill-Rom Holdings, Inc.		3,111,667
	17,004	Zimmer Biomet Holdings, Inc.		2,094,213

				5,205,880

Health Care Providers & Services – 4.4%
	34,062	Anthem, Inc.		8,959,328
	45,084	HCA Healthcare, Inc.		5,736,037
	23,201	Humana, Inc.		5,925,767
	11,650	McKesson Corp.		1,389,263
	5,846	Molina Healthcare, Inc.*		757,817
	26,122	Universal Health Services, Inc. Class B		3,314,098

				26,082,310

Hotels, Restaurants & Leisure – 2.1%
	93,508	Las Vegas Sands Corp.		6,269,712
	110,554	Yum China Holdings, Inc.		5,255,737
	9,854	Yum! Brands, Inc.		1,028,659

				12,554,108

Household Durables – 0.8%
	34,997	Whirlpool Corp.		4,858,283

Household Products – 1.8%
	62,740	Colgate-Palmolive Co.		4,566,845
	53,711	The Procter & Gamble Co.		5,719,147

				10,285,992

Independent Power and Renewable Electricity Producers – 1.9%
	301,773	AES Corp.		5,166,354
	148,485	NRG Energy, Inc.		6,113,127

				11,279,481


Common Stocks – (continued)
Insurance – 6.2%
	8,528	Aon PLC		1,536,234
	137,239	Arch Capital Group Ltd.*		4,635,933
	140,627	Athene Holding Ltd. Class A*		6,350,715
	75,118	Brighthouse Financial, Inc.*		3,139,181
	33,261	First American Financial Corp.		1,897,873
	66,903	Lincoln National Corp.		4,463,768
	6,047	Marsh & McLennan Cos., Inc.		570,172
	8,354	Old Republic International Corp.		186,795
	14,426	Reinsurance Group of America, Inc.		2,185,683
	30,608	The Allstate Corp.		3,032,029
	129,979	Unum Group		4,798,825
	4,127	White Mountains Insurance Group Ltd.		3,875,418

				36,672,626

Interactive Media & Services* – 0.0%
	95	Alphabet, Inc. Class A		113,901

Internet & Direct Marketing Retail – 1.2%
	62	Amazon.com, Inc.*		119,444
	181,888	eBay, Inc.		7,048,160

				7,167,604

IT Services – 1.2%
	14,711	Conduent, Inc.*		188,742
	18,891	Fidelity National Information Services, Inc.		2,190,034
	33,538	International Business Machines Corp.		4,704,375

				7,083,151

Life Sciences Tools & Services – 1.6%
	74,057	Agilent Technologies, Inc.		5,813,474
	12,013	Thermo Fisher Scientific, Inc.		3,333,007

				9,146,481

Machinery – 2.2%
	40,893	Caterpillar, Inc.		5,701,302
	12,081	Cummins, Inc.		2,008,950
	985	IDEX Corp.		154,310
	6,318	Ingersoll-Rand PLC		774,650
	24,478	Parker-Hannifin Corp.		4,432,476

				13,071,688

Media – 1.3%
	60,760	Comcast Corp. Class A		2,644,883
	384,399	News Corp. Class A		4,774,235

				7,419,118

Metals & Mining* – 0.1%
	13,840	Alcoa Corp.		369,251

Multi-Utilities – 2.2%
	87,256	Ameren Corp.		6,349,619
	17,534	CMS Energy Corp.		974,014
	46,524	DTE Energy Co.		5,848,532

				13,172,165


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Oil, Gas & Consumable Fuels – 8.3%
	33,852	Chevron Corp.^(a)	$	4,064,271
	140,558	ConocoPhillips		8,872,021
	103,601	Devon Energy Corp.		3,329,736
	5,989	EOG Resources, Inc.		575,244
	114,543	Exxon Mobil Corp.		9,195,512
	269,291	Marathon Oil Corp.		4,588,719
	124,688	Occidental Petroleum Corp.		7,341,629
	76,783	Phillips 66		7,238,333
	38,562	Valero Energy Corp.		3,496,031

				48,701,496

Personal Products* – 0.1%
	5,683	Herbalife Nutrition Ltd.		300,347

Pharmaceuticals – 4.4%
	157,979	Bristol-Myers Squibb Co.		7,334,965
	9,120	Jazz Pharmaceuticals PLC*		1,183,502
	54,480	Johnson & Johnson^(a)		7,692,576
	29,867	Merck & Co., Inc.		2,350,832
	106,258	Mylan NV*		2,867,903
	115,896	Pfizer, Inc.		4,706,537

				26,136,315

Professional Services – 0.6%
	8,875	IHS Markit Ltd.*		508,182
	31,743	ManpowerGroup, Inc.		3,048,598
	8,001	Nielsen Holdings PLC		204,266

				3,761,046

Road & Rail – 1.7%
	47,575	CSX Corp.		3,788,397
	35,113	Union Pacific Corp.		6,216,406

				10,004,803

Semiconductors & Semiconductor Equipment – 2.6%
	97,772	Intel Corp.		4,990,283
	6,350	Lam Research Corp.		1,317,180
	3,830	Micron Technology, Inc.*		161,090
	72,745	NXP Semiconductors NV		7,683,327
	18,090	Qorvo, Inc.*		1,367,785

				15,519,665

Software – 2.2%
	17,565	Citrix Systems, Inc.		1,773,362
	104,858	Oracle Corp.		5,801,793
	18,603	ServiceNow, Inc.*		5,050,901
	4,779	Tableau Software, Inc. Class A*		582,130

				13,208,186

Specialty Retail – 1.0%
	1,196	AutoZone, Inc.*		1,229,859
	24,297	Best Buy Co., Inc.		1,807,940
	25,683	L Brands, Inc.		658,512
	5,873	O’Reilly Automotive, Inc.*		2,223,341

				5,919,652


Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 0.3%
	9,759	Apple, Inc.		1,958,338

Textiles, Apparel & Luxury Goods* – 0.0%
	8,699	Under Armour, Inc. Class A		200,860

Tobacco – 1.9%
	129,397	Philip Morris International, Inc.		11,200,604

Trading Companies & Distributors* – 0.1%
	13,249	WESCO International, Inc.		758,373

Wireless Telecommunication Services – 0.2%
	37,655	Telephone & Data Systems, Inc.		1,200,441

	TOTAL COMMON STOCKS
	(Cost $536,494,165)		$	572,234,295


Shares		Dividend Rate	Value

Investment Company^(b) – 1.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,291,250	2.464%	$	8,291,250
	(Cost $8,291,250)

	TOTAL INVESTMENTS – 98.7%
	(Cost $544,785,415)		$	580,525,545

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%			7,646,516

	NET ASSETS – 100.0%		$	588,172,061



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

S&P 500E-Mini Index

06/21/19

$12,678,550

845,010


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 97.0%
Aerospace & Defense – 0.7%
	39,401	Aerojet Rocketdyne Holdings, Inc.*	$	1,334,118
	12,091	Astronics Corp.*		403,114
	2,601	Ducommun, Inc.*		105,548
	17,986	Moog, Inc. Class A		1,684,209
	11,107	Vectrus, Inc.*		450,389
	59,315	Wesco Aircraft Holdings, Inc.*		500,619

				4,477,997

Air Freight & Logistics* – 0.4%
	4,196	Atlas Air Worldwide Holdings, Inc.		202,625
	88,282	Echo Global Logistics, Inc.		2,025,189
	47,374	Radiant Logistics, Inc.		309,826

				2,537,640

Auto Components – 0.3%
	25,595	Gentherm, Inc.*		1,084,204
	13,373	Standard Motor Products, Inc.		668,249

				1,752,453

Banks – 7.7%
	50,280	1st Source Corp.		2,354,612
	8,256	Allegiance Bancshares, Inc.*		285,410
	47,786	Amalgamated Bank Class A		809,973
	22,853	Atlantic Capital Bancshares, Inc.*		398,556
	6,051	Banner Corp.		320,824
	4,250	Bridge Bancorp, Inc.		131,708
	44,819	Cathay General Bancorp		1,648,891
	127,529	Central Pacific Financial Corp.		3,827,145
	1,302	Century Bancorp, Inc. Class A		119,354
	19,439	CVB Financial Corp.		421,826
	22,755	Equity Bancshares, Inc. Class A*		597,546
	89,611	First Bancorp/Southern Pines NC		3,397,153
	259,704	First Commonwealth Financial Corp.		3,534,571
	28,577	First Financial Corp.		1,176,515
	113,942	First Foundation, Inc.		1,619,116
	48,787	First Internet Bancorp		1,067,947
	4,679	Glacier Bancorp, Inc.		199,279
	67,331	Heartland Financial USA, Inc.		3,023,162
	60,733	Hilltop Holdings, Inc.		1,277,215
	9,838	Home BancShares, Inc.		188,791
	5,646	IBERIABANK Corp.		448,857
	102,540	International Bancshares Corp.		4,252,334
	252,117	Investors Bancorp, Inc.		2,962,375
	35,923	LegacyTexas Financial Group, Inc.		1,439,794
	7,332	Mercantile Bank Corp.		247,822
	10,314	Metropolitan Bank Holding Corp.*		411,632
	79,658	National Bank Holdings Corp. Class A		3,046,122
	8,510	NBT Bancorp, Inc.		323,550
	1,231	Nicolet Bankshares, Inc.*		75,153
	5,851	Northeast Bancorp		128,254
	35,478	Opus Bank		775,904
	2,751	Peapack Gladstone Financial Corp.		79,586
	20,768	Sierra Bancorp		549,521
	2,541	Southern First Bancshares, Inc.*		93,534
	51,705	Southern National Bancorp of Virginia, Inc.		771,439


Common Stocks – (continued)
Banks – (continued)
	68,593	The Bancorp, Inc.*		700,335
	47,165	TriCo Bancshares		1,882,355
	3,492	TriState Capital Holdings, Inc.*		81,224
	79,381	United Community Banks, Inc.		2,229,018

				46,898,403

Beverages – 0.2%
	11,166	National Beverage Corp.^(a)		625,296
	2,595	The Boston Beer Co., Inc. Class A*		804,476

				1,429,772

Biotechnology* – 7.3%
	68,567	ACADIA Pharmaceuticals, Inc.		1,649,036
	27,742	Acceleron Pharma, Inc.		1,129,932
	40,072	Amicus Therapeutics, Inc.		534,561
	166,404	Array BioPharma, Inc.		3,762,394
	77,359	Arrowhead Pharmaceuticals, Inc.^(a)		1,390,915
	14,052	BioSpecifics Technologies Corp.		941,484
	24,165	Blueprint Medicines Corp.		1,827,116
	57,143	CareDx, Inc.		1,554,861
	12,358	Cyclerion Therapeutics, Inc.		188,212
	13,268	Editas Medicine, Inc.		328,383
	9,300	Fate Therapeutics, Inc.		156,240
	38,752	FibroGen, Inc.		1,810,881
	52,412	Genomic Health, Inc.		3,371,664
	10,142	Global Blood Therapeutics, Inc.		561,867
	158,574	Halozyme Therapeutics, Inc.		2,557,799
	10,241	Intercept Pharmaceuticals, Inc.		882,569
	53,620	Invitae Corp.		1,266,504
	103,334	Ironwood Pharmaceuticals, Inc.		1,228,641
	13,176	Mirati Therapeutics, Inc.		783,840
	47,184	Myriad Genetics, Inc.		1,485,352
	89,019	Natera, Inc.		1,701,153
	94,916	Pieris Pharmaceuticals, Inc.		283,799
	20,059	Prothena Corp. PLC		208,614
	10,327	PTC Therapeutics, Inc.		386,436
	43,921	Puma Biotechnology, Inc.		1,410,743
	3,392	Ra Pharmaceuticals, Inc.		75,302
	27,926	REGENXBIO, Inc.		1,407,470
	59,741	Repligen Corp.		4,025,349
	25,626	Ultragenyx Pharmaceutical, Inc.		1,691,316
	73,337	Vanda Pharmaceuticals, Inc.		1,194,660
	163,061	Veracyte, Inc.		3,729,205
	44,698	Voyager Therapeutics, Inc.		943,128
	45,097	Zafgen, Inc.		115,448

				44,584,874

Building Products – 1.7%
	91,179	Builders FirstSource, Inc.*		1,256,447
	99,217	Continental Building Products, Inc.*		2,544,916
	18,938	CSW Industrials, Inc.*		1,135,333
	90,229	JELD-WEN Holding, Inc.*		1,782,023
	55,039	Simpson Manufacturing Co., Inc.		3,504,883

				10,223,602


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Capital Markets – 2.7%
	137,415	Artisan Partners Asset Management, Inc. Class A	$	3,894,341
	266,897	BrightSphere Investment Group PLC		3,912,710
	33,432	Greenhill & Co., Inc.		692,377
	25,490	Houlihan Lokey, Inc.		1,257,167
	89,289	Moelis & Co. Class A		3,656,385
	60,162	Oppenheimer Holdings, Inc. Class A		1,579,252
	22,232	Piper Jaffray Cos.		1,791,899

				16,784,131

Chemicals – 2.2%
	1,042	Balchem Corp.		105,773
	12,801	Chase Corp.		1,199,070
	196,384	Ferro Corp.*		3,509,382
	11,608	H.B. Fuller Co.		568,444
	22,045	Innophos Holdings, Inc.		709,629
	17,945	Innospec, Inc.		1,522,095
	28,421	Kraton Corp.*		932,777
	21,443	Minerals Technologies, Inc.		1,345,977
	72,103	OMNOVA Solutions, Inc.*		533,562
	40,150	PolyOne Corp.		1,109,746
	43,220	Trinseo SA		1,942,739

				13,479,194

Commercial Services & Supplies – 0.8%
	12,160	Deluxe Corp.		543,795
	52,540	Kimball International, Inc. Class B		822,777
	42,287	McGrath RentCorp		2,621,794
	25,757	Mobile Mini, Inc.		927,767

				4,916,133

Communications Equipment* – 1.2%
	58,798	Acacia Communications, Inc.		3,403,228
	53,808	Aerohive Networks, Inc.		181,871
	49,961	Casa Systems, Inc.		479,126
	144,727	Extreme Networks, Inc.		1,157,816
	47,392	Harmonic, Inc.		268,239
	80,671	Quantenna Communications, Inc.		1,964,339

				7,454,619

Construction & Engineering – 1.1%
	66,608	Aegion Corp.*		1,326,165
	68,067	Comfort Systems USA, Inc.		3,682,425
	13,382	Dycom Industries, Inc.*		663,613
	53,102	Great Lakes Dredge & Dock Corp.*		543,233
	8,970	MasTec, Inc.*		454,331

				6,669,767

Consumer Finance – 0.8%
	111,080	Enova International, Inc.*		3,046,924
	13,984	Green Dot Corp. Class A*		891,760
	3,657	Nelnet, Inc. Class A		212,289
	27,201	Regional Management Corp.*		673,769

				4,824,742


Common Stocks – (continued)
Containers & Packaging – 0.0%
	16,658	Myers Industries, Inc.		298,012

Distributors – 0.4%
	67,126	Core-Mark Holding Co., Inc.		2,440,030

Diversified Consumer Services* – 1.1%
	10,575	American Public Education, Inc.		338,400
	72,662	Chegg, Inc.		2,590,400
	181,599	Houghton Mifflin Harcourt Co.		1,294,801
	59,806	K12, Inc.		1,801,357
	37,809	Laureate Education, Inc. Class A		595,114

				6,620,072

Diversified Financial Services* – 0.2%
	19,017	Cannae Holdings, Inc.		488,166
	82,449	On Deck Capital, Inc.		450,172

				938,338

Diversified Telecommunication Services – 1.2%
	75,361	Cogent Communications Holdings, Inc.		4,162,188
	5,899	Ooma, Inc.*		79,577
	322,522	Vonage Holdings Corp.*		3,134,914

				7,376,679

Electric Utilities – 1.2%
	10,216	El Paso Electric Co.		624,300
	20,173	IDACORP, Inc.		1,997,531
	90,411	Portland General Electric Co.		4,729,399

				7,351,230

Electrical Equipment* – 0.1%
	19,412	Thermon Group Holdings, Inc.		500,635

Electronic Equipment, Instruments & Components – 3.6%
	12,195	AVX Corp.		198,900
	5,273	Belden, Inc.		292,915
	38,310	Control4 Corp.*		666,977
	4,190	CTS Corp.		125,491
	15,134	ePlus, Inc.*		1,426,985
	66,181	Fabrinet*		4,005,274
	137,993	Fitbit, Inc. Class A*		728,603
	38,147	II-VI, Inc.*		1,519,776
	59,602	Insight Enterprises, Inc.*		3,372,281
	81,196	Knowles Corp.*		1,532,981
	29,371	Novanta, Inc.*		2,555,864
	36,004	PC Connection, Inc.		1,337,909
	126,763	Vishay Intertechnology, Inc.		2,511,175
	48,079	Vishay Precision Group, Inc.*		1,820,752

				22,095,883

Energy Equipment & Services* – 1.6%
	238,205	Helix Energy Solutions Group, Inc.		1,862,763
	79,487	Matrix Service Co.		1,558,740
	57,365	McDermott International, Inc.		464,083
	89,048	Newpark Resources, Inc.		650,050
	5,792	Oil States International, Inc.		111,902
	86,357	Pioneer Energy Services Corp.		150,261


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Energy Equipment & Services* – (continued)
	24,364	ProPetro Holding Corp.	$	539,175
	79,829	SEACOR Holdings, Inc.		3,555,584
	186,329	Superior Energy Services, Inc.		668,921

				9,561,479

Entertainment – 0.7%
	134,874	AMC Entertainment Holdings, Inc. Class A		2,044,690
	92,889	Glu Mobile, Inc.*		1,016,205
	16,095	World Wrestling Entertainment, Inc. Class A		1,349,566

				4,410,461

Equity Real Estate Investment Trusts (REITs) – 7.3%
	173,825	Cedar Realty Trust, Inc.		533,643
	98,652	Chesapeake Lodging Trust		2,811,582
	443,634	Cousins Properties, Inc.		4,245,577
	140,024	First Industrial Realty Trust, Inc.		4,938,647
	50,695	Gladstone Commercial Corp.		1,102,616
	18,195	Hersha Hospitality Trust		337,881
	32,858	Independence Realty Trust, Inc.		347,966
	2,108	Investors Real Estate Trust		127,070
	357,571	Lexington Realty Trust		3,243,169
	24,600	National Storage Affiliates Trust		719,796
	63,499	NexPoint Residential Trust, Inc.		2,380,578
	77,817	Piedmont Office Realty Trust, Inc. Class A		1,620,150
	130,062	Rexford Industrial Realty, Inc.		4,928,049
	230,658	RLJ Lodging Trust		4,246,414
	100,941	Terreno Realty Corp.		4,507,016
	78,217	Tier REIT, Inc.		2,216,670
	23,251	Urstadt Biddle Properties, Inc. Class A		509,894
	70,689	Washington Real Estate Investment Trust		1,996,257
	182,935	Xenia Hotels & Resorts, Inc.		3,960,543

				44,773,518

Food & Staples Retailing – 0.4%
	7,196	BJ’s Wholesale Club Holdings, Inc.*		204,007
	31,472	Ingles Markets, Inc. Class A		863,906
	16,737	Village Super Market, Inc. Class A		491,733
	18,695	Weis Markets, Inc.		786,125

				2,345,771

Food Products – 2.0%
	168,210	Darling Ingredients, Inc.*		3,668,660
	62,836	Dean Foods Co.^(a)		106,821
	8,798	Fresh Del Monte Produce, Inc.		259,629
	80,992	Freshpet, Inc.*		3,617,103
	24,602	J&J Snack Foods Corp.		3,866,942
	9,024	John B. Sanfilippo & Son, Inc.		650,721

				12,169,876

Gas Utilities – 0.1%
	3,983	Northwest Natural Holding Co.		266,423
	7,055	ONE Gas, Inc.		624,508

				890,931


Common Stocks – (continued)
Health Care Equipment & Supplies* – 1.7%
	57,515	GenMark Diagnostics, Inc.		416,409
	10,920	Glaukos Corp.		787,660
	7,485	Haemonetics Corp.		653,291
	19,235	Integer Holdings Corp.		1,328,946
	8,392	LivaNova PLC		578,125
	8,472	Novocure Ltd.		373,361
	30,432	Orthofix Medical, Inc.		1,667,369
	14,577	Quidel Corp.		932,053
	61,956	STAAR Surgical Co.		2,012,331
	3,541	SurModics, Inc.		153,821
	17,605	Tandem Diabetes Care, Inc.		1,081,123
	7,187	Varex Imaging Corp.		236,021

				10,220,510

Health Care Providers & Services – 1.9%
	19,059	AMN Healthcare Services, Inc.*		992,212
	73,959	Cross Country Healthcare, Inc.*		521,411
	18,765	HealthEquity, Inc.*		1,271,329
	101,807	Tenet Healthcare Corp.*		2,229,573
	83,267	The Ensign Group, Inc.		4,289,916
	52,334	Tivity Health, Inc.*		1,131,461
	44,927	Triple-S Management Corp. Class B*		1,020,741

				11,456,643

Health Care Technology* – 0.9%
	3,503	HealthStream, Inc.		91,709
	38,329	HMS Holdings Corp.		1,166,351
	49,090	Omnicell, Inc.		3,944,872

				5,202,932

Hotels, Restaurants & Leisure – 2.2%
	51,203	Dave & Buster’s Entertainment, Inc.		2,910,379
	9,160	Denny’s Corp.*		170,559
	63,356	Everi Holdings, Inc.*		651,933
	46,352	Fiesta Restaurant Group, Inc.*		586,817
	57,269	Planet Fitness, Inc. Class A*		4,335,263
	16,329	Red Robin Gourmet Burgers, Inc.*		523,018
	25,520	Scientific Games Corp. Class A*		590,278
	4,965	The Cheesecake Factory, Inc.		246,363
	47,382	Wingstop, Inc.		3,566,443

				13,581,053

Household Durables – 1.6%
	24,287	Bassett Furniture Industries, Inc.		431,337
	7,617	Helen of Troy Ltd.*		1,096,848
	115,120	KB Home		2,982,759
	73,434	Meritage Homes Corp.*		3,756,149
	28,434	Turtle Beach Corp.*^(a)		291,164
	5,429	Universal Electronics, Inc.*		206,574
	45,230	William Lyon Homes Class A*		762,578

				9,527,409

Independent Power and Renewable Electricity Producers – 0.4%
	51,970	Atlantic Power Corp.*		120,051
	56,389	Clearway Energy, Inc. Class C		894,893
	60,272	Pattern Energy Group, Inc. Class A		1,393,489

				2,408,433


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Insurance – 2.4%
	121,330	American Equity Investment Life Holding Co.	$	3,568,315
	22,432	AMERISAFE, Inc.		1,328,423
	52,674	Argo Group International Holdings Ltd.		4,112,259
	14,709	Employers Holdings, Inc.		631,310
	17,078	FBL Financial Group, Inc. Class A		1,066,863
	42,796	Genworth Financial, Inc. Class A*		162,197
	33,928	National General Holdings Corp.		836,325
	1,889	National Western Life Group, Inc. Class A		503,834
	26,171	ProAssurance Corp.		982,198
	42,070	Trupanion, Inc.*^(a)		1,379,896

				14,571,620

Interactive Media & Services* – 0.3%
	84,828	Liberty TripAdvisor Holdings, Inc. Class A		1,250,365
	21,411	Yelp, Inc.		857,724

				2,108,089

Internet & Direct Marketing Retail – 1.2%
	52,012	Etsy, Inc.*		3,512,890
	38,363	Groupon, Inc.*		135,038
	62,164	Liberty Expedia Holdings, Inc. Class A*		2,885,653
	20,389	Shutterstock, Inc.		824,735
	2,520	Stamps.com, Inc.*		216,216

				7,574,532

IT Services – 0.7%
	3,684	Cardtronics PLC Class A*		131,740
	126,526	Perspecta, Inc.		2,920,220
	9,152	Presidio, Inc.		137,463
	28,294	Sykes Enterprises, Inc.*		785,158

				3,974,581

Leisure Products – 1.0%
	20,428	American Outdoor Brands Corp.*		201,216
	192,924	Callaway Golf Co.		3,387,745
	6,293	Johnson Outdoors, Inc. Class A		482,484
	39,775	MasterCraft Boat Holdings, Inc.*		984,034
	124,887	Vista Outdoor, Inc.*		1,077,775

				6,133,254

Life Sciences Tools & Services* – 0.0%
	16,194	Fluidigm Corp.		222,506

Machinery – 3.9%
	47,000	Albany International Corp. Class A		3,476,590
	12,806	Barnes Group, Inc.		712,270
	3,279	Columbus McKinnon Corp.		129,061
	24,346	EnPro Industries, Inc.		1,809,395
	11,180	ESCO Technologies, Inc.		838,500
	6,604	Federal Signal Corp.		189,997
	16,499	Harsco Corp.*		373,537
	10,938	Hurco Cos., Inc.		430,192
	121,943	Meritor, Inc.*		2,958,337


Common Stocks – (continued)
Machinery – (continued)
	198,923	Milacron Holdings Corp.*		2,906,265
	6,301	Miller Industries, Inc.		208,437
	4,012	Proto Labs, Inc.*		440,477
	917	RBC Bearings, Inc.*		126,133
	14,616	Rexnord Corp.*		418,018
	47,055	SPX FLOW, Inc.*		1,691,157
	8,608	Tennant Co.		571,399
	93,701	TriMas Corp.*		2,898,172
	43,100	Watts Water Technologies, Inc. Class A		3,688,929

				23,866,866

Media – 3.5%
	48,343	Central European Media Enterprises Ltd. Class A*		191,438
	5,633	Gray Television, Inc.*		131,981
	6,853	Loral Space & Communications, Inc.*		252,327
	91,204	MSG Networks, Inc. Class A*		2,100,428
	148,449	New Media Investment Group, Inc.		1,586,920
	47,464	Nexstar Media Group, Inc. Class A^(b)		5,555,661
	111,126	Sinclair Broadcast Group, Inc. Class A		5,088,460
	12,112	TechTarget Inc.*		202,149
	10,191	TEGNA, Inc.		162,241
	109,574	The E.W. Scripps Co. Class A		2,497,192
	111,164	The New York Times Co. Class A		3,685,087

				21,453,884

Metals & Mining – 2.1%
	185,106	AK Steel Holding Corp.*^(a)		447,956
	131,830	Allegheny Technologies, Inc.*		3,285,204
	50,368	Carpenter Technology Corp.		2,501,779
	3,277	Kaiser Aluminum Corp.		322,457
	38,448	Materion Corp.		2,231,137
	37,954	Schnitzer Steel Industries, Inc. Class A		900,269
	50,166	SunCoke Energy, Inc.*		431,929
	48,916	Warrior Met Coal, Inc.		1,516,396
	22,813	Worthington Industries, Inc.		915,486

				12,552,613

Mortgage Real Estate Investment Trusts (REITs) – 1.1%
	81,296	AG Mortgage Investment Trust, Inc.		1,390,975
	373,321	Anworth Mortgage Asset Corp.		1,564,215
	217,968	Ladder Capital Corp.		3,792,643

				6,747,833

Multi-Utilities – 0.8%
	59,937	NorthWestern Corp.		4,186,600
	17,474	Unitil Corp.		994,445

				5,181,045

Oil, Gas & Consumable Fuels – 2.5%
	18,904	Arch Coal, Inc. Class A		1,833,310
	52,698	CONSOL Energy, Inc.*		1,786,462
	23,706	CVR Energy, Inc.		1,081,231
	126,299	Delek US Holdings, Inc.		4,680,641
	567,513	Denbury Resources, Inc.*		1,265,554
	23,520	PDC Energy, Inc.*		1,022,885


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	52,436	Renewable Energy Group, Inc.*	$	1,264,756
	6,687	Talos Energy, Inc.*		198,604
	8,233	Unit Corp.*		111,640
	60,578	World Fuel Services Corp.		1,868,831

				15,113,914

Paper & Forest Products – 0.7%
	73,071	Boise Cascade Co.		2,023,336
	80,330	Louisiana-Pacific Corp.		2,012,266
	28,801	PH Glatfelter Co.		454,480

				4,490,082

Pharmaceuticals – 1.3%
	70,394	Assertio Therapeutics, Inc.*		293,543
	8,415	Collegium Pharmaceutical, Inc.*		117,221
	34,360	Horizon Pharma PLC*		877,211
	31,561	Innoviva, Inc.*		442,801
	15,862	MyoKardia, Inc.*		761,059
	77,458	Pacira BioSciences, Inc.*		3,084,377
	23,154	Phibro Animal Health Corp. Class A		803,675
	62,772	Prestige Consumer Healthcare, Inc.*		1,846,752

				8,226,639

Professional Services – 3.1%
	10,159	Barrett Business Services, Inc.		740,185
	83,468	CBIZ, Inc.*		1,611,767
	15,722	CRA International, Inc.		818,802
	20,366	Heidrick & Struggles International, Inc.		728,695
	20,867	Huron Consulting Group, Inc.*		1,008,502
	30,584	Insperity, Inc.		3,656,623
	87,701	Kforce, Inc.		3,158,990
	88,765	Korn Ferry		4,173,730
	49,676	Navigant Consulting, Inc.		1,134,103
	77,324	TrueBlue, Inc.*		1,868,148

				18,899,545

Real Estate Management & Development – 0.3%
	53,570	Kennedy-Wilson Holdings, Inc.		1,153,898
	15,327	Marcus & Millichap, Inc.*		660,594

				1,814,492

Road & Rail – 0.6%
	30,105	Covenant Transportation Group, Inc. Class A*		587,951
	35,730	Heartland Express, Inc.		703,166
	90,515	Marten Transport Ltd.		1,790,387
	5,450	Saia, Inc.*		350,925
	58,033	YRC Worldwide, Inc.*		395,205

				3,827,634

Semiconductors & Semiconductor Equipment* – 2.3%
	21,495	Amkor Technology, Inc.		194,745
	24,732	Cirrus Logic, Inc.		1,176,748
	89,109	Diodes, Inc.		3,245,350
	88,763	Inphi Corp.		4,052,919
	46,079	MaxLinear, Inc.		1,239,986


Common Stocks – (continued)
Semiconductors & Semiconductor Equipment* – (continued)
	20,798	NeoPhotonics Corp.		142,050
	155,543	Rambus, Inc.		1,782,523
	13,828	Rudolph Technologies, Inc.		334,499
	33,426	Semtech Corp.		1,800,659

				13,969,479

Software – 5.5%
	39,014	ACI Worldwide, Inc.*		1,385,777
	4,793	Alteryx, Inc. Class A*		424,852
	56,324	Bottomline Technologies DE, Inc.*		2,848,305
	97,570	Box, Inc. Class A*		2,011,893
	37,529	Cloudera, Inc.*		417,698
	5,944	CommVault Systems, Inc.*		312,654
	74,520	Cornerstone OnDemand, Inc.*		4,072,518
	9,367	Coupa Software, Inc.*		967,892
	30,482	HubSpot, Inc.*		5,623,624
	15,752	MobileIron, Inc.*		93,409
	45,461	New Relic, Inc.*		4,784,316
	13,150	Paylocity Holding Corp.*		1,269,633
	89,127	Progress Software Corp.		4,065,083
	8,683	SPS Commerce, Inc.*		900,774
	12,559	The Trade Desk, Inc. Class A*		2,781,567
	21,256	Workiva, Inc.*		1,129,544
	6,539	Zscaler, Inc.*		446,679

				33,536,218

Specialty Retail – 3.8%
	16,241	Aaron’s, Inc.		904,461
	122,167	Abercrombie & Fitch Co. Class A		3,651,571
	6,863	America’s Car-Mart, Inc.*		679,780
	123,388	American Eagle Outfitters, Inc.		2,934,167
	62,384	Citi Trends, Inc.		1,154,728
	56,855	Conn’s, Inc.*		1,470,839
	155,650	Express, Inc.*		572,792
	71,175	GameStop Corp. Class A		615,664
	22,359	Genesco, Inc.*		1,001,907
	23,057	Group 1 Automotive, Inc.		1,805,594
	5,437	Hibbett Sports, Inc.*		112,546
	42,011	Hudson Ltd. Class A*		644,449
	16,271	Monro, Inc.		1,363,998
	35,886	Murphy USA, Inc.*		3,067,176
	56,485	Rent-A-Center, Inc.*		1,408,171
	16,811	Sleep Number Corp.*		585,023
	12,263	Sonic Automotive, Inc. Class A		248,080
	10,556	The Cato Corp. Class A		160,029
	66,044	Tilly’s, Inc. Class A		776,677

				23,157,652

Technology Hardware, Storage & Peripherals* – 0.2%
	50,713	Cray, Inc.		1,331,723

Textiles, Apparel & Luxury Goods* – 0.5%
	108,419	Crocs, Inc.		3,019,469

Thrifts & Mortgage Finance – 2.0%
	58,152	Essent Group Ltd.*		2,759,312


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Thrifts & Mortgage Finance – (continued)
	21,020	Federal Agricultural Mortgage Corp. Class C	$	1,607,610
	97,690	NMI Holdings, Inc. Class A*		2,743,135
	90,087	Radian Group, Inc.		2,109,837
	135,788	TrustCo Bank Corp. NY		1,086,304
	52,598	United Community Financial Corp.		484,428
	3,483	Walker & Dunlop, Inc.		191,391
	25,890	WSFS Financial Corp.		1,117,930

				12,099,947

Tobacco – 0.2%
	141,188	Vector Group Ltd.		1,345,522

Trading Companies & Distributors – 1.0%
	82,541	BMC Stock Holdings, Inc.*		1,698,694
	11,933	DXP Enterprises, Inc.*		511,806
	35,530	Kaman Corp.		2,199,662
	41,716	MRC Global, Inc.*		722,938
	13,637	Rush Enterprises, Inc. Class A		578,345
	28,817	Titan Machinery, Inc.*		495,653

				6,207,098

Wireless Telecommunication Services – 0.3%
	28,464	Shenandoah Telecommunications Co.		1,176,417
	44,528	Spok Holdings, Inc.		616,713

				1,793,130

	TOTAL COMMON STOCKS
	(Cost $552,095,130)		$	593,422,589


Shares		Dividend Rate	Value

Investment Company^(c) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,563,751	2.464%	$	6,563,751
	(Cost $6,563,751)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $558,658,881)		$	599,986,340


Securities Lending Reinvestment Vehicle^(c) – 0.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,071,446	2.464%		4,071,446
	(Cost $4,071,446)

	TOTAL INVESTMENTS – 98.8%
	(Cost $562,730,327)		$	604,057,786

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%			7,399,510

	NET ASSETS – 100.0%		$	611,457,296



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 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

121

06/21/19

$9,644,910

136,972


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 97.3%
Aerospace & Defense – 1.1%
	159,653	Aerojet Rocketdyne Holdings, Inc.*	$	5,405,851
	5,842	Aerovironment, Inc.*		400,528
	31,751	Astronics Corp.*		1,058,578
	64,285	Kratos Defense & Security Solutions, Inc.*		1,020,846
	41,469	Moog, Inc. Class A		3,883,157
	78,155	Wesco Aircraft Holdings, Inc.*		659,628

				12,428,588

Air Freight & Logistics – 0.5%
	180,299	Echo Global Logistics, Inc.*		4,136,059
	26,716	Forward Air Corp.		1,691,657

				5,827,716

Auto Components – 0.3%
	138,715	Dana, Inc.		2,704,943
	2,357	Standard Motor Products, Inc.		117,779
	31,466	Stoneridge, Inc.*		988,976

				3,811,698

Banks – 2.3%
	19,069	1st Source Corp.		893,001
	15,876	Allegiance Bancshares, Inc.*		548,833
	61,171	Amalgamated Bank Class A		1,036,848
	28,797	Atlantic Capital Bancshares, Inc.*		502,220
	150,545	Central Pacific Financial Corp.		4,517,855
	29,261	Equity Bancshares, Inc. Class A*		768,394
	52,980	First Commonwealth Financial Corp.		721,058
	79,149	First Foundation, Inc.		1,124,707
	14,618	First Internet Bancorp		319,988
	3,435	Glacier Bancorp, Inc.		146,297
	12,206	Heartland Financial USA, Inc.		548,049
	23,323	Heritage Commerce Corp.		292,004
	20,799	Hilltop Holdings, Inc.		437,403
	112,567	International Bancshares Corp.		4,668,154
	52,806	LegacyTexas Financial Group, Inc.		2,116,465
	79,994	National Bank Holdings Corp. Class A		3,058,971
	9,901	Southern National Bancorp of Virginia, Inc.		147,723
	23,024	The Bancorp, Inc.*		235,075
	44,335	TriCo Bancshares		1,769,410
	69,751	United Community Banks, Inc.		1,958,608

				25,811,063

Beverages – 0.4%
	27,607	National Beverage Corp.^(a)		1,545,992
	8,632	The Boston Beer Co., Inc. Class A*		2,676,006

				4,221,998

Biotechnology* – 11.7%
	219,678	ACADIA Pharmaceuticals, Inc.		5,283,256
	87,083	Acceleron Pharma, Inc.		3,546,891
	245,554	Amicus Therapeutics, Inc.		3,275,690
	443,719	Array BioPharma, Inc.		10,032,487
	220,249	Arrowhead Pharmaceuticals, Inc.^(a)		3,960,077
	26,087	Audentes Therapeutics, Inc.		985,828


Common Stocks – (continued)
Biotechnology* – (continued)
	22,823	BioSpecifics Technologies Corp.		1,529,141
	73,648	Blueprint Medicines Corp.		5,568,525
	144,644	CareDx, Inc.		3,935,763
	73,061	Coherus Biosciences, Inc.		1,163,131
	34,402	Cyclerion Therapeutics, Inc.		523,942
	11,129	Dicerna Pharmaceuticals, Inc.		144,232
	91,367	Editas Medicine, Inc.		2,261,333
	15,062	Enanta Pharmaceuticals, Inc.		1,313,256
	32,511	Epizyme, Inc.		403,462
	4,576	Esperion Therapeutics, Inc.^(a)		197,226
	63,646	Fate Therapeutics, Inc.		1,069,253
	128,621	FibroGen, Inc.		6,010,459
	108,010	Genomic Health, Inc.		6,948,283
	57,022	Global Blood Therapeutics, Inc.		3,159,019
	397,039	Halozyme Therapeutics, Inc.		6,404,239
	29,544	Intercept Pharmaceuticals, Inc.		2,546,102
	218,874	Invitae Corp.		5,169,804
	344,027	Ironwood Pharmaceuticals, Inc.		4,090,481
	6,226	Ligand Pharmaceuticals, Inc.^(b)		783,542
	62,703	Minerva Neurosciences, Inc.		462,121
	44,239	Mirati Therapeutics, Inc.		2,631,778
	85,796	Myriad Genetics, Inc.		2,700,858
	163,648	Natera, Inc.		3,127,313
	226,195	Pieris Pharmaceuticals, Inc.		676,323
	31,447	Portola Pharmaceuticals, Inc.		1,110,079
	28,092	Prothena Corp. PLC		292,157
	53,955	PTC Therapeutics, Inc.		2,018,996
	108,784	Puma Biotechnology, Inc.		3,494,142
	21,839	Ra Pharmaceuticals, Inc.		484,826
	72,596	REGENXBIO, Inc.		3,658,838
	138,692	Repligen Corp.		9,345,067
	124,321	Spectrum Pharmaceuticals, Inc.		1,164,888
	12,069	Stemline Therapeutics, Inc.		181,035
	85,183	Ultragenyx Pharmaceutical, Inc.		5,622,078
	160,055	Vanda Pharmaceuticals, Inc.		2,607,296
	265,233	Veracyte, Inc.		6,065,879
	16,584	Vericel Corp.		281,762
	111,179	Voyager Therapeutics, Inc.		2,345,877
	61,758	Xencor, Inc.		1,896,588
	70,797	Zafgen, Inc.		181,240

				130,654,563

Building Products – 1.9%
	11,392	Armstrong Flooring, Inc.*		165,070
	209,081	Builders FirstSource, Inc.*		2,881,136
	203,153	Continental Building Products, Inc.*		5,210,874
	37,643	CSW Industrials, Inc.*		2,256,698
	141,950	JELD-WEN Holding, Inc.*		2,803,513
	130,402	Simpson Manufacturing Co., Inc.		8,303,999

				21,621,290

Capital Markets – 2.8%
	264,521	Artisan Partners Asset Management, Inc. Class A		7,496,525
	486,610	BrightSphere Investment Group PLC		7,133,703
	8,838	Cowen, Inc.*		148,036


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Capital Markets – (continued)
	12,274	Focus Financial Partners, Inc. Class A*	$	460,275
	50,463	Greenhill & Co., Inc.		1,045,089
	71,350	Houlihan Lokey, Inc.		3,518,982
	173,192	Moelis & Co. Class A		7,092,212
	24,369	Oppenheimer Holdings, Inc. Class A		639,686
	39,997	Piper Jaffray Cos.		3,223,758
	5,309	Westwood Holdings Group, Inc.		166,119

				30,924,385

Chemicals – 2.5%
	13,465	AdvanSix, Inc.*		407,047
	41,917	Balchem Corp.		4,254,995
	22,686	Chase Corp.		2,124,998
	387,860	Ferro Corp.*		6,931,058
	29,996	H.B. Fuller Co.		1,468,904
	18,611	Ingevity Corp.*		2,140,451
	6,239	Innophos Holdings, Inc.		200,833
	64,699	Kraton Corp.*		2,123,421
	49,243	OMNOVA Solutions, Inc.*		364,398
	121,206	PolyOne Corp.		3,350,134
	110,040	Trinseo SA		4,946,298

				28,312,537

Commercial Services & Supplies – 1.6%
	86,594	Deluxe Corp.		3,872,484
	5,204	HNI Corp.		191,039
	139,888	Kimball International, Inc. Class B		2,190,646
	68,257	McGrath RentCorp		4,231,934
	64,702	Mobile Mini, Inc.		2,330,566
	13,099	MSA Safety, Inc.		1,439,711
	10,656	Tetra Tech, Inc.		689,656
	40,658	US Ecology, Inc.		2,480,545

				17,426,581

Communications Equipment* – 1.3%
	106,401	Acacia Communications, Inc.		6,158,490
	107,025	Casa Systems, Inc.		1,026,370
	307,638	Extreme Networks, Inc.		2,461,104
	178,489	Quantenna Communications, Inc.		4,346,207
	24,389	Viavi Solutions, Inc.		324,374

				14,316,545

Construction & Engineering – 1.1%
	139,896	Comfort Systems USA, Inc.		7,568,373
	45,325	Dycom Industries, Inc.*		2,247,667
	18,186	Great Lakes Dredge & Dock Corp.*		186,043
	22,069	MasTec, Inc.*		1,117,795
	14,650	NV5 Global, Inc.*		927,931

				12,047,809

Consumer Finance – 0.8%
	230,001	Enova International, Inc.*		6,308,928
	46,299	Green Dot Corp. Class A*		2,952,487
	3,028	Nelnet, Inc. Class A		175,775

				9,437,190


Common Stocks – (continued)
Containers & Packaging – 0.0%
	10,188	Greif, Inc. Class A		402,630

Distributors – 0.3%
	102,833	Core-Mark Holding Co., Inc.		3,737,980

Diversified Consumer Services* – 1.2%
	24,222	American Public Education, Inc.		775,104
	211,713	Chegg, Inc.		7,547,569
	441,449	Houghton Mifflin Harcourt Co.		3,147,531
	56,859	K12, Inc.		1,712,593
	12,758	Weight Watchers International, Inc.		260,518

				13,443,315

Diversified Financial Services* – 0.0%
	57,357	On Deck Capital, Inc.		313,169

Diversified Telecommunication Services – 1.4%
	151,019	Cogent Communications Holdings, Inc.		8,340,779
	14,809	Ooma, Inc.*		199,774
	681,220	Vonage Holdings Corp.*		6,621,458

				15,162,011

Electric Utilities – 0.1%
	32,058	Portland General Electric Co.		1,676,954

Electrical Equipment – 0.2%
	17,461	EnerSys		1,208,127
	36,726	Thermon Group Holdings, Inc.*		947,163
	10,253	Vicor Corp.*		384,590

				2,539,880

Electronic Equipment, Instruments & Components – 3.0%
	64,857	Control4 Corp.*		1,129,160
	25,114	ePlus, Inc.*		2,367,999
	69,666	Fabrinet*		4,216,186
	18,228	FARO Technologies, Inc.*		1,025,325
	365,221	Fitbit, Inc. Class A*		1,928,367
	113,810	II-VI, Inc.*		4,534,191
	122,393	Insight Enterprises, Inc.*		6,924,996
	78,040	Novanta, Inc.*		6,791,041
	19,815	PC Connection, Inc.		736,325
	49,779	Vishay Intertechnology, Inc.		986,122
	84,955	Vishay Precision Group, Inc.*		3,217,246

				33,856,958

Energy Equipment & Services* – 0.9%
	177,950	Helix Energy Solutions Group, Inc.		1,391,569
	100,469	Matrix Service Co.		1,970,197
	89,060	ProPetro Holding Corp.		1,970,898
	100,199	SEACOR Holdings, Inc.		4,462,863

				9,795,527

Entertainment – 1.2%
	221,707	AMC Entertainment Holdings, Inc. Class A		3,361,078
	362,944	Glu Mobile, Inc.*		3,970,607
	77,086	IMAX Corp.*		1,879,357


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Entertainment – (continued)
	50,940	World Wrestling Entertainment, Inc. Class A	$	4,271,319

				13,482,361

Equity Real Estate Investment Trusts (REITs) – 2.6%
	8,639	Chesapeake Lodging Trust		246,212
	190,411	First Industrial Realty Trust, Inc.		6,715,796
	45,819	National Storage Affiliates Trust		1,340,664
	87,285	NexPoint Residential Trust, Inc.		3,272,315
	160,152	Rexford Industrial Realty, Inc.		6,068,159
	293,627	RLJ Lodging Trust		5,405,673
	78,850	Terreno Realty Corp.		3,520,652
	32,948	Tier REIT, Inc.		933,746
	91,591	Xenia Hotels & Resorts, Inc.		1,982,945

				29,486,162

Food & Staples Retailing* – 0.2%
	18,983	BJ’s Wholesale Club Holdings, Inc.		538,168
	24,035	Performance Food Group Co.		984,233
	5,766	The Chefs’ Warehouse, Inc.		188,433

				1,710,834

Food Products – 1.7%
	252,046	Darling Ingredients, Inc.*		5,497,123
	146,695	Freshpet, Inc.*		6,551,399
	39,989	J&J Snack Foods Corp.		6,285,471
	8,729	John B. Sanfilippo & Son, Inc.		629,448

				18,963,441

Health Care Equipment & Supplies – 3.7%
	46,393	AtriCure, Inc.*		1,392,718
	168,652	GenMark Diagnostics, Inc.*		1,221,040
	42,997	Glaukos Corp.*		3,101,374
	65,476	Haemonetics Corp.*		5,714,745
	5,525	Heska Corp.*		429,072
	14,562	Inogen, Inc.*		1,271,263
	73,440	Integer Holdings Corp.*		5,073,970
	24,662	LivaNova PLC*		1,698,965
	31,553	Meridian Bioscience, Inc.		363,175
	74,028	Novocure Ltd.*		3,262,414
	60,495	Orthofix Medical, Inc.*		3,314,521
	60,663	Quidel Corp.*		3,878,792
	157,076	STAAR Surgical Co.*		5,101,828
	21,699	SurModics, Inc.*		942,605
	3,590	Tactile Systems Technology, Inc.*		178,638
	62,186	Tandem Diabetes Care, Inc.*		3,818,842
	27,601	Varex Imaging Corp.*		906,417

				41,670,379

Health Care Providers & Services – 2.8%
	5,878	Amedisys, Inc.*		751,326
	66,290	AMN Healthcare Services, Inc.*		3,451,057
	28,825	BioTelemetry, Inc.*		1,568,080
	84,517	HealthEquity, Inc.*		5,726,027
	58,240	Select Medical Holdings Corp.*		836,909
	289,680	Tenet Healthcare Corp.*		6,343,992


Common Stocks – (continued)
Health Care Providers & Services – (continued)
	166,785	The Ensign Group, Inc.		8,592,763
	138,716	Tivity Health, Inc.*^(a)		2,999,040
	72,481	Triple-S Management Corp. Class B*		1,646,768

				31,915,962

Health Care Technology – 1.8%
	179,331	Allscripts Healthcare Solutions, Inc.*		1,769,997
	24,963	Computer Programs & Systems, Inc.		758,625
	21,193	HealthStream, Inc.*		554,833
	122,847	HMS Holdings Corp.*		3,738,234
	31,343	Medidata Solutions, Inc.*		2,831,527
	110,770	Omnicell, Inc.*		8,901,477
	26,749	Teladoc Health, Inc.*		1,521,483

				20,076,176

Hotels, Restaurants & Leisure – 3.8%
	109,169	Bloomin’ Brands, Inc.		2,182,288
	4,071	Boyd Gaming Corp.		117,163
	106,672	Dave & Buster’s Entertainment, Inc.		6,063,236
	105,515	Denny’s Corp.*		1,964,689
	239,580	Everi Holdings, Inc.*		2,465,278
	80,413	Fiesta Restaurant Group, Inc.*		1,018,029
	139,748	Planet Fitness, Inc. Class A*		10,578,924
	77,557	Red Robin Gourmet Burgers, Inc.*		2,484,151
	98,238	Scientific Games Corp. Class A*		2,272,245
	81,288	SeaWorld Entertainment, Inc.*		2,163,886
	27,559	Texas Roadhouse, Inc.^(b)		1,488,462
	43,974	The Cheesecake Factory, Inc.		2,181,990
	98,125	Wingstop, Inc.		7,385,869

				42,366,210

Household Durables – 1.8%
	17,398	Helen of Troy Ltd.*		2,505,312
	24,521	Installed Building Products, Inc.*		1,177,744
	12,570	iRobot Corp.*^(a)		1,301,498
	183,172	KB Home		4,745,986
	121,422	Meritage Homes Corp.*		6,210,735
	15,137	Roku, Inc.*		962,562
	70,377	Turtle Beach Corp.*^(a)		720,660
	121,580	William Lyon Homes Class A*		2,049,839

				19,674,336

Insurance – 1.3%
	177,523	American Equity Investment Life Holding Co.		5,220,952
	52,577	Argo Group International Holdings Ltd.		4,104,686
	66,946	National General Holdings Corp.		1,650,219
	3,237	Primerica, Inc.		421,749
	4,555	Stewart Information Services Corp.		193,633
	107,575	Trupanion, Inc.*^(a)		3,528,460

				15,119,699

Interactive Media & Services* – 0.7%
	244,433	Liberty TripAdvisor Holdings, Inc. Class A		3,602,942


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Interactive Media & Services* – (continued)
	49,529	QuinStreet, Inc.	$	706,779
	79,647	Yelp, Inc.		3,190,659

				7,500,380

Internet & Direct Marketing Retail – 2.0%
	171,107	Etsy, Inc.*		11,556,567
	214,961	Groupon, Inc.*		756,663
	124,558	Liberty Expedia Holdings, Inc. Class A*		5,781,982
	28,082	Quotient Technology, Inc.*		260,882
	62,927	Shutterstock, Inc.		2,545,397
	16,951	Stamps.com, Inc.*		1,454,396

				22,355,887

IT Services – 0.3%
	12,722	Carbonite, Inc.*		312,071
	34,793	Cardtronics PLC Class A*		1,244,198
	7,705	Evo Payments, Inc. Class A*		228,916
	7,248	Perficient, Inc.*		213,381
	10,172	Perspecta, Inc.		234,770
	18,158	Sykes Enterprises, Inc.*		503,884
	4,610	Virtusa Corp.*		256,085

				2,993,305

Leisure Products – 0.9%
	377,384	Callaway Golf Co.		6,626,863
	4,072	Johnson Outdoors, Inc. Class A		312,200
	85,852	MasterCraft Boat Holdings, Inc.*		2,123,979
	25,129	Nautilus, Inc.*		134,440
	52,718	Vista Outdoor, Inc.*		454,956

				9,652,438

Life Sciences Tools & Services* – 0.3%
	78,176	Fluidigm Corp.		1,074,138
	31,722	Medpace Holdings, Inc.		1,781,825

				2,855,963

Machinery – 4.1%
	89,466	Albany International Corp. Class A		6,617,800
	59,802	Barnes Group, Inc.		3,326,187
	25,196	Columbus McKinnon Corp.		991,715
	45,189	EnPro Industries, Inc.		3,358,446
	3,076	ESCO Technologies, Inc.		230,700
	19,322	Federal Signal Corp.		555,894
	115,698	Harsco Corp.*		2,619,403
	4,128	John Bean Technologies Corp.		453,213
	8,529	Kennametal, Inc.		347,130
	294,656	Meritor, Inc.*		7,148,355
	364,340	Milacron Holdings Corp.*		5,323,007
	26,720	Proto Labs, Inc.*		2,933,589
	6,101	RBC Bearings, Inc.*		839,193
	24,928	Rexnord Corp.*		712,941
	14,727	SPX FLOW, Inc.*		529,288
	27,426	Tennant Co.		1,820,538
	45,061	TriMas Corp.*		1,393,737
	80,461	Watts Water Technologies, Inc. Class A		6,886,657

				46,087,793


Common Stocks – (continued)
Media – 2.7%
	55,279	Central European Media Enterprises Ltd. Class A*		218,905
	10,087	Loral Space & Communications, Inc.*		371,403
	27,478	New Media Investment Group, Inc.		293,740
	105,031	Nexstar Media Group, Inc. Class A^(b)		12,293,879
	194,615	Sinclair Broadcast Group, Inc. Class A		8,911,421
	33,045	TechTarget Inc.*		551,521
	61,602	The E.W. Scripps Co. Class A		1,403,910
	196,623	The New York Times Co. Class A		6,518,052

				30,562,831

Metals & Mining – 0.9%
	93,385	Allegheny Technologies, Inc.*		2,327,154
	70,441	Carpenter Technology Corp.		3,498,804
	6,477	Compass Minerals International, Inc.		371,715
	15,087	Kaiser Aluminum Corp.		1,484,561
	8,758	Schnitzer Steel Industries, Inc. Class A		207,740
	28,976	Warrior Met Coal, Inc.		898,256
	46,113	Worthington Industries, Inc.		1,850,515

				10,638,745

Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	30,309	AG Mortgage Investment Trust, Inc.		518,587
	324,488	Ladder Capital Corp.		5,646,091

				6,164,678

Multi-Utilities – 0.0%
	4,210	NorthWestern Corp.		294,069

Oil, Gas & Consumable Fuels – 1.8%
	113,430	CONSOL Energy, Inc.*		3,845,277
	47,149	CVR Energy, Inc.		2,150,466
	235,772	Delek US Holdings, Inc.		8,737,710
	506,994	Denbury Resources, Inc.*		1,130,597
	166,302	Renewable Energy Group, Inc.*		4,011,204
	108,478	SRC Energy, Inc.*		667,140

				20,542,394

Paper & Forest Products – 0.8%
	120,208	Boise Cascade Co.		3,328,559
	209,358	Louisiana-Pacific Corp.		5,244,418
	13,369	PH Glatfelter Co.		210,963

				8,783,940

Pharmaceuticals – 2.1%
	86,833	Assertio Therapeutics, Inc.*		362,093
	84,461	Collegium Pharmaceutical, Inc.*		1,176,542
	179,824	Horizon Pharma PLC*		4,590,907
	232,407	Innoviva, Inc.*		3,260,670
	19,783	Intersect ENT, Inc.*		642,750
	60,711	MyoKardia, Inc.*		2,912,914
	140,670	Pacira BioSciences, Inc.*		5,601,479
	136,444	Phibro Animal Health Corp. Class A		4,735,971
	23,947	Prestige Consumer Healthcare, Inc.*		704,521

				23,987,847


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Professional Services – 2.9%
	19,551	Barrett Business Services, Inc.	$	1,424,486
	15,954	CBIZ, Inc.*		308,072
	13,734	CRA International, Inc.		715,267
	6,859	Exponent, Inc.		388,357
	35,511	Heidrick & Struggles International, Inc.		1,270,583
	74,660	Insperity, Inc.		8,926,350
	155,341	Kforce, Inc.		5,595,383
	178,169	Korn Ferry		8,377,506
	33,933	TriNet Group, Inc.*		2,115,383
	125,565	TrueBlue, Inc.*		3,033,650
	12,998	Upwork, Inc.*		259,830

				32,414,867

Real Estate Management & Development – 0.5%
	119,796	Kennedy-Wilson Holdings, Inc.		2,580,406
	62,905	Marcus & Millichap, Inc.*		2,711,205

				5,291,611

Road & Rail – 0.7%
	13,758	ArcBest Corp.		420,445
	16,227	Covenant Transportation Group, Inc. Class A*		316,913
	109,195	Heartland Express, Inc.		2,148,958
	97,756	Marten Transport Ltd.		1,933,614
	32,711	Saia, Inc.*		2,106,261
	91,893	YRC Worldwide, Inc.*		625,791

				7,551,982

Semiconductors & Semiconductor Equipment* – 2.8%
	64,909	Cirrus Logic, Inc.		3,088,370
	153,735	Diodes, Inc.		5,599,029
	172,961	Inphi Corp.		7,897,399
	134,779	MaxLinear, Inc.		3,626,903
	34,778	Nanometrics, Inc.		1,036,037
	93,254	Rambus, Inc.		1,068,691
	96,998	Rudolph Technologies, Inc.		2,346,382
	111,780	Semtech Corp.		6,021,588
	7,309	Silicon Laboratories, Inc.		786,887

				31,471,286

Software – 9.9%
	141,806	ACI Worldwide, Inc.*		5,036,949
	15,491	Alteryx, Inc. Class A*		1,373,122
	52,965	American Software, Inc. Class A		685,897
	21,961	Appfolio, Inc. Class A*		2,132,633
	33,325	Blackbaud, Inc.		2,642,339
	140,482	Bottomline Technologies DE, Inc.*		7,104,175
	304,485	Box, Inc. Class A*		6,278,481
	235,001	Cloudera, Inc.*		2,615,561
	12,046	CommVault Systems, Inc.*		633,620
	160,416	Cornerstone OnDemand, Inc.*		8,766,734
	69,379	Coupa Software, Inc.*		7,168,932
	12,290	Everbridge, Inc.*		908,108
	25,499	Five9, Inc.*		1,353,232
	32,739	ForeScout Technologies, Inc.*		1,376,348


Common Stocks – (continued)
Software – (continued)
	71,524	HubSpot, Inc.*		13,195,463
	62,266	MobileIron, Inc.*		369,237
	103,494	New Relic, Inc.*^(b)		10,891,708
	58,198	Paylocity Holding Corp.*		5,619,017
	175,970	Progress Software Corp.		8,025,992
	12,383	Qualys, Inc.*		1,117,690
	28,480	Rapid7, Inc.*		1,547,603
	19,784	SailPoint Technologies Holding, Inc.*		559,096
	15,037	SPS Commerce, Inc.*		1,559,938
	40,851	The Trade Desk, Inc. Class A*		9,047,679
	38,745	Varonis Systems, Inc.*		2,756,707
	33,594	Workiva, Inc.*		1,785,185
	45,345	Yext, Inc.*		993,509
	72,071	Zscaler, Inc.*		4,923,170

				110,468,125

Specialty Retail – 3.3%
	84,651	Abercrombie & Fitch Co. Class A		2,530,218
	29,599	America’s Car-Mart, Inc.*		2,931,781
	316,494	American Eagle Outfitters, Inc.		7,526,227
	52,175	Citi Trends, Inc.		965,759
	110,776	Conn’s, Inc.*		2,865,775
	12,508	Five Below, Inc.*		1,831,046
	28,271	GameStop Corp. Class A		244,544
	3,278	Genesco, Inc.*		146,887
	5,533	Group 1 Automotive, Inc.		433,289
	142,750	Hudson Ltd. Class A*		2,189,785
	53,041	Monro, Inc.		4,446,427
	72,399	Murphy USA, Inc.*		6,187,943
	10,469	Rent-A-Center, Inc.*		260,992
	5,860	Shoe Carnival, Inc.		208,968
	69,426	Sleep Number Corp.*		2,416,025
	138,419	Tilly’s, Inc. Class A		1,627,808

				36,813,474

Technology Hardware, Storage & Peripherals* – 0.3%
	124,992	Cray, Inc.		3,282,290

Textiles, Apparel & Luxury Goods – 0.6%
	228,620	Crocs, Inc.*		6,367,067
	4,952	Movado Group, Inc.		176,539

				6,543,606

Thrifts & Mortgage Finance – 1.1%
	94,576	Essent Group Ltd.*		4,487,631
	6,270	Federal Agricultural Mortgage Corp. Class C		479,530
	210,031	NMI Holdings, Inc. Class A*		5,897,670
	42,303	WSFS Financial Corp.		1,826,644

				12,691,475

Tobacco – 0.3%
	368,642	Vector Group Ltd.		3,513,158

Trading Companies & Distributors – 1.2%
	143,563	BMC Stock Holdings, Inc.*		2,954,527
	8,204	DXP Enterprises, Inc.*		351,870


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	25,898	Herc Holdings, Inc.*	$	1,247,248
	71,285	Kaman Corp.		4,413,254
	112,407	MRC Global, Inc.*		1,948,013
	62,710	Rush Enterprises, Inc. Class A		2,659,531

				13,574,443

Water Utilities – 0.0%
	2,621	American States Water Co.		186,537

Wireless Telecommunication Services – 0.2%
	57,065	Shenandoah Telecommunications Co.		2,358,496

	TOTAL COMMON STOCKS
	(Cost $992,660,850)		$	1,090,817,567


Shares		Dividend Rate	Value

Investment Company^(c) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,926,561	2.464%	$	12,926,561
	(Cost $12,926,561)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,005,587,411)		$	1,103,744,128


Securities Lending Reinvestment Vehicle^(c) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,451,858	2.464%		10,451,858
	(Cost $10,451,858)

	TOTAL INVESTMENTS – 99.4%
	(Cost $1,016,039,269)		$	1,114,195,986

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%			6,514,780

	NET ASSETS – 100.0%		$	1,120,710,766



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

E-mini Russell 2000 Index

246

06/21/19

$19,608,660

782,452


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 97.0%
Aerospace & Defense – 0.9%
	2,963	AAR Corp.	$	100,060
	15,753	Ducommun, Inc.*		639,257
	33,272	Kratos Defense & Security Solutions, Inc.*		528,359
	2,038	Mercury Systems, Inc.*		148,815
	18,913	Moog, Inc. Class A		1,771,013
	8,463	Vectrus, Inc.*		343,175
	62,604	Wesco Aircraft Holdings, Inc.*		528,378

				4,059,057

Air Freight & Logistics* – 0.5%
	6,048	Atlas Air Worldwide Holdings, Inc.		292,058
	75,089	Echo Global Logistics, Inc.		1,722,542
	44,769	Radiant Logistics, Inc.		292,789

				2,307,389

Auto Components – 0.6%
	35,788	Gentherm, Inc.*		1,515,980
	14,485	Standard Motor Products, Inc.		723,815
	13,700	Stoneridge, Inc.*		430,591
	50,319	Superior Industries International, Inc.		249,079

				2,919,465

Banks – 14.4%
	47,857	1st Source Corp.		2,241,143
	18,711	Allegiance Bancshares, Inc.*		646,839
	47,955	Amalgamated Bank Class A		812,837
	6,346	Arrow Financial Corp.		213,543
	53,702	Atlantic Capital Bancshares, Inc.*		936,563
	15,300	Banner Corp.		811,206
	16,075	Berkshire Hills Bancorp, Inc.		482,089
	20,045	Bridge Bancorp, Inc.		621,195
	82,535	Cathay General Bancorp		3,036,463
	21,979	CenterState Bank Corp.		542,442
	61,905	Central Pacific Financial Corp.		1,857,769
	593	Century Bancorp, Inc. Class A		54,360
	3,265	Columbia Banking System, Inc.		122,568
	96,908	CVB Financial Corp.		2,102,904
	40,342	Equity Bancshares, Inc. Class A*		1,059,381
	2,471	Esquire Financial Holdings, Inc.*		62,121
	27,578	Financial Institutions, Inc.		758,395
	78,337	First Bancorp		885,208
	62,632	First Bancorp/Southern Pines NC		2,374,379
	172,387	First Commonwealth Financial Corp.		2,346,187
	22,383	First Financial Corp.		921,508
	167,002	First Foundation, Inc.		2,373,098
	25,551	First Internet Bancorp		559,311
	28,518	First Merchants Corp.		1,045,755
	32,729	Flushing Financial Corp.		739,675
	31,457	Glacier Bancorp, Inc.		1,339,754
	3,107	Great Southern Bancorp, Inc.		180,051
	61,105	Heartland Financial USA, Inc.		2,743,614
	17,915	Heritage Commerce Corp.		224,296
	123,781	Hilltop Holdings, Inc.		2,603,114
	61,891	Home BancShares, Inc.		1,187,688
	61,596	Hope Bancorp, Inc.		866,040


Common Stocks – (continued)
Banks – (continued)
	21,372	IBERIABANK Corp.		1,699,074
	78,700	International Bancshares Corp.		3,263,689
	274,094	Investors Bancorp, Inc.		3,220,604
	27,607	Lakeland Bancorp, Inc.		457,172
	55,932	LegacyTexas Financial Group, Inc.		2,241,755
	12,772	Macatawa Bank Corp.		131,807
	24,949	Mercantile Bank Corp.		843,276
	6,141	Metropolitan Bank Holding Corp.*		245,087
	71,648	National Bank Holdings Corp. Class A		2,739,820
	3,322	Nicolet Bankshares, Inc.*		202,808
	12,115	Northeast Bancorp		265,561
	7,059	Northrim BanCorp, Inc.		250,524
	12,758	Opus Bank		279,017
	25,194	Pacific Premier Bancorp, Inc.		732,390
	26,824	Peapack Gladstone Financial Corp.		776,018
	7,938	Republic Bancorp, Inc. Class A		375,150
	6,556	Sandy Spring Bancorp, Inc.		228,739
	29,130	Sierra Bancorp		770,780
	74,535	Southern National Bancorp of Virginia, Inc.		1,112,062
	9,276	Stock Yards Bancorp, Inc.		318,631
	106,217	The Bancorp, Inc.*		1,084,476
	14,569	Towne Bank		379,960
	66,187	TriCo Bancshares		2,641,523
	32,829	TriState Capital Holdings, Inc.*		763,603
	4,130	UMB Financial Corp.		288,522
	100,848	United Community Banks, Inc.		2,831,812
	34,011	Univest Financial Corp.		857,757

				65,753,113

Biotechnology* – 2.1%
	3,344	Acceleron Pharma, Inc.		136,201
	17,712	Anika Therapeutics, Inc.		564,127
	41,592	Array BioPharma, Inc.		940,395
	14,997	Arrowhead Pharmaceuticals, Inc.^(a)		269,646
	27,918	CareDx, Inc.		759,649
	34,644	Genomic Health, Inc.		2,228,649
	8,508	Halozyme Therapeutics, Inc.		137,234
	14,723	Myriad Genetics, Inc.		463,480
	17,467	Natera, Inc.		333,794
	45,650	PDL BioPharma, Inc.		149,276
	25,000	Prothena Corp. PLC		260,000
	15,829	Puma Biotechnology, Inc.		508,427
	21,169	Repligen Corp.		1,426,367
	6,789	Vanda Pharmaceuticals, Inc.		110,593
	50,356	Veracyte, Inc.		1,151,642
	7,258	Voyager Therapeutics, Inc.		153,144

				9,592,624

Building Products – 0.5%
	24,651	Armstrong Flooring, Inc.*		357,193
	30,708	Continental Building Products, Inc.*		787,660
	2,559	CSW Industrials, Inc.*		153,412
	12,922	JELD-WEN Holding, Inc.*		255,210
	35,160	Quanex Building Products Corp.		587,875
	3,312	Simpson Manufacturing Co., Inc.		210,908

				2,352,258


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Capital Markets – 2.2%
	79,666	Artisan Partners Asset Management, Inc. Class A	$	2,257,734
	166,710	BrightSphere Investment Group PLC		2,443,969
	10,022	Cowen, Inc.*		167,869
	5,355	GAMCO Investors, Inc. Class A		116,096
	38,626	Greenhill & Co., Inc.		799,945
	33,681	Moelis & Co. Class A		1,379,237
	44,740	Oppenheimer Holdings, Inc. Class A		1,174,425
	17,899	Piper Jaffray Cos.		1,442,659
	6,285	Waddell & Reed Financial, Inc. Class A		117,718

				9,899,652

Chemicals – 1.8%
	62,838	Ferro Corp.*		1,122,915
	6,918	H.B. Fuller Co.		338,775
	18,365	Innophos Holdings, Inc.		591,169
	18,068	Innospec, Inc.		1,532,528
	10,743	Kraton Corp.*		352,585
	27,445	Minerals Technologies, Inc.		1,722,723
	12,221	OMNOVA Solutions, Inc.*		90,435
	35,538	PolyOne Corp.		982,270
	37,749	Trinseo SA		1,696,818

				8,430,218

Commercial Services & Supplies – 0.6%
	10,352	ACCO Brands Corp.		94,617
	18,800	Brady Corp. Class A		917,252
	12,030	Ennis, Inc.		242,766
	31,734	Mobile Mini, Inc.		1,143,059
	18,292	Quad/Graphics, Inc.		223,345

				2,621,039

Communications Equipment* – 1.0%
	47,352	Acacia Communications, Inc.		2,740,734
	7,475	Ciena Corp.^(b)		286,741
	82,702	Harmonic, Inc.		468,093
	41,203	Quantenna Communications, Inc.		1,003,293
	15,704	Viavi Solutions, Inc.		208,863

				4,707,724

Construction & Engineering – 0.6%
	54,922	Aegion Corp.*		1,093,497
	13,008	Comfort Systems USA, Inc.		703,733
	91,630	Great Lakes Dredge & Dock Corp.*		937,375

				2,734,605

Consumer Finance – 0.5%
	48,748	Enova International, Inc.*		1,337,158
	12,182	Nelnet, Inc. Class A		707,165
	13,769	Regional Management Corp.*		341,058

				2,385,381

Containers & Packaging – 0.1%
	11,115	Greif, Inc. Class A		439,265
	2,629	Myers Industries, Inc.		47,033

				486,298


Common Stocks – (continued)
Distributors – 0.3%
	43,362	Core-Mark Holding Co., Inc.		1,576,209

Diversified Consumer Services* – 0.7%
	2,502	American Public Education, Inc.		80,064
	100,071	Houghton Mifflin Harcourt Co.		713,506
	55,288	K12, Inc.		1,665,275
	53,862	Laureate Education, Inc. Class A		847,788

				3,306,633

Diversified Financial Services – 0.5%
	55,485	Cannae Holdings, Inc.*		1,424,300
	56,043	FGL Holdings		478,047
	78,197	On Deck Capital, Inc.*		426,955

				2,329,302

Diversified Telecommunication Services – 0.9%
	39,392	Cogent Communications Holdings, Inc.		2,175,620
	49,762	Iridium Communications, Inc.*		1,366,465
	5,944	Ooma, Inc.*		80,185
	65,127	Vonage Holdings Corp.*		633,034

				4,255,304

Electric Utilities – 2.7%
	53,727	El Paso Electric Co.		3,283,257
	45,809	IDACORP, Inc.^(b)		4,536,007
	84,037	Portland General Electric Co.^(b)		4,395,976

				12,215,240

Electrical Equipment* – 0.2%
	27,942	Thermon Group Holdings, Inc.		720,624

Electronic Equipment, Instruments & Components – 3.7%
	39,464	AVX Corp.		643,658
	20,458	Belden, Inc.		1,136,442
	11,609	Benchmark Electronics, Inc.		313,791
	20,753	Control4 Corp.*		361,310
	17,287	CTS Corp.		517,746
	47,929	Fabrinet*		2,900,663
	167,948	Fitbit, Inc. Class A*		886,765
	49,594	Insight Enterprises, Inc.*		2,806,028
	73,184	Knowles Corp.*		1,381,714
	1,361	Novanta, Inc.*		118,434
	28,312	PC Connection, Inc.		1,052,074
	562	Tech Data Corp.*		59,915
	24,584	TTM Technologies, Inc.*		325,492
	149,456	Vishay Intertechnology, Inc.		2,960,723
	31,203	Vishay Precision Group, Inc.*		1,181,658

				16,646,413

Energy Equipment & Services* – 2.2%
	20,145	Forum Energy Technologies, Inc.		120,467
	43,319	FTS International, Inc.		448,352
	260,165	Helix Energy Solutions Group, Inc.		2,034,490
	11,950	Keane Group, Inc.		125,355
	9,471	KLX Energy Services Holdings, Inc.		265,662
	68,835	Matrix Service Co.		1,349,854
	48,254	McDermott International, Inc.		390,375


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Energy Equipment & Services* – (continued)
	6,149	Natural Gas Services Group, Inc.	$	98,814
	69,483	Newpark Resources, Inc.		507,226
	67,856	Noble Corp. PLC		178,461
	3,637	Oil States International, Inc.		70,267
	63,018	Pioneer Energy Services Corp.		109,651
	57,211	SEACOR Holdings, Inc.		2,548,178
	6,454	Select Energy Services, Inc. Class A		74,350
	246,991	Superior Energy Services, Inc.		886,698
	46,317	Unit Corp.		628,059

				9,836,259

Entertainment – 0.4%
	127,058	AMC Entertainment Holdings, Inc. Class A		1,926,199

Equity Real Estate Investment Trusts (REITs) – 10.9%
	20,698	Ashford Hospitality Trust, Inc.		114,046
	180,473	Cedar Realty Trust, Inc.		554,052
	104,002	Chesapeake Lodging Trust		2,964,057
	35,173	City Office REIT, Inc.		408,007
	431,744	Cousins Properties, Inc.		4,131,790
	105,089	First Industrial Realty Trust, Inc.		3,706,489
	83,034	Gladstone Commercial Corp.		1,805,989
	116,297	Hersha Hospitality Trust		2,159,635
	105,174	Independence Realty Trust, Inc.		1,113,793
	8,956	Investors Real Estate Trust		539,868
	326,571	Lexington Realty Trust		2,961,999
	63,098	National Storage Affiliates Trust		1,846,247
	59,292	NexPoint Residential Trust, Inc.		2,222,857
	143,724	Piedmont Office Realty Trust, Inc. Class A		2,992,334
	2,140	PS Business Parks, Inc.		328,747
	98,994	Rexford Industrial Realty, Inc.		3,750,883
	201,404	RLJ Lodging Trust		3,707,848
	32,800	STAG Industrial, Inc.		943,984
	78,846	Terreno Realty Corp.		3,520,474
	101,663	Tier REIT, Inc.		2,881,129
	20,850	Urstadt Biddle Properties, Inc. Class A		457,240
	109,990	Washington Real Estate Investment Trust		3,106,118
	150,773	Xenia Hotels & Resorts, Inc.		3,264,235

				49,481,821

Food & Staples Retailing – 0.5%
	33,662	Ingles Markets, Inc. Class A		924,022
	15,134	Village Super Market, Inc. Class A		444,637
	16,680	Weis Markets, Inc.		701,394

				2,070,053

Food Products – 1.7%
	173,345	Darling Ingredients, Inc.*		3,780,654
	192,401	Dean Foods Co.		327,082
	27,294	Fresh Del Monte Produce, Inc.		805,446
	36,732	Freshpet, Inc.*		1,640,451
	6,956	J&J Snack Foods Corp.		1,093,344

				7,646,977


Common Stocks – (continued)
Gas Utilities – 1.0%
	16,655	Northwest Natural Holding Co.		1,114,053
	30,506	ONE Gas, Inc.		2,700,391
	7,570	Spire, Inc.		637,318

				4,451,762

Health Care Equipment & Supplies* – 0.3%
	15,077	Integer Holdings Corp.		1,041,670
	1,402	Orthofix Medical, Inc.		76,815
	6,750	STAAR Surgical Co.		219,240

				1,337,725

Health Care Providers & Services – 0.4%
	31,802	Tenet Healthcare Corp.*		696,464
	14,492	The Ensign Group, Inc.		746,628
	21,716	Triple-S Management Corp. Class B*		493,387

				1,936,479

Health Care Technology – 0.7%
	82,873	Allscripts Healthcare Solutions, Inc.*		817,956
	26,397	Computer Programs & Systems, Inc.		802,205
	29,241	HMS Holdings Corp.*		889,804
	5,809	Omnicell, Inc.*		466,811

				2,976,776

Hotels, Restaurants & Leisure – 1.1%
	722	Biglari Holdings, Inc. Class B*		100,596
	7,206	Dave & Buster’s Entertainment, Inc.		409,589
	29,440	Denny’s Corp.*		548,173
	52,599	Fiesta Restaurant Group, Inc.*		665,903
	5,244	International Speedway Corp. Class A		231,365
	17,553	Red Robin Gourmet Burgers, Inc.*		562,223
	12,944	The Habit Restaurants, Inc. Class A*		137,983
	29,626	Wingstop, Inc.		2,229,949

				4,885,781

Household Durables – 1.8%
	12,077	Bassett Furniture Industries, Inc.		214,487
	14,293	Beazer Homes USA, Inc.*		189,954
	15,422	Helen of Troy Ltd.*		2,220,768
	59,371	KB Home		1,538,303
	4,651	M/I Homes, Inc.*		131,019
	59,707	Meritage Homes Corp.*		3,054,013
	17,048	Universal Electronics, Inc.*		648,676

				7,997,220

Independent Power and Renewable Electricity Producers – 0.6%
	123,672	Atlantic Power Corp.*		285,682
	98,901	Clearway Energy, Inc. Class C		1,569,559
	42,520	Pattern Energy Group, Inc. Class A		983,063

				2,838,304

Insurance – 3.5%
	104,888	American Equity Investment Life Holding Co.		3,084,756
	18,984	AMERISAFE, Inc.		1,124,232
	45,243	Argo Group International Holdings Ltd.		3,532,121


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Insurance – (continued)
	21,375	Employers Holdings, Inc.	$	917,415
	17,982	FBL Financial Group, Inc. Class A		1,123,335
	143,168	Genworth Financial, Inc. Class A*		542,607
	45,692	National General Holdings Corp.		1,126,308
	3,696	National Western Life Group, Inc. Class A		985,797
	33,405	ProAssurance Corp.		1,253,690
	4,171	Protective Insurance Corp. Class B		67,779
	10,213	Safety Insurance Group, Inc.		948,992
	6,444	Selective Insurance Group, Inc.		459,522
	14,431	Stewart Information Services Corp.		613,462

				15,780,016

Interactive Media & Services* – 0.0%
	21,296	The Meet Group, Inc.		118,406

*Internet & Direct Marketing Retail – 0.3%**
	2,419	Etsy, Inc.		163,379
	31,077	Liberty Expedia Holdings, Inc. Class A		1,442,595

				1,605,974

IT Services – 1.1%
	4,280	Cardtronics PLC Class A*		153,053
	112,694	Perspecta, Inc.		2,600,978
	45,901	Presidio, Inc.		689,433
	53,726	Sykes Enterprises, Inc.*		1,490,896

				4,934,360

Leisure Products – 1.0%
	2,535	Acushnet Holdings Corp.		63,907
	41,736	American Outdoor Brands Corp.*		411,099
	143,067	Callaway Golf Co.		2,512,256
	31,242	Clarus Corp.		419,268
	4,707	Johnson Outdoors, Inc. Class A		360,886
	16,302	Nautilus, Inc.*		87,216
	80,627	Vista Outdoor, Inc.*		695,811

				4,550,443

Life Sciences Tools & Services* – 0.0%
	3,166	Syneos Health, Inc.		148,580

Machinery – 3.2%
	1,105	Albany International Corp. Class A		81,737
	9,371	Barnes Group, Inc.		521,215
	21,172	Columbus McKinnon Corp.		833,330
	32,526	EnPro Industries, Inc.		2,417,332
	9,897	ESCO Technologies, Inc.		742,275
	24,794	Federal Signal Corp.		713,324
	3,625	Hurco Cos., Inc.		142,571
	129,687	Milacron Holdings Corp.*		1,894,727
	14,027	Miller Industries, Inc.		464,013
	6,881	Rexnord Corp.*		196,797
	54,963	SPX FLOW, Inc.*		1,975,370
	60,424	TriMas Corp.*		1,868,914
	31,494	Watts Water Technologies, Inc. Class A		2,695,572

				14,547,177


Common Stocks – (continued)
Media – 3.6%
	25,056	Entravision Communications Corp. Class A		71,911
	34,505	Gray Television, Inc.*		808,452
	52,656	MSG Networks, Inc. Class A*		1,212,668
	137,320	New Media Investment Group, Inc.		1,467,951
	22,584	Nexstar Media Group, Inc. Class A		2,643,457
	23,106	Scholastic Corp.		921,467
	77,603	Sinclair Broadcast Group, Inc. Class A		3,553,441
	83,639	TEGNA, Inc.		1,331,533
	112,639	The E.W. Scripps Co. Class A		2,567,043
	54,515	The New York Times Co. Class A		1,807,172

				16,385,095

Metals & Mining – 3.0%
	297,138	AK Steel Holding Corp.*^(a)		719,074
	111,071	Allegheny Technologies, Inc.*		2,767,889
	55,723	Carpenter Technology Corp.		2,767,761
	5,182	Cleveland-Cliffs, Inc.		51,768
	13,794	Kaiser Aluminum Corp.		1,357,330
	28,798	Materion Corp.		1,671,148
	45,497	Schnitzer Steel Industries, Inc. Class A		1,079,189
	76,116	SunCoke Energy, Inc.*		655,359
	56,392	Warrior Met Coal, Inc.		1,748,152
	23,292	Worthington Industries, Inc.		934,708

				13,752,378

Mortgage Real Estate Investment Trusts (REITs) – 1.6%
	75,400	AG Mortgage Investment Trust, Inc.		1,290,094
	243,395	Anworth Mortgage Asset Corp.		1,019,825
	25,133	Apollo Commercial Real Estate Finance, Inc.		470,993
	15,004	Blackstone Mortgage Trust, Inc. Class A		533,992
	21,760	Capstead Mortgage Corp.		186,918
	44,180	Exantas Capital Corp.		483,771
	27,001	Great Ajax Corp.		386,654
	162,994	Ladder Capital Corp.		2,836,096

				7,208,343

Multi-Utilities – 1.5%
	22,974	Avista Corp.		991,098
	52,889	NorthWestern Corp.		3,694,297
	38,436	Unitil Corp.		2,187,393

				6,872,788

Oil, Gas & Consumable Fuels – 3.9%
	25,552	Arch Coal, Inc. Class A		2,478,033
	12,902	California Resources Corp.*		271,974
	47,373	CONSOL Energy, Inc.*		1,605,945
	26,398	CVR Energy, Inc.		1,204,013
	62,681	Delek US Holdings, Inc.		2,322,958
	366,722	Denbury Resources, Inc.*		817,790
	18,943	DHT Holdings, Inc.		100,966
	28,734	GasLog Ltd.		449,112
	37,606	Golar LNG Ltd.		734,821
	14,380	Green Plains, Inc.		249,781
	46,651	Oasis Petroleum, Inc.*		284,571


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	38,808	PDC Energy, Inc.*	$	1,687,760
	11,861	Peabody Energy Corp.		341,241
	59,313	Renewable Energy Group, Inc.*		1,430,630
	3,995	REX American Resources Corp.*		337,617
	15,307	Scorpio Tankers, Inc.		394,614
	45,563	Southwestern Energy Co.*		179,974
	9,001	Talos Energy, Inc.*		267,330
	80,868	World Fuel Services Corp.		2,494,778

				17,653,908

Paper & Forest Products – 1.2%
	32,029	Boise Cascade Co.		886,883
	146,906	Louisiana-Pacific Corp.		3,679,996
	55,767	PH Glatfelter Co.		880,003

				5,446,882

Pharmaceuticals – 0.9%
	18,372	Pacira BioSciences, Inc.*		731,573
	44,264	Phibro Animal Health Corp. Class A		1,536,403
	67,066	Prestige Consumer Healthcare, Inc.*		1,973,082

				4,241,058

Professional Services – 1.9%
	92,842	CBIZ, Inc.*		1,792,779
	11,891	CRA International, Inc.		619,283
	14,623	Huron Consulting Group, Inc.*		706,730
	35,235	Kforce, Inc.		1,269,165
	46,471	Korn Ferry		2,185,066
	34,360	Navigant Consulting, Inc.		784,439
	41,091	TrueBlue, Inc.*		992,759
	5,674	Upwork, Inc.*		113,423

				8,463,644

Real Estate Management & Development – 0.6%
	108,632	Kennedy-Wilson Holdings, Inc.		2,339,933
	14,244	Tejon Ranch Co.*		245,709

				2,585,642

Road & Rail – 0.5%
	6,684	ArcBest Corp.		204,263
	29,710	Covenant Transportation Group, Inc. Class A*		580,237
	62,209	Marten Transport Ltd.		1,230,494
	44,288	YRC Worldwide, Inc.*		301,601

				2,316,595

Semiconductors & Semiconductor Equipment* – 2.1%
	2,400	Ambarella, Inc.		120,288
	38,929	Amkor Technology, Inc.		352,697
	33,212	Cirrus Logic, Inc.		1,580,227
	11,230	Cree, Inc.		742,191
	66,199	Diodes,��Inc.		2,410,967
	46,395	Inphi Corp.		2,118,396
	135,560	Rambus, Inc.		1,553,518
	6,604	Semtech Corp.		355,757
	7,093	Synaptics, Inc.		267,193

				9,501,234


Common Stocks – (continued)
Software* – 1.1%
	14,499	ACI Worldwide, Inc.		515,004
	8,992	Avaya Holdings Corp.		171,567
	3,990	Bottomline Technologies DE, Inc.		201,774
	19,287	Cornerstone OnDemand, Inc.		1,054,035
	13,534	HubSpot, Inc.		2,496,888
	5,654	New Relic, Inc.		595,027

				5,034,295

Specialty Retail – 4.3%
	29,719	Aaron’s, Inc.		1,655,051
	88,730	Abercrombie & Fitch Co. Class A		2,652,140
	9,954	America’s Car-Mart, Inc.*		985,944
	48,201	American Eagle Outfitters, Inc.		1,146,220
	17,878	Bed Bath & Beyond, Inc.		298,741
	37,627	Citi Trends, Inc.		696,476
	35,151	Conn’s, Inc.*		909,356
	75,047	Express, Inc.*		276,173
	71,509	GameStop Corp. Class A		618,553
	26,884	Genesco, Inc.*		1,204,672
	20,077	Group 1 Automotive, Inc.		1,572,230
	39,300	Haverty Furniture Cos., Inc.		936,126
	3,550	Hibbett Sports, Inc.*		73,485
	38,598	Murphy USA, Inc.*		3,298,971
	62,424	Rent-A-Center, Inc.*		1,556,230
	12,195	Sonic Automotive, Inc. Class A		246,705
	15,432	The Cato Corp. Class A		233,949
	88,322	Tilly’s, Inc. Class A		1,038,667

				19,399,689

Technology Hardware, Storage & Peripherals* – 0.4%
	65,140	Cray, Inc.		1,710,576

Textiles, Apparel & Luxury Goods* – 0.1%
	19,127	Crocs, Inc.		532,687

Thrifts & Mortgage Finance – 3.1%
	13,018	BankFinancial Corp.		195,400
	45,816	Essent Group Ltd.*		2,173,969
	16,932	Federal Agricultural Mortgage Corp. Class C		1,294,959
	17,147	First Defiance Financial Corp.		506,008
	28,629	Meridian Bancorp, Inc.		492,992
	86,511	NMI Holdings, Inc. Class A*		2,429,229
	142,384	Radian Group, Inc.^(b)		3,334,633
	136,225	TrustCo Bank Corp. NY		1,089,800
	17,992	United Community Financial Corp.		165,706
	14,120	Walker & Dunlop, Inc.		775,894
	38,575	WSFS Financial Corp.		1,665,669

				14,124,259

Tobacco – 0.4%
	210,609	Vector Group Ltd.		2,007,104

Trading Companies & Distributors – 1.1%
	108,937	BMC Stock Holdings, Inc.*		2,241,923
	6,489	DXP Enterprises, Inc.*		278,313
	37,947	MRC Global, Inc.*		657,622


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	31,384	Rush Enterprises, Inc. Class A	$	1,330,995
	27,028	Titan Machinery, Inc.*		464,882
	5,405	Triton International Ltd.		178,095

				5,151,830

Water Utilities – 0.0%
	2,151	Artesian Resources Corp. Class A		78,038
	3,173	The York Water Co.		107,977

				186,015

Wireless Telecommunication Services – 0.2%
	1,585	Shenandoah Telecommunications Co.		65,508
	53,648	Spok Holdings, Inc.		743,025

				808,533

	TOTAL COMMON STOCKS
	(Cost $414,076,352)		$	441,751,415


Shares		Dividend Rate	Value

Investment Company^(c) – 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,765,133	2.464%	$	7,765,133
	(Cost $7,765,133)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $421,841,485)		$	449,516,548


Securities Lending Reinvestment Vehicle^(c) – 0.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,033,825	2.464%		1,033,825
	(Cost $1,033,825)

	TOTAL INVESTMENTS – 98.9%
	(Cost $422,875,310)		$	450,550,373

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			4,968,662

	NET ASSETS – 100.0%		$	455,519,035



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 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

100

06/21/19

$7,971,000

249,191


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.2%
Aerospace & Defense – 1.7%
	29,399	Harris Corp.	$	4,953,732
	74,635	Spirit AeroSystems Holdings, Inc. Class A		6,485,782
	797	Teledyne Technologies, Inc.*		198,062
	5,687	Textron, Inc.		301,411
	44,573	The Boeing Co.		16,834,776

				28,773,763

Auto Components – 0.6%
	71,875	Lear Corp.		10,278,125

Automobiles – 0.1%
	2,182	Tesla, Inc.*^(a)		520,822
	8,129	Thor Industries, Inc.		535,457

				1,056,279

Banks – 7.7%
	60,814	Bank of America Corp.		1,859,692
	4,568	CIT Group, Inc.		243,337
	410,256	Citigroup, Inc.		29,005,099
	230,502	Comerica, Inc.		18,115,152
	12,062	Fifth Third Bancorp		347,627
	79,324	JPMorgan Chase & Co.		9,205,550
	70,339	Popular, Inc.		4,059,264
	61,238	SVB Financial Group*		15,414,829
	641,382	Wells Fargo & Co.		31,049,303
	105,074	Western Alliance Bancorp*		5,020,436
	363,077	Zions Bancorp NA		17,910,589

				132,230,878

Beverages* – 1.1%
	320,090	Monster Beverage Corp.		19,077,364

Biotechnology – 4.2%
	211,793	AbbVie, Inc.		16,814,246
	36,241	Amgen, Inc.		6,498,736
	30,157	Biogen, Inc.*		6,913,191
	8,104	BioMarin Pharmaceutical, Inc.*		693,135
	33,123	Celgene Corp.*		3,135,423
	353,094	Gilead Sciences, Inc.		22,965,234
	76,446	Incyte Corp.*		5,871,053
	51,525	Vertex Pharmaceuticals, Inc.*		8,706,694

				71,597,712

Building Products – 0.7%
	171,371	Johnson Controls International PLC		6,426,412
	128,280	Masco Corp.		5,010,617

				11,437,029

Capital Markets – 1.5%
	34,429	MSCI, Inc.		7,759,608
	5,675	SEI Investments Co.		309,004
	243,756	State Street Corp.		16,492,531
	17,459	The Charles Schwab Corp.		799,273

				25,360,416


Common Stocks – (continued)
Chemicals – 1.9%
	7,297	Axalta Coating Systems Ltd.*		196,873
	132,171	CF Industries Holdings, Inc.		5,918,617
	54,976	Eastman Chemical Co.		4,336,507
	18,967	Huntsman Corp.		421,826
	59,473	Olin Corp.		1,289,969
	42,973	The Sherwin-Williams Co.		19,545,410

				31,709,202

Commercial Services & Supplies – 0.2%
	37,962	Waste Management, Inc.		4,074,841

Communications Equipment – 0.5%
	22,043	Arista Networks, Inc.*		6,883,809
	5,031	Cisco Systems, Inc.		281,484
	10,584	F5 Networks, Inc.*		1,660,630

				8,825,923

Construction & Engineering* – 0.1%
	25,765	AECOM		873,433

Consumer Finance – 0.9%
	420,214	Ally Financial, Inc.		12,484,558
	59,225	Synchrony Financial		2,053,331

				14,537,889

Containers & Packaging – 0.2%
	65,084	Sealed Air Corp.		3,034,216

Diversified Financial Services – 1.6%
	55,566	Berkshire Hathaway, Inc. Class B*		12,041,708
	283,401	Voya Financial, Inc.		15,555,881

				27,597,589

Diversified Telecommunication Services – 0.5%
	583,866	CenturyLink, Inc.		6,667,750
	67,707	Zayo Group Holdings, Inc.*		2,118,552

				8,786,302

Electric Utilities – 3.2%
	226,485	American Electric Power Co., Inc.		19,375,792
	405,931	Exelon Corp.		20,682,184
	471,541	PPL Corp.		14,716,795

				54,774,771

Electrical Equipment – 0.2%
	40,755	AMETEK, Inc.		3,593,368

Electronic Equipment, Instruments & Components – 1.1%
	188,039	Keysight Technologies, Inc.*		16,365,034
	35,919	National Instruments Corp.		1,691,785

				18,056,819

Energy Equipment & Services – 0.8%
	534,936	TechnipFMC PLC		13,154,076

Entertainment – 1.0%
	85,772	Activision Blizzard, Inc.		4,135,068
	21,013	Electronic Arts, Inc.*		1,988,880


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Entertainment – (continued)
	27,435	Netflix, Inc.*	$	10,165,765
	12,425	Take-Two Interactive Software, Inc.*		1,203,113

				17,492,826

Equity Real Estate Investment Trusts (REITs) – 4.1%
	93,245	American Homes 4 Rent Class A		2,236,015
	118,318	American Tower Corp.		23,107,505
	137,518	Camden Property Trust		13,841,187
	314,257	Duke Realty Corp.		9,779,678
	953,316	Host Hotels & Resorts, Inc.		18,341,800
	25,372	Lamar Advertising Co. Class A		2,097,503
	15,016	STORE Capital Corp.		500,333

				69,904,021

Food Products – 0.9%
	59,838	Ingredion, Inc.		5,669,651
	15,502	Lamb Weston Holdings, Inc.		1,085,915
	163,360	Mondelez International, Inc. Class A		8,306,856

				15,062,422

Health Care Equipment & Supplies – 0.7%
	18,509	Align Technology, Inc.*		6,009,502
	15,897	Hill-Rom Holdings, Inc.		1,612,274
	4,495	Varian Medical Systems, Inc.*		612,084
	35,862	Zimmer Biomet Holdings, Inc.		4,416,764

				12,650,624

Health Care Providers & Services – 4.3%
	84,140	Anthem, Inc.		22,131,344
	144,096	HCA Healthcare, Inc.		18,333,334
	76,398	Humana, Inc.		19,512,813
	17,438	McKesson Corp.		2,079,482
	3,427	Molina Healthcare, Inc.*		444,242
	84,339	Universal Health Services, Inc. Class B		10,700,089

				73,201,304

Hotels, Restaurants & Leisure – 2.2%
	136,142	Hilton Worldwide Holdings, Inc.		11,842,993
	253,469	Las Vegas Sands Corp.		16,995,096
	169,833	Yum China Holdings, Inc.		8,073,861

				36,911,950

Household Durables – 0.7%
	87,397	Whirlpool Corp.		12,132,452

Household Products – 0.9%
	201,008	Colgate-Palmolive Co.		14,631,372
	9,744	The Procter & Gamble Co.		1,037,541

				15,668,913

Independent Power and Renewable Electricity Producers – 1.4%
	632,129	AES Corp.		10,822,049
	301,319	NRG Energy, Inc.		12,405,303

				23,227,352


Common Stocks – (continued)
Industrial Conglomerates – 0.2%
	17,622	Honeywell International, Inc.		3,059,708

Insurance – 4.5%
	72,381	Aon PLC		13,038,713
	62,087	Arch Capital Group Ltd.*		2,097,299
	326,996	Athene Holding Ltd. Class A*		14,767,139
	90,577	Brighthouse Financial, Inc.*		3,785,213
	29,195	First American Financial Corp.		1,665,867
	35,030	Lincoln National Corp.		2,337,202
	24,863	Reinsurance Group of America, Inc.		3,766,993
	72,060	The Allstate Corp.		7,138,264
	264,923	The Progressive Corp.		20,703,732
	221,665	Unum Group		8,183,872

				77,484,294

Interactive Media & Services – 5.1%
	21,791	Alphabet, Inc. Class A*		26,126,537
	21,881	Alphabet, Inc. Class C*		26,005,131
	167,631	Facebook, Inc. Class A*		32,419,836
	35,261	Match Group, Inc.		2,129,764
	3,631	Twitter, Inc.*		144,913

				86,826,181

Internet & Direct Marketing Retail – 4.9%
	29,587	Amazon.com, Inc.*		56,999,947
	3,312	Booking Holdings, Inc.*		6,143,727
	505,241	eBay, Inc.		19,578,089
	2,757	Expedia Group, Inc.		357,969

				83,079,732

IT Services – 4.9%
	38,435	Fidelity National Information Services, Inc.		4,455,770
	9,940	GoDaddy, Inc. Class A*		810,110
	163,849	International Business Machines Corp.		22,983,099
	8,897	Mastercard, Inc. Class A		2,261,973
	159,526	PayPal Holdings, Inc.*		17,989,747
	25,140	VeriSign, Inc.*		4,963,893
	186,157	Visa, Inc. Class A		30,609,796

				84,074,388

Life Sciences Tools & Services – 1.2%
	208,484	Agilent Technologies, Inc.		16,365,994
	1,232	Mettler-Toledo International, Inc.*		918,160
	13,912	Thermo Fisher Scientific, Inc.		3,859,885

				21,144,039

Machinery – 2.4%
	75,044	Allison Transmission Holdings, Inc.		3,516,562
	154,562	Caterpillar, Inc.		21,549,034
	15,127	Cummins, Inc.		2,515,469
	15,255	Ingersoll-Rand PLC		1,870,415
	62,553	Parker-Hannifin Corp.		11,327,097

				40,778,577

Media – 0.6%
	801,592	News Corp. Class A		9,955,773


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Multi-Utilities – 1.6%
	209,889	Ameren Corp.	$	15,273,622
	7,314	Dominion Energy, Inc.		569,541
	89,698	DTE Energy Co.		11,275,936

				27,119,099

Oil, Gas & Consumable Fuels – 4.9%
	343,985	ConocoPhillips		21,712,333
	205,492	Devon Energy Corp.		6,604,513
	88,356	Exxon Mobil Corp.		7,093,220
	436,631	Marathon Oil Corp.		7,440,192
	326,355	Occidental Petroleum Corp.		19,215,782
	203,684	Phillips 66		19,201,291
	22,001	Valero Energy Corp.		1,994,611

				83,261,942

Pharmaceuticals – 2.6%
	481,253	Bristol-Myers Squibb Co.		22,344,577
	62,838	Johnson & Johnson		8,872,725
	257,675	Mylan NV*		6,954,648
	159,329	Pfizer, Inc.		6,470,351

				44,642,301

Professional Services – 0.4%
	1,387	CoStar Group, Inc.*		688,299
	70,390	ManpowerGroup, Inc.		6,760,255

				7,448,554

Real Estate Management & Development – 0.1%
	8,290	Jones Lang LaSalle, Inc.		1,281,385

Road & Rail – 2.3%
	180,782	CSX Corp.		14,395,671
	145,111	Union Pacific Corp.		25,690,451

				40,086,122

Semiconductors & Semiconductor Equipment – 2.6%
	18,324	Intel Corp.		935,257
	74,787	Lam Research Corp.		15,513,067
	45,174	Micron Technology, Inc.*		1,900,019
	173,615	NXP Semiconductors NV		18,337,216
	28,979	Qorvo, Inc.*		2,191,102
	38,518	Xilinx, Inc.		4,627,553

				43,504,214

Software – 7.8%
	175,073	Citrix Systems, Inc.		17,675,370
	92,811	Fortinet, Inc.*		8,670,404
	402,172	Microsoft Corp.		52,523,663
	245,014	Oracle Corp.		13,556,625
	69,550	Palo Alto Networks, Inc.*		17,306,126
	65,053	ServiceNow, Inc.*		17,662,540
	51,843	Tableau Software, Inc. Class A*		6,314,996

				133,709,724

Specialty Retail – 1.8%
	3,868	AutoZone, Inc.*		3,977,503
	63,779	Best Buy Co., Inc.		4,745,795


Common Stocks – (continued)
Specialty Retail – (continued)
	31,063	L Brands, Inc.		796,455
	44,670	O’Reilly Automotive, Inc.*		16,910,722
	71,903	The TJX Cos., Inc.		3,946,037

				30,376,512

Technology Hardware, Storage & Peripherals – 4.6%
	393,921	Apple, Inc.		79,048,127

Textiles, Apparel & Luxury Goods* – 0.0%
	30,376	Under Armour, Inc. Class A		701,382

Tobacco – 1.4%
	282,040	Philip Morris International, Inc.		24,413,382

Trading Companies & Distributors* – 0.2%
	43,802	AerCap Holdings NV		2,174,331
	34,561	WESCO International, Inc.		1,978,272

				4,152,603

Wireless Telecommunication Services – 0.1%
	35,827	Telephone & Data Systems, Inc.		1,142,165

	TOTAL COMMON STOCKS
	(Cost $1,528,950,772)		$	1,692,372,063

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,528,950,772)		$	1,692,372,063


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(b) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	493,000	2.464%	$	493,000
	(Cost $493,000)

	TOTAL INVESTMENTS – 99.2%
	(Cost $1,529,443,772)		$	1,692,865,063

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			14,043,554

	NET ASSETS – 100.0%		$	1,706,908,617



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2019 (Unaudited)


	Large Cap Growth Insights Fund		Large Cap Value Insights Fund		Small Cap Equity Insights Fund
Assets:
Investments, at value (cost $1,811,921,803, $536,494,165 and $552,095,130, respectively)^(a)	$	2,212,861,475	$	572,234,295	$	593,422,589
Investments of affiliated issuers, at value (cost $0, $8,291,250 and $6,563,751, respectively)		—		8,291,250		6,563,751
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $5,556,225, $0 and $4,071,446, respectively)		5,556,225		—		4,071,446
Cash		18,475,325		8,882,654		9,328,207
Variation margin on futures contracts		—		24,086		—
Receivables:
Fund shares sold		1,820,621		1,294,238		2,723,248
Dividends		935,767		486,509		30,657
Reimbursement from investment adviser		51,112		38,095		42,691
Securities lending income		1,637		—		13,880
Investments sold		—		—		9,221,519
Other assets		126,352		111,032		100,638
Total assets		2,239,828,514		591,362,159		625,518,626

Liabilities:
Variation margin on futures contracts		—		—		48,351
Payables:
Payable upon return of securities loaned		5,556,225		—		4,071,446
Fund shares redeemed		3,206,719		2,734,943		329,305
Management fees		889,985		245,330		396,010
Distribution and Service fees and Transfer Agency fees		290,066		68,395		57,071
Investments purchased		—		18,860		9,034,687
Accrued expenses		201,208		122,570		124,460
Total liabilities		10,144,203		3,190,098		14,061,330

Net Assets:
Paid-in capital		1,831,117,181		562,026,200		588,384,302
Total distributable earnings (loss)		398,567,130		26,145,861		23,072,994
NET ASSETS	$	2,229,684,311	$	588,172,061	$	611,457,296
Net Assets:
Class A	$	338,371,747	$	68,942,526	$	52,949,036
Class C		52,547,946		13,228,788		8,212,811
Institutional		843,000,489		171,147,528		248,359,572
Service		58,136,578		9,138,492		2,788,833
Investor		456,278,548		124,517,090		59,955,460
Class P		47,465,582		34,793,685		105,184,109
Class R		26,612,197		5,733,425		14,789,219
Class R6		407,271,224		160,670,527		119,218,256
Total Net Assets	$	2,229,684,311	$	588,172,061	$	611,457,296
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		10,883,939		3,224,850		2,095,809
Class C		1,910,874		624,799		381,473
Institutional		26,148,969		8,015,020		9,435,840
Service		1,900,407		425,720		112,290
Investor		14,888,708		5,846,725		2,387,042
Class P		1,473,704		1,630,308		3,996,655
Class R		877,432		270,025		599,992
Class R6		12,639,973		7,526,574		4,529,418
Net asset value, offering and redemption price per share:^(b)
Class A		$31.09		$21.38		$25.26
Class C		27.50		21.17		21.53
Institutional		32.24		21.35		26.32
Service		30.59		21.47		24.84
Investor		30.65		21.30		25.12
Class P		32.21		21.34		26.32
Class R		30.33		21.23		24.65
Class R6		32.22		21.35		26.32

(a)

Includes loaned securities having a market value of $5,425,810 and $3,872,286 for the Large Cap Growth Insights and Small Cap Equity Insights Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights and Small Cap Equity Insights Funds is $32.90, $22.62 and $26.73, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities(continued)

April 30, 2019 (Unaudited)


	Small Cap Growth Insights Fund		Small Cap Value Insights Fund		U.S. Equity Insights Fund
Assets:
Investments of unaffiliated issuers, at value (cost $992,660,850, $414,076,352 and $1,528,950,772, respectively)^(a)	$	1,090,817,567	$	441,751,415	$	1,692,372,063
Investments of affiliated issuers, at value (cost $12,926,561, $7,765,133 and $0, respectively)		12,926,561		7,765,133		—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $10,451,858, $1,033,825 and $493,000, respectively)		10,451,858		1,033,825		493,000
Cash		17,911,915		6,934,471		15,741,204
Receivables:
Fund shares sold		2,045,448		1,049,557		483,810
Dividends		70,708		79,016		972,393
Reimbursement from investment adviser		45,312		35,298		53,508
Securities lending income		30,888		801		42
Investments sold		—		6,946,231		—
Other assets		117,952		111,711		171,411
Total assets		1,134,418,209		465,707,458		1,710,287,431

Liabilities:
Variation margin on futures contracts		98,365		39,977		—
Payables:
Payable upon return of securities loaned		10,451,858		1,033,825		493,000
Fund shares redeemed		1,219,150		363,773		1,866,068
Management fees		727,085		289,977		693,595
Distribution and Service fees and Transfer Agency fees		122,254		68,891		209,204
Investments purchased		918,790		8,245,491		—
Accrued expenses		169,941		146,489		116,947
Total liabilities		13,707,443		10,188,423		3,378,814

Net Assets:
Paid-in capital		1,038,838,011		434,465,936		1,573,784,845
Total distributable earnings (loss)		81,872,755		21,053,099		133,123,772
NET ASSETS	$	1,120,710,766	$	455,519,035	$	1,706,908,617
Net Assets:
Class A	$	88,996,927	$	132,712,120	$	317,658,274
Class C		8,709,718		7,952,217		16,850,511
Institutional		362,591,473		134,776,792		963,447,536
Service		—		—		6,814,306
Investor		357,896,810		42,825,338		116,467,079
Class P		10,337,947		45,330,555		224,269,435
Class R		21,303,516		3,079,867		49,866,642
Class R6		270,874,375		88,842,146		11,534,834
Total Net Assets	$	1,120,710,766	$	455,519,035	$	1,706,908,617
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,539,375		3,379,986		6,500,363
Class C		332,029		294,002		385,899
Institutional		8,674,523		2,540,211		19,101,145
Service		—		—		140,166
Investor		9,919,456		1,096,703		2,417,392
Class P		247,215		854,691		4,448,413
Class R		634,317		79,816		1,040,288
Class R6		6,477,099		1,674,973		228,850
Net asset value, offering and redemption price per share:^(b)
Class A		$35.05		$39.26		$48.87
Class C		26.23		27.05		43.67
Institutional		41.80		53.06		50.44
Service		—		—		48.62
Investor		36.08		39.05		48.18
Class P		41.82		53.04		50.42
Class R		33.58		38.59		47.94
Class R6		41.82		53.04		50.40

(a)

Includes loaned securities having a market value of $10,065,738, $930,782 and $477,380 for the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $37.09, $41.56 and $51.71, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2019 (Unaudited)


	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $14,053, $4,999 and $121, respectively)	$	14,378,540		$	6,334,717		$	4,960,945

Dividends — affiliated issuers		65,752			97,069			42,451

Securities lending income — affiliated issuer		2,863			—			52,906

Total investment income		14,447,155			6,431,786			5,056,302

Expenses:

Management fees		5,066,746			1,355,946			2,360,667

Transfer Agency fees^(a)		956,158			221,055			190,849

Distribution and Service fees^(a)		715,423			155,127			137,551

Custody, accounting and administrative services		88,680			58,308			67,490

Registration fees		88,521			80,472			84,153

Printing and mailing costs		71,139			20,411			21,218

Professional fees		47,510			47,510			47,509

Service Share fees — Service Plan		66,445			11,747			2,951

Service Share fees — Shareholder Administration Plan		66,445			11,747			2,951

Trustee fees		9,753			8,341			8,405

Other		24,586			8,201			12,519

Total expenses		7,201,406			1,978,865			2,936,263

Less — expense reductions		(293,923	)		(219,061	)		(232,224	)

Net expenses		6,907,483			1,759,804			2,704,039

NET INVESTMENT INCOME		7,539,672			4,671,982			2,352,263

Realized and unrealized gain (loss):

Net realized gain from:

Investments — unaffiliated issuers		1,563,917			(8,555,583	)		(21,099,642	)

Futures contracts		1,665,783			(265,152	)		677,453

Net change in unrealized gain on:

Investments — unaffiliated issuers		192,746,419			33,720,550			51,333,570

Futures contracts		—			1,511,320			314,799

Net realized and unrealized gain		195,976,119			26,411,135			31,226,180

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	203,515,791		$	31,083,117		$	33,578,443

(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
Large Cap Growth Insights	$	396,689	$	256,525	$	62,209	$	285,616	$	46,175	$	156,228	$	10,631	$	372,950	$	6,237	$	22,395	$	55,926
Large Cap Value Insights		80,344		60,849		13,934		57,848		10,953		27,529		1,880		88,753		4,770		5,016		24,306
Small Cap Equity Insights		64,899		37,794		34,858		46,727		6,803		43,855		472		43,412		13,594		12,549		23,437


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations(continued)

For the Six Months Ended April 30, 2019 (Unaudited)


	Small Cap Growth Insights Fund			Small Cap Value Insights Fund				U.S. Equity Insights Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $76 and $10,931, respectively)	$	4,631,223		$	3,552,898			$	15,888,907

Dividends — affiliated issuers		170,024			84,413				123,924

Securities lending income — affiliated issuer		115,223			4,098				63

Total investment income		4,916,470			3,641,409				16,012,894

Expenses:

Management fees		3,895,118			1,404,079				4,015,860

Transfer Agency fees^(a)		483,511			173,472				635,740

Distribution and Service fees^(a)		195,688			186,033				566,701

Custody, accounting and administrative services		78,058			58,563				79,649

Registration fees		65,335			61,598				104,196

Printing and mailing costs		64,196			22,416				47,093

Professional fees		46,064			46,067				47,509

Trustee fees		8,688			8,142				9,153

Service Share fees — Service Plan		—			—				7,859

Service Share fees — Shareholder Administration Plan		—			—				7,859

Other		22,154			13,532				21,236

Total expenses		4,858,812			1,973,902				5,542,855

Less — expense reductions		(276,805	)		(208,985	)	��		(286,145	)

Net expenses		4,582,007			1,764,917				5,256,710

NET INVESTMENT INCOME		334,463			1,876,492				10,756,184

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(15,588,131	)		(8,043,342	)			(32,897,616	)

Futures contracts		(1,001,760	)		214,175				(1,229,600	)

Net change in unrealized gain on:

Investments — unaffiliated issuers		82,274,640			32,059,895				144,947,482

Futures contracts		2,392,778			432,795				1,906,386

Net realized and unrealized gain		68,077,527			24,663,523				112,726,652

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,411,990		$	26,540,015			$	123,482,836

(a)

Class specific Distribution and Service and Transfer Agency fees were as follows:


	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Small Cap Growth Insights	$	105,526	$	40,346	$	49,816	$	75,979	$	7,262	$	65,414	$	—	$	284,134	$	1,408	$	17,934	$	31,380
Small Cap Value Insights		145,710		34,205		6,118		104,911		6,157		19,173		—		25,961		6,104		2,203		8,963
U.S. Equity Insights		370,716		77,149		118,836		266,915		13,887		178,194		1,257		96,864		31,299		42,781		4,543


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets


	Large Cap Growth Insights Fund						Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	7,539,672		$	11,653,879		$	4,671,982		$	5,927,116

Net realized gain (loss)		3,229,700			155,437,132			(8,820,735	)		22,666,351

Net change in unrealized gain (loss)		192,746,419			(34,021,826	)		35,231,870			(16,564,771	)

Net increase in net assets resulting from operations		203,515,791			133,069,185			31,083,117			12,028,696

Distributions to shareholders:

From distributable earnings:

Class A Shares		(27,564,725	)		(14,198,237	)		(3,578,875	)		(648,554	)

Class C Shares		(4,973,355	)		(2,987,929	)		(593,574	)		(29,940	)

Institutional Shares		(67,332,090	)		(42,591,930	)		(7,672,809	)		(2,093,000	)

Service Shares		(4,268,995	)		(3,169,404	)		(542,546	)		(78,742	)

Investor Shares		(35,840,025	)		(18,342,542	)		(5,410,067	)		(662,879	)

Class P Shares^(a)		(3,340,204	)		—			(1,682,096	)		(194,354	)

Class R Shares		(2,118,839	)		(1,332,171	)		(315,762	)		(46,006	)

Class R6 Shares		(30,834,650	)		(6,564,955	)		(9,390,027	)		(1,810,853	)

Total distributions to shareholders		(176,272,883	)		(89,187,168	)		(29,185,756	)		(5,564,328	)

From share transactions:

Proceeds from sales of shares		424,422,155			1,050,543,949			211,664,258			480,848,026

Reinvestment of distributions		159,092,941			79,836,761			26,889,118			5,251,598

Cost of shares redeemed		(439,693,889	)		(989,737,926	)		(125,210,567	)		(399,354,761	)

Net increase in net assets resulting from share transactions		143,821,207			140,642,784			113,342,809			86,744,863

TOTAL INCREASE		171,064,115			184,524,801			115,240,170			93,209,231

Net assets:

Beginning of period		2,058,620,196			1,874,095,395			472,931,891			379,722,660

End of period	$	2,229,684,311		$	2,058,620,196		$	588,172,061		$	472,931,891

(a)

Commenced operations on April 16, 2018.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets(continued)


	Small Cap Equity Insights Fund						Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income (loss)	$	2,352,263		$	1,396,336		$	334,463		$	(643,837	)

Net realized gain (loss)		(20,422,189	)		29,632,181			(16,589,891	)		87,210,753

Net change in unrealized gain (loss)		51,648,369			(41,145,988	)		84,667,418			(64,094,572	)

Net increase (decrease) in net assets resulting from operations		33,578,443			(10,117,471	)		68,411,990			22,472,344

Distributions to shareholders:

From distributable earnings:

Class A Shares		(2,973,498	)		—			(8,985,400	)		(3,251,737	)

Class C Shares		(464,085	)		—			(1,069,015	)		(521,416	)

Institutional Shares		(11,437,346	)		(640,783	)		(27,575,852	)		(9,557,173	)

Service Shares		(124,376	)		—			—			—

Investor Shares		(2,425,323	)		(3,431	)		(31,017,003	)		(8,261,586	)

Class P Shares^(a)		(3,278,915	)		—			(778,940	)		—

Class R Shares		(786,446	)		—			(2,101,140	)		(567,593	)

Class R6 Shares		(9,476,064	)		(999	)		(14,097,427	)		(1,567,068	)

Total distributions to shareholders		(30,966,053	)		(645,213	)		(85,624,777	)		(23,726,573	)

From share transactions:

Proceeds from sales of shares		196,667,328			614,401,419			365,568,129			452,224,339

Reinvestment of distributions		30,650,153			640,255			84,301,543			22,652,616

Cost of shares redeemed		(194,886,844	)		(329,549,837	)		(173,443,454	)		(212,159,289	)

Net increase in net assets resulting from share transactions		32,430,637			285,491,837			276,426,218			262,717,666

TOTAL INCREASE		35,043,027			274,729,153			259,213,431			261,463,437

Net assets:

Beginning of period		576,414,269			301,685,116			861,497,335			600,033,898

End of period	$	611,457,296		$	576,414,269		$	1,120,710,766		$	861,497,335

(a)

Commenced operations on April 16, 2018.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets(continued)


	Small Cap Value Insights Fund						U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	1,876,492		$	1,207,335		$	10,756,184		$	7,940,649

Net realized gain (loss)		(7,829,167	)		21,584,632			(34,127,216	)		47,085,922

Net change in unrealized gain (loss)		32,492,690			(25,247,040	)		146,853,868			(74,530,660	)

Net increase (decrease) in net assets resulting from operations		26,540,015			(2,455,073	)		123,482,836			(19,504,089	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(10,543,080	)		(10,687,250	)		(11,514,034	)		(26,986,508	)

Class C Shares		(844,101	)		(2,305,227	)		(572,348	)		(2,857,609	)

Institutional Shares		(4,776,734	)		(4,764,505	)		(34,531,169	)		(25,747,094	)

Service Shares		—			—			(218,665	)		(665,619	)

Investor Shares		(1,907,349	)		(587,886	)		(4,499,108	)		(4,504,647	)

Class P Shares^(a)		(2,877,391	)		—			(6,101,132	)		—

Class R Shares		(225,486	)		(177,610	)		(1,722,455	)		(5,093,418	)

Class R6 Shares		(1,908,993	)		(407,268	)		(1,352,886	)		(272,129	)

Total distributions to shareholders		(23,083,134	)		(18,929,746	)		(60,511,797	)		(66,127,024	)

From share transactions:

Proceeds from sales of shares		224,345,700			196,176,353			400,548,479			1,332,211,213

Reinvestment of distributions		22,702,592			18,382,160			59,440,795			63,915,868

Cost of shares redeemed		(59,826,833	)		(115,545,932	)		(369,524,511	)		(417,178,878	)

Net increase in net assets resulting from share transactions		187,221,459			99,012,581			90,464,763			978,948,203

TOTAL INCREASE		190,678,340			77,627,762			153,435,802			893,317,090

Net assets:

Beginning of period		264,840,695			187,212,933			1,553,472,815			660,155,725

End of period	$	455,519,035		$	264,840,695		$	1,706,908,617		$	1,553,472,815

(a)

Commenced operations on April 16, 2018.


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	31.05		$	30.36		$	23.44		$	23.13		$	21.57		$	18.05

Net investment income^(a)		0.07			0.10			0.10			0.11			0.16			0.12

Net realized and unrealized gain (loss)		2.58			1.96			6.93			0.33			1.55			3.54

Total from investment operations		2.65			2.06			7.03			0.44			1.71			3.66

Distributions to shareholders from net investment income		(0.09	)		(0.08	)		(0.11	)		(0.13	)		(0.15	)		(0.14	)

Distributions to shareholders from net realized gains		(2.52	)		(1.29	)		—			—			—			—

Total distributions		(2.61	)		(1.37	)		(0.11	)		(0.13	)		(0.15	)		(0.14	)

Net asset value, end of period	$	31.09		$	31.05		$	30.36		$	23.44		$	23.13		$	21.57

Total return^(b)		9.70	%		6.95	%		30.11	%		1.93	%		7.96	%		20.41	%

Net assets, end of period (in 000s)	$	338,372		$	317,418		$	316,689		$	254,036		$	200,634		$	94,053

Ratio of net expenses to average net assets		0.93	%^(c)		0.92	%		0.95	%		0.96	%		0.96	%		0.96	%

Ratio of total expenses to average net assets		0.96	%^(c)		0.95	%		1.10	%		1.15	%		1.16	%		1.20	%

Ratio of net investment income to average net assets		0.48	%^(c)		0.32	%		0.38	%		0.49	%		0.72	%		0.63	%

Portfolio turnover rate^(d)		79	%		188	%		196	%		254	%		222	%		234	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	27.78		$	27.42		$	21.23		$	21.02		$	19.67		$	16.51

Net investment loss^(a)		(0.03	)		(0.12	)		(0.09	)		(0.05	)		(0.01	)		(0.02	)

Net realized and unrealized gain		2.27			1.77			6.28			0.30			1.41			3.23

Total from investment operations		2.24			1.65			6.19			0.25			1.40			3.21

Distributions to shareholders from net investment income		—			—			—			(0.04	)		(0.05	)		(0.05	)

Distributions to shareholders from net realized gains		(2.52	)		(1.29	)		—			—			—			—

Total distributions		(2.52	)		(1.29	)		—			(0.04	)		(0.05	)		(0.05	)

Net asset value, end of period	$	27.50		$	27.78		$	27.42		$	21.23		$	21.02		$	19.67

Total return^(b)		9.27	%		6.18	%		29.16	%		1.18	%		7.12	%		19.51	%

Net assets, end of period (in 000s)	$	52,548		$	56,046		$	63,500		$	48,610		$	49,658		$	19,448

Ratio of net expenses to average net assets		1.68	%^(c)		1.67	%		1.70	%		1.71	%		1.71	%		1.71	%

Ratio of total expenses to average net assets		1.71	%^(c)		1.70	%		1.85	%		1.90	%		1.91	%		1.95	%

Ratio of net investment loss to average net assets		(0.26	)%^(c)		(0.42	)%		(0.37	)%		(0.25	)%		(0.05	)%		(0.12	)%

Portfolio turnover rate^(d)		79	%		188	%		196	%		254	%		222	%		234	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	32.17		$	31.39		$	24.21		$	23.86		$	22.22		$	18.59

Net investment income^(a)		0.13			0.23			0.22			0.21			0.26			0.21

Net realized and unrealized gain		2.66			2.02			7.15			0.34			1.60			3.62

Total from investment operations		2.79			2.25			7.37			0.55			1.86			3.83

Distributions to shareholders from net investment income		(0.20	)		(0.18	)		(0.19	)		(0.20	)		(0.22	)		(0.20	)

Distributions to shareholders from net realized gains		(2.52	)		(1.29	)		—			—			—			—

Total distributions		(2.72	)		(1.47	)		(0.19	)		(0.20	)		(0.22	)		(0.20	)

Net asset value, end of period	$	32.24		$	32.17		$	31.39		$	24.21		$	23.86		$	22.22

Total return^(b)		9.89	%		7.38	%		30.63	%		2.35	%		8.41	%		20.88	%

Net assets, end of period (in 000s)	$	843,000		$	806,091		$	897,009		$	448,961		$	493,322		$	269,611

Ratio of net expenses to average net assets		0.54	%^(c)		0.53	%		0.56	%		0.56	%		0.56	%		0.56	%

Ratio of total expenses to average net assets		0.57	%^(c)		0.56	%		0.70	%		0.75	%		0.76	%		0.80	%

Ratio of net investment income to average net assets		0.87	%^(c)		0.71	%		0.78	%		0.89	%		1.13	%		1.05	%

Portfolio turnover rate^(d)		79	%		188	%		196	%		254	%		222	%		234	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	30.53		$	29.94		$	23.15		$	22.89		$	21.41		$	17.81

Net investment income^(a)		0.05			0.07			0.04			0.08			0.13			0.18

Net realized and unrealized gain		2.54			1.92			6.88			0.33			1.55			3.42

Total from investment operations		2.59			1.99			6.92			0.41			1.68			3.60

Distributions to shareholders from net investment income		(0.01	)		(0.11	)		(0.13	)		(0.15	)		(0.20	)		—

Distributions to shareholders from net realized gains		(2.52	)		(1.29	)		—			—			—			—

Total distributions		(2.53	)		(1.40	)		(0.13	)		(0.15	)		(0.20	)		—

Net asset value, end of period	$	30.59		$	30.53		$	29.94		$	23.15		$	22.89		$	21.41

Total return^(b)		9.61	%		6.82	%		30.04	%		1.82	%		7.88	%		20.21	%

Net assets, end of period (in 000s)	$	58,137		$	53,347		$	67,450		$	12,517		$	3,096		$	408

Ratio of net expenses to average net assets		1.04	%^(c)		1.03	%		1.05	%		1.06	%		1.06	%		1.06	%

Ratio of total expenses to average net assets		1.07	%^(c)		1.06	%		1.19	%		1.26	%		1.26	%		1.30	%

Ratio of net investment income to average net assets		0.37	%^(c)		0.21	%		0.17	%		0.34	%		0.60	%		0.96	%

Portfolio turnover rate^(d)		79	%		188	%		196	%		254	%		222	%		234	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	30.69		$	30.03		$	23.19		$	22.88		$	21.36		$	17.88

Net investment income^(a)		0.10			0.18			0.16			0.17			0.22			0.14

Net realized and unrealized gain		2.54			1.93			6.86			0.32			1.52			3.52

Total from investment operations		2.64			2.11			7.02			0.49			1.74			3.66

Distributions to shareholders from net investment income		(0.16	)		(0.16	)		(0.18	)		(0.18	)		(0.22	)		(0.18	)

Distributions to shareholders from net realized gains		(2.52	)		(1.29	)		—			—			—			—

Total distributions		(2.68	)		(1.45	)		(0.18	)		(0.18	)		(0.22	)		(0.18	)

Net asset value, end of period	$	30.65		$	30.69		$	30.03		$	23.19		$	22.88		$	21.36

Total return^(b)		9.84	%		7.23	%		30.43	%		2.18	%		8.21	%		20.69	%

Net assets, end of period (in 000s)	$	456,279		$	415,757		$	365,836		$	48,133		$	36,001		$	20,793

Ratio of net expenses to average net assets		0.68	%^(c)		0.67	%		0.70	%		0.71	%		0.71	%		0.71	%

Ratio of total expenses to average net assets		0.71	%^(c)		0.70	%		0.84	%		0.90	%		0.91	%		0.97	%

Ratio of net investment loss to average net assets		0.73	%^(c)		0.56	%		0.59	%		0.74	%		0.97	%		0.68	%

Portfolio turnover rate^(d)		79	%		188	%		196	%		254	%		222	%		234	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Class P
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of Period	$	32.15		$	32.07

Net investment income^(b)		0.13			0.12

Net realized and unrealized gain (loss)		2.66			(0.04	)

Total from investment operations		2.79			0.08

Distributions to shareholders from net investment income		(0.21	)		—

Distributions to shareholders from net realized gains		(2.52	)		—

Total distributions		(2.73	)		—

Net asset value, end of period	$	32.21		$	32.15

Total return^(c)		9.90	%		0.25	%

Net assets, end of period (in 000s)	$	47,466		$	39,938

Ratio of net expenses to average net assets^(d)		0.53	%		0.52	%

Ratio of total expenses to average net assets^(d)		0.56	%		0.56	%

Ratio of net investment income to average net assets^(d)		0.87	%		0.66	%

Portfolio turnover rate^(e)		79	%		188	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


		Goldman Sachs Large Cap Growth Insights Fund
		Class R Shares
		Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
		Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period		$	30.30		$	29.67		$	22.93		$	22.71		$	21.25		$	17.85

Net investment income^(a)			0.03			0.02			0.04			0.05			0.09			0.07

Net realized and unrealized gain			2.52			1.92			6.78			0.32			1.55			3.48

Total from investment operations			2.55			1.94			6.82			0.37			1.64			3.55

Distributions to shareholders from net investment income			—			(0.02	)		(0.08	)		(0.15	)		(0.18	)		(0.15	)

Distributions to shareholders from net realized gains	��		(2.52	)		(1.29	)		—			—			—			—

Total distributions			(2.52	)		(1.31	)		(0.08	)		(0.15	)		(0.18	)		(0.15	)

Net asset value, end of period		$	30.33		$	30.30		$	29.67		$	22.93		$	22.71		$	21.25

Total return^(b)			9.53	%		6.69	%		29.81	%		1.66	%		7.73	%		20.10	%

Net assets, end of period (in 000s)		$	26,612		$	25,893		$	29,734		$	20,635		$	10,660		$	535

Ratio of net expenses to average net assets			1.18	%^(c)		1.17	%		1.20	%		1.21	%		1.21	%		1.21	%

Ratio of total expenses to average net assets			1.21	%^(c)		1.20	%		1.35	%		1.40	%		1.41	%		1.45	%

Ratio of net investment income to average net assets			0.23	%^(c)		0.08	%		0.14	%		0.22	%		0.39	%		0.37	%

Portfolio turnover rate^(d)			79	%		188	%		196	%		254	%		222	%		234	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	32.15		$	31.38		$	24.21		$	23.86		$	23.90

Net investment income^(b)		0.13			0.24			0.21			0.18			0.06

Net realized and unrealized gain (loss)		2.67			2.01			7.16			0.38			(0.10	)

Total from investment operations		2.80			2.25			7.37			0.56			(0.04	)

Distributions to shareholders from net investment income		(0.21	)		(0.19	)		(0.20	)		(0.21	)		—

Distributions to shareholders from net realized gains		(2.52	)		(1.29	)		—			—			—

Total distributions		(2.73	)		(1.48	)		(0.20	)		(0.21	)		—

Net asset value, end of period	$	32.22		$	32.15		$	31.38		$	24.21		$	23.86

Total return^(c)		9.91	%		7.37	%		30.64	%		2.38	%		(0.17	)%

Net assets, end of period (in 000s)	$	407,271		$	344,129		$	133,877		$	8,208		$	10

Ratio of net expenses to average net assets		0.53	%^(d)		0.52	%		0.54	%		0.54	%		0.54	%^(d)

Ratio of total expenses to average net assets		0.56	%^(d)		0.55	%		0.67	%		0.74	%		0.74	%^(d)

Ratio of net investment income to average net assets		0.87	%^(d)		0.71	%		0.74	%		0.72	%		1.00	%^(d)

Portfolio turnover rate^(e)		79	%		188	%		196	%		254	%		222	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.59		$	21.01		$	17.27		$	16.92		$	16.86		$	14.75

Net investment income^(a)		0.16			0.25			0.27			0.23			0.24			0.16

Net realized and unrealized gain (loss)		0.84			0.56			3.77			0.33			0.06			2.10

Total from investment operations		1.00			0.81			4.04			0.56			0.30			2.26

Distributions to shareholders from net investment income		(0.15	)		(0.23	)		(0.30	)		(0.21	)		(0.24	)		(0.15	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—			—

Total distributions		(1.21	)		(0.23	)		(0.30	)		(0.21	)		(0.24	)		(0.15	)

Net asset value, end of period	$	21.38		$	21.59		$	21.01		$	17.27		$	16.92		$	16.86

Total return^(b)		5.10	%		3.82	%		23.51	%		3.35	%		1.82	%		15.42	%

Net assets, end of period (in 000s)	$	68,943		$	62,349		$	63,848		$	60,942		$	62,150		$	62,704

Ratio of net expenses to average net assets		0.95	%^(c)		0.95	%		0.96	%		0.96	%		0.96	%		0.96	%

Ratio of total expenses to average net assets		1.04	%^(c)		1.03	%		1.10	%		1.15	%		1.12	%		1.14	%

Ratio of net investment income to average net assets		1.52	%^(c)		1.13	%		1.37	%		1.36	%		1.39	%		1.00	%

Portfolio turnover rate^(d)		86	%		202	%		208	%		229	%		221	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.39		$	20.82		$	17.12		$	16.78		$	16.71		$	14.63

Net investment income^(a)		0.08			0.08			0.11			0.10			0.11			0.04

Net realized and unrealized gain		0.84			0.55			3.75			0.33			0.07			2.08

Total from investment operations		0.92			0.63			3.86			0.43			0.18			2.12

Distributions to shareholders from net investment income		(0.08	)		(0.06	)		(0.16	)		(0.09	)		(0.11	)		(0.04	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—			—

Total distributions		(1.14	)		(0.06	)		(0.16	)		(0.09	)		(0.11	)		(0.04	)

Net asset value, end of period	$	21.17		$	21.39		$	20.82		$	17.12		$	16.78		$	16.71

Total return^(b)		4.73	%		3.00	%		22.59	%		2.56	%		1.11	%		14.50	%

Net assets, end of period (in 000s)	$	13,229		$	10,058		$	10,601		$	13,437		$	15,658		$	16,567

Ratio of net expenses to average net assets		1.70	%^(c)		1.70	%		1.71	%		1.71	%		1.71	%		1.71	%

Ratio of total expenses to average net assets		1.79	%^(c)		1.78	%		1.85	%		1.90	%		1.87	%		1.89	%

Ratio of net investment income to average net assets		0.77	%^(c)		0.37	%		0.59	%		0.61	%		0.64	%		0.25	%

Portfolio turnover rate^(d)		86	%		202	%		208	%		229	%		221	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.57		$	20.99		$	17.25		$	16.91		$	16.85		$	14.74

Net investment income^(a)		0.19			0.33			0.35			0.29			0.31			0.22

Net realized and unrealized gain		0.84			0.56			3.77			0.32			0.06			2.11

Total from investment operations		1.03			0.89			4.12			0.61			0.37			2.33

Distributions to shareholders from net investment income		(0.19	)		(0.31	)		(0.38	)		(0.27	)		(0.31	)		(0.22	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—			—

Total distributions		(1.25	)		(0.31	)		(0.38	)		(0.27	)		(0.31	)		(0.22	)

Net asset value, end of period	$	21.35		$	21.57		$	20.99		$	17.25		$	16.91		$	16.85

Total return^(b)		5.27	%		4.22	%		24.02	%		3.69	%		2.24	%		15.89	%

Net assets, end of period (in 000s)	$	171,148		$	122,587		$	261,684		$	341,830		$	296,403		$	389,534

Ratio of net expenses to average net assets		0.56	%^(c)		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%

Ratio of total expenses to average net assets		0.65	%^(c)		0.64	%		0.70	%		0.75	%		0.72	%		0.74	%

Ratio of net investment income to average net assets		1.89	%^(c)		1.52	%		1.78	%		1.73	%		1.81	%		1.39	%

Portfolio turnover rate^(d)		86	%		202	%		208	%		229	%		221	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.67		$	21.09		$	17.34		$	16.99		$	16.92		$	14.81

Net investment income^(a)		0.15			0.22			0.25			0.21			0.22			0.14

Net realized and unrealized gain		0.84			0.56			3.79			0.33			0.07			2.11

Total from investment operations		0.99			0.78			4.04			0.54			0.29			2.25

Distributions to shareholders from net investment income		(0.13	)		(0.20	)		(0.29	)		(0.19	)		(0.22	)		(0.14	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—			—

Total distributions		(1.19	)		(0.20	)		(0.29	)		(0.19	)		(0.22	)		(0.14	)

Net asset value, end of period	$	21.47		$	21.67		$	21.09		$	17.34		$	16.99		$	16.92

Total return^(b)		5.07	%		3.70	%		23.37	%		3.22	%		1.77	%		15.24	%

Net assets, end of period (in 000s)	$	9,138		$	10,199		$	8,403		$	6,014		$	7,271		$	6,062

Ratio of net expenses to average net assets		1.06	%^(c)		1.06	%		1.06	%		1.06	%		1.06	%		1.06	%

Ratio of total expenses to average net assets		1.15	%^(c)		1.14	%		1.20	%		1.24	%		1.22	%		1.24	%

Ratio of net investment income to average net assets		1.44	%^(c)		1.00	%		1.28	%		1.27	%		1.29	%		0.91	%

Portfolio turnover rate^(d)		86	%		202	%		208	%		229	%		221	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.51		$	20.94		$	17.22		$	16.88		$	16.81		$	14.72

Net investment income^(a)		0.18			0.29			0.34			0.26			0.27			0.21

Net realized and unrealized gain		0.84			0.57			3.74			0.33			0.08			2.08

Total from investment operations		1.02			0.86			4.08			0.59			0.35			2.29

Distributions to shareholders from net investment income		(0.17	)		(0.29	)		(0.36	)		(0.25	)		(0.28	)		(0.20	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—			—

Total distributions		(1.23	)		(0.29	)		(0.36	)		(0.25	)		(0.28	)		(0.20	)

Net asset value, end of period	$	21.30		$	21.51		$	20.94		$	17.22		$	16.88		$	16.81

Total return^(b)		5.27	%		4.07	%		23.79	%		3.57	%		2.14	%		15.62	%

Net assets, end of period (in 000s)	$	124,517		$	84,895		$	29,871		$	9,947		$	5,425		$	5,238

Ratio of net expenses to average net assets		0.70	%^(c)		0.70	%		0.71	%		0.71	%		0.71	%		0.71	%

Ratio of total expenses to average net assets		0.79	%^(c)		0.78	%		0.84	%		0.90	%		0.87	%		0.88	%

Ratio of net investment loss to average net assets		1.75	%^(c)		1.33	%		1.70	%		1.56	%		1.60	%		1.27	%

Portfolio turnover rate^(d)		86	%		202	%		208	%		229	%		221	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of Period	$	21.55		$	21.87

Net investment income^(b)		0.20			0.17

Net realized and unrealized gain (loss)		0.84			(0.33	)

Total from investment operations		1.04			(0.16	)

Distributions to shareholders from net investment income		(0.19	)		(0.16	)

Distributions to shareholders from net realized gains		(1.06	)		—

Total distributions		(1.25	)		(0.16	)

Net asset value, end of period	$	21.34		$	21.55

Total return^(c)		5.33	%		(0.77	)%

Net assets, end of period (in 000s)	$	34,794		$	27,967

Ratio of net expenses to average net assets^(d)		0.55	%		0.55	%

Ratio of total expenses to average net assets^(d)		0.64	%		0.65	%

Ratio of net investment income to average net assets^(d)		1.92	%		1.38	%

Portfolio turnover rate^(e)		86	%		202	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	21.45		$	20.88		$	17.18		$	16.84		$	16.81		$	14.71

Net investment income^(a)		0.13			0.19			0.24			0.18			0.18			0.08

Net realized and unrealized gain		0.83			0.56			3.73			0.33			0.08			2.13

Total from investment operations		0.96			0.75			3.97			0.51			0.26			2.21

Distributions to shareholders from net investment income		(0.12	)		(0.18	)		(0.27	)		(0.17	)		(0.23	)		(0.11	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—			—

Total distributions		(1.18	)		(0.18	)		(0.27	)		(0.17	)		(0.23	)		(0.11	)

Net asset value, end of period	$	21.23		$	21.45		$	20.88		$	17.18		$	16.84		$	16.81

Total return^(b)		4.95	%		3.56	%		23.19	%		3.08	%		1.56	%		15.13	%

Net assets, end of period (in 000s)	$	5,733		$	5,651		$	5,240		$	1,877		$	1,270		$	332

Ratio of net expenses to average net assets		1.20	%^(c)		1.20	%		1.21	%		1.21	%		1.21	%		1.21	%

Ratio of total expenses to average net assets		1.29	%^(c)		1.28	%		1.34	%		1.40	%		1.37	%		1.39	%

Ratio of net investment income to average net assets		1.28	%^(c)		0.88	%		1.22	%		1.07	%		1.07	%		0.49	%

Portfolio turnover rate^(d)		86	%		202	%		208	%		229	%		221	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	21.56		$	20.99		$	17.25		$	16.90		$	17.23

Net investment income^(b)		0.20			0.33			0.36			0.29			0.07

Net realized and unrealized gain (loss)		0.84			0.55			3.77			0.34			(0.32	)

Total from investment operations		1.04			0.88			4.13			0.63			(0.25	)

Distributions to shareholders from net investment income		(0.19	)		(0.31	)		(0.39	)		(0.28	)		(0.08	)

Distributions to shareholders from net realized gains		(1.06	)		—			—			—			—

Total distributions		(1.25	)		(0.31	)		(0.39	)		(0.28	)		(0.08	)

Net asset value, end of period	$	21.35		$	21.56		$	20.99		$	17.25		$	16.90

Total return^(c)		5.33	%		4.19	%		24.05	%		3.76	%		(1.41	)%

Net assets, end of period (in 000s)	$	160,671		$	149,225		$	75		$	10		$	10

Ratio of net expenses to average net assets		0.55	%^(d)		0.55	%		0.55	%		0.54	%		0.58	%^(d)

Ratio of total expenses to average net assets		0.64	%^(d)		0.62	%		0.67	%		0.74	%		0.74	%^(d)

Ratio of net investment income to average net assets		1.93	%^(d)		1.47	%		1.81	%		1.77	%		1.62	%^(d)

Portfolio turnover rate^(e)		86	%		202	%		208	%		229	%		221	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	25.74		$	24.77		$	19.73		$	19.10		$	18.25		$	16.86

Net investment income^(a)		0.06	^(b)		0.01	^(c)		0.04			0.08			0.03			0.01

Net realized and unrealized gain		0.86			0.96			5.06			0.58			0.82			1.52

Total from investment operations		0.92			0.97			5.10			0.66			0.85			1.53

Distributions to shareholders from net investment income		—			—			(0.06	)		(0.03	)		—			(0.14	)

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—			—

Total distributions		(1.40	)		—			(0.06	)		(0.03	)		—			(0.14	)

Net asset value, end of period	$	25.26		$	25.74		$	24.77		$	19.73		$	19.10		$	18.25

Total return^(d)		4.15	%		3.92	%		25.87	%		3.44	%		4.66	%		9.16	%

Net assets, end of period (in 000s)	$	52,949		$	55,472		$	41,945		$	31,733		$	34,680		$	40,458

Ratio of net expenses to average net assets		1.23	%^(e)		1.23	%		1.24	%		1.25	%		1.26	%		1.27	%

Ratio of total expenses to average net assets		1.31	%^(e)		1.31	%		1.43	%		1.49	%		1.47	%		1.51	%

Ratio of net investment income to average net assets		0.49	%^(e)		0.04	%^(c)		0.16	%		0.43	%		0.15	%		0.07	%

Portfolio turnover rate^(f)		61	%		111	%		137	%		144	%		127	%		130	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	22.23		$	21.56		$	17.25		$	16.81		$	16.18		$	15.01

Net investment loss^(a)		(0.03	)^(b)		(0.17	)^(c)		(0.11	)		(0.05	)		(0.10	)		(0.11	)

Net realized and unrealized gain		0.73			0.84			4.42			0.49			0.73			1.36

Total from investment operations		0.70			0.67			4.31			0.44			0.63			1.25

Distributions to shareholders from net investment income		—			—			—			—			—			(0.08	)

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—			—

Total distributions		(1.40	)		—			—			—			—			(0.08	)

Net asset value, end of period	$	21.53		$	22.23		$	21.56		$	17.25		$	16.81		$	16.18

Total return^(d)		3.80	%		3.16	%		24.93	%		2.61	%		3.89	%		8.33	%

Net assets, end of period (in 000s)	$	8,213		$	7,139		$	9,439		$	12,133		$	14,153		$	15,348

Ratio of net expenses to average net assets		1.98	%^(e)		1.98	%		1.99	%		2.00	%		2.01	%		2.02	%

Ratio of total expenses to average net assets		2.06	%^(e)		2.06	%		2.18	%		2.24	%		2.22	%		2.26	%

Ratio of net investment loss to average net assets		(0.28	)%^(e)		(0.72	)%^(c)		(0.56	)%		(0.32	)%		(0.60	)%		(0.68	)%

Portfolio turnover rate^(f)		61	%		111	%		137	%		144	%		127	%		130	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	26.77		$	25.73		$	20.47		$	19.84		$	18.94		$	17.48

Net investment income^(a)		0.11	^(b)		0.12	^(c)		0.13			0.17			0.11			0.09

Net realized and unrealized gain		0.90			0.99			5.27			0.57			0.86			1.57

Total from investment operations	��	1.01			1.11			5.40			0.74			0.97			1.66

Distributions to shareholders from net investment income		(0.06	)		(0.07	)		(0.14	)		(0.11	)		(0.07	)		(0.20	)

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—			—

Total distributions		(1.46	)		(0.07	)		(0.14	)		(0.11	)		(0.07	)		(0.20	)

Net asset value, end of period	$	26.32		$	26.77		$	25.73		$	20.47		$	19.84		$	18.94

Total return^(d)		4.36	%		4.32	%		26.44	%		3.77	%		5.13	%		9.58	%

Net assets, end of period (in 000s)	$	248,360		$	212,229		$	231,226		$	176,644		$	81,067		$	119,013

Ratio of net expenses to average net assets		0.84	%^(e)		0.84	%		0.84	%		0.85	%		0.86	%		0.87	%

Ratio of total expenses to average net assets		0.92	%^(e)		0.93	%		1.03	%		1.08	%		1.07	%		1.11	%

Ratio of net investment income to average net assets		0.86	%^(e)		0.43	%^(c)		0.56	%		0.84	%		0.57	%		0.47	%

Portfolio turnover rate^(f)		61	%		111	%		137	%		144	%		127	%		130	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	25.34		$	24.41		$	19.44		$	18.82		$	18.00		$	16.64

Net investment income (loss)^(a)		0.05	^(b)		(0.02	)^(c)		0.01			0.06			0.02			(0.01	)

Net realized and unrealized gain		0.88			0.95			5.00			0.56			0.80			1.50

Total from investment operations		0.90			0.93			5.01			0.62			0.82			1.49

Distributions to shareholders from net investment income		—			—			(0.04	)		—			—			(0.13	)

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—			—

Total distributions		(1.40	)		—			(0.04	)		—			—			(0.13	)

Net asset value, end of period	$	24.84		$	25.34		$	24.41		$	19.44		$	18.82		$	18.00

Total return^(d)		4.14	%		3.81	%		25.77	%		3.29	%		4.56	%		9.02	%

Net assets, end of period ( in 000s)	$	2,789		$	2,031		$	769		$	651		$	959		$	1,769

Ratio of net expenses to average net assets		1.34	%^(e)		1.34	%		1.34	%		1.35	%		1.36	%		1.37	%

Ratio of total expenses to average net assets		1.42	%^(e)		1.42	%		1.53	%		1.59	%		1.58	%		1.60	%

Ratio of net investment income (loss) to average net assets		0.36	%^(e)		(0.06	)%^(c)		0.06	%		0.31	%		0.12	%		(0.04	)%

Portfolio turnover rate^(f)		61	%		111	%		137	%		144	%		127	%		130	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	25.62		$	24.61		$	19.61		$	19.02		$	18.14		$	16.70

Net investment income^(a)		0.09	^(b)		0.08	^(c)		0.14			0.09			0.06			0.08

Net realized and unrealized gain		0.88			0.95			4.99			0.59			0.84			1.48

Total from investment operations		0.95			1.03			5.13			0.68			0.90			1.56

Distributions to shareholders from net investment income		(0.05	)		(0.02	)		(0.13	)		(0.09	)		(0.02	)		(0.12	)

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—			—

Total distributions		(1.45	)		(0.02	)		(0.13	)		(0.09	)		(0.02	)		(0.12	)

Net asset value, end of period	$	25.12		$	25.62		$	24.61		$	19.61		$	19.02		$	18.14

Total return^(d)		4.33	%		4.19	%		26.22	%		3.63	%		4.99	%		9.39	%

Net assets, end of period (in 000s)	$	59,955		$	44,984		$	2,684		$	7,462		$	1,119		$	448

Ratio of net expenses to average net assets		0.98	%^(e)		0.98	%		0.99	%		0.99	%		1.01	%		1.02	%

Ratio of total expenses to average net assets		1.06	%^(e)		1.06	%		1.17	%		1.22	%		1.23	%		1.24	%

Ratio of net investment loss to average net assets		0.72	%^(e)		0.31	%^(c)		0.60	%		0.45	%		0.32	%		0.47	%

Portfolio turnover rate^(f)		61	%		111	%		137	%		144	%		127	%		130	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	26.77		$	27.21

Net investment income^(b)		0.10	^(c)		0.08	^(d)

Net realized and unrealized gain (loss)		0.91			(0.52	)

Total from investment operations		1.01			(0.44	)

Distributions to shareholders from net investment income		(0.06	)		—

Distributions to shareholders from net realized gains		(1.40	)		—

Total distributions		(1.46	)		—

Net asset value, end of period	$	26.32		$	26.77

Total return^(e)		4.39	%		(1.62	)%

Net assets, end of period (in 000s)	$	105,184		$	66,823

Ratio of net expenses to average net assets^(f)		0.83	%		0.83	%

Ratio of total expenses to average net assets^(f)		0.91	%		0.92	%

Ratio of net investment income to average net assets^(f)		0.81	%		0.48	%^(d)

Portfolio turnover rate^(g)		61	%		111	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	25.18		$	24.29		$	19.36		$	18.78		$	17.98		$	16.67

Net investment income (loss)^(a)		0.03	^(b)		(0.06	)^(c)		(0.02	)		0.03			(0.02	)		(0.03	)

Net realized and unrealized gain		0.84			0.95			4.98			0.55			0.82			1.49

Total from investment operations		0.87			0.89			4.96			0.58			0.80			1.46

Distributions to shareholders from net investment income		—			—			(0.03	)		—	^(d)		—			(0.15	)

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—			—

Total distributions		(1.40	)		—			(0.03	)		—			—			(0.15	)

Net asset value, end of period	$	24.65		$	25.18		$	24.29		$	19.36		$	18.78		$	17.98

Total return^(e)		4.04	%		3.66	%		25.60	%		3.11	%		4.45	%		8.83	%

Net assets, end of period (in 000s)	$	14,789		$	14,625		$	15,284		$	9,954		$	8,986		$	8,126

Ratio of net expenses to average net assets		1.48	%^(f)		1.48	%		1.49	%		1.50	%		1.51	%		1.52	%

Ratio of total expenses to average net assets		1.56	%^(f)		1.56	%		1.68	%		1.74	%		1.72	%		1.76	%

Ratio of net investment income (loss) to average net assets		0.24	%^(f)		(0.22	)%^(c)		(0.10	)%		0.18	%		(0.11	)%		(0.18	)%

Portfolio turnover rate^(g)		61	%		111	%		137	%		144	%		127	%		130	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	26.77		$	25.73		$	20.47		$	19.84		$	20.22

Net investment income^(b)		0.12	^(c)		0.13	^(d)		0.11			0.17			0.02

Net realized and unrealized gain (loss)		0.89			0.99			5.29			0.58			(0.40	)

Total from investment operations		1.01			1.12			5.40			0.75			(0.38	)

Distributions to shareholders from net investment income		(0.06	)		(0.08	)		(0.14	)		(0.12	)		—

Distributions to shareholders from net realized gains		(1.40	)		—			—			—			—

Total distributions		(1.46	)		(0.08	)		(0.14	)		(0.12	)		—

Net asset value, end of period	$	26.32		$	26.77		$	25.73		$	20.47		$	19.84

Total return^(e)		4.38	%		4.35	%		26.45	%		3.81	%		(1.88	)%

Net assets, end of period (in 000s)	$	119,218		$	173,112		$	337		$	35		$	10

Ratio of net expenses to average net assets		0.83	%^(f)		0.83	%		0.83	%		0.83	%		0.86	%^(f)

Ratio of total expenses to average net assets		0.91	%^(f)		0.89	%		1.02	%		1.06	%		1.06	%^(f)

Ratio of net investment income to average net assets		0.95	%^(f)		0.45	%^(d)		0.47	%		0.85	%		0.38	%^(f)

Portfolio turnover rate^(g)		61	%		111	%		137	%		144	%		127	%

(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 0.36% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	37.25		$	36.71		$	28.34		$	31.15		$	31.17		$	31.10

Net investment loss^(a)		(0.03	)^(b)		(0.13	)^(c)		(0.07	)		—	^(d)		(0.10	)		(0.10	)

Net realized and unrealized gain (loss)		1.64			2.20			8.44			(0.12	)^(e)		1.87			2.67

Total from investment operations		1.61			2.07			8.37			(0.12	)		1.77			2.57

Distributions to shareholders from net realized gains		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)		(2.50	)

Net asset value, end of period	$	35.05		$	37.25		$	36.71		$	28.34		$	31.15		$	31.17

Total return^(f)		5.56	%		5.87	%		29.53	%		(0.37	)%		5.95	%		8.74	%

Net assets, end of period (in 000s)	$	88,997		$	88,316		$	77,969		$	65,195		$	43,647		$	32,390

Ratio of net expenses to average net assets		1.23	%^(g)		1.22	%		1.22	%		1.25	%		1.26	%		1.30	%

Ratio of total expenses to average net assets		1.29	%^(g)		1.32	%		1.40	%		1.51	%		1.60	%		1.86	%

Ratio of net investment income (loss) to average net assets		(0.18	)%^(b)(g)		(0.35	)%^(c)		(0.21	)%		—	%		(0.33	)%		(0.33	)%

Portfolio turnover rate^(h)		53	%		127	%		136	%		139	%		145	%		162	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.19% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for during the period due to the timing of sales and redemptions of Fund shares in relation to the fluctuating market values of the investments of the Fund.

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	28.98		$	29.12		$	22.64		$	25.61		$	26.12		$	26.64

Net investment loss^(a)		(0.12	)^(b)		(0.33	)^(c)		(0.25	)		(0.16	)		(0.28	)		(0.27	)

Net realized and unrealized gain (loss)		1.18			1.72			6.73			(0.12	)^(d)		1.56			2.25

Total from investment operations		1.06			1.39			6.48			(0.28	)		1.28			1.98

Distributions to shareholders from net realized gains		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)		(2.50	)

Net asset value, end of period	$	26.23		$	28.98		$	29.12		$	22.64		$	25.61		$	26.12

Total return^(e)		5.20	%		5.03	%		28.62	%		(1.14	)%		5.18	%		7.96	%

Net assets, end of period (in 000s)	$	8,710		$	8,179		$	9,852		$	7,420		$	7,964		$	7,124

Ratio of net expenses to average net assets		1.98	%^(f)		1.97	%		1.97	%		2.00	%		2.01	%		2.05	%

Ratio of total expenses to average net assets		2.04	%^(f)		2.07	%		2.15	%		2.26	%		2.36	%		2.61	%

Ratio of net investment loss to average net assets		(0.96	)%^(b)(f)		(1.09	)%^(c)		(0.95	)%		(0.74	)%		(1.06	)%		(1.08	)%

Portfolio turnover rate^(g)		53	%		127	%		136	%		139	%		145	%		162	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.19% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d)

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	43.56		$	42.53		$	32.76		$	35.46		$	35.10		$	34.59

Net investment income^(a)		0.03	^(b)		0.02	^(c)		0.05			0.13			0.02			0.01

Net realized and unrealized gain (loss)		2.02			2.54			9.79			(0.14	)^(d)		2.13			3.00

Total from investment operations		2.05			2.56			9.84			(0.01	)		2.15			3.01

Distributions to shareholders from net investment income		—			—			(0.07	)		—			—			—

Distributions to shareholders from net realized gains		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)		(2.50	)

Total distributions		(3.81	)		(1.53	)		(0.07	)		(2.69	)		(1.79	)		(2.50	)

Net asset value, end of period	$	41.80		$	43.56		$	42.53		$	32.76		$	35.46		$	35.10

Total return^(e)		5.78	%		6.26	%		30.04	%		0.01	%		6.39	%		9.15	%

Net assets, end of period (in 000s)	$	362,591		$	307,032		$	265,199		$	91,248		$	64,023		$	30,166

Ratio of net expenses to average net assets		0.84	%^(f)		0.84	%		0.85	%		0.85	%		0.86	%		0.90	%

Ratio of total expenses to average net assets		0.90	%^(f)		0.93	%		1.01	%		1.11	%		1.20	%		1.47	%

Ratio of net investment income to average net assets		0.17	%^(b)(f)		0.03	%^(c)		0.13	%		0.40	%		0.06	%		0.02	%

Portfolio turnover rate^(g)		53	%		127	%		136	%		139	%		145	%		162	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.19% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d)

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	38.18		$	37.50		$	28.93		$	31.68		$	31.59		$	31.41

Net investment income (loss)^(a)		0.01	^(b)		(0.04	)^(c)		—	^(d)		0.01			(0.04	)		(0.04	)

Net realized and unrealized gain (loss)		1.70			2.25			8.63			(0.07	)^(e)		1.92			2.72

Total from investment operations		1.71			2.21			8.63			(0.06	)		1.88			2.68

Distributions to shareholders from net investment income		—			—			(0.06	)		—			—			—

Distributions to shareholders from net realized gains		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)		(2.50	)

Total distributions		(3.81	)		(1.53	)		(0.06	)		(2.69	)		(1.79	)		(2.50	)

Net asset value, end of period	$	36.08		$	38.18		$	37.50		$	28.93		$	31.68		$	31.59

Total return^(f)		5.69	%		6.13	%		29.87	%		(0.15	)%		6.24	%		9.02	%

Net assets, end of period (in 000s)	$	357,897		$	308,366		$	192,860		$	47,826		$	4,683		$	1,269

Ratio of net expenses to average net assets		0.98	%^(g)		0.97	%		0.96	%		1.00	%		1.01	%		1.05	%

Ratio of total expenses to average net assets		1.04	%^(g)		1.07	%		1.16	%		1.23	%		1.33	%		1.62	%

Ratio of net investment income (loss) to average net assets		0.04	%^(b)(g)		(0.10	)%^(c)		0.01	%		0.04	%		(0.12	)%		(0.12	)%

Portfolio turnover rate^(h)		53	%		127	%		136	%		139	%		145	%		162	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.19% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Class P
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	43.58		$	44.33

Net investment income^(b)		0.04	^(c)		0.03	^(d)

Net realized and unrealized gain (loss)		2.01			(0.78	)

Total from investment operations		2.05			(0.75	)

Distributions to shareholders from net realized gains		(3.81	)		—

Net asset value, end of period	$	41.82		$	43.58

Total return^(e)		5.78	%		(1.69	)%

Net assets, end of period (in 000s)	$	10,338		$	10,878

Ratio of net expenses to average net assets^(f)		0.83	%		0.83	%

Ratio of total expenses to average net assets^(f)		0.89	%		0.93	%

Ratio of net investment income to average net assets^(f)		0.19	%^(c)		0.12	%^(d)

Portfolio turnover rate^(g)		53	%		127	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.19% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	35.90		$	35.53		$	27.49		$	30.37		$	30.51		$	30.56

Net investment loss^(a)		(0.07	)^(b)		(0.22	)^(c)		(0.16	)		(0.06	)		(0.18	)		(0.19	)

Net realized and unrealized gain (loss)		1.56			2.12			8.20			(0.13	)^(d)		1.83			2.64

Total from investment operations		1.49			1.90			8.04			(0.19	)		1.65			2.45

Distributions to shareholders from net realized gains		(3.81	)		(1.53	)		—			(2.69	)		(1.79	)		(2.50	)

Net asset value, end of period	$	33.58		$	35.90		$	35.53		$	27.49		$	30.37		$	30.51

Total return^(e)		5.42	%		5.58	%		29.25	%		(0.63	)%		5.67	%		8.48	%

Net assets, end of period (in 000s)	$	21,304		$	19,998		$	12,113		$	3,689		$	2,299		$	847

Ratio of net expenses to average net assets		1.48	%^(f)		1.47	%		1.46	%		1.50	%		1.51	%		1.54	%

Ratio of total expenses to average net assets		1.54	%^(f)		1.57	%		1.66	%		1.76	%		1.85	%		2.09	%

Ratio of net investment loss to average net assets		(0.46	)%^(b)(f)		(0.59	)%^(c)		(0.50	)%		(0.21	)%		(0.60	)%		(0.63	)%

Portfolio turnover rate^(g)		53	%		127	%		136	%		139	%		145	%		162	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.19% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(d)

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Growth Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2015^(a)
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			Period Ended October 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	43.58		$	42.54		$	32.78		$	35.46		$	36.95

Net investment income (loss)^(b)		0.03	^(c)		0.02	^(d)		0.04			0.13			(0.01	)

Net realized and unrealized gain (loss)		2.02			2.55			9.80			(0.12	)^(e)		(1.48	)

Total from investment operations		2.05			2.57			9.84			0.01			(1.49	)

Distributions to shareholders from net investment income		—			—			(0.08	)		—			—

Distributions to shareholders from net realized gains		(3.81	)		(1.53	)		—			(2.69	)		—

Total distributions		(3.81	)		(1.53	)		(0.08	)		(2.69	)		—

Net asset value, end of period	$	41.82		$	43.58		$	42.54		$	32.78		$	35.46

Total return^(f)		5.78	%		6.25	%		30.05	%		0.07	%		(4.03	)%

Net assets, end of period (in 000s)	$	270,874		$	118,729		$	42,042		$	6,667		$	10

Ratio of net expenses to average net assets		0.83	%^(g)		0.83	%		0.83	%		0.83	%		0.85	%^(g)

Ratio of total expenses to average net assets		0.89	%^(g)		0.92	%		1.00	%		1.06	%		1.16	%^(g)

Ratio of Net investment income (loss)		0.13	%^(c)(g)		0.04	%^(d)		0.09	%		0.40	%		(0.07	)%^(g)

Portfolio turnover rate^(h)		53	%		127	%		136	%		139	%		145	%

(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 0.19% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets.

(e)

(f)

(g)

Annualized.

(h)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	42.30		$	46.29		$	38.86		$	38.37		$	38.89		$	35.97

Net investment income^(a)		0.17			0.20			0.23	^(b)		0.28			0.30			0.15

Net realized and unrealized gain (loss)		0.82			0.70			9.04			2.55			(0.09	)		2.95

Total from investment operations		0.99			0.90			9.27			2.83			0.21			3.10

Distributions to shareholders from net investment income		(0.19	)		(0.17	)		(0.25	)		(0.29	)		(0.14	)		(0.18	)

Distributions to shareholders from net realized gains		(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)		—

Total distributions		(4.03	)		(4.89	)		(1.84	)		(2.34	)		(0.73	)		(0.18	)

Net asset value, end of period	$	39.26		$	42.30		$	46.29		$	38.86		$	38.37		$	38.89

Total return^(c)		3.29	%		2.08	%		23.98	%		7.99	%		0.53	%		8.66	%

Net assets, end of period (in 000s)	$	132,712		$	112,219		$	102,127		$	91,210		$	93,151		$	96,094

Ratio of net expenses to average net assets		1.23	%^(d)		1.23	%		1.24	%		1.25	%		1.25	%		1.27	%

Ratio of total expenses to average net assets		1.35	%^(d)		1.40	%		1.49	%		1.54	%		1.52	%		1.59	%

Ratio of net investment income to average net assets		0.91	%^(d)		0.44	%		0.53	%^(b)		0.78	%		0.76	%		0.41	%

Portfolio turnover rate^(e)		57	%		130	%		138	%		129	%		133	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	30.35		$	34.65		$	29.53		$	29.75		$	30.40		$	28.20

Net investment income (loss)^(a)		0.02			(0.10	)		(0.07	)^(b)		0.01			—			(0.10	)

Net realized and unrealized gain (loss)		0.52			0.52			6.85			1.92			(0.06	)		2.31

Total from investment operations		0.54			0.42			6.78			1.93			(0.06	)		2.21

Distributions to shareholders from net investment income		—			—			(0.07	)		(0.10	)		—			(0.01	)

Distributions to shareholders from net realized gains		(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)		—

Total distributions		(3.84	)		(4.72	)		(1.66	)		(2.15	)		(0.59	)		(0.01	)

Net asset value, end of period	$	27.05		$	30.35		$	34.65		$	29.53		$	29.75		$	30.40

Total return^(c)		2.95	%		1.31	%		23.09	%		7.15	%		(0.21	)%		7.84	%

Net assets, end of period (in 000s)	$	7,952		$	6,903		$	17,037		$	15,224		$	16,416		$	18,994

Ratio of net expenses to average net assets		1.98	%^(d)		1.98	%		1.99	%		2.00	%		2.00	%		2.02	%

Ratio of total expenses to average net assets		2.10	%^(d)		2.14	%		2.24	%		2.29	%		2.27	%		2.34	%

Ratio of net investment income (loss) to average net assets		0.17	%^(d)		(0.31	)%		(0.22	)%^(b)		0.03	%		0.01	%		(0.34	)%

Portfolio turnover rate^(e)		57	%		130	%		138	%		129	%		133	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	55.71		$	59.38		$	49.35		$	48.06		$	48.49		$	44.76

Net investment income^(a)		0.31			0.48			0.50	^(b)		0.55			0.55			0.38

Net realized and unrealized gain (loss)		1.21			0.90			11.53			3.23			(0.10	)		3.67

Total from investment operations		1.52			1.38			12.03			3.78			0.45			4.05

Distributions to shareholders from net investment income		(0.33	)		(0.33	)		(0.41	)		(0.44	)		(0.29	)		(0.32	)

Distributions to shareholders from net realized gains		(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)		—

Total distributions		(4.17	)		(5.05	)		(2.00	)		(2.49	)		(0.88	)		(0.32	)

Net asset value, end of period	$	53.06		$	55.71		$	59.38		$	49.35		$	48.06		$	48.49

Total return^(c)		3.48	%		2.47	%		24.49	%		8.41	%		0.93	%		9.12	%

Net assets, end of period (in 000s)	$	134,777		$	60,516		$	56,191		$	21,717		$	21,036		$	15,973

Ratio of net expenses to average net assets		0.84	%^(d)		0.84	%		0.84	%		0.85	%		0.85	%		0.87	%

Ratio of total expenses to average net assets		0.96	%^(d)		1.00	%		1.09	%		1.14	%		1.12	%		1.20	%

Ratio of net investment income to average net assets		1.22	%^(d)		0.82	%		0.90	%^(b)		1.19	%		1.13	%		0.81	%

Portfolio turnover rate^(e)		57	%		130	%		138	%		129	%		133	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	42.18		$	46.17		$	38.78		$	38.31		$	38.84		$	35.92

Net investment income^(a)		0.21			0.31			0.31	^(b)		0.37			0.39			0.25

Net realized and unrealized gain (loss)		0.81			0.69			9.05			2.54			(0.10	)		2.94

Total from investment operations		1.02			1.00			9.36			2.91			0.29			3.19

Distributions to shareholders from net investment income		(0.31	)		(0.27	)		(0.38	)		(0.39	)		(0.23	)		(0.27	)

Distributions to shareholders from net realized gains		(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)		—

Total distributions		(4.15	)		(4.99	)		(1.97	)		(2.44	)		(0.82	)		(0.27	)

Net asset value, end of period	$	39.05		$	42.18		$	46.17		$	38.78		$	38.31		$	38.84

Total return^(c)		3.42	%		2.33	%		24.30	%		8.26	%		0.76	%		8.94	%

Net assets, end of period (in 000s)	$	42,825		$	18,257		$	5,695		$	1,925		$	1,774		$	1,788

Ratio of net expenses to average net assets		0.98	%^(d)		0.98	%		0.99	%		1.00	%		1.00	%		1.02	%

Ratio of total expenses to average net assets		1.10	%^(d)		1.17	%		1.24	%		1.29	%		1.27	%		1.35	%

Ratio of net investment loss to average net assets		1.11	%^(d)		0.70	%		0.72	%^(b)		1.02	%		1.00	%		0.66	%

Portfolio turnover rate^(e)		57	%		130	%		138	%		129	%		133	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of Period	$	55.70		$	57.05

Net investment income^(b)		0.34			0.30

Net realized and unrealized gain (loss)		1.18			(1.65	)

Total from investment operations		1.52			(1.35	)

Distributions to shareholders from net investment income		(0.34	)		—

Distributions to shareholders from net realized gains		(3.84	)		—

Total distributions		(4.18	)		—

Net asset value, end of period	$	53.04		$	55.70

Total return^(c)		3.50	%		(2.37	)%

Net assets, end of period (in 000s)	$	45,331		$	42,165

Ratio of net expenses to average net assets^(d)		0.83	%		0.83	%

Ratio of total expenses to average net assets^(d)		0.95	%		1.06	%

Ratio of net investment income to average net assets^(d)		1.34	%		0.93	%

Portfolio turnover rate^(e)		57	%		130	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	41.63		$	45.57		$	38.32		$	37.99		$	38.50		$	35.62

Net investment income^(a)		0.12			0.09			0.14	^(b)		0.20			0.14			0.07

Net realized and unrealized gain (loss)		0.81			0.69			8.89			2.50			(0.04	)		2.92

Total from investment operations		0.93			0.78			9.03			2.70			0.10			2.99

Distributions to shareholders from net investment income		(0.13	)		—			(0.19	)		(0.32	)		(0.02	)		(0.11	)

Distributions to shareholders from net realized gains		(3.84	)		(4.72	)		(1.59	)		(2.05	)		(0.59	)		—

Total distributions		(3.97	)		(4.72	)		(1.78	)		(2.37	)		(0.61	)		(0.11	)

Net asset value, end of period	$	38.59		$	41.63		$	45.57		$	38.32		$	37.99		$	38.50

Total return^(c)		3.15	%		1.83	%		23.67	%		7.72	%		0.27	%		8.40	%

Net assets, end of period (in 000s)	$	3,080		$	2,320		$	1,621		$	5,762		$	4,992		$	1,176

Ratio of net expenses to average net assets		1.48	%^(d)		1.48	%		1.49	%		1.50	%		1.51	%		1.52	%

Ratio of total expenses to average net assets		1.60	%^(d)		1.66	%		1.73	%		1.79	%		1.77	%		1.84	%

Ratio of net investment income to average net assets		0.65	%^(d)		0.20	%		0.33	%^(b)		0.55	%		0.36	%		0.18	%

Portfolio turnover rate^(e)		57	%		130	%		138	%		129	%		133	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Small Cap Value Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015^(a)
Per Share Data

Net asset value, beginning of period	$	55.71		$	59.38		$	49.35		$	48.07		$	48.87

Net investment income^(b)		0.27			0.50			0.46	^(c)		0.55			0.10

Net realized and unrealized gain (loss)		1.24			0.90			11.56			3.23			(0.90	)

Total from investment operations		1.51			1.40			12.02			3.78			(0.80	)

Distributions to shareholders from net investment income		(0.34	)		(0.35	)		(0.40	)		(0.45	)		—

Distributions to shareholders from net realized gains		(3.84	)		(4.72	)		(1.59	)		(2.05	)		—

Total distributions		(4.18	)		(5.07	)		(1.99	)		(2.50	)		—

Net asset value, end of period	$	53.04		$	55.71		$	59.38		$	49.35		$	48.07

Total return^(d)		3.48	%		2.49	%		24.49	%		8.41	%		(1.64	)%

Net assets, end of period (in 000s)	$	88,842		$	22,460		$	4,542		$	11		$	10

Ratio of net expenses to average net assets		0.83	%^(e)		0.83	%		0.83	%		0.84	%		0.83	%^(e)

Ratio of total expenses to average net assets		0.95	%^(e)		1.02	%		1.11	%		1.14	%		1.09	%^(e)

Ratio of net investment income to average net assets		1.07	%^(e)		0.85	%		0.83	%^(c)		1.18	%		0.83	%^(e)

Portfolio turnover rate^(f)		57	%		130	%		138	%		129	%		133	%

(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 0.07% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	47.72		$	49.73		$	40.76		$	41.46		$	40.20		$	34.52

Net investment income^(a)		0.24			0.36			0.49			0.38			0.43			0.33

Net realized and unrealized gain (loss)		2.73			2.46			10.17			0.49			1.12			5.71

Total from investment operations		2.97			2.82			10.66			0.87			1.55			6.04

Distributions to shareholders from net investment income		(0.17	)		(0.45	)		(0.31	)		(0.38	)		(0.29	)		(0.36	)

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—			—

Total distributions		(1.82	)		(4.83	)		(1.69	)		(1.57	)		(0.29	)		(0.36	)

Net asset value, end of period	$	48.87		$	47.72		$	49.73		$	40.76		$	41.46		$	40.20

Total return^(b)		6.65	%		5.93	%		26.89	%		2.25	%		3.86	%		17.67	%

Net assets, end of period (in 000s)	$	317,658		$	301,934		$	278,516		$	251,466		$	272,738		$	275,574

Ratio of net expenses to average net assets		0.93	%^(c)		0.95	%		0.96	%		0.96	%		0.96	%		0.97	%

Ratio of total expenses to average net assets		0.97	%^(c)		1.00	%		1.14	%		1.18	%		1.17	%		1.21	%

Ratio of net investment income to average net assets		1.04	%^(c)		0.73	%		1.08	%		0.96	%		1.04	%		0.88	%

Portfolio turnover rate^(d)		87	%		168	%		193	%		213	%		224	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	42.80		$	45.08		$	37.10		$	37.88		$	36.78		$	31.63

Net investment income^(a)		0.06			0.01			0.13			0.08			0.11			0.05

Net realized and unrealized gain		2.46			2.22			9.25			0.44			1.03			5.24

Total from investment operations		2.52			2.23			9.38			0.52			1.14			5.29

Distributions to shareholders from net investment income		—			(0.13	)		(0.02	)		(0.11	)		(0.04	)		(0.14	)

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—			—

Total distributions		(1.65	)		(4.51	)		(1.40	)		(1.30	)		(0.04	)		(0.14	)

Net asset value, end of period	$	43.67		$	42.80		$	45.08		$	37.10		$	37.88		$	36.78

Total return^(b)		6.30	%		5.15	%		25.93	%		1.48	%		3.09	%		16.80	%

Net assets, end of period (in 000s)	$	16,851		$	14,277		$	28,756		$	31,377		$	37,811		$	36,503

Ratio of net expenses to average net assets		1.68	%^(c)		1.70	%		1.71	%		1.71	%		1.71	%		1.72	%

Ratio of total expenses to average net assets		1.72	%^(c)		1.75	%		1.89	%		1.93	%		1.92	%		1.96	%

Ratio of net investment income to average net assets		0.28	%^(c)		0.01	%		0.31	%		0.21	%		0.28	%		0.13	%

Portfolio turnover rate^(d)		87	%		168	%		193	%		213	%		224	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	49.30		$	51.21		$	41.92		$	42.60		$	41.29		$	35.44

Net investment income^(a)		0.33			0.54			0.70			0.54			0.60			0.49

Net realized and unrealized gain		2.81			2.56			10.45			0.52			1.16			5.86

Total from investment operations		3.14			3.10			11.15			1.06			1.76			6.35

Distributions to shareholders from net investment income		(0.35	)		(0.63	)		(0.48	)		(0.55	)		(0.45	)		(0.50	)

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—			—

Total distributions		(2.00	)		(5.01	)		(1.86	)		(1.74	)		(0.45	)		(0.50	)

Net asset value, end of period	$	50.44		$	49.30		$	51.21		$	41.92		$	42.60		$	41.29

Total return^(b)		6.86	%		6.34	%		27.40	%		2.66	%		4.27	%		18.14	%

Net assets, end of period (in 000s)	$	963,448		$	842,673		$	249,034		$	177,412		$	121,863		$	105,300

Ratio of net expenses to average net assets		0.54	%^(c)		0.55	%		0.56	%		0.56	%		0.56	%		0.57	%

Ratio of total expenses to average net assets		0.58	%^(c)		0.62	%		0.74	%		0.78	%		0.77	%		0.81	%

Ratio of net investment income to average net assets		1.41	%^(c)		1.07	%		1.50	%		1.33	%		1.42	%		1.27	%

Portfolio turnover rate^(d)		87	%		168	%		193	%		213	%		224	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	47.41		$	49.47		$	40.60		$	41.37		$	40.12		$	34.44

Net investment income^(a)		0.21			0.30			0.43			0.33			0.36			0.29

Net realized and unrealized gain		2.73			2.45			10.14			0.50			1.15			5.71

Total from investment operations		2.94			2.75			10.57			0.83			1.51			6.00

Distributions to shareholders from net investment income		(0.08	)		(0.43	)		(0.32	)		(0.41	)		(0.26	)		(0.32	)

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—			—

Total distributions		(1.73	)		(4.81	)		(1.70	)		(1.60	)		(0.26	)		(0.32	)

Net asset value, end of period	$	48.62		$	47.41		$	49.47		$	40.60		$	41.37		$	40.12

Total return^(b)		6.61	%		5.81	%		26.76	%		2.15	%		3.75	%		17.57	%

Net assets, end of period (in 000s)	$	6,814		$	5,925		$	6,739		$	5,473		$	3,344		$	1,132

Ratio of net expenses to average net assets		1.04	%^(c)		1.06	%		1.06	%		1.06	%		1.06	%		1.07	%

Ratio of total expenses to average net assets		1.08	%^(c)		1.11	%		1.24	%		1.28	%		1.27	%		1.31	%

Ratio of net investment income to average net assets		0.92	%^(c)		0.61	%		0.96	%		0.83	%		0.86	%		0.78	%

Portfolio turnover rate^(d)		87	%		168	%		193	%		213	%		224	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	47.17		$	49.22		$	40.39		$	41.13		$	39.89		$	34.26

Net investment income^(a)		0.29			0.46			0.61			0.45			0.51			0.42

Net realized and unrealized gain		2.68			2.45			10.05			0.50			1.13			5.67

Total from investment operations		2.97			2.91			10.66			0.95			1.64			6.09

Distributions to shareholders from net investment income		(0.31	)		(0.58	)		(0.45	)		(0.50	)		(0.40	)		(0.46	)

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—			—

Total distributions		(1.96	)		(4.96	)		(1.83	)		(1.69	)		(0.40	)		(0.46	)

Net asset value, end of period	$	48.18		$	47.17		$	49.22		$	40.39		$	41.13		$	39.89

Total return^(b)		6.78	%		6.20	%		27.21	%		2.48	%		4.12	%		17.98	%

Net assets, end of period (in 000s)	$	116,467		$	103,230		$	43,290		$	18,322		$	4,615		$	1,003

Ratio of net expenses to average net assets		0.68	%^(c)		0.70	%		0.71	%		0.71	%		0.71	%		0.72	%

Ratio of total expenses to average net assets		0.72	%^(c)		0.76	%		0.89	%		0.93	%		0.92	%		0.96	%

Ratio of net investment loss to average net assets		1.28	%^(c)		0.95	%		1.36	%		1.13	%		1.24	%		1.13	%

Portfolio turnover rate^(d)		87	%		168	%		193	%		213	%		224	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018^(a)
Per Share Data

Net asset value, beginning of Period	$	49.28		$	49.09

Net investment income^(b)		0.34			0.26

Net realized and unrealized gain (loss)		2.80			(0.07	)

Total from investment operations		3.14			0.19

Distributions to shareholders from net investment income		(0.35	)		—

Distributions to shareholders from net realized gains		(1.65	)		—

Total distributions		(2.00	)		—

Net asset value, end of period	$	50.42		$	49.28

Total return^(c)		6.87	%		0.39	%

Net assets, end of period (in 000s)	$	224,269		$	203,525

Ratio of net expenses to average net assets^(d)		0.53	%		0.54	%

Ratio of total expenses to average net assets^(d)		0.57	%		0.62	%

Ratio of net investment income to average net assets^(d)		1.44	%		0.93	%

Portfolio turnover rate^(e)		87	%		168	%

(a)

Commenced operations on April 16, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	46.74		$	48.89		$	40.12		$	40.91		$	39.80		$	34.16

Net investment income^(a)		0.18			0.23			0.37			0.27			0.26			0.23

Net realized and unrealized gain		2.69			2.42			10.01			0.49			1.18			5.67

Total from investment operations		2.87			2.65			10.38			0.76			1.44			5.90

Distributions to shareholders from net investment income		(0.02	)		(0.42	)		(0.23	)		(0.36	)		(0.33	)		(0.26	)

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—			—

Total distributions		(1.67	)		(4.80	)		(1.61	)		(1.55	)		(0.33	)		(0.26	)

Net asset value, end of period	$	47.94		$	46.74		$	48.89		$	40.12		$	40.91		$	39.80

Total return^(b)		6.54	%		5.65	%		26.58	%		1.99	%		3.58	%		17.42	%

Net assets, end of period (in 000s)	$	49,867		$	49,993		$	51,263		$	30,341		$	27,685		$	457

Ratio of net expenses to average net assets		1.18	%^(c)		1.20	%		1.21	%		1.21	%		1.21	%		1.22	%

Ratio of total expenses to average net assets		1.22	%^(c)		1.25	%		1.39	%		1.43	%		1.42	%		1.46	%

Ratio of net investment income to average net assets		0.79	%^(c)		0.48	%		0.84	%		0.70	%		0.64	%		0.63	%

Portfolio turnover rate^(d)		87	%		168	%		193	%		213	%		224	%		222	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		115

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015^(a)
Per Share Data

Net asset value, beginning of period	$	49.27		$	51.19		$	41.91		$	42.60		$	43.19

Net investment income^(b)		0.37			0.42			0.82			0.56			0.14

Net realized and unrealized gain (loss)		2.76			2.68			10.33			0.50			(0.73	)

Total from investment operations		3.13			3.10			11.15			1.06			(0.59	)

Distributions to shareholders from net investment income		(0.35	)		(0.64	)		(0.49	)		(0.56	)		—

Distributions to shareholders from net realized gains		(1.65	)		(4.38	)		(1.38	)		(1.19	)		—

Total distributions		(2.00	)		(5.02	)		(1.87	)		(1.75	)		—

Net asset value, end of period	$	50.40		$	49.27		$	51.19		$	41.91		$	42.60

Total return^(c)		6.84	%		6.37	%		27.41	%		2.66	%		(1.37	)%

Net assets, end of period (in 000s)	$	11,535		$	31,916		$	2,557		$	60		$	10

Ratio of net expenses to average net assets		0.53	%^(d)		0.54	%		0.55	%		0.55	%		0.55	%^(d)

Ratio of total expenses to average net assets		0.57	%^(d)		0.63	%		0.71	%		0.77	%		0.74	%^(d)

Ratio of net investment income to average net assets		1.59	%^(d)		0.82	%		1.70	%		1.36	%		1.37	%^(d)

Portfolio turnover rate^(e)		87	%		168	%		193	%		213	%		224	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 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
Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights	A, C, Institutional, Service, Investor, P, R and R6	Diversified
Small Cap Growth Insights and Small Cap Value Insights	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with afront-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.

2. SIGNIFICANT ACCOUNTING POLICIES

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 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 Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, andnon-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/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, Transfer Agency and Service and Shareholder Administration fees.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Pain
Large Cap Value Insights	Quarterly	Annually
Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights	Annually	Annually

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

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

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

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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:

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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts.Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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 and typically fall within Level 1 of the fair value hierarchy.Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2019:



LARGE CAP GROWTH INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	16,460,440	$	—	$	��—

Europe		41,755,328

North America		2,154,645,707		—		—

Securities Lending Reinvestment Vehicle		5,556,225		—		—

Total	$	2,218,417,700	$	—	$	—

LARGE CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	16,642,487	$	—	$	—

Europe		555,591,808

Securities Lending Reinvestment Vehicle		8,291,250		—		—

Total	$	580,525,545	$	—	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	845,010	$	—	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	4,005,274	$	—	$	—

Europe		5,395,988		—		—

North America		584,021,327		—		—

Investment Company		6,563,751		—		—

Securities Lending Reinvestment Vehicle		4,071,446		—		—

Total	$	604,057,786	$	—	$	—

(a)

(b)

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

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SMALL CAP EQUITY INSIGHTS (continued)

Derivative Type	Level 1		Level 2		Level 3

Liabilities^(b)

Futures Contracts	$	136,972	$	—	$	—

SMALL CAP GROWTH INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	4,216,186	$	—	$	—

Europe		13,850,342		—		—

North America		1,072,751,039		—

Investment Company		12,926,561		—		—

Securities Lending Reinvestment Vehicle		10,451,858		—		—

Total	$	1,114,195,986	$	—	$

Derivative Type

Liabilities^(b)

Futures Contracts	$	782,452	$	—	$	—

SMALL CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	2,900,663	$	—	$	—

Europe		3,879,209

North America		434,971,543		—		—

Investment Company		7,765,133		—		—

Securities Lending Reinvestment Vehicle		1,033,825		—		—

Total	$	450,550,373	$	—	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	249,191	$	—	$	—

(a)

(b)

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

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Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	8,073,861	$	—	$	—

Europe		46,704,336

North America		1,637,593,866		—		—

Securities Lending Reinvestment Vehicle		493,000		—		—

Total	$	1,692,865,063	$	—	$	—

(a)

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk

Fund

Statement of Assets
and Liabilities

Assets^(a)

Equity

Large Cap Value Insights

Variation Margin on Futures Contracts

$845,010

Equity

Small Cap Equity Insights

Variation Margin on Futures Contracts

136,972

Equity

Small Cap Growth Insights

Variation Margin on Futures Contracts

782,452

Equity

Small Cap Value Insights

Variation Margin on Futures Contracts

249,191

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2019 is reported within the Statements of Assets and Liabilities.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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


Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts		Average Number of Contracts^(a)
Equity	Large Cap Growth Insights	$	1,665,783		$	—		72
Equity	Large Cap Value Insights		(265,152	)		1,511,320		64
Equity	Small Cap Equity Insights		677,453			314,799		56
Equity	Small Cap Growth Insights		(1,001,760	)		2,392,778		229
Equity	Small Cap Value Insights		214,175			432,795		107
Equity	U.S. Equity Insights	$	(1,229,600	)	$	1,906,386		108

(a)

Average number of contracts is based on the month end balances for the six months ended April 30, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended April 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Large Cap Growth Insights		0.52	%		0.47	%		0.44	%		0.44	%		0.43	%		0.49	%		0.49	%
Large Cap Value Insights		0.52			0.47			0.44			0.44			0.43			0.52			0.52
Small Cap Equity Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Growth Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Value Insights		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Equity Insights		0.52			0.47			0.44			0.44			0.43			0.50			0.50

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

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Government Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

transactions in the Government Money Market Fund. For the six month ended April 30, 2019, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Large Cap Growth Insights	$	4,869
Large Cap Value Insights		6,249
Small Cap Equity Insights		2,731
Small Cap Growth Insights		11,786
Small Cap Value Insights		5,688
U.S. Equity Insights		9,377

B. Distribution and/or Service(12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each Fund, has adopted Distribution and Service Plans subject to Rule12b-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 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.


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

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	18,281	$	34
Large Cap Value Insights		6,349		363
Small Cap Equity Insights		2,074		249
Small Cap Growth Insights		3,738		20
Small Cap Value Insights		5,387		18
U.S. Equity Insights		11,008		413

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 and/or Service Shares of the Funds.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2020, 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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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	4,869	$	289,054	$	293,923
Large Cap Value Insights		6,249		212,812		219,061
Small Cap Equity Insights		2,731		229,493		232,224
Small Cap Growth Insights		11,786		265,019		276,805
Small Cap Value Insights		5,688		203,297		208,985
U.S. Equity Insights		9,377		276,768		286,145

G. Line of Credit Facility — As of April 30, 2019, the Funds participated in a $580,000,000 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 period ended April 30, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H. Other Transactions with Affiliates — For the six months ended April 30, 2019, Goldman Sachs earned $692, $420, $1,166, $1,321, $1,336 and $1,619 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

As of April 30, 2019, the following Goldman Sachs Fund of Funds Portfolios and Goldman Sachs GlobalTax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:


Fund	Goldman Sachs Growth Strategy			Goldman Sachs Growth and Income Strategy			Goldman Sachs Enhanced Dividend
Large Cap Value Insights		9	%		9	%		—	%
Small Cap Equity Insights		—			—			8

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds’ investments in the Government Money Market Fund as of and for the six months ended April 30, 2019:


Fund	Market Value as of October 31, 2018		Purchased at Cost		Proceeds from Sales			Market Value as of April 30, 2019		Shares as of April 30, 2019		Dividend Income from Affiliated Investment Companies
Large Cap Growth Insights	$	37,210	$	90,726,831	$	(90,764,041	)	$	—		—	$	65,752
Large Cap Value Insights		7,298,796		114,217,271		(113,224,817	)		8,291,250		8,291,250		97,069
Small Cap Equity Insights		223,093		81,520,539		(75,179,881	)		6,563,751		6,563,751		42,451
Small Cap Growth Insights		9,550,604		166,089,798		(162,713,841	)		12,926,561		12,926,561		170,024
Small Cap Value Insights		3,260,345		150,242,765		(145,737,977	)		7,765,133		7,765,133		84,413
U.S. Equity Insights		23,933,904		187,310,668		(211,244,572	)		—		—		123,924

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2019, were as follows:


Fund	Purchases		Sales and Maturities
Large Cap Growth Insights	$	1,623,524,836	$	1,640,611,029
Large Cap Value Insights		528,324,592		439,370,097
Small Cap Equity Insights		354,141,374		358,573,423
Small Cap Growth Insights		694,028,626		509,094,856
Small Cap Value Insights		358,391,272		195,852,697
U.S. Equity Insights		1,462,542,663		1,386,517,333

7. SECURITIES LENDING

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

127

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

7. SECURITIES LENDING (continued)

of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the 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 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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds 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 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 April 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities. The Large Cap Value Insights Fund did not have securities on loan as of April 30, 2019.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2019, are reported under Investment Income on the Statements of Operations.

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


	For the Six Months Ended April 30, 2019				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2019
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth	$	367	$	331	$	—
Small Cap Equity Insights		6,223		6,506		232,500
Small Cap Growth Insights		13,949		12,070		1,081,300
Small Cap Value Insights		472		—		—
U.S. Equity Insights		7		22		—

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2019.


Fund	Market Value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Market Value as of April 30, 2019
Large Cap Growth Insights	$	—	$	54,516,680	$	(48,960,455	)	$	5,556,225
Small Cap Equity Insights		11,340,050		54,915,211		(62,183,815	)		4,071,446
Small Cap Growth Insights		11,929,725		69,889,988		(71,367,855	)		10,451,858
Small Cap Value Insights		1,315,150		24,938,770		(25,220,095	)		1,033,825
U.S. Equity Insights		—		1,933,000		(1,440,000	)		493,000

8. TAX INFORMATION

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


	Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S Equity Insights
Timing differences (Qualified Late Year Ordinary Loss Deferral)	$	—	$	—	$	—	$	(588,655)	$	—	$	—

As of April 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	1,829,073,649		$	547,058,405		$	563,049,963		$	1,016,259,632		$	423,041,675		$	1,533,147,621
Gross unrealized gain		433,007,235			45,321,336			68,333,484			143,458,036			41,773,143			190,360,863
Gross unrealized loss		(43,663,184	)		(11,854,196	)		(27,325,661	)		(45,521,682	)		(14,264,445	)		(30,643,421	)
Net unrealized gain (loss)	$	389,344,051		$	33,467,140		$	41,007,823		$	97,936,354		$	27,508,698		$	159,717,442

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

129

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Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

9. 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 ofnon-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.

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

10. INDEMNIFICATIONS

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

130

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

11. SUBSEQUENT EVENTS

131

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS


	Large Cap Growth Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,652,413		$	48,006,215			3,361,037		$	107,482,287
Reinvestment of distributions		839,624			22,972,444			368,877			11,027,208
Shares redeemed		(1,830,326	)		(52,685,065	)		(3,937,732	)		(124,940,816	)
		661,711			18,293,594			(207,818	)		(6,431,321	)
Class C Shares
Shares sold		281,295			6,936,551			551,666			15,661,815
Reinvestment of distributions		171,082			4,147,030			93,096			2,498,705
Shares redeemed		(559,347	)		(13,923,929	)		(942,395	)		(27,571,385	)
		(106,970	)		(2,840,348	)		(297,633	)		(9,410,865	)
Institutional Shares
Shares sold		5,436,157			160,051,795			10,276,437			339,341,399
Reinvestment of distributions		2,021,752			57,355,849			1,221,475			37,829,628
Shares redeemed		(6,369,208	)		(188,969,716	)		(15,012,677	)		(476,258,739	)
		1,088,701			28,437,928			(3,514,765	)		(99,087,712	)
Service Shares
Shares sold		563,703			15,641,055			568,235			17,694,789
Reinvestment of distributions		158,528			4,265,164			106,775			3,145,083
Shares redeemed		(569,340	)		(16,121,801	)		(1,180,590	)		(36,778,620	)
		152,891			3,784,418			(505,580	)		(15,938,748	)
Investor Shares
Shares sold		3,007,428			84,190,146			5,720,505			178,464,723
Reinvestment of distributions		1,328,599			35,834,532			620,319			18,342,393
Shares redeemed		(2,993,777	)		(84,913,418	)		(4,974,713	)		(155,121,933	)
		1,342,250			35,111,260			1,366,111			41,685,183
Class P Shares^(a)
Shares sold		380,459			10,748,030			1,270,391			43,135,036
Reinvestment of distributions		117,890			3,340,204			—			—
Shares redeemed		(267,007	)		(7,720,358	)		(28,029	)		(910,748	)
		231,342			6,367,876			1,242,362			42,224,288
Class R Shares
Shares sold		166,449			4,633,055			284,666			8,718,509
Reinvestment of distributions		24,918			665,049			14,724			429,404
Shares redeemed		(168,628	)		(4,803,574	)		(446,862	)		(14,008,511	)
		22,739			494,530			(147,472	)		(4,860,598	)
Class R6 Shares
Shares sold		3,209,793			94,215,308			10,901,755			340,045,391
Reinvestment of distributions		1,076,243			30,512,669			212,022			6,564,340
Shares redeemed		(2,348,860	)		(70,556,028	)		(4,676,929	)		(154,147,174	)
		1,937,176			54,171,949			6,436,848			192,462,557

NET INCREASE		5,329,840		$	143,821,207			4,372,053		$	140,642,784

(a)

Class P Shares commenced operations on April 16, 2018.

132

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		696,104		$	14,026,280			944,950		$	20,989,295
Reinvestment of distributions		164,530			3,260,911			26,778			589,565
Shares redeemed		(524,289	)		(10,675,098	)		(1,122,378	)		(24,803,667	)
		336,345			6,612,093			(150,650	)		(3,224,807	)
Class C Shares
Shares sold		274,926			5,470,486			213,237			4,673,952
Reinvestment of distributions		28,580			561,091			1,328			28,615
Shares redeemed		(148,819	)		(3,026,362	)		(253,631	)		(5,662,279	)
		154,687			3,005,215			(39,066	)		(959,712	)
Institutional Shares
Shares sold		4,207,854			85,289,244			5,653,415			126,316,795
Reinvestment of distributions		301,391			5,968,082			85,290			1,875,634
Shares redeemed		(2,178,495	)		(42,344,687	)		(12,519,743	)		(265,396,147	)
		2,330,750			48,912,639			(6,781,038	)		(137,203,718	)
Service Shares
Shares sold		59,133			1,228,096			175,274			3,860,383
Reinvestment of distributions		27,236			541,907			3,562			78,635
Shares redeemed		(131,288	)		(2,723,778	)		(106,621	)		(2,346,999	)
		(44,919	)		(953,775	)		72,215			1,592,019
Investor Shares
Shares sold		2,474,356			50,950,439			2,784,560			62,066,119
Reinvestment of distributions		273,736			5,407,419			30,036			662,248
Shares redeemed		(847,595	)		(17,090,823	)		(294,664	)		(6,505,798	)
		1,900,497			39,267,035			2,519,932			56,222,569
Class P Shares^(a)
Shares sold		717,797			13,587,040			1,317,496			29,534,295
Reinvestment of distributions		84,924			1,682,096			8,680			194,354
Shares redeemed		(469,965	)		(9,275,538	)		(28,624	)		(646,944	)
		332,756			5,993,598			1,297,552			29,081,705
Class R Shares
Shares sold		33,662			680,585			133,484			2,949,725
Reinvestment of distributions		15,740			309,868			1,878			41,071
Shares redeemed		(42,866	)		(866,147	)		(122,793	)		(2,686,941	)
		6,536			124,306			12,569			303,855
Class R6 Shares
Shares sold		2,031,147			40,432,088			10,968,514			230,457,462
Reinvestment of distributions		462,946			9,157,744			81,472			1,781,476
Shares redeemed		(1,888,829	)		(39,208,134	)		(4,132,273	)		(91,305,986	)
		605,264			10,381,698			6,917,713			140,932,952

NET INCREASE		5,621,916		$	113,342,809			3,849,227		$	86,744,863

(a)

Class P Shares commenced operations on April 16, 2018.

133

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Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Equity Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		290,484		$	6,930,456			970,112		$	27,122,881
Reinvestment of distributions		125,799			2,866,956			—			—
Shares redeemed		(475,761	)		(11,351,832	)		(508,292	)		(13,663,277	)
		(59,478	)		(1,554,420	)		461,820			13,459,604
Class C Shares
Shares sold		130,572			2,602,861			173,355			4,152,072
Reinvestment of distributions		23,381			455,454			—			—
Shares redeemed		(93,625	)		(1,892,566	)		(290,102	)		(6,958,010	)
		60,328			1,165,749			(116,747	)		(2,805,938	)
Institutional Shares
Shares sold		2,843,858			69,819,137			8,642,169			250,527,303
Reinvestment of distributions		476,089			11,287,686			24,305			635,825
Shares redeemed		(1,813,402	)		(45,140,235	)		(9,724,798	)		(263,840,664	)
		1,506,545			35,966,588			(1,058,324	)		(12,677,536	)
Service Shares
Shares sold		54,249			1,288,327			56,177			1,492,122
Reinvestment of distributions		4,673			104,730			—			—
Shares redeemed		(26,788	)		(621,938	)		(7,503	)		(198,971	)
		32,134			771,119			48,674			1,293,151
Investor Shares
Shares sold		1,081,554			26,125,396			1,924,148			52,833,323
Reinvestment of distributions		107,128			2,425,323			137			3,431
Shares redeemed		(557,377	)		(13,571,044	)		(277,612	)		(7,549,298	)
		631,305			14,979,675			1,646,673			45,287,456
Class P Shares^(a)
Shares sold		2,759,406			63,132,573			2,673,276			77,734,314
Reinvestment of distributions		138,422			3,278,915			—			—
Shares redeemed		(1,397,550	)		(34,607,460	)		(176,899	)		(5,010,896	)
		1,500,278			31,804,028			2,496,377			72,723,418
Class R Shares
Shares sold		101,861			2,383,426			218,831			5,749,564
Reinvestment of distributions		33,918			755,025			—			—
Shares redeemed		(116,672	)		(2,780,985	)		(267,208	)		(6,910,330	)
		19,107			357,466			(48,377	)		(1,160,766	)
Class R6 Shares
Shares sold		1,023,799			24,385,152			7,353,764			194,789,840
Reinvestment of distributions		399,759			9,476,064			38			999
Shares redeemed		(3,361,178	)		(84,920,784	)		(899,879	)		(25,418,391	)
		(1,937,620	)		(51,059,568	)		6,453,923			169,372,448

NET INCREASE		1,752,599		$	32,430,637			9,884,019		$	285,491,837

(a)

Class P Shares commenced operations on April 16, 2018.

134

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Growth Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		382,608		$	12,854,261			1,051,133		$	41,444,407
Reinvestment of distributions		281,405			8,799,529			89,749			3,166,328
Shares redeemed		(495,807	)		(16,373,521	)		(893,423	)		(34,393,355	)
		168,206			5,280,269			247,459			10,217,380
Class C Shares
Shares sold		50,444			1,256,222			89,830			2,769,118
Reinvestment of distributions		44,452			1,043,280			18,384			508,120
Shares redeemed		(45,066	)		(1,143,560	)		(164,381	)		(5,170,324	)
		49,830			1,155,942			(56,167	)		(1,893,086	)
Institutional Shares
Shares sold		2,424,060			94,533,060			2,753,107			125,416,287
Reinvestment of distributions		718,806			26,768,316			211,110			8,682,959
Shares redeemed		(1,516,470	)		(59,682,779	)		(2,152,304	)		(96,087,410	)
		1,626,396			61,618,597			811,913			38,011,836
Investor Shares
Shares sold		2,098,631			72,760,110			4,039,136			160,587,707
Reinvestment of distributions		964,428			31,016,030			228,917			8,261,586
Shares redeemed		(1,220,385	)		(41,705,897	)		(1,333,523	)		(53,347,127	)
		1,842,674			62,070,243			2,934,530			115,502,166
Class P Shares^(a)
Shares sold		74,506			2,872,832			253,406			12,181,734
Reinvestment of distributions		20,911			778,940			—			—
Shares redeemed		(97,817	)		(3,948,760	)		(3,791	)		(175,264	)
		(2,400	)		(296,988	)		249,615			12,006,470
Class R Shares
Shares sold		98,195			3,129,379			278,260			10,388,204
Reinvestment of distributions		59,954			1,798,021			13,690			466,555
Shares redeemed		(80,866	)		(2,694,486	)		(75,856	)		(2,797,277	)
		77,283			2,232,914			216,094			8,057,482
Class R6 Shares
Shares sold		4,619,437			178,162,265			2,135,325			99,436,882
Reinvestment of distributions		378,454			14,097,427			38,091			1,567,068
Shares redeemed		(1,245,102	)		(47,894,451	)		(437,408	)		(20,188,532	)
		3,752,789			144,365,241			1,736,008			80,815,418

NET INCREASE		7,514,778		$	276,426,218			6,139,452		$	262,717,666

(a)

Class P Shares commenced operations on April 16, 2018.

135

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Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Value Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		807,269		$	29,218,852			676,366		$	31,024,046
Reinvestment of distributions		287,947			10,340,127			248,444			10,399,770
Shares redeemed		(368,436	)		(13,895,371	)		(477,761	)		(21,092,565	)
		726,780			25,663,608			447,049			20,331,251
Class C Shares
Shares sold		89,387			2,314,382			82,732			2,697,118
Reinvestment of distributions		33,400			826,636			75,551			2,274,846
Shares redeemed		(56,219	)		(1,478,486	)		(422,522	)		(13,954,814	)
		66,568			1,662,532			(264,239	)		(8,982,850	)
Institutional Shares
Shares sold		1,764,988			85,940,635			1,259,092			74,483,445
Reinvestment of distributions		97,074			4,698,255			84,092			4,631,023
Shares redeemed		(408,131	)		(20,258,516	)		(1,203,243	)		(72,387,964	)
		1,453,931			70,380,374			139,941			6,726,504
Investor Shares
Shares sold		778,450			28,315,340			376,564			16,973,315
Reinvestment of distributions		53,407			1,907,349			14,076			587,886
Shares redeemed		(167,949	)		(6,353,980	)		(81,186	)		(3,630,109	)
		663,908			23,868,709			309,454			13,931,092
Class P Shares^(a)
Shares sold		309,764			15,152,001			803,810			48,953,572
Reinvestment of distributions		59,484			2,877,391			—			—
Shares redeemed		(271,521	)		(13,211,255	)		(46,846	)		(2,765,790	)
		97,727			4,818,137			756,964			46,187,782
Class R Shares
Shares sold		26,947			1,004,425			36,986			1,646,619
Reinvestment of distributions		4,075			143,841			1,979			81,367
Shares redeemed		(6,945	)		(263,772	)		(18,791	)		(811,541	)
		24,077			884,494			20,174			916,445
Class R6 Shares
Shares sold		1,318,298			62,400,065			334,545			20,398,238
Reinvestment of distributions		39,496			1,908,993			7,394			407,268
Shares redeemed		(86,005	)		(4,365,453	)		(15,248	)		(903,149	)
		1,271,789			59,943,605			326,691			19,902,357

NET INCREASE		4,304,780		$	187,221,459			1,736,034		$	99,012,581

(a)

Class P Shares commenced operations on April 16, 2018.

136

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		405,506		$	18,511,752			949,778		$	46,836,246
Reinvestment of distributions		247,236			10,881,031			540,991			25,388,649
Shares redeemed		(479,729	)		(21,845,864	)		(763,607	)		(37,280,302	)
		173,013			7,546,919			727,162			34,944,593
Class C Shares
Shares sold		112,398			4,441,587			114,867			5,111,767
Reinvestment of distributions		13,896			548,621			65,851			2,772,693
Shares redeemed		(74,005	)		(2,989,758	)		(484,924	)		(21,975,139	)
		52,289			2,000,450			(304,206	)		(14,090,679	)
Institutional Shares
Shares sold		4,978,062			223,591,186			17,672,155			930,844,173
Reinvestment of distributions		755,380			34,167,885			525,650			25,470,196
Shares redeemed		(3,725,133	)		(174,065,460	)		(5,967,512	)		(304,848,649	)
		2,008,309			83,693,611			12,230,293			651,465,720
Service Shares
Shares sold		23,888			1,053,660			69,639			3,389,043
Reinvestment of distributions		4,689			205,533			13,459			628,029
Shares redeemed		(13,372	)		(613,119	)		(94,360	)		(4,680,684	)
		15,205			646,074			(11,262	)		(663,612	)
Investor Shares
Shares sold		732,502			32,729,243			1,555,878			76,579,742
Reinvestment of distributions		103,872			4,499,108			97,081			4,504,647
Shares redeemed		(607,547	)		(27,124,095	)		(343,857	)		(16,669,597	)
		228,827			10,104,256			1,309,102			64,414,792
Class P Shares^(a)
Shares sold		2,390,903			107,622,273			4,283,367			218,451,046
Reinvestment of distributions		135,300			6,101,132			—			—
Shares redeemed		(2,207,880	)		(104,984,175	)		(153,277	)		(7,903,827	)
		318,323			8,739,230			4,130,090			210,547,219
Class R Shares
Shares sold		141,190			6,331,546			394,654			18,855,699
Reinvestment of distributions		38,936			1,684,599			105,956			4,879,525
Shares redeemed		(209,346	)		(9,467,706	)		(479,608	)		(22,869,760	)
		(29,220	)		(1,451,561	)		21,002			865,464
Class R6 Shares
Shares sold		136,606			6,267,232			611,273			32,143,497
Reinvestment of distributions		29,892			1,352,886			5,619			272,129
Shares redeemed		(585,372	)		(28,434,334	)		(19,119	)		(950,920	)
		(418,874	)		(20,814,216	)		597,773			31,464,706

NET INCREASE		2,347,872		$	90,464,763			18,699,954		$	978,948,203

(a)

Class P Shares commenced operations on April 16, 2018.

137

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Period Ended April 30, 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 or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.


	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund							Small Cap Growth Insights Fund
Share Class	Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*		Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*		Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*		Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*
Class A
Actual	$	1,000.00	$	1,097.00		$	4.84	$	1,000.00	$	1,051.00		$	4.83	$	1,000.00	$	1,041.50		$	6.23	$	1,000.00	$	1,055.60		$	6.27
Hypothetical 5% return		1,000.00		1,020.18	+		4.66		1,000.00		1,020.18	+		4.76		1,000.00		1,020.18	+		6.16		1,000.00		1,020.18	+		6.16
Class C
Actual		1,000.00		1,092.70			8.72		1,000.00		1,047.30			8.63		1,000.00		1,038.00			10.01		1,000.00		1,052.00			10.07
Hypothetical 5% return		1,000.00		1,016.46	+		8.40		1,000.00		1,016.36	+		8.50		1,000.00		1,014.98	+		9.89		1,000.00		1,014.98	+		9.89
Institutional
Actual		1,000.00		1,098.90			2.81		1,000.00		1,052.70			2.85		1,000.00		1,043.60			4.26		1,000.00		1,057.80			4.29
Hypothetical 5% return		1,000.00		1,022.12	+		2.71		1,000.00		1,022.02	+		2.81		1,000.00		1,020.63	+		4.21		1,000.00		1,020.63	+		4.21
Service
Actual		1,000.00		1,096.10			5.41		1,000.00		1,050.70			5.39		1,000.00		1,041.40			6.78		—		—			—
Hypothetical 5% return		1,000.00		1,019.64	+		5.21		1,000.00		1,019.64	+		5.31		1,000.00		1,019.64	+		6.71		—		—			—
Investor
Actual		1,000.00		1,098.40			3.54		1,000.00		1,052.70			3.56		1,000.00		1,043.30			4.96		1,000.00		1,056.90			5.00
Hypothetical 5% return		1,000.00		1,021.42	+		3.41		1,000.00		1,021.32	+		3.51		1,000.00		1,019.93	+		4.91		1,000.00		1,019.93	+		4.91
Class P
Actual		1,000.00		1,099.00			2.76		1,000.00		1,053.30			2.80		1,000.00		1,043.90			4.21		1,000.00		1,057.80			4.23
Hypothetical 5% return		1,000.00		1,022.17	+		2.66		1,000.00		1,022.17	+		2.76		1,000.00		1,022.17	+		4.16		1,000.00		1,022.17	+		4.16
Class R
Actual		1,000.00		1,095.30			6.13		1,000.00		1,049.50			6.10		1,000.00		1,040.40			7.49		1,000.00		1,054.20			7.54
Hypothetical 5% return		1,000.00		1,018.94	+		5.91		1,000.00		1,018.94	+		6.01		1,000.00		1,018.94	+		7.40		1,000.00		1,018.94	+		7.40
Class R6
Actual		1,000.00		1,099.10			2.76		1,000.00		1,053.30			2.80		1,000.00		1,043.80			4.21		1,000.00		1,057.80			4.23
Hypothetical 5% return		1,000.00		1,022.17	+		2.66		1,000.00		1,022.07	+		2.76		1,000.00		1,020.68	+		4.16		1,000.00		1,020.68	+		4.16

138

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Period Ended April 30, 2019 (Unaudited) (continued)


	Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*		Beginning Account Value 11/1/18		Ending Account Value 4/30/19			Expenses Paid for the 6 months ended 4/30/19*
Class A
Actual	$	1,000.00	$	1,032.90		$	6.20	$	1,000.00	$	1,066.50		$	4.77
Hypothetical 5% return		1,000.00		1,020.18	+		6.16		1,000.00		1,020.18	+		4.66
Class C
Actual		1,000.00		1,029.50			9.96		1,000.00		1,063.00			8.59
Hypothetical 5% return		1,000.00		1,014.98	+		9.89		1,000.00		1,016.46	+		8.40
Institutional
Actual		1,000.00		1,034.80			4.24		1,000.00		1,068.60			2.77
Hypothetical 5% return		1,000.00		1,020.63	+		4.21		1,000.00		1,022.12	+		2.71
Service
Actual		—		—			—		1,000.00		1,066.10			5.33
Hypothetical 5% return		—		—			—		1,000.00		1,019.64	+		5.21
Investor
Actual		1,000.00		1,034.20			4.94		1,000.00		1,067.80			3.49
Hypothetical 5% return		1,000.00		1,019.93	+		4.91		1,000.00		1,021.42	+		3.41
Class P
Actual		1,000.00		1,035.00			4.19		1,000.00		1,068.70			2.72
Hypothetical 5% return		1,000.00		1,022.17	+		4.16		1,000.00		1,022.17	+		2.66
Class R
Actual		1,000.00		1,031.50			7.45		1,000.00		1,065.40			6.04
Hypothetical 5% return		1,000.00		1,018.94	+		7.40		1,000.00		1,018.94	+		5.91
Class R6
Actual		1,000.00		1,034.80			4.19		1,000.00		1,068.40			2.72
Hypothetical 5% return		1,000.00		1,020.68	+		4.16		1,000.00		1,022.17	+		2.66


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Large Cap Growth Insights+		0.93	%		1.68	%		0.54	%		1.04	%		0.68	%		0.53	%		1.18	%		0.53	%
Large Cap Value Insights+		0.95			1.70			0.56			1.06			0.70			0.55			1.20			0.55
Small Cap Equity Insights+		1.23			1.98			0.84			1.34			0.98			0.83			1.48			0.83
Small Cap Growth Insights+		1.23			1.98			0.84			—			0.98			0.83			1.48			0.83
Small Cap Value Insights+		1.23			1.98			0.84			—			0.98			0.83			1.48			0.83
U.S. Equity Insights+		0.93			1.68			0.54			1.04			0.68			0.53			1.18			0.53

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.

139

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.

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

Alternative

∎

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

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 Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer 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

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 their portfolio holdings 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).

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

The 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).

Goldman Sachs Funds

LOGO



Semi-Annual Report				April 30, 2019

				Fundamental Emerging Markets Equity Funds
				Asia Equity
				Emerging Markets Equity
				ESG Emerging Markets Equity
				N-11 Equity

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.

LOGO

Goldman Sachs Fundamental Emerging Markets Equity Funds

∎

ASIA EQUITY

∎

EMERGING MARKETS EQUITY

∎

ESG EMERGING MARKETS EQUITY

∎

N-11 EQUITY


TABLE OF CONTENTS

Investment Process			1

Market Review			2

Portfolio Management Discussions and Performance Summaries			5

Schedules of Investments			30

Financial Statements			41

Financial Highlights			45

Asia Equity			45

Emerging Markets Equity			51

ESG Emerging Markets Equity			58

N-11 Equity			64

Notes to the Financial Statements			70

Other Information			85



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental Emerging Markets Equity Investment Process?

Goldman Sachs’ Fundamental Emerging Markets Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by our dedicated Emerging Markets Team that works together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to seek to identify its best investment ideas.

LOGO

∎

The Emerging Markets Equity research team, based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, India and Australia, focuses on long-term business and management quality

∎

Proprietary, bottom-up research is the key driver of our investment process

∎

Analysts collaborate regularly to leverage regional and industry-specific research and insights

LOGO

∎

Members of each local investment team are aligned by sector and are responsible for finding ideas with the best risk-adjusted upside in their respective areas of coverage

∎

The decision-making process includes active participation in frequent and regular research meetings

∎

The Emerging Market Equity team benefits from the country and currency expertise of our Global Emerging Markets Debt and Currency teams

LOGO

∎

Security selections are aligned with levels of investment conviction and risk-adjusted upside

∎

Continual risk monitoring identifies various risks at the stock and portfolio level and assesses whether they are intended and justified

∎

Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds

LOGO

Emerging markets equity portfolios that strive to offer:

∎

Access to markets across emerging markets

∎

Disciplined approach to stock selection

∎

Optimal risk/return profiles

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

MARKET REVIEW

Goldman Sachs Fundamental Emerging Markets Equity Funds

Market Review

Emerging markets equities rallied during thesix-month period ended April 30, 2019 (the “Reporting Period”). The MSCI Emerging Markets Index (Net, USD, Unhedged) (the “MSCI EM Index”) posted a return of 13.76%.* Emerging markets equities outperformed developed markets equities on a relative basis, as measured by the MSCI Europe, Australasia, Far East (EAFE) Index, which returned 7.45% for the same time period.*

Following a challenging October 2018, emerging markets equities saw a brief reprieve as the Reporting Period began in November 2018 on dovish comments from U.S. Federal Reserve (“Fed”) Chair Jerome Powell, an accommodative stance by Chinese policymakers toward the private corporate sector and seemingly encouraging progress towardChina-U.S. trade talks. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) However, the relief rally proved short-lived, as investors were unnerved in December 2018 by the arrest of Chinese technology executive, a partial U.S. federal government shutdown and the U.S. President’s criticism of Fed Chair Powell. Equities globally also fell sharply on trade war escalations between the U.S. and China as well as on political uncertainty — and in a delayed response to an earliersell-off in global rates. Though posting negative absolute returns, emerging market equities outperformed their developed markets counterparts on a relative basis both for the month of December and for the fourth calendar quarter overall.

The U.S. federal government shutdown and decelerating emerging market demand were headwinds in January 2019, but emerging markets equities were buoyed by easing trade tensions between the U.S. and China as well by a dovish U.S. Fed. China’s fourth quarter Gross Domestic Product (“GDP”) grew at a 6.4% year-over-year rate, in line with consensus expectations, and its industrial production for December 2018 beat consensus expectations at a 5.7% year-over-year growth rate. However, growth in Chinese exports and imports declined 4.4% and 7.6% year over year, respectively, in December 2018, below consensus expectations for a 2% and 4.5% increase, respectively. Consistent with tariff measures, U.S.-bound exports from China showed the sharpest deceleration. That said, headlines pointed to promising progress toward U.S.-China trade talks. Latin American equities outperformed broader emerging markets equities in January 2019, led by Brazil, where sentiment was boosted by the inauguration of its new government. Indian equities underperformed the MSCI EM Index, facing deteriorating sentiment from a mixed corporate earnings season, uncertainty from then-upcoming elections there and its budget, a weaker macroeconomic backdrop and concerns about corporate governance.

The MSCI EM Index gained 0.22% in February 2019, taking a pause after an 8.76% rally in January 2019.* However, some countries remained in full sprint, reminding investors of the sector’s high degree of heterogeneity, or diversity. China’s equity market, in particular, continued its strong performance, outperforming the MSCI EM Index and the MSCI EAFE Index by 320 basis points and 50 basis points, respectively. (A basis point is 1/100^th of a percentage point.) The Chinese equity market benefited from seeming progress in U.S.-China trade negotiations, faster than consensus expected policy easing and positive corporate earnings results. Corporate earnings, in general, with a significant share of emerging markets companies having reported, were another cue for investors not to tar the whole of emerging markets with the same brush. While the emerging markets saw some downward revisions at the aggregate level in the first two months of 2019, China, Brazil and India kept showing attractive earnings per share growth estimates for 2019. However, despite solid fundamentals, Indian equities were still held back by uncertainty around then-upcoming elections and concerns about corporate governance.

All index returns are expressed in U.S. dollar terms.

MARKET REVIEW

The MSCI EM Index gained 0.84% in March 2019*. After a challenging 2018, emerging markets equities moved into positive territory during the first quarter of 2019, as three major headwinds subsided. First, on trade, markets perceived progressing negotiations between the U.S. and China as constructive, decreasing some of the volatility previously caused by tariff uncertainty. Subsequently, China’s equity market regained some of the trade-related losses from the prior calendar year, with the MSCI China Index outperforming the MSCI EM Index by 778 basis pointsyear-to-date through March 2019. Second, financial conditions became more supportive, with the Fed taking a pause in its interest rate hiking cycle. Third, macroeconomic data releases showed emerging markets GDP growth returning to above-trend levels, while some developed markets countries saw their economic growth forecasts revised downwards, though symptoms of a possible recession in the U.S. and other developed markets countries remained scarce. The healthy macroeconomic diagnosis for emerging markets generally was complemented by solid fundamentals, as markets expected 2019 earnings in the emerging markets to grow more than twice as much as in the U.S.¹ Despite the broader recovery, investors remained cautious about Indian equities, with its general elections scheduled to commence in April 2019. Investors also remained cautious around Turkish markets, which were rattled by the overall economic downturn and by municipal elections at the end of March 2019.

The MSCI EM Index gained 2.11% in April 2019, bringing totalyear-to-date returns to 12.23%*. Emerging markets equities continued trending upwards, underpinned by robust fundamentals and supportive financial conditions, as the Fed maintained its pause in increasing U.S. interest rates. Positive surprises on released macroeconomic data further drove emerging markets corporate earnings growth consensus expectations, forecasting emerging markets to outpace both the U.S. and developed markets in 2019 and 2020. Indeed, markets expected 2019 earnings in the emerging markets to grow more than twice that of the U.S. Also, valuations stayed below their historical averages, and emerging markets equities ended the month trading at a steep 28% discount to U.S. equities and at a 22% discount to developed markets equities, respectively.² Investors stayed cautious about Indian equities, as its general elections got underway, scheduled to come to a close in late May 2019. Brazil also caused some concern for investors, with its political climate drawing some attention after reports of disagreements between its President and its House Speaker.

For the Reporting Period as a whole, consumer discretionary, real estate and communication services were the strongest sectors in the MSCI EM Index during the Reporting Period. Still posting positive absolute returns but lagging the MSCI EM Index most during the Reporting Period were the health care, materials and energy sectors.

From a country perspective, Egypt was the best performing individual constituent of the MSCI EM Index for the Reporting Period, followed by South Africa, China, Indonesia and India, each of which posted a robust double-digit absolute gain. Conversely, Pakistan was by far the weakest individual country constituent of the MSCI EM Index, posting a double-digit decline during the Reporting Period, followed by Malaysia, which generated a more modest decline during the Reporting Period. Turkey, the Czech Republic and Chile eked out modestly positive returns but were also among the weakest constituents of the MSCI EM Index during the Reporting Period.

All index returns are expressed in U.S. dollar terms.

Source: IBES via DataStream, as of March 29, 2019.

Source: IBES via DataStream, as of April 30, 2019.

MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we viewed equities as the most favorable asset class, offering reasonable valuations relative to solid macroeconomic and corporate fundamentals, in our opinion. After a significant repricing of assets and market expectations in the fourth quarter of 2018, the first four months of 2019 saw a sharp recovery, as investor fears abated. Specifically, the geopolitical landscape, trade relations and monetary policy showed signs of improvement, easing earlier concerns. While we were encouraged by the strong start to 2019, we did expect at the end of the Reporting Period to see more signals of an aging cycle as the calendar year progresses, which may be challenging to navigate and require even more selectivity. Yet without clearer indications of deteriorating fundamentals, we believed it was too early to position for a downturn in global economic growth or in corporate earnings.

We remained constructive at the end of the Reporting Period on emerging markets equities given what we view as robust fundamentals, with emerging markets corporate earnings growth forecasted to outstrip that of international developed markets and of the U.S. in 2019. It appears to us that almost all of the underperformance of emerging markets equities in 2018 was driven by a decline in the valuation due to a shift in sentiment, with the residual coming from the depreciation of emerging markets currencies against the U.S. dollar, while earnings were a positive contributor. Additionally, we expect a continuation of multi-year cyclical earnings recovery given the seemingly solid fundamental picture outside of specific countries. This is important, in our opinion, as corporate earnings have been the primary driver of emerging markets equity performance over the long term, significantly eclipsing the impact of dividends, valuation and currency.³

The emerging markets remain a largely domestic-facing universe, where many countries are somewhat insulated from escalating trade tensions. In aggregate, emerging markets companies derive only 7% of their total revenue from the U.S.⁴ In addition, emerging markets equities have historically outperformed developed markets equities in previous Fed rate hiking cycles.⁵ Finally, contrary to concerns about U.S. dollar strength, currency has had a limited impact on emerging markets equity returns during the last 15 years, while corporate earnings dominate returns over the medium to long term.⁶

As always, we maintain our focus on seeking high-quality equity investments trading at compelling valuations and intend to stay true to our long-term discipline as we seek to navigate potentially volatile markets ahead.

Please note that effective after the close of business on September 28, 2018, the telecommunications services sector was renamed the communication services sector and was broadened to include certain companies from the information technology and consumer discretionary sectors that facilitate communication and offer related content and information through various media. These changes were implemented in the MSCI Equity Indexes in one step as part of its November 2018 Semi-Annual Index Review.

Source: IBES via DataStream. Calculated over 15 years from June 2003 to December 2018.

⁴

Source: FactSet, GSAM, as of January 14, 2018.

⁵

Source: GS Global Investment Research, GSAM, as of February 2018.

⁶

Source: IBES via DataStream, as of April 30, 2019.

PORTFOLIO RESULTS

Goldman Sachs Asia Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Asia ex Japan Equity Portfolio Management Team discusses the Goldman Sachs Asia Equity Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 18.43%, 18.00%, 18.67% 18.59%, 18.67% and 18.66%, respectively. These returns compare to the 16.34% cumulative total return of the Fund’s benchmark, the MSCI All Country Asiaex-Japan Index (Net, USD, Unhedged) (the “Index”), during the same time period.

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

The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, stock selection in China/Hong Kong, Taiwan and Malaysia contributed most positively to the Fund’s relative results. Having underweights to the comparatively weaker performing Taiwan and Malaysia equity markets also boosted the Fund’s relative performance. Only partially offsetting these positive contributors was stock selection in India and allocation positioning in both India and Thailand, which detracted from the Fund’s relative results most. Having a position, albeit modest, in cash also dampened relative results during a Reporting Period when the Index posted a double-digit positive return.

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

The Fund benefited most relative to the Index from holdings in Kweichow Moutai, AIA Group and Dalmia Bharat.

Within the consumer discretionary sector, the Fund’s overweight position in Kweichow Moutai was the strongest positive contributor to relative results. Kweichow Moutai is the largest Chinese hard liquor maker positioned at the premium end of the market. Its stock outperformed the Index during the Reporting Period, as the company reported a strong set of preliminary fiscal year 2018 results, demonstrating its resilience during the economic slowdown in China. The company is undergoing a reorganization of channels, which could enhance, in our view, its operating profitability as well as its corporate governance. These measures were well received by investors during the Reporting Period despite a potential transitional operating softness during the first several months of 2019. At the end of the Reporting Period, we maintained the Fund’s overweight position in the stock and believed Kweichow Moutai would resume its rather steady growth path in the second half of 2019 after the anticipated completion of its reorganization process.

AIA Group is a Hong Kong-based insurance and financial services company. We maintained an overweight position in the Fund in AIA Group because we liked what we saw as its well diversified Asian footprint and strong management. During the Reporting Period, its onshore China business showed sustained growth momentum with a premium agent model targeting high end customers. In our view, its growth opportunity was enhanced by its recent opening of additional China provinces for the firm. Further, its cross-border business between Hong Kong and Southeast Asia local businesses was improving, in our opinion, with an expanded distribution network and better margins, reinforcing its positive earnings and value creation outlook for the medium term. The company delivered fourth quarter 2018 results above market expectations, driven by what investors saw as its solid fundamentals.

The Fund’sout-of-Index position in Dalmia Bharat, an India-based cement manufacturer, also contributed positively to relative results, as it outperformed the Index during the Reporting Period. Its stock was volatile and corrected in the

PORTFOLIO RESULTS

first quarter of 2019 after it reported a weak set of quarterly results. Also, in March 2019, the company reported a case of fraud in its treasury. The company alleged that its depository participant had fraudulently transferred mutual fund units from the company’s account to his account, thereby raising expectations of a probable corporate governance issue. However, Dalmia Bharat’s stock recovered in April 2019 after investor concerns were pacified by the realization that it appeared to be a case of individual fraud instead of a governance misdeed.

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

Detracting most from the Fund’s results relative to the Index were positions in Ctrip.com International, Samsung Electro-Mechanics and Geely Automobile Holdings.

The Fund’s underweight position in Ctrip.com International, a China-based online travel agency services provider, detracted most from its relative results during the Reporting Period. We had sold the Fund’s position in Ctrip.com International after it released third quarter 2018 results largely in line with market expectations and guidance for the fourth quarter of 2018 that appeared to us to be on the weaker side, especially for its margins. The company started to invest to gain more market share with younger customers and lower-tier cities. We expected these short-term investments to hinder its margin recovery process and sold the position. Its stock price, however, subsequently recovered, as the company released better results with improved margins for the fourth quarter of 2018 and guidance for the first quarter of 2019 that was better than the market expected. Such results gave investors confidence in the company’s recovery, supported by easingChina-U.S. trade talks in the first quarter of 2019, which drove the overall global equity market recovery as well.

Within the information technology sector, the Fund’s overweight position in Samsung Electro-Mechanics, a South Korea-based manufacturer of a variety of electronic components, detracted from relative results during the Reporting Period. Its stock underperformed the Index due to a correction in the broader information technology sector as well as weak performance by the company and its peers. Though we trimmed the Fund’s position in the stock, we maintained an overweight position relative to the Index, as we continued to believe at the end of the Reporting Period that the company was on track to perform well, especially on consensus margin expectations.

The Fund’s overweight position in Geely Automobile Holdings, a China-based passenger vehicle manufacturer, detracted from relative results during the Reporting Period. The company had a mixed year in 2018, when after strong momentum in the first half of the calendar year, it demonstrated signs of vulnerability, as the economic slowdown in China worsened during the second half of 2018. While we maintained confidence in the company’s medium-term competitiveness, we believed the ongoing economic slowdown in China could impact the company’s main markets, especially in the country’slow-tier cities. We opted to exit the Fund’s position in Geely Automobile Holdings by the end of the Reporting Period.

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

The sectors that contributed most positively to the Fund’s performance relative to the Index were financials, consumer staples and information technology, where stock selection in each boosted relative results. At an individual stock level, positions in AIA Group and Kweichow Moutai, each mentioned earlier, boosted results most in financials and consumer staples, respectively. In information technology, having no exposure to Baidu, a China-based Internet search engine, helped most, as its stock performed poorly during the Reporting Period. We had sold the Fund’s position in Baidu during the first quarter of 2018 due to our concerns about its business outlook. During the Reporting Period, the company was losing market share in the online advertising market given heightened competition.

Only two sectors detracted from the Fund’s relative results during the Reporting Period — consumer discretionary and real estate. In consumer discretionary, the Fund’s position in Ctrip.com International, mentioned earlier, detracted most. In real estate, having a significant underweight to this strongly performing sector dampened relative results most. China/Hong Kong real estate securities comprise the vast majority of the overall average 6.3% weight of the sector in the Index. During much of the second half of 2018, the Chinese property sector was under pressure as a result of a sales slowdown amongtier-two to tier-four cities in China following months of tighter credit and slower economic momentum. Also, during the first two months of 2019, especially in January and during the festive Chinese New Year season, housing sales had been on the weaker side for the overall industry. However, the broader China/Hong Kong-listed real estate companies performed stronger

PORTFOLIO RESULTS

thereafter given widely anticipated alleviation of theU.S.-China trade war, fiscal and credit stimulus by the Chinese government and pockets of policy loosening the country, including a mortgage rate cut by a small number of Chinese banks in select cities.

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

The Fund did not use derivatives or similar instruments during the Reporting Period.

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

During the Reporting Period, we initiated a Fund position in Axis Bank within the financials sector. Axis Bank is the third largest private bank in India in terms of loans and profitability but had been struggling due to corporate loan quality issues, with its earnings being impacted by loan loss provisions. (A loan loss provision is an expense set aside as an allowance for uncollected loans and loan payments. This provision is used to cover a number of factors associated with potential loan losses, including bad loans, customer defaults, and renegotiated terms of a loan that incur lower than previously estimated payments.) We established the Fund position based on our expectations for the asset quality cycle to bottom out and for management changes at the bank in the near term. We also viewed Axis Bank as a strong liability franchise trading at what we considered to be attractive valuations.

We established a Fund position in Silverlake Axis within the information technology sector in Singapore. The company provides digital solutions and services to the banking, insurance and payment industries. The banking industry in Singapore had experienced a slowdown of capital expenditures in core banking products since 2016, and it was only during the last few months of the Reporting Period that we witnessed a reversal of this trend. In our view, Silverlake Axis has been able to rebuild its order backlog, as banks, beginning in the early months of 2019, seem to be avoiding delay in upgrading their core banking systems and introducing new digital initiatives. We initiated the position, as we expect the company’s order backlog to help grow its business.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in British American Tobacco Malaysia within the consumer staples sector. Following therun-up in its stock price during the Reporting Period, we saw the risk/reward balance of an investment in its stock as a bit less attractive. Despite the Malaysian government stepping up law enforcement to curb an illicit tobacco trade there, including conducting an increased number of checks, there was, at the end of the Reporting Period, no significant declines in the business of illicit cigarettes.

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

Most sector weights are usually established within a relatively narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, relative to the Index, the Fund’s exposure to financials and communication services increased, and its allocations to consumer discretionary and information technology decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. During the Reporting Period, relative to the Index, the Fund’s allocations to China/Hong Kong and Indonesia increased, and its exposures to South Korea and Thailand decreased.

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

Kevin Ohn, managing director and portfolio manager for the Fund since 2013 retired from the firm at the end of March 2019. Basak Yavuz and Hiren Dasani,co-heads of Emerging Markets Equity, and Sumit Mangal, vice president on the Emerging Markets Equity team, assumed Kevin’s portfolio management responsibilities for the Fund effective the same date. Basak and Hiren have deep expertise investing across the emerging market equities universe, with 19 and 18 years of industry experience, respectively. Sumit has 14 years of industry experience. Additionally, Seong Kook Jung had been a portfolio manager for the Fund since 2016. Effective March 31, 2019, he no longer had portfolio management responsibilities for the Fund, but maintained his sector research responsibilities for the strategy.

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had overweighted exposure to India and held anout-of-Index allocation in Vietnam. On the same date, the Fund had underweighted exposure relative to the Index to Taiwan, China/Hong Kong and Malaysia. The Fund was rather neutrally weighted relative to the Index in Indonesia, South

PORTFOLIO RESULTS

Korea, the Philippines, Singapore and Thailand and had no exposure to Pakistan at the end of the Reporting Period.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in the consumer discretionary, financials and consumer staples sectors at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the Index in the real estate, energy and industrials sectors and was relatively neutrally weighted compared to the Index in materials, health care, information technology and communication services. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

Asia Equity Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^® (All Country) Asia ex-Japan Index²
Class A		18.43	%		16.34	%
Class C		18.00			16.34
Institutional		18.67			16.34
Investor		18.59			16.34
Class P		18.67			16.34
Class R6		18.66			16.34

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.

The MSCI^® All Country Asia ex-Japan Index (Net, USD, Unhedged) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. As of April 30, 2019, the MSCI All Country Asia ex-Japan Index consisted of the following 11 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, and Thailand. The series of returns reflected by the MSCI All Country Asia ex-Japan Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-12.50	%		5.52	%		10.24	%		3.12	%	7/8/94
Class C		-9.02			5.93			10.03			2.47		8/15/97
Institutional		-7.05			7.14			11.32			3.29		2/2/96
Investor		-7.18			6.99			N/A			6.73		2/28/14
Class P		N/A			N/A			N/A			-6.56		4/16/18
Class R6		-7.04			N/A			N/A			-6.71		2/28/18

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

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.50	%		1.91	%
Class C		2.25			2.66
Institutional		1.15			1.52
Investor		1.25			1.66
Class P		1.14			1.51
Class R6		1.14			1.51

⁴


TOP TEN HOLDINGS AS OF 4/30/19^5,6

Holding	% of Net Assets			Line of Business	Country

Tencent Holdings Ltd.		7.6	%	Media & Entertainment	China
AIA Group Ltd.		5.8		Insurance	Hong Kong
Taiwan Semiconductor Manufacturing Co. Ltd.		5.2		Semiconductors & Semiconductor Equipment	Taiwan
Ping An Insurance Group Co. of China Ltd. Class H		5.1		Insurance	China
Alibaba Group Holding Ltd. ADR		4.9		Retailing	China
Samsung Electronics Co. Ltd.		4.7		Technology Hardware & Equipment	South Korea
DBS Group Holdings Ltd.		3.3		Banks	Singapore
China Merchants Bank Co. Ltd. Class H		3.3		Banks	China
Kweichow Moutai Co. Ltd. Class A		3.1		Food, Beverage & Tobacco	China
Hong Kong Exchanges & Clearing Ltd.		2.2		Diversified Financials	Hong Kong

⁵

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

⁶

The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 3.8% of the Fund’s net assets as of 04/30/19.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 2019

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⁷

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets at April 30, 2019.

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 17.10%, 16.62%, 17.27%, 16.98%, 17.22%, 17.24% and 17.29%, respectively. These returns compare to the 13.76% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, effective stock selection in China, Brazil and Taiwan contributed most positively to the Fund’s performance. These positive contributors were only partially offset by stock selection in South Africa and United Arab Emirates, which detracted. Having anout-of-Index exposure to Romania, which significantly underperformed the Index during the Reporting Period, also hurt. The Fund’s relative results were further dampened by having an exposure, albeit modest, to cash during a Reporting Period when the Index posted a double-digit positive return.

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

The strongest contributors to the Fund’s performance during the Reporting Period were Kweichow Moutai, AIA Group and Win Semiconductors.

Win Semiconductors is a Taiwan-based firm, whose line of business includes the manufacturing of semiconductors and related solid-state devices. The company benefited during the Reporting Period from posting better than market expected

PORTFOLIO RESULTS

orders for its radio frequency, or RF, power components due to demand from early stage fifth-generation network infrastructure and Huawei Technologies’ orderpull-in. Huawei Technologies is a major China-based communications equipment firm.

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

Detracting most from the Fund’s results relative to the Index were positions in NMC Health, Geely Automobile Holdings and Hankook Tire.

NMC Health is a diversified health care company based in the United Arab Emirates. Its stock declined during the Reporting Period, as the hospital sector in Europe, where most of the company’s investors are located, did not perform well. Also, the company’s high financial leverage was out of favor during the Reporting Period.

Hankook Tire is a South-Korea-based developer and manufacturer of radial tires for passenger cars, light trucks, trucks and buses. The company also produces batteries and aluminum alloy wheels. Its shares declined during the Reporting Period on the back of persistent concerns about trade tariffs impacting its business.

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

Relative to the Index, strong stock selection within the financials, consumer staples and communication services sectors contributed most positively to the Fund’s performance. Conversely, weak stock selection in consumer discretionary and health care detracted most from the Fund’s relative results. Having an underweight to real estate, which outpaced the Index during the Reporting Period, and an overweight to health care, which lagged the Index during the Reporting Period, also hurt.

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

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

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

We initiated a Fund position in Axis Bank within the financials sector. Axis Bank is the third largest private bank in India in terms of loans and profitability but had been struggling due to corporate loan quality issues, with its earnings being impacted by loan loss provisions. (A loan loss provision is an expense set aside as an allowance for uncollected loans and loan payments. This provision is used to cover a number of factors associated with potential loan losses, including bad loans, customer defaults, and renegotiated terms of a loan that incur lower than previously estimated payments.) We established the Fund position based on our expectations for the asset quality cycle to bottom out and for management changes at the bank in the near term. We also viewed Axis Bank as a strong liability franchise trading at what we considered to be attractive valuations.

We established a Fund position in Shanghai International Airport, the owner and operator of Pudong International Airport, the second busiest airport in China. It has the highest proportion of international passenger traffic of any major Chinese airport. In our view, the revenue and profit growth of the company can remain solid, driven by the duty-free business.

We initiated a Fund position in Techtronic Industries, a Hong Kong-based global power equipment and floor care company. The company delivered record sales and net profits for the ninth consecutive quarter during the Reporting Period. We believe this is a result of a strategic foundation of research and development, innovation, ongoing operational improvement and a powerful brand portfolio — the combination of which we expect to help the company grow moving ahead, with the potential to expand its market further with new product launches. We further believe the company can improve its gross margin owing to what we see as a better product mix than its competitors and strong supply management.

PORTFOLIO RESULTS

Conversely, in addition to the sale of Geely Automobile Holdings, already mentioned, we eliminated the Fund’s position in Grupo Financiero Banorte, a financial institution in Mexico. The company’s merger with Banco Interacciones, another Mexican bank, has resulted in higher industry and borrower concentration for the bank and will add, in our opinion, to the challenges related to its expansion into riskier asset classes.

We sold the Fund’s position in Ctrip.com International, a China-based online travel agency services provider. We sold the Fund’s position in Ctrip.com International after it released third quarter 2018 results largely in line with market expectations and guidance for the fourth quarter of 2018 that appeared to us to be on the weaker side, especially for its margins. The company started to invest to gain more market share with younger customers and lower-tier cities. However, we expected these short-term investments to hinder its margin recovery process and sold the position.

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

Fund weightings at a sector level are driven bybottom-up stock selection. That said, during the Reporting Period, the Fund’s exposure relative to the Index to consumer staples and communication services increased, and its allocations relative to the Index to information technology and consumer discretionary decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s exposure relative to the Index in China increased, and its allocations relative to the Index to South Africa and Russia decreased.

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

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

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had overweighted exposure to China, India and Peru and underweighted exposure to Taiwan, South Africa, Malaysia and Thailand relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Chile, Qatar, Hungary and Pakistan, where the Fund had no exposure at the end of the Reporting Period. The Fund also had exposure to several equity markets that are not components of the Index, including Vietnam and Georgia.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in financials, consumer staples and consumer discretionary at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the energy, real estate, materials and communication services sectors at the end of the Reporting Period. The Fund had rather neutral exposure to the information technology, health care and industrials sectors and no allocation to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

Emerging Markets Equity Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^® Emerging Markets Index²

Class A		17.10	%		13.76	%
Class C		16.62			13.76
Institutional		17.27			13.76
Service		16.98			13.76
Investor		17.22			13.76
Class P		17.24			13.76
Class R6		17.29			13.76

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.

The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2019 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-15.81	%		4.43	%		8.85	%		5.96	%	12/15/97
Class C		-12.47			4.84			8.66			5.54		12/15/97
Institutional		-10.55			6.04			9.91			6.76		12/15/97
Service		-11.04			5.51			9.37			6.13		12/15/97
Investor		-10.70			5.87			N/A			4.36		8/31/10
Class P		N/A			N/A			N/A			-9.26		4/16/18
Class R6		-10.56			N/A			N/A			7.30		7/31/15

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

FUND BASICS

higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.58	%		1.62	%
Class C		2.33			2.37
Institutional		1.19			1.23
Service		1.69			1.73
Investor		1.33			1.37
Class P		1.18			1.22
Class R6		1.18			1.22

⁴


TOP TEN HOLDINGS AS OF 4/30/19⁵

Holding	% of Net Assets			Line of Business	Country

Tencent Holdings Ltd.		7.2	%	Media & Entertainment	China
Taiwan Semiconductor Manufacturing Co. Ltd.		4.5		Semiconductors & Semiconductor Equipment	Taiwan
Alibaba Group Holding Ltd. ADR		4.5		Retailing	China
iShares MSCI Emerging Markets ETF		4.4		Diversified Financials	United States
Samsung Electronics Co. Ltd.		4.3		Technology Hardware & Equipment	South Korea
Ping An Insurance Group Co. of China Ltd. Class H		3.5		Insurance	China
AIA Group Ltd.		2.8		Insurance	Hong Kong
Kweichow Moutai Co. Ltd. Class A		2.5		Food, Beverage & Tobacco	China
China Merchants Bank Co. Ltd. Class H		2.4		Banks	China
Hong Kong Exchanges & Clearing Ltd.		2.0		Diversified Financials	Hong Kong

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs ESG Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs ESG Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated cumulative total returns, without sales charges, of 17.43%, 17.08%, 17.70%, 17.60%, 17.38% and 17.71%, respectively. These returns compare to the 13.76% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, effective stock selection in China, Brazil and Taiwan contributed most positively to the Fund’s relative performance. These positive contributors were only partially offset by weaker stock selection in South Africa, Mexico and United Arab Emirates, which detracted. The Fund’s relative results were further dampened by having an exposure, albeit modest, to cash during a Reporting Period when the Index posted a double-digit positive return.

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

The strongest contributors to the Fund’s performance during the Reporting Period were AIA Group, Tencent Holdings and Hong Kong Exchanges & Clearing.

AIA Group is a Hong Kong-based insurance and financial services company. We maintained an overweight position in the Fund in AIA Group because we liked what we saw as its well diversified Asian footprint and strong management. During the Reporting Period, its onshore China business showed sustained growth momentum with a premium agent model targeting high end customers. In our view, its growth opportunity was enhanced by its recent opening of additional China provinces for the firm. Further, its cross-border business between Hong Kong and Southeast Asia local businesses was improving, in our opinion, with expanded distribution network and better margins, reinforcing its positive earnings and value creation outlook for the medium term. The company delivered fourth quarter 2018 results above market expectations, driven by what investors saw as its solid fundamentals.

A China-based company, Tencent Holdings, through its subsidiaries, provides Internet and mobile value-added services, online advertising ande-commerce transactions. A significant detractor during the Fund’s prior Reporting Period, its shares rebounded and gained during the Reporting Period, as the reopening of game monetization led to growth in the gaming market and advertising revenues.

Hong Kong Exchanges & Clearing owns and operates the stock exchange, futures exchange and their related clearing houses in Hong Kong. The company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades. Its shares posted positive returns during the Reporting Period, as investors favored its high profit margins, natural entry barriers and strong management.

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

Among those stocks detracting most from the Fund’s results relative to the Index were positions in NMC Health, Alsea SAB de CV and Geely Automobile Holdings.

PORTFOLIO RESULTS

well. Also, the company’s high financial leverage was out of favor during the Reporting Period.

Alsea SAB de CV, based in Mexico, is a multi-brand operator in Latin America, operating brands from the fast food, cafeteria and casual dining segments. Factors contributing to its stock’s price decline during the Reporting Period include below market expected fourth quarter 2018 results, slower operating performance and concerns regarding Mexico’s and Spain’s economic growth.

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

Relative to the Index, strong stock selection in financials and communication services contributed most positively to the Fund’s relative results. Having an underweighted allocation to energy, which underperformed the Index during the Reporting Period, also boosted the Fund’s relative results.

Conversely, weak stock selection in consumer discretionary and health care detracted most from the Fund’s relative results. Having no exposure to real estate, which significantly outperformed the Index during the Reporting Period, also hurt.

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

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

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

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

Fund weightings at a sector level are driven bybottom-up stock selection. Similarly, allocations to countries are directly the result of various stock selection decisions. That said, during the Reporting Period, the Fund’s exposure relative to the Index to communication services and energy increased, and its allocations relative to the Index to information technology and financials decreased.

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

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

PORTFOLIO RESULTS

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had overweighted exposures to China, India, Peru and Brazil and underweighted exposures to Taiwan, South Africa, Mexico, Thailand and South Korea relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Chile, Qatar, Hungary and Pakistan, where the Fund had no exposure at all.

From a sector allocation perspective, the Fund had an overweighted position relative to the Index in financials at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the materials, industrials, consumer staples and communication services sectors at the end of the Reporting Period. The Fund had rather neutral exposure to the consumer discretionary, information technology and health care sectors and no allocations to the utilities and real estate sectors at the end of the Reporting Period.

We remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

ESG Emerging Markets Equity Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^® Emerging Markets Index²

Class A		17.43	%		13.76	%
Class C		17.08			13.76
Institutional		17.70			13.76
Investor		17.60			13.76
Class R		17.38			13.76
Class R6		17.71			13.76

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.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	Since Inception			Inception Date

Class A		-9.04	%	5/31/18
Class C		-5.26		5/31/18
Institutional		-3.42		5/31/18
Investor		-3.51		5/31/18
Class R		-3.92		5/31/18
Class R6		-3.42		5/31/18

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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.62	%		7.07	%
Class C		2.37			7.82
Institutional		1.23			6.68
Investor		1.37			6.82
Class R		1.87			7.32
Class R6		1.22			6.67

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business	Country

iShares MSCI India ETF		12.4	%	Diversified Financial	United States
Tencent Holdings Ltd.		7.7		Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		5.3		Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd.		4.8		Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.		4.4		Technology Hardware & Equipment	South Korea
Ping An Insurance Group Co. of China Ltd. Class H		4.2		Insurance	China
AIA Group Ltd.		3.2		Insurance	Hong Kong
China Merchants Bank Co. Ltd. Class H		3.1		Banks	China
Sberbank of Russia PJSC ADR		2.9		Banks	Russia
Banco Bradesco SA ADR		2.8		Banks	Brazil

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs N-11 Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman SachsN-11 Equity Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 10.73%, 10.34%, 10.89%, 10.86%, 11.03% and 10.87%, respectively. These returns compare to the 7.91% cumulative total return of the Fund’s benchmark, the MSCI Next 11ex-Iran GDP Weighted Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

The Fund outperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. The Fund’s effective stock selection in Indonesia and Mexico contributed most positively. Having no exposure to Nigeria, the second weakest performing constituent of the Index during the Reporting Period, also helped. Such positive contributors were partially offset by weaker stock selection in Bangladesh, the only constituent of the Index to detract from the Fund’s relative results during the Reporting Period. The Fund’s relative results were further dampened by having an exposure, albeit modest, to cash during a Reporting Period when the Index posted a solid positive return.

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

The strongest contributors to the Fund’s performance during the Reporting Period were positions in the financials sector — Bank Central Asia, Bolsa Mexicana de Valores and Ayala Land.

Bank Central Asia is the largest bank in Indonesia. During the Reporting Period, its shares gained, reflecting its reports

of a strong return on equity as well as solid balance sheet performance.

Bolsa Mexicana de Valores operates full service cash and derivatives exchanges, with equities and fixed income securities listings, in Mexico. The company offers fully electronic platforms for cash equities, financial derivatives andover-the-counter fixed income and derivatives. During the Reporting Period, it was announced Mexico will cut the tax rate paid by companies on the proceeds of initial public offerings to 10% as part of a broad-ranging plan to boost public offerings and spur growth in the financial system. Many investors believed cutting the tax from the current 35% would encourage entrepreneurs to finance themselves through the stock market, providing significant potential benefit to this major stock exchange in Mexico.

Ayala Land is a Philippines-based company that develops and invests in real estate properties. The company also operates hotels and provides property management services. During the Reporting Period, investors favored the company’s growth plans put in place to supportpre-sales momentum.

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

Detracting most from the Fund’s results relative to the Index were Bank Rakyat Indonesia Persero, Grupo Financiero Banorte and Aygaz.

Bank Rakyat Indonesia Persero, based in Indonesia, provides commercial banking activities and its related services. During the Reporting Period, the company recorded slightly lower than market anticipated net profits for the first quarter of 2019. Also, itspre-provision operating profit came in weaker than the market expected.(Pre-provision operating profit is the amount of income a bank or similar type of financial institution earns in a given time period, before

PORTFOLIO RESULTS

taking into account funds set aside to provide for future bad debts.)

Grupo Financiero Banorte is a financial institution in Mexico. During the Reporting Period, the company posted a below market estimate recurring net income along with a higher than market anticipated insurance operating loss. While we maintained the position in the Fund at the end of the Reporting Period, the company’s merger with Banco Interacciones, another Mexican bank, has resulted in higher industry and borrower concentration for the bank and will add, in our opinion, to the challenges related to its expansion into riskier asset classes, and thus we are monitoring the position closely for any potential deterioration in its fundamentals.

Aygaz, based in Turkey, purchases from local refineries and distributes liquified propane gas. The company also markets plastifiers, alcohols, solvents, aromatic hydrocarbons and general purpose plastics. During the Reporting Period, its share price declined, as the company faced key risks regarding unfavorable currency moves, loss of market share and a lower dividend payout.

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

Relative to the Index, effective stock selection in the financials, materials and communication services sectors contributed most positively to the Fund’s performance. Having an overweighted allocation to financials, which outpaced the Index during the Reporting Period, and an underweighted allocation to communication services, which lagged the Index during the Reporting Period, also helped. Conversely, weaker stock selection in the consumer discretionary and utilities sectors detracted most from the Fund’s relative performance. Having an underweighted allocation to the real estate sector, which significantly outperformed the Index during the Reporting Period, also hurt.

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

During the Reporting Period, the Fund did not use derivatives or similar instruments.

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

During the Reporting Period, we initiated a Fund position in Yapi ve Kredi Bankasi, a Turkish commercial bank. It

engages in providing banking and financial services and operates through the following segments — retail banking, corporate and commercial banking and private banking and wealth management. We favored the bank given what we perceived as its strong growth prospects.

We established a Fund position in Orion, a South Korean manufacturing company. It engages in the manufacturing of confectionary items. Its products include pie, snacks, biscuits, candy, jelly, gum and chocolate. We believe its rather unique position in the China confectionary market may help it capitalize on ongoing premiumization and the channel shift toward higher margin traditional trade channels. (Premiumization is the action or process of attempting to make a brand or product appeal to consumers by emphasizing its superior quality and exclusivity.)

Conversely, we sold the Fund’s position in PT Matahari Department Store, a retail store chain in Indonesia, because of what we saw as the company’s heightened liquidity risk and reduced financial flexibility, combined with weaker than market expected operating performance.

We exited the Fund’s position in KT, a South Korean telecommunication services provider, due to what we viewed as the company’s moderate profitability amidst intense competition and regulatory pressures to lower wireless tariffs.

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

Fund weightings at a sector level are driven bybottom-up stock selection. That said, during the Reporting Period, the Fund’s exposure relative to the Index to materials and financials increased, and its allocation relative to the Index to information technology decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s allocation relative to the Index to Turkey increased, and its exposure relative to the Index in South Korea decreased.

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

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

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight relative to the Index in Egypt, Vietnam and the Philippines

PORTFOLIO RESULTS

and was underweight relative to the Index in Pakistan. On the same date, the Fund was relatively neutrally weighted to the Index in all of the remaining country components of the Index, with the exception of Nigeria, where the Fund held no exposure at all.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in financials and materials. The Fund had underweighted positions compared to the Index in industrials, energy, consumer staples, communication services, real estate and health care at the end of the Reporting Period. The Fund was relatively neutrally weighted to the Index in information technology, consumer discretionary and utilities at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

N-11 Equity Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^® Next 11 ex-Iran GDP Weighted Index (Net, USD, Unhedged)²

Class A		10.73	%		7.91	%
Class C		10.34			7.91
Institutional		10.89			7.91
Investor		10.86			7.91
Class P		11.03			7.91
Class R6		10.87			7.91

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.

The MSCI^® Next 11 ex-Iran GDP Weighted Index (Net, Unhedged, USD) comprises the following 10 emerging and frontier market indices: Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. The index is designed to reflect the performance of the N-11 ex Iran countries based on the size of each country’s economy rather than the size of its equity market, by using country weights based on a country’s gross domestic product (GDP). Each country is divided into large- and mid-cap segments and provides exhaustive coverage of these size segments by targeting a coverage range around 85% of free float-adjusted market capitalization in that market. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Since Inception			Inception Date

Class A		-19.45	%		-5.29	%		-2.14	%		2/28/11
Class C		-16.33			-4.92			-2.19			2/28/11
Institutional		-14.56			-3.85			-1.07			2/28/11
Investor		-14.65			-3.99			-1.22			2/28/11
Class P		N/A			N/A			-13.48			4/16/18
Class R6		-14.48			N/A			-13.47			2/28/18

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

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

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.64	%		2.20	%
Class C		2.39			2.95
Institutional		1.25			1.81
Investor		1.39			1.95
Class P		1.24			1.80
Class R6		1.24			1.80

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business	Country

Bank Central Asia Tbk. PT		9.5	%	Banks	Indonesia
Samsung Electronics Co. Ltd.		7.4		Technology Hardware & Equipment	South Korea
Commercial International Bank Egypt SAE		5.0		Banks	Egypt
Wal-Mart de Mexico SAB de CV		3.4		Food & Staples Retailing	Mexico
Bolsa Mexicana de Valores SAB de CV		3.2		Diversified Financials	Mexico
Telekomunikasi Indonesia Persero Tbk. PT		3.0		Telecommunication Services	Indonesia
Fomento Economico Mexicano SAB de CV ADR		2.8		Food, Beverage & Tobacco	Mexico
Ayala Land, Inc.		2.7		Real Estate	Philippines
Vietnam Dairy Products JSC		2.7		Food, Beverage & Tobacco	Vietnam
LG Chem Ltd.		2.3		Materials	South Korea

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

LOGO

⁶

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 94.7%
China – 35.8%
	5,950	58.com, Inc. ADR (Media & Entertainment)*	$	427,151
	19,878	Alibaba Group Holding Ltd. ADR (Retailing)*		3,688,760
	112,800	Anhui Conch Cement Co. Ltd. Class H (Materials)		688,511
	91,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		640,016
	501,500	China Merchants Bank Co. Ltd. Class H (Banks)		2,481,927
	412,000	China Petroleum & Chemical Corp. Class H (Energy)		316,708
	237,000	CNOOC Ltd. (Energy)		430,471
	29,198	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)*		345,688
	39,100	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		322,568
	1,294,054	Hilong Holding Ltd. (Energy)		156,709
	37,591	Huami Corp. ADR (Technology Hardware & Equipment)*		378,165
	157,927	Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Food, Beverage & Tobacco)		727,885
	15,840	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		2,290,615
	19,513	LexinFintech Holdings Ltd. ADR (Diversified Financials)*		251,718
	164,000	Minth Group Ltd. (Automobiles & Components)		518,483
	127,300	NARI Technology Co. Ltd. Class A (Capital Goods)		376,851
	6,745	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		643,878
	181,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		283,816
	316,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		3,831,127
	25,200	Shanghai International Airport Co. Ltd. Class A (Transportation)		264,578
	92,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		1,236,556
	21,752	Silergy Corp. (Semiconductors & Semiconductor Equipment)		356,773
	115,600	Tencent Holdings Ltd. (Media & Entertainment)		5,697,654
	31,000	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)		381,335

				26,737,943

Hong Kong – 10.2%
	426,036	AIA Group Ltd. (Insurance)		4,362,368
	47,401	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,646,655
	151,000	IMAX China Holding, Inc. (Media & Entertainment)^(a)		415,766


Common Stocks – (continued)
Hong Kong – (continued)
	1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*^(b)	$	—
	855,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		823,183
	54,500	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		394,389

				7,642,361

India – 12.4%
	2,580	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		275,285
	72,518	Aditya Birla Fashion and Retail Ltd. (Consumer Durables & Apparel)*		224,742
	19,822	AIA Engineering Ltd. (Capital Goods)*		517,325
	3,621	Atul Ltd. (Materials)		178,449
	71,960	Axis Bank Ltd. (Banks)*		793,276
	8,046	Bajaj Finance Ltd. (Diversified Financials)		358,242
	16,747	Bharat Financial Inclusion Ltd. (Diversified Financials)*		242,751
	81,725	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		279,164
	23,011	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		577,984
	153,112	Edelweiss Financial Services Ltd. (Diversified Financials)		327,468
	1,137	Eicher Motors Ltd. (Automobiles & Components)		333,078
	79,709	Hindustan Zinc Ltd. (Materials)		317,249
	32,051	ICICI Lombard General Insurance Co. Ltd. (Insurance)^(a)		503,826
	8,241	Info Edge India Ltd. (Media & Entertainment)		228,864
	50,340	Infosys Ltd. (Software & Services)		542,211
	11,010	Larsen & Toubro Infotech Ltd. (Software & Services)^(a)		271,845
	11,198	Maruti Suzuki India Ltd. (Automobiles & Components)		1,072,987
	315	MRF Ltd. (Automobiles & Components)		239,575
	34,030	Navin Fluorine International Ltd. (Materials)		328,301
	25,800	Odisha Cement Ltd. (Materials)*		425,964
	71,486	Prestige Estates Projects Ltd. (Real Estate)		269,007
	1,830	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)		268,986
	13,081	TeamLease Services Ltd. (Commercial & Professional Services)*		558,245
	9,536	Thermax Ltd. (Capital Goods)		133,662

				9,268,486


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

GOLDMAN SACHS ASIA EQUITY FUND


Shares		Description	Value

Common Stocks – (continued)
Indonesia – 2.7%
	559,200	Bank Central Asia Tbk. PT (Banks)	$	1,129,625
	4,944,000	BFI Finance Indonesia Tbk. PT (Diversified Financials)*		232,455
	506,500	Map Aktif Adiperkasa PT (Retailing)*		218,595
	478,100	Semen Indonesia Persero Tbk. PT (Materials)		453,855

				2,034,530

Italy – 0.4%
	95,800	PRADA SpA (Consumer Durables & Apparel)		269,460

Macau – 0.7%
	66,000	Galaxy Entertainment Group Ltd. (Consumer Services)		494,289

Malaysia – 0.5%
	253,399	Bursa Malaysia Bhd. (Diversified Financials)		413,711

Philippines – 1.4%
	131,730	Jollibee Foods Corp. (Consumer Services)		769,968
	725,800	Megawide Construction Corp. (Capital Goods)		310,585

				1,080,553

Singapore – 4.0%
	119,421	DBS Group Holdings Ltd. (Banks)		2,483,412
	1,333,195	Silverlake Axis Ltd. (Software & Services)		509,719

				2,993,131

South Korea – 14.8%
	15,809	Hankook Tire Co. Ltd. (Automobiles & Components)		537,951
	5,861	Kolmar Korea Co. Ltd. (Household & Personal Products)		372,096
	362	Korea Zinc Co. Ltd. (Materials)		140,410
	3,485	LG Chem Ltd. (Materials)		1,081,060
	5,103	LG Electronics, Inc. (Consumer Durables & Apparel)		331,553
	19,104	Modetour Network, Inc. (Consumer Services)		366,987
	3,415	NAVER Corp. (Media & Entertainment)		349,739
	3,316	NCSoft Corp. (Media & Entertainment)		1,493,317
	35,440	Orange Life Insurance Ltd. (Insurance)^(a)		1,080,679
	2,227	Orion Corp. (Food, Beverage & Tobacco)		184,747
	5,445	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		269,936
	3,564	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)^(c)		332,194
	89,834	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		3,532,024
	1,428	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		371,623


Common Stocks – (continued)
South Korea – (continued)
	9,314	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		630,286

				11,074,602

Taiwan – 8.5%
	964,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)^(a)		503,328
	88,000	Kingpak Technology, Inc. (Technology Hardware & Equipment)		498,238
	4,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		600,490
	31,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		243,245
	462,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,881,805
	76,000	Taiwan Union Technology Corp. (Technology Hardware & Equipment)		277,442
	51,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		343,254

				6,347,802

Thailand – 2.4%
	703,200	Airports of Thailand PCL (Transportation)		1,503,042
	11,899	Sea Ltd. ADR (Media & Entertainment)*		296,166

				1,799,208

Vietnam – 0.9%
	117,656	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		655,874

	TOTAL COMMON STOCKS
	(Cost $64,346,643)		$	70,811,950



Exchange Traded Fund – 0.4%
	9,243	iShares MSCI Malaysia ETF	$	274,610
	(Cost $282,373)


Shares		Dividend Rate	Value

Investment Company^(d) – 3.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,665,517	2.464%	$	2,665,517
	(Cost $2,665,517)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $67,294,533)		$	73,752,077


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

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(d) – 0.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	171,522	2.464%	$	171,522
	(Cost $171,522)

	TOTAL INVESTMENTS – 98.9%
	(Cost $67,466,055)		$	73,923,599

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			830,054

	NET ASSETS – 100.0%		$	74,753,653



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)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(c)		All or a portion of security is on loan.

(d)		Represents an Affiliated Issuer.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 95.0%
Argentina – 0.9%
	32,775	MercadoLibre, Inc. (Retailing)*	$	15,867,689

Brazil – 6.2%
	1,696,000	Atacadao SA (Food & Staples Retailing)*		9,169,672
	958,500	Azul SA (Preference) (Transportation)*,^(a)		8,311,188
	2,313,100	B3 SA – Brasil Bolsa Balcao (Diversified Financials)*		20,322,434
	262,251	Banco Bradesco SA ADR (Banks)		2,375,994
	3,128,535	Banco Bradesco SA (Preference) (Banks)*,^(a)		28,388,278
	1,333,641	BB Seguridade Participacoes SA (Insurance)		9,611,766
	1,238,100	Fleury SA (Health Care Equipment & Services)		6,551,879
	276,367	Pagseguro Digital Ltd. Class A (Software & Services)*		7,202,124
	1,507,000	Sao Martinho SA (Food, Beverage & Tobacco)		7,336,877
	2,743,983	Wiz Solucoes e Corretagem de Seguros SA (Insurance)		5,731,356

				105,001,568

China – 29.2%
	171,798	58.com, Inc. ADR (Media & Entertainment)*		12,333,378
	405,898	Alibaba Group Holding Ltd. ADR (Retailing)*		75,322,492
	2,078,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		12,683,734
	1,793,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		12,610,418
	8,035,000	China Merchants Bank Co. Ltd. Class H (Banks)		39,765,268
	14,326,000	China Petroleum & Chemical Corp. Class H (Energy)		11,012,534
	657,479	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)*		7,784,189
	878,800	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		7,249,953
	542,661	Huami Corp. ADR (Technology Hardware & Equipment)*		5,459,170
	3,365,341	Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Food, Beverage & Tobacco)		15,510,847
	286,681	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		41,456,802
	440,330	LexinFintech Holdings Ltd. ADR (Diversified Financials)*		5,680,257
	3,140,000	Minth Group Ltd. (Automobiles & Components)^(b)		9,927,053


Common Stocks – (continued)
China – (continued)
	2,469,900	NARI Technology Co. Ltd. Class A (Capital Goods)		7,311,743
	168,386	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		16,074,127
	4,657,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		7,302,386
	4,823,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		58,352,366
	1,029,900	Shanghai International Airport Co. Ltd. Class A (Transportation)		10,813,051
	383,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		6,290,053
	2,479,200	Tencent Holdings Ltd. (Media & Entertainment)		122,193,973
	603,000	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)*^(c)		7,417,589

				492,551,383

Colombia – 0.3%
	393,963	Banco Davivienda SA (Preference) (Banks)^(a)		4,873,895

Czech Republic – 0.7%
	3,508,020	Moneta Money Bank A/S (Banks)^(c)		11,244,298

Egypt – 0.4%
	1,628,273	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		7,136,950

Georgia – 0.3%
	218,742	TBC Bank Group plc (Banks)		4,644,113

Greece – 0.8%
	397,945	JUMBO SA (Retailing)		7,262,899
	642,964	Sarantis SA (Household & Personal Products)		5,329,287

				12,592,186

Hong Kong – 6.2%
	4,589,800	AIA Group Ltd. (Insurance)		46,996,962
	981,212	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)^(b)		34,086,153
	1,882,400	IMAX China Holding, Inc. (Media & Entertainment)^(c)		5,183,031
	8,593,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		8,273,228
	1,384,500	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		10,018,933

				104,558,307


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
India – 11.9%
	28,850	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	3,078,281
	1,712,942	Aditya Birla Fashion and Retail Ltd. (Consumer Durables & Apparel)*		5,308,609
	420,297	AIA Engineering Ltd. (Capital Goods)*		10,969,126
	422,174	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		4,748,060
	78,123	Atul Ltd. (Materials)		3,850,046
	1,553,581	Axis Bank Ltd. (Banks)*		17,126,443
	175,063	Bajaj Finance Ltd. (Diversified Financials)		7,794,540
	542,007	Bharat Financial Inclusion Ltd. (Diversified Financials)*		7,856,507
	1,775,638	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)		6,065,386
	484,159	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		12,160,984
	3,275,029	Edelweiss Financial Services Ltd. (Diversified Financials)		7,004,465
	22,634	Eicher Motors Ltd. (Automobiles & Components)		6,630,502
	1,676,851	Hindustan Zinc Ltd. (Materials)		6,674,016
	676,495	ICICI Lombard General Insurance Co. Ltd. (Insurance)^(c)		10,634,162
	330,981	Info Edge India Ltd. (Media & Entertainment)		9,191,789
	1,224,659	Infosys Ltd. (Software & Services)		13,190,770
	244,340	Larsen & Toubro Infotech Ltd. (Software & Services)^(c)		6,032,929
	186,222	Maruti Suzuki India Ltd. (Automobiles & Components)		17,843,700
	4,519	MRF Ltd. (Automobiles & Components)		3,436,945
	506,206	Navin Fluorine International Ltd. (Materials)		4,883,571
	553,481	Odisha Cement Ltd. (Materials)*		9,138,111
	1,411,852	Prestige Estates Projects Ltd. (Real Estate)		5,312,911
	39,661	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)		5,829,647
	264,496	TeamLease Services Ltd. (Commercial & Professional Services)*		11,287,647
	339,495	Thermax Ltd. (Capital Goods)		4,758,560

				200,807,707

Indonesia – 2.6%
	12,060,400	Bank Central Asia Tbk. PT (Banks)		24,362,904


Common Stocks – (continued)
Indonesia – (continued)
	116,141,200	BFI Finance Indonesia Tbk. PT (Diversified Financials)*		5,460,674
	11,346,700	Map Aktif Adiperkasa PT (Retailing)*		4,896,997
	10,139,200	Semen Indonesia Persero Tbk. PT (Materials)		9,625,027

				44,345,602

Malaysia – 0.4%
	4,387,167	Bursa Malaysia Bhd. (Diversified Financials)		7,162,696

Mexico – 2.2%
	2,187,485	Alsea SAB de CV (Consumer Services)*		4,890,117
	6,841,210	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		14,106,257
	2,087,300	Grupo Cementos de Chihuahua SAB de CV (Materials)		11,960,460
	2,689,968	Unifin Financiera SAB de CV SOFOM ENR (Diversified Financials)		6,034,700

				36,991,534

Peru – 1.8%
	2,289,754	Alicorp SAA (Food, Beverage & Tobacco)		7,409,759
	4,111,313	BBVA Banco Continental SA (Banks)		4,749,801
	48,701	Credicorp Ltd. (Banks)		11,537,267
	139,505	Intercorp Financial Services, Inc. (Banks)		6,152,170

				29,848,997

Philippines – 0.7%
	2,119,090	Jollibee Foods Corp. (Consumer Services)		12,386,180

Poland – 1.0%
	487,360	Dino Polska SA (Food & Staples Retailing)*^(c)		16,182,188

Russia – 3.1%
	330,729	LUKOIL PJSC ADR (Energy)		28,277,329
	3,245,457	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		4,575,015
	5,618,043	Sberbank of Russia PJSC (Banks)		19,681,999

				52,534,343

Singapore – 0.2%
	9,550,100	Silverlake Axis Ltd. (Software & Services)		3,651,282

South Africa – 3.0%
	1,132,495	Absa Group Ltd. (Banks)		13,045,974
	180,251	Bid Corp. Ltd. (Food & Staples Retailing)		3,810,682


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND


Shares		Description	Value

Common Stocks – (continued)
South Africa – (continued)
	1,762,815	FirstRand Ltd. (Diversified Financials)	$	8,389,301
	894,228	JSE Ltd. (Diversified Financials)		8,669,730
	349,279	Santam Ltd. (Insurance)		8,196,153
	6,022,434	Transaction Capital Ltd. (Diversified Financials)		8,045,349

				50,157,189

South Korea – 11.7%
	353,796	Hankook Tire Co. Ltd. (Automobiles & Components)		12,039,028
	114,317	Kolmar Korea Co. Ltd. (Household & Personal Products)		7,257,628
	69,808	LG Chem Ltd. (Materials)		21,654,697
	141,814	LG Electronics, Inc. (Consumer Durables & Apparel)		9,213,954
	54,146	NAVER Corp. (Media & Entertainment)		5,545,229
	39,517	NCSoft Corp. (Media & Entertainment)		17,795,962
	566,451	Orange Life Insurance Ltd. (Insurance)^(c)		17,272,898
	91,049	Orion Corp. (Food, Beverage & Tobacco)		7,553,219
	46,468	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		2,303,653
	80,202	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)^(b)		7,475,495
	1,828,534	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		71,892,884
	22,831	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		5,941,552
	170,731	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		11,553,501

				197,499,700

Taiwan – 7.5%
	19,607,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)^(c)		10,237,299
	620,000	Kingpak Technology, Inc. (Technology Hardware & Equipment)		3,510,310
	115,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		17,264,092
	675,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		5,296,453
	518,000	President Chain Store Corp. (Food & Staples Retailing)		4,833,027
	9,047,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		75,966,317


Common Stocks – (continued)
Taiwan – (continued)
	1,382,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		9,301,524

				126,409,022

Thailand – 1.2%
	6,314,300	Airports of Thailand PCL (Transportation)		13,496,382
	266,582	Sea Ltd. ADR (Media & Entertainment)*		6,635,226

				20,131,608

Turkey – 0.4%
	2,048,406	Eregli Demir ve Celik Fabrikalari TAS (Materials)		3,149,539
	2,507,648	Sok Marketler Ticaret A/S (Food & Staples Retailing)*		3,883,554

				7,033,093

United Arab Emirates – 1.5%
	1,216,701	Network International Holdings plc (Software & Services)*^(c)		8,266,072
	461,812	NMC Health plc (Health Care Equipment & Services)		17,053,742

				25,319,814

Vietnam – 0.8%
	2,332,793	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		13,004,171

	TOTAL COMMON STOCKS
	(Cost $1,541,732,971)		$	1,601,935,515



Exchange Traded Funds – 4.8%
	1,696,955	iShares MSCI Emerging Markets ETF	$	74,547,233
	198,169	iShares MSCI Malaysia ETF		5,887,601

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $83,502,220)		$	80,434,834


Shares		Dividend Rate	Value


Investment Company^(d)– 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,655,637	2.464%	$	10,655,637
	(Cost $10,655,637)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,635,890,828)		$	1,693,025,986


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Dividend Rate	Value


Securities Lending Reinvestment Vehicle^(d)– 0.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,243,117	2.464%	$	9,243,117
	(Cost $9,243,117)

	TOTAL INVESTMENTS – 100.9%
	(Cost $1,645,133,945)		$	1,702,269,103

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(15,445,467	)

	NET ASSETS – 100.0%		$	1,686,823,636



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

*		Non-income producing security.

(a)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(b)		All or a portion of security is on loan.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 83.1%
Argentina – 1.3%
	214	MercadoLibre, Inc. (Retailing)*	$	103,606

Brazil – 6.8%
	9,700	Atacadao SA (Food & Staples Retailing)*		52,444
	15,300	B3 SA – Brasil Bolsa Balcao (Diversified Financials)*		134,423
	24,435	Banco Bradesco SA ADR (Banks)		221,381
	10,300	BB Seguridade Participacoes SA (Insurance)		74,234
	2,396	Pagseguro Digital Ltd. Class A (Software & Services)*		62,440

				544,922

China – 29.3%
	994	58.com, Inc. ADR (Media & Entertainment)*		71,359
	2,298	Alibaba Group Holding Ltd. ADR (Retailing)*		426,440
	11,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		67,142
	12,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		84,398
	49,500	China Merchants Bank Co. Ltd. Class H (Banks)		244,976
	3,800	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)*		44,990
	4,800	Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)		39,599
	21,400	Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Food, Beverage & Tobacco)		98,633
	13,200	NARI Technology Co. Ltd. Class A (Capital Goods)		39,076
	862	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*		82,286
	21,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		32,929
	28,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		338,931
	5,800	Shanghai International Airport Co. Ltd. Class A (Transportation)		60,895
	3,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		49,205
	12,500	Tencent Holdings Ltd. (Media & Entertainment)		616,096
	3,900	WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)		47,974

				2,344,929

Colombia – 0.3%
	1,900	Banco Davivienda SA (Preference) (Banks)^(b)		23,506

Czech Republic – 0.8%
	20,668	Moneta Money Bank A/S (Banks)^(a)		66,247


Common Stocks – (continued)
Egypt – 0.4%
	7,692	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		33,715

Greece – 0.8%
	3,667	JUMBO SA (Retailing)		66,926

Hong Kong – 7.0%
	25,000	AIA Group Ltd. (Insurance)		255,986
	5,767	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		200,339
	53,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		51,027
	7,500	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		54,274

				561,626

Indonesia – 2.2%
	61,300	Bank Central Asia Tbk. PT (Banks)		123,831
	52,700	Semen Indonesia Persero Tbk. PT (Materials)		50,027

				173,858

Malaysia – 1.1%
	53,600	Bursa Malaysia Bhd. (Diversified Financials)		87,510

Mexico – 0.7%
	26,000	Alsea SAB de CV (Consumer Services)*		58,123

Peru – 1.9%
	624	Credicorp Ltd. (Banks)		147,826

Philippines – 0.7%
	9,250	Jollibee Foods Corp. (Consumer Services)		54,067

Poland – 1.0%
	2,470	Dino Polska SA (Food & Staples Retailing)*^(a)		82,013

Russia – 3.7%
	46,490	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		65,536
	16,116	Sberbank of Russia PJSC ADR (Banks)		232,876

				298,412

South Africa – 3.1%
	8,142	Absa Group Ltd. (Banks)		93,793
	1,370	Bid Corp. Ltd. (Food & Staples Retailing)		28,963
	13,539	FirstRand Ltd. (Diversified Financials)		64,433
	2,663	Santam Ltd. (Insurance)		62,490

				249,679

South Korea – 11.5%
	1,773	Hankook Tire Co. Ltd. (Automobiles & Components)		60,332
	339	LG Chem Ltd. (Materials)		105,159
	750	LG Electronics, Inc. (Consumer Durables & Apparel)		48,729


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	247	NAVER Corp. (Media & Entertainment)	$	25,296
	188	NCSoft Corp. (Media & Entertainment)		84,663
	2,600	Orange Life Insurance Ltd. (Insurance)^(a)		79,282
	476	Orion Corp. (Food, Beverage & Tobacco)		39,488
	395	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		36,817
	9,059	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		356,175
	123	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		32,010
	837	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		56,640

				924,591

Taiwan – 7.8%
	1,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		150,123
	4,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		31,386
	46,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		386,217
	8,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		53,844

				621,570

Thailand – 1.3%
	29,500	Airports of Thailand PCL (Transportation)		63,054
	1,582	Sea Ltd. ADR (Media & Entertainment)*		39,376

				102,430

Turkey – 0.4%
	20,464	Eregli Demir ve Celik Fabrikalari TAS (Materials)		31,465

United Arab Emirates – 1.0%
	2,234	NMC Health plc (Health Care Equipment & Services)		82,497

	TOTAL COMMON STOCKS
	(Cost $6,475,166)		$	6,659,518



Exchange Traded Funds – 14.9%
	3,966	iShares MSCI Emerging Markets ETF	$	174,226
	28,044	iShares MSCI India ETF		995,843
	839	iShares MSCI Malaysia ETF		24,927

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,132,492)		$	1,194,996

	TOTAL INVESTMENTS – 98.0%
	(Cost $7,607,658)		$	7,854,514

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%			162,397

	NET ASSETS – 100.0%		$	8,016,911



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)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt


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

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.5%
Bangladesh – 4.2%
	1,052,968	BRAC Bank Ltd. (Banks)*	$	769,491
	59,800	GrameenPhone Ltd. (Telecommunication Services)		253,971
	95,085	Olympic Industries Ltd. (Food, Beverage & Tobacco)		252,381
	72,495	Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		223,161

				1,499,004

Egypt – 5.4%
	402,891	Commercial International Bank Egypt SAE (Banks)		1,790,572
	173,556	Egyptian Financial Group-Hermes Holding Co. (Diversified Financials)*		160,626

				1,951,198

Indonesia – 20.6%
	1,152,200	Astra International Tbk. PT (Automobiles & Components)		616,794
	1,701,000	Bank Central Asia Tbk. PT (Banks)		3,436,146
	1,958,800	Bank Rakyat Indonesia Persero Tbk. PT (Banks)*		602,244
	427,900	Indocement Tunggal Prakarsa Tbk. PT (Materials)		661,688
	5,043,200	Kalbe Farma Tbk. PT (Pharmaceuticals, Biotechnology & Life Sciences)		547,160
	485,100	Semen Indonesia Persero Tbk. PT (Materials)		460,500
	4,128,200	Telekomunikasi Indonesia Persero Tbk. PT (Telecommunication Services)		1,099,287

				7,423,819

Mexico – 20.9%
	83,527	Alsea SAB de CV (Consumer Services)*		186,724
	30,879	America Movil SAB de CV Class L ADR (Telecommunication Services)		456,083
	252,300	Banco del Bajio SA (Banks)*^(a)		542,456
	554,700	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		1,143,766
	10,414	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)		1,016,302
	11,131	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation)		183,337
	92,900	Grupo Cementos de Chihuahua SAB de CV (Materials)		532,327
	108,033	Grupo Financiero Banorte SAB de CV Class O (Banks)		682,866
	150,908	Grupo Mexico SAB de CVSeries B (Materials)		442,509
	124,700	Regional SAB de CV (Banks)		679,551
	196,485	Unifin Financiera SAB de CV SOFOM ENR (Diversified Financials)		440,796
	412,324	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		1,211,672

				7,518,389


Common Stocks – (continued)
Pakistan – 2.6%
	150,533	Engro Corp. Ltd. (Materials)		338,353
	151,600	Habib Bank Ltd. (Banks)		136,601
	172,900	MCB Bank Ltd. (Banks)		232,455
	233,400	Oil & Gas Development Co. Ltd. (Energy)		232,219

				939,628

Philippines – 7.2%
	28,990	Ayala Corp. (Diversified Financials)		502,857
	1,048,000	Ayala Land, Inc. (Real Estate)		985,973
	72,380	Jollibee Foods Corp. (Consumer Services)		423,065
	358,894	Metropolitan Bank & Trust Co. (Banks)		511,623
	118,750	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)		177,740

				2,601,258

South Korea – 22.3%
	5,987	Hana Financial Group, Inc. (Banks)		188,834
	8,492	Hankook Tire Co. Ltd. (Automobiles & Components)		288,967
	2,721	LG Chem Ltd. (Materials)		844,064
	4,918	LG Electronics, Inc. (Consumer Durables & Apparel)		319,533
	2,676	NAVER Corp. (Media & Entertainment)		274,056
	1,492	NCSoft Corp. (Media & Entertainment)		671,903
	25,813	Orange Life Insurance Ltd. (Insurance)^(a)		787,121
	1,740	Orion Corp. (Food, Beverage & Tobacco)		144,346
	5,187	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		257,146
	1,241	POSCO (Materials)		271,635
	3,694	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)		344,311
	68,126	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2,678,525
	1,504	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		391,402
	8,776	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		593,879

				8,055,722

Turkey – 10.7%
	285,247	Akbank TAS (Banks)*		293,263
	153,056	Aygaz A/S (Utilities)		236,918
	57,315	Cimsa Cimento Sanayi ve Ticaret A/S (Materials)*		63,068
	363,519	Enka Insaat ve Sanayi A/S (Capital Goods)		327,336
	375,438	Eregli Demir ve Celik Fabrikalari TAS (Materials)		577,257
	250,830	Haci Omer Sabanci Holding A/S (Diversified Financials)		324,266
	167,040	KOC Holding A/S (Capital Goods)		453,510


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

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Turkey – (continued)
	246,203	Soda Sanayii A/S (Materials)	$	320,189
	93,926	Sok Marketler Ticaret A/S (Food & Staples Retailing)*		145,462
	314,458	Turkiye Garanti Bankasi A/S (Banks)*		431,750
	1,542,894	Turkiye Sinai Kalkinma Bankasi A/S (Banks)*		194,150
	87,796	Ulker Biskuvi Sanayi A/S (Food, Beverage & Tobacco)		279,857
	559,215	Yapi ve Kredi Bankasi A/S (Banks)*		194,395

				3,841,421

Vietnam – 5.6%
	230,608	Bank for Foreign Trade of Vietnam JSC (Banks)		675,414
	92,230	Masan Group Corp. (Food, Beverage & Tobacco)*		344,546
	63,556	Saigon Thuong Tin Commercial JSB (Banks)*		32,700
	175,896	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		980,534

				2,033,194

	TOTAL COMMON STOCKS
	(Cost $30,563,806)		$	35,863,633



Exchange Traded Funds – 0.5%
	3,473	iShares MSCI Mexico ETF^(b)	$	160,279
	1,232	iShares MSCI Turkey ETF		28,730

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $178,816)		$	189,009

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $30,742,622)		$	36,052,642


Shares		Dividend Rate	Value


Securities Lending Reinvestment Vehicle^(c)– 0.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	151,200	2.464%	$	151,200
	(Cost $151,200)

	TOTAL INVESTMENTS – 100.4%
	(Cost $30,893,822)		$	36,203,842

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%			(135,436	)

	NET ASSETS – 100.0%		$	36,068,406



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)		All or a portion of security is on loan.

(c)		Represents an Affiliated Issuer.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2019 (Unaudited)


	Asia Equity Fund		Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund			N-11 Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $64,629,016, $1,625,235,191, $7,607,658 and $30,742,622)^(a)	$	71,086,560	$	1,682,370,349		$	7,854,514		$	36,052,642
Investments in affiliated issuers, at value (cost $2,665,517, $10,655,637, $0 and $0)		2,665,517		10,655,637			—			—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $171,522, $9,243,117, $0 and $151,200)		171,522		9,243,117			—			151,200
Cash		509,710		5,260,823			35,017			6,749
Foreign currencies, at value (cost $676,321, $12,125,350, $38,065 and $77,060)		674,284		12,098,116			37,046			75,671
Receivables:
Investments sold		163,884		4,668,535			6,352			—
Dividends		85,797		3,286,442			11,076			38,509
Reimbursement from investment adviser		41,987		39,202			46,780			48,370
Fund shares sold		28,650		3,524,497			9,670			7,117
Securities lending income		515		22,611			—			135
Due from custodian		—		3,224,294			—			—
Foreign tax reclaims		—		143,525			—			4,656
Deferred offering costs		—		—			25,423			—
Other assets		60,727		168,366			77,408			76,669
Total assets		75,489,153		1,734,705,514			8,103,286			36,461,718

Liabilities:
Payables:
Investments purchased		192,162		21,739,121			—			—
Payable upon return of securities loaned		171,522		9,243,117			—			151,200
Foreign capital gains taxes		146,708		157,253			—			4,667
Management fees		61,512		1,418,151			6,462			34,113
Distribution and Service fees and Transfer Agency fees		6,949		173,709			357			5,296
Fund shares redeemed		4,290		14,495,844			—			14,966
Accrued expenses		152,357		654,683			79,556			183,070
Total liabilities		735,500		47,881,878			86,375			393,312

Net Assets:
Paid-in capital		69,620,851		1,765,647,756			8,050,375			91,576,846
Total distributable earnings (loss)		5,132,802		(78,824,120	)		(33,464	)		(55,508,440	)
NET ASSETS	$	74,753,653	$	1,686,823,636		$	8,016,911		$	36,068,406
Net Assets:
Class A	$	13,640,381	$	184,806,873		$	49,457		$	6,310,348
Class C		1,031,913		36,193,221			49,005			2,012,804
Institutional		6,989,180		904,423,421			7,770,240			10,896,340
Service		—		25,570,576			—			—
Investor		197,110		127,651,505			49,456			1,716,320
Class P		52,388,511		381,253,625			—			15,123,955
Class R		—		—			49,230			—
Class R6		506,558		26,924,415			49,523			8,639
Total Net Assets	$	74,753,653	$	1,686,823,636		$	8,016,911		$	36,068,406
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		532,029		9,230,302			5,024			713,557
Class C		44,827		2,022,837			5,000			238,633
Institutional		255,666		42,165,947			788,473			1,226,928
Service		—		1,319,982			—			—
Investor		7,253		5,998,205			5,020			192,988
Class P		1,922,037		17,700,653			—			1,705,197
Class R		—		—			5,004			—
Class R6		18,591		1,250,025			5,025			973
Net asset value, offering and redemption price per share:^(b)
Class A		$25.64		$20.02			$9.84			$8.84
Class C		23.02		17.89			9.80			8.43
Institutional		27.34		21.45			9.85			8.88
Service		—		19.37			—			—
Investor		27.18		21.28			9.85			8.89
Class P		27.26		21.54			—			8.87
Class R		—		—			9.84			—
Class R6		27.25		21.54			9.86			8.88

^(a)

Includes loaned securities having a market value of $163,328, $8,676,752 and $147,680 for the Asia Equity, Emerging Markets Equity and N-11 Equity Funds, respectively.

^(b)

Maximum public offering price per share for Class A Shares of the Asia Equity, Emerging Markets Equity, ESG Emerging Markets Equity and N-11 Equity Funds is $27.13, $21.19, $10.41 and $9.35, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2019 (Unaudited)


	Asia Equity Fund			Emerging Markets Equity Fund			ESG Emerging Markets Equity Fund			N-11 Equity Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign taxes withheld of $44,896, $1,068,499, $5,869 and $71,444)	$	305,416		$	11,693,623		$	52,588	��	$	426,845

Dividends — affiliated issuers		19,362			23,787			17			—

Securities lending income — affiliated issuer		3,370			161,307			—			1,505

Total investment income		328,148			11,878,717			52,605			428,350

Expenses:

Management fees		354,152			7,629,330			33,345			212,413

Custody, accounting and administrative services		98,504			642,050			41,929			119,747

Professional fees		54,867			55,962			34,214			54,014

Registration fees		48,148			130,423			11,423			54,521

Distribution and Service fees^(a)		22,613			375,232			394			18,344

Transfer Agency fees^(a)		22,246			522,515			1,485			14,893

Printing and mailing costs		15,434			91,780			9,086			18,143

Trustee fees		8,030			9,213			6,789			8,003

Service share fees — Service and Shareholder Administration Plan		—			55,716			—			—

Amortization of offering costs		—			—			148,150			—

Other		23,762			49,798			982			27,832

Total expenses		647,756			9,562,019			287,797			527,910

Less — expense reductions		(210,928	)		(205,097	)		(248,353	)		(251,446	)

Net expenses		436,828			9,356,922			39,444			276,464

NET INVESTMENT INCOME (LOSS)		(108,680	)		2,521,795			13,161			151,886

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(1,046,735	)		(37,185,120	)		(160,584	)		241,710

Foreign currency transactions		(6,508	)		(25,712	)		392			(8,260	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $218,740, $873,155, $90 and $0)		13,085,982			272,199,807			1,252,295			3,463,408

Foreign currency translation		181,937			761,474			(1,166	)		(1,428	)

Net realized and unrealized gain		12,214,676			235,750,449			1,090,937			3,695,430

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,105,996		$	238,272,244		$	1,104,098		$	3,847,316

(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
Asia Equity	$	17,129	$	5,484	$	—	$	12,333	$	987	$	1,343	$	—	$	223	$	7,314	$	—	$	46
Emerging Markets Equity		202,911		172,321		—		146,096		31,018		149,477		4,457		134,454		52,375		—		4,638
ESG Emerging Markets Equity		56		225		113		41		40		1,316		—		41		—		40		7
N-11 Equity		7,935		10,409		—		5,714		1,874		2,230		—		2,847		2,226		—		2


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets


	Asia Equity Fund						Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income (loss)	$	(108,680	)	$	449,197		$	2,521,795		$	11,198,656

Net realized gain (loss)		(1,053,243	)		4,138,041			(37,210,832	)		(65,598,883	)
Net change in unrealized gain (loss)		13,267,919			(17,738,709	)		272,961,281			(284,498,586	)
Net increase (decrease) in net assets resulting from operations		12,105,996			(13,151,471	)		238,272,244			(338,898,813	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(889,921	)		(243,743	)		(673,495	)		(628,195	)

Class C Shares		(72,137	)		(31,458	)		—			(70,973	)

Institutional Shares		(433,817	)		(896,416	)		(5,268,709	)		(6,577,764	)

Service Shares		—			—			(49,751	)		(162,107	)

Investor Shares		(17,126	)		(7,250	)		(901,707	)		(666,445	)

Class P Shares^(a)		(3,162,940	)		—			(2,644,053	)		—

Class R6 Shares		(539	)		—	^(b)		(296,454	)		(1,439	)

Total distributions to shareholders		(4,576,480	)		(1,178,867	)		(9,834,169	)		(8,106,923	)

From share transactions:

Proceeds from sales of shares		3,305,790			77,910,413			496,844,012			1,728,143,752

Reinvestment of distributions		4,525,522			1,163,235			8,902,638			7,341,874

Cost of shares redeemed		(10,820,835	)		(76,099,825	)		(420,365,305	)		(890,792,904	)

Net increase (decrease) in net assets resulting from share transactions		(2,989,523	)		2,973,823			85,381,345			844,692,722

TOTAL INCREASE (DECREASE)		4,539,993			(11,356,515	)		313,819,420			497,686,986

Net assets:
Beginning of period		70,213,660			81,570,175			1,373,004,216			875,317,230

End of period	$	74,753,653		$	70,213,660		$	1,686,823,636		$	1,373,004,216

(a)

Commenced operations on April 16, 2018.

(b)

Commenced operations on February 28, 2018.


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets(continued)


	ESG Emerging Markets Equity Fund						N-11 Equity Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Period Ended October 31, 2018^(a)			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	13,161		$	27,873		$	151,886		$	540,169

Net realized gain (loss)		(160,192	)		(133,896	)		233,450			4,288,947
Net change in unrealized gain (loss)		1,251,129			(1,005,277	)		3,461,980			(14,322,693	)
Net increase (decrease) in net assets resulting from operations		1,104,098			(1,111,300	)		3,847,316			(9,493,577	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(100	)		—			(43,316	)		(1,461	)

Class C Shares		—			—			—			—

Institutional Shares		(27,540	)		—			(148,258	)		(166,435	)

Investor Shares		(167	)		—			(18,320	)		(11,520	)

Class P Shares		—			—			(211,532	)		—	^(b)

Class R Shares		(34	)		—			—			—

Class R6 Shares		(206	)		—			(117	)		—	^(c)

Total distributions to shareholders		(28,047	)		—			(421,543	)		(179,416	)

From share transactions:

Proceeds from sales of shares		1,028,337			7,000,065			498,524			20,613,181

Reinvestment of distributions		28,047			—			414,427			176,285

Cost of shares redeemed		(4,229	)		(60	)		(9,132,674	)		(49,946,724	)

Net increase (decrease) in net assets resulting from share transactions		1,052,155			7,000,005			(8,219,723	)		(29,157,258	)

TOTAL INCREASE (DECREASE)		2,128,206			5,888,705			(4,793,950	)		(38,830,251	)

Net assets:
Beginning of period		5,888,705			—			40,862,356			79,692,607

End of period	$	8,016,911		$	5,888,705		$	36,068,406		$	40,862,356

(a)

Commenced operations on May 31, 2018.

(b)

Commenced operations on April 16, 2018.

(c)

Commenced operations on February 28, 2018.


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

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Asia Equity Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	23.13		$	27.69		$	21.08		$	20.28		$	20.04		$	19.21

Net investment income (loss)^(a)		(0.07	)		0.05			(0.02	)^(b)		(0.02	)		(0.03	)		—	^(c)(d)

Net realized and unrealized gain (loss)		4.11			(4.22	)		6.63			0.82			0.27			0.91

Total from investment operations		4.04			(4.17	)		6.61			0.80			0.24			0.91

Distributions to shareholders from net investment income		(0.04	)		—			—			—			—			(0.08	)

Distributions to shareholders from net realized gains		(1.49	)		(0.39	)		—			—			—			—

Total distributions		(1.53	)		(0.39	)		—			—			—			(0.08	)

Net asset value, end of period	$	25.64		$	23.13		$	27.69		$	21.08		$	20.28		$	20.04

Total return^(e)		18.43	%		(15.32	)%		31.36	%		3.93	%		1.20	%		4.75	%

Net assets, end of period (in 000s)	$	13,640		$	13,598		$	16,860		$	14,975		$	16,310		$	13,711

Ratio of net expenses to average net assets		1.53	%^(f)		1.54	%		1.55	%		1.60	%		1.69	%		1.73	%

Ratio of total expenses to average net assets		2.13	%^(f)		1.91	%		2.03	%		2.18	%		1.99	%		2.24	%

Ratio of net investment income (loss) to average net assets		(0.59	)%^(f)		0.17	%		(0.09	)%^(b)		(0.08	)%		(0.16	)%		0.02	%^(d)

Portfolio turnover rate^(g)		11	%		39	%		89	%		111	%		153	%		169	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Amount is less than $0.005 per share.

(d)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.25% of average net assets.

(e)

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 (if any). 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.		45

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Asia Equity Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	20.95		$	25.31		$	19.41		$	18.81		$	18.73		$	18.02

Net investment loss^(a)		(0.15	)		(0.13	)		(0.17	)^(b)		(0.15	)		(0.18	)		(0.13	)^(c)

Net realized and unrealized gain (loss)		3.71			(3.84	)		6.07			0.75			0.26			0.84

Total from investment operations		3.56			(3.97	)		5.90			0.60			0.08			0.71

Distributions to shareholders from net realized gains		(1.49	)		(0.39	)		—			—			—			—

Net asset value, end of period	$	23.02		$	20.95		$	25.31		$	19.41		$	18.81		$	18.73

Total return^(d)		18.00	%		(15.94	)%		30.35	%		3.18	%		0.43	%		4.00	%

Net assets, end of period (in 000s)	$	1,032		$	1,318		$	1,732		$	1,810		$	1,951		$	2,114

Ratio of net expenses to average net assets		2.27	%^(e)		2.29	%		2.30	%		2.35	%		2.44	%		2.48	%

Ratio of total expenses to average net assets		2.88	%^(e)		2.66	%		2.78	%		2.93	%		2.76	%		3.00	%

Ratio of net investment loss to average net assets		(1.36	)%^(e)		(0.52	)%		(0.79	)%^(b)		(0.83	)%		(0.91	)%		(0.71	)%^(c)

Portfolio turnover rate^(f)		11	%		39	%		89	%		111	%		153	%		169	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.25% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Asia Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	24.56		$	29.28		$	22.20		$	21.27		$	20.99		$	20.13

Net investment income (loss)^(a)		(0.03	)		0.19			0.09	^(b)		0.07			0.05			0.12	^(c)

Net realized and unrealized gain (loss)		4.38			(4.51	)		6.99			0.86			0.29			0.90

Total from investment operations		4.35			(4.32	)		7.08			0.93			0.34			1.02

Distributions to shareholders from net investment income		(0.08	)		(0.01	)		—			—			(0.06	)		(0.16	)

Distributions to shareholders from net realized gains		(1.49	)		(0.39	)		—			—			—			—

Total distributions		(1.57	)		(0.40	)		—			—			(0.06	)		(0.16	)

Net asset value, end of period	$	27.34		$	24.56		$	29.28		$	22.20		$	21.27		$	20.99

Total return^(d)		18.67	%		(14.98	)%		31.91	%		4.31	%		1.60	%		5.15	%

Net assets, end of period (in 000s)	$	6,989		$	6,997		$	62,843		$	56,077		$	58,967		$	62,951

Ratio of net expenses to average net assets		1.15	%^(e)		1.15	%		1.15	%		1.20	%		1.29	%		1.32	%

Ratio of total expenses to average net assets		1.74	%^(e)		1.47	%		1.63	%		1.78	%		1.61	%		1.87	%

Ratio of net investment income (loss) to average net assets		(0.21	)%^(e)		0.63	%		0.36	%^(b)		0.32	%		0.21	%		0.59	%^(c)

Portfolio turnover rate^(f)		11	%		39	%		89	%		111	%		153	%		169	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.25% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Asia Equity Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,												For the period February 28, 2014* to October 31, 2014
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			For the period February 28, 2014* to October 31, 2014
Per Share Data

Net asset value, beginning of period	$	24.41		$	29.14		$	22.12		$	21.23		$	20.98		$	20.71

Net investment income (loss)^(b)		(0.03	)		0.15			0.06	^(c)		0.06			0.01			0.06	^(d)

Net realized and unrealized gain (loss)		4.34			(4.48	)		6.96			0.83			0.29			0.21

Total from investment operations		4.31			(4.33	)		7.02			0.89			0.30			0.27

Distributions to shareholders from net investment income		(0.05	)		(0.01	)		—			—			(0.05	)		—

Distributions to shareholders from net realized gains		(1.49	)		(0.39	)		—			—			—			—

Total distributions		(1.54	)		(0.40	)		—			—			(0.05	)		—

Net asset value, end of period	$	27.18		$	24.41		$	29.14		$	22.12		$	21.23		$	20.98

Total return^(e)		18.59	%		(15.11	)%		31.74	%		4.18	%		1.46	%		1.30	%

Net assets, end of period (in 000s)	$	197		$	392		$	136		$	57		$	52		$	51

Ratio of net expenses to average net assets		1.28	%^(f)		1.29	%		1.30	%		1.34	%		1.44	%		1.43	%^(f)

Ratio of total expenses to average net assets		1.87	%^(f)		1.63	%		1.78	%		1.93	%		1.75	%		2.06	%^(f)

Ratio of net investment income (loss) to average net assets		(0.28	)%^(f)		0.52	%		0.24	%^(c)		0.27	%		0.06	%		0.41	%^(d)(f)

Portfolio turnover rate^(g)		11	%		39	%		89	%		111	%		153	%		169	%

Commencement of Operations.

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

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

(d)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.25% of average net assets.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Asia Equity Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	24.57		$	30.61

Net investment income (loss)^(a)		(0.03	)		0.09

Net realized and unrealized gain (loss)		4.37			(6.13	)

Total from investment operations		4.34			(6.04	)

Distributions to shareholders from net investment income		(0.16	)		—

Distributions to shareholders from net realized gains		(1.49	)		—

Total distributions		(1.65	)		—

Net asset value, end of period	$	27.26		$	24.57

Total return^(b)		18.67	%		(19.73	)%

Net assets, end of period (in 000s)	$	52,389		$	47,901

Ratio of net expenses to average net assets		1.14	%^(c)		1.14	%^(c)

Ratio of total expenses to average net assets		1.73	%^(c)		1.77	%^(c)

Ratio of net investment income (loss) to average net assets		(0.22	)%^(c)		0.59	%^(c)

Portfolio turnover rate^(d)		11	%		39	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Asia Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period February 28, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	24.56		$	30.83

Net investment income (loss)^(a)		(0.08	)		0.19

Net realized and unrealized gain (loss)		4.42			(6.46	)

Total from investment operations		4.34			(6.27	)

Distributions to shareholders from net investment income		(0.16	)		—

Distributions to shareholders from net realized gains		(1.49	)		—

Total distributions		(1.65	)		—

Net asset value, end of period	$	27.25		$	24.56

Total return^(b)		18.66	%		(20.34	)%

Net assets, end of period (in 000s)	$	507		$	8

Ratio of net expenses to average net assets		1.14	%^(c)		1.15	%^(c)

Ratio of total expenses to average net assets		1.75	%^(c)		1.55	%^(c)

Ratio of net investment income (loss) to average net assets		(0.62	)%^(c)		1.00	%^(c)

Portfolio turnover rate^(d)		11	%		39	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	17.18		$	20.91		$	16.23		$	14.75		$	16.00		$	15.20

Net investment income^(a)		—	^(b)		0.10			0.05	^(c)		0.04			0.03			0.03

Net realized and unrealized gain (loss)		2.92			(3.69	)		4.74			1.44			(1.28	)		0.83

Total from investment operations		2.92			(3.59	)		4.79			1.48			(1.25	)		0.86

Distributions to shareholders from net investment income		(0.08	)		(0.14	)		(0.11	)		—			—			(0.06	)

Net asset value, end of period	$	20.02		$	17.18		$	20.91		$	16.23		$	14.75		$	16.00

Total return^(d)		17.10	%		(17.32	)%		29.78	%		10.01	%		(7.81	)%		5.67	%

Net assets, end of period (in 000s)	$	184,807		$	152,596		$	85,679		$	59,593		$	64,169		$	28,157

Ratio of net expenses to average net assets		1.55	%^(e)		1.56	%		1.57	%		1.65	%		1.67	%		1.70	%

Ratio of total expenses to average net assets		1.58	%^(e)		1.64	%		1.75	%		1.90	%		1.91	%		1.93	%

Ratio of net investment income to average net assets		0.01	%^(e)		0.46	%		0.29	%^(c)		0.27	%		0.17	%		0.19	%

Portfolio turnover rate^(f)		19	%		52	%		113	%		92	%		118	%		114	%

(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 $0.04 per share and 0.19% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	15.34		$	18.72		$	14.53		$	13.31		$	14.55		$	13.87

Net investment loss^(a)		(0.06	)		(0.05	)		(0.09	)^(b)		(0.06	)		(0.10	)		(0.08	)

Net realized and unrealized gain (loss)		2.61			(3.30	)		4.28			1.28			(1.14	)		0.76

Total from investment operations		2.55			(3.35	)		4.19			1.22			(1.24	)		0.68

Distributions to shareholders from net investment income		—			(0.03	)		—			—			—			—

Net asset value, end of period	$	17.89		$	15.34		$	18.72		$	14.53		$	13.31		$	14.55

Total return^(c)		16.62	%		(17.91	)%		28.84	%		9.14	%		(8.52	)%		4.90	%

Net assets, end of period (in 000s)	$	36,193		$	33,252		$	36,286		$	30,104		$	35,927		$	11,217

Ratio of net expenses to average net assets		2.30	%^(d)		2.31	%		2.32	%		2.40	%		2.41	%		2.46	%

Ratio of total expenses to average net assets		2.33	%^(d)		2.39	%		2.50	%		2.65	%		2.67	%		2.68	%

Ratio of net investment loss to average net assets		(0.72	)%^(d)		(0.25	)%		(0.55	)%^(b)		(0.48	)%		(0.68	)%		(0.55	)%

Portfolio turnover rate^(e)		19	%		52	%		113	%		92	%		118	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	18.43		$	22.40		$	17.38		$	15.75		$	17.08		$	16.22

Net investment income^(a)		0.04			0.20			0.12	^(b)		0.11			0.08			0.10

Net realized and unrealized gain (loss)		3.13			(3.96	)		5.07			1.54			(1.36	)		0.88

Total from investment operations		3.17			(3.76	)		5.19			1.65			(1.28	)		0.98

Distributions to shareholders from net investment income		(0.15	)		(0.21	)		(0.17	)		(0.02	)		(0.05	)		(0.12	)

Net asset value, end of period	$	21.45		$	18.43		$	22.40		$	17.38		$	15.75		$	17.08

Total return^(c)		17.27	%		(16.99	)%		30.31	%		10.43	%		(7.49	)%		6.17	%

Net assets, end of period (in 000s)	$	904,423		$	678,197		$	664,085		$	445,019		$	326,068		$	303,676

Ratio of net expenses to average net assets		1.16	%^(d)		1.17	%		1.18	%		1.25	%		1.28	%		1.30	%

Ratio of total expenses to average net assets		1.19	%^(d)		1.24	%		1.36	%		1.50	%		1.52	%		1.53	%

Ratio of net investment income to average net assets		0.44	%^(d)		0.91	%		0.63	%^(b)		0.69	%		0.48	%		0.58	%

Portfolio turnover rate^(e)		19	%		52	%		113	%		92	%		118	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	16.60		$	20.21		$	15.71		$	14.29		$	15.52		$	14.74

Net investment income (loss)^(a)		(0.01	)		0.07			0.02	^(b)		0.02			—	^(c)		0.02

Net realized and unrealized gain (loss)		2.82			(3.56	)		4.59			1.40			(1.23	)		0.80

Total from investment operations		2.81			(3.49	)		4.61			1.42			(1.23	)		0.82

Distributions to shareholders from net investment income		(0.04	)		(0.12	)		(0.11	)		—			—			(0.04	)

Net asset value, end of period	$	19.37		$	16.60		$	20.21		$	15.71		$	14.29		$	15.52

Total return^(d)		16.98	%		(17.38	)%		29.65	%		9.91	%		(7.93	)%		5.55	%

Net assets, end of period (in 000s)	$	25,571		$	19,922		$	26,049		$	19,069		$	15,759		$	15,919

Ratio of net expenses to average net assets		1.66	%^(e)		1.67	%		1.68	%		1.75	%		1.77	%		1.81	%

Ratio of total expenses to average net assets		1.69	%^(e)		1.75	%		1.86	%		2.00	%		2.02	%		2.03	%

Ratio of net investment income (loss) to average net assets		(0.06	)%^(e)		0.36	%		0.11	%^(b)		0.17	%		0.02	%		0.11	%

Portfolio turnover rate^(f)		19	%		52	%		113	%		92	%		118	%		114	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	18.28		$	22.24		$	17.27		$	15.67		$	16.99		$	16.14

Net investment income^(b)		0.02			0.17			0.13	^(c)		0.08			0.01			0.08

Net realized and unrealized gain (loss)		3.10			(3.94	)		5.01			1.53			(1.30	)		0.87

Total from investment operations		3.12			(3.77	)		5.14			1.61			(1.29	)		0.95

Distributions to shareholders from net investment income		(0.12	)		(0.19	)		(0.17	)		(0.01	)		(0.03	)		(0.10	)

Net asset value, end of period	$	21.28		$	18.28		$	22.24		$	17.27		$	15.67		$	16.99

Total return^(d)		17.22	%		(17.07	)%		30.11	%		10.26	%		(7.62	)%		5.93	%

Net assets, end of period (in 000s)	$	127,652		$	139,726		$	62,974		$	5,263		$	1,424		$	313

Ratio of net expenses to average net assets		1.30	%^(e)		1.31	%		1.31	%		1.40	%		1.42	%		1.46	%

Ratio of total expenses to average net assets		1.33	%^(e)		1.38	%		1.49	%		1.64	%		1.69	%		1.68	%

Ratio of net investment income to average net assets		0.21	%^(e)		0.79	%		0.67	%^(c)		0.52	%		0.04	%		0.46	%

Portfolio turnover rate^(f)		19	%		52	%		113	%		92	%		118	%		114	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	18.51		$	23.46

Net investment income^(a)		0.04			0.10

Net realized and unrealized gain (loss)		3.14			(5.05	)

Total from investment operations		3.18			(4.95	)

Distributions to shareholders from net investment income		(0.15	)		—

Net asset value, end of period	$	21.54		$	18.51

Total return^(b)		17.24	%		(21.06	)%

Net assets, end of period (in 000s)	$	381,254		$	311,447

Ratio of net expenses to average net assets		1.15	%^(c)		1.15	%^(c)

Ratio of total expenses to average net assets		1.18	%^(c)		1.24	%^(c)

Ratio of net investment income to average net assets		0.43	%^(c)		0.94	%^(c)

Portfolio turnover rate^(d)		19	%		52	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									For the period July 31, 2015* to October 31, 2015
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			For the period July 31, 2015* to October 31, 2015
Per Share Data

Net asset value, beginning of period	$	18.51		$	22.41		$	17.38		$	15.74		$	16.72

Net investment income^(a)		0.05			0.21			0.16	^(b)		0.10			0.01

Net realized and unrealized gain (loss)		3.13			(4.00	)		5.05			1.56			(0.99	)

Total from investment operations		3.18			(3.79	)		5.21			1.66			(0.98	)

Distributions to shareholders from net investment income		(0.15	)		(0.11	)		(0.18	)		(0.02	)		—

Net asset value, end of period	$	21.54		$	18.51		$	22.41		$	17.38		$	15.74

Total return^(c)		17.29	%		(16.96	)%		30.35	%		10.52	%		(5.86	)%

Net assets, end of period (in 000s)	$	26,924		$	37,865		$	245		$	5,012		$	9

Ratio of net expenses to average net assets		1.15	%^(d)		1.16	%		1.17	%		1.23	%		1.24	%^(d)

Ratio of total expenses to average net assets		1.18	%^(d)		1.21	%		1.35	%		1.44	%		1.53	%^(d)

Ratio of net investment income to average net assets		0.49	%^(d)		0.99	%		0.88	%^(b)		0.57	%		0.14	%^(d)

Portfolio turnover rate^(e)		19	%		52	%		113	%		92	%		118	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs ESG Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period May 31, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.40		$	10.00

Net investment income^(a)		—	^(b)		0.03

Net realized and unrealized gain		1.46			(1.63	)

Total from investment operations		1.46			(1.60	)

Distributions to shareholders from net investment income		(0.02	)		—

Net asset value, end of period	$	9.84		$	8.40

Total return^(c)		17.43	%		(16.00	)%

Net assets, end of period (in 000s)	$	49		$	42

Ratio of net expenses to average net assets		1.53	%^(d)		1.53	%^(d)

Ratio of total expenses to average net assets		6.64	%^(d)		10.28	%^(d)

Ratio of net investment income to average net assets		0.02	%^(d)		0.64	%^(d)

Portfolio turnover rate^(e)		16	%		23	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs ESG Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period May 31, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.37		$	10.00

Net investment loss^(a)		(0.03	)		—	^(b)

Net realized and unrealized gain		1.46			(1.63	)

Total from investment operations		1.43			(1.63	)

Net asset value, end of period	$	9.80		$	8.37

Total return^(c)		17.08	%		(16.30	)%

Net assets, end of period (in 000s)	$	49		$	42

Ratio of net expenses to average net assets		2.28	%^(d)		2.28	%^(d)

Ratio of total expenses to average net assets		7.39	%^(d)		11.03	%^(d)

Ratio of net investment loss to average net assets		(0.73	)%^(d)		(0.11	)%^(d)

Portfolio turnover rate^(e)		16	%		23	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs ESG Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period May 31, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.41		$	10.00

Net investment income^(a)		0.02			0.04

Net realized and unrealized gain		1.46			(1.63	)

Total from investment operations		1.48			(1.59	)

Distributions to shareholders from net investment income		(0.04	)		—

Net asset value, end of period	$	9.85		$	8.41

Total return^(b)		17.70	%		(15.90	)%

Net assets, end of period (in 000s)	$	7,770		$	5,679

Ratio of net expenses to average net assets		1.14	%^(c)		1.14	%^(c)

Ratio of total expenses to average net assets		6.24	%^(c)		9.89	%^(c)

Ratio of net investment income to average net assets		0.40	%^(c)		1.03	%^(c)

Portfolio turnover rate^(d)		16	%		23	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs ESG Emerging Markets Equity Fund
	Investor Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period May 31, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.41		$	10.00

Net investment income^(a)		0.01			0.03

Net realized and unrealized gain		1.46			(1.62	)

Total from investment operations		1.47			(1.59	)

Distributions to shareholders from net investment income		(0.03	)		—

Net asset value, end of period	$	9.85		$	8.41

Total return^(b)		17.60	%		(15.90	)%

Net assets, end of period (in 000s)	$	49		$	42

Ratio of net expenses to average net assets		1.28	%^(c)		1.28	%^(c)

Ratio of total expenses to average net assets		6.39	%^(c)		10.03	%^(c)

Ratio of net investment income to average net assets		0.27	%^(c)		0.89	%^(c)

Portfolio turnover rate^(d)		16	%		23	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period May 31, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.39		$	10.00

Net investment income (loss)^(a)		(0.01	)		0.02

Net realized and unrealized gain		1.47			(1.63	)

Total from investment operations		1.46			(1.61	)

Distributions to shareholders from net investment income		(0.01	)		—

Net asset value, end of period	$	9.84		$	8.39

Total return^(b)		17.38	%		(16.10	)%

Net assets, end of period (in 000s)	$	49		$	42

Ratio of net expenses to average net assets		1.78	%^(c)		1.78	%^(c)

Ratio of total expenses to average net assets		6.89	%^(c)		10.53	%^(c)

Ratio of net investment income (loss) to average net assets		(0.23	)%^(c)		0.39	%^(c)

Portfolio turnover rate^(d)		16	%		23	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs ESG Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period May 31, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.41		$	10.00

Net investment income^(a)		0.02			0.04

Net realized and unrealized gain		1.47			(1.63	)

Total from investment operations		1.49			(1.59	)

Distributions to shareholders from net investment income		(0.04	)		—

Net asset value, end of period	$	9.86		$	8.41

Total return^(b)		17.71	%		(15.90	)%

Net assets, end of period (in 000s)	$	50		$	42

Ratio of net expenses to average net assets		1.13	%^(c)		1.13	%^(c)

Ratio of total expenses to average net assets		6.24	%^(c)		9.88	%^(c)

Ratio of net investment income to average net assets		0.41	%^(c)		1.04	%^(c)

Portfolio turnover rate^(d)		16	%		23	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs N-11 Equity Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.04		$	9.93		$	8.98		$	9.26		$	11.25		$	11.03

Net investment income^(a)		0.02			0.07			0.05			0.06			0.04			0.02

Net realized and unrealized gain (loss)		0.84			(1.96	)		0.90			(0.32	)		(2.03	)		0.26

Total from investment operations		0.86			(1.89	)		0.95			(0.26	)		(1.99	)		0.28

Distributions to shareholders from net investment income		(0.06	)		—	^(b)		—			(0.02	)		—	^(b)		(0.06	)

Net asset value, end of period	$	8.84		$	8.04		$	9.93		$	8.98		$	9.26		$	11.25

Total return^(c)		10.73	%		(19.03	)%		10.58	%		(2.84	)%		(17.68	)%		2.54	%

Net assets, end of period (in 000s)	$	6,310		$	6,345		$	16,496		$	25,955		$	54,045		$	96,440

Ratio of net expenses to average net assets		1.72	%^(d)		1.72	%		1.73	%		1.74	%		1.73	%		1.74	%

Ratio of total expenses to average net assets		3.06	%^(d)		2.33	%		2.11	%		2.39	%		2.07	%		2.08	%

Ratio of net investment income to average net assets		0.58	%^(d)		0.68	%		0.50	%		0.66	%		0.35	%		0.20	%

Portfolio turnover rate^(e)		3	%		11	%		26	%		27	%		48	%		41	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs N-11 Equity Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	7.64		$	9.51		$	8.66		$	8.98		$	10.99		$	10.81

Net investment loss^(a)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)		(0.06	)

Net realized and unrealized gain (loss)		0.80			(1.86	)		0.86			(0.31	)		(1.97	)		0.25

Total from investment operations		0.79			(1.87	)		0.85			(0.32	)		(2.01	)		0.19

Distributions to shareholders from net investment income		—			—			—			—			—			(0.01	)

Net asset value, end of period	$	8.43		$	7.64		$	9.51		$	8.66		$	8.98		$	10.99

Total return^(b)		10.34	%		(19.66	)%		9.82	%		(3.55	)%		(18.29	)%		1.76	%

Net assets, end of period (in 000s)	$	2,013		$	2,082		$	3,854		$	5,642		$	8,564		$	15,127

Ratio of net expenses to average net assets		2.47	%^(c)		2.47	%		2.48	%		2.49	%		2.48	%		2.49	%

Ratio of total expenses to average net assets		3.81	%^(c)		3.10	%		2.84	%		3.14	%		2.82	%		2.83	%

Ratio of net investment loss to average net assets		(0.19	)%^(c)		(0.11	)%		(0.15	)%		(0.07	)%		(0.41	)%		(0.54	)%

Portfolio turnover rate^(d)		3	%		11	%		26	%		27	%		48	%		41	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs N-11 Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.12		$	10.02		$	9.02		$	9.33		$	11.34		$	11.12

Net investment income^(a)		0.04			0.12			0.09			0.10			0.08			0.06

Net realized and unrealized gain (loss)		0.83			(1.99	)		0.91			(0.33	)		(2.04	)		0.26

Total from investment operations		0.87			(1.87	)		1.00			(0.23	)		(1.96	)		0.32

Distributions to shareholders from net investment income		(0.11	)		(0.03	)		—	^(b)		(0.08	)		(0.05	)		(0.10	)

Net asset value, end of period	$	8.88		$	8.12		$	10.02		$	9.02		$	9.33		$	11.34

Total return^(c)		10.89	%		(18.62	)%		11.02	%		(2.46	)%		(17.34	)%		2.88	%

Net assets, end of period (in 000s)	$	10,896		$	12,270		$	50,730		$	58,958		$	115,099		$	310,186

Ratio of net expenses to average net assets		1.33	%^(d)		1.33	%		1.33	%		1.33	%		1.33	%		1.34	%

Ratio of total expenses to average net assets		2.67	%^(d)		1.91	%		1.67	%		1.99	%		1.68	%		1.68	%

Ratio of net investment income to average net assets		0.97	%^(d)		1.24	%		0.94	%		1.08	%		0.78	%		0.57	%

Portfolio turnover rate^(e)		3	%		11	%		26	%		27	%		48	%		41	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs N-11 Equity Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.09		$	9.98		$	9.00		$	9.30		$	11.30		$	11.08

Net investment income^(b)		0.02			0.08			0.08			0.08			0.06			0.05

Net realized and unrealized gain (loss)		0.85			(1.95	)		0.90			(0.32	)		(2.03	)		0.25

Total from investment operations		0.87			(1.87	)		0.98			(0.24	)		(1.97	)		0.30

Distributions to shareholders from net investment income		(0.07	)		(0.02	)		—			(0.06	)		(0.03	)		(0.08	)

Net asset value, end of period	$	8.89		$	8.09		$	9.98		$	9.00		$	9.30		$	11.30

Total return^(c)		10.86	%		(18.82	)%		10.89	%		(2.59	)%		(17.45	)%		2.76	%

Net assets, end of period (in 000s)	$	1,716		$	5,633		$	8,613		$	9,436		$	13,092		$	27,343

Ratio of net expenses to average net assets		1.48	%^(d)		1.47	%		1.48	%		1.48	%		1.48	%		1.49	%

Ratio of total expenses to average net assets		2.79	%^(d)		2.11	%		1.80	%		2.14	%		1.82	%		1.82	%

Ratio of net investment income to average net assets		0.51	%^(d)		0.86	%		0.91	%		0.90	%		0.59	%		0.44	%

Portfolio turnover rate^(e)		3	%		11	%		26	%		27	%		48	%		41	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs N-11 Equity Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.11		$	10.29

Net investment income (loss)^(a)		0.04			(0.01	)

Net realized and unrealized gain (loss)		0.84			(2.17	)

Total from investment operations		0.88			(2.18	)

Distributions to shareholders from net investment income		(0.12	)		—

Net asset value, end of period	$	8.87		$	8.11

Total return^(b)		11.03	%		(21.19	)%

Net assets, end of period (in 000s)	$	15,124		$	14,524

Ratio of net expenses to average net assets		1.32	%^(c)		1.32	%^(c)

Ratio of total expenses to average net assets		2.66	%^(c)		2.28	%^(c)

Ratio of net investment income (loss) to average net assets		0.99	%^(c)		(0.18	)%^(c)

Portfolio turnover rate^(d)		3	%		11	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs N-11 Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period February 28, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.12		$	10.43

Net investment income^(a)		0.04			0.08

Net realized and unrealized gain (loss)		0.84			(2.39	)

Total from investment operations		0.88			(2.31	)

Distributions to shareholders from net investment income		(0.12	)		—

Net asset value, end of period	$	8.88		$	8.12

Total return^(b)		10.87	%		(22.15	)%

Net assets, end of period (in 000s)	$	9		$	8

Ratio of net expenses to average net assets		1.33	%^(c)		1.34	%^(c)

Ratio of total expenses to average net assets		2.68	%^(c)		2.00	%^(c)

Ratio of net investment income to average net assets		0.98	%^(c)		1.33	%^(c)

Portfolio turnover rate^(d)		3	%		11	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements

April 30, 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
Asia Equity	A, C, Institutional, Investor, P and R6	Diversified
Emerging Markets Equity	A, C, Institutional, Service, Investor, P and R6	Diversified
ESG Emerging Markets Equity	A, C, Institutional, Investor, R and R6	Diversified
N-11 Equity	A, C, Institutional, Investor, P and R6	Diversified

Class A Shares are sold with afront-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.

2. SIGNIFICANT ACCOUNTING POLICIES

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 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 Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, andnon-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 astraight-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, 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 theex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

F. Offering Costs — Offering costs paid in connection with the offering of shares of the ESG Emerging Markets Equity Fund were amortized on a straight-line basis over 12 months from the date of commencement 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 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 toGSAM 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:

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2019:



ASIA EQUITY

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	5,685,838	$	64,856,652	$	—

Europe		—		269,460		—

Exchange Traded Fund		274,610		—		—

Investment Company		2,665,517		—		—

Securities Lending Reinvestment Vehicle		171,522		—		—

Total	$	8,797,487	$	65,126,112	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



EMERGING MARKETS EQUITY

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—	$	57,294,139	$	—

Asia		149,781,979		1,157,612,929		—

Europe		—		44,662,785		—

North America		36,991,534		—		—

South America		114,018,788		41,573,361		—

Exchange Traded Funds		80,434,834		—		—

Investment Company		10,655,637		—		—

Securities Lending Reinvestment Vehicle		9,243,117		—		—

Total	$	401,125,889	$	1,301,143,214	$	—

ESG EMERGING MARKETS EQUITY

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—	$	283,394	$	—

Asia		852,337		4,430,618		—

Europe		—		215,186		—

North America		58,123		—		—

South America		796,354		23,506		—

Exchange Traded Funds		1,194,996		—		—

Total	$	2,901,810	$	4,952,704	$	—

N-11 EQUITY

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—	$	1,951,198	$	—

Asia		—		26,394,046		—

North America		7,518,389		—		—

Exchange Traded Funds		189,009		—		—

Securities Lending Reinvestment Vehicle		151,200		—		—

Total	$	7,858,598	$	28,345,244	$	—

(a)

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended April 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate															Effective Rate			Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Asia Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
Emerging Markets Equity		1.02			1.02			0.92			0.87			0.85			1.02			1.02
ESG Emerging Markets Equity		0.98			0.98			0.88			0.84			0.82			0.98			0.98
N-11 Equity		1.13			1.13			1.02			0.97			0.95			1.13			1.13

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

The Asia Equity, Emerging Markets Equity and ESG Emerging Markets Equity Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2019, GSAM waived $1,400, $1,605 and $2 of the Asia Equity, Emerging Markets Equity and ESG Emerging Markets Equity Funds’ management fees, respectively.

B. Distribution and/or Service(12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule12b-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.


	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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Asia Equity	$	1,788	$	—
Emerging Markets Equity		17,342		3
ESG Emerging Markets Equity		—		—
N-11 Equity		—		—

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 and/or Service Shares of the Funds, respectively.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2019 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 Asia Equity Fund through at least February 28, 2020, and prior to such date the Investment Adviser and 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 reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Asia Equity, Emerging Markets Equity, ESG Emerging Markets Equity andN-11 Equity Funds are 0.114%, 0.104%, 0.124% and 0.164%, respectively. These Other Expense limitations will remain in place through at least February 28, 2020 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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
Asia Equity	$	1,400	$	163		1,018	$	208,347	$	210,928
Emerging Markets Equity		1,605		2,822		—		200,670		205,097
ESG Emerging Markets Equity		2		—		—		248,351		248,353
N-11 Equity		—		29		—		251,417		251,446

H. Other Transactions with Affiliates — For the six months ended April 30, 2019, Goldman Sachs earned $1,204, $166 and $199 in brokerage commissions from portfolio transactions on behalf of the Emerging Markets Equity, ESG Emerging Markets Equity andN-11 Equity Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2019:


Fund	Beginning Value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2019		Shares as of April 30, 2019		Dividend Income From Affiliated Investment Company
Asia Equity	$	4,247,434	$	10,834,557	$	(12,416,474)		$	2,665,517		2,665,517	$	19,362
Emerging Markets Equity		4,537,319		66,523,990		(60,405,672	)		10,655,637		10,655,637		23,787
ESG Emerging Markets Equity		—		175,116		(175,116	)		—		—		17

As of April 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:


Fund	Class A			Class C			Institutional		Investor			Class R			Class R6
Asia Equity		—	%		—	%		—%		17	%		—	%		—	%
ESG Emerging Markets Equity		100			100			86		100			100			100
N-11 Equity		—			—			—		—			—			100

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2019, were as follows:


Fund	Purchases		Sales and Maturities
Asia Equity	$	7,393,695	$	13,387,844
Emerging Markets Equity		379,092,958		285,744,737
ESG Emerging Markets Equity		2,117,062		1,098,789
N-11 Equity		1,182,667		9,594,628

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Asia Equity, Emerging Markets Equity andN-11 Equity Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Asia Equity, Emerging Markets Equity andN-11 Equity 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 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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds 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 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 April 30, 2019 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

6. SECURITIES LENDING (continued)

Each of the Asia Equity, Emerging Markets Equity andN-11 Equity Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2019, are reported under Investment Income on the Statements of Operations.

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


	For the six months ended April 30, 2019
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Asia Equity	$	374	$	—
Emerging Markets Equity		18,061		9,414
N-11 Equity		162		13

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2019.


Fund	Beginning Value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2019
Asia Equity	$	116,025	$	1,269,117	$	(1,213,620	)	$	171,522
Emerging Markets Equity		14,895,089		179,413,904		(185,065,876	)		9,243,117
N-11 Equity		630,375		4,831,075		(5,310,250	)		151,200

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2018, the Funds’ capital loss carryforwards on a tax basis were as follows:


	Asia Equity		Emerging Markets Equity			ESG Emerging Markets Equity			N-11 Equity
Capital loss carryforwards:
Perpetual Long-term	$	—		$(31,341,440)		$	—			$(28,762,821)
Perpetual Short-term		—		(67,957,157	)		(118,671	)		(31,928,476	)
Total capital loss carryforwards	$	—		$(99,298,597)			$(118,671)			$(60,691,297)

As of April 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Asia Equity			Emerging Markets Equity			ESG Emerging Markets Equity			N-11 Equity
Tax cost	$	67,505,110		$	1,646,682,352		$	7,609,654		$	31,564,972
Gross unrealized gain		13,254,535			163,830,459			547,385			10,006,883
Gross unrealized loss		(6,836,046	)		(108,243,707	)		(302,525	)		(5,368,013	)
Net unrealized gain	$	6,418,489		$	55,586,752		$	244,860		$	4,638,870

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

7. TAX INFORMATION (continued)

The difference between GAAP-basis andtax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

8. OTHER RISKS

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

ESG Standards Risk — The ESG Emerging Markets Equity Fund’s adherence to its environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Fund will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

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 the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

At a meeting held on June 11-12, 2019, upon the recommendation of GSAM, the Board of Trustees of the Goldman Sachs Trust approved certain changes to the Goldman Sachs N-11 Equity Fund’s name, principal investment strategy and benchmark, amongst other changes. The Fund’s name will change to the “Goldman Sachs Imprint Emerging Markets Opportunities Fund.” However, the Fund’s current investment objective to seek long-term capital appreciation will not change. The changes are expected to take place after the close of business on August 30, 2019.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Asia Equity Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		48,336		$	1,184,276			215,101		$	5,987,069
Reinvestment of distributions		38,407			858,528			8,226			233,609
Shares redeemed		(142,679	)		(3,438,711	)		(244,210	)		(6,833,623	)

		(55,936	)		(1,395,907	)		(20,883	)		(612,945	)
Class C Shares
Shares sold		3,127			63,519			30,241			806,036
Reinvestment of distributions		3,328			66,890			1,145			29,647
Shares redeemed		(24,521	)		(533,473	)		(36,927	)		(915,957	)

		(18,066	)		(403,064	)		(5,541	)		(80,274	)
Institutional Shares
Shares sold		43,690			1,112,737			392,167			11,942,821
Reinvestment of distributions		17,609			419,499			29,693			892,729
Shares redeemed		(90,549	)		(2,235,133	)		(2,283,537	)		(65,021,389	)

		(29,250	)		(702,897	)		(1,861,677	)		(52,185,839	)
Investor Shares
Shares sold		1,827			49,628			40,676			1,223,331
Reinvestment of distributions		723			17,126			242			7,250
Shares redeemed		(11,359	)		(283,744	)		(29,519	)		(871,564	)

		(8,809	)		(216,990	)		11,399			359,017
Class P Shares^(a)
Shares sold		13,350			340,000			2,041,704			57,941,156
Reinvestment of distributions		132,977			3,162,940			—			—
Shares redeemed		(174,105	)		(4,209,451	)		(91,889	)		(2,457,292	)

		(27,778	)		(706,511	)		1,949,815			55,483,864
Class R6 Shares^(b)
Shares sold		22,876			555,630			324			10,000
Reinvestment of distributions		23			539			—			—
Shares redeemed		(4,632	)		(120,323	)		—			—

		18,267			435,846			324			10,000

NET INCREASE (DECREASE)		(121,572	)		$(2,989,523)			73,437		$	2,973,823

(a)

Commenced operations on April 16, 2018.

(b)

Commenced operations on February 28, 2018.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Emerging Markets Equity Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,285,903		$	42,221,288			7,534,544		$	159,698,335
Reinvestment of distributions		37,945			644,305			27,247			590,988
Shares redeemed		(1,974,341	)		(35,486,547	)		(2,778,087	)		(58,228,632	)

		349,507			7,379,046			4,783,704			102,060,691
Class C Shares
Shares sold		332,155			5,467,281			1,205,035			23,137,573
Reinvestment of distributions		—			—			3,236			63,061
Shares redeemed		(477,301	)		(7,804,724	)		(978,503	)		(17,043,397	)

		(145,146	)		(2,337,443	)		229,768			6,157,237
Institutional Shares
Shares sold		14,832,320			297,007,366			38,923,020			889,487,169
Reinvestment of distributions		240,543			4,370,669			252,609			5,858,001
Shares redeemed		(9,703,532	)		(188,569,782	)		(32,025,759	)		(683,921,550	)

		5,369,331			112,808,253			7,149,870			211,423,620
Service Shares
Shares sold		187,175			3,438,534			297,907			6,043,336
Reinvestment of distributions		2,995			49,234			7,730			162,107
Shares redeemed		(70,646	)		(1,292,670	)		(394,066	)		(7,773,105	)

		119,524			2,195,098			(88,429	)		(1,567,662	)
Investor Shares
Shares sold		2,928,323			57,589,176			7,539,554			168,726,981
Reinvestment of distributions		49,984			901,707			28,938			666,445
Shares redeemed		(4,624,301	)		(94,301,966	)		(2,756,212	)		(56,869,721	)

		(1,645,994	)		(35,811,083	)		4,812,280			112,523,705
Class P Shares^(a)
Shares sold		4,299,623			83,978,507			19,101,787			411,608,226
Reinvestment of distributions		144,959			2,644,053			—			—
Shares redeemed		(3,565,938	)		(70,281,660	)		(2,279,778	)		(45,316,728	)

		878,644			16,340,900			16,822,009			366,291,498
Class R6 Shares
Shares sold		359,774			7,141,860			3,176,223			69,442,132
Reinvestment of distributions		16,045			292,670			55			1,272
Shares redeemed		(1,171,343	)		(22,627,956	)		(1,141,645	)		(21,639,771	)

		(795,524	)		(15,193,426	)		2,034,633			47,803,633

NET INCREASE		4,130,342		$	85,381,345			35,743,835		$	844,692,722

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	ESG Emerging Markets Equity Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018^(a)

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		12		$	108			5,001		$	50,010
Reinvestment of distributions		12			100			—			—
Shares redeemed		—			—			(1	)		(10	)

		24			208			5,000			50,000
Class C Shares
Shares sold		—			—			5,001			50,010
Shares redeemed		—			—			(1	)		(10	)

		—			—			5,000			50,000
Institutional Shares
Shares sold		110,559			1,028,229			675,001			6,750,015
Reinvestment of distributions		3,343			27,540			—			—
Shares redeemed		(429	)		(4,229	)		(1	)		(10	)

		113,473			1,051,540			675,000			6,750,005
Investor Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		20			167			—			—
Shares redeemed		—			—			(1	)		(10	)

		20			167			5,000			50,000
Class R Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		4			34			—			—
Shares redeemed		—			—			(1	)		(10	)

		4			34			5,000			50,000
Class R6 Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		25			206			—			—
Shares redeemed		—			—			(1	)		(10	)

		25			206			5,000			50,000

NET INCREASE		113,546		$	1,052,155			700,000		$	7,000,005

(a)

Commenced operations on May 31, 2018.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	N-11 Equity Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		14,028		$	118,838			76,753		$	737,163
Reinvestment of distributions		5,314			43,152			140			1,457
Shares redeemed		(94,749	)		(802,464	)		(949,377	)		(9,311,775	)

		(75,407	)		(640,474	)		(872,484	)		(8,573,155	)
Class C Shares
Shares sold		317			2,589			9,228			88,943
Shares redeemed		(34,090	)		(277,778	)		(142,158	)		(1,294,901	)

		(33,773	)		(275,189	)		(132,930	)		(1,205,958	)
Institutional Shares
Shares sold		36,064			323,673			235,610			2,255,894
Reinvestment of distributions		17,360			141,306			15,615			163,337
Shares redeemed		(338,399	)		(2,913,273	)		(3,804,473	)		(36,202,219	)

		(284,975	)		(2,448,294	)		(3,553,248	)		(33,782,988	)
Investor Shares
Shares sold		6,409			53,424			133,683			1,255,601
Reinvestment of distributions		2,245			18,320			1,101			11,491
Shares redeemed		(511,759	)		(4,225,676	)		(301,814	)		(2,892,022	)

		(503,105	)		(4,153,932	)		(167,030	)		(1,624,930	)
Class P Shares^(a)
Shares sold		—			—			1,817,237			16,265,580
Reinvestment of distributions		26,019			211,532			—			—
Shares redeemed		(110,775	)		(913,483	)		(27,284	)		(245,807	)

		(84,756	)		(701,951	)		1,789,953			16,019,773
Class R6 Shares^(b)
Shares sold		—			—			959			10,000
Reinvestment of distributions		14			117			—			—

		14			117			959			10,000

NET DECREASE		(982,002	)	$	(8,219,723	)		(2,934,780	)	$	(29,157,258	)

(a)

Commenced operations on April 16, 2018.

(b)

Commenced operations on February 28, 2018.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 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) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service(12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2018 through April 30, 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 ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


	Asia Equity Fund							Emerging Markets Equity Fund							ESG Emerging Markets Equity Fund							N-11 Equity Fund
Share Class	Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*		Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*		Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*		Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*
Class A
Actual	$	1,000	$	1,184.30		$	8.29	$	1,000	$	1,171.00		$	8.34	$	1,000	$	1,174.30		$	8.25	$	1,000	$	1,107.30		$	8.99
Hypothetical 5% return		1,000		1,017.21	+		7.65		1,000		1,017.11	+		7.75		1,000		1,017.21	+		7.65		1,000		1,016.27	+		8.60
Class C
Actual		1,000		1,180.00			12.27		1,000		1,166.20			12.35		1,000		1,170.80			12.27		1,000		1,103.40			12.88
Hypothetical 5% return		1,000		1,013.54	+		11.33		1,000		1,013.39	+		11.48		1,000		1,013.49	+		11.38		1,000		1,012.55	+		12.33
Institutional
Actual		1,000		1,186.70			6.24		1,000		1,172.70			6.25		1,000		1,177.00			6.15		1,000		1,108.90			6.95
Hypothetical 5% return		1,000		1,019.09	+		5.76		1,000		1,019.04	+		5.81		1,000		1,019.14	+		5.71		1,000		1,018.20	+		6.66
Service
Actual		N/A		N/A			N/A		1,000		1,169.80			8.93		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,016.56	+		8.30		N/A		N/A			N/A		N/A		N/A			N/A
Investor
Actual		1,000		1,185.90			6.94		1,000		1,172.20			7.00		1,000		1,176.00			6.91		1,000		1,108.60			7.74
Hypothetical 5% return		1,000		1,018.45	+		6.41		1,000		1,018.35	+		6.51		1,000		1,018.45	+		6.41		1,000		1,017.46	+		7.40
Class P
Actual		1,000		1,186.70			6.18		1,000		1,172.40			6.19		N/A		N/A			N/A		1,000		1,110.30			6.91
Hypothetical 5% return		1,000		1,019.14	+		5.71		1,000		1,019.09	+		5.76		N/A		N/A			N/A		1,000		1,018.25	+		6.61
Class R
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,173.80			9.59		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,015.97	+		8.90		N/A		N/A			N/A
Class R6
Actual		1,000		1,186.60			6.18		1,000		1,172.90			6.20		1,000		1,177.10			6.10		1,000		1,108.70			6.95
Hypothetical 5% return		1,000		1,019.14	+		5.71		1,000		1,019.09	+		5.76		1,000		1,019.19	+		5.66		1,000		1,018.20	+		6.66

⁺

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

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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
Asia Equity		1.53	%		2.27	%		1.15	%		N/A			1.28	%		1.14	%		N/A			1.14	%
Emerging Markets Equity		1.55			2.30			1.16			1.66	%		1.30			1.15			N/A			1.15
ESG Emerging Markets Equity		1.53			2.28			1.14			N/A			1.28			N/A			1.78	%		1.13
N-11 Equity		1.72			2.47			1.33			N/A			1.48			1.32			N/A			1.33

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.

Money Market

Financial Square Funds^SM

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Financial Square Treasury Solutions Fund¹

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Financial Square Government Fund¹

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Financial Square Money Market Fund²

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Financial Square Prime Obligations Fund²

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Financial Square Treasury Instruments Fund¹

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Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

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Investor Money Market Fund³

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InvestorTax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

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Enhanced Income Fund

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High Quality Floating Rate Fund

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Short-Term Conservative Income Fund

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Short Duration Government Fund

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Short Duration Income Fund

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Government Income Fund

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Inflation Protected Securities Fund

Multi-Sector

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Bond Fund

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Core Fixed Income Fund

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Global Income Fund

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Strategic Income Fund

Municipal andTax-Free

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High Yield Municipal Fund

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Dynamic Municipal Income Fund

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Short DurationTax-Free Fund

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Municipal Income Completion Fund

Single Sector

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Investment Grade Credit Fund

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U.S. Mortgages Fund

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High Yield Fund

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High Yield Floating Rate Fund

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Emerging Markets Debt Fund

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Local Emerging Markets Debt Fund

Fixed Income Alternatives

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Long Short Credit Strategies Fund

Fundamental Equity

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Equity Income Fund

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Small Cap Value Fund

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Small/Mid Cap Value Fund

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Mid Cap Value Fund

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Large Cap Value Fund

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Focused Value Fund

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Capital Growth Fund

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Strategic Growth Fund

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Small/Mid Cap Growth Fund

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Flexible Cap Fund

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Concentrated Growth Fund

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Technology Opportunities Fund

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Growth Opportunities Fund

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Rising Dividend Growth Fund

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Blue Chip Fund

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Income Builder Fund

Tax-Advantaged Equity

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U.S.Tax-Managed Equity Fund

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InternationalTax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

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International Equity Dividend and Premium Fund

Equity Insights

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Small Cap Equity Insights Fund

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U.S. Equity Insights Fund

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Small Cap Growth Insights Fund

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

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International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

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International Equity Income Fund

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International Equity ESG Fund

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Asia Equity Fund

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Emerging Markets Equity Fund

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N-11 Equity Fund

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ESG Emerging Markets Equity Fund

Alternative

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Real Estate Securities Fund

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International Real Estate Securities Fund

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Commodity Strategy Fund

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Global Real Estate Securities Fund

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Alternative Premia Fund

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Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

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MLP & Energy Fund

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Multi-Manager Alternatives Fund

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Absolute Return Multi-Asset Fund

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Global Infrastructure Fund

Total Portfolio Solutions

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Global Managed Beta Fund

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Multi-ManagerNon-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

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Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

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Growth and Income Strategy Portfolio

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Growth Strategy Portfolio

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Dynamic Global Equity Fund⁴

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Satellite Strategies Portfolio

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Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

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Strategic Factor Allocation Fund

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Target Date 2020 Portfolio

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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Tactical Exposure Fund

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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 Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our website 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

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

The Funds 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).

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).

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2019

				Fundamental International Equity Funds
				International Equity ESG
				International Equity Income

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 callingtoll-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.

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Goldman Sachs Fundamental International Equity Funds

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INTERNATIONAL EQUITY ESG

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INTERNATIONAL EQUITY INCOME


TABLE OF CONTENTS

Investment Process			1

Market Review			2

Portfolio Management Discussions and Performance Summaries			4

Schedules of Investments			17

Financial Statements			21

Financial Highlights

International Equity ESG			24

International Equity Income			31

Notes to the Financial Statements			38

Other Information			50



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental International Equity Investment Process?

Goldman Sachs’ Fundamental International Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by research teams working together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise in order to identify our high conviction investment ideas.

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Fundamental research teams based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, and India and focusing on long-term business and management quality

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Analysts collaborate regularly to leverage regional and industry-specific research and insights

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Global perspective is informed by local market expertise

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A common valuation framework, focusing on long-term earnings power, ensures consistency when valuing and comparing a company to its peers globally

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Team of experienced Research Analysts is regionally aligned and has sector expertise

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Team leverages the research of the approximately 80+ regional investment professionals

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Decision-making process is informed by active participation in the global research process

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Security selections are aligned with the level of investment conviction

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Risk monitoring considers whether investment and other risks to the Funds are intended and justified

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Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the stocks and their respective weightings in the Funds

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International equity portfolios that strive to offer:

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Access to markets across the world

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Disciplined approach to stock selection

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Optimal risk/return profiles

MARKET REVIEW

Goldman Sachs Fundamental International Equity Funds

Market Review

International equities rallied during thesix-month period ended April 30, 2019 (the “Reporting Period”). The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) posted a return of 7.45%.*

Following a challenging October 2018, international equities experienced a brief reprieve as the Reporting Period began in November 2018 on dovish comments from U.S. Federal Reserve (“Fed”) Chair Jerome Powell, an accommodative stance by Chinese policymakers toward the private corporate sector and seemingly encouraging progress towardChina-U.S. trade talks. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) However, the relief rally proved short-lived, as international equities then plunged in December on renewed investor fears sparked by the arrest of a Chinese technology executive, a partial U.S. federal government shutdown and the U.S. President’s criticism of Fed Chair Powell. International equities also fell sharply on trade war escalations between the U.S. and China as well as on political uncertainty — and in a delayed response to an earliersell-off in global rates. Political uncertainty remained elevated in Europe, particularly surrounding the Italian fiscal budget and ongoing Brexit negotiations. (Brexit indicates the U.K.’s path out of the European Union.)

Recovering from weakness in the last months of 2018, the MSCI EAFE Index returned 9.98% in the first quarter of 2019.^* International developed equity markets rebounded across all regions. The Fed maintained its dovish stance amidst slower global economic growth, and significant progress appeared to be made in the trade talks between China and the U.S., paving the way for a potential resolution. European equities remained resilient, despite the overhang of Brexit and slowing economic data. Japanese equities gained during the quarter, as fears around the extent of the global economic growth slowdown eased and the yen gradually weakened.

The MSCI EAFE Index returned 2.81% in April 2019.* European equity markets broke records for calm and quiet trading periods, with little variation through the month of April, and remained resilient despite the persistent overhang of Brexit and slowing economic data. Japanese equities gained amidst similar conditions as dominated in the first quarter of 2019. The Fed maintained its dovish stance amidst slower economic growth, and the European Central Bank extended its forward guidance to confirm its interest rates would remain “unchanged through 2019.”

For the Reporting Period as a whole, information technology, real estate, utilities and industrials were the strongest performing sectors in the MSCI EAFE Index, each producing a positive double-digit absolute return. The weakest performing sector in the MSCI EAFE Index and the only one to post a negative absolute return during the Reporting Period was energy. Health care, communication services, financials and consumer discretionary generated solid positive absolute returns but also lagged the MSCI EAFE Index during the Reporting Period.

From a country perspective, Hong Kong, New Zealand, the Netherlands and Singapore were the strongest performing constituents of the MSCI EAFE Index during the Reporting Period, each posting strong double-digit gains. Norway and Austria were the weakest individual country constituents of the MSCI EAFE Index and the only markets to post negative absolute returns. Japan, Finland, Israel and Germany each generated positive absolute returns but also significantly lagged the MSCI EAFE Index during the Reporting Period.

All index returns are expressed in U.S. dollar terms.

MARKET REVIEW

Looking Ahead

Economic data in some regions of the world was showing weakness after a long run of recovery and expansion. Europe is one such region where economic growth peaked in 2018 and seems to have reverted to its long-term trend level of 1% to 1.5%. Indeed, we believe the global economy overall has transitioned from a period of above-trend growth and rapid absorption of slack, particularly in the labor market, to a period of near-trend growth and slower absorption of slack. In our view, the risk of recession in this environment is low, as consumers continue to drive economic growth, supported by generally healthy balance sheets and strong labor markets.

In addition, while we believe the economic cycle is mature and some cyclical softening is to be expected, economic softening does not necessarily lead to recession, and stock markets have a checkered history of predicting such. Geopolitics has been and will likely continue to be the other major source of concern for international developed markets — a trade war between the world’s two most important economies, Brexit uncertainty and rising nationalism together create a challenging backdrop for investors.

As a result, markets have returned to more historically “normal” patterns of volatility. We can be reasonably confident that volatility is here to stay. But, at the same time, volatility is more a reflection of investor uncertainty than economic reality, and the two should not be confused. In our opinion, volatility may ultimately provide opportunity. We are always cognizant of the fact that the companies the Funds own will have to face challenging economic times at some point, predictable or not. We selected those companies because of our confidence in their ability to grow and prosper relative to their competitors — over the long term.

As always, we maintain our focus on seeking companies with durable businesses that we believe will generate long-term growth in today’s ever-changing market conditions.

PORTFOLIO RESULTS

Goldman Sachs International Equity ESG Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Equity Team discusses the Goldman Sachs International Equity ESG Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during Reporting Period?

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 11.25%, 10.83%, 11.47%, 11.19%, 11.44%, 11.47% and 11.50%, respectively. These returns compare to the 7.45% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”), during the same period.

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

The Fund outperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to individual stock selection. Country allocation and sector allocation each had rather neutral effect during the Reporting Period. Having an allocation, albeit modest, to cash dampened the Fund’s relative results during a Reporting Period when the Index posted a solid positive return.

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

Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were BTG, Cellnex Telecom and Rentokil Initial.

BTG, based in the U.K., is an international specialist health care company that is developing and commercializing products targeting critical care, cancer and other disorders. Its shares performed well on the announcement the company would be acquired by Boston Scientific. We did not anticipate competing offers coming in and thus decided to sell the Fund’s position in BTG, taking profits.

Cellnex Telecom, based in Spain, operates infrastructure for wireless telecommunications in Spain, Italy, the Netherlands, France, Switzerland and elsewhere. The tower industry has been consolidating in Europe, which has led to a positivere-rating of the tower industry overall. (When the market changes its view of a company, industry or sector sufficiently to make calculation ratios, such as price/earnings ratios, substantially higher or lower, this is are-rating.) Further, Cellnex Telecom is, in our view, well exposed to new industry entrants thereby expanding its network footprint —notably via Iliad in France and Italy. Longer term, we believe Cellnex Telecom may well be a beneficiary of rising data consumption across Europe.

Rentokil Initial, based in the U.K., is a global pest management and hygiene services company. Its stock performed well after the company reported an increase in revenue for the third quarter of 2018. This increase was partly organic and partly buoyed by further acquisitions and improvements in the French workwear market. The pest control business grew by double digits during the Reporting Period, with good performance being delivered across both developed and emerging markets. After the harsh weather conditions experienced in the first half of 2018, the company benefited from favorable weather conditions across Europe and the U.K. during the Reporting Period. This facilitated stronger revenues from wholesalers. At the end of the Reporting Period, Rentokil Initial remained a core holding in the Fund given what we see as its defensive nature as well as its potential value accretion from mergers and acquisitions, margin improvement from enhanced business synergies and better return on invested capital.

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

Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Orix JREIT, Sumitomo Mitsui Financial Group and Novartis.

PORTFOLIO RESULTS

Orix JREIT (“Orix”) is a Japanese real estate investment trust that invests in securitized real estate products, directly investing in real estate properties, such as offices, rental housing, hotels and more. Its stock price declined during the Reporting Period primarily due to weak quarterly earnings. Orix’s quarterly earnings are generally volatile, but its fourth quarter 2018 results were lower than market expectations. Our investment thesis still hinges on the fact it is a real asset company and should not be impacted by the yield curve, i.e., changes in interest rates. Orix has sold real estate and leasing assets and has been changing its asset mix in its efforts to seek higher return on equity assets. Its management team has also been aggressively doing acquisitions. For example, during the Reporting Period, the company announced the acquisition of an aircraft division of a U.K. company. It also announced it was considering another acquisition within the social infrastructure space, such as a railway or airport. At the end of the Reporting Period, we believed the decline in Orix’s share price was temporary and so we held the position within the Fund’s portfolio.

Sumitomo Mitsui Financial Group, based in Japan, is a holding company that engages in the management of its subsidiaries, which provide financial services. Its stock underperformed the MSCI EAFE Index in line with the broad financials sector, which was impacted significantly by global long-term interest rates heading downward almost uninterruptedly since November 2018. Japanese bank stocks underperformed the broad Japanese equity market, as measured by the TOPIX, by 5.4% in November 2018 alone. Share prices fell for major international banks and major regional banks alike. All that said, following a sharp decline in price during the fourth quarter of 2018, Sumitomo Mitsui Financial Group’s stock recovered somewhat after outperforming the Index during January 2019, primarily based on the bank showing favorable progress toward full-year guidance and a solid outlook for its earnings as well.

Novartis, a new position for the Fund during the Reporting Period, is a Swiss multinational pharmaceutical company. Novartis actually outperformed the health care sector within the MSCI EAFE Index, but the sector as a whole underperformed the MSCI EAFE Index during the Reporting Period. Its stock had a solidrun-up in price going into the spinoff of its eye care business, Alcon, in early April 2019, but then it pulled back sharply. Since then, the stock recovered somewhat, as the fundamentals of the business were strong as seen in its first quarter 2019 results, including strong organictop-line high single-digit growth anddouble-digit operating profit growth with margins ahead of market expectations and a modest guidance upgrade. At the end of the Reporting Period, we viewed Novartis as a focused innovation company with margin expansion potential drivingmid-single-digittop-line and double-digit earnings per share growth. In our opinion, Novartis remained well on track on its margin trajectory and appeared to have a catalyst-heavy second half of 2019 wherein its risk/reward profile is skewed to the upside, with support from sharebuy-backs.

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

The sectors that contributed most positively to the Fund’s relative results during the Reporting Period were health care, communication services and consumer discretionary, each due primarily to effective stock selection.

The sectors that detracted most from the Fund’s relative results were financials and real estate, each hurt by weak stock selection. Having no allocation to utilities, which outperformed the Index during the Reporting Period, also detracted.

Which countries most affected the Fund’s performance during the Reporting Period?

Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in a concentrated portfolio or in countries that represent only a modest proportion of the MSCI EAFE Index.

That said, effective stock selection and allocation positioning in Japan, the U.K. and Germany boosted the Fund’s relative returns most. Conversely, having no exposure to Hong Kong, which substantially outperformed the MSCI EAFE Index during the Reporting Period, detracted most from the Fund’s relative performance during the Reporting Period. The other countries that detracted most from the Fund’s relative results during the Reporting Period were Switzerland and France, where stock selection overall hurt.

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

During the Reporting Period, the Fund did not use derivatives or similar instruments.

PORTFOLIO RESULTS

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

In addition to the purchase of Novartis, mentioned earlier, we established a Fund position in Swiss-based multinational packaged food company Nestle during the Reporting Period. We view Nestle as a high quality and defensive business with strong competitive positioning in high growth categories, such as coffee, pet food, water and nutrition. Under the leadership of its Chief Executive Officer, in place since 2017, Nestle has seen a significant change, in our view, and improvement in its business mix by the disposing ofnon-core assets and the acquiring of better quality assets, like Starbucks’ packaged coffee business. This deal bode well, we believe, for fastertop-line growth and margin expansion in coming years. We also observed improved corporate governance and incentive structure and leaner organization structure, which could position Nestle well in the fast-changing landscape, in our opinion. Nestle is clearly a leader in the food and beverage industry globally and, we believe, from an ESG perspective, as health, wellness and nutrition are at the core of Nestle’s product strategy.

Conversely, in addition to the sale of BTG, already mentioned, we exited the Fund’s position in British multinational telecommunications conglomerate Vodafone during the Reporting Period. We liked the company’s digital transformation, but we grew concerned about heightened competition in parts of Vodafone’s footprint. We were additionally concerned about the risk of cost escalation caused by expensive spectrum auctions and about the company’s high leverage as well.

We eliminated the Fund’s position in Rexel, a French distributor of electrical products. We continued to like the underlying improvement the company’s new management team has been delivering. However, we were more concerned about the slowing European construction backdrop and thus decided to sell the position.

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

In this Fund, both sector weightings and country allocations are largely the result of ourbottom-up stock selection process rather than anytop-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to communication services, energy and consumer staples increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to health care, industrials, consumer discretionary and financials decreased.

From a country perspective, the Fund’s exposure to Japan, Switzerland, Germany and Norway increased relative to the MSCI EAFE Index, while its relative exposure to the U.K., France and Ireland decreased during the Reporting Period.

How was the Fund positioned relative to the MSCI EAFE Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had more exposure to the U.K., Spain and Denmark and less exposure to Germany relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund held a neutral position relative to the MSCI EAFE Index in Japan, France, Switzerland, the Netherlands, Italy, Singapore, Sweden, Norway and New Zealand and held no exposure to the remaining components of the MSCI EAFE Index. The Fund also had a position in Taiwan, which is not a constituent of the MSCI EAFE Index.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in communication services, health care, real estate, industrials and information technology at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in financials, consumer discretionary, consumer staples and energy. The Fund had no exposure to the utilities and materials sectors at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

International Equity ESG Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^® EAFE Index²

Class A		11.25	%		7.45	%
Class C		10.83			7.45
Institutional		11.47			7.45
Service		11.19			7.45
Investor		11.44			7.45
Class P		11.47			7.45
Class R6		11.50			7.45

The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-10.59	%		-0.45	%		7.01	%		4.15	%	12/1/92
Class C		-6.99			-0.07			6.83			1.76		8/15/97
Institutional		-5.00			1.07			8.05			4.01		2/7/96
Service		-5.38			0.59			7.52			3.42		3/6/96
Investor		-5.11			0.93			N/A			5.22		8/31/10
Class P		N/A			N/A			N/A			-6.90		4/16/18
Class R6		-4.95			N/A			N/A			8.39		2/26/16

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, 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.24	%		1.53	%
Class C		1.99			2.28
Institutional		0.90			1.14
Service		1.40			1.64
Investor		0.99			1.28
Class P		0.89			1.13
Class R6		0.89			1.13

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TOP TEN HOLDINGS AS OF 4/30/19^5,6

Holding	% of Net Assets			Line of Business	Country

Novo Nordisk A/S Class B		4.8	%	Pharmaceuticals, Biotechnology & Life Sciences	Denmark

Reckitt Benckiser Group plc		4.2		Household & Personal Products	United Kingdom

Klepierre SA (REIT)		4.2		Real Estate	France

Royal Dutch Shell plc Class A		4.1		Energy	Netherlands

Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3.8		Semiconductors & Semiconductor Equipment	Taiwan

Industria de Diseno Textil SA		3.6		Retailing	Spain

Hoya Corp.		3.4		Health Care Equipment & Services	Japan

Nidec Corp.		3.4		Capital Goods	Japan

Isuzu Motors Ltd.		3.3		Automobiles & Components	Japan
Aalberts NV		3.2		Capital Goods	Netherlands

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

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FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 2019

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⁷

PORTFOLIO RESULTS

Goldman Sachs International Equity Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Equity Team discusses the Goldman Sachs International Equity Income Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 9.50%, 9.08%, 9.64%, 9.57%, 9.68%, 9.31% and 9.75%, respectively. These returns compare to the 7.45% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”), during the same period.

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

The Fund outperformed the MSCI EAFE Index during the Reporting Period, attributable primarily to individual stock selection. Country allocation also contributed positively, while sector allocation detracted, albeit modestly, from relative results during the Reporting Period.

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

Among the greatest contributors to Fund performance relative to the MSCI EAFE Index during the Reporting Period were Rio Tinto, Iberdrola and Ferrovial.

Rio Tinto is a U.K.-based international mining company. Its share price reacted strongly to the surge in iron ore prices after a disaster at a competitor’s mine in Brazil during the Reporting Period. Toward the end of the Reporting Period, the company released news of its first quarter 2019 production results, which revealed reduced iron ore shipments. The company also faced several challenges at the start of 2019, particularly from tropical cyclones, which resulted in Pilbara iron ore shipments being reduced. Pilbara iron ore shipments were down 14% in the first quarter of 2019, making the company unable to take full advantage of the iron ore price surge even though circumstances were out of its control. While we maintained the Fund’s position in Rio Tinto at the end of the Reporting Period, we intended to review Rio Tino’s prospects going forward.

Iberdrola is a Spain-based utility with high exposure to renewable assets globally. Its stock performed well during the Reporting Period, driven by strong results across its businesses. At the end of the Reporting Period, we continued to like the stock given what we feel is good visibility and growth prospects going forward. Also, global bond yields’ move lower toward the end of the Reporting Period favors stable, high dividend-yielding stocks, such as Iberdrola, in our opinion.

Ferrovial, a Spain-based company, owns infrastructure assets and also has exposure to the construction and related services businesses. Its stock performed well during the Reporting Period on the back of strong performance by its infrastructure assets, including toll roads, managed lanes and airports. Also, the company announced the potential sale of its services business, which we expect to be a positive outcome given we anticipate it to significantly reduce the volatility of its earnings and enhance investors’ ability to focus on its infrastructure assets.

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

Among the biggest detractors from Fund performance relative to the MSCI EAFE Index during the Reporting Period were Takeda Pharmaceutical, British American Tobacco and Novartis.

Takeda Pharmaceutical is a Japan-based company engaged in research and development, manufacturing, sales and marketing and import and export of pharmaceutical drugs. In March 2018, before the start of the Reporting Period, Takeda Pharmaceutical announced it was acquiring competitor Shire. Typical of any firm making a big acquisition, Takeda Pharmaceutical’s purchase of Shire could lead to write-

PORTFOLIO RESULTS

downs, distractions from operating cost cuts and ongoing debt management on its balance sheet. Financing activities, bond issuance and dividend payments all increased Takeda Pharmaceutical’s cash balance, and companies holding high debt following acquisitions were generally out of favor during the Reporting Period. For Takeda Pharmaceutical in particular, Shire could have additional financial costs related to fair value adjustments.

British American Tobacco is a U.K.-based tobacco company. In November 2018, the U.S. Food and Drug Administration commissioner announced it may clamp down on menthol flavored cigarettes. If implemented, this could put significant pressure on British American Tobacco’s cash flow, as menthol cigarettes in the U.S. accounts for approximately 25% of the company’s profits. Further, given its levered balance sheet, this could potentially put the company’s dividends under threat. Also, the tobacco industry broadly is undergoing a significant change, driven by new generational products (“NGPs”), like JUUL and iQOS, which, combined with harsher regulations on traditional cigarettes, could lead to faster volume declines and unsettling of existing economics within the industry. Although British American Tobacco had a reasonably diversified NGP strategy to adjust to this changing dynamic, in our view, we were no longer comfortable with the industry at large, as these disruptive trends strengthened, and we felt we saw further downside from a long-term perspective. We thus decided to sell the Fund’s position in British American Tobacco rather early in the Reporting Period.

Novartis is a Swiss multinational pharmaceutical company. Novartis actually outperformed the health care sector within the MSCI EAFE Index, but the sector as a whole underperformed the MSCI EAFE Index during the Reporting Period. Its stock had a solid run-up in price going into the spinoff of its eye care business, Alcon, in early April 2019, but then it pulled back sharply. Since then, the stock recovered somewhat, as the fundamentals of the business were strong as seen in its first quarter 2019 results, including strong organic top-line high single-digit growth and double-digit operating profit growth with margins ahead of market expectations and a modest guidance upgrade. At the end of the Reporting Period, we viewed Novartis as a focused innovation company with margin expansion potential driving mid-single-digit top-line and double-digit earnings per share growth. In our opinion, Novartis remained well on track on its margin trajectory and appeared to have a catalyst-heavy second half of 2019 wherein its risk/reward profile is skewed to the upside, with support from share buy-backs.

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

The sectors that contributed most positively to the Fund’s performance relative to the MSCI EAFE Index were industrials, utilities and materials. Stock selection in all three sectors proved effective during the Reporting Period.

The sectors that detracted from the Fund’s results most during the Reporting Period were consumer staples, health care and information technology, where weak stock selection in each hurt. Having an overweighted allocation to health care, which underperformed the MSCI EAFE Index during the Reporting Period, and having an underweighted allocation to information technology, which outperformed the MSCI EAFE Index during the Reporting Period, also dampened the Fund’s relative results.

Which countries most affected the Fund’s performance during the Reporting Period?

Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI EAFE Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI EAFE Index.

That said, effective stock selection and allocation positioning in Spain and Italy contributed most positively to the Fund’s results relative to the MSCI EAFE Index during the Reporting Period. Being underweight Japan, which underperformed the MSCI EAFE Index during the Reporting Period, also added value. Conversely, the countries that detracted most from the Fund’s relative performance were Switzerland and the U.K., where stock selection overall hurt. Having no exposure to Hong Kong, which outperformed the MSCI EAFE Index during the Reporting Period, also dampened the Fund’s relative results.

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

During the Reporting Period, the Fund did not use derivatives or similar instruments.

PORTFOLIO RESULTS

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

During the Reporting Period, we established a Fund position in DBS Group Holdings, a Singapore-based bank and financial services provider. We expect DBS Group Holdings to post stable top-line growth going forward and for its expenses and provisions to remain under control. Based on our fundamental analysis, the firm generates good capital. Also, DBS Group Holdings had increased its pay-out from 35% to 50% and offers what we consider to be an attractive dividend yield.

We initiated a Fund position in Reckitt Benckiser Group, a U.K-based consumer products manufacturer and distributor. We like the company from a long-term perspective owing to its portfolio of what we view as high quality power brands in fast growing categories, including consumer health, baby nutrition and hygiene home. Reckitt Benckiser Group missed consensus expectations in its top-line results in the third quarter of 2018 given an issue in one of its infant nutrition manufacturing facilities. Given that the problem appeared to be only a short-term one, it gave us the opportunity to establish a Fund position. The company is reviewing whether it should spin off its hygiene home division by mid-2020. If implemented, this could act, in our view, as a positive catalyst to its valuation, as investors may be able to appreciate the underlying value of both of the company’s divisions separately.

Conversely, in addition to the sale of British American Tobacco, already mentioned, we exited the Fund’s position in Swedbank, as allegations of money laundering surfaced against the Swedish bank. Swedbank was not able to provide a satisfactory response to those allegations, and so we sold the Fund’s position in its stock.

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

In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to energy increased relative to the MSCI EAFE Index during the Reporting Period, while its relative exposure to consumer staples decreased.

From a country perspective, the Fund’s exposure to Spain and Singapore increased relative to the MSCI EAFE Index, while its relative exposure to Sweden decreased during the Reporting Period. The Fund’s position in cash also decreased during the Reporting Period.

How was the Fund positioned relative to the MSCI EAFE Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had more exposure to the U.K., Spain, Switzerland, Italy, Singapore, the Netherlands, Denmark and France relative to the MSCI EAFE Index and less exposure to Japan, Germany and Australia relative to the MSCI EAFE Index. At the end of the Reporting Period, the Fund had eliminated its position in Sweden and continued to have no exposure to several other components of the MSCI EAFE Index, including Austria, Belgium, Finland, Hong Kong, Ireland, Israel, New Zealand, Norway and Portugal. The Fund also held a position in Taiwan, which is not a component of the MSCI EAFE Index.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI EAFE Index in real estate, utilities, health care, industrials, energy and financials at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI EAFE Index in consumer discretionary, consumer staples, materials and information technology and a rather neutral position relative to the MSCI EAFE Index in communication services.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

International Equity Income Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^®EAFE Index²

Class A		9.50	%		7.45	%
Class C		9.08			7.45
Institutional		9.64			7.45
Investor		9.57			7.45
Class P		9.68			7.45
Class R		9.31			7.45
Class R6		9.75			7.45

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.

The MSCI^®EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^®EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate tonon-resident individuals who do not benefit from double taxation treaties. MSCI^®Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^®EAFE Index is unmanaged and the figures for the MSCI^®EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-7.58	%		0.77	%		7.60	%		0.29	%	6/25/07
Class C		-3.89			1.16			7.39			0.02		6/25/07
Institutional		-1.84			2.31			8.61			1.16		6/25/07
Investor		-1.99			2.18			8.53			0.44		11/30/07
Class P		N/A			N/A			N/A			-4.27		4/16/18
Class R		-2.50			1.65			7.93			-0.11		11/30/07
Class R6		-1.89			N/A			N/A			9.26		2/26/16

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. 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 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.24	%		1.88	%
Class C		1.99			2.63
Institutional		0.85			1.49
Investor		0.99			1.63
Class P		0.84			1.48
Class R		1.49			2.13
Class R6		0.84			1.48

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TOP TEN HOLDINGS AS OF 4/30/19⁵

Holding	% of Net Assets			Line of Business	Country

Royal Dutch Shell plc Class A		4.4	%	Energy	Netherlands
Iberdrola SA		4.2		Utilities	Spain
Rio Tinto plc		4.2		Materials	Australia
HSBC Holdings plc		3.8		Banks	United Kingdom
Taiwan Semiconductor Manufacturing Co. Ltd.		3.4		Semiconductors & Semiconductor Equipment	Taiwan
Vinci SA		3.4		Capital Goods	France
Novo Nordisk A/S Class B		3.3		Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Zurich Insurance Group AG		3.3		Insurance	Switzerland
Ferrovial SA		3.3		Capital Goods	Spain
Nestle SA (Registered)		3.2		Food, Beverage & Tobacco	Switzerland

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

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⁶

FUND BASICS

Index Definition

TOPIX, or the Tokyo Stock Price Index, is a stock market index for the Tokyo Stock Exchange in Japan, tracking all domestic companies of the exchange’s First Section.

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 95.3%
Denmark – 4.8%
	138,096	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	6,765,952

France – 13.1%
	187,047	Adevinta ASA Class B (Media & Entertainment)*		1,840,237
	80,870	BNP Paribas SA (Banks)		4,304,959
	165,041	Klepierre SA (REIT)		5,864,571
	49,627	Publicis Groupe SA (Media & Entertainment)^(a)		2,949,645
	35,781	Vinci SA (Capital Goods)		3,613,746

				18,573,158

Germany – 4.6%
	63,845	CTS Eventim AG & Co. KGaA (Media & Entertainment)		3,279,031
	135,182	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		3,204,568

				6,483,599

Italy – 2.8%
	285,301	UniCredit SpA (Banks)		3,949,737

Japan – 23.2%
	68,400	Hoya Corp. (Health Care Equipment & Services)		4,830,930
	325,800	Isuzu Motors Ltd. (Automobiles & Components)		4,692,415
	6,000	Keyence Corp. (Technology Hardware & Equipment)		3,748,763
	185,700	Mitsubishi Estate Co. Ltd. (Real Estate)		3,140,178
	33,500	Nidec Corp. (Capital Goods)		4,785,096
	205,200	ORIX Corp. (Diversified Financials)		2,906,829
	68,700	Pigeon Corp. (Household & Personal Products)		2,941,436
	114,500	Sumitomo Mitsui Financial Group, Inc. (Banks)		4,161,644
	42,473	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,567,327

				32,774,618

Netherlands – 7.3%
	114,213	Aalberts NV (Capital Goods)		4,493,694
	183,027	Royal Dutch Shell plc Class A (Energy)		5,831,500

				10,325,194

New Zealand – 1.0%
	124,939	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		1,407,279

Singapore – 2.2%
	147,880	DBS Group Holdings Ltd. (Banks)		3,075,230


Common Stocks – (continued)
Spain – 6.5%
	137,607	Cellnex Telecom SA (Telecommunication Services)^(b)	$	4,238,854
	165,655	Industria de Diseno Textil SA (Retailing)^(a)		5,015,800

				9,254,654

Sweden – 2.1%
	140,205	Assa Abloy AB Class B (Capital Goods)		2,997,242

Switzerland – 7.9%
	320,053	Credit Suisse Group AG (Registered) (Diversified Financials)*		4,256,352
	31,119	Nestle SA (Registered) (Food, Beverage & Tobacco)		2,996,064
	47,058	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,855,937

				11,108,353

Taiwan – 3.8%
	122,382	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		5,362,779

United Kingdom – 13.0%
	246,590	BTG plc (Pharmaceuticals, Biotechnology & Life Sciences)*		2,686,578
	124,756	Compass Group plc (Consumer Services)		2,835,544
	261,186	Informa plc (Media & Entertainment)		2,655,749
	72,731	Reckitt Benckiser Group plc (Household & Personal Products)		5,884,406
	860,184	Rentokil Initial plc (Commercial & Professional Services)		4,383,681

				18,445,958

United States – 3.0%
	58,980	Ferguson plc (Capital Goods)		4,197,364

	TOTAL COMMON STOCKS
	(Cost $133,900,084)		$	134,721,117


Shares		Dividend Rate	Value

Investment Company^(c) – 2.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,925,919	2.464%	$	3,925,919
	(Cost $3,925,919)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $137,826,003)		$	138,647,036


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(c)– 5.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,840,580	2.464%	$	7,840,580
	(Cost $7,840,580)

	TOTAL INVESTMENTS – 103.7%
	(Cost $145,666,583)		$	146,487,616

	LIABILITIES IN EXCESS OF OTHER ASSETS – (3.7)%			(5,256,666	)

	NET ASSETS – 100.0%		$	141,230,950



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 97.7%
Australia – 6.2%
	37,282	Rio Tinto plc (Materials)	$	2,174,997
	201,054	Sydney Airport (Transportation)		1,080,696

				3,255,693

Denmark – 3.3%
	35,035	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,716,524

France – 12.9%
	8,782	Gecina SA (REIT)		1,312,153
	44,792	Klepierre SA (REIT)		1,591,640
	14,856	Publicis Groupe SA (Media & Entertainment)^(a)		882,986
	13,766	Schneider Electric SE (Capital Goods)		1,165,098
	17,525	Vinci SA (Capital Goods)		1,769,959

				6,721,836

Germany – 3.0%
	31,734	Vonovia SE (Real Estate)		1,585,954

Italy – 4.4%
	37,999	Atlantia SpA (Transportation)		1,037,400
	199,598	Enel SpA (Utilities)		1,263,887

				2,301,287

Japan – 4.9%
	25,800	Sumitomo Mitsui Financial Group, Inc. (Banks)		937,733
	43,700	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,612,605

				2,550,338

Netherlands – 9.7%
	98,598	ING Groep NV (Banks)		1,258,113
	498,094	Koninklijke KPN NV (Telecommunication Services)		1,530,820
	71,716	Royal Dutch Shell plc Class A (Energy)		2,284,974

				5,073,907

Singapore – 4.3%
	54,300	DBS Group Holdings Ltd. (Banks)		1,129,192
	209,200	Singapore Exchange Ltd. (Diversified Financials)		1,135,889

				2,265,081

Spain – 9.8%
	69,057	Ferrovial SA (Capital Goods)		1,702,920
	242,024	Iberdrola SA (Utilities)		2,199,367
	40,832	Industria de Diseno Textil SA (Retailing)		1,236,335

				5,138,622

Switzerland – 13.2%
	48,360	ABB Ltd. (Registered) (Capital Goods)*		994,703
	17,334	Nestle SA (Registered) (Food, Beverage & Tobacco)		1,668,877


Common Stocks – (continued)
Switzerland – (continued)
	17,558	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,438,704
	80,888	UBS Group AG (Registered) (Diversified Financials)*		1,084,665
	5,351	Zurich Insurance Group AG (Insurance)		1,705,728

				6,892,677

Taiwan – 3.4%
	212,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,779,959

United Kingdom – 20.6%
	15,628	AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,164,283
	255,339	Aviva plc (Insurance)		1,434,017
	219,656	BP plc (Energy)		1,597,273
	53,850	GlaxoSmithKline plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,106,253
	227,324	HSBC Holdings plc (Banks)		1,980,665
	12,224	Reckitt Benckiser Group plc (Household & Personal Products)		989,000
	26,985	Unilever plc (Household & Personal Products)		1,635,698
	476,563	Vodafone Group plc (Telecommunication Services)		883,965

				10,791,154

United States – 2.0%
	14,623	Ferguson plc (Capital Goods)		1,040,659

	TOTAL COMMON STOCKS
	(Cost $52,265,546)		$	51,113,691


Shares		Dividend Rate	Value

Investment Company^(b) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	558,070	2.464%	$	558,070
	(Cost $558,070)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $52,823,616)		$	51,671,761


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(b)– 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	885,480	2.464%	$	885,480
	(Cost $885,480)

	TOTAL INVESTMENTS – 100.5%
	(Cost $53,709,096)		$	52,557,241

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(240,637	)

	NET ASSETS – 100.0%		$	52,316,604



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an Affiliated Issuer.



Investment Abbreviation:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2019 (Unaudited)


	International Equity ESG Fund			International Equity Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $133,900,084 and $52,265,546)^(a)	$	134,721,117		$	51,113,691
Investments in affiliated issuers, at value (cost $3,925,919 and $558,070)		3,925,919			558,070
Investments in affiliated securities lending reinvestment vehicle, at value (cost $7,840,580 and $885,480)		7,840,580			885,480
Cash		869,534			49,519
Foreign currencies, at value (cost $80,146 and $58,136)		79,002			57,942
Receivables:
Investments sold		1,075,398			—
Dividends		650,296			263,281
Foreign tax reclaims		648,644			321,133
Reimbursement from investment adviser		48,718			42,422
Securities lending income		2,620			1,787
Fund shares sold		1,089			2,797
Other assets		58,085			73,253
Total assets		149,921,002			53,369,375

Liabilities:
Payables:
Payable upon return of securities loaned		7,840,580			885,480
Fund shares redeemed		343,133			39,290
Investments purchased		268,581			—
Management fees		96,885			34,225
Distribution and Service fees and Transfer Agency fees		23,021			8,256
Accrued expenses		117,852			85,520
Total liabilities		8,690,052			1,052,771

Net Assets:
Paid-in capital		162,801,342			54,222,462
Total distributable earnings (loss)		(21,570,392	)		(1,905,858	)
NET ASSETS	$	141,230,950		$	52,316,604
Net Assets:
Class A	$	35,210,719		$	16,084,559
Class C		10,619,106			1,669,306
Institutional		7,202,054			2,444,992
Service		3,912			—
Investor		524,443			300,566
Class P		87,206,958			31,515,876
Class R		—			99,556
Class R6		463,758			201,749
Total Net Assets	$	141,230,950		$	52,316,604
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		1,796,544			1,272,071
Class C		582,442			149,327
Institutional		359,346			183,383
Service		190			—
Investor		26,291			23,791
Class P		4,375,468			2,369,000
Class R		—			7,836
Class R6		23,262			15,152
Net asset value, offering and redemption price per share:^(b)
Class A		$19.60			$12.64
Class C		18.23			11.18
Institutional		20.04			13.33
Service		20.52			—
Investor		19.95			12.63
Class P		19.93			13.30
Class R		—			12.70
Class R6		19.94			13.31

(a)

Includes loaned securities having a market value of $7,536,642 and $835,603 for the International Equity ESG and International Equity Income Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the International Equity ESG and International Equity Income Funds is $20.74 and $13.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2019 (Unaudited)


	International Equity ESG Fund			International Equity Income Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign taxes withheld of $201,527 and $100,324)	$	1,703,902		$	1,047,386

Securities lending income — affiliated issuer		16,691			10,816

Dividends — affiliated issuers		8,207			1,937

Income fromnon-cash dividends		—			77,491

Total investment income		1,728,800			1,137,630

Expenses:

Management fees		578,552			201,183

Distribution and Service fees^(a)		91,839			27,775

Professional fees		67,940			61,579

Registration fees		59,245			55,338

Custody, accounting and administrative services		56,590			49,355

Transfer Agency fees^(a)		53,694			20,872

Printing and mailing costs		42,567			28,217

Trustee fees		8,099			8,010

Service share fees — Service and Shareholder Administration Plan		10			—

Other		17,212			10,569

Total expenses		975,748			462,898

Less — expense reductions		(246,963	)		(209,737	)

Net expenses		728,785			253,161

NET INVESTMENT INCOME		1,000,015			884,469

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(5,704,049	)		(1,399,794	)

Foreign currency transactions		72,480			(6,167	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		18,777,875			5,156,852

Foreign currency translation		(1,921	)		(91	)

Net realized and unrealized gain		13,144,385			3,750,800

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,144,400		$	4,635,269

(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		Investor		Class P		Class R		Class R6
International Equity ESG	$	41,985	$	49,854	$	—	$	30,229	$	8,974	$	1,308	$	335	$	12,810	$	—	$	38
International Equity Income		19,432		8,123		220		13,992		1,462		469		319		4,528		79		23


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Changes in Net Assets


	International Equity ESG Fund						International Equity Income Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	1,000,015		$	2,381,090		$	884,469		$	1,669,649

Net realized gain (loss)		(5,631,569	)		6,860,608			(1,405,961	)		6,688,594

Net change in unrealized gain (loss)		18,775,954			(23,508,392	)		5,156,761			(11,979,956	)
Net increase (decrease) in net assets resulting from operations		14,144,400			(14,266,694	)		4,635,269			(3,621,713	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(465,302	)		(483,063	)		(1,987,104	)		(311,580	)

Class C Shares		(23,970	)		(95,376	)		(225,027	)		(36,293	)

Institutional Shares		(86,276	)		(2,074,667	)		(318,215	)		(908,138	)

Service Shares		(43	)		(19	)		—			—

Investor Shares		(5,613	)		(8,008	)		(47,321	)		(8,463	)

Class P Shares^(a)		(1,603,197	)		—			(3,790,562	)		(252	)

Class R Shares		—			—			(10,840	)		(710	)

Class R6 Shares		(196	)		(196	)		(8,522	)		(1,572	)

Total distributions to shareholders		(2,184,597	)		(2,661,329	)		(6,387,591	)		(1,267,008	)

From share transactions:

Proceeds from sales of shares		6,269,759			127,208,672			1,758,834			38,702,151

Reinvestment of distributions		2,160,928			2,615,810			6,309,522			1,244,540

Cost of shares redeemed		(25,989,708	)		(148,504,869	)		(5,614,239	)		(46,358,732	)

Net increase (decrease) in net assets resulting from share transactions		(17,559,021	)		(18,680,387	)		2,454,117			(6,412,041	)

TOTAL INCREASE (DECREASE)		(5,599,218	)		(35,608,410	)		701,795			(11,300,762	)

Net assets:
Beginning of period		146,830,168			182,438,578			51,614,809			62,915,571

End of period	$	141,230,950		$	146,830,168		$	52,316,604		$	51,614,809

^(a)

Commenced operations on April 16, 2018.


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	17.88		$	19.92		$	16.61		$	17.98		$	18.49		$	20.00

Net investment income^(a)		0.12			0.22			0.14			0.48	^(b)		0.21			0.55	^(c)

Net realized and unrealized gain (loss)		1.85			(2.01	)		3.63			(1.65	)		(0.16	)		(1.99	)

Total from investment operations		1.97			(1.79	)		3.77			(1.17	)		0.05			(1.44	)

Distributions to shareholders from net investment income		(0.25	)		(0.25	)		(0.46	)		(0.20	)		(0.56	)		(0.07	)

Net asset value, end of period	$	19.60		$	17.88		$	19.92		$	16.61		$	17.98		$	18.49

Total return^(d)		11.25	%		(9.11	)%		23.29	%		(6.54	)%		0.34	%		(7.16	)%

Net assets, end of period (in 000s)	$	35,211		$	34,602		$	38,330		$	38,152		$	48,772		$	58,368

Ratio of net expenses to average net assets		1.27	%^(e)		1.29	%		1.30	%		1.30	%		1.30	%		1.33	%

Ratio of total expenses to average net assets		1.65	%^(e)		1.58	%		1.63	%		1.62	%		1.64	%		1.63	%

Ratio of net investment income to average net assets		1.28	%^(e)		1.11	%		0.78	%		2.86	%^(b)		1.18	%		2.78	%^(c)

Portfolio turnover rate^(f)		18	%		38	%		116	%		78	%		105	%		121	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(c)

Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	16.49		$	18.39		$	15.37		$	16.67		$	17.18		$	18.65

Net investment income^(a)		0.05			0.07			0.02			0.32	^(b)		0.08			0.36	^(c)

Net realized and unrealized gain (loss)		1.73			(1.86	)		3.35			(1.53	)		(0.16	)		(1.83	)

Total from investment operations		1.78			(1.79	)		3.37			(1.21	)		(0.08	)		(1.47	)

Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.35	)		(0.09	)		(0.43	)		—

Net asset value, end of period	$	18.23		$	16.49		$	18.39		$	15.37		$	16.67		$	17.18

Total return^(d)		10.83	%		(9.79	)%		22.40	%		(7.27	)%		(0.42	)%		(7.83	)%

Net assets, end of period (in 000s)	$	10,619		$	9,985		$	15,681		$	15,577		$	18,415		$	18,247

Ratio of net expenses to average net assets		2.02	%^(e)		2.04	%		2.05	%		2.05	%		2.05	%		2.08	%

Ratio of total expenses to average net assets		2.40	%^(e)		2.33	%		2.37	%		2.37	%		2.39	%		2.38	%

Ratio of net investment income to average net assets		0.55	%^(e)		0.40	%		0.12	%		2.05	%^(b)		0.44	%		1.97	%^(c)

Portfolio turnover rate^(f)		18	%		38	%		116	%		78	%		105	%		121	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(c)

Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	18.23		$	20.30		$	16.93		$	18.34		$	18.86		$	20.39

Net investment income^(a)		0.15			0.40			0.22			0.47	^(b)		0.29			0.64	^(c)

Net realized and unrealized gain (loss)		1.90			(2.14	)		3.69			(1.60	)		(0.16	)		(2.02	)

Total from investment operations		2.05			(1.74	)		3.91			(1.13	)		0.13			(1.38	)

Distributions to shareholders from net investment income		(0.24	)		(0.33	)		(0.54	)		(0.28	)		(0.65	)		(0.15	)

Net asset value, end of period	$	20.04		$	18.23		$	20.30		$	16.93		$	18.34		$	18.86

Total return^(d)		11.47	%		(8.76	)%		23.78	%		(6.21	)%		0.74	%		(6.79	)%

Net assets, end of period (in 000s)	$	7,202		$	6,835		$	127,403		$	201,746		$	151,755		$	170,954

Ratio of net expenses to average net assets		0.90	%^(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.93	%

Ratio of total expenses to average net assets		1.26	%^(e)		1.17	%		1.22	%		1.21	%		1.24	%		1.23	%

Ratio of net investment income to average net assets		1.64	%^(e)		1.94	%		1.22	%		2.76	%^(b)		1.56	%		3.17	%^(c)

Portfolio turnover rate^(f)		18	%		38	%		116	%		78	%		105	%		121	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(c)

Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	18.70		$	20.68		$	16.79		$	18.05		$	18.57		$	20.08

Net investment income^(a)		0.12			0.22			0.13			0.47	^(b)		0.14			0.52	^(c)

Net realized and unrealized gain (loss)		1.93			(2.10	)		3.76			(1.67	)		(0.11	)		(1.98	)

Total from investment operations		2.05			(1.88	)		3.89			(1.20	)		0.03			(1.46	)

Distributions to shareholders from net investment income		(0.23	)		(0.10	)		—			(0.06	)		(0.55	)		(0.05	)

Net asset value, end of period	$	20.52		$	18.70		$	20.68		$	16.79		$	18.05		$	18.57

Total return^(d)		11.19	%		(9.14	)%		23.17	%		(6.66	)%		0.19	%		(7.28	)%

Net assets, end of period (in 000s)	$	4		$	4		$	4		$	32		$	37		$	332

Ratio of net expenses to average net assets		1.36	%^(e)		1.34	%		1.39	%		1.41	%		1.40	%		1.43	%

Ratio of total expenses to average net assets		1.72	%^(e)		1.58	%		1.66	%		1.72	%		1.73	%		1.73	%

Ratio of net investment income to average net assets		1.24	%^(e)		1.07	%		0.71	%		2.77	%^(b)		0.76	%		2.62	%^(c)

Portfolio turnover rate^(f)		18	%		38	%		116	%		78	%		105	%		121	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(c)

Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	18.20		$	20.23		$	16.86		$	18.25		$	18.76		$	20.29

Net investment income^(b)		0.16			0.24			0.27			0.45	^(c)		0.26			0.75	^(d)

Net realized and unrealized gain (loss)		1.87			(2.02	)		3.60			(1.60	)		(0.17	)		(2.14	)

Total from investment operations		2.03			(1.78	)		3.87			(1.15	)		0.09			(1.39	)

Distributions to shareholders from net investment income		(0.28	)		(0.25	)		(0.50	)		(0.24	)		(0.60	)		(0.14	)

Net asset value, end of period	$	19.95		$	18.20		$	20.23		$	16.86		$	18.25		$	18.76

Total return^(e)		11.44	%		(8.92	)%		23.63	%		(6.34	)%		0.56	%		(6.90	)%

Net assets, end of period (in 000s)	$	524		$	421		$	1,009		$	749		$	1,268		$	2,253

Ratio of net expenses to average net assets		1.02	%^(f)		1.04	%		1.05	%		1.05	%		1.05	%		1.07	%

Ratio of total expenses to average net assets		1.40	%^(f)		1.34	%		1.39	%		1.36	%		1.39	%		1.38	%

Ratio of net investment income to average net assets		1.74	%^(f)		1.20	%		1.50	%		2.62	%^(c)		1.38	%		3.73	%^(d)

Portfolio turnover rate^(g)		18	%		38	%		116	%		78	%		105	%		121	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(d)

Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	18.23		$	20.84

Net investment income^(a)		0.15			0.06

Net realized and unrealized gain (loss)		1.88			(2.67	)

Total from investment operations		2.03			(2.61	)

Distributions to shareholders from net investment income		(0.33	)		—

Net asset value, end of period	$	19.93		$	18.23

Total return^(b)		11.47	%		(12.52	)%

Net assets, end of period (in 000s)	$	87,207		$	94,972

Ratio of net expenses to average net assets		0.89	%^(c)		0.89	%^(c)

Ratio of total expenses to average net assets		1.25	%^(c)		1.22	%^(c)

Ratio of net investment income to average net assets		1.63	%^(c)		0.59	%^(c)

Portfolio turnover rate^(d)		18	%		38	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity ESG Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,						For the period February 26, 2016* to October 31, 2016
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			For the period February 26, 2016* to October 31, 2016
Per Share Data

Net asset value, beginning of period	$	18.23		$	20.30		$	16.93		$	15.87

Net investment income^(a)		0.26			0.31			0.22			0.21	^(b)

Net realized and unrealized gain (loss)		1.78			(2.05	)		3.69			0.85

Total from investment operations		2.04			(1.74	)		3.91			1.06

Distributions to shareholders from net investment income		(0.33	)		(0.33	)		(0.54	)		—

Net asset value, end of period	$	19.94		$	18.23		$	20.30		$	16.93

Total return^(c)		11.50	%		(8.74	)%		23.80	%		6.68	%

Net assets, end of period (in 000s)	$	464		$	11		$	12		$	11

Ratio of net expenses to average net assets		0.89	%^(d)		0.89	%		0.89	%		0.89	%^(d)

Ratio of total expenses to average net assets		1.28	%^(d)		1.18	%		1.22	%		1.19	%^(d)

Ratio of net investment income to average net assets		2.83	%^(d)		1.53	%		1.21	%		1.83	%^(b)(d)

Portfolio turnover rate^(e)		18	%		38	%		116	%		78	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from corporate actions which amounted to $0.28 per share and 1.63% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	13.25		$	14.50		$	11.99		$	12.95		$	13.52		$	13.81

Net investment income^(a)		0.20			0.37			0.17			0.18			0.15			0.45	^(b)

Net realized and unrealized gain (loss)		0.84			(1.36	)		2.58			(1.04	)		(0.23	)		(0.63	)

Total from investment operations		1.04			(0.99	)		2.75			(0.86	)		(0.08	)		(0.18	)

Distributions to shareholders from net investment income		(0.36	)		(0.26	)		(0.24	)		(0.10	)		(0.49	)		(0.11	)

Distributions to shareholders from net realized gains		(1.29	)		—			—			—			—			—

Total distributions		(1.65	)		(0.26	)		(0.24	)		(0.10	)		(0.49	)		(0.11	)

Net asset value, end of period	$	12.64		$	13.25		$	14.50		$	11.99		$	12.95		$	13.52

Total return^(c)		9.50	%		(6.98	)%		23.38	%		(6.69	)%		(0.57	)%		(1.41	)%

Net assets, end of period (in 000s)	$	16,085		$	15,844		$	17,937		$	18,301		$	23,111		$	22,384

Ratio of net expenses to average net assets		1.24	%^(d)		1.26	%		1.30	%		1.30	%		1.30	%		1.33	%

Ratio of total expenses to average net assets		2.08	%^(d)		1.90	%		1.88	%		1.76	%		1.82	%		1.77	%

Ratio of net investment income to average net assets		3.29	%^(d)		2.54	%		1.32	%		1.47	%		1.11	%		3.21	%^(b)

Portfolio turnover rate^(e)		6	%		87	%		32	%		68	%		83	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.88		$	12.98		$	10.75		$	11.62		$	12.17		$	12.45

Net investment income^(a)		0.14			0.25			0.07			0.08			0.04			0.31	^(b)

Net realized and unrealized gain (loss)		0.74			(1.22	)		2.31			(0.94	)		(0.20	)		(0.57	)

Total from investment operations		0.88			(0.97	)		2.38			(0.86	)		(0.16	)		(0.26	)

Distributions to shareholders from net investment income		(0.29	)		(0.13	)		(0.15	)		(0.01	)		(0.39	)		(0.02	)

Distributions to shareholders from net realized gains		(1.29	)		—			—			—			—			—

Total distributions		(1.58	)		(0.13	)		(0.15	)		(0.01	)		(0.39	)		(0.02	)

Net asset value, end of period	$	11.18		$	11.88		$	12.98		$	10.75		$	11.62		$	12.17

Total return^(c)		9.08	%		(7.59	)%		22.44	%		(7.37	)%		(1.33	)%		(2.10	)%

Net assets, end of period (in 000s)	$	1,669		$	1,673		$	3,770		$	3,974		$	4,841		$	4,873

Ratio of net expenses to average net assets		1.99	%^(d)		2.01	%		2.05	%		2.05	%		2.05	%		2.08	%

Ratio of total expenses to average net assets		2.83	%^(d)		2.63	%		2.63	%		2.51	%		2.57	%		2.52	%

Ratio of net investment income to average net assets		2.52	%^(d)		1.89	%		0.58	%		0.74	%		0.35	%		2.44	%^(b)

Portfolio turnover rate^(e)		6	%		87	%		32	%		68	%		83	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	13.88		$	15.20		$	12.56		$	13.56		$	14.13		$	14.44

Net investment income^(a)		0.22			0.49			0.23			0.23			0.20			0.52	^(b)

Net realized and unrealized gain (loss)		0.90			(1.46	)		2.70			(1.08	)		(0.23	)		(0.67	)

Total from investment operations		1.12			(0.97	)		2.93			(0.85	)		(0.03	)		(0.15	)

Distributions to shareholders from net investment income		(0.38	)		(0.35	)		(0.29	)		(0.15	)		(0.54	)		(0.16	)

Distributions to shareholders from net realized gains		(1.29	)		—			—			—			—			—

Total distributions		(1.67	)		(0.35	)		(0.29	)		(0.15	)		(0.54	)		(0.16	)

Net asset value, end of period	$	13.33		$	13.88		$	15.20		$	12.56		$	13.56		$	14.13

Total return^(c)		9.64	%		(6.59	)%		23.88	%		(6.31	)%		(0.15	)%		(1.05	)%

Net assets, end of period (in 000s)	$	2,445		$	2,666		$	40,667		$	42,191		$	45,795		$	45,118

Ratio of net expenses to average net assets		0.85	%^(d)		0.87	%		0.90	%		0.90	%		0.90	%		0.93	%

Ratio of total expenses to average net assets		1.68	%^(d)		1.42	%		1.49	%		1.36	%		1.42	%		1.37	%

Ratio of net investment income to average net assets		3.48	%^(d)		3.19	%		1.71	%		1.84	%		1.47	%		3.55	%^(b)

Portfolio turnover rate^(e)		6	%		87	%		32	%		68	%		83	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	13.25		$	14.51		$	12.00		$	12.97		$	13.55		$	13.84

Net investment income^(b)		0.21			0.40			0.24			0.21			0.15			0.40	^(c)

Net realized and unrealized gain (loss)		0.84			(1.35	)		2.54			(1.04	)		(0.20	)		(0.56	)

Total from investment operations		1.05			(0.95	)		2.78			(0.83	)		(0.05	)		(0.16	)

Distributions to shareholders from net investment income		(0.38	)		(0.31	)		(0.27	)		(0.14	)		(0.53	)		(0.13	)

Distributions to shareholders from net realized gains		(1.29	)		—			—			—			—			—

Total distributions		(1.67	)		(0.31	)		(0.27	)		(0.14	)		(0.53	)		(0.13	)

Net asset value, end of period	$	12.63		$	13.25		$	14.51		$	12.00		$	12.97		$	13.55

Total return^(d)		9.57	%		(6.74	)%		23.75	%		(6.43	)%		(0.32	)%		(1.14	)%

Net assets, end of period (in 000s)	$	301		$	349		$	426		$	471		$	355		$	128

Ratio of net expenses to average net assets		0.99	%^(e)		1.01	%		1.05	%		1.05	%		1.05	%		1.07	%

Ratio of total expenses to average net assets		1.83	%^(e)		1.65	%		1.64	%		1.51	%		1.56	%		1.52	%

Ratio of net investment income to average net assets		3.48	%^(e)		2.78	%		1.85	%		1.71	%		1.17	%		2.86	%^(c)

Portfolio turnover rate^(f)		6	%		87	%		32	%		68	%		83	%		89	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	13.86		$	15.62

Net investment income^(a)		0.24			0.16

Net realized and unrealized gain (loss)		0.88			(1.84	)

Total from investment operations		1.12			(1.68	)

Distributions to shareholders from net investment income		(0.39	)		(0.08	)

Distributions to shareholders from net realized gains		(1.29	)		—

Total distributions		(1.68	)		(0.08	)

Net asset value, end of period	$	13.30		$	13.86

Total return^(b)		9.68	%		(10.76	)%

Net assets, end of period (in 000s)	$	31,516		$	30,930

Ratio of net expenses to average net assets		0.84	%^(c)		0.84	%^(c)

Ratio of total expenses to average net assets		1.68	%^(c)		1.84	%^(c)

Ratio of net investment income to average net assets		3.69	%^(c)		2.00	%^(c)

Portfolio turnover rate^(d)		6	%		87	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	13.32		$	14.59		$	12.08		$	13.00		$	13.57		$	13.88

Net investment income^(a)		0.19			0.34			0.14			0.12			0.11			0.41	^(b)

Net realized and unrealized gain (loss)		0.84			(1.37	)		2.59			(1.01	)		(0.23	)		(0.63	)

Total from investment operations		1.03			(1.03	)		2.73			(0.89	)		(0.12	)		(0.22	)

Distributions to shareholders from net investment income		(0.36	)		(0.24	)		(0.22	)		(0.03	)		(0.45	)		(0.09	)

Distributions to shareholders from net realized gains		(1.29	)		—			—			—			—			—

Total distributions		(1.65	)		(0.24	)		(0.22	)		(0.03	)		(0.45	)		(0.09	)

Net asset value, end of period	$	12.70		$	13.32		$	14.59		$	12.08		$	13.00		$	13.57

Total return^(c)		9.31	%		(7.19	)%		22.99	%		(6.87	)%		(0.84	)%		(1.58	)%

Net assets, end of period (in 000s)	$	100		$	84		$	44		$	28		$	17		$	17

Ratio of net expenses to average net assets		1.49	%^(d)		1.51	%		1.55	%		1.55	%		1.55	%		1.58	%

Ratio of total expenses to average net assets		2.33	%^(d)		2.18	%		2.12	%		2.01	%		2.07	%		2.02	%

Ratio of net investment income to average net assets		3.11	%^(d)		2.38	%		1.05	%		0.99	%		0.86	%		2.92	%^(b)

Portfolio turnover rate^(e)		6	%		87	%		32	%		68	%		83	%		89	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Income Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,						For the period February 26, 2016* to October 31, 2016
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			For the period February 26, 2016* to October 31, 2016
Per Share Data

Net asset value, beginning of period	$	13.87		$	15.20		$	12.56		$	11.85

Net investment income^(a)		0.30			0.45			0.16			0.20

Net realized and unrealized gain (loss)		0.82			(1.43	)		2.77			0.51

Total from investment operations		1.12			(0.98	)		2.93			0.71

Distributions to shareholders from net investment income		(0.39	)		(0.35	)		(0.29	)		—

Distributions to shareholders from net realized gains		(1.29	)		—			—			—

Total distributions		(1.68	)		(0.35	)		(0.29	)		—

Net asset value, end of period	$	13.31		$	13.87		$	15.20		$	12.56

Total return^(b)		9.75	%		(6.62	)%		23.91	%		5.99	%

Net assets, end of period (in 000s)	$	202		$	68		$	72		$	11

Ratio of net expenses to average net assets		0.84	%^(c)		0.86	%		0.89	%		0.89	%^(c)

Ratio of total expenses to average net assets		1.71	%^(c)		1.51	%		1.43	%		1.35	%^(c)

Ratio of net investment income to average net assets		4.65	%^(c)		2.99	%		1.16	%		2.33	%^(c)

Portfolio turnover rate^(d)		6	%		87	%		32	%		68	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 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
International Equity ESG	A, C, Institutional, Service, Investor, P and R6	Diversified
International Equity Income	A, C, Institutional, Investor, P, R and R6	Diversified

Class A Shares are sold with afront-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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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.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 astraight-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, Transfer Agency and Service and Shareholder Administration fees.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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
International Equity ESG	Annually	Annually
International Equity Income	Semi-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.

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 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:

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2019:



INTERNATIONAL EQUITY ESG

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	5,362,779	$	35,849,848	$	—

Australia and Oceania		—		1,407,279		—

Europe		—		87,903,847		—

North America		—		4,197,364		—

Investment Company		3,925,919		—		—

Securities Lending Reinvestment Vehicle		7,840,580		—		—

Total	$	17,129,278	$	129,358,338	$	—

(a)

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INTERNATIONAL EQUITY INCOME

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	—	$	6,595,378	$	—

Australia and Oceania		—		3,255,693		—

Europe		—		40,221,961		—

North America		—		1,040,659		—

Investment Company		558,070		—		—

Securities Lending Reinvestment Vehicle		885,480		—		—

Total	$	1,443,550	$	51,113,691	$	—

(a)

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.

For the six months ended April 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
International Equity ESG		0.85	%		0.77	%		0.73	%		0.71	%		0.70	%		0.85	%		0.85	%
International Equity Income		0.80			0.72			0.68			0.67			0.66			0.80			0.80

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

The International Equity ESG and International Equity Income Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser of the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2019, GSAM waived $572 and $142 of the International Equity ESG and International Equity Income Funds’ management fees, respectively.

B. Distribution and/or Service(12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule12b-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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.


	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	%


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Equity ESG	$	403	$	148
International Equity Income		277		24

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 and/or Service Shares of the Funds, respectively.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.18% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2019, 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 and Investor Shares of the International Equity ESG Fund through at least February 28, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds are 0.014%. These Other Expense limitations will remain in place through at least February 28, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
International Equity ESG	$	572	$	442	$	3,830	$	242,119	$	246,963
International Equity Income		142		46		—		209,549		209,737

H. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2019:


Fund	Beginning Value as of October 31, 2018	Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2019		Shares as of April 30, 2019		Dividend Income from Affiliated Investment Company
International Equity ESG	$ 5,551,407	$	11,199,090	$	(12,824,578	)	$	3,925,919		3,925,919	$	8,207
International Equity Income	633,777		1,778,596		(1,854,303	)		558,070		558,070		1,937

As of April 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 32% of the Service Shares of the International Equity ESG Fund and approximately 10% and 7% of the Class R and Class R6 Shares, respectively, of the International Equity Income Fund.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2019, were as follows:


Fund	Purchases		Sales and Maturities
International Equity ESG	$	24,382,996	$	40,950,351
International Equity Income		2,852,950		5,314,937

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

6. SECURITIES LENDING

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 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, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds 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 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 April 30, 2019 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2019, are reported under Investment Income on the Statements of Operations.

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


	For the six months ended April 30, 2019
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
International Equity ESG	$	1,850	$	1,264
International Equity Income		1,208		1,133

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

6. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2019:


Fund	Beginning Value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2019
International Equity ESG	$	9,909,535	$	26,167,265	$	(28,236,220	)	$	7,840,580
International Equity Income		61		8,171,600		(7,286,181	)		885,480

7. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2018, the Funds’ capital loss carryforwards on a tax basis were as follows:


	International Equity ESG			International Equity Income
Capital loss carryforwards:
Expiring 2019⁽¹⁾	$	(9,250,431	)	$	—
Perpetual Long-term		(7,802,470	)		—
Total capital loss carryforwards	$	(17,052,901	)	$	—

(1)

Expiration occurs on October 31 of the year indicated.

As of April 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	International Equity ESG			International Equity Income
Tax cost	$	146,350,168		$	53,732,524
Gross unrealized gain		12,313,395			3,079,199
Gross unrealized loss		(12,175,947	)		(4,254,482	)
Net unrealized gain/loss	$	137,448		$	(1,175,283	)

The difference between GAAP-basis andtax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of passive foreign investment company investments.

8. OTHER RISKS

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

ESG Standards Risk — The International Equity ESG’s adherence to its environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Fund will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use ofnon-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.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

8. OTHER RISKS (continued)

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 the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	International Equity ESG Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		43,655		$	779,765			267,185		$	5,266,595
Reinvestment of distributions		27,075			449,717			23,108			466,316
Shares redeemed		(209,725	)		(3,776,361	)		(279,337	)		(5,634,214	)
		(138,995	)		(2,546,879	)		10,956			98,697
Class C Shares
Shares sold		32,025			537,414			61,838			1,165,128
Reinvestment of distributions		1,542			23,885			5,040			94,404
Shares redeemed		(56,754	)		(950,889	)		(314,115	)		(5,699,946	)
		(23,187	)		(389,590	)		(247,237	)		(4,440,414	)
Institutional Shares
Shares sold		69,804			1,301,138			221,300			4,597,446
Reinvestment of distributions		4,615			78,277			99,798			2,046,867
Shares redeemed		(89,988	)		(1,642,470	)		(6,221,940	)		(125,598,741	)
		(15,569	)		(263,055	)		(5,900,842	)		(118,954,428	)
Service Shares
Reinvestment of distributions		2			43			1			19
		2			43			1			19
Investor Shares
Shares sold		13,381			260,605			6,936			142,346
Reinvestment of distributions		332			5,613			391			8,008
Shares redeemed		(10,538	)		(198,236	)		(34,100	)		(697,632	)
		3,175			67,982			(26,773	)		(547,278	)
Class P Shares^(a)
Shares sold		166,412			2,962,376			5,763,403			116,037,157
Reinvestment of distributions		95,089			1,603,197			—			—
Shares redeemed		(1,096,038	)		(19,399,968	)		(553,398	)		(10,874,338	)
		(834,537	)		(14,834,395	)		5,210,005			105,162,819
Class R6 Shares
Shares sold		23,766			428,461			—			—
Reinvestment of distributions		12			196			10			196
Shares redeemed		(1,116	)		(21,784	)		—			2
		22,662			406,873			10			198

NET DECREASE		(986,449	)	$	(17,559,021	)		(953,880	)	$	(18,680,387	)

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	International Equity Income Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		43,089		$	519,006			162,960		$	2,316,790
Reinvestment of distributions		167,381			1,917,576			20,777			301,377
Shares redeemed		(134,080	)		(1,639,242	)		(225,177	)		(3,267,638	)
		76,390			797,340			(41,440	)		(649,471	)
Class C Shares
Shares sold		8,414			89,686			24,359			316,316
Reinvestment of distributions		21,731			220,806			2,739			35,903
Shares redeemed		(21,737	)		(232,256	)		(176,575	)		(2,245,497	)
		8,408			78,236			(149,477	)		(1,893,278	)
Institutional Shares
Shares sold		29,261			375,111			90,067			1,387,522
Reinvestment of distributions		26,135			315,581			59,163			896,435
Shares redeemed		(64,122	)		(796,278	)		(2,632,812	)		(39,748,150	)
		(8,726	)		(105,586	)		(2,483,582	)		(37,464,193	)
Investor Shares
Shares sold		5,117			67,124			8,760			123,415
Reinvestment of distributions		4,131			47,321			584			8,463
Shares redeemed		(11,820	)		(148,245	)		(12,342	)		(177,325	)
		(2,572	)		(33,800	)		(2,998	)		(45,447	)
Class P Shares^(a)
Shares sold		44,041			548,140			2,293,515			34,495,583
Reinvestment of distributions		314,791			3,790,562			17			252
Shares redeemed		(221,293	)		(2,761,971	)		(62,071	)		(903,725	)
		137,539			1,576,731			2,231,461			33,592,110
Class R Shares
Shares sold		1,154			14,040			3,962			54,769
Reinvestment of distributions		794			9,154			37			538
Shares redeemed		(413	)		(4,951	)		(705	)		(9,990	)
		1,535			18,243			3,294			45,317
Class R6 Shares
Shares sold		11,918			145,727			506			7,756
Reinvestment of distributions		707			8,522			104			1,572
Shares redeemed		(2,388	)		(31,296	)		(421	)		(6,407	)
		10,237			122,953			189			2,921

NET INCREASE (DECREASE)		222,811		$	2,454,117			(442,553	)	$	(6,412,041	)

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS



Fund Expenses — Six Month Period Ended April 30, 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) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service(12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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


	International Equity ESG Fund							International Equity Income Fund
Share Class	Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*		Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*
Class A
Actual	$	1,000	$	1,112.50		$	6.65	$	1,000	$	1,095.00		$	6.44
Hypothetical 5% return		1,000		1,018.50	+		6.36		1,000		1,018.65	+		6.21
Class C
Actual		1,000		1,108.30			10.56		1,000		1,090.80			10.32
Hypothetical 5% return		1,000		1,014.78	+		10.09		1,000		1,014.93	+		9.94
Institutional
Actual		1,000		1,114.70			4.72		1,000		1,096.40			4.42
Hypothetical 5% return		1,000		1,020.33	+		4.51		1,000		1,020.58	+		4.26
Service
Actual		1,000		1,111.90			7.12		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,018.05	+		6.81		N/A		N/A			N/A
Investor
Actual		1,000		1,114.40			5.35		1,000		1,095.70			5.14
Hypothetical 5% return		1,000		1,019.74	+		5.11		1,000		1,019.89	+		4.96
Class P
Actual		1,000		1,114.70			4.67		1,000		1,096.80			4.37
Hypothetical 5% return		1,000		1,020.38	+		4.46		1,000		1,020.63	+		4.21
Class R
Actual		N/A		N/A			N/A		1,000		1,093.10			7.73
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.41	+		7.45
Class R6
Actual		1,000		1,115.00			4.67		1,000		1,097.50			4.37
Hypothetical 5% return		1,000		1,020.38	+		4.46		1,000		1,020.63	+		4.21

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


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
International Equity ESG		1.27	%		2.02	%		0.90	%		1.36	%		1.02	%		0.89	%		N/A			0.89	%
International Equity Income		1.24			1.99			0.85			N/A			0.99			0.84			1.49	%		0.84

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.

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

Alternative

∎

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

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 Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our website 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

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

Fund holdings and allocations shown are as of April 30, 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 portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2019

				International Equity Insights Funds
				Emerging Markets Equity Insights
				International Equity Insights
				International Small Cap Insights

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 callingtoll-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.

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Goldman Sachs International Equity

Insights Funds

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EMERGING MARKETS EQUITY INSIGHTS

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INTERNATIONAL EQUITY INSIGHTS

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INTERNATIONAL SMALL CAP INSIGHTS


TABLE OF CONTENTS

Investment Process			1

Market Review			3

Portfolio Management Discussions and Performance Summaries			7

Schedules of Investments			24

Financial Statements			47

Financial Highlights			51

Emerging Markets Equity Insights			51

International Equity Insights			58

International Small Cap Insights			66

Notes to the Financial Statements			72

Other Information			87



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Goldman Sachs’ International Equity Insights Investment Process

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Comprehensive – We forecast returns on over 8,000 international stocks and 43 equity markets on a daily basis.

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Rigorous – We evaluate stocks, countries and currencies based on fundamental investment criteria that have outperformed historically.

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Objective – Our stock and equity market selection process is free from emotion that may lead to biased investment decisions.

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

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We use proprietary risk models that are designed to be more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data.

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Fully invested, well-diversified international portfolio that seeks to:

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Blend top-down market views with bottom-up stock selection.

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

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Achieve excess returns by taking many small diversified stock positions. Additionally, in the Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Equity Insights Fund we take intentional country bets.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during theSix-Month Period Ended April 30, 2019

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2019 (the “Reporting Period”).

Within our Sentiment Analysis investment theme, we enhanced existing signals that use machine learning to help understand sell-side analyst sentiment. In the Japan region, we added a signal that uses consumer and retailer activity data to predict the sales of retailers and consumer goods companies. We extended an existing market sentiment signal to the U.K. investment region; the signal examines institutional investor activity to extract conviction positions. In addition, within our High Quality Business Models and Sentiment Analysis investment themes, we extended a suite of signals to the Japan region that use natural language processing on Japanese regulatory filings.

MARKET REVIEW

Goldman Sachs International Equity

Insights Funds

Market Review

During thesix-month period ended April 30, 2019 (the “Reporting Period”), international equities and emerging markets equities generated positive returns. Emerging markets equities generally outperformed international equities.

Emerging Markets Equities

Emerging markets equities rallied during the Reporting Period, with the MSCI Emerging Markets Index (Net, USD, Unhedged) (the “MSCI EM Index”) posting a return of 13.76%.¹

Following a challenging October 2018, emerging markets equities saw a brief reprieve as the Reporting Period began in November 2018 on dovish comments from U.S. Federal Reserve (“Fed”) Chair Jerome Powell, an accommodative stance by Chinese policymakers toward the private corporate sector and seemingly encouraging progress towardChina-U.S. trade talks. (Dovish language tends to suggest lower interest rates; opposite of hawkish.) However, the relief rally proved short-lived, as investors were unnerved in December 2018 by the arrest of a Chinese technology executive, a partial U.S. federal government shutdown and the U.S. President’s criticism of Fed Chair Powell. Emerging markets stocks also fell sharply on trade war escalations between the U.S. and China as well as on political uncertainty — and in a delayed response to an earliersell-off, or rise, in global interest rates. Though posting negative absolute returns, emerging markets equities outperformed their developed markets counterparts on a relative basis both for the month of December and for the fourth calendar quarter overall.

The U.S. federal government shutdown and decelerating emerging market demand were headwinds in January 2019, but emerging markets equities were buoyed by easing trade tensions between the U.S. and China as well as by a dovish U.S. Fed. China’s fourth quarter 2018 Gross Domestic Product (“GDP”) grew at a 6.4% year-over-year rate, in line with consensus expectations, and its industrial production for December 2018 beat consensus expectations at a 5.7% year-over-year growth rate. However, growth in Chinese exports and imports declined 4.4% and 7.6% year-over-year, respectively, in December 2018, below consensus expectations for a 2.0% and 4.5% increase, respectively. Consistent with tariff measures, U.S.-bound exports from China showed the sharpest deceleration. That said, headlines pointed to promising progress toward U.S.-China trade talks. Latin American equities outperformed broader emerging markets equities in January 2019, led by Brazil, where sentiment was boosted by the inauguration of its new government. Indian equities underperformed emerging markets equities broadly, facing deteriorating investor sentiment from a mixed corporate earnings season, uncertainty from the country’s then-upcoming elections and its budget, a weaker macroeconomic backdrop, and concerns about corporate governance.

Emerging markets equities recorded a modest gain in February 2019, taking a pause after the January rally. However, some countries remained in full sprint, reminding investors of emerging markets’ high degree of heterogeneity, or diversity. China’s equity market, in particular, continued its strong performance, benefiting from seeming progress in U.S.-China trade negotiations, faster than consensus expected policy easing and positive corporate earnings results. Corporate earnings, in general, with a significant share of emerging markets companies having reported, were another cue for investors not to tar the whole of emerging markets with the same brush. While the emerging markets saw some downward revisions at

All Index returns are expressed in U.S. dollar terms.

MARKET REVIEW

the aggregate level in the first two months of 2019, China, Brazil and India kept showing attractive earnings per share growth estimates for 2019. However, despite solid fundamentals, Indian equities were still held back by uncertainty around then-upcoming elections and investor concerns about corporate governance.

In March 2019, emerging markets equites posted another modest gain, as three major headwinds subsided. First, on trade, markets perceived progressing negotiations between the U.S. and China as constructive, decreasing some of the volatility previously caused by tariff uncertainty. Subsequently, China’s equity market regained some of its trade-related losses from the 2018 calendar year. Second, financial conditions became more supportive, with the Fed taking a pause in its interest rate hiking cycle. Third, macroeconomic data releases showed emerging markets GDP growth returning to above-trend levels, while some developed markets countries saw their economic growth forecasts revised downwards, though symptoms of a possible recession in the U.S. and other developed markets countries remained scarce. The healthy macroeconomic diagnosis for emerging markets generally was complemented by solid fundamentals, as markets expected 2019 earnings in the emerging markets to grow more than twice as much as in the U.S.² Despite the broader recovery, investors remained cautious about Indian equities, with that country’s general elections scheduled to commence in April 2019. Investors also remained cautious around Turkish markets, which were rattled by the overall economic downturn and by municipal elections at the end of March 2019.

Emerging markets equities notched solidly positive returns in April 2019, underpinned by robust fundamentals and supportive financial conditions, as the Fed maintained its pause in increasing U.S. interest rates. Positive surprises on released macroeconomic data further drove consensus expectations for emerging markets corporate earnings growth, forecasting emerging markets to outpace both the U.S. and developed markets in 2019 and in 2020. Also, valuations stayed below their historical averages, and emerging markets equities ended April 2019 trading at a steep 28% discount to U.S. equities and at a 22% discount to developed markets equities, respectively.³ Investors stayed cautious about Indian equities, as its general elections got underway, scheduled to come to a close in late May 2019. Brazil also caused some concern for investors, with its political climate drawing some attention after reports of disagreements between its President and its House Speaker.

For the Reporting Period as a whole, consumer discretionary, real estate and communication services were the strongest sectors in the MSCI EM Index. Still posting positive absolute returns but lagging the MSCI EM Index most during the Reporting Period were the health care, materials and energy sectors.

From a country perspective, Egypt was the best performing individual constituent of the MSCI EM Index for the Reporting Period, followed by South Africa, China, Indonesia and India, each of which posted a robust double-digit absolute gain. Conversely, Pakistan was by far the weakest individual country constituent of the MSCI EM Index, posting a double-digit decline during the Reporting Period, followed by Malaysia, which generated a more modest decline. Turkey, the Czech Republic and Chile eked out modestly positive returns but were also among the weakest constituents of the MSCI EM Index during the Reporting Period.

Source: IBES via DataStream, as of March 29, 2019.

Source: IBES via DataStream, as of April 29, 2019.

MARKET REVIEW

International Equities

International equities advanced during the Reporting Period, with the MSCI Europe, Australasia, Far East (EAFE) Standard Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) recording a return of 7.45%.¹

When the Reporting Period began in November 2018, international equities gained on dovish comments from Fed Chair Powell, an accommodative stance by Chinese policymakers toward the private corporate sector and seemingly encouraging progress towardChina-U.S. trade talks. However, international equities then plunged in December on renewed investor risk aversion triggered by the arrest of a Chinese technology executive, a partial U.S. federal government shutdown and the U.S. President’s criticism of Fed Chair Powell. International stocks also fell sharply on trade war escalations between the U.S. and China as well as on political uncertainty — and in a delayed response to an earliersell-off, or increase, in global interest rates. Political uncertainty remained elevated in Europe, particularly surrounding the Italian fiscal budget and ongoing Brexit negotiations. (Brexit indicates the U.K.’s path out of the European Union.)

During the first quarter of 2019, international equities posted strongly positive returns, rebounding from previous losses across all regions. The Fed maintained its dovish stance amidst slower global economic growth, and significant progress appeared to be made in the trade talks between China and the U.S., paving the way for a potential resolution. European equities remained resilient, despite the overhang of Brexit and slowing economic data. Japanese equities gained during the first calendar quarter, as fears around the extent of the global economic growth slowdown eased and the Japanese yen gradually weakened.

In April 2019, international equities continued to rally. European equity markets broke records for calm and quiet trading periods, with little variation through the month, and remained resilient despite the persistent overhang of Brexit and slowing economic data. Japanese equities gained against a similar backdrop as dominated in the first quarter of 2019. The Fed maintained its dovish stance amidst slower economic growth, and the European Central Bank extended its forward guidance to confirm its interest rates would remain “unchanged through 2019.”

For the Reporting Period as a whole, information technology, real estate, utilities and industrials were the strongest performing sectors in the MSCI EAFE Index, each producing a positive double-digit absolute return. The weakest performing sector in the MSCI EAFE Index and the only one to post a negative absolute return during the Reporting Period was energy. Health care, communication services, financials and consumer discretionary generated solidly positive absolute returns but also lagged the MSCI EAFE Index during the Reporting Period.

MARKET REVIEW

Looking Ahead

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

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity

Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Emerging Markets Equity Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 9.93%, 9.55%, 10.16%, 10.04%, 10.21%, 9.76% and 10.19%, respectively. These returns compare to the 13.76% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Standard Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock and country/currency selection, careful portfolio construction and efficient implementation. To manage the Fund, we use two distinct strategies — abottom-up stock selection strategy and atop-down country/currency selection strategy. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio.

During the Reporting Period, the Fund underperformed the Index, with our stock selection strategy detracting from performance. Our country/currency strategy added to relative returns.

Which investment themes helped and which hurt within the Team’s stock selection strategy?

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

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection hindered the Fund’s relative performance, with investments in the consumer staples sector detracting most. Selection within the energy and materials sectors also had a negative impact on results. On the positive side, the Fund was aided by stock selection in the real estate, information technology and utilities sectors during the Reporting Period.

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

In terms of individual stock positions, the Fund was hurt by its overweights relative to the Index in China Petroleum & Chemical (“Sinopec”), a Chinese oil and gas enterprise; President Chain Store, a Taiwan-based convenience store company; and PetroChina, a Chinese oil and gas company. Our decision to overweight Sinopec was mainly due to our High Quality Business Models investment theme. Largely because of our Market Themes & Trends and High Quality Business Models investment themes, the Fund was overweight President Chain Store. The Fund’s overweight in PetroChina was primarily a result of our High Quality Business Models investment theme.

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

During the Reporting Period, the Fund was helped by its underweight positions in Vale, a Brazilian metals and mining company and logistics operator; Petroleo Brasileiro (“Petrobras”), a Brazilian petroleum company; and Baidu, a Chinese artificial intelligence and Internet company. The underweights in Vale and Baidu were driven mainly by our Market Themes & Trends and Fundamental Mispricings investment themes. An underweight in Petrobras was established primarily because of our Fundamental Mispricings investment theme.

What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

Our country/currency strategy added to the Fund’s relative returns. During the Reporting Period, the Fund benefited from its underweights versus the Index in Malaysia and Qatar. An overweight position in China also contributed positively. Conversely, the Fund was hurt by its overweights in South Korea and Indonesia. A slightly underweight position compared to the Index in Turkey also detracted from performance during the Reporting Period.

We made our picks using our proprietary models, which, during the Reporting Period, were based on three investment themes specific to our country/currency strategy — Valuation, Risk Premium and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Macro assesses a market’s macroeconomic environment and growth prospects.

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

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we shifted the Fund from an overweight relative to the Index in India to a rather neutral position. We moved the Fund from a relatively neutral position in Thailand to an underweight. Compared to the Index, we changed the Fund’s underweight in Brazil to an overweight position. We also shifted the Fund from an underweight in Taiwan to a rather neutral position during the Reporting Period.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

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

PORTFOLIO RESULTS

staples sectors. It was rather neutral versus the Index in the consumer discretionary sector at the conclusion of the Reporting Period.

In terms of countries, the Fund was overweight relative to the Index in China, South Korea, Brazil and Poland at the end of the Reporting Period. Compared to the Index, the Fund was underweight Malaysia, Thailand and South Africa. The Fund was relatively neutral versus the Index in Taiwan, India, Russia, Qatar, Chile, Colombia, Pakistan, Hungary, Egypt, Indonesia, Czech Republic, Greece, South Africa, Turkey, United Arab Emirates, Peru, Mexico and the Philippines

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCIEmerging Markets Standard Index (Net, USD, Unhedged)²

Class A		9.93	%		13.76	%
Class C		9.55			13.76
Institutional		10.16			13.76
Investor		10.04			13.76
Class P		10.21			13.76
Class R		9.76			13.76
Class R6		10.19			13.76

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.

The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2019, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-16.53	%		3.49	%		9.13	%		0.67	%	10/5/07
Class C		-13.21			3.88			8.94			0.45		10/5/07
Institutional		-11.23			5.09			10.19			1.56		10/5/07
Investor		-11.44			4.95			N/A			4.74		8/31/10
Class P		N/A			N/A			N/A			-10.31		4/16/18
Class R		-11.87			4.40			N/A			4.79		2/28/14
Class R6		-11.30			N/A			N/A			6.39		7/31/15

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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.48	%		1.54	%
Class C		2.23			2.29
Institutional		1.09			1.15
Investor		1.23			1.29
Class P		1.08			1.14
Class R		1.73			1.79
Class R6		1.08			1.14

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19⁵

Holding	% of Net Assets			Line of Business	Country

Tencent Holdings Ltd.		5.0	%	Media & Entertainment	China
Alibaba Group Holding Ltd. ADR		4.3		Retailing	China
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2.6		Semiconductors & Semiconductor Equipment	Taiwan
Industrial & Commercial Bank of China Ltd. Class H		2.3		Banks	China
China Construction Bank Corp. Class H		2.2		Banks	China
SK Hynix, Inc.		2.1		Semiconductors & Semiconductor Equipment	South Korea
China Mobile Ltd.		2.0		Telecommunication Services	China
Naspers Ltd. Class N		2.0		Retailing	South Africa
Samsung Electronics Co. Ltd.		2.0		Technology Hardware & Equipment	South Korea
CNOOC Ltd.		2.0		Energy	China

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2019

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⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.5% of the Fund’s net assets at April 30, 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.

PORTFOLIO RESULTS

Goldman Sachs International Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 4.70%, 4.31%, 4.90%, 4.59%, 4.80%, 4.86%, 4.60% and 4.93%, respectively. These returns compare to the 7.45% cumulative total return of the Fund’s benchmark, the MSCI EAFE Standard Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

During the Reporting Period, the Fund underperformed the Index, with our stock selection strategy and country/currency strategy both detracting from performance.

Which investment themes helped and which hurt within the Team’s stock selection strategy?

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection overall hurt the Fund’s relative performance, primarily investments in the health care, consumer staples and materials sectors. On the positive side, the Fund was helped by stock selection in information technology and, to a lesser extent, in industrials during the Reporting Period.

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

In terms of individual stock positions, the Fund’s returns were diminished by overweights compared to the Index in ProSiebenSat.1 Media, a German-based mass media company; Eisai, a Japanese pharmaceutical company; and Swedbank, a Nordic-Baltic banking group. The overweight in ProSiebenSat.1 Media was a result of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes. Largely because of our High Quality Business Models investment theme, the Fund was overweight Eisai. The Fund’s overweight in Swedbank was primarily due to our Market Themes & Trends and High Quality Business Models investment themes.

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

During the Reporting Period, the Fund was helped by overweight positions in Evotec, a German biotechnology company, and in Koninklijke DSM, a Netherlands-based company focused on the fields of health, nutrition and materials. The overweight in Evotec was implemented mainly because of our Market Themes & Trends and High Quality Business Models investment themes. The Fund’s overweight in Koninklijke DSM was driven predominantly by our Sentiment Analysis investment theme. In addition, an underweight in Norwegian energy company Equinor bolstered performance, a position established largely as a result of our High Quality Business Models and Market Themes & Trends investment themes.

What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

Our country/currency selection strategy detracted from the Fund’s relative returns during the Reporting Period. Compared to the Index, the Fund was hampered by its underweight in Hong Kong and by its overweights in Norway and Japan. On the positive side, the Fund benefited from its overweight positions in the Netherlands and Sweden.

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Momentum favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s macroeconomic environment and growth prospects.

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

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we moved the Fund from an overweight versus the Index in Japan to a relatively neutral position. Compared to the Index, we shifted the Fund from an overweight in Australia to an underweight position. We increased the Fund’s overweight in Sweden and reduced its underweight in France during the Reporting Period.

PORTFOLIO RESULTS

What were the Fund’s sector and country weightings at the end of the Reporting Period?

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

In terms of countries, the Fund was overweight relative to the Index in the Netherlands, Sweden and Norway at the end of the Reporting Period. Compared to the Index, the Fund was underweight Switzerland, Germany, Hong Kong, Australia and France. The Fund was relatively neutral to the Index in Japan, the U.K., Italy, Portugal, Austria, Spain, Singapore, New Zealand, Belgium, Finland, Ireland, Israel and Denmark at the end of the Reporting Period.

FUND BASICS

International Equity Insights Fund

as of April 30, 2019

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PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^®EAFE Standard Index (Net, USD, Unhedged)²

Class A		4.70	%		7.45	%
Class C		4.31			7.45
Institutional		4.90			7.45
Service		4.59			7.45
Investor		4.80			7.45
Class P		4.86			7.45
Class R		4.60			7.45
Class R6		4.93			7.45

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.

The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2019, the MSCI^® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI^® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-12.74	%		2.35	%		8.26	%		3.49	%	8/15/97
Class C		-9.33			2.73			8.03			3.08		8/15/97
Institutional		-7.36			3.90			9.28			4.26		8/15/97
Service		-7.78			3.39			8.73			3.74		8/15/97
Investor		-7.39			3.78			9.12			1.14		11/30/07
Class P		N/A			N/A			N/A			-9.23		4/16/18
Class R		-7.90			3.26			8.60			0.66		11/30/07
Class R6		-7.35			N/A			N/A			4.60		7/31/15

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. 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, 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.19	%		1.26	%
Class C		1.94			2.01
Institutional		0.80			0.87
Service		1.30			1.37
Investor		0.94			1.01
Class P		0.79			0.86
Class R		1.44			1.51
Class R6		0.79			0.86

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus, as supplemented, for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 4/30/19^5,6

Holding	% of Net Assets			Line of Business	Country

ASML Holding NV		1.8	%	Semiconductors & Semiconductor Equipment	Netherlands
Roche Holding AG		1.8		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Diageo plc		1.4		Food, Beverage & Tobacco	United Kingdom
Rio Tinto plc ADR		1.1		Materials	Australia
Sony Corp.		1.0		Consumer Durables & Apparel	Japan
Air Liquide SA		1.0		Materials	France
BNP Paribas SA		1.0		Banks	France
DNB ASA		1.0		Banks	Norway
AIA Group Ltd.		1.0		Insurance	Hong Kong
adidas AG		1.0		Consumer Durables & Apparel	Germany

⁵

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

⁶

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 2019

LOGO

⁷

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.9% of the Fund’s net assets at April 30, 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.

PORTFOLIO RESULTS

Goldman Sachs International Small Cap Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Small Cap Insights Fund’s (the “Fund”) performance and positioning for thesix-month period ended April 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated cumulative total returns, without sales charges, of 4.51%, 4.07%, 4.65%, 4.63%, 4.75% and 4.75%, respectively. These returns compare to the 5.89% cumulative total return of the Fund’s benchmark, the MSCI EAFE Small Cap Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

During the Reporting Period, the Fund underperformed the Index, with three of our quantitative model’s four investment themes detracting from results. Stock selection driven by these investment themes diminished relative returns.

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

During the Reporting Period, three of our investment themes — Fundamental Mispricings, High Quality Business Models and Market Themes & Trends — detracted from the Fund’s relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may leads to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

The impact of our Sentiment Analysis investment theme was rather neutral during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

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

PORTFOLIO RESULTS

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

During the Reporting Period, stock selection had a negative impact on the Fund’s relative performance, led by holdings in the communication services, industrials and consumer staples sectors. On the positive side, investments in the consumer discretionary sector added to relative returns.

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

In terms of individual stock positions, the Fund was hampered by overweight positions relative to the Index in Plus500, an Israel-based provider of online trading services; Cosmo Energy Holdings, a Japanese petroleum refining company; and IG Group, a U.K.-based derivatives trading company. The overweight in Plus500 was implemented primarily because of our High Quality Business Models investment theme. An overweight in Cosmo Energy Holdings was established due mainly to our Fundamental Mispricings and Market Themes & Trends investment themes. The Fund’s overweight in IG Group was largely driven by our High Quality Business Models and Sentiment Analysis investment themes.

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

During the Reporting Period, the Fund was helped by its overweight positions in Altium, a U.S.-Australian provider ofPC-based software for the design of printed circuit boards; Evotec, a German biotechnology company; and Nemetschek, a German vendor of software for architects, engineers and the construction industry. The overweight in Altium was fueled mainly by our High Quality Business Models and Market Themes & Trends investment themes. Largely driven by our Market Themes & Trends and High Quality Business Models investment themes, the Fund benefited from its overweights in Evotec and Nemetschek.

What impact did country selection have on the Fund’s relative performance during the Reporting Period?

To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking.

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

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we changed the Fund’s rather neutral position versus the Index in Sweden to an underweight position. We shifted the Fund from an overweight to a relatively neutral position in Switzerland and from a rather neutral position to an overweight in the Netherlands. Compared to the Index, we increased the Fund’s overweight in Germany during the Reporting Period.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

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

In terms of countries, the Fund was overweight Germany, Japan, Norway and the Netherlands relative to the Index at the end of the Reporting Period. Compared to the Index, the Fund was underweight the U.K., Sweden, Israel, Singapore and France. It was relatively neutral compared to the Index in Finland, Italy, Denmark, Australia, Spain, France, Switzerland, Portugal, Austria, Hong Kong, New Zealand, Belgium and Ireland at the end of the Reporting Period.

FUND BASICS

International Small Cap Insights Fund

as of April 30, 2019

LOGO


PERFORMANCE REVIEW

November 1, 2018–April 30, 2019	Fund Total Return (based on NAV)¹			MSCI^®EAFE Small Cap Index (Net, USD, Unhedged)²

Class A		4.51	%		5.89	%
Class C		4.07			5.89
Institutional		4.65			5.89
Investor		4.63			5.89
Class P		4.75			5.89

Class R6		4.75			5.89

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.

The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) is a freefloat-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		-15.77	%		2.88	%		12.93	%		3.75	%		9/28/07
Class C		-12.38			3.29			12.72			3.51			9/28/07
Institutional		-10.55			4.46			14.00			4.68			9/28/07
Investor		-10.56			4.33			N/A			9.70			8/31/10
Class P		N/A			N/A			N/A			-12.01			4/16/18
Class R6		-10.44			N/A			N/A			5.45			7/31/15

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. 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 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.

FUND BASICS


EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.26	%		1.32	%
Class C		2.01			2.07
Institutional		0.87			0.93
Investor		1.01			1.07
Class P		0.86			0.92
Class R6		0.86			0.92

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to contractual arrangements, the Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2020, 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 3/31/19^5,6

Holding	% of Net Assets			Line of Business	Country

GN Store Nord A/S		1.3	%	Health Care Equipment & Services	Denmark
ASR Nederland NV		1.2		Insurance	Netherlands
Altium Ltd.		1.1		Software & Services	Australia
Merlin Properties Socimi SA (REIT)		1.1		Real Estate	Spain
Valmet OYJ		1.1		Capital Goods	Finland
Bellway plc		1.1		Consumer Durables & Apparel	United Kingdom
Evotec SE		1.0		Pharmaceuticals, Biotechnology & Life Sciences	Germany
OC Oerlikon Corp. AG (Registered)		1.0		Capital Goods	Switzerland
Great Portland Estates plc (REIT)		0.9		Real Estate	United Kingdom
Gerresheimer AG		0.9		Pharmaceuticals, Biotechnology & Life Sciences	Germany

⁵

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

⁶

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of April 30, 2019

LOGO

⁷

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.7% of the Fund’s net assets at April 30, 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.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 97.6%
Brazil – 8.7%
	87,600	AES Tiete Energia SA (Utilities)*	$	241,279
	1,644,940	Banco Bradesco SA ADR (Banks)		14,903,156
	896,300	Banco do Brasil SA (Banks)*		11,356,044
	1,627,900	Banco do Estado do Rio Grande do Sul SA (Preference) Class B (Banks)^(a)		10,138,308
	497,800	Banco Santander Brasil SA ADR (Banks)		5,699,810
	253,914	Cia de Saneamento do Parana (Utilities)		5,076,855
	1,982,984	Cia de Transmissao de Energia Eletrica Paulista (Preference) (Utilities)^(a)		10,620,149
	731,900	Cia Hering (Consumer Durables & Apparel)		5,959,952
	787,375	Cia Paranaense de Energia (Preference) (Utilities)^(a)		8,273,150
	1,234,800	Cia Siderurgica Nacional SA (Materials)*		4,578,815
	1,621,440	Construtora Tenda SA (Consumer Durables & Apparel)		7,430,894
	2,590,915	EDP – Energias do Brasil SA (Utilities)		11,569,948
	353,300	Engie Brasil Energia SA (Utilities)		4,008,650
	326,200	IRB Brasil Resseguros S/A (Insurance)		7,811,629
	1,101,400	Petrobras Distribuidora SA (Retailing)		6,657,106
	1,522,750	Porto Seguro SA (Insurance)		21,017,375
	274,334	SLC Agricola SA (Food, Beverage & Tobacco)		2,875,501
	149,700	Telefonica Brasil SA ADR (Telecommunication Services)		1,781,430
	1,751,025	Transmissora Alianca de Energia Eletrica SA (Utilities)		11,722,324
	24,900	Tupy SA (Automobiles & Components)		111,130
	1,966,300	Vale SA ADR (Materials)		25,129,314

				176,962,819

Chile – 0.7%
	7,328,919	AES Gener SA (Utilities)		1,990,917
	434,027	Cia Cervecerias Unidas SA ADR (Food, Beverage & Tobacco)		11,953,103
	93,906,365	Itau CorpBanca (Banks)		838,821

				14,782,841

China – 34.6%
	468,700	Alibaba Group Holding Ltd. ADR (Retailing)*		86,976,659
	589,304	Anhui Conch Cement Co. Ltd. Class A (Materials)		3,499,562
	2,228,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		13,599,307
	220,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		1,547,291


Common Stocks – (continued)
China – (continued)
	272,000	Asia Cement China Holdings Corp. (Materials)		322,944
	9,371,000	Bank of China Ltd. Class H (Banks)		4,474,703
	35,053,000	Bank of Communications Co. Ltd. Class H (Banks)		29,564,624
	891,000	Beijing Enterprises Holdings Ltd. (Utilities)		4,747,534
	2,718,000	China Aoyuan Group Ltd. (Real Estate)		3,299,189
	2,472,000	China BlueChemical Ltd. Class H (Materials)		842,562
	8,232,000	China CITIC Bank Corp. Ltd. Class H (Banks)		5,282,174
	2,938,000	China Communications Services Corp. Ltd. Class H (Telecommunication Services)		2,369,600
	51,448,000	China Construction Bank Corp. Class H (Banks)		45,354,795
	2,448,000	China Everbright Ltd. (Diversified Financials)		4,462,848
	3,385,000	China Evergrande Group (Real Estate)		10,855,568
	806,000	China Jinmao Holdings Group Ltd. (Real Estate)		522,587
	981,000	China Merchants Bank Co. Ltd. Class H (Banks)		4,854,975
	4,293,000	China Mobile Ltd. (Telecommunication Services)		40,961,238
	32,482,000	China Petroleum & Chemical Corp. Class H (Energy)		24,969,225
	2,424,000	China Railway Group Ltd. Class H (Capital Goods)		1,911,988
	7,678,000	China Resources Cement Holdings Ltd. (Materials)		7,698,421
	368,000	China Resources Gas Group Ltd. (Utilities)		1,708,147
	4,240,000	China Resources Land Ltd. (Real Estate)		18,465,881
	19,208,000	China Telecom Corp. Ltd. Class H (Telecommunication Services)		9,955,152
	1,941,000	CITIC Ltd. (Capital Goods)		2,826,589
	557,023	CITIC Securities Co. Ltd. Class A (Diversified Financials)		1,908,223
	4,594,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		1,903,717
	22,018,000	CNOOC Ltd. (Energy)		39,992,051
	1,432,000	COSCO SHIPPING Ports Ltd. (Transportation)		1,428,253
	2,993,000	CRRC Corp. Ltd. Class H (Capital Goods)		2,614,585
	801,000	Far East Horizon Ltd. (Diversified Financials)		889,342
	2,718,000	Fosun International Ltd. (Capital Goods)		4,222,150


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	1,260,000	Future Land Development Holdings Ltd. (Real Estate)	$	1,502,618
	1,012,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)		5,252,264
	285,200	Guotai Junan Securities Co. Ltd. Class A (Diversified Financials)		798,435
	19,300	Hundsun Technologies, Inc. Class A (Software & Services)		238,282
	61,380,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)		46,167,583
	6,756,000	Jiangsu Expressway Co. Ltd. Class H (Transportation)		9,620,765
	5,094,535	Jinke Properties Group Co. Ltd. Class A (Real Estate)		5,752,498
	672,000	Kunlun Energy Co. Ltd. (Energy)		710,814
	18,149	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)		2,624,518
	3,244,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		3,006,125
	3,330,000	Logan Property Holdings Co. Ltd. (Real Estate)		5,299,265
	6,667,000	Longfor Group Holdings Ltd. (Real Estate)		24,651,381
	3,171,886	Maanshan Iron & Steel Co. Ltd. Class A (Materials)		1,639,926
	12,852,000	Maanshan Iron & Steel Co. Ltd. Class H (Materials)		5,924,233
	189,153	Midea Group Co. Ltd. Class A (Consumer Durables & Apparel)		1,472,630
	13,822,000	PetroChina Co. Ltd. Class H (Energy)		8,761,680
	226,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		2,735,654
	7,152,000	Shenzhen Expressway Co. Ltd. Class H (Transportation)		8,711,278
	812,500	Shenzhen International Holdings Ltd. (Transportation)		1,756,308
	6,264,500	Shimao Property Holdings Ltd. (Real Estate)		19,094,217
	4,980,000	Shui On Land Ltd. (Real Estate)		1,213,447
	289,000	Sinopec Engineering Group Co. Ltd. Class H (Capital Goods)		279,471
	883,500	Sinotruk Hong Kong Ltd. (Capital Goods)		1,917,938
	365,200	TAL Education Group ADR (Consumer Services)*		14,049,244
	2,081,900	Tencent Holdings Ltd. (Media & Entertainment)		102,611,985
	1,447,000	Times China Holdings Ltd. (Real Estate)		2,627,512
	1,818,249	Weichai Power Co. Ltd. Class A (Capital Goods)		3,337,846
	7,495,000	Weichai Power Co. Ltd. Class H (Capital Goods)		12,271,839


Common Stocks – (continued)
China – (continued)
	488,500	Xtep International Holdings Ltd. (Consumer Durables & Apparel)		278,508
	15,346,000	Yuexiu Property Co. Ltd. (Real Estate)		3,562,129
	6,404,000	Yuexiu Transport Infrastructure Ltd. (Transportation)		5,219,227
	292,000	Yum China Holdings, Inc. (Consumer Services)		13,881,680
	2,626,000	Zhejiang Expressway Co. Ltd. Class H (Transportation)		2,816,638

				703,819,822

Colombia – 0.3%
	23,694	Bancolombia SA ADR (Banks)		1,201,760
	288,676	Ecopetrol SA ADR (Energy)		5,337,619
	7,669	Interconexion Electrica SA ESP (Utilities)		37,524

				6,576,903

Czech Republic – 0.1%
	503,609	Moneta Money Bank A/S (Banks)^(b)		1,614,224

Greece – 0.1%
	35,480	Hellenic Telecommunications Organization SA (Telecommunication Services)		492,778
	90,139	Motor Oil Hellas Corinth Refineries SA (Energy)		2,299,012

				2,791,790

Hong Kong – 0.0%
	301,000	Yuexiu REIT (REIT)		203,346

India – 8.1%
	1,179,597	Adani Ports & Special Economic Zone Ltd. (Transportation)		6,663,387
	102,047	Bajaj Auto Ltd. (Automobiles & Components)		4,378,922
	71,270	Bajaj Finserv Ltd. (Insurance)		7,709,466
	72,784	Bajaj Holdings & Investment Ltd. (Diversified Financials)		3,229,322
	23,941	Biocon Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		204,568
	119,083	Birlasoft Ltd. (Software & Services)		160,319
	261,853	Coal India Ltd. (Energy)		949,369
	165,066	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,146,086
	37,920	Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,588,469
	2,211,588	GAIL India Ltd. (Utilities)		11,327,912
	40,573	Havells India Ltd. (Capital Goods)		451,797
	1,377,021	HCL Technologies Ltd. (Software & Services)		23,436,364


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	3,201,927	Infosys Ltd. ADR (Software & Services)	$	34,452,734
	856,798	JSW Steel Ltd. (Materials)		3,800,052
	311,183	Jubilant Foodworks Ltd. (Consumer Services)		5,947,070
	253,297	Just Dial Ltd. (Media & Entertainment)*		2,109,384
	1,141,109	KPIT Technologies Ltd. (Software & Services)*		1,693,935
	664,352	Mphasis Ltd. (Software & Services)		9,263,978
	42,537	Multi Commodity Exchange of India Ltd. (Diversified Financials)		525,237
	85,512	Muthoot Finance Ltd. (Diversified Financials)		734,107
	666	Page Industries Ltd. (Consumer Durables & Apparel)		221,291
	1,374,498	Petronet LNG Ltd. (Energy)		4,770,629
	45,067	Pfizer Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,037,891
	41,723	PVR Ltd. (Media & Entertainment)		1,061,699
	22,094	Radico Khaitan Ltd. (Food, Beverage & Tobacco)		112,379
	128,111	Rural Electrification Corp. Ltd. (Diversified Financials)		271,421
	67,574	Tata Consultancy Services Ltd. (Software & Services)		2,196,458
	1,463,512	Tech Mahindra Ltd. (Software & Services)		17,603,338
	194,020	Torrent Power Ltd. (Utilities)		705,357
	149,836	Wipro Ltd. (Software & Services)		643,903
	200,600	WNS Holdings Ltd. ADR (Software & Services)*		11,464,290

				163,861,134

Indonesia – 2.6%
	340,300	Bank Central Asia Tbk. PT (Banks)		687,431
	6,428,600	Bank Mandiri Persero Tbk. PT (Banks)*		3,502,328
	10,897,000	Bank Negara Indonesia Persero Tbk. PT (Banks)*		7,353,929
	87,481,800	Bank Rakyat Indonesia Persero Tbk. PT (Banks)*		26,896,750
	20,673,500	Bukit Asam Tbk. PT (Energy)*		5,751,433
	1,415,600	Gudang Garam Tbk. PT (Food, Beverage & Tobacco)		8,399,897

				52,591,768

Mexico – 2.5%
	3,491,811	Alfa SAB de CV Class A (Capital Goods)		3,529,063
	1,956,386	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Banks)		3,285,798
	368,305	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		759,428


Common Stocks – (continued)
Mexico – (continued)
	501,139	Corp. Inmobiliaria Vesta SAB de CV (Real Estate)		790,128
	433,672	Fibra Uno Administracion SA de CV (REIT)		646,468
	4,231,337	Gentera SAB de CV (Diversified Financials)		3,861,330
	2,124,731	Grupo Aeroportuario del Centro Norte SAB de CV (Transportation)		13,090,614
	322,458	Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation)		3,278,712
	74,800	Prologis Property Mexico SA de CV (REIT)		159,955
	1,099,604	Promotora y Operadora de Infraestructura SAB de CV (Transportation)		11,185,274
	3,615,700	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		10,625,240

				51,212,010

Pakistan – 0.0%
	684,000	Engro Fertilizers Ltd. (Materials)		335,790

Peru – 0.2%
	14,700	Credicorp Ltd. (Banks)		3,482,430

Philippines – 0.3%
	111,350	Globe Telecom, Inc. (Telecommunication Services)		3,805,913
	446,740	International Container Terminal Services, Inc. (Transportation)		1,084,435
	32,900	Manila Electric Co. (Utilities)		243,404

				5,133,752

Poland – 2.2%
	140,849	Asseco Poland SA (Software & Services)		1,956,046
	186,313	Bank Polska Kasa Opieki SA (Banks)		5,560,713
	77,904	CD Projekt SA (Media & Entertainment)*		4,384,025
	2,987,312	Powszechny Zaklad Ubezpieczen SA (Insurance)		32,882,310

				44,783,094

Russia – 4.3%
	19,508,760	Alrosa PJSC (Materials)		28,460,917
	6,315	Globaltrans Investment plc GDR (Transportation)		61,066
	76,870,000	Inter RAO UES PJSC (Utilities)		4,666,481
	32,780	LUKOIL PJSC ADR (Energy)		2,802,690
	1,614,800	MMC Norilsk Nickel PJSC ADR (Materials)^(c)		36,179,594
	280,980	Severstal PJSC GDR (Materials)		4,549,066
	146,490	Tatneft PJSC ADR (Energy)^(c)		10,203,028

				86,922,842


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Singapore – 0.5%
	118,100	BOC Aviation Ltd. (Capital Goods)^(b)	$	1,015,127
	7,758,000	IGG, Inc. (Media & Entertainment)		9,836,002

				10,851,129

South Africa – 4.8%
	691,759	Absa Group Ltd. (Banks)		7,968,839
	677,349	African Rainbow Minerals Ltd. (Materials)		8,068,512
	238,304	Anglo American Platinum Ltd. (Materials)		12,055,191
	164,849	AngloGold Ashanti Ltd. ADR (Materials)		1,945,218
	53,671	Assore Ltd. (Materials)		1,393,457
	2,383	Capitec Bank Holdings Ltd. (Banks)		222,673
	75,905	Exxaro Resources Ltd. (Energy)		868,596
	2,370,111	FirstRand Ltd. (Diversified Financials)		11,279,445
	10,072	Kumba Iron Ore Ltd. (Materials)		302,905
	158,618	Naspers Ltd. Class N (Retailing)		40,804,566
	31,786	Nedbank Group Ltd. (Banks)		592,926
	29,771	Santam Ltd. (Insurance)		698,604
	443,638	Standard Bank Group Ltd. (Banks)		6,195,785
	1,155,531	Truworths International Ltd. (Retailing)		6,126,872

				98,523,589

South Korea – 14.8%
	5,565	AfreecaTV Co. Ltd. (Media & Entertainment)		304,683
	153,392	Cheil Worldwide, Inc. (Media & Entertainment)		3,346,534
	500,694	CJ Hello Co. Ltd. (Media & Entertainment)		3,709,563
	49,171	Com2uSCorp (Media & Entertainment)		4,204,230
	60,831	Daelim Industrial Co. Ltd. (Capital Goods)		5,047,438
	193,182	DB Insurance Co. Ltd. (Insurance)		11,311,603
	49,544	Doosan Corp. (Capital Goods)		4,355,761
	61,996	Fila Korea Ltd. (Consumer Durables & Apparel)		4,384,459
	139,475	Handsome Co. Ltd. (Consumer Durables & Apparel)		5,110,243
	100,807	Huons Global Co. Ltd. (Health Care Equipment & Services)		3,548,169
	177,901	Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		5,822,721
	158,078	JYP Entertainment Corp. (Media & Entertainment)		4,040,849
	642,549	Kia Motors Corp. (Automobiles & Components)		24,907,713
	11,691	Korea Zinc Co. Ltd. (Materials)		4,534,609
	309,192	Korean Air Lines Co. Ltd. (Transportation)		8,781,182
	97,465	Korean Reinsurance Co. (Insurance)		761,000


Common Stocks – (continued)
South Korea – (continued)
	254,070	KT&G Corp. (Food, Beverage & Tobacco)		22,224,071
	47,452	Kumho Petrochemical Co. Ltd. (Materials)		3,736,238
	23,705	LF Corp. (Consumer Durables & Apparel)		506,231
	5,407	Maeil Dairies Co. Ltd. (Food, Beverage & Tobacco)		408,139
	162,221	MegaStudyEdu Co. Ltd. (Consumer Services)		5,736,053
	183,840	Meritz Fire & Marine Insurance Co. Ltd. (Insurance)		3,745,574
	127,469	Meritz Securities Co. Ltd. (Diversified Financials)		553,212
	51,819	NHN Corp. (Media & Entertainment)*		3,729,751
	52,645	NICE Information Service Co. Ltd. (Commercial & Professional Services)		631,007
	91,798	Partron Co. Ltd. (Technology Hardware & Equipment)		1,091,471
	95,533	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)^(c)		8,904,472
	1,021,409	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		40,158,968
	337,120	Samsung Electronics Co. Ltd. (Preference) (Technology Hardware & Equipment)^(a)		10,754,539
	81,522	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		21,215,330
	2,988	Samsung Fire & Marine Insurance Co. Ltd. (Preference) (Insurance)^(a)		505,615
	74,244	Samsung SDS Co. Ltd. (Software & Services)		13,805,952
	635,252	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		42,988,002
	31,293	UniTest, Inc. (Semiconductors & Semiconductor Equipment)		421,905
	114,060	Whanin Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,887,796
	211,264	Woongjin Coway Co. Ltd. (Consumer Durables & Apparel)		15,878,936
	27,907	Woori Financial Group, Inc. (Banks)		330,875
	141,122	YG Entertainment, Inc. (Media & Entertainment)		4,350,687
	76,301	Youngone Corp. (Consumer Durables & Apparel)		2,413,831

				300,149,412

Taiwan – 11.4%
	367,653	Acter Co. Ltd. (Capital Goods)		2,149,945
	1,883,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		1,932,209


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	230,000	Basso Industry Corp. (Consumer Durables & Apparel)	$	434,345
	3,589,000	Chailease Holding Co. Ltd. (Diversified Financials)		15,301,106
	866,000	China Development Financial Holding Corp. (Banks)		279,146
	2,153,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)		4,886,024
	200,000	Coretronic Corp. (Technology Hardware & Equipment)		311,368
	1,271,000	Darfon Electronics Corp. (Technology Hardware & Equipment)		1,964,588
	3,135,000	Elan Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		8,501,063
	2,197,000	Far Eastern Department Stores Ltd. (Retailing)		1,166,491
	829,000	Feng TAY Enterprise Co. Ltd. (Consumer Durables & Apparel)		6,721,984
	125,000	Formosa Taffeta Co. Ltd. (Consumer Durables & Apparel)		150,762
	88,000	Gamania Digital Entertainment Co. Ltd. (Media & Entertainment)		215,035
	975,000	Getac Technology Corp. (Technology Hardware & Equipment)		1,468,505
	206,000	Greatek Electronics, Inc. (Semiconductors & Semiconductor Equipment)		285,173
	881,000	Highwealth Construction Corp. (Real Estate)		1,411,170
	259,000	Holtek Semiconductor, Inc. (Semiconductors & Semiconductor Equipment)		620,875
	699,000	Holy Stone Enterprise Co. Ltd. (Technology Hardware & Equipment)		2,333,073
	19,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		2,852,328
	158,000	Machvision, Inc. (Semiconductors & Semiconductor Equipment)		2,166,711
	48,000	Makalot Industrial Co. Ltd. (Consumer Durables & Apparel)		331,172
	819,000	Mega Financial Holding Co. Ltd. (Banks)		786,288
	1,355,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		8,863,948
	239,000	Phison Electronics Corp. (Semiconductors & Semiconductor Equipment)		2,250,899
	920,000	President Chain Store Corp. (Food & Staples Retailing)		8,583,754


Common Stocks – (continued)
Taiwan – (continued)
	1,737,000	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		5,870,607
	2,102,000	Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		14,252,249
	2,419,800	Ruentex Industries Ltd. (Consumer Durables & Apparel)		5,783,602
	3,507,000	Taiwan High Speed Rail Corp. (Transportation)		4,270,718
	1,218,600	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		53,399,052
	2,649,000	Taiwan Styrene Monomer (Materials)		2,146,525
	1,083,000	Tripod Technology Corp. (Technology Hardware & Equipment)		3,477,285
	9,075,000	Unimicron Technology Corp. (Technology Hardware & Equipment)		10,143,057
	14,059,000	Uni-President Enterprises Corp. (Food, Beverage & Tobacco)		33,413,713
	1,229,000	Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		2,730,870
	11,470,000	Yuanta Financial Holding Co. Ltd. (Diversified Financials)		6,652,701
	3,644,000	Zhen Ding Technology Holding Ltd. (Technology Hardware & Equipment)		13,036,998

				231,145,339

Thailand – 0.5%
	1,714,900	BTS Group Holdings PCL (Transportation)		634,135
	163,700	Glow Energy PCL (Utilities)		469,179
	2,981,500	Krung Thai Bank PCL (Banks)		1,766,093
	697,800	Krungthai Card PCL (Diversified Financials)		886,187
	940,600	Major Cineplex Group PCL (Media & Entertainment)		840,227
	388,800	PTT Exploration & Production PCL (Energy)		1,624,464
	8,148,400	Quality Houses PCL (Real Estate)		756,118
	1,580,000	Thanachart Capital PCL (Banks)		2,623,023

				9,599,426

Turkey – 0.7%
	233,837	Arcelik AS (Consumer Durables & Apparel)*		719,770
	415,667	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		5,785,440
	217,754	Soda Sanayii A/S (Materials)		283,191


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Turkey – (continued)
	661,430	TAV Havalimanlari Holding A/S (Transportation)	$	2,807,656
	1,041,737	Tekfen Holding A/S (Capital Goods)		4,652,992
	178,305	Turkiye Sise ve Cam Fabrikalari A/S (Capital Goods)		182,438

				14,431,487

United Arab Emirates – 0.2%
	357,327	Abu Dhabi Commercial Bank PJSC (Banks)		961,009
	784,074	Dubai Islamic Bank PJSC (Banks)		1,102,888
	909,899	Emaar Properties PJSC (Real Estate)		1,192,306
	285,795	First Abu Dhabi Bank PJSC (Banks)		1,244,748

				4,500,951

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,774,545,568)		$	1,984,275,898


Shares		Dividend Rate	Value


Securities Lending Reinvestment Vehicle^(d)– 0.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,622,158	2.464%	$	9,622,158
	(Cost $9,622,158)

	TOTAL INVESTMENTS – 98.1%
	(Cost $1,784,167,726)		$	1,993,898,056

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%			39,040,569

	NET ASSETS – 100.0%		$	2,032,938,625



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

*		Non-income producing security.

(a)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		All or a portion of security is on loan.

(d)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

MSCI Emerging MarketsE-Mini Index

357

06/21/2019

19,281,570

672,213


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 96.7%
Australia – 7.3%
	218,985	Altium Ltd. (Software & Services)	$	5,233,377
	1,064,700	Alumina Ltd. (Materials)		1,684,761
	111,535	Amcor Ltd. (Materials)		1,260,775
	312,327	ASX Ltd. (Diversified Financials)		16,409,116
	2,261,561	Aurelia Metals Ltd. (Materials)*		1,190,003
	1,495,322	Aurizon Holdings Ltd. (Transportation)		5,017,564
	3,965,255	Beach Energy Ltd. (Energy)		5,946,092
	249,448	BHP Group Ltd. (Materials)		6,600,978
	933,597	BHP Group plc (Materials)		22,037,160
	101,099	Boral Ltd. (Materials)		346,127
	2,213,561	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		13,730,930
	588,359	Crown Resorts Ltd. (Consumer Services)		5,515,280
	1,079,633	Evolution Mining Ltd. (Materials)		2,433,685
	897,829	Goodman Group (REIT)		8,354,825
	136,566	Iluka Resources Ltd. (Materials)		833,353
	3,974,609	Insurance Australia Group Ltd. (Insurance)		22,084,754
	101,586	Macquarie Group Ltd. (Diversified Financials)		9,654,134
	42,299	Magellan Financial Group Ltd. (Diversified Financials)		1,331,468
	3,944,442	Medibank Pvt Ltd. (Insurance)		7,949,489
	570,149	Metcash Ltd. (Food & Staples Retailing)		1,153,661
	1,299,216	Mount Gibson Iron Ltd. (Materials)		1,095,337
	179,879	OZ Minerals Ltd. (Materials)		1,266,575
	211,320	QBE Insurance Group Ltd. (Insurance)		1,927,461
	213,218	Regis Resources Ltd. (Materials)		721,363
	67,237	Rio Tinto Ltd. (Materials)		4,531,933
	571,612	Rio Tinto plc ADR (Materials)^(a)		33,667,947
	2,582,759	Santos Ltd. (Energy)		13,070,340
	303,927	South32 Ltd. (Materials)		717,821
	123,623	Super Retail Group Ltd. (Retailing)		755,085
	1,259,853	Telstra Corp. Ltd. (Telecommunication Services)		3,000,773
	566,118	Vicinity Centres (REIT)		1,015,240
	959,067	Woodside Petroleum Ltd. (Energy)		23,909,277

				224,446,684

Austria – 0.5%
	290,934	OMV AG (Energy)		15,605,439

Belgium – 0.8%
	33,185	Ageas (Insurance)		1,753,676
	72,813	KBC Group NV (Banks)		5,405,336
	228,875	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		18,190,735
	2,140	Warehouses De Pauw CVA (REIT)		321,150

				25,670,897

China – 0.4%
	738,300	ENN Energy Holdings Ltd. (Utilities)		6,977,663


Common Stocks – (continued)
China – (continued)
	766,000	Towngas China Co. Ltd. (Utilities)*		609,450
	371,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		339,739
	3,706,300	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		4,285,198

				12,212,050

Denmark – 2.2%
	148,326	Carlsberg A/S Class B (Food, Beverage & Tobacco)		19,178,671
	321,081	GN Store Nord A/S (Health Care Equipment & Services)		16,457,096
	410,169	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		20,096,048
	52,317	Royal Unibrew A/S (Food, Beverage & Tobacco)		3,754,130
	38,352	SimCorp A/S (Software & Services)		3,765,022
	48,644	Vestas Wind Systems A/S (Capital Goods)		4,401,498

				67,652,465

Faroe Islands – 0.1%
	50,880	Bakkafrost P/F (Food, Beverage & Tobacco)		2,613,365

Finland – 0.2%
	45,213	Kesko OYJ Class B (Food & Staples Retailing)		2,351,070
	12,361	Tieto OYJ (Software & Services)		351,937
	175,355	Valmet OYJ (Capital Goods)		4,830,503

				7,533,510

France – 9.9%
	225,272	Air Liquide SA (Materials)		29,968,342
	127,694	Arkema SA (Materials)		13,111,177
	562,377	BNP Paribas SA (Banks)		29,937,058
	43,624	Bureau Veritas SA (Commercial & Professional Services)		1,105,811
	1,172	Christian Dior SE (Consumer Durables & Apparel)		580,356
	606	Dassault Aviation SA (Capital Goods)^(b)		916,901
	61,394	Dassault Systemes SE (Software & Services)		9,722,531
	163,596	Eiffage SA (Capital Goods)		17,081,250
	25,016	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		2,921,615
	44,481	Kering SA (Consumer Durables & Apparel)		26,321,835
	112,514	Lagardere SCA (Media & Entertainment)		3,064,412
	265,137	Legrand SA (Capital Goods)		19,501,588
	60,742	Pernod Ricard SA (Food, Beverage & Tobacco)		10,591,400


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	778,481	Peugeot SA (Automobiles & Components)^(b)	$	20,410,896
	181,394	Publicis Groupe SA (Media & Entertainment)^(b)		10,781,389
	18,296	Rubis SCA (Utilities)		1,003,539
	139,368	Safran SA (Capital Goods)		20,314,435
	29,667	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		2,588,425
	22,172	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		3,011,506
	320,896	Schneider Electric SE (Capital Goods)		27,159,332
	173,462	SCOR SE (Insurance)^(b)		7,081,513
	539,801	Societe Generale SA (Banks)		17,117,898
	101,063	Teleperformance (Commercial & Professional Services)*		19,428,412
	30,087	Thales SA (Capital Goods)		3,594,718
	123,539	TOTAL SA (Energy)		6,867,625

				304,183,964

Germany – 7.1%
	114,092	adidas AG (Consumer Durables & Apparel)		29,388,723
	77,472	Allianz SE (Registered) (Insurance)		18,726,078
	19,574	CANCOM SE (Software & Services)		990,715
	287,089	Covestro AG (Materials)^(c)		15,774,840
	21,474	CTS Eventim AG & Co. KGaA (Media & Entertainment)		1,102,888
	31,995	Deutsche Pfandbriefbank AG (Banks)^(c)		446,743
	94,869	Deutsche Post AG (Registered) (Transportation)*		3,297,687
	2,135,224	E.ON SE (Utilities)		22,957,340
	641,462	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*		16,010,385
	67,533	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		5,691,914
	364,861	Fresenius SE & Co. KGaA (Health Care Equipment & Services)		20,747,770
	23,735	GEA Group AG (Capital Goods)		664,999
	13,035	HOCHTIEF AG (Capital Goods)		1,948,847
	16,703	HUGO BOSS AG (Consumer Durables & Apparel)		1,167,108
	137,190	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		3,252,169
	29,471	Jenoptik AG (Technology Hardware & Equipment)		1,166,424
	186,214	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		19,848,647
	65,909	Nemetschek SE (Software & Services)		12,193,180


Common Stocks – (continued)
Germany – (continued)
	6,157	Porsche Automobil Holding SE (Preference) (Automobiles & Components)^(d)		428,020
	587,749	ProSiebenSat.1 Media SE (Media & Entertainment)		9,291,460
	4,359	Puma SE (Consumer Durables & Apparel)		2,696,313
	18,122	Rheinmetall AG (Capital Goods)		2,088,162
	517,706	RWE AG (Utilities)*		13,279,175
	25,223	RWE AG (Preference)(Non-Voting) (Utilities)*^(d)		643,600
	23,872	Siltronic AG (Semiconductors & Semiconductor Equipment)*		2,339,049
	180,620	Software AG (Software & Services)		6,879,732
	62,308	TAG Immobilien AG (Real Estate)		1,403,174
	39,963	Wirecard AG (Software & Services)^(b)		6,037,104

				220,462,246

Hong Kong – 2.4%
	2,875,400	AIA Group Ltd. (Insurance)		29,442,473
	90,000	CK Asset Holdings Ltd. (Real Estate)		723,649
	1,088,500	CLP Holdings Ltd. (Utilities)		12,354,113
	619,912	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)^(b)		21,535,015
	484,000	Shangri-La Asia Ltd. (Consumer Services)		686,207
	64,500	Swire Pacific Ltd. Class A (Real Estate)		816,794
	56,500	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		408,862
	754,000	Wheelock & Co. Ltd. (Real Estate)		5,373,318
	356,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		1,151,488

				72,491,919

Italy – 2.6%
	6,047,674	A2A SpA (Utilities)		10,121,603
	156,916	Davide Campari-Milano SpA (Food, Beverage & Tobacco)		1,582,966
	18,336	DiaSorin SpA (Health Care Equipment & Services)		1,792,469
	152,512	Enav SpA (Transportation)^(c)		832,852
	1,182,475	Eni SpA (Energy)		20,150,724
	109,295	Italgas SpA (Utilities)		682,711
	153,688	Leonardo SpA (Capital Goods)		1,777,373
	520,708	Mediobanca Banca di Credito Finanziario SpA (Banks)		5,519,145
	271,434	Moncler SpA (Consumer Durables & Apparel)		11,159,806
	13,052	Reply SpA (Software & Services)		850,780
	2,725,415	Terna Rete Elettrica Nazionale SpA (Utilities)		16,350,200
	731,312	UniCredit SpA (Banks)		10,124,360

				80,944,989


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – 23.6%
	481,900	AEON Financial Service Co. Ltd. (Diversified Financials)	$	10,004,981
	68,600	AGC, Inc. (Capital Goods)		2,340,483
	466,000	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		7,539,656
	215,000	Amada Holdings Co. Ltd. (Capital Goods)		2,410,171
	94,900	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		4,137,954
	1,506,900	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		20,409,265
	178,800	Benesse Holdings, Inc. (Consumer Services)		4,943,437
	107,700	Central Japan Railway Co. (Transportation)		23,159,746
	405,500	Chubu Electric Power Co., Inc. (Utilities)		5,896,593
	14,900	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		353,697
	160,900	Daicel Corp. (Materials)		1,805,081
	11,200	Daiichikosho Co. Ltd. (Media & Entertainment)		548,744
	767,300	Daiwa House Industry Co. Ltd. (Real Estate)		21,507,046
	247,000	East Japan Railway Co. (Transportation)		23,277,748
	222,200	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		12,938,864
	216,800	Fancl Corp. (Household & Personal Products)		6,432,573
	282,800	Fujitsu Ltd. (Software & Services)		20,761,645
	31,800	Heiwa Corp. (Consumer Durables & Apparel)		633,651
	764,100	Hitachi Ltd. (Technology Hardware & Equipment)		25,412,630
	163,600	Honda Motor Co. Ltd. (Automobiles & Components)		4,564,923
	76,900	Hulic Co. Ltd. (Real Estate)		663,429
	145,100	IHI Corp. (Capital Goods)		3,464,034
	188,200	Inpex Corp. (Energy)		1,830,963
	44,500	Isuzu Motors Ltd. (Automobiles & Components)		640,922
	474,300	Japan Airlines Co. Ltd. (Transportation)		15,468,536
	584,500	Japan Exchange Group, Inc. (Diversified Financials)		9,544,653
	4,103	Japan Retail Fund Investment Corp. (REIT)		7,840,139
	749,100	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		17,309,920
	643,400	JFE Holdings, Inc. (Materials)		11,071,532
	65,300	Kajima Corp. (Capital Goods)		969,189
	345,900	Kao Corp. (Household & Personal Products)		26,702,594


Common Stocks – (continued)
Japan – (continued)
	120,900	Kewpie Corp. (Food, Beverage & Tobacco)		2,800,478
	35,900	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		816,670
	12,500	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)		996,865
	189,900	Konami Holdings Corp. (Media & Entertainment)		8,647,231
	17,200	Kose Corp. (Household & Personal Products)		3,222,005
	81,600	K’s Holdings Corp. (Retailing)		727,877
	203,300	Kyocera Corp. (Technology Hardware & Equipment)		13,211,342
	20,400	Mandom Corp. (Household & Personal Products)		528,175
	73,300	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		2,427,015
	268,900	Mitsubishi Corp. (Capital Goods)		7,407,576
	228,200	Mitsubishi Gas Chemical Co., Inc. (Materials)		3,425,930
	501,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)		20,879,212
	5,780,500	Mitsubishi UFJ Financial Group, Inc. (Banks)		28,680,102
	314,900	Mitsui Fudosan Co. Ltd. (Real Estate)		7,293,693
	23,900	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		1,200,107
	30,300	NET One Systems Co. Ltd. (Software & Services)		786,706
	82,300	Nikon Corp. (Consumer Durables & Apparel)		1,147,739
	7,800	Nippon Shokubai Co. Ltd. (Materials)		542,623
	320,800	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		13,347,985
	11,100	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		317,697
	22,900	Noevir Holdings Co. Ltd. (Household & Personal Products)		1,203,551
	100,400	Nomura Research Institute Ltd. (Software & Services)		4,914,472
	53,500	Obayashi Corp. (Capital Goods)		525,937
	74,400	OKUMA Corp. (Capital Goods)		4,382,876
	1,581,700	ORIX Corp. (Diversified Financials)		22,406,097
	794,900	Osaka Gas Co. Ltd. (Utilities)		14,704,798
	143,200	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,119,339
	29,300	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		882,336
	302,800	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		22,328,573


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	30,500	Round One Corp. (Consumer Services)	$	410,994
	192,300	SAMTY Co. Ltd. (Real Estate)^(b)		2,495,033
	14,500	Sankyo Co. Ltd. (Consumer Durables & Apparel)		572,654
	1,098,900	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		16,786,481
	53,000	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,847,689
	17,500	SCSK Corp. (Software & Services)		831,613
	1,329,400	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		16,838,684
	240,300	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		3,857,657
	42,100	Shimizu Corp. (Capital Goods)		360,598
	339,000	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		19,802,010
	237,300	SoftBank Group Corp. (Telecommunication Services)		25,161,248
	640,900	Sony Corp. (Consumer Durables & Apparel)		32,280,921
	17,100	St Marc Holdings Co. Ltd. (Consumer Services)		383,959
	128,700	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		6,509,066
	440,400	Sumitomo Heavy Industries Ltd. (Capital Goods)		15,659,441
	683,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		24,849,920
	281,100	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		9,807,907
	188,800	Takara Holdings, Inc. (Food, Beverage & Tobacco)		2,205,036
	154,500	TDK Corp. (Technology Hardware & Equipment)		13,536,373
	51,900	TIS, Inc. (Software & Services)		2,367,981
	47,500	Tokio Marine Holdings, Inc. (Insurance)		2,406,603
	69,000	Tokyo Dome Corp. (Consumer Services)		685,288
	248,000	Toyota Motor Corp. (Automobiles & Components)		15,353,793
	2,846	United Urban Investment Corp. (REIT)		4,543,771
	33,900	Valor Holdings Co. Ltd. (Food & Staples Retailing)		826,968
	6,341,900	Yahoo Japan Corp. (Media & Entertainment)		16,929,514
	352,200	Yamada Denki Co. Ltd. (Retailing)		1,669,579

				729,440,587


Common Stocks – (continued)
Netherlands – 7.7%
	709,979	ABN AMRO Group NV CVA (Banks)^(c)		16,721,629
	71,365	Akzo Nobel NV (Materials)		6,063,564
	38,815	ASM International NV (Semiconductors & Semiconductor Equipment)		2,646,382
	270,002	ASML Holding NV (Semiconductors & Semiconductor Equipment)		56,379,294
	389,389	ASR Nederland NV (Insurance)		17,325,493
	470,478	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)^(b)		13,552,395
	33,948	Euronext NV (Diversified Financials)^(c)		2,358,778
	1,044,539	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		25,175,054
	221,385	Koninklijke DSM NV (Materials)		25,320,159
	181,198	NN Group NV (Insurance)		7,907,411
	49,009	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)		5,176,330
	46,930	Randstad NV (Commercial & Professional Services)		2,683,984
	546,382	Royal Dutch Shell plc Class A (Energy)		17,386,390
	376,566	Royal Dutch Shell plc Class B (Energy)		12,153,050
	25,517	Signify NV (Capital Goods)^(c)		765,009
	385,153	Wolters Kluwer NV (Commercial & Professional Services)		26,882,713

				238,497,635

New Zealand – 0.2%
	519,102	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*		5,835,540

Norway – 2.3%
	377,641	Aker BP ASA (Energy)		12,464,973
	138,253	Austevoll Seafood ASA (Food, Beverage & Tobacco)		1,610,630
	1,535,075	DNB ASA (Banks)*^(b)		29,518,281
	441,895	Elkem ASA (Materials)*^(c)		1,830,488
	90,949	Kongsberg Gruppen ASA (Capital Goods)		1,318,463
	502,873	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		3,640,998
	182,126	Mowi ASA (Food, Beverage & Tobacco)		3,951,314
	736,354	Orkla ASA (Food, Beverage & Tobacco)^(b)		5,779,306
	35,380	Salmar ASA (Food, Beverage & Tobacco)		1,609,251
	36,705	SpareBank 1 SR-Bank ASA (Banks)		424,392
	492,720	Storebrand ASA (Insurance)		4,164,132


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Norway – (continued)
	147,361	Telenor ASA (Telecommunication Services)^(b)	$	2,962,231
	54,535	TGS NOPEC Geophysical Co. ASA (Energy)		1,426,021

				70,700,480

Portugal – 0.5%
	2,921,632	EDP – Energias de Portugal SA (Utilities)*		11,086,616
	206,755	Galp Energia SGPS SA (Energy)		3,466,509

				14,553,125

Singapore – 0.4%
	68,200	Singapore Exchange Ltd. (Diversified Financials)		370,304
	388,400	United Overseas Bank Ltd. (Banks)		7,953,841
	405,400	Venture Corp. Ltd. (Technology Hardware & Equipment)		5,084,189

				13,408,334

South Africa – 0.3%
	315,180	Anglo American plc (Materials)		8,178,831

Spain – 3.4%
	430,215	ACS Actividades de Construccion y Servicios SA (Capital Goods)		19,783,954
	4,231,044	Banco Bilbao Vizcaya Argentaria SA (Banks)		25,728,341
	2,193,805	Banco Santander SA (Banks)		11,121,217
	310,276	Enagas SA (Energy)		8,850,727
	46,333	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,287,654
	793,648	Merlin Properties Socimi SA (REIT)^(b)		10,825,726
	921,709	Repsol SA (Energy)		15,640,197
	1,397,324	Telefonica SA (Telecommunication Services)		11,649,977

				104,887,793

Sweden – 5.8%
	184,882	Alfa Laval AB (Capital Goods)		4,291,420
	229,853	Atlas Copco AB Class A (Capital Goods)		7,174,702
	22,188	Atlas Copco AB Class B (Capital Goods)		631,963
	42,145	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		571,931
	780,827	Boliden AB (Materials)*		23,237,358
	58,259	Castellum AB (Real Estate)		1,047,465
	855,525	Electrolux ABSeries B (Consumer Durables & Apparel)		20,967,486
	231,819	Essity AB Class B (Household & Personal Products)		6,873,645
	359,723	Hennes & Mauritz AB Class B (Retailing)^(b)		6,276,788
	9,500	Lifco AB Class B (Capital Goods)		452,496


Common Stocks – (continued)
Sweden – (continued)
	71,669	Lundin Petroleum AB (Energy)		2,333,989
	783,108	Sandvik AB (Capital Goods)		14,501,894
	1,182,794	Swedbank AB Class A (Banks)		19,325,934
	453,287	Swedish Match AB (Food, Beverage & Tobacco)		22,102,094
	297,557	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		5,429,430
	1,850,650	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		18,306,958
	1,682,359	Volvo AB Class B (Capital Goods)		26,962,215

				180,487,768

Switzerland – 6.3%
	354,032	Adecco Group AG (Registered) (Commercial & Professional Services)		20,340,202
	152,217	Clariant AG (Registered) (Materials)*		3,131,780
	44,704	Coca-Cola HBC AG (Food, Beverage & Tobacco)*		1,601,086
	16,318	Flughafen Zurich AG (Registered) (Transportation)		2,689,997
	10,738	Galenica AG (Health Care Equipment & Services)*^(c)		547,862
	8,244	Helvetia Holding AG (Registered) (Insurance)*		5,238,849
	331,977	Logitech International SA (Registered) (Technology Hardware & Equipment)		13,008,841
	78,853	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		24,352,117
	56,919	Nestle SA (Registered) (Food, Beverage & Tobacco)		5,480,028
	262,285	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		21,491,659
	197,652	OC Oerlikon Corp. AG (Registered) (Capital Goods)		2,583,137
	80,493	Oriflame Holding AG (Household & Personal Products)		1,660,269
	206,883	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		54,588,845
	69,003	Sonova Holding AG (Registered) (Health Care Equipment & Services)		13,937,381
	1,089	Sunrise Communications Group AG (Telecommunication Services)*^(c)		72,312
	27,133	Swiss Re AG (Insurance)		2,612,307
	120,856	Temenos AG (Registered) (Software & Services)*		20,104,129

				193,440,801


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – 12.3%
	1,476,995	3i Group plc (Diversified Financials)	$	20,666,743
	63,452	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)		1,078,120
	202,571	Ashtead Group plc (Capital Goods)		5,624,836
	926,710	Barratt Developments plc (Consumer Durables & Apparel)		7,290,281
	102,269	Bellway plc (Consumer Durables & Apparel)		4,152,883
	58,348	BP plc ADR (Energy)^(a)		2,551,558
	740,345	British American Tobacco plc (Food, Beverage & Tobacco)		28,983,726
	226,790	Burberry Group plc (Consumer Durables & Apparel)		5,977,507
	445,151	Centrica plc (Utilities)		618,835
	1,006,576	Diageo plc (Food, Beverage & Tobacco)		42,434,942
	4,094,678	Direct Line Insurance Group plc (Insurance)		17,619,604
	834,116	Experian plc (Commercial & Professional Services)		24,280,209
	73,257	Fevertree Drinks plc (Food, Beverage & Tobacco)		3,012,082
	765,501	Fiat Chrysler Automobiles NV (Automobiles & Components)		11,797,436
	415,922	Genel Energy plc (Energy)*		1,251,281
	343,720	Great Portland Estates plc (REIT)		3,387,346
	112,790	GVC Holdings plc (Consumer Services)		962,489
	96,798	Halma plc (Technology Hardware & Equipment)		2,277,626
	777,949	HSBC Holdings plc (Banks)		6,778,241
	716,244	Imperial Brands plc (Food, Beverage & Tobacco)		22,789,576
	2,024,296	International Consolidated Airlines Group SA (Transportation)		14,305,006
	210,981	Intertek Group plc (Commercial & Professional Services)		14,756,813
	4,557,907	Legal & General Group plc (Insurance)		16,574,971
	7,319,140	Lloyds Banking Group plc (Banks)		5,985,848
	1,843,633	National Grid plc (Utilities)		20,198,726
	209,665	Next plc (Retailing)		15,786,452
	1,500,431	Pearson plc (Media & Entertainment)		16,254,004
	609,398	Persimmon plc (Consumer Durables & Apparel)		17,802,249
	10,501,326	Rolls-Royce Holdings plc (Preference) (Capital Goods)^(d)		13,694
	1,123,109	Smith & Nephew plc (Health Care Equipment & Services)		21,712,490
	66,388	SSP Group plc (Consumer Services)		603,429
	1,668,418	Taylor Wimpey plc (Consumer Durables & Apparel)		3,955,500


Common Stocks – (continued)
United Kingdom – (continued)
	32,625	Unilever NV CVA (Household & Personal Products)		1,973,962
	270,552	Unilever plc ADR (Household & Personal Products)		16,449,562

				379,908,027

United States – 0.4%
	207,332	Carnival plc ADR (Consumer Services)^(b)		11,200,075
	7,858	Ferguson plc (Capital Goods)		559,221

				11,759,296

	TOTAL COMMON STOCKS
	(Cost $2,922,979,428)		$	2,984,915,745

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,922,979,428)		$	2,984,915,745


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(e) – 2.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	90,871,945	2.464%	$	90,871,945
	(Cost $90,871,945)

	TOTAL INVESTMENTS – 99.6%
	(Cost $3,013,851,373)		$	3,075,787,690

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			11,457,143

	NET ASSETS – 100.0%		$	3,087,244,833



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

*		Non-income producing security.

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

(b)		All or a portion of security is on loan.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(e)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		— American Depositary Receipt
CVA		— Dutch Certification
REIT		— Real Estate Investment Trust


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		749		06/21/2019	$	28,999,505	$	1,492,254
FTSE 100 Index		142		06/21/2019		13,649,659		404,475
Hang Seng Index		8		05/30/2019		1,502,549		(10,096	)
MSCI Singapore Index		32		05/30/2019		890,640		8,749
SPI 200 Index		48		06/20/2019		5,332,806		23,458
TOPIX Index		89		06/13/2019		12,903,182		(60,334	)

Total Futures Contracts							$	1,858,506


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 96.9%
Australia – 8.2%
	514,776	Abacus Property Group (REIT)	$	1,369,728
	1,415,594	Accent Group Ltd. (Retailing)		1,612,341
	4,266,489	ALS Ltd. (Commercial & Professional Services)		23,916,748
	1,865,285	Altium Ltd. (Software & Services)		44,577,203
	42,340	Ansell Ltd. (Health Care Equipment & Services)		806,080
	254,973	Appen Ltd. (Software & Services)		4,567,328
	13,109,919	Beach Energy Ltd. (Energy)		19,658,959
	942,840	Breville Group Ltd. (Consumer Durables & Apparel)		12,778,535
	213,494	Brickworks Ltd. (Materials)		2,463,652
	5,137,224	Charter Hall Group (REIT)		35,584,033
	1,451,439	Downer EDI Ltd. (Commercial & Professional Services)		7,924,695
	2,400,819	Evolution Mining Ltd. (Materials)		5,411,874
	5,751,028	G8 Education Ltd. (Consumer Services)		12,368,773
	2,975,282	Genworth Mortgage Insurance Australia Ltd. (Banks)		5,017,875
	345,230	GUD Holdings Ltd. (Automobiles & Components)		2,876,797
	297,844	GWA Group Ltd. (Capital Goods)		707,393
	79,271	IDP Education Ltd. (Consumer Services)		872,346
	2,636,723	Iluka Resources Ltd. (Materials)		16,089,811
	3,267,131	Inghams Group Ltd. (Food, Beverage & Tobacco)^(a)		10,252,191
	577,921	IPH Ltd. (Commercial & Professional Services)		2,907,419
	1,131,925	IRESS Ltd. (Software & Services)		11,440,915
	1,107,133	Magellan Financial Group Ltd. (Diversified Financials)		34,849,823
	59,374	Netwealth Group Ltd. (Diversified Financials)		398,375
	960,647	NRW Holdings Ltd. (Capital Goods)		1,990,981
	1,388,798	OZ Minerals Ltd. (Materials)		9,778,892
	564,937	Pendal Group Ltd. (Diversified Financials)		3,638,695
	9,081	Pro Medicus Ltd. (Health Care Equipment & Services)		131,096
	6,723,024	Regis Resources Ltd. (Materials)		22,745,464
	1,757,476	Sandfire Resources NL (Materials)		8,741,718
	620,522	SmartGroup Corp. Ltd. (Commercial & Professional Services)		3,713,056
	2,295,175	Super Retail Group Ltd. (Retailing)		14,018,849
	44,128	Tassal Group Ltd. (Food, Beverage & Tobacco)		159,359
	700,416	Technology One Ltd. (Software & Services)		4,343,897

				327,714,901


Common Stocks – (continued)
Austria – 0.5%
	64,858	EVN AG (Utilities)		967,505
	8,679	Oesterreichische Post AG (Transportation)		337,980
	156,286	S IMMO AG (Real Estate)		3,421,472
	726,614	UNIQA Insurance Group AG (Insurance)		7,742,217
	396,920	Wienerberger AG (Materials)		9,121,576

				21,590,750

Belgium – 1.1%
	59,972	Barco NV (Technology Hardware & Equipment)		10,666,398
	41,328	Cie d’Entreprises CFE (Capital Goods)		4,117,664
	87,137	Cofinimmo SA (REIT)		11,141,545
	111,395	D’ieteren SA/NV (Retailing)		4,613,846
	35,271	Gimv NV (Diversified Financials)		2,121,061
	145,452	KBC Ancora (Diversified Financials)		7,425,504
	43,410	Recticel SA (Materials)		453,945
	18,732	Warehouses De Pauw CVA (REIT)		2,811,113

				43,351,076

China – 0.0%
	4,032,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		1,670,829

Denmark – 2.3%
	1,033,451	GN Store Nord A/S (Health Care Equipment & Services)		52,969,818
	65,303	Per Aarsleff Holding A/S (Capital Goods)		2,163,261
	14,867	Rockwool International A/S Class B (Capital Goods)		3,977,646
	221,231	Royal Unibrew A/S (Food, Beverage & Tobacco)		15,874,954
	81,315	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)^(b)		968,137
	170,917	SimCorp A/S (Software & Services)		16,778,951

				92,732,767

Faroe Islands – 0.4%
	285,204	Bakkafrost P/F (Food, Beverage & Tobacco)		14,649,018

Finland – 1.6%
	255,837	Cramo OYJ (Capital Goods)		5,380,252
	749,377	Finnair OYJ (Transportation)		6,267,462
	1,073,673	Ramirent OYJ (Capital Goods)		7,541,670
	88,625	Tieto OYJ (Software & Services)		2,523,291
	81,806	Uponor OYJ (Capital Goods)		979,668
	1,537,139	Valmet OYJ (Capital Goods)		42,343,556

				65,035,899


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
France – 1.8%
	21,757	Akka Technologies (Commercial & Professional Services)	$	1,597,856
	292,721	Beneteau SA (Consumer Durables & Apparel)		3,716,186
	74,658	Cie Plastic Omnium SA (Automobiles & Components)		2,261,942
	468,149	Coface SA (Insurance)		4,722,147
	87,053	Derichebourg SA (Commercial & Professional Services)		379,349
	25,704	Fnac Darty SA (Retailing)*		2,258,800
	86,476	Gaztransport Et Technigaz SA (Energy)		7,825,241
	2,315	Interparfums SA (Household & Personal Products)		116,123
	139,498	IPSOS (Media & Entertainment)		4,046,307
	85,418	Kaufman & Broad SA (Consumer Durables & Apparel)		3,408,140
	1,066,694	Lagardere SCA (Media & Entertainment)^(a)		29,052,298
	3,404	Mersen SA (Capital Goods)		121,148
	87,002	Metropole Television SA (Media & Entertainment)		1,726,910
	340,666	Neopost SA (Technology Hardware & Equipment)		8,356,082
	3,562	Nexity SA (Real Estate)		166,610
	8,448	Sopra Steria Group (Software & Services)		1,078,942

				70,834,081

Germany – 8.8%
	316,385	Aareal Bank AG (Banks)		11,066,560
	41,408	ADO Properties SA (Real Estate)^(b)		2,173,542
	339,231	ADVA Optical Networking SE (Technology Hardware & Equipment)*		2,911,648
	23,744	Amadeus Fire AG (Commercial & Professional Services)		3,168,644
	1,077,800	Borussia Dortmund GmbH & Co. KGaA (Media & Entertainment)		10,353,889
	319,493	CANCOM SE (Software & Services)		16,170,759
	4,777	Cewe Stiftung & Co. KGAA (Commercial & Professional Services)		451,134
	58,680	CompuGroup Medical SE (Health Care Equipment & Services)		3,893,945
	186,574	CTS Eventim AG & Co. KGaA (Media & Entertainment)		9,582,299
	22,669	Deutsche EuroShop AG (Real Estate)		681,273
	2,003,599	Deutsche Pfandbriefbank AG (Banks)^(b)		27,976,045
	1,781,643	Deutz AG (Capital Goods)*		17,606,172
	170,969	Duerr AG (Capital Goods)		7,731,892
	15,160	Elmos Semiconductor AG (Semiconductors & Semiconductor Equipment)		417,694


Common Stocks – (continued)
Germany – (continued)
	1,664,014	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*		41,532,475
	491,943	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)*		37,064,206
	44,091	Hamburger Hafen und Logistik AG (Transportation)		1,112,939
	92,707	Isra Vision AG (Technology Hardware & Equipment)		3,727,840
	240,628	Jenoptik AG (Technology Hardware & Equipment)		9,523,743
	5,971	JOST Werke AG (Capital Goods)^(b)		220,462
	89,187	Jungheinrich AG (Preference) (Capital Goods)*^(c)		3,102,997
	83,336	Krones AG (Capital Goods)		7,774,935
	197,181	Nemetschek SE (Software & Services)		36,478,529
	3,155	Pfeiffer Vacuum Technology AG (Capital Goods)		529,736
	5,632	Rational AG (Capital Goods)		3,802,744
	270,095	Rheinmetall AG (Capital Goods)		31,122,502
	147,978	Siltronic AG (Semiconductors & Semiconductor Equipment)*		14,499,324
	465,364	Software AG (Software & Services)		17,725,498
	816,142	TAG Immobilien AG (Real Estate)		18,379,489
	205,865	Takkt AG (Retailing)		3,237,192
	20,979	TLG Immobilien AG (Real Estate)		617,664
	6,105	Washtec AG (Capital Goods)		480,000
	15,660	XING SE (Media & Entertainment)		5,822,550

				350,940,321

Hong Kong – 1.0%
	4,059,000	Champion REIT (REIT)		3,437,355
	27,600	Dah Sing Financial Holdings Ltd. (Banks)		144,982
	30,638,000	Haitong International Securities Group Ltd. (Diversified Financials)		11,114,117
	290,000	Luk Fook Holdings International Ltd. (Retailing)		1,039,069
	4,221,000	Melco International Development Ltd. (Consumer Services)		10,372,292
	6,280,000	Shun Tak Holdings Ltd. (Capital Goods)		2,797,775
	653,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		325,664
	14,323,000	Value Partners Group Ltd. (Diversified Financials)		10,795,644

				40,026,898

Ireland – 0.0%
	192,112	C&C Group plc (Food, Beverage & Tobacco)		729,376
	194,991	Green REIT plc (REIT)		370,694

				1,100,070


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Israel – 0.4%
	276,291	First International Bank of Israel Ltd. (Banks)	$	6,943,443
	33,280	Harel Insurance Investments & Financial Services Ltd. (Insurance)		249,480
	1,217,311	Plus500 Ltd. (Diversified Financials)		8,381,332

				15,574,255

Italy – 4.5%
	18,399,532	A2A SpA (Utilities)		30,794,114
	349,077	ASTM SpA (Transportation)		8,894,600
	534,458	Banca Generali SpA (Diversified Financials)		15,101,068
	450,254	Banca Popolare di Sondrio SCPA (Banks)		1,225,738
	164,782	Biesse SpA (Capital Goods)		3,672,000
	130,447	Brembo SpA (Automobiles & Components)		1,715,923
	331,382	Buzzi Unicem SpA (Materials)		7,388,369
	151,845	De’ Longhi SpA (Consumer Durables & Apparel)*		3,892,201
	265,699	DiaSorin SpA (Health Care Equipment & Services)		25,973,889
	2,460,925	Enav SpA (Transportation)^(b)		13,438,859
	2,718,506	Hera SpA (Utilities)		9,677,201
	300,317	Interpump Group SpA (Capital Goods)		11,293,193
	5,414,922	Iren SpA (Utilities)		12,656,916
	2,035,948	Italgas SpA (Utilities)		12,717,553
	9,452	Italmobiliare SpA (Capital Goods)		210,331
	521,315	Maire Tecnimont SpA (Capital Goods)*		1,865,382
	76,224	Reply SpA (Software & Services)		4,968,576
	625,945	Societa Iniziative Autostradali e Servizi SpA (Transportation)		10,320,852
	460,133	Technogym SpA (Consumer Durables & Apparel)^(b)		5,646,372

				181,453,137

Japan – 31.5%
	455,800	ADEKA Corp. (Materials)		6,847,700
	66,000	Aica Kogyo Co. Ltd. (Capital Goods)		2,289,965
	150,500	Alpen Co. Ltd. (Retailing)		2,340,111
	287,100	AOKI Holdings, Inc. (Retailing)		3,000,516
	454,700	Aoyama Trading Co. Ltd. (Retailing)		9,987,483
	185,300	Arcland Sakamoto Co. Ltd. (Retailing)		2,408,567
	32,200	Arcland Service Holdings Co. Ltd. (Consumer Services)		573,754
	143,300	Arcs Co. Ltd. (Food & Staples Retailing)		2,905,068
	58,100	Asahi Holdings, Inc. (Materials)		1,130,955
	10,900	Avex, Inc. (Media & Entertainment)		138,130
	35,200	Bic Camera, Inc. (Retailing)		377,565


Common Stocks – (continued)
Japan – (continued)
	499,900	Broadleaf Co. Ltd. (Software & Services)		2,575,855
	89,300	Bunka Shutter Co. Ltd. (Capital Goods)		658,801
	60,500	Canon Electronics, Inc. (Technology Hardware & Equipment)		997,026
	157,300	Canon Marketing Japan, Inc. (Retailing)		3,413,083
	765,100	Capcom Co. Ltd. (Media & Entertainment)		17,263,477
	184,300	Central Glass Co. Ltd. (Capital Goods)		4,307,102
	38,700	Chiyoda Integre Co. Ltd. (Capital Goods)		723,352
	2,779,500	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		15,671,458
	161,900	cocokara fine, Inc. (Food & Staples Retailing)		6,446,081
	111,700	Computer Engineering & Consulting Ltd. (Software & Services)		2,211,851
	559,400	Cosmo Energy Holdings Co. Ltd. (Energy)		11,551,972
	36,600	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		1,129,863
	313,100	Daiichikosho Co. Ltd. (Media & Entertainment)		15,340,345
	32,600	Dainichiseika Color & Chemicals Manufacturing Co. Ltd. (Materials)		949,582
	3,794	Daiwa Office Investment Corp. (REIT)		25,606,087
	3,900	Denka Co. Ltd. (Materials)		117,762
	13,900	Descente Ltd. (Consumer Durables & Apparel)		294,452
	31,100	Digital Arts, Inc. (Software & Services)		2,685,363
	191,100	Dip Corp. (Media & Entertainment)^(a)		2,920,971
	1,415,900	DMG Mori Co. Ltd. (Capital Goods)		20,417,515
	199,800	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		3,811,010
	36,300	Dowa Holdings Co. Ltd. (Materials)		1,183,645
	89,700	DTS Corp. (Software & Services)		3,176,968
	205,200	Duskin Co. Ltd. (Commercial & Professional Services)		5,064,168
	60,700	Ebara Corp. (Capital Goods)		1,868,155
	23,400	EDION Corp. (Retailing)		198,434
	253,200	EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		4,539,495
	10,300	ESPEC Corp. (Technology Hardware & Equipment)		203,494
	360,100	Fancl Corp. (Household & Personal Products)		10,684,362
	41,000	Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment)		458,633


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	201,400	Fields Corp. (Consumer Durables & Apparel)^(a)	$	1,421,038
	1,066,100	Financial Products Group Co. Ltd. (Diversified Financials)		9,174,974
	214,900	Fuji Corp. (Capital Goods)		3,248,464
	201,500	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		6,472,460
	189,000	Fuji Soft, Inc. (Software & Services)		7,475,753
	103,700	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		2,579,726
	66,400	Fukui Computer Holdings, Inc. (Software & Services)		1,335,268
	32,900	Fukuyama Transporting Co. Ltd. (Transportation)		1,267,539
	61,200	Fuyo General Lease Co. Ltd. (Diversified Financials)		3,056,756
	451,000	Geo Holdings Corp. (Retailing)		6,145,208
	647,200	Glory Ltd. (Capital Goods)		16,341,039
	224,800	Goldcrest Co. Ltd. (Real Estate)		2,962,556
	2,388,700	Gree, Inc. (Media & Entertainment)		9,322,503
	246,900	GS Yuasa Corp. (Capital Goods)		4,960,672
	31,000	Gunze Ltd. (Consumer Durables & Apparel)		1,320,323
	26,500	H2O Retailing Corp. (Retailing)		337,615
	4,275,500	Hachijuni Bank Ltd. (The) (Banks)		17,209,497
	976,400	Haseko Corp. (Consumer Durables & Apparel)		11,808,552
	1,230,400	Heiwa Corp. (Consumer Durables & Apparel)		24,517,127
	10,108	Heiwa Real Estate REIT, Inc. (REIT)		11,412,918
	158,800	HIS Co. Ltd. (Consumer Services)		5,072,205
	12,200	Hitachi Capital Corp. (Diversified Financials)		284,088
	64,300	Hitachi Transport System Ltd. (Transportation)		1,783,102
	37,200	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		1,217,871
	1,546,700	Hokuetsu Corp. (Materials)		8,437,238
	653,800	Hokuhoku Financial Group, Inc. (Banks)		7,211,057
	29,100	Horiba Ltd. (Technology Hardware & Equipment)		1,762,506
	74,300	Hosiden Corp. (Technology Hardware & Equipment)		710,797
	4,400	IBJ Leasing Co. Ltd. (Diversified Financials)		103,497
	9,593	Ichigo Office REIT Investment (REIT)		8,835,601
	28,400	Inabata & Co. Ltd. (Capital Goods)		390,344
	220,100	Ines Corp. (Software & Services)		2,749,136
	18,800	Ishihara Sangyo Kaisha Ltd. (Materials)		211,295
	145,100	Itochu Enex Co. Ltd. (Energy)		1,188,080
	111,700	Jafco Co. Ltd. (Diversified Financials)		4,228,497


Common Stocks – (continued)
Japan – (continued)
	514,600	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		8,325,978
	10,390	Japan Excellent, Inc. (REIT)		14,867,843
	26,100	Japan Investment Adviser Co. Ltd. (Diversified Financials)		642,645
	2,937	Japan Logistics Fund, Inc. (REIT)		6,277,658
	15,896	Japan Rental Housing Investments, Inc. (REIT)		12,272,651
	3,422,800	JVC Kenwood Corp. (Consumer Durables & Apparel)		9,098,977
	325,600	Kandenko Co. Ltd. (Capital Goods)		2,744,907
	31,800	Kanematsu Electronics Ltd. (Software & Services)		943,434
	13,900	Keihin Corp. (Automobiles & Components)		229,085
	1,309	Kenedix Office Investment Corp. (REIT)		8,757,230
	1,292,400	Kewpie Corp. (Food, Beverage & Tobacco)		29,936,626
	266,800	Kintetsu World Express, Inc. (Transportation)		4,036,016
	952,200	Kitz Corp. (Capital Goods)		7,277,519
	976,200	Kokuyo Co. Ltd. (Commercial & Professional Services)		12,379,794
	81,500	Konoike Transport Co. Ltd. (Transportation)		1,317,662
	156,500	Koshidaka Holdings Co. Ltd. (Consumer Services)		2,194,608
	728,900	K’s Holdings Corp. (Retailing)		6,501,834
	7,300	Kurabo Industries Ltd. (Consumer Durables & Apparel)		137,318
	26,500	Kureha Corp. (Materials)		1,586,364
	8,200	Kyoei Steel Ltd. (Materials)		136,250
	132,600	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)		1,868,627
	9,014	LaSalle Logiport REIT (REIT)		9,669,078
	18,500	M&A Capital Partners Co. Ltd. (Diversified Financials)*		791,871
	370,200	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		5,359,501
	897,200	Maeda Corp. (Capital Goods)		8,935,070
	477,800	Makino Milling Machine Co. Ltd. (Capital Goods)		20,272,224
	477,500	Mandom Corp. (Household & Personal Products)		12,362,918
	40,100	Marvelous, Inc. (Media & Entertainment)		309,274
	700,000	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		23,177,493
	278	MCUBS MidCity Investment Corp. (REIT)		254,752
	278,600	Meiko Network Japan Co. Ltd. (Consumer Services)		2,773,790
	12,340	Mirai Corp. (REIT)		5,426,118


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	80	Mitsubishi Estate Logistics REIT Investment Corp. (REIT)	$	184,451
	27,100	Mitsubishi Research Institute, Inc. (Software & Services)		752,816
	125,800	Mitsui Mining & Smelting Co. Ltd. (Materials)		3,271,946
	179,300	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		4,329,058
	4,600	Modec, Inc. (Energy)		141,444
	220,100	Morinaga & Co. Ltd. (Food, Beverage & Tobacco)		9,188,865
	27,200	MTG Co. Ltd. (Household & Personal Products)^(a)		483,096
	311,300	Nagase & Co. Ltd. (Capital Goods)		4,757,160
	269,400	NEC Networks & System Integration Corp. (Software & Services)		6,489,899
	481,700	NET One Systems Co. Ltd. (Software & Services)		12,506,804
	928,100	Nichi-iko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		11,124,392
	100,300	Nihon Chouzai Co. Ltd. (Food & Staples Retailing)		3,648,861
	341,000	Nikkiso Co. Ltd. (Health Care Equipment & Services)		4,227,313
	262,000	Nikkon Holdings Co. Ltd. (Transportation)		6,182,656
	12,200	Nippon Carbon Co. Ltd. (Capital Goods)^(a)		538,375
	361,400	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		6,107,515
	11,692,700	Nippon Light Metal Holdings Co. Ltd. (Materials)		25,847,315
	412,700	Nippon Shokubai Co. Ltd. (Materials)		28,710,311
	1,268,300	Nipro Corp. (Health Care Equipment & Services)		15,754,785
	253,900	Nishimatsu Construction Co. Ltd. (Capital Goods)		5,507,626
	278,100	Nishi-Nippon Financial Holdings, Inc. (Banks)		2,301,219
	374,300	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		10,712,977
	122,700	Nisshinbo Holdings, Inc. (Capital Goods)		1,095,384
	354,500	Nissin Kogyo Co. Ltd. (Automobiles & Components)		4,725,566
	39,100	Noevir Holdings Co. Ltd. (Household & Personal Products)		2,054,971
	21,300	Nojima Corp. (Retailing)		366,459
	7,600	Noritake Co. Ltd. (Capital Goods)		370,675
	1,134,700	North Pacific Bank Ltd. (Banks)		2,783,218
	37,000	NS Solutions Corp. (Software & Services)		994,146
	318,600	NSD Co. Ltd. (Software & Services)		7,892,055


Common Stocks – (continued)
Japan – (continued)
	1,500	NuFlare Technology, Inc. (Semiconductors & Semiconductor Equipment)		93,184
	22,800	OBIC Business Consultants Co. Ltd. (Software & Services)		916,311
	62,600	Oiles Corp. (Capital Goods)		1,046,251
	84,800	Oisix ra daichi, Inc. (Retailing)*^(a)		1,264,912
	411,500	Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment)		4,823,474
	260,650	Okinawa Electric Power Co., Inc. (The) (Utilities)		4,306,997
	608,700	OKUMA Corp. (Capital Goods)		35,858,288
	1,791	One REIT, Inc. (REIT)		4,442,727
	48,900	Onward Holdings Co. Ltd. (Consumer Durables & Apparel)		269,775
	3,800	Open Door, Inc. (Retailing)*		110,050
	32,900	OPT Holding, Inc. (Media & Entertainment)^(a)		539,704
	200,200	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		9,407,737
	229,800	PC Depot Corp. (Retailing)		845,725
	44,800	Pepper Food Service Co. Ltd. (Consumer Services)^(a)		907,673
	8,028	Premier Investment Corp. (REIT)		9,934,115
	146,600	Relo Group, Inc. (Real Estate)		4,003,796
	15,800	Rengo Co. Ltd. (Materials)		139,363
	23,500	Riken Vitamin Co. Ltd. (Food, Beverage & Tobacco)		773,707
	542,000	Riso Kyoiku Co. Ltd. (Consumer Services)		2,073,961
	575,900	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		16,205,064
	1,848,000	Round One Corp. (Consumer Services)		24,902,165
	3,600	Ryobi Ltd. (Capital Goods)		82,130
	596,500	SAMTY Co. Ltd. (Real Estate)^(a)		7,739,403
	28,400	Sangetsu Corp. (Consumer Durables & Apparel)		532,360
	238,600	Sanki Engineering Co. Ltd. (Capital Goods)		2,611,001
	21,600	Sankyu, Inc. (Transportation)		1,035,927
	48,300	Sanyo Special Steel Co. Ltd. (Materials)		968,525
	197,000	Sato Holdings Corp. (Commercial & Professional Services)		4,796,272
	616,800	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		33,140,656
	523,500	SCSK Corp. (Software & Services)		24,877,122
	3,400	SEC Carbon Ltd. (Capital Goods)		302,855
	566,400	Seiko Holdings Corp. (Consumer Durables & Apparel)		12,853,873
	2,475,400	Seino Holdings Co. Ltd. (Transportation)		33,699,030


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	1,955	Sekisui House Reit, Inc. (REIT)	$	1,409,066
	105,200	Shikoku Electric Power Co., Inc. (Utilities)		1,063,155
	55,500	Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,283,760
	15,500	Shin-Etsu Polymer Co. Ltd. (Materials)		118,021
	948,500	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		8,370,715
	206,800	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		8,508,022
	24,100	Showa Corp. (Automobiles & Components)		353,985
	138,300	Sintokogio Ltd. (Capital Goods)		1,301,287
	1,546,100	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		6,185,725
	406,500	Sodick Co. Ltd. (Capital Goods)		3,672,265
	92,500	St Marc Holdings Co. Ltd. (Consumer Services)		2,076,969
	4,600	Studio Alice Co. Ltd. (Consumer Services)		84,843
	65,000	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		3,287,407
	51,900	Sumitomo Seika Chemicals Co. Ltd. (Materials)		2,016,487
	121,600	Sumitomo Warehouse Co. Ltd. (The) (Transportation)		1,559,647
	48,100	Systena Corp. (Software & Services)		579,058
	121,900	T Hasegawa Co. Ltd. (Materials)		1,969,689
	143,700	Tadano Ltd. (Capital Goods)		1,520,385
	541,500	Takara Holdings, Inc. (Food, Beverage & Tobacco)		6,324,295
	2,482,000	Takara Leben Co. Ltd. (Real Estate)		7,718,701
	64,500	Takeuchi Manufacturing Co. Ltd. (Capital Goods)		1,223,141
	688,600	TIS, Inc. (Software & Services)		31,417,952
	2,200	Toei Animation Co. Ltd. (Media & Entertainment)		109,360
	47,200	Toei Co. Ltd. (Media & Entertainment)		6,129,446
	538,800	Toho Holdings Co. Ltd. (Health Care Equipment & Services)		12,624,617
	97,100	Toho Titanium Co. Ltd. (Materials)		817,064
	1,329,300	Tokyo Dome Corp. (Consumer Services)		13,202,228
	10,300	Tokyo Ohka Kogyo Co. Ltd. (Materials)		329,839
	49,300	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,432,021
	1,862,300	Tokyo Tatemono Co. Ltd. (Real Estate)		21,020,866
	78,000	Tokyotokeiba Co. Ltd. (Consumer Services)		2,275,686


Common Stocks – (continued)
Japan – (continued)
	646,100	Tosei Corp. (Real Estate)		5,373,190
	17,600	Toshiba Plant Systems & Services Corp. (Capital Goods)		316,044
	573,700	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		14,126,354
	279,500	Toyo Tanso Co. Ltd. (Capital Goods)		5,547,103
	10,900	Tsubakimoto Chain Co. (Capital Goods)		406,294
	927,100	Ube Industries Ltd. (Materials)		19,835,959
	6,000	Universal Entertainment Corp. (Consumer Durables & Apparel)		189,068
	43,500	UUUM, Inc. (Media & Entertainment)*^(a)		1,801,666
	9,600	Uzabase, Inc. (Diversified Financials)*		261,370
	75,400	Valor Holdings Co. Ltd. (Food & Staples Retailing)		1,839,332
	45,400	Vector, Inc. (Media & Entertainment)		540,527
	224,800	Wacoal Holdings Corp. (Consumer Durables & Apparel)		5,552,094
	268,900	Wakita & Co. Ltd. (Capital Goods)		2,824,582
	73,800	Yellow Hat Ltd. (Retailing)		933,892
	193,200	Yodogawa Steel Works Ltd. (Materials)		3,686,212
	475,100	Zenrin Co. Ltd. (Media & Entertainment)		10,376,338

				1,259,041,811

Jersey – 0.0%
	40,729	Sanne Group plc (Diversified Financials)		332,472

Kazakhstan – 0.2%
	948,600	KAZ Minerals plc (Materials)		8,043,548

Netherlands – 4.4%
	220,260	Aalberts NV (Capital Goods)		8,666,098
	6,592	Accell Group NV (Consumer Durables & Apparel)		187,797
	213,364	ASM International NV (Semiconductors & Semiconductor Equipment)		14,547,023
	1,112,577	ASR Nederland NV (Insurance)		49,503,054
	1,101,512	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)^(a)		31,729,701
	188,184	Euronext NV (Diversified Financials)^(b)		13,075,417
	441,320	Intertrust NV (Commercial & Professional Services)^(b)		8,388,832
	1,663,186	Koninklijke BAM Groep NV (Capital Goods)^(a)		8,122,038
	256,955	Koninklijke Volkerwessels NV (Capital Goods)		5,493,106


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Netherlands – (continued)
	9,778	NSI NV (REIT)	$	387,135
	922,260	Signify NV (Capital Goods)^(b)		27,649,692
	349,050	SRH NV (Diversified Financials)*^(a)(d)		—
	870,916	TomTom NV (Consumer Durables & Apparel)*		7,528,142

				175,278,035

New Zealand – 0.6%
	2,861,896	Air New Zealand Ltd. (Transportation)		5,125,026
	4,186,820	Contact Energy Ltd. (Utilities)		18,796,462

				23,921,488

Norway – 3.8%
	785,168	Austevoll Seafood ASA (Food, Beverage & Tobacco)		9,147,106
	4,947,095	Elkem ASA (Materials)*^(b)		20,492,650
	449,524	Entra ASA (Real Estate)^(a)(b)		6,524,642
	706,582	Europris ASA (Retailing)*^(b)		2,208,067
	141,783	Golden Ocean Group Ltd. (Transportation)		880,125
	65,756	Grieg Seafood ASA (Food, Beverage & Tobacco)		759,698
	1,964,010	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		14,220,204
	632,370	Salmar ASA (Food, Beverage & Tobacco)		28,763,200
	49,038	Scatec Solar ASA (Utilities)*^(b)		465,814
	351,218	SpareBank 1 Nord Norge (Banks)		2,676,846
	524,953	SpareBank 1 SMN (Banks)		5,694,735
	1,423,634	Storebrand ASA (Insurance)		12,031,580
	1,134,105	TGS NOPEC Geophysical Co. ASA (Energy)		29,655,403
	436,993	Tomra Systems ASA (Commercial & Professional Services)*		13,183,454
	296,580	Veidekke ASA (Capital Goods)		3,318,660

				150,022,184

Portugal – 0.1%
	744,598	NOS SGPS SA (Media & Entertainment)		5,004,329

Singapore – 0.2%
	1,383,100	China Aviation Oil Singapore Corp. Ltd. (Energy)		1,396,602
	6,028,610	Yanlord Land Group Ltd. (Real Estate)		6,475,745

				7,872,347

Spain – 2.6%
	843,618	Applus Services SA (Commercial & Professional Services)		10,601,664
	53,504	Atresmedia Corp. de Medios de Comunicacion SA (Media & Entertainment)		288,993


Common Stocks – (continued)
Spain – (continued)
	1,143,476	Cia de Distribucion Integral Logista Holdings SA (Transportation)		27,128,868
	98,035	Construcciones y Auxiliar de Ferrocarriles SA (Capital Goods)		4,618,154
	732,601	Global Dominion Access SA (Software & Services)*^(b)		3,916,918
	506,563	Lar Espana Real Estate Socimi SA (REIT)		3,975,187
	30,191	Let’s GOWEX SA (Telecommunication Services)*^(d)(e)		—
	3,180,159	Merlin Properties Socimi SA (REIT)		43,378,842
	333,978	Neinor Homes SA (Consumer Durables & Apparel)*^(b)		3,807,254
	397,587	Prosegur Cia de Seguridad SA (Commercial & Professional Services)		2,068,240
	61,708	Viscofan SA (Food, Beverage & Tobacco)		3,712,366

				103,496,486

Sweden – 2.6%
	1,815,539	Arjo AB Class B (Health Care Equipment & Services)		6,739,704
	308,891	Bilia AB Class A (Retailing)		2,650,887
	20,153	BioGaia AB Class B (Pharmaceuticals, Biotechnology & Life Sciences)*		977,634
	343,363	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		4,659,625
	124,907	Bure Equity AB (Diversified Financials)		2,322,137
	555,238	Dios Fastigheter AB (Real Estate)		3,952,692
	437,316	Dometic Group AB (Automobiles & Components)^(b)		3,995,213
	1,324,067	Hemfosa Fastigheter AB (Real Estate)		10,957,163
	48,767	Indutrade AB (Capital Goods)*		1,491,038
	3,909,607	Klovern AB Class B (Real Estate)		5,291,278
	1,006,144	Kungsleden AB (Real Estate)		7,644,825
	545,068	Lindab International AB (Capital Goods)		6,148,354
	836,011	NetEnt AB (Consumer Services)*		2,656,986
	812,948	Nobia AB (Consumer Durables & Apparel)*		5,108,519
	725,373	Nobina AB (Transportation)^(b)		4,657,387
	258,750	Nolato AB Class B (Capital Goods)*		12,009,126
	24,683	Pandox AB (Consumer Services)		423,558
	117,662	Resurs Holding AB (Diversified Financials)^(b)		728,380
	85,578	Scandic Hotels Group AB (Consumer Services)^(b)		796,656
	82,620	Sweco AB Class B (Capital Goods)		2,108,682
	407,693	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		7,439,047


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	585,598	Trelleborg AB Class B (Capital Goods)	$	9,685,081

				102,443,972

Switzerland – 4.5%
	40,343	BKW AG (Utilities)		2,572,178
	9,073	Bucher Industries AG (Registered) (Capital Goods)		3,077,575
	1,632	Burckhardt Compression Holding AG (Capital Goods)		492,616
	216	Conzzeta AG (Registered) (Capital Goods)		186,270
	9,746	dormakaba Holding AG Class B (Capital Goods)*		7,362,046
	204,401	Flughafen Zurich AG (Registered) (Transportation)		33,695,189
	1,033	Forbo Holding AG (Registered) (Consumer Durables & Apparel)		1,659,579
	279,826	Galenica AG (Health Care Equipment & Services)*^(b)		14,276,955
	197,246	GAM Holding AG (Diversified Financials)*		818,181
	1,040	Georg Fischer AG (Registered) (Capital Goods)		1,011,475
	39,808	Helvetia Holding AG (Registered) (Insurance)*		25,296,957
	54,047	Huber + Suhner AG (Registered) (Capital Goods)		4,321,997
	581	Interroll Holding AG (Registered) (Capital Goods)		1,267,863
	25,591	Kardex AG (Registered) (Capital Goods)		3,968,181
	2,963,760	OC Oerlikon Corp. AG (Registered) (Capital Goods)		38,733,727
	518,176	Oriflame Holding AG (Household & Personal Products)		10,688,027
	2,116	Rieter Holding AG (Registered) (Capital Goods)		305,852
	32,161	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		12,202,252
	36,557	Sunrise Communications Group AG (Telecommunication Services)*^(b)		2,427,463
	65,586	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		14,806,108

				179,170,491

Tanzania, United Republic of – 0.0%
	335,865	Acacia Mining plc (Materials)*		643,578

Ukraine – 0.4%
	5,450,791	Ferrexpo plc (Materials)		14,765,972

United Kingdom – 15.4%
	1,444,194	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)		24,538,473


Common Stocks – (continued)
United Kingdom – (continued)
	235,647	Ascential plc (Media & Entertainment)		1,096,780
	1,507,072	Ashmore Group plc (Diversified Financials)		9,042,434
	40,346	AVEVA Group plc (Software & Services)		1,762,854
	1,500,697	B&M European Value Retail SA (Retailing)		7,736,506
	633,605	Beazley plc (Insurance)		4,774,297
	1,039,174	Bellway plc (Consumer Durables & Apparel)		42,198,205
	65,832	Big Yellow Group plc (REIT)		895,138
	969,000	Bodycote plc (Capital Goods)		10,856,014
	4,594,143	boohoo Group plc (Retailing)*		14,774,167
	927,696	Bovis Homes Group plc (Consumer Durables & Apparel)		13,450,434
	323,086	Britvic plc (Food, Beverage & Tobacco)		3,856,979
	20,033	Civitas Social Housing plc (REIT)		22,858
	431,873	Computacenter plc (Software & Services)		6,805,401
	780,915	Daily Mail & General Trust plc Class A (Media & Entertainment)		6,690,317
	184,063	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		7,160,816
	87,230	Diploma plc (Capital Goods)		1,824,207
	248,717	Drax Group plc (Utilities)		1,107,726
	2,208,112	EI Group plc (Consumer Services)*		6,138,834
	1,813,522	Electrocomponents plc (Technology Hardware & Equipment)		15,292,221
	109,789	EMIS Group plc (Health Care Equipment & Services)		1,600,583
	290,463	Euromoney Institutional Investor plc (Media & Entertainment)		4,651,219
	760,292	Fevertree Drinks plc (Food, Beverage & Tobacco)		31,260,653
	80,203	Forterra plc (Materials)^(b)		326,548
	28,438	Games Workshop Group plc (Consumer Durables & Apparel)		1,544,904
	705,860	Grainger plc (Real Estate)		2,319,512
	3,827,263	Great Portland Estates plc (REIT)		37,717,515
	1,753,545	Greene King plc (Consumer Services)		14,685,772
	760,390	Greggs plc (Consumer Services)		17,857,649
	1,423,616	Halma plc (Technology Hardware & Equipment)		33,497,224
	6,520,630	Hansteen Holdings plc (REIT)		7,990,559
	10,221,458	Hays plc (Commercial & Professional Services)		20,263,786
	119,488	Hiscox Ltd. (Insurance)		2,613,524
	942,832	HomeServe plc (Commercial & Professional Services)		13,362,978
	2,467,878	Ibstock plc (Materials)^(b)		8,411,314


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	5,208,913	IG Group Holdings plc (Diversified Financials)	$	34,650,728
	66,784	IMI plc (Capital Goods)		917,184
	2,279,556	Inchcape plc (Retailing)		18,301,224
	914,924	Intermediate Capital Group plc (Diversified Financials)		14,138,758
	2,859,472	JD Sports Fashion plc (Retailing)		23,505,404
	1,638,491	Jupiter Fund Management plc (Diversified Financials)		8,040,642
	1,561,711	Man Group plc (Diversified Financials)		3,200,064
	152,302	Marshalls plc (Materials)		1,280,982
	6,279,269	Moneysupermarket.com Group plc (Retailing)		29,825,896
	89,302	Morgan Advanced Materials plc (Capital Goods)		325,361
	256,072	OneSavings Bank plc (Banks)		1,455,989
	383,512	Pagegroup plc (Commercial & Professional Services)		2,696,180
	242,476	Paragon Banking Group plc (Banks)		1,452,269
	267,104	Playtech plc (Consumer Services)		1,527,403
	71,861	PZ Cussons plc (Household & Personal Products)		192,265
	740,441	QinetiQ Group plc (Capital Goods)		2,916,915
	749,473	Rentokil Initial plc (Commercial & Professional Services)		3,819,474
	4,013,895	Rightmove plc (Media & Entertainment)		28,382,664
	1,133,259	Rotork plc (Capital Goods)		4,622,251
	939,556	Safestore Holdings plc (REIT)		7,890,166
	624,505	Saga plc (Insurance)		479,655
	129,788	Spirax-Sarco Engineering plc (Capital Goods)		13,993,439
	1,676,715	SSP Group plc (Consumer Services)		15,240,373
	205,996	St Modwen Properties plc (Real Estate)		1,105,531
	43,594	Synthomer plc (Materials)		238,733
	3,275,510	Tritax Big Box REIT plc (REIT)		6,353,289
	762,154	Vesuvius plc (Capital Goods)		6,148,946
	146,198	Victrex plc (Materials)		4,650,434
	22,805	WH Smith plc (Retailing)		610,131

				616,090,751

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $3,724,202,681)		$	3,872,801,466


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(f) – 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	65,949,758	2.464%	$	65,949,758
	(Cost $65,949,758)

	TOTAL INVESTMENTS – 98.6%
	(Cost $3,790,152,439)		$	3,938,751,224

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%			54,629,020

	NET ASSETS – 100.0%		$	3,993,380,244



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(d)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(e)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $—, which represents approximately 0.0% of the Fund’s net assets as of April 30, 2019.


Restricted Security	Acquisition Date		Cost
Let’s GOWEX SA		05/14/14 -05/30/14	$	782,023
(Common Stocks)



(f)		Represents an Affiliated Issuer.



Investment Abbreviations:
CVA		—Dutch Certification
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments(continued)

April 30, 2019 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		872		06/21/2019	$	33,761,773	$	209,263
FTSE 100 Index		181		06/21/2019		17,398,509		(104,523	)
Hang Seng Index		10		05/30/2019		1,878,187		(2,506	)
MSCI Singapore Index		71		05/30/2019		1,976,108		20,753
TOPIX Index		149		06/13/2019		21,601,957		15,820

Total Futures Contracts							$	138,807


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2019 (Unaudited)


	Emerging Markets Equity Insights Fund		International Equity Insights Fund			International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,774,545,568, $2,922,979,428 and $3,724,202,681)^(a)		$1,984,275,898		$2,984,915,745			$3,872,801,466
Investments in affiliated securities lending reinvestment vehicle, at value (cost $9,622,158, $90,871,945 and $65,949,758)		9,622,158		90,871,945			65,949,758
Cash		10,584,150		24,639,697			31,249,209
Foreign currencies, at value (cost $39,502,660, $53,812,521 and $66,976,408)		39,611,127		53,767,862			67,531,701
Receivables:
Dividends		3,816,860		15,755,011			20,967,634
Fund shares sold		3,069,353		2,838,164			4,407,763
Investments sold		367,279		16,491,694			63,253,953
Reimbursement from investment adviser		115,195		133,194			222,226
Securities lending income		49,926		91,558			126,469
Due from custodian		—		22,847,580			4,013,818
Foreign tax reclaims		—		3,303,386			5,056,169
Collateral on certain derivative contracts^(b)		—		—			3,956,705
Variation margin on futures		901,425		13,461			13,908
Other assets		100,547		134,466			250,735
Total assets		2,052,513,918		3,215,803,763			4,139,801,514

Liabilities:
Payables:
Payable upon return of securities loaned		9,622,158		90,871,945			65,949,758
Fund shares redeemed		5,774,159		4,443,238			6,810,508
Management fees		1,671,550		1,811,212			2,664,168
Foreign capital gains taxes		1,639,109		—			—
Distribution and Service fees and Transfer Agency fees		126,420		234,983			270,365
Investments purchased		19,390		30,794,827			70,025,397
Accrued expenses		722,507		402,725			701,074
Total liabilities		19,575,293		128,558,930			146,421,270

Net Assets:
Paid-in capital		1,954,328,072		3,131,506,493			4,075,236,426
Total distributable earnings (loss)		78,610,553		(44,261,660	)		(81,856,182	)
NET ASSETS		$2,032,938,625		$3,087,244,833			$3,993,380,244
Net Assets:
Class A		$85,052,567		$194,636,769			$157,078,173
Class C		9,991,219		28,325,327			60,575,715
Institutional		1,167,274,578		1,337,955,682			2,208,517,200
Service		—		5,459,043			—
Investor		143,452,625		532,250,242			349,404,073
Class P		143,873,184		378,045,523			79,469,923
Class R		22,384,972		9,351,815			—
Class R6		460,909,480		601,220,432			1,138,335,160
Total Net Assets		$2,032,938,625		$3,087,244,833			$3,993,380,244
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		8,770,202		15,907,469			13,628,606
Class C		1,042,756		2,368,805			5,435,824
Institutional		120,625,353		106,440,242			191,834,701
Service		—		442,013			—
Investor		14,844,993		44,389,982			30,483,662
Class P		14,879,391		30,120,090			6,889,220
Class R		2,338,552		786,129			—
Class R6		47,668,433		47,866,183			98,673,132
Net asset value, offering and redemption price per share:^(c)
Class A		$9.70		$12.24			$11.53
Class C		9.58		11.96			11.14
Institutional		9.68		12.57			11.51
Service		—		12.35			—
Investor		9.66		11.99			11.46
Class P		9.67		12.55			11.54
Class R		9.57		11.90			—
Class R6		9.67		12.56			11.54

(a)

Includes loaned securities having a market value of $9,277,556, $85,177,462 and $60,617,029, for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b)

Includes amount segregated for initial margin and/or collateral on futures transactions for the International Small Cap Insights Fund.

(c)

Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $10.26, $12.95 and $12.20, 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 NAV or the original purchase price of the shares.


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2019 (Unaudited)


	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:

Dividends — unaffiliated issuers (net of foreign taxes withheld of $1,585,026, $4,068,268 and $4,314,021)	$	16,709,371		$	43,265,496		$	48,710,162

Income fromnon-cash dividends		2,768,668			—			—

Securities lending income — affiliated issuer		242,000			464,110			656,775

Dividends — affiliated issuers		16,916			105,988			6,723

Total investment income		19,736,955			43,835,594			49,373,660

Expenses:

Management fees		9,700,969			10,137,838			16,110,806

Custody, accounting and administrative services		829,418			416,487			755,702

Transfer Agency fees^(a)		517,346			914,255			1,175,364

Distribution and Service fees^(a)		201,197			386,863			516,057

Registration fees		102,251			156,940			341,148

Printing and mailing costs		76,519			72,794			204,235

Professional fees		55,810			55,912			54,768

Trustee fees		9,705			10,167			11,567

Service share fees — Service and Shareholder Administration Plan		—			12,248			—

Other		64,113			34,089			58,032

Total expenses		11,557,328			12,197,593			19,227,679

Less — expense reductions		(616,611	)		(800,782	)		(1,157,503	)

Net expenses		10,940,717			11,396,811			18,070,176

NET INVESTMENT INCOME		8,796,238			32,438,783			31,303,484

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(99,511,652	)		(115,495,561	)		(213,187,502	)

Futures contracts		1,301,782			(60,479	)		(5,525,389	)

Foreign currency transactions		(1,421,019	)		(579,459	)		(524,822	)

Net change in unrealized gain on:

Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $1,860,535, $0 and $0)		277,356,467			221,066,767			338,353,935

Futures contracts		672,213			3,445,515			3,525,216

Foreign currency translation		1,358,185			557,222			1,637,222

Net realized and unrealized gain		179,755,976			108,934,005			124,278,660

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	188,552,214		$	141,372,788		$	155,582,144

(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
Emerging Markets Equity Insights	$	101,381	$	46,637	$	53,179	$	72,994	$	8,395	$	208,546	$	—	$	108,347	$	21,430	$	19,144	$	78,490
International Equity Insights		217,655		148,800		20,408		156,711		26,784		253,148		980		342,493		51,395		7,347		75,397
International Small Cap Insights		207,084		308,973		—		149,101		55,615		439,129		—		357,847		12,045		—		161,627


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets


	Emerging Markets Equity Insights Fund						International Equity Insights Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018			For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	8,796,238		$	42,689,312		$	32,438,783		$	44,538,895

Net realized loss		(99,630,889	)		(33,728,994	)		(116,135,499	)		(8,358,918	)

Net change in unrealized gain (loss)		279,386,865			(341,728,940	)		225,069,504			(308,376,122	)

Net increase (decrease) in net assets resulting from operations		188,552,214			(332,768,622	)		141,372,788			(272,196,145	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,382,695	)		(4,884,471	)		(2,441,498	)		(1,955,352	)

Class C Shares		(82,497	)		(418,669	)		(230,590	)		(228,068	)

Institutional Shares		(21,025,697	)		(82,036,966	)		(21,903,837	)		(18,269,075	)

Service Shares		—			—			(64,202	)		(60,270	)

Investor Shares		(2,145,536	)		(4,097,352	)		(7,168,724	)		(3,049,706	)

Class P Shares^(a)		(3,090,275	)		—			(5,642,654	)		—

Class R Shares		(318,449	)		(967,288	)		(107,227	)		(101,979	)

Class R6 Shares		(11,923,948	)		(834,501	)		(8,467,600	)		(1,354,479	)

Total distributions to shareholders		(39,969,097	)		(93,239,247	)		(46,026,332	)		(25,018,929	)

From share transactions:

Proceeds from sales of shares		521,679,563			1,970,419,112			1,306,999,063			2,495,327,761

Reinvestment of distributions		37,448,910			88,340,977			36,692,122			20,407,591

Cost of shares redeemed		(617,549,379	)		(1,381,190,121	)		(959,122,954	)		(1,015,368,858	)

Net increase (decrease) in net assets resulting from share transactions		(58,420,906	)		677,569,968			384,568,231			1,500,366,494

TOTAL INCREASE		90,162,211			251,562,099			479,914,687			1,203,151,420

Net assets:

Beginning of period		1,942,776,414			1,691,214,315			2,607,330,146			1,404,178,726

End of period	$	2,032,938,625		$	1,942,776,414		$	3,087,244,833		$	2,607,330,146

(a)

Commenced operations on April 16, 2018.


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets(continued)


	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2019 (Unaudited)			For the Fiscal Year Ended October 31, 2018
From operations:

Net investment income	$	31,303,484		$	58,615,743

Net realized loss		(219,237,713	)		(18,031,737	)

Net change in unrealized gain (loss)		343,516,373			(559,493,790	)

Net increase (decrease) in net assets resulting from operations		155,582,144			(518,909,784	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,847,569	)		(16,242,694	)

Class C Shares		(140,227	)		(5,141,152	)

Institutional Shares		(35,596,707	)		(147,741,062	)

Investor Shares		(5,911,450	)		(29,731,157	)

Class P Shares^(a)		(1,347,821	)		—

Class R6 Shares		(16,511,878	)		(9,645,435	)

Total distributions to shareholders		(61,355,652	)		(208,501,500	)

From share transactions:

Proceeds from sales of shares		960,129,982			3,620,112,324

Reinvestment of distributions		56,353,633			188,604,742

Cost of shares redeemed		(1,329,311,714	)		(1,404,160,241	)

Net increase (decrease) in net assets resulting from share transactions		(312,828,099	)		2,404,556,825

TOTAL INCREASE (DECREASE)		(218,601,607	)		1,677,145,541

Net assets:

Beginning of period		4,211,981,851			2,534,836,310

End of period	$	3,993,380,244		$	4,211,981,851

(a)

Commenced operations on April 16 2018.


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.98		$	11.00		$	8.54		$	7.92		$	8.99		$	8.95

Net investment income^(a)		0.03			0.18			0.13			0.10			0.11			0.14

Net realized and unrealized gain (loss)		0.84			(1.66	)		2.41			0.59			(0.98	)		(0.02	)

Total from investment operations		0.87			(1.48	)		2.54			0.69			(0.87	)		0.12

Distributions to shareholders from net investment income		(0.15	)		(0.12	)		(0.08	)		(0.07	)		(0.13	)		(0.08	)

Distributions to shareholders from net realized gains		—			(0.42	)		—			—			(0.07	)		—

Total distributions		(0.15	)		(0.54	)		(0.08	)		(0.07	)		(0.20	)		(0.08	)

Net asset value, end of period	$	9.70		$	8.98		$	11.00		$	8.54		$	7.92		$	8.99

Total return^(b)		9.93	%		(14.11	)%		30.15	%		8.79	%		(9.84	)%		1.38	%

Net assets, end of period (in 000s)	$	85,053		$	82,726		$	95,930		$	50,289		$	37,307		$	37,905

Ratio of net expenses to average net assets		1.48	%^(c)		1.48	%		1.52	%		1.56	%		1.58	%		1.58	%

Ratio of total expenses to average net assets		1.55	%^(c)		1.54	%		1.55	%		1.63	%		1.67	%		1.66	%

Ratio of net investment income to average net assets		0.58	%^(c)		1.72	%		1.36	%		1.24	%		1.30	%		1.59	%

Portfolio turnover rate^(d)		75	%		147	%		172	%		216	%		199	%		180	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.83		$	10.88		$	8.45		$	7.84		$	8.88		$	8.90

Net investment income (loss)^(a)		(0.01	)		0.10			0.07			0.04			0.05			0.07

Net realized and unrealized gain (loss)		0.84			(1.64	)		2.39			0.58			(0.98	)		(0.01	)

Total from investment operations		0.83			(1.54	)		2.46			0.62			(0.93	)		0.06

Distributions to shareholders from net investment income		(0.08	)		(0.09	)		(0.03	)		(0.01	)		(0.04	)		(0.08	)

Distributions to shareholders from net realized gains		—			(0.42	)		—			—			(0.07	)		—

Total distributions		(0.08	)		(0.51	)		(0.03	)		(0.01	)		(0.11	)		(0.08	)

Net asset value, end of period	$	9.58		$	8.83		$	10.88		$	8.45		$	7.84		$	8.88

Total return^(b)		9.55	%		(14.80	)%		29.20	%		7.97	%		(10.50	)%		0.66	%

Net assets, end of period (in 000s)	$	9,991		$	8,975		$	7,563		$	1,132		$	1,053		$	944

Ratio of net expenses to average net assets		2.23	%^(c)		2.23	%		2.26	%		2.31	%		2.33	%		2.33	%

Ratio of total expenses to average net assets		2.30	%^(c)		2.29	%		2.29	%		2.39	%		2.42	%		2.41	%

Ratio of net investment income (loss) to average net assets		(0.21	)%^(c)		0.98	%		0.72	%		0.47	%		0.60	%		0.80	%

Portfolio turnover rate^(d)		75	%		147	%		172	%		216	%		199	%		180	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.99		$	11.01		$	8.54		$	7.91		$	8.98		$	8.95

Net investment income^(a)		0.04			0.19			0.17			0.13			0.14			0.17

Net realized and unrealized gain (loss)		0.85			(1.64	)		2.41			0.60			(0.98	)		(0.02	)

Total from investment operations		0.89			(1.45	)		2.58			0.73			(0.84	)		0.15

Distributions to shareholders from net investment income		(0.20	)		(0.15	)		(0.11	)		(0.10	)		(0.16	)		(0.12	)

Distributions to shareholders from net realized gains		—			(0.42	)		—			—			(0.07	)		—

Total distributions		(0.20	)		(0.57	)		(0.11	)		(0.10	)		(0.23	)		(0.12	)

Net asset value, end of period	$	9.68		$	8.99		$	11.01		$	8.54		$	7.91		$	8.98

Total return^(b)		10.16	%		(13.83	)%		30.67	%		9.35	%		(9.52	)%		1.65	%

Net assets, end of period (in 000s)	$	1,167,275		$	981,091		$	1,488,246		$	852,853		$	508,685		$	660,922

Ratio of net expenses to average net assets		1.09	%^(c)		1.10	%		1.15	%		1.16	%		1.18	%		1.18	%

Ratio of total expenses to average net assets		1.16	%^(c)		1.14	%		1.15	%		1.22	%		1.27	%		1.26	%

Ratio of net investment income to average net assets		0.93	%^(c)		1.84	%		1.74	%		1.70	%		1.69	%		1.95	%

Portfolio turnover rate^(d)		75	%		147	%		172	%		216	%		199	%		180	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	8.97		$	10.99		$	8.53		$	7.91		$	8.97		$	8.94

Net investment income^(b)		0.04			0.21			0.18			0.12			0.14			0.13

Net realized and unrealized gain (loss)		0.84			(1.66	)		2.38			0.59			(0.99	)		0.02

Total from investment operations		0.88			(1.45	)		2.56			0.71			(0.85	)		0.15

Distributions to shareholders from net investment income		(0.19	)		(0.15	)		(0.10	)		(0.09	)		(0.14	)		(0.12	)

Distributions to shareholders from net realized gains		—			(0.42	)		—			—			(0.07	)		—

Total distributions		(0.19	)		(0.57	)		(0.10	)		(0.09	)		(0.21	)		(0.12	)

Net asset value, end of period	$	9.66		$	8.97		$	10.99		$	8.53		$	7.91		$	8.97

Total return^(c)		10.04	%		(13.90	)%		30.47	%		9.13	%		(9.63	)%		1.70	%

Net assets, end of period (in 000s)	$	143,453		$	96,779		$	67,068		$	2,565		$	798		$	875

Ratio of net expenses to average net assets		1.23	%^(d)		1.23	%		1.26	%		1.31	%		1.33	%		1.34	%

Ratio of total expenses to average net assets		1.30	%^(d)		1.29	%		1.29	%		1.37	%		1.42	%		1.39	%

Ratio of net investment income to average net assets		0.77	%^(d)		1.99	%		1.81	%		1.53	%		1.63	%		1.47	%

Portfolio turnover rate^(e)		75	%		147	%		172	%		216	%		199	%		180	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	8.98		$	10.84

Net investment income^(a)		0.04			0.18

Net realized and unrealized gain (loss)		0.85			(2.04	)

Total from investment operations		0.89			(1.86	)

Distributions to shareholders from net investment income		(0.20	)		—

Net asset value, end of period	$	9.67		$	8.98

Total return^(b)		10.21	%		(17.16	)%

Net assets, end of period (in 000s)	$	143,873		$	130,763

Ratio of net expenses to average net assets		1.08	%^(c)		1.08	%^(c)

Ratio of total expenses to average net assets		1.15	%^(c)		1.17	%^(c)

Ratio of net investment income to average net assets		0.96	%^(c)		3.36	%^(c)

Portfolio turnover rate^(d)		75	%		147	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,												For the period February 28, 2014* to October 31, 2014
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			For the period February 28, 2014* to October 31, 2014
Per Share Data

Net asset value, beginning of period	$	8.86		$	10.87		$	8.44		$	7.84		$	8.94		$	8.26

Net investment income^(a)		0.01			0.15			0.10			0.08			0.09			0.02

Net realized and unrealized gain (loss)		0.84			(1.64	)		2.40			0.59			(0.98	)		0.66

Total from investment operations		0.85			(1.49	)		2.50			0.67			(0.89	)		0.68

Distributions to shareholders from net investment income		(0.14	)		(0.10	)		(0.07	)		(0.07	)		(0.14	)		—

Distributions to shareholders from net realized gains		—			(0.42	)		—			—			(0.07	)		—

Total distributions		(0.14	)		(0.52	)		(0.07	)		(0.07	)		(0.21	)		—

Net asset value, end of period	$	9.57		$	8.86		$	10.87		$	8.44		$	7.84		$	8.94

Total return^(b)		9.76	%		(14.34	)%		29.86	%		8.57	%		(10.06	)%		8.23	%

Net assets, end of period (in 000s)	$	22,385		$	20,852		$	19,243		$	9,363		$	4,547		$	998

Ratio of net expenses to average net assets		1.73	%^(c)		1.73	%		1.77	%		1.81	%		1.83	%		1.82	%^(c)

Ratio of total expenses to average net assets		1.80	%^(c)		1.79	%		1.79	%		1.88	%		1.93	%		2.07	%^(c)

Ratio of net investment income to average net assets		0.31	%^(c)		1.46	%		1.06	%		1.01	%		1.10	%		0.31	%^(c)

Portfolio turnover rate^(d)		75	%		147	%		172	%		216	%		199	%		180	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									For the period July 31, 2015* to October 31, 2015
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			For the period July 31, 2015* to October 31, 2015
Per Share Data

Net asset value, beginning of period	$	8.98		$	11.00		$	8.53		$	7.91		$	8.40

Net investment income^(a)		0.04			0.29			0.19			0.10			0.01

Net realized and unrealized gain (loss)		0.85			(1.73	)		2.39			0.62			(0.50	)

Total from investment operations		0.89			(1.44	)		2.58			0.72			(0.49	)

Distributions to shareholders from net investment income		(0.20	)		(0.16	)		(0.11	)		(0.10	)		—

Distributions to shareholders from net realized gains		—			(0.42	)		—			—			—

Total distributions		(0.20	)		(0.58	)		(0.11	)		(0.10	)		—

Net asset value, end of period	$	9.67		$	8.98		$	11.00		$	8.53		$	7.91

Total return^(b)		10.19	%		(13.84	)%		30.74	%		9.27	%		(5.83	)%

Net assets, end of period (in 000s)	$	460,909		$	621,590		$	13,164		$	1,637		$	9

Ratio of net expenses to average net assets		1.08	%^(c)		1.08	%		1.13	%		1.13	%		1.17	%^(c)

Ratio of total expenses to average net assets		1.15	%^(c)		1.15	%		1.13	%		1.16	%		1.28	%^(c)

Ratio of net investment income to average net assets		0.96	%^(c)		2.78	%		1.87	%		1.26	%		0.59	%^(c)

Portfolio turnover rate^(d)		75	%		147	%		172	%		216	%		199	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.88		$	13.19		$	10.53		$	10.54		$	10.69		$	10.99

Net investment income^(a)		0.12			0.23			0.18			0.18			0.18			0.37	^(b)

Net realized and unrealized gain (loss)		0.41			(1.36	)		2.71			(0.08	)		0.08			(0.39	)

Total from investment operations		0.53			(1.13	)		2.89			0.10			0.26			(0.02	)

Distributions to shareholders from net investment income		(0.17	)		(0.18	)		(0.23	)		(0.11	)		(0.41	)		(0.28	)

Net asset value, end of period	$	12.24		$	11.88		$	13.19		$	10.53		$	10.54		$	10.69

Total return^(c)		4.70	%		(8.71	)%		28.07	%		0.97	%		2.58	%		(0.14	)%

Net assets, end of period (in 000s)	$	194,637		$	184,222		$	138,267		$	104,736		$	78,527		$	79,214

Ratio of net expenses to average net assets		1.15	%^(d)		1.14	%		1.21	%		1.25	%		1.27	%		1.29	%

Ratio of total expenses to average net assets		1.23	%^(d)		1.26	%		1.35	%		1.39	%		1.37	%		1.36	%

Ratio of net investment income to average net assets		2.10	%^(d)		1.76	%		1.54	%		1.77	%		1.70	%		3.31	%^(b)

Portfolio turnover rate^(e)		59	%		124	%		161	%		176	%		154	%		142	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.56		$	12.91		$	10.32		$	10.36		$	10.51		$	10.83

Net investment income^(a)		0.07			0.14			0.09			0.10			0.10			0.28	^(b)

Net realized and unrealized gain (loss)		0.42			(1.34	)		2.66			(0.08	)		0.08			(0.37	)

Total from investment operations		0.49			(1.20	)		2.75			0.02			0.18			(0.09	)

Distributions to shareholders from net investment income		(0.09	)		(0.15	)		(0.16	)		(0.06	)		(0.33	)		(0.23	)

Net asset value, end of period	$	11.96		$	11.56		$	12.91		$	10.32		$	10.36		$	10.51

Total return^(c)		4.31	%		(9.45	)%		27.11	%		0.22	%		1.82	%		(0.85	)%

Net assets, end of period (in 000s)	$	28,325		$	32,338		$	14,886		$	6,164		$	4,409		$	3,054

Ratio of net expenses to average net assets		1.90	%^(d)		1.89	%		1.95	%		2.00	%		2.01	%		2.04	%

Ratio of total expenses to average net assets		1.98	%^(d)		2.01	%		2.09	%		2.14	%		2.12	%		2.11	%

Ratio of net investment income to average net assets		1.16	%^(d)		1.11	%		0.79	%		1.02	%		0.93	%		2.61	%^(b)

Portfolio turnover rate^(e)		59	%		124	%		161	%		176	%		154	%		142	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	12.22		$	13.57		$	10.82		$	10.83		$	10.97		$	11.29

Net investment income^(a)		0.14			0.28			0.23			0.24			0.22			0.42	^(b)

Net realized and unrealized gain (loss)		0.43			(1.41	)		2.79			(0.10	)		0.09			(0.40	)

Total from investment operations		0.57			(1.13	)		3.02			0.14			0.31			0.02

Distributions to shareholders from net investment income		(0.22	)		(0.22	)		(0.27	)		(0.15	)		(0.45	)		(0.34	)

Net asset value, end of period	$	12.57		$	12.22		$	13.57		$	10.82		$	10.83		$	10.97

Total return^(c)		4.90	%		(8.48	)%		28.57	%		1.34	%		3.05	%		0.22	%

Net assets, end of period (in 000s)	$	1,337,956		$	1,323,745		$	1,012,010		$	500,930		$	642,473		$	742,016

Ratio of net expenses to average net assets		0.79	%^(d)		0.81	%		0.85	%		0.85	%		0.87	%		0.89	%

Ratio of total expenses to average net assets		0.84	%^(d)		0.87	%		0.94	%		0.99	%		0.97	%		0.96	%

Ratio of net investment income to average net assets		2.40	%^(d)		2.08	%		1.92	%		2.25	%		2.08	%		3.74	%^(b)

Portfolio turnover rate^(e)		59	%		124	%		161	%		176	%		154	%		142	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Service Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.98		$	13.32		$	10.63		$	10.64		$	10.76		$	11.06

Net investment income^(a)		0.11			0.21			0.18			0.17			0.16			0.35	^(b)

Net realized and unrealized gain (loss)		0.42			(1.38	)		2.73			(0.08	)		0.09			(0.37	)

Total from investment operations		0.53			(1.17	)		2.91			0.09			0.25			(0.02	)

Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.22	)		(0.10	)		(0.37	)		(0.28	)

Net asset value, end of period	$	12.35		$	11.98		$	13.32		$	10.63		$	10.64		$	10.76

Total return^(c)		4.59	%		(8.92	)%		27.89	%		0.87	%		2.48	%		(0.17	)%

Net assets, end of period (in 000s)	$	5,459		$	4,538		$	4,073		$	1,898		$	1,641		$	2,779

Ratio of net expenses to average net assets		1.29	%^(d)		1.31	%		1.35	%		1.35	%		1.37	%		1.39	%

Ratio of total expenses to average net assets		1.34	%^(d)		1.37	%		1.45	%		1.49	%		1.47	%		1.45	%

Ratio of net investment income to average net assets		1.95	%^(d)		1.57	%		1.51	%		1.60	%		1.51	%		3.17	%^(b)

Portfolio turnover rate^(e)		59	%		124	%		161	%		176	%		154	%		142	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.67		$	12.97		$	10.36		$	10.38		$	10.53		$	10.86

Net investment income^(b)		0.14			0.27			0.23			0.17			0.16			0.38	^(c)

Net realized and unrealized gain (loss)		0.39			(1.35	)		2.64			(0.05	)		0.12			(0.38	)

Total from investment operations		0.53			(1.08	)		2.87			0.12			0.28			—	^(d)

Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.26	)		(0.14	)		(0.43	)		(0.33	)

Net asset value, end of period	$	11.99		$	11.67		$	12.97		$	10.36		$	10.38		$	10.53

Total return^(e)		4.80	%		(8.52	)%		28.44	%		1.22	%		2.85	%		0.12	%

Net assets, end of period (in 000s)	$	532,250		$	393,993		$	147,186		$	6,639		$	1,666		$	278

Ratio of net expenses to average net assets		0.90	%^(f)		0.89	%		0.94	%		1.00	%		1.01	%		1.04	%

Ratio of total expenses to average net assets		0.98	%^(f)		1.01	%		1.07	%		1.14	%		1.13	%		1.10	%

Ratio of net investment income to average net assets		2.38	%^(f)		2.09	%		1.87	%		1.65	%		1.54	%		3.52	%^(c)

Portfolio turnover rate^(g)		59	%		124	%		161	%		176	%		154	%		142	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	12.21		$	13.79

Net investment income^(a)		0.15			0.12

Net realized and unrealized gain (loss)		0.41			(1.70	)

Total from investment operations		0.56			(1.58	)

Distributions to shareholders from net investment income		(0.22	)		—

Net asset value, end of period	$	12.55		$	12.21

Total return^(b)		4.86	%		(11.46	)%

Net assets, end of period (in 000s)	$	378,046		$	245,618

Ratio of net expenses to average net assets		0.78	%^(c)		0.78	%^(c)

Ratio of total expenses to average net assets		0.83	%^(c)		0.87	%^(c)

Ratio of net investment income to average net assets		2.45	%^(c)		1.65	%^(c)

Portfolio turnover rate^(d)		59	%		124	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Class R Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.54		$	12.85		$	10.29		$	10.34		$	10.52		$	10.85

Net investment income^(a)		0.10			0.19			0.16			0.13			0.14			0.34	^(b)

Net realized and unrealized gain (loss)		0.41			(1.33	)		2.64			(0.06	)		0.09			(0.38	)

Total from investment operations		0.51			(1.14	)		2.80			0.07			0.23			(0.04	)

Distributions to shareholders from net investment income		(0.15	)		(0.17	)		(0.24	)		(0.12	)		(0.41	)		(0.29	)

Net asset value, end of period	$	11.90		$	11.54		$	12.85		$	10.29		$	10.34		$	10.52

Total return^(c)		4.60	%		(9.01	)%		27.81	%		0.67	%		2.32	%		(0.33	)%

Net assets, end of period (in 000s)	$	9,352		$	7,548		$	7,071		$	2,152		$	186		$	161

Ratio of net expenses to average net assets		1.40	%^(d)		1.40	%		1.45	%		1.50	%		1.52	%		1.54	%

Ratio of total expenses to average net assets		1.48	%^(d)		1.51	%		1.59	%		1.64	%		1.62	%		1.61	%

Ratio of net investment income to average net assets		1.83	%^(d)		1.49	%		1.39	%		1.28	%		1.33	%		3.09	%^(b)

Portfolio turnover rate^(e)		59	%		124	%		161	%		176	%		154	%		142	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									For the period July 31, 2015* to October 31, 2015
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			For the period July 31, 2015* to October 31, 2015
Per Share Data

Net asset value, beginning of period	$	12.22		$	13.56		$	10.82		$	10.83		$	11.23

Net investment income^(a)		0.15			0.33			0.23			0.14			0.04

Net realized and unrealized gain (loss)		0.41			(1.45	)		2.78			0.01			(0.44	)

Total from investment operations		0.56			(1.12	)		3.01			0.15			(0.40	)

Distributions to shareholders from net investment income		(0.22	)		(0.22	)		(0.27	)		(0.16	)		—

Net asset value, end of period	$	12.56		$	12.22		$	13.56		$	10.82		$	10.83

Total return^(b)		4.93	%		(8.48	)%		28.51	%		1.37	%		(3.56	)%

Net assets, end of period (in 000s)	$	601,220		$	415,327		$	80,686		$	46,707		$	10

Ratio of net expenses to average net assets		0.78	%^(c)		0.79	%		0.83	%		0.83	%		0.84	%^(c)

Ratio of total expenses to average net assets		0.83	%^(c)		0.86	%		0.93	%		0.96	%		0.93	%^(c)

Ratio of net investment income to average net assets		2.55	%^(c)		2.45	%		1.96	%		1.32	%		1.56	%^(c)

Portfolio turnover rate^(d)		59	%		124	%		161	%		176	%		154	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Small Cap Insights Fund
	Class A Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.16		$	13.39		$	10.71		$	10.42		$	10.03		$	10.62

Net investment income^(a)		0.06			0.17			0.14			0.16			0.16			0.14

Net realized and unrealized gain (loss)		0.42			(1.39	)		2.79			0.27			0.49			(0.34	)

Total from investment operations		0.48			(1.22	)		2.93			0.43			0.65			(0.20	)

Distributions to shareholders from net investment income		(0.11	)		(0.18	)		(0.25	)		(0.14	)		(0.16	)		(0.32	)

Distributions to shareholders from net realized gains		—			(0.83	)		—			—			(0.10	)		(0.07	)

Total distributions		(0.11	)		(1.01	)		(0.25	)		(0.14	)		(0.26	)		(0.39	)

Net asset value, end of period	$	11.53		$	11.16		$	13.39		$	10.71		$	10.42		$	10.03

Total return^(b)		4.51	%		(9.88	)%		28.01	%		4.17	%		6.70	%		(1.94	)%

Net assets, end of period (in 000s)	$	157,078		$	193,465		$	211,268		$	242,383		$	204,067		$	144,558

Ratio of net expenses to average net assets		1.25	%^(c)		1.26	%		1.29	%		1.30	%		1.30	%		1.30	%

Ratio of total expenses to average net assets		1.31	%^(c)		1.31	%		1.34	%		1.39	%		1.39	%		1.39	%

Ratio of net investment income to average net assets		1.16	%^(c)		1.34	%		1.18	%		1.55	%		1.58	%		1.33	%

Portfolio turnover rate^(d)		64	%		110	%		129	%		140	%		131	%		129	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Small Cap Insights Fund
	Class C Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	10.73		$	12.95		$	10.35		$	10.11		$	9.76		$	10.40

Net investment income^(a)		0.02			0.08			0.07			0.08			0.08			0.06

Net realized and unrealized gain (loss)		0.41			(1.35	)		2.70			0.25			0.49			(0.33	)

Total from investment operations		0.43			(1.27	)		2.77			0.33			0.57			(0.27	)

Distributions to shareholders from net investment income		(0.02	)		(0.12	)		(0.17	)		(0.09	)		(0.12	)		(0.30	)

Distributions to shareholders from net realized gains		—			(0.83	)		—			—			(0.10	)		(0.07	)

Total distributions		(0.02	)		(0.95	)		(0.17	)		(0.09	)		(0.22	)		(0.37	)

Net asset value, end of period	$	11.14		$	10.73		$	12.95		$	10.35		$	10.11		$	9.76

Total return^(b)		4.07	%		(10.59	)%		27.20	%		3.27	%		5.96	%		(2.71	)%

Net assets, end of period (in 000s)	$	60,576		$	68,767		$	65,194		$	44,643		$	38,777		$	19,158

Ratio of net expenses to average net assets		2.00	%^(c)		2.01	%		2.04	%		2.05	%		2.05	%		2.05	%

Ratio of total expenses to average net assets		2.06	%^(c)		2.06	%		2.09	%		2.14	%		2.14	%		2.15	%

Ratio of net investment income to average net assets		0.46	%^(c)		0.61	%		0.60	%		0.83	%		0.82	%		0.57	%

Portfolio turnover rate^(d)		64	%		110	%		129	%		140	%		131	%		129	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Small Cap Insights Fund
	Institutional Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.19		$	13.42		$	10.73		$	10.44		$	10.05		$	10.62

Net investment income^(a)		0.09			0.21			0.21			0.21			0.20			0.17

Net realized and unrealized gain (loss)		0.40			(1.38	)		2.77			0.26			0.49			(0.33	)

Total from investment operations		0.49			(1.17	)		2.98			0.47			0.69			(0.16	)

Distributions to shareholders from net investment income		(0.17	)		(0.23	)		(0.29	)		(0.18	)		(0.20	)		(0.34	)

Distributions to shareholders from net realized gains		—			(0.83	)		—			—			(0.10	)		(0.07	)

Total distributions		(0.17	)		(1.06	)		(0.29	)		(0.18	)		(0.30	)		(0.41	)

Net asset value, end of period	$	11.51		$	11.19		$	13.42		$	10.73		$	10.44		$	10.05

Total return^(b)		4.65	%		(9.53	)%		28.59	%		4.50	%		7.11	%		(1.54	)%

Net assets, end of period (in 000s)	$	2,208,517		$	2,250,288		$	1,796,887		$	1,118,478		$	888,071		$	668,746

Ratio of net expenses to average net assets		0.86	%^(c)		0.87	%		0.90	%		0.90	%		0.90	%		0.90	%

Ratio of total expenses to average net assets		0.92	%^(c)		0.92	%		0.94	%		0.98	%		0.99	%		0.99	%

Ratio of net investment income to average net assets		1.62	%^(c)		1.67	%		1.77	%		1.98	%		1.97	%		1.65	%

Portfolio turnover rate^(d)		64	%		110	%		129	%		140	%		131	%		129	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Small Cap Insights Fund
	Investor Shares^(a)
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Per Share Data

Net asset value, beginning of period	$	11.12		$	13.36		$	10.68		$	10.40		$	10.01		$	10.59

Net investment income^(b)		0.07			0.21			0.21			0.19			0.19			0.18

Net realized and unrealized gain (loss)		0.42			(1.40	)		2.75			0.26			0.49			(0.35	)

Total from investment operations		0.49			(1.19	)		2.96			0.45			0.68			(0.17	)

Distributions to shareholders from net investment income		(0.15	)		(0.22	)		(0.28	)		(0.17	)		(0.19	)		(0.34	)

Distributions to shareholders from net realized gains		—			(0.83	)		—			—			(0.10	)		(0.07	)

Total distributions		(0.15	)		(1.05	)		(0.28	)		(0.17	)		(0.29	)		(0.41	)

Net asset value, end of period	$	11.46		$	11.12		$	13.36		$	10.68		$	10.40		$	10.01

Total return^(c)		4.63	%		(9.72	)%		28.48	%		4.33	%		7.00	%		(1.68	)%

Net assets, end of period (in 000s)	$	349,404		$	532,484		$	344,700		$	99,365		$	40,890		$	19,134

Ratio of net expenses to average net assets		1.00	%^(d)		1.01	%		1.04	%		1.05	%		1.05	%		1.05	%

Ratio of total expenses to average net assets		1.06	%^(d)		1.06	%		1.09	%		1.13	%		1.14	%		1.14	%

Ratio of net investment income to average net assets		1.33	%^(d)		1.68	%		1.76	%		1.83	%		1.83	%		1.66	%

Portfolio turnover rate^(e)		64	%		110	%		129	%		140	%		131	%		129	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Small Cap Insights Fund
	Class P Shares
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
	Six Months Ended April 30, 2019 (Unaudited)			For the period April 16, 2018* to October 31, 2018
Per Share Data

Net asset value, beginning of period	$	11.21		$	13.08

Net investment income^(a)		0.09			0.08

Net realized and unrealized gain (loss)		0.41			(1.95	)

Total from investment operations		0.50			(1.87	)

Distributions to shareholders from net investment income		(0.17	)		—

Net asset value, end of period	$	11.54		$	11.21

Total return^(b)		4.75	%		(14.30	)%

Net assets, end of period (in 000s)	$	79,470		$	90,943

Ratio of net expenses to average net assets		0.85	%^(c)		0.85	%^(c)

Ratio of total expenses to average net assets		0.91	%^(c)		0.93	%^(c)

Ratio of net investment income to average net assets		1.60	%^(c)		1.20	%^(c)

Portfolio turnover rate^(d)		64	%		110	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Small Cap Insights Fund
	Class R6 Shares
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,									For the period July 31, 2015* to October 31, 2015
	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			For the period July 31, 2015* to October 31, 2015
Per Share Data

Net asset value, beginning of period	$	11.21		$	13.45		$	10.75		$	10.44		$	10.75

Net investment income^(a)		0.09			0.22			0.20			0.26			0.05

Net realized and unrealized gain (loss)		0.41			(1.40	)		2.79			0.23			(0.36	)

Total from investment operations		0.50			(1.18	)		2.99			0.49			(0.31	)

Distributions to shareholders from net investment income		(0.17	)		(0.23	)		(0.29	)		(0.18	)		—

Distributions to shareholders from net realized gains		—			(0.83	)		—			—			—

Total distributions		(0.17	)		(1.06	)		(0.29	)		(0.18	)		—

Net asset value, end of period	$	11.54		$	11.21		$	13.45		$	10.75		$	10.44

Total return^(b)		4.75	%		(9.57	)%		28.67	%		4.72	%		(2.88	)%

Net assets, end of period (in 000s)	$	1,138,335		$	1,076,035		$	116,788		$	18,566		$	10

Ratio of net expenses to average net assets		0.85	%^(c)		0.85	%		0.88	%		0.88	%		0.90	%^(c)

Ratio of total expenses to average net assets		0.91	%^(c)		0.92	%		0.92	%		0.97	%		0.96	%^(c)

Ratio of net investment income to average net assets		1.69	%^(c)		1.72	%		1.58	%		2.39	%		1.94	%^(c)

Portfolio turnover rate^(d)		64	%		110	%		129	%		140	%		131	%

Commencement of Operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 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
Emerging Markets Equity Insights	A, C, Institutional, Investor, P, R and R6	Diversified
International Equity Insights	A, C, Institutional, Service, Investor, P, R and R6	Diversified
International Small Cap Insights	A, C, Institutional, Investor, P 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class.Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/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, 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.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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:

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts.Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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.

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2019:



EMERGING MARKETS EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	1,945,218		$	96,578,371	$	—

Asia		264,997,440			1,318,548,758		—

Europe		—			49,189,108		—

North America		51,212,010			—		—

South America		172,773,386			29,031,607		—

Securities Lending Reinvestment Vehicle		9,622,158			—		—

Total	$	500,550,212		$	1,493,347,844	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	672,213		$	—	$	—

INTERNATIONAL EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—		$	8,178,831	$	—

Asia		—			827,552,890		—

Australia and Oceania		33,667,947			196,614,277		—

Europe		24,177,450			1,882,965,054		—

North America		11,200,075			559,221		—

Securities Lending Reinvestment Vehicle		90,871,945			—		—

Total	$	159,917,417		$	2,915,870,273	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	1,928,936		$	—	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(70,430	)	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INTERNATIONAL SMALL CAP INSIGHTS

Investment Type	Level 1			Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	—		$	643,578	$	—

Asia		—			1,332,229,688		—

Australia and Oceania		—			351,636,389		—

Europe		—			2,188,291,811		—

Securities Lending Reinvestment Vehicle		65,949,758			—		—

Total	$	65,949,758		$	3,872,801,466	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	245,836		$	—	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(107,029	)	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Fund

Risk

Statements of Assets and Liabilities

Assets^(a)

Statements of Assets and Liabilities

Liabilities^(a)

Emerging Markets Equity Insights

Equity

Variation margin on futures contracts

672,213

—

International Equity Insights

Equity

Variation margin on futures contracts

1,928,936

Variation margin on futures contracts

(70,430

)

International Small Cap Insights

Equity

Variation margin on futures contracts

245,836

Variation margin on futures contracts

(107,029

)

(a)

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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


Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts^(a)
Emerging Markets Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	1,301,782		$	672,213		217
International Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(60,479	)		3,445,515		830
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(5,525,389	)		3,525,216		458

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended April 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%		1.00	%
International Equity Insights		0.81			0.73			0.69			0.68			0.67			0.75			0.75
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.81			0.81

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

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2019, GSAM waived $1,181, $7,267 and $516 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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


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

C. Distribution Agreement— Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2019, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Emerging Markets Equity Insights	$	4,949	$	—
International Equity Insights		5,293		49
International Small Cap Insights		2,011		—

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 and/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. Prior to February 28, 2019, the transfer agency waiver was 0.05% for Class A, Class C, Investor and Class R Shares of the International Equity Insights Fund.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Custody Fee Credits		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	1,181	$	1,893	$	—	$	613,537	$	616,611
International Equity Insights		7,267		6,185		95,122		692,208		800,782
International Small Cap Insights		516		10,067		—		1,146,920		1,157,503

H. Other Transactions with Affiliates — For the six months ended April 30, 2019, Goldman Sachs earned $1,402, $5 and $167 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2019:


Fund	Beginning Value as of October 31, 2018	Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2019		Shares as of April 30, 2019		Dividend Income from Affiliated Investment Company
Emerging Markets Equity Insights	$3,324	$	56,316,499	$	(56,319,823	)	$	—		—	$	16,916
International Equity Insights	2,516		348,329,828		(348,332,344	)		—		—		105,988
International Small Cap Insights	—		101,702,551		(101,702,551	)		—		—		6,723

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2019, the Goldman Sachs Tax-Advantaged Global Equity Portfolio was a beneficial owner of 5% or more of total outstanding shares of the following Fund:


Fund	Goldman Sachs Tax-Advantaged Global Equity Portfolio
Emerging Markets Equity Insights		7	%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities oflong-term securities for the six months ended April 30, 2019, were as follows:


Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	1,448,793,794	$	1,562,688,135
International Equity Insights		1,926,952,033		1,565,589,763
International Small Cap Insights		2,528,118,276		2,863,766,847

7. SECURITIES LENDING

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

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

7. SECURITIES LENDING (continued)

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 April 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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


	For the six months ended April 30, 2019				Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2019
Fund	Earnings of GSAL Relating to Securites Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	26,551	$	39,048	$	—
International Equity Insights		55,639		32,932		13,551,000
International Small Cap Insights		72,174		73,634		39,360,675

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2019:


Fund	Beginning Value as of October 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of April 30, 2019
Emerging Markets Equity Insights	$	13,774,705	$	151,309,262	$	(155,461,809	)	$	9,622,158
International Equity Insights		37,685,400		305,309,436		(252,122,891	)		90,871,945
International Small Cap Insights		95,184,269		224,783,118		(254,017,629	)		65,949,758

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2018, the Funds’ capital loss carryforwards on a tax-basis were as follows:


	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Capital loss carryforwards:
Expiring 2019⁽¹⁾	$	—		$	(2,867,280	)	$	—
PerpetualLong-term		—			—			(1,910,092	)
PerpetualShort-term		(12,296,197	)		(8,036,292	)		(11,974,303	)
Total capital loss carryforwards	$	(12,296,197	)	$	(10,903,572	)	$	(13,884,395	)

(1)

Expiration occurs on October 31 of the year indicated.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

8. TAX INFORMATION (continued)

As of April 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax cost	$	1,807,062,361		$	3,021,588,530		$	3,816,433,593
Gross unrealized gain		250,043,699			173,784,745			349,448,004
Gross unrealized loss		(63,208,004	)		(119,585,585	)		(227,130,373	)
Net unrealized gain	$	186,835,695		$	54,199,160		$	122,317,631

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments.

9. OTHER RISKS

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

9. OTHER RISKS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Equity Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,116,218		$	19,568,812			6,011,484		$	64,604,928
Reinvestment of distributions		158,620			1,368,887			460,132			4,851,613
Shares redeemed		(2,720,871	)		(24,716,437	)		(5,975,175	)		(61,902,681	)
		(446,033	)		(3,778,738	)		496,441			7,553,860
Class C Shares
Shares sold		214,592			1,965,970			532,926			5,660,930
Reinvestment of distributions		9,579			81,900			39,630			412,747
Shares redeemed		(197,723	)		(1,812,991	)		(251,334	)		(2,520,831	)
		26,448			234,879			321,222			3,552,846
Institutional Shares
Shares sold		35,017,076			324,074,149			75,219,315			791,620,923
Reinvestment of distributions		2,189,583			18,830,413			7,319,387			77,185,740
Shares redeemed		(25,759,277	)		(236,673,665	)		(108,575,239	)		(1,138,039,633	)
		11,447,382			106,230,897			(26,036,537	)		(269,232,970	)
Investor Shares
Shares sold		7,812,602			72,198,144			10,050,495			103,888,715
Reinvestment of distributions		249,709			2,145,005			388,023			4,089,088
Shares redeemed		(4,007,461	)		(37,383,073	)		(5,748,668	)		(57,976,922	)
		4,054,850			36,960,076			4,689,850			50,000,881
Class P Shares^(a)
Shares sold		5,586,020			49,996,200			16,111,028			167,993,767
Reinvestment of distributions		359,752			3,090,275			—			—
Shares redeemed		(5,625,051	)		(51,228,980	)		(1,552,358	)		(15,297,333	)
		320,721			1,857,495			14,558,670			152,696,434
Class R Shares
Shares sold		250,305			2,305,326			823,248			8,559,179
Reinvestment of distributions		37,333			318,449			92,882			967,288
Shares redeemed		(303,298	)		(2,782,243	)		(332,000	)		(3,382,408	)
		(15,660	)		(158,468	)		584,130			6,144,059
Class R6 Shares
Shares sold		5,619,075			51,570,962			78,639,507			828,090,670
Reinvestment of distributions		1,352,035			11,613,981			79,132			834,501
Shares redeemed		(28,520,698	)		(262,951,990	)		(10,696,992	)		(102,070,313	)
		(21,549,588	)		(199,767,047	)		68,021,647			726,854,858

NET INCREASE (DECREASE)		(6,161,880	)	$	(58,420,906	)		62,635,423		$	677,569,968

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	International Equity Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,823,074		$	56,464,851			11,261,835		$	149,431,245
Reinvestment of distributions		204,537			2,186,506			141,506			1,870,712
Shares redeemed		(4,633,310	)		(54,334,873	)		(6,369,387	)		(82,885,765	)
		394,301			4,316,484			5,033,954			68,416,192
Class C Shares
Shares sold		386,775			4,325,808			2,264,501			29,449,733
Reinvestment of distributions		19,962			209,198			16,331			211,493
Shares redeemed		(835,880	)		(9,506,409	)		(636,002	)		(8,029,059	)
		(429,143	)		(4,971,403	)		1,644,830			21,632,167
Institutional Shares
Shares sold		38,279,588			455,982,133			91,478,909			1,238,574,962
Reinvestment of distributions		1,221,357			13,398,286			1,043,352			14,147,857
Shares redeemed		(41,363,702	)		(491,452,166	)		(58,797,412	)		(784,509,924	)
		(1,862,757	)		(22,071,747	)		33,724,849			468,212,895
Service Shares
Shares sold		107,663			1,278,096			215,964			2,915,060
Reinvestment of distributions		5,670			61,236			4,253			56,775
Shares redeemed		(50,259	)		(598,323	)		(147,124	)		(1,961,399	)
		63,074			741,009			73,093			1,010,436
Investor Shares
Shares sold		23,561,825			276,403,904			28,185,890			366,783,622
Reinvestment of distributions		684,659			7,168,380			235,317			3,049,705
Shares redeemed		(13,622,884	)		(153,168,920	)		(6,001,354	)		(76,167,177	)
		10,623,600			130,403,364			22,419,853			293,666,150
Class P Shares^(a)
Shares sold		23,171,082			265,984,284			20,839,126			278,586,234
Reinvestment of distributions		514,841			5,642,654			—			—
Shares redeemed		(13,684,208	)		(161,687,052	)		(720,751	)		(9,528,009	)
		10,001,715			109,939,886			20,118,375			269,058,225
Class R Shares
Shares sold		209,464			2,397,272			266,168			3,412,945
Reinvestment of distributions		7,899			82,224			5,144			66,202
Shares redeemed		(85,324	)		(977,735	)		(167,569	)		(2,121,039	)
		132,039			1,501,761			103,743			1,358,108
Class R6 Shares
Shares sold		20,354,411			244,162,715			31,719,574			426,173,960
Reinvestment of distributions		724,784			7,943,638			74,104			1,004,847
Shares redeemed		(7,214,410	)		(87,397,476	)		(3,741,875	)		(50,166,486	)
		13,864,785			164,708,877			28,051,803			377,012,321

NET INCREASE		32,787,614		$	384,568,231			111,170,500		$	1,500,366,494

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements(continued)

April 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	International Small Cap Insights Fund

	For the Six Months Ended April 30, 2019 (Unaudited)						For the Fiscal Year Ended October 31, 2018

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,905,673		$	20,951,109			10,629,498		$	136,561,855
Reinvestment of distributions		174,144			1,724,026			1,228,989			15,454,307
Shares redeemed		(5,793,740	)		(62,879,858	)		(10,291,665	)		(129,158,676	)
		(3,713,923	)		(40,204,723	)		1,566,822			22,857,486
Class C Shares
Shares sold		126,740			1,340,835			2,369,851			29,581,255
Reinvestment of distributions		14,011			134,359			405,443			4,916,449
Shares redeemed		(1,114,592	)		(11,653,389	)		(1,399,827	)		(16,949,764	)
		(973,841	)		(10,178,195	)		1,375,467			17,547,940
Institutional Shares
Shares sold		66,346,603			734,043,400			131,991,496			1,677,126,324
Reinvestment of distributions		3,192,108			31,506,109			10,223,847			128,887,373
Shares redeemed		(78,880,201	)		(852,537,580	)		(74,897,320	)		(941,892,126	)
		(9,341,490	)		(86,988,071	)		67,318,023			864,121,571
Investor Shares
Shares sold		4,515,083			49,401,968			34,703,673			441,487,215
Reinvestment of distributions		601,289			5,910,668			2,370,410			29,722,703
Shares redeemed		(22,511,047	)		(243,421,412	)		(14,999,067	)		(184,268,946	)
		(17,394,675	)		(188,108,776	)		22,075,016			286,940,972
Class P Shares^(a)
Shares sold		138,165			1,570,800			8,452,181			106,889,938
Reinvestment of distributions		136,281			1,347,821			—			—
Shares redeemed		(1,498,600	)		(15,846,672	)		(338,807	)		(3,996,343	)
		(1,224,154	)		(12,928,051	)		8,113,374			102,893,595
Class R6 Shares
Shares sold		14,083,303			152,821,870			96,609,922			1,228,465,737
Reinvestment of distributions		1,590,561			15,730,650			761,556			9,623,910
Shares redeemed		(12,994,339	)		(142,972,803	)		(10,061,202	)		(127,894,386	)
		2,679,525			25,579,717			87,310,276			1,110,195,261

NET INCREASE (DECREASE)		(29,968,558	)	$	(312,828,099	)		187,758,978		$	2,404,556,825

(a)

Commenced operations on April 16, 2018.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 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) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service(12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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

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


	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*		Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*		Beginning Account Value 11/01/18		Ending Account Value 4/30/19			Expenses Paid for the 6 Months Ended 4/30/19*

Class A
Actual	$	1,000	$	1,099.30		$	7.70	$	1,000	$	1,047.00		$	5.84	$	1,000	$	1,045.10		$	6.34
Hypothetical 5% return		1,000		1,017.46	+		7.40		1,000		1,019.09	+		5.76		1,000		1,018.60	+		6.26
Class C
Actual		1,000		1,095.50			11.59		1,000		1,043.10			9.62		1,000		1,040.70			10.12
Hypothetical 5% return		1,000		1,013.74	+		11.13		1,000		1,015.37	+		9.49		1,000		1,014.88	+		9.99
Institutional
Actual		1,000		1,101.60			5.68		1,000		1,049.00			4.01		1,000		1,046.50			4.36
Hypothetical 5% return		1,000		1,019.39	+		5.46		1,000		1,020.88	+		3.96		1,000		1,020.53	+		4.31
Service
Actual		N/A		N/A			N/A		1,000		1,045.90			6.54		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.40	+		6.46		N/A		N/A			N/A
Investor
Actual		1,000		1,100.40			6.41		1,000		1,048.00			4.57		1,000		1,046.30			5.07
Hypothetical 5% return		1,000		1,018.70	+		6.16		1,000		1,020.33	+		4.51		1,000		1,019.84	+		5.01
Class P
Actual		1,000		1,102.10			5.63		1,000		1,048.60			3.96		1,000		1,047.50			4.32
Hypothetical 5% return		1,000		1,019.44	+		5.41		1,000		1,020.93	+		3.91		1,000		1,020.58	+		4.26
Class R
Actual		1,000		1,097.60			9.00		1,000		1,046.00			7.10		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.22	+		8.65		1,000		1,017.85	+		7.00		N/A		N/A			N/A
Class R6
Actual		1,000		1,101.90			5.63		1,000		1,049.30			3.96		1,000		1,047.50			4.32
Hypothetical 5% return		1,000		1,019.44	+		5.41		1,000		1,020.93	+		3.91		1,000		1,020.58	+		4.26

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


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Emerging Markets Equity Insights		1.48	%		2.23	%		1.09	%		N/A			1.23	%		1.08	%		1.73	%		1.08	%
International Equity Insights		1.15			1.90			0.79			1.29	%		0.90			0.78			1.40			0.78
International Small Cap Insights		1.25			2.00			0.86			N/A			1.00			0.85			N/A			0.85

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.

Money Market

Financial Square Funds^SM

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Financial Square Treasury Solutions Fund¹

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Financial Square Government Fund¹

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Financial Square Money Market Fund²

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Financial Square Prime Obligations Fund²

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Financial Square Treasury Instruments Fund¹

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Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

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Investor Money Market Fund³

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InvestorTax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

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Enhanced Income Fund

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High Quality Floating Rate Fund

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Short-Term Conservative Income Fund

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Short Duration Government Fund

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Short Duration Income Fund

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Government Income Fund

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Inflation Protected Securities Fund

Multi-Sector

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Bond Fund

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Core Fixed Income Fund

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Global Income Fund

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Strategic Income Fund

Municipal andTax-Free

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High Yield Municipal Fund

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Dynamic Municipal Income Fund

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Short DurationTax-Free Fund

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Municipal Income Completion Fund

Single Sector

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Investment Grade Credit Fund

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U.S. Mortgages Fund

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High Yield Fund

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High Yield Floating Rate Fund

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Emerging Markets Debt Fund

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Local Emerging Markets Debt Fund

Fixed Income Alternatives

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Long Short Credit Strategies Fund

Fundamental Equity

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Equity Income Fund

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Small Cap Value Fund

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Small/Mid Cap Value Fund

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Mid Cap Value Fund

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Large Cap Value Fund

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Focused Value Fund

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Capital Growth Fund

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Strategic Growth Fund

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Small/Mid Cap Growth Fund

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Flexible Cap Fund

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Concentrated Growth Fund

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Technology Opportunities Fund

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Growth Opportunities Fund

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Rising Dividend Growth Fund

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Blue Chip Fund

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Income Builder Fund

Tax-Advantaged Equity

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U.S.Tax-Managed Equity Fund

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InternationalTax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

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International Equity Dividend and Premium Fund

Equity Insights

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Small Cap Equity Insights Fund

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U.S. Equity Insights Fund

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Small Cap Growth Insights Fund

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

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International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

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International Equity Income Fund

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International Equity ESG Fund

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Asia Equity Fund

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Emerging Markets Equity Fund

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N-11 Equity Fund

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ESG Emerging Markets Equity Fund

Alternative

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Real Estate Securities Fund

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International Real Estate Securities Fund

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Commodity Strategy Fund

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Global Real Estate Securities Fund

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Alternative Premia Fund

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Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

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MLP & Energy Fund

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Multi-Manager Alternatives Fund

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Absolute Return Multi-Asset Fund

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Global Infrastructure Fund

Total Portfolio Solutions

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Global Managed Beta Fund

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Multi-ManagerNon-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

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Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

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Growth and Income Strategy Portfolio

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Growth Strategy Portfolio

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Dynamic Global Equity Fund⁴

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Satellite Strategies Portfolio

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Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

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Strategic Factor Allocation Fund

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Target Date 2020 Portfolio

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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Tactical Exposure Fund

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 Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website 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

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

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

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

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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

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:		June 28, 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:		June 28, 2019

By:		/s/ Joseph F. DiMaria


		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs Trust

Date:		June 28, 2019

PORTFOLIO COMPOSITION⁶

As of April 30, 2019