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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	June 30, 2020
	Fund of Funds Portfolios
	Balanced Strategy
	Growth and Income Strategy
	Growth Strategy
	Satellite Strategies

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

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

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

Goldman Sachs Fund of Funds Portfolios

∎ BALANCED STRATEGY

∎ GROWTH AND INCOME STRATEGY

∎ GROWTH STRATEGY

∎ SATELLITE STRATEGIES

TABLE OF CONTENTS
Recent Market Events related to COVID-19	1
Fund Basics	2
Schedules of Investments	14
Financial Statements	23
Financial Highlights
Balanced Strategy	29
Growth and Income Strategy	37
Growth Strategy	45
Satellite Strategies	53
Notes to Financial Statements	61
Other Information	81

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Fund of Funds Portfolios

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Portfolio could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Portfolios’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Portfolio shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Balanced Strategy

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Portfolio Total Return (based on NAV)1			Balanced Strategy Composite Index2			Bloomberg Barclays Global Aggregate Bond Index			MSCI ACWI Index
Class A		(0.22)	%		(0.76)	%		3.90	%	(6.25)%
Class C		(0.60)			(0.76)			3.90		(6.25)
Institutional		(0.03)			(0.76)			3.90		(6.25)
Service		(0.27)			(0.76)			3.90		(6.25)
Investor		(0.10)			(0.76)			3.90		(6.25)
Class R6		(0.02)			(0.76)			3.90		(6.25)
Class R		(0.34)			(0.76)			3.90		(6.25)
Class P		(0.02)			(0.76)			3.90		(6.25)

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

²  The Balanced Strategy Composite Index (“Balanced Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Balanced Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (60%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (40%). The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

2

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2020. Actual Fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

3

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about the Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about the Portfolio’s investment strategies, holdings, and performance.

4

FUND BASICS

Growth and Income Strategy

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Portfolio Total Return (based on NAV)1			Growth and Income Strategy Composite Index2			Bloomberg Barclays Global Aggregate Bond Index			MSCI ACWI Index
Class A		(2.58)	%		(1.27)	%		3.90	%	(6.25)%
Class C		(2.92)			(1.27)			3.90		(6.25)
Institutional		(2.45)			(1.27)			3.90		(6.25)
Service		(2.64)			(1.27)			3.90		(6.25)
Investor		(2.39)			(1.27)			3.90		(6.25)
Class R6		(2.38)			(1.27)			3.90		(6.25)
Class R		(2.71)			(1.27)			3.90		(6.25)
Class P		(2.38)			(1.27)			3.90		(6.25)

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

²  The Growth and Income Strategy Composite Index (“Growth and Income Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth and Income Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (40%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (60%). The Growth and Income Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

5

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2020. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

6

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about the Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about the Portfolio’s investment strategies, holdings, and performance.

7

FUND BASICS

Growth Strategy

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Portfolio Total Return (based on NAV)1			Growth Strategy Composite Index2			Bloomberg Barclays Global Aggregate Bond Index			MSCI ACWI Index
Class A		(4.64)	%		(3.61)	%		3.90	%	(6.25)%
Class C		(4.97)			(3.61)			3.90		(6.25)
Institutional		(4.45)			(3.61)			3.90		(6.25)
Service		(4.65)			(3.61)			3.90		(6.25)
Investor		(4.46)			(3.61)			3.90		(6.25)
Class R6		(4.45)			(3.61)			3.90		(6.25)
Class R		(4.76)			(3.61)			3.90		(6.25)
Class P		(4.45)			(3.61)			3.90		(6.25)

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

²  The Growth Strategy Composite Index (“Growth Composite”) is a composite representation prepared by the Investment Advisor of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth Composite is comprised of a blend of the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Barclays Global Index”) (20%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (80%). The Growth Strategy Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. 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 Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

8

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2020. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

9

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about the Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about the Portfolio’s investment strategies, holdings, and performance.

10

FUND BASICS

Satellite Strategies Portfolio

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Satellite Strategies Composite Index2			Bloomberg Barclays U.S. Aggregate Bond Index			MSCI® EAFE® Net Total Return Index			S&P 500® Index
Class A		(9.75)	%		(1.67)	%		6.14	%		(11.34)	%		(3.08)	%
Class C		(10.09)			(1.67)			6.14			(11.34)			(3.08)
Institutional		(9.60)			(1.67)			6.14			(11.34)			(3.08)
Service		(9.83)			(1.67)			6.14			(11.34)			(3.08)
Investor		(9.66)			(1.67)			6.14			(11.34)			(3.08)
Class R6		(9.60)			(1.67)			6.14			(11.34)			(3.08)
Class R		(9.82)			(1.67)			6.14			(11.34)			(3.08)
Class P		(9.58)			(1.67)			6.14			(11.34)			(3.08)

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

²  The Satellite Strategies Composite Index (“Satellite Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Satellite Composite is comprised of the Bloomberg Barclays U.S. Aggregate Bond Index (40%), the S&P 500^® Index (30%), and the MSCI^® EAFE^® Net Total Return Index (30%). The Satellite Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The unmanaged MSCI^® EAFE^® Index is a market capitalization weighted composite of securities in 21 developed markets. Developed Markets countries in the MSCI EAFE 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 UK. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

11

FUND BASICS

TARGET RISK-CONTRIBUTION INVESTMENT PORTFOLIO³ AS OF 6/30/20

Percentage of Investment Portfolio

³  Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2020. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

12

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

For more information about the Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about the Portfolio’s investment strategies, holdings, and performance.

13

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.2%
Dynamic – 9.1%
	2,476,700	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	24,643,166
	1,514,895	Goldman Sachs Managed Futures Strategy Fund – Class R6		14,739,926
	789,315	Goldman Sachs Alternative Premia Fund – Class R6		6,148,764
				45,531,856
Equity – 27.0%
	4,440,343	Goldman Sachs Dynamic Global Equity Fund – Class R6		79,926,172
	1,368,981	Goldman Sachs International Equity Insights Fund – Class R6		15,784,353
	1,752,058	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		15,698,444
	782,258	Goldman Sachs Global Infrastructure Fund – Class R6		8,862,984
	892,200	Goldman Sachs Global Real Estate Securities Fund – Class R6		8,047,640
	601,297	Goldman Sachs International Small Cap Insights Fund – Class R6		6,307,609
				134,627,202
Exchange Traded Funds – 21.2%
	969,154	Goldman Sachs Access Investment Grade Corporate Bond ETF		53,398,932
	837,116	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		52,403,461
				105,802,393
Fixed Income – 36.9%
	12,367,222	Goldman Sachs Global Core Fixed Income Fund – Class R6		164,978,747
	773,200	Goldman Sachs Emerging Markets Debt Fund – Class R6		9,100,558
	825,532	Goldman Sachs High Yield Fund – Class R6		4,928,429
	492,797	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		2,685,743
	277,697	Goldman Sachs High Yield Floating Rate Fund – Class R6		2,429,851
				184,123,328
	TOTAL UNDERLYING FUNDS – 94.2%
	(Cost $458,819,063)		$	470,084,779
Shares		Dividend Rate	Value
Investment Company(a) – 4.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	20,730,268	0.155%	$	20,730,268
	(Cost $20,730,268)
	TOTAL INVESTMENTS – 98.3%
	(Cost $479,549,331)		$	490,815,047
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%			8,462,316
	NET ASSETS – 100.0%		$	499,277,363

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

(a) Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	3,108,688	GBP	2,470,000		09/16/20	$	46,721
	USD	508,610	SEK	4,725,000		09/16/20		1,056
	USD	121,292	NOK	1,150,000		09/16/20		1,780
	USD	1,322,658	AUD	1,910,000		09/16/20		4,221
TOTAL							$	53,778

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	4,561,905	JPY	495,000,000		09/16/20	$	(27,275	)
	USD	250,777	SGD	350,000		09/16/20		(427	)
	USD	1,751,905	CHF	1,680,000		09/16/20		(25,373	)
	USD	44,939	NZD	70,000		09/16/20		(229	)
	USD	330,688	DKK	2,190,000		09/16/20		(64	)
	USD	5,963,714	EUR	5,300,000		09/16/20		(1,066	)
	USD	57,752	ILS	200,000		09/16/20		(106	)
	USD	720,185	HKD	5,590,000		09/16/20		(720	)
TOTAL							$	(55,260	)

FUTURES CONTRACTS — At June 30, 2020, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		134		09/18/20	$	20,704,340	$	230,583
10 Year U.S. Treasury Notes		137		09/21/20		19,066,547		40,872
20 Year U.S. Treasury Bonds		50		09/21/20		8,928,125		(8,336	)
TOTAL FUTURES CONTRACTS							$	263,119

PURCHASED OPTIONS CONTRACTS — At June 30, 2020, the Portfolio 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	$98.25		03/15/2021		95	$	237,500	$	368,125	$	105,908	$	262,217
Eurodollar Futures	98.25		06/14/2021		84		210,000		329,700		94,695		235,005
Eurodollar Futures	98.25		09/13/2021		82		205,000		323,388		96,540		226,848
TOTAL					261	$	652,500	$	1,021,213	$	297,143	$	724,070

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.5%
Dynamic – 8.3%
	3,613,879	Goldman Sachs Tactical Tilt Overlay Fund – Class R6	$	35,958,092
	2,191,207	Goldman Sachs Managed Futures Strategy Fund – Class R6		21,320,440
	1,145,021	Goldman Sachs Alternative Premia Fund – Class R6		8,919,716
				66,198,248
Equity – 41.4%
	10,141,115	Goldman Sachs Dynamic Global Equity Fund – Class R6		182,540,064
	5,860,569	Goldman Sachs International Equity Insights Fund – Class R6		67,572,357
	4,507,550	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		40,387,646
	1,338,844	Goldman Sachs Global Infrastructure Fund – Class R6		15,169,101
	1,617,362	Goldman Sachs Global Real Estate Securities Fund – Class R6		14,588,605
	1,054,916	Goldman Sachs International Small Cap Insights Fund – Class R6		11,066,068
				331,323,841
Exchange Traded Funds – 26.9%
	2,526,237	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		158,142,436
	1,029,856	Goldman Sachs Access Investment Grade Corporate Bond ETF		56,743,521
				214,885,957
Fixed Income – 17.9%
	8,157,354	Goldman Sachs Global Core Fixed Income Fund – Class R6		108,819,105
	1,394,725	Goldman Sachs Emerging Markets Debt Fund – Class R6		16,415,918
	1,438,591	Goldman Sachs High Yield Fund – Class R6		8,588,387
	925,761	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		5,045,400
	465,260	Goldman Sachs High Yield Floating Rate Fund – Class R6		4,071,025
				142,939,835
	TOTAL UNDERLYING FUNDS – 94.5%
	(Cost $733,394,839)		$	755,347,881
Shares		Dividend Rate	Value
Investment Company(a) – 3.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	30,569,067	0.155%	$	30,569,067
	(Cost $30,569,067)
	TOTAL INVESTMENTS – 98.3%
	(Cost $763,963,906)		$	785,916,948
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%			13,884,101
	NET ASSETS – 100.0%		$	799,801,049

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbrevations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	3,593,240	GBP	2,855,000		09/16/20	$	54,004
	USD	589,341	SEK	5,475,000		09/16/20		1,223
	USD	142,386	NOK	1,350,000		09/16/20		2,089
	USD	1,530,405	AUD	2,210,000		09/16/20		4,884
TOTAL							$	62,200

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	5,280,751	JPY	573,000,000		09/16/20	$	(31,573	)
	USD	286,603	SGD	400,000		09/16/20		(488	)
	USD	2,033,461	CHF	1,950,000		09/16/20		(29,450	)
	USD	51,359	NZD	80,000		09/16/20		(261	)
	USD	382,027	DKK	2,530,000		09/16/20		(74	)
	USD	6,897,654	EUR	6,130,000		09/16/20		(1,233	)
	USD	69,302	ILS	240,000		09/16/20		(127	)
	USD	833,559	HKD	6,470,000		09/16/20		(834	)
TOTAL							$	(64,040	)

FUTURES CONTRACTS — At June 30, 2020, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		169		09/18/20	$	26,112,190	$	288,436
10 Year U.S. Treasury Notes		229		09/21/20		31,870,359		68,373
20 Year U.S. Treasury Bonds		83		09/21/20		14,820,688		(13,838	)
TOTAL FUTURES CONTRACTS							$	342,971

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2020, the Portfolio 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	$98.25		06/14/2021		137	$	342,500	$	537,725	$	154,443	$	383,282
Eurodollar Futures	98.25		09/13/2021		134		335,000		528,463		157,761		370,702
Eurodollar Futures	98.25		03/15/2021		157		392,500		608,374		175,026		433,348
TOTAL					428	$	1,070,000	$	1,674,562	$	487,230	$	1,187,332

Abbreviations:

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 94.3%
Equity – 49.9%
	9,591,094	Goldman Sachs Dynamic Global Equity Fund – Class R6	$	172,639,693
	6,579,925	Goldman Sachs International Equity Insights Fund – Class R6		75,866,535
	4,411,004	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		39,522,595
	1,283,302	Goldman Sachs Global Infrastructure Fund – Class R6		14,539,816
	1,395,850	Goldman Sachs Global Real Estate Securities Fund – Class R6		12,590,564
	1,134,028	Goldman Sachs International Small Cap Insights Fund – Class R6		11,895,954
				327,055,157
Fixed Income – 4.4%
	1,221,091	Goldman Sachs Emerging Markets Debt Fund – Class R6		14,372,243
	1,430,336	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		7,795,329
	1,157,353	Goldman Sachs High Yield Fund – Class R6		6,909,398
				29,076,970
Dynamic – 6.0%
	2,168,116	Goldman Sachs Tactical Tilt Overlay Fund – Class R6		21,572,756
	1,244,634	Goldman Sachs Managed Futures Strategy Fund – Class R6		12,110,293
	724,767	Goldman Sachs Alternative Premia Fund – Class R6		5,645,935
				39,328,984
Exchange Traded Funds – 34.0%
	3,167,430	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		198,281,118
	436,567	Goldman Sachs Access Investment Grade Corporate Bond ETF		24,054,187
				222,335,305
	TOTAL UNDERLYING FUNDS – 94.3%
	(Cost $595,309,180)		$	617,796,416
Shares		Dividend Rate	Value
Investment Company(a) – 3.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	23,851,379	0.155%	$	23,851,379
	(Cost $23,851,379)
	TOTAL INVESTMENTS – 98.0%
	(Cost $619,160,559)		$	641,647,795
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.0%			13,408,533
	NET ASSETS – 100.0%		$	655,056,328

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	— Exchange Traded Fund

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	1,087,211	AUD	1,570,000		09/16/20	$	3,470
	USD	2,548,620	GBP	2,025,000		09/16/20		38,304
	USD	419,805	SEK	3,900,000		09/16/20		872
	USD	100,197	NOK	950,000		09/16/20		1,470
TOTAL							$	44,116

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	3,741,684	JPY	406,000,000		09/16/20	$	(22,371	)
	USD	207,787	SGD	290,000		09/16/20		(354	)
	USD	1,439,065	CHF	1,380,000		09/16/20		(20,841	)
	USD	38,519	NZD	60,000		09/16/20		(196	)
	USD	271,798	DKK	1,800,000		09/16/20		(53	)
	USD	4,894,746	EUR	4,350,000		09/16/20		(875	)
	USD	46,202	ILS	160,000		09/16/20		(85	)
	USD	591,350	HKD	4,590,000		09/16/20		(592	)
TOTAL							$	(45,367	)

FUTURES CONTRACTS — At June 30, 2020, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		125		09/18/20	$	19,313,750	$	215,662
10 Year U.S. Treasury Notes		151		09/21/20		21,014,953		45,096
20 Year U.S. Treasury Bonds		57		09/21/20		10,178,063		(9,503	)
TOTAL FUTURES CONTRACTS							$	251,255

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2020, the Portfolio 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	$98.25		03/15/2021		148	$	370,000	$	573,500	$	164,993	$	408,507
Eurodollar Futures	98.25		06/14/2021		128		320,000		502,400		144,297		358,103
Eurodollar Futures	98.25		09/13/2021		125		312,500		492,969		147,165		345,804
TOTAL					401	$	1,002,500	$	1,568,869	$	456,455	$	1,112,414

Abbreviations:

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 98.7%
Equity – 53.6%
	3,570,592	Goldman Sachs Global Real Estate Securities Fund – Class R6	$	32,206,744
	2,335,402	Goldman Sachs Global Infrastructure Fund – Class R6		26,460,102
	1,862,304	Goldman Sachs International Small Cap Insights Fund – Class R6		19,535,569
	408,930	Goldman Sachs Emerging Markets Equity Fund – Class R6		9,164,120
	624,065	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		5,591,621
	104,653	Goldman Sachs MLP Energy Infrastructure Fund – Class R6		1,803,174
				94,761,330
Exchange Traded Funds – 4.9%
	285,554	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		8,649,431
Fixed Income – 40.2%
	2,505,642	Goldman Sachs Emerging Markets Debt Fund – Class R6		29,491,401
	3,599,696	Goldman Sachs High Yield Fund – Class R6		21,490,186
	1,307,868	Goldman Sachs High Yield Floating Rate Fund – Class R6		11,443,841
	1,588,082	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		8,655,046
				71,080,474
	TOTAL UNDERLYING FUNDS – 98.7%
	(Cost $161,800,202)		$	174,491,235
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			2,379,824
	NET ASSETS – 100.0%		$	176,871,059

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated issuer.

Investment Abbreviation:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	Balanced Strategy Portfolio		Growth and Income Strategy Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $479,549,331 and $763,963,906, respectively)	$	490,815,047	$	785,916,948
Purchased options, at value (premium paid $297,143 and $487,230, respectively)		1,021,213		1,674,562
Cash		7,655,309		12,508,621
Foreign currencies, at value (cost $10,950 and $36,417, respectively)		23,784		43,025
Unrealized gain on forward foreign currency exchange contracts		53,778		62,200
Variation margin on futures contracts		242,808		289,410
Receivables:
Collateral on certain derivative contracts(a)		783,269		614,696
Dividends		332,955		306,425
Portfolio shares sold		83,837		151,909
Reimbursement from investment adviser		31,100		32,835
Other assets		63,220		65,805
Total assets		501,106,320		801,666,436
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		55,260		64,040
Payables:
Portfolio shares redeemed		1,168,161		1,093,218
Investments purchased		332,955		306,425
Distribution and Service fees and Transfer Agency fees		62,472		124,625
Management fees		61,174		99,238
Accrued expenses		148,935		177,841
Total liabilities		1,828,957		1,865,387
Net Assets:
Paid-in capital		492,173,707		770,413,329
Total distributable earnings		7,103,656		29,387,720
NET ASSETS	$	499,277,363	$	799,801,049
Net Assets:
Class A	$	101,715,986	$	264,037,621
Class C		9,931,581		15,267,272
Institutional		334,983,641		301,420,655
Service		524,773		2,678,968
Investor		3,288,084		7,069,861
Class R6		1,779,393		5,525,790
Class R		10,178,669		4,614,830
Class P		36,875,236		199,186,052
Total Net Assets	$	499,277,363	$	799,801,049
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,798,795		19,086,687
Class C		857,348		1,130,937
Institutional		28,982,905		21,723,824
Service		44,845		194,129
Investor		285,686		513,593
Class R6		153,953		398,448
Class R		884,212		336,231
Class P		3,189,498		14,363,616
Net asset value, offering and redemption price per share:(b)
Class A		$11.56		$13.83
Class C		11.58		13.50
Institutional		11.56		13.88
Service		11.70		13.80
Investor		11.51		13.77
Class R6		11.56		13.87
Class R		11.51		13.73
Class P		11.56		13.87

(a) Segregated for initial margin and/or collateral on futures contracts.

(b) Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $12.23 and $14.63, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities (continued)

June 30, 2020 (Unaudited)

	Growth Strategy Portfolio		Satellite Strategies Portfolio
Assets:
Investments in Affiliated Funds, at value (cost $619,160,559 and $161,800,202, respectively)	$	641,647,795	$	174,491,235
Purchased options, at value (premium paid $456,455 and $0, respectively)		1,568,869		—
Cash		10,475,280		2,643,604
Foreign currencies, at value (cost $49,054 and $0, respectively)		54,116		—
Unrealized gain on forward foreign currency exchange contracts		44,116		—
Variation margin on futures contracts		220,238		—
Receivables:
Dividends		99,269		254,122
Portfolio shares sold		1,476,755		45,819
Reimbursement from investment adviser		35,975		31,051
Collateral on certain derivative contracts(a)		132,981		—
Other assets		64,851		73,813
Total assets		655,820,245		177,539,644
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		45,367		—
Payables:
Investments purchased		99,269		254,109
Portfolio shares redeemed		192,647		230,542
Management fees		80,701		18,163
Distribution and Service fees and Transfer Agency fees		141,159		30,540
Accrued expenses		204,774		135,231
Total liabilities		763,917		668,585
Net Assets:
Paid-in capital		620,410,773		200,252,345
Total distributable earnings (loss)		34,645,555		(23,381,286	)
NET ASSETS	$	655,056,328	$	176,871,059
Net Assets:
Class A	$	307,893,002	$	41,231,253
Class C		22,577,122		9,722,746
Institutional		130,715,441		100,840,337
Service		2,229,420		210,391
Investor		6,503,386		18,397,991
Class R6		9,589,114		2,429,210
Class R		5,555,757		776,170
Class P		169,993,086		3,262,961
Total Net Assets	$	655,056,328	$	176,871,059
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		19,948,458		5,473,910
Class C		1,439,117		1,294,350
Institutional		8,461,610		13,423,670
Service		144,994		27,974
Investor		427,386		2,449,379
Class R6		620,626		323,019
Class R		370,599		103,413
Class P		11,000,012		433,726
Net asset value, offering and redemption price per share:(b)
Class A		$15.43		$7.53
Class C		15.69		7.51
Institutional		15.45		7.51
Service		15.38		7.52
Investor		15.22		7.51
Class R6		15.45		7.52
Class R		14.99		7.51
Class P		15.45		7.52

(a) Segregated for initial margin and/or collateral on futures contracts.

(b) Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.33 and $7.97, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	Balanced Strategy Portfolio			Growth and Income Strategy Portfolio
Investment income:
Dividends from Affiliated Funds	$	3,312,308		$	4,664,716
Interest		353			289
Total investment income		3,312,661			4,665,005
Expenses:
Management fees		372,867			618,713
Distribution and Service fees(a)		200,853			421,730
Transfer Agency fees(a)		177,598			343,423
Professional fees		43,117			43,110
Printing and mailing costs		28,990			47,341
Custody, accounting and administrative services		47,455			45,877
Registration fees		62,195			64,526
Trustee fees		9,368			9,705
Service Share fees — Service Plan		637			3,393
Service Share fees — Shareholder Administration Plan		637			3,393
Prime Broker Fees		225			260
Other		6,352			8,033
Total expenses		950,294			1,609,504
Less — expense reductions		(187,848	)		(202,697	)
Net expenses		762,446			1,406,807
NET INVESTMENT INCOME		2,550,215			3,258,198
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		(3,186,763	)		(3,153,778	)
Purchased options		4,408,735			9,543,438
Futures contracts		(1,280,209	)		(2,917,603	)
Forward foreign currency exchange contracts		139,532			161,183
Foreign currency transactions		239			428
Net change in unrealized gain (loss) on:
Affiliated Funds		(6,104,616	)		(34,381,220	)
Purchased options		1,149,970			2,084,185
Futures contracts		(63,214	)		(298,330	)
Forward foreign currency exchange contracts		166,533			192,660
Foreign currency translation		3,640			5,503
Net realized and unrealized loss		(4,766,153	)		(28,763,534	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,215,938	)	$	(25,505,336	)

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

	Distribution and/or Service Fees						Transfer Agency Fees
Portfolio	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Balanced Strategy	$	124,939	$	51,459	$	24,455	$	84,958	$	8,748	$	66,712	$	102	$	2,797	$	255	$	8,315	$	5,711
Growth and Income Strategy		327,235		82,901		11,594		222,520		14,093		65,809		543		6,058		837		3,942		29,621

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended June 30, 2020 (Unaudited)

	Growth Strategy Portfolio			Satellite Strategies Portfolio
Investment income:
Dividends from Affiliated Funds	$	3,136,018		$	2,683,864
Interest		243			—
Total investment income		3,136,261			2,683,864
Expenses:
Management fees		489,647			129,691
Distribution and Service fees(a)		519,708			115,732
Transfer Agency fees(a)		343,700			89,397
Professional fees		43,117			42,002
Printing and mailing costs		52,607			28,518
Custody, accounting and administrative services		44,155			40,883
Registration fees		63,249			63,875
Trustee fees		9,561			9,233
Service Share fees – Service Plan		2,627			281
Service Share fees – Shareholder Administration Plan		2,627			281
Prime Broker Fees		185			—
Other		16,027			4,390
Total expenses		1,587,210			524,283
Less — expense reductions		(216,680	)		(178,570	)
Net expenses		1,370,530			345,713
NET INVESTMENT INCOME		1,765,731			2,338,151
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		(3,397,411	)		9,050,247
Purchased options		9,087,863			—
Futures contracts		(2,235,640	)		—
Forward foreign currency exchange contracts		114,394			—
Foreign currency transactions		539			—
Net change in unrealized gain (loss) on:
Affiliated Funds		(41,787,365	)		(36,367,622	)
Purchased options		1,988,952			—
Futures contracts		(234,870	)		—
Forward foreign currency exchange contracts		136,816			—
Foreign currency translation		4,279			—
Net realized and unrealized loss		(36,322,443	)		(27,317,375	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,556,712	)	$	(24,979,224	)

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

	Distribution and/or Service Fees						Transfer Agency Fees
Portfolio	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Strategy	$	380,610	$	125,025	$	14,073	$	258,815	$	21,254	$	26,340	$	420	$	5,458	$	1,244	$	4,785	$	25,384
Satellite Strategies		51,889		61,713		2,130		35,285		10,491		25,315		45		16,255		817		724		465

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Balanced Strategy Portfolio						Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	2,550,215		$	10,182,337		$	3,258,198		$	16,649,967
Net realized gain (loss)		81,534			(984,181	)		3,633,668			13,587,017
Net change in unrealized gain (loss)		(4,847,687	)		61,817,948			(32,397,202	)		123,346,804
Net increase (decrease) in net assets resulting from operations		(2,215,938	)		71,016,104			(25,505,336	)		153,583,788
Distributions to shareholders:
From distributable earnings:
Class A Shares		(456,426	)		(2,297,176	)		(1,110,885	)		(5,552,581	)
Class C Shares		(7,920	)		(153,128	)		(15,087	)		(263,627	)
Institutional Shares		(2,116,893	)		(8,339,356	)		(1,929,544	)		(8,367,921	)
Service Shares		(2,030	)		(11,807	)		(10,044	)		(54,372	)
Investor Shares		(18,099	)		(85,266	)		(39,426	)		(167,174	)
Class R6 Shares		(11,089	)		(49,793	)		(32,917	)		(152,106	)
Class R Shares		(33,930	)		(189,892	)		(14,906	)		(85,022	)
Class P Shares		(240,339	)		(1,064,548	)		(1,208,820	)		(4,818,065	)
Total distributions to shareholders		(2,886,726	)		(12,190,966	)		(4,361,629	)		(19,460,868	)
From share transactions:
Proceeds from sales of shares		55,636,833			152,169,018			42,504,973			122,801,933
Reinvestment of distributions		2,842,736			11,997,507			4,247,886			18,883,895
Cost of shares redeemed		(80,870,688	)		(164,899,297	)		(129,066,482	)		(229,345,519	)
Net decrease in net assets resulting from share transactions		(22,391,119	)		(732,772	)		(82,313,623	)		(87,659,691	)
TOTAL INCREASE (DECREASE)		(27,493,783	)		58,092,366			(112,180,588	)		46,463,229
Net assets:
Beginning of period		526,771,146			468,678,780			911,981,637			865,518,408
End of period	$	499,277,363		$	526,771,146		$	799,801,049		$	911,981,637

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets (continued)

	Growth Strategy Portfolio						Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	1,765,731		$	12,776,132		$	2,338,151		$	12,318,810
Net realized gain		3,569,745			25,522,363			9,050,247			8,543,281
Net change in unrealized gain (loss)		(39,892,188	)		115,180,594			(36,367,622	)		45,700,326
Net increase (decrease) in net assets resulting from operations		(34,556,712	)		153,479,089			(24,979,224	)		66,562,417
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(12,181,808	)		(489,729	)		(1,542,363	)
Class C Shares		—			(788,770	)		(81,363	)		(457,716	)
Institutional Shares		—			(5,930,025	)		(1,541,806	)		(7,855,640	)
Service Shares		—			(81,682	)		(2,461	)		(8,052	)
Investor Shares		—			(279,751	)		(241,496	)		(824,444	)
Class R6 Shares		—			(303,175	)		(35,457	)		(1,733,365	)
Class R Shares		—			(220,464	)		(7,913	)		(35,306	)
Class P Shares		—			(7,266,420	)		(42,540	)		(130,251	)
Total distributions to shareholders		—			(27,052,095	)		(2,442,765	)		(12,587,137	)
From share transactions:
Proceeds from sales of shares		37,174,096			109,217,518			15,428,558			51,818,973
Reinvestment of distributions		—			25,887,850			2,186,402			10,634,954
Cost of shares redeemed		(69,943,862	)		(301,361,794	)		(145,043,257	)		(190,046,424	)
Net decrease in net assets resulting from share transactions		(32,769,766	)		(166,256,426	)		(127,428,297	)		(127,592,497	)
TOTAL DECREASE		(67,326,478	)		(39,829,432	)		(154,850,286	)		(73,617,217	)
Net assets:
Beginning of period		722,382,806			762,212,238			331,721,345			405,338,562
End of period	$	655,056,328		$	722,382,806		$	176,871,059		$	331,721,345

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.64		$	10.32		$	11.55		$	10.82		$	10.41		$	11.06
Net investment income(a)(b)		0.04			0.20			0.16			0.16			0.11			0.33
Net realized and unrealized gain (loss)		(0.07	)		1.37			(0.95	)		1.05			0.41			(0.43	)
Total from investment operations		(0.03	)		1.57			(0.79	)		1.21			0.52			(0.10	)
Distributions to shareholders from net investment income		(0.05	)		(0.25	)		(0.24	)		(0.27	)		(0.11	)		(0.38	)
Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.17	)
Total distributions		(0.05	)		(0.25	)		(0.44	)		(0.48	)		(0.11	)		(0.55	)
Net asset value, end of period	$	11.56		$	11.64		$	10.32		$	11.55		$	10.82		$	10.41
Total return(c)		(0.22	)%		15.24	%		(6.90	)%		11.19	%		5.04	%		(0.90	)%
Net assets, end of period (in 000s)	$	101,716		$	106,285		$	106,235		$	119,662		$	129,445		$	146,047
Ratio of net expenses to average net assets(d)		0.57	%(e)		0.58	%		0.59	%		0.62	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.65	%(e)		0.67	%		0.63	%		0.68	%		0.67	%		0.65	%
Ratio of net investment income to average net assets(b)		0.76	%(e)		1.76	%		1.46	%		1.40	%		1.01	%		2.95	%
Portfolio turnover rate(f)		7	%		55	%		45	%		81	%		76	%		48	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

		Goldman Sachs Balanced Strategy Portfolio
		Class C Shares
		Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
					2019			2018			2017			2016			2015
	Per Share Data
��	Net asset value, beginning of period	$	11.66		$	10.34		$	11.55		$	10.82		$	10.41		$	11.07
	Net investment income(a)(b)		—	(c)		0.10			0.05			0.07			0.03			0.24
	Net realized and unrealized gain (loss)		(0.07	)		1.38			(0.92	)		1.05			0.42			(0.43	)
	Total from investment operations		(0.07	)		1.48			(0.87	)		1.12			0.45			(0.19	)
	Distributions to shareholders from net investment income		(0.01	)		(0.16	)		(0.14	)		(0.18	)		(0.04	)		(0.32	)
	Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
	Distributions to shareholders from return of capital		—			—			—			—			—			(0.15	)
	Total distributions		(0.01	)		(0.16	)		(0.34	)		(0.39	)		(0.04	)		(0.47	)
	Net asset value, end of period	$	11.58		$	11.66		$	10.34		$	11.55		$	10.82		$	10.41
	Total return(d)		(0.60	)%		14.30	%		(7.58	)%		10.30	%		4.24	%		(1.65	)%
	Net assets, end of period (in 000s)	$	9,932		$	10,978		$	12,807		$	34,542		$	47,217		$	53,734
	Ratio of net expenses to average net assets(e)		1.32	%(f)		1.33	%		1.33	%		1.37	%		1.34	%		1.34	%
	Ratio of total expenses to average net assets(e)		1.40	%(f)		1.42	%		1.38	%		1.42	%		1.42	%		1.40	%
	Ratio of net investment income to average net assets(b)		—	%(f)(g)		0.93	%		0.43	%		0.58	%		0.27	%		2.20	%
	Portfolio turnover rate(h)		7	%		55	%		45	%		81	%		76	%		48	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.64		$	10.32		$	11.55		$	10.82		$	10.42		$	11.07
Net investment income(a)(b)		0.06			0.25			0.20			0.21			0.16			0.39
Net realized and unrealized gain (loss)		(0.07	)		1.36			(0.95	)		1.04			0.40			(0.44	)
Total from investment operations		(0.01	)		1.61			(0.75	)		1.25			0.56			(0.05	)
Distributions to shareholders from net investment income		(0.07	)		(0.29	)		(0.28	)		(0.31	)		(0.16	)		(0.40	)
Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.20	)
Total distributions		(0.07	)		(0.29	)		(0.48	)		(0.52	)		(0.16	)		(0.60	)
Net asset value, end of period	$	11.56		$	11.64		$	10.32		$	11.55		$	10.82		$	10.42
Total return(c)		(0.03	)%		15.68	%		(6.53	)%		11.63	%		5.36	%		(0.49	)%
Net assets, end of period (in 000s)	$	334,984		$	351,189		$	292,183		$	353,778		$	285,795		$	234,110
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.20	%		0.22	%		0.19	%		0.19	%
Ratio of total expenses to average net assets(d)		0.27	%(e)		0.28	%		0.24	%		0.28	%		0.27	%		0.25	%
Ratio of net investment income to average net assets(b)		1.14	%(e)		2.19	%		1.76	%		1.85	%		1.46	%		3.48	%
Portfolio turnover rate(f)		7	%		55	%		45	%		81	%		76	%		48	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.78		$	10.45		$	11.68		$	10.94		$	10.45		$	11.10
Net investment income(a)(b)		0.04			0.17			0.15			0.15			0.10			0.39
Net realized and unrealized gain (loss)		(0.07	)		1.39			(0.95	)		1.06			0.49			(0.50	)
Total from investment operations		(0.03	)		1.56			(0.80	)		1.21			0.59			(0.11	)
Distributions to shareholders from net investment income		(0.05	)		(0.23	)		(0.23	)		(0.26	)		(0.10	)		(0.36	)
Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.18	)
Total distributions		(0.05	)		(0.23	)		(0.43	)		(0.47	)		(0.10	)		(0.54	)
Net asset value, end of period	$	11.70		$	11.78		$	10.45		$	11.68		$	10.94		$	10.45
Total return(c)		(0.27	)%		14.99	%		(6.93	)%		11.04	%		5.67	%		(0.99	)%
Net assets, end of period (in 000s)	$	525		$	532		$	667		$	833		$	831		$	967
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.70	%		0.72	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.77	%(e)		0.78	%		0.74	%		0.78	%		0.77	%		0.75	%
Ratio of net investment income to average net assets(b)		0.64	%(e)		1.47	%		1.31	%		1.31	%		0.93	%		3.47	%
Portfolio turnover rate(f)		7	%		55	%		45	%		81	%		76	%		48	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.59		$	10.28		$	11.50		$	10.78		$	10.37		$	11.03
Net investment income(a)(b)		0.06			0.23			0.18			0.18			0.14			0.36
Net realized and unrealized gain (loss)		(0.07	)		1.36			(0.93	)		1.05			0.41			(0.44	)
Total from investment operations		(0.01	)		1.59			(0.75	)		1.23			0.55			(0.08	)
Distributions to shareholders from net investment income		(0.07	)		(0.28	)		(0.27	)		(0.30	)		(0.14	)		(0.39	)
Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.19	)
Total distributions		(0.07	)		(0.28	)		(0.47	)		(0.51	)		(0.14	)		(0.58	)
Net asset value, end of period	$	11.51		$	11.59		$	10.28		$	11.50		$	10.78		$	10.37
Total return(c)		(0.10	)%		15.49	%		(6.61	)%		11.41	%		5.33	%		(0.73	)%
Net assets, end of period (in 000s)	$	3,288		$	3,663		$	2,937		$	3,976		$	4,810		$	4,555
Ratio of net expenses to average net assets(d)		0.32	%(e)		0.33	%		0.34	%		0.37	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.40	%(e)		0.42	%		0.38	%		0.42	%		0.42	%		0.40	%
Ratio of net investment income to average net assets(b)		1.00	%(e)		2.07	%		1.64	%		1.60	%		1.30	%		3.29	%
Portfolio turnover rate(f)		7	%		55	%		45	%		81	%		76	%		48	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.64		$	10.32		$	11.55		$	10.83		$	10.42		$	11.16
Net investment income(b)(c)		0.06			0.23			0.35			0.54			0.15			0.30
Net realized and unrealized gain (loss)		(0.07	)		1.38			(1.09	)		0.71			0.42			(0.52	)
Total from investment operations		(0.01	)		1.61			(0.74	)		1.25			0.57			(0.22	)
Distributions to shareholders from net investment income		(0.07	)		(0.29	)		(0.29	)		(0.32	)		(0.16	)		(0.35	)
Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.17	)
Total distributions		(0.07	)		(0.29	)		(0.49	)		(0.53	)		(0.16	)		(0.52	)
Net asset value, end of period	$	11.56		$	11.64		$	10.32		$	11.55		$	10.83		$	10.42
Total return(d)		(0.02	)%		15.70	%		(6.52	)%		11.54	%		5.46	%		(2.01	)%
Net assets, end of period (in 000s)	$	1,779		$	1,766		$	2,308		$	551		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.19	%		0.31	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.26	%(f)		0.27	%		0.24	%		0.39	%		0.27	%		0.23	%(f)
Ratio of net investment income to average net assets(c)		1.15	%(f)		2.04	%		3.10	%		4.64	%		1.45	%		6.52	%(f)
Portfolio turnover rate(g)		7	%		55	%		45	%		81	%		76	%		48	%

(a) Commenced operations on July 31, 2015.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.59		$	10.28		$	11.50		$	10.79		$	10.36		$	11.02
Net investment income(a)(b)		0.03			0.18			0.14			0.15			0.09			0.36
Net realized and unrealized gain (loss)		(0.07	)		1.35			(0.95	)		1.02			0.43			(0.49	)
Total from investment operations		(0.04	)		1.53			(0.81	)		1.17			0.52			(0.13	)
Distributions to shareholders from net investment income		(0.04	)		(0.22	)		(0.21	)		(0.25	)		(0.09	)		(0.34	)
Distributions to shareholders from net realized gains		—			—			(0.20	)		(0.21	)		—			—
Distributions to shareholders from return of capital		—			—			—			—			—			(0.19	)
Total distributions		(0.04	)		(0.22	)		(0.41	)		(0.46	)		(0.09	)		(0.53	)
Net asset value, end of period	$	11.51		$	11.59		$	10.28		$	11.50		$	10.79		$	10.36
Total return(c)		(0.34	)%		14.94	%		(7.07	)%		10.81	%		5.02	%		(1.23	)%
Net assets, end of period (in 000s)	$	10,179		$	10,241		$	8,443		$	8,629		$	6,110		$	5,196
Ratio of net expenses to average net assets(d)		0.82	%(e)		0.83	%		0.84	%		0.87	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.90	%(e)		0.92	%		0.88	%		0.93	%		0.92	%		0.90	%
Ratio of net investment income to average net assets(b)		0.51	%(e)		1.61	%		1.23	%		1.30	%		0.85	%		3.22	%
Portfolio turnover rate(f)		7	%		55	%		45	%		81	%		76	%		48	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	11.64		$	10.32		$	11.54
Net investment income(b)(c)		0.06			0.24			0.20
Net realized and unrealized gain (loss)		(0.07	)		1.37			(0.96	)
Total from investment operations		(0.01	)		1.61			(0.76	)
Distributions to shareholders from net investment income		(0.07	)		(0.29	)		(0.26	)
Distributions to shareholders from net realized gains		—			—			(0.20	)
Total distributions		(0.07	)		(0.29	)		(0.46	)
Net asset value, end of period	$	11.56		$	11.64		$	10.32
Total return(d)		(0.02	)%		15.69	%		(6.67	)%
Net assets, end of period (in 000s)	$	36,875		$	42,118		$	43,098
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.26	%(f)		0.27	%		0.24	%(f)
Ratio of net investment income to average net assets(c)		1.15	%(f)		2.17	%		2.48	%(f)
Portfolio turnover rate(g)		7	%		55	%		45	%

(a) Class P Shares commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	14.26		$	12.26		$	13.81		$	12.17		$	11.62		$	12.10
Net investment income(a)(b)		0.04			0.22			0.18			0.18			0.11			0.25
Net realized and unrealized gain (loss)		(0.41	)		2.06			(1.41	)		1.79			0.56			(0.31	)
Total from investment operations		(0.37	)		2.28			(1.23	)		1.97			0.67			(0.06	)
Distributions to shareholders from net investment income		(0.06	)		(0.28	)		(0.32	)		(0.33	)		(0.12	)		(0.42	)
Net asset value, end of period	$	13.83		$	14.26		$	12.26		$	13.81		$	12.17		$	11.62
Total return(c)		(2.58	)%		18.60	%		(8.94	)%		16.19	%		5.75	%		(0.54	)%
Net assets, end of period (in 000s)	$	264,038		$	286,721		$	272,658		$	302,116		$	302,858		$	341,468
Ratio of net expenses to average net assets(d)		0.57	%(e)		0.58	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.62	%(e)		0.64	%		0.61	%		0.63	%		0.64	%		0.63	%
Ratio of net investment income to average net assets(b)		0.56	%(e)		1.65	%		1.29	%		1.35	%		0.95	%		2.08	%
Portfolio turnover rate(f)		4	%		61	%		32	%		81	%		67	%		40	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.92		$	11.98		$	13.49		$	11.90		$	11.42		$	11.91
Net investment income (loss)(a)(b)		(0.01	)		0.09			0.01			0.06			0.02			0.16
Net realized and unrealized gain (loss)		(0.40	)		2.04			(1.31	)		1.76			0.54			(0.31	)
Total from investment operations		(0.41	)		2.13			(1.30	)		1.82			0.56			(0.15	)
Distributions to shareholders from net investment income		(0.01	)		(0.19	)		(0.21	)		(0.23	)		(0.08	)		(0.34	)
Net asset value, end of period	$	13.50		$	13.92		$	11.98		$	13.49		$	11.90		$	11.42
Total return(c)		(2.92	)%		17.78	%		(9.62	)%		15.31	%		4.86	%		(1.24	)%
Net assets, end of period (in 000s)	$	15,267		$	19,069		$	27,099		$	94,118		$	121,778		$	143,257
Ratio of net expenses to average net assets(d)		1.32	%(e)		1.33	%		1.34	%		1.34	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.37	%(e)		1.39	%		1.36	%		1.38	%		1.39	%		1.38	%
Ratio of net investment income (loss) to average net assets(b)		(0.21	)%(e)		0.66	%		0.11	%		0.50	%		0.18	%		1.30	%
Portfolio turnover rate(f)		4	%		61	%		32	%		81	%		67	%		40	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	14.31		$	12.29		$	13.85		$	12.21		$	11.66		$	12.14
Net investment income(a)(b)		0.06			0.27			0.20			0.24			0.17			0.32
Net realized and unrealized gain (loss)		(0.41	)		2.08			(1.39	)		1.78			0.55			(0.33	)
Total from investment operations		(0.35	)		2.35			(1.19	)		2.02			0.72			(0.01	)
Distributions to shareholders from net investment income		(0.08	)		(0.33	)		(0.37	)		(0.38	)		(0.17	)		(0.47	)
Net asset value, end of period	$	13.88		$	14.31		$	12.29		$	13.85		$	12.21		$	11.66
Total return(c)		(2.45	)%		19.17	%		(8.63	)%		16.60	%		6.15	%		(0.13	)%
Net assets, end of period (in 000s)	$	301,421		$	371,610		$	360,006		$	574,136		$	455,273		$	429,243
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.20	%		0.19	%		0.19	%		0.19	%
Ratio of total expenses to average net assets(d)		0.24	%(e)		0.25	%		0.22	%		0.23	%		0.24	%		0.23	%
Ratio of net investment income to average net assets(b)		0.93	%(e)		2.01	%		1.48	%		1.80	%		1.42	%		2.59	%
Portfolio turnover rate(f)		4	%		61	%		32	%		81	%		67	%		40	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	14.23		$	12.23		$	13.77		$	12.14		$	11.60		$	12.07
Net investment income(a)(b)		0.03			0.21			0.15			0.17			0.11			0.25
Net realized and unrealized gain (loss)		(0.41	)		2.05			(1.38	)		1.77			0.54			(0.32	)
Total from investment operations		(0.38	)		2.26			(1.23	)		1.94			0.65			(0.07	)
Distributions to shareholders from net investment income		(0.05	)		(0.26	)		(0.31	)		(0.31	)		(0.11	)		(0.40	)
Net asset value, end of period	$	13.80		$	14.23		$	12.23		$	13.77		$	12.14		$	11.60
Total return(c)		(2.64	)%		18.51	%		(9.00	)%		16.03	%		5.58	%		(0.56	)%
Net assets, end of period (in 000s)	$	2,679		$	2,920		$	2,780		$	3,414		$	3,253		$	3,246
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.70	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.74	%(e)		0.75	%		0.72	%		0.73	%		0.74	%		0.73	%
Ratio of net investment income to average net assets(b)		0.44	%(e)		1.53	%		1.13	%		1.27	%		0.90	%		2.03	%
Portfolio turnover rate(f)		4	%		61	%		32	%		81	%		67	%		40	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	14.19		$	12.20		$	13.74		$	12.12		$	11.57		$	12.05
Net investment income(a)(b)		0.05			0.26			0.20			0.23			0.16			0.29
Net realized and unrealized gain (loss)		(0.40	)		2.04			(1.38	)		1.75			0.54			(0.32	)
Total from investment operations		(0.35	)		2.30			(1.18	)		1.98			0.70			(0.03	)
Distributions to shareholders from net investment income		(0.07	)		(0.31	)		(0.36	)		(0.36	)		(0.15	)		(0.45	)
Net asset value, end of period	$	13.77		$	14.19		$	12.20		$	13.74		$	12.12		$	11.57
Total return(c)		(2.39	)%		18.91	%		(8.68	)%		16.39	%		6.04	%		(0.29	)%
Net assets, end of period (in 000s)	$	7,070		$	7,670		$	7,366		$	7,241		$	4,769		$	3,085
Ratio of net expenses to average net assets(d)		0.32	%(e)		0.33	%		0.34	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.37	%(e)		0.39	%		0.36	%		0.38	%		0.39	%		0.38	%
Ratio of net investment income to average net assets(b)		0.82	%(e)		1.92	%		1.48	%		1.72	%		1.37	%		2.42	%
Portfolio turnover rate(f)		4	%		61	%		32	%		81	%		67	%		40	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	14.30		$	12.29		$	13.85		$	12.20		$	11.66		$	12.42
Net investment income(b)(c)		0.06			0.26			0.36			0.30			0.17			0.26
Net realized and unrealized gain (loss)		(0.41	)		2.08			(1.54	)		1.73			0.54			(0.62	)
Total from investment operations		(0.35	)		2.34			(1.18	)		2.03			0.71			(0.36	)
Distributions to shareholders from net investment income		(0.08	)		(0.33	)		(0.38	)		(0.38	)		(0.17	)		(0.40	)
Net asset value, end of period	$	13.87		$	14.30		$	12.29		$	13.85		$	12.20		$	11.66
Total return(d)		(2.38	)%		19.10	%		(8.61	)%		16.71	%		6.07	%		(2.87	)%
Net assets, end of period (in 000s)	$	5,526		$	6,300		$	6,331		$	84		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.19	%		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.24	%		0.22	%		0.22	%		0.23	%		0.21	%(f)
Ratio of net investment income to average net assets(c)		0.94	%(f)		1.92	%		2.67	%		2.21	%		1.43	%		5.04	%(f)
Portfolio turnover rate(g)		4	%		61	%		32	%		81	%		67	%		40	%

(a) Commenced operations on July 31, 2015.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	14.15		$	12.17		$	13.70		$	12.09		$	11.56		$	12.03
Net investment income(a)(b)		0.02			0.20			0.13			0.18			0.09			0.23
Net realized and unrealized gain (loss)		(0.40	)		2.02			(1.37	)		1.73			0.54			(0.31	)
Total from investment operations		(0.38	)		2.22			(1.24	)		1.91			0.63			(0.08	)
Distributions to shareholders from net investment income		(0.04	)		(0.24	)		(0.29	)		(0.30	)		(0.10	)		(0.39	)
Net asset value, end of period	$	13.73		$	14.15		$	12.17		$	13.70		$	12.09		$	11.56
Total return(c)		(2.71	)%		18.30	%		(9.10	)%		15.83	%		5.40	%		(0.69	)%
Net assets, end of period (in 000s)	$	4,615		$	4,991		$	4,251		$	5,441		$	2,659		$	2,330
Ratio of net expenses to average net assets(d)		0.82	%(e)		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.87	%(e)		0.89	%		0.86	%		0.88	%		0.89	%		0.88	%
Ratio of net investment income to average net assets(b)		0.32	%(e)		1.46	%		1.00	%		1.35	%		0.75	%		1.89	%
Portfolio turnover rate(f)		4	%		61	%		32	%		81	%		67	%		40	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	14.30		$	12.29		$	13.91
Net investment income(b)(c)		0.06			0.29			0.23
Net realized and unrealized gain (loss)		(0.41	)		2.05			(1.52	)
Total from investment operations		(0.35	)		2.34			(1.29	)
Distributions to shareholders from net investment income		(0.08	)		(0.33	)		(0.33	)
Net asset value, end of period	$	13.87		$	14.30		$	12.29
Total return(d)		(2.38	)%		19.10	%		(9.29	)%
Net assets, end of period (in 000s)	$	199,186		$	212,702		$	185,028
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.24	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		0.95	%(f)		2.12	%		2.48	%(f)
Portfolio turnover rate(g)		4	%		61	%		32	%

(a) Class P Shares commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	16.18		$	13.73		$	15.83		$	13.39		$	12.70		$	12.91
Net investment income(a)(b)		0.03			0.25			0.19			0.15			0.11			0.15
Net realized and unrealized gain (loss)		(0.78	)		2.80			(1.93	)		2.67			0.70			(0.16	)
Total from investment operations		(0.75	)		3.05			(1.74	)		2.82			0.81			(0.01	)
Distributions to shareholders from net investment income		—			(0.32	)		(0.36	)		(0.38	)		(0.12	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.60	)		(0.36	)		(0.38	)		(0.12	)		(0.20	)
Net asset value, end of period	$	15.43		$	16.18		$	13.73		$	15.83		$	13.39		$	12.70
Total return(c)		(4.64	)%		22.24	%		(10.98	)%		21.02	%		6.38	%		(0.08	)%
Net assets, end of period (in 000s)	$	307,893		$	338,384		$	308,475		$	316,078		$	301,331		$	336,880
Ratio of net expenses to average net assets(d)		0.57	%(e)		0.58	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.64	%(e)		0.65	%		0.62	%		0.63	%		0.65	%		0.64	%
Ratio of net investment income to average net assets(b)		0.39	%(e)		1.61	%		1.19	%		1.00	%		0.83	%		1.15	%
Portfolio turnover rate(f)		1	%		69	%		29	%		85	%		59	%		38	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	16.51		$	13.98		$	15.81		$	13.37		$	12.68		$	12.88
Net investment income (loss)(a)(b)		(0.03	)		0.10			(0.03	)		0.03			0.01			0.05
Net realized and unrealized gain (loss)		(0.79	)		2.87			(1.80	)		2.66			0.70			(0.15	)
Total from investment operations		(0.82	)		2.97			(1.83	)		2.69			0.71			(0.10	)
Distributions to shareholders from net investment income		—			(0.16	)		—			(0.25	)		(0.02	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.44	)		—			(0.25	)		(0.02	)		(0.10	)
Net asset value, end of period	$	15.69		$	16.51		$	13.98		$	15.81		$	13.37		$	12.68
Total return(c)		(4.97	)%		21.31	%		(11.58	)%		20.08	%		5.57	%		(0.82	)%
Net assets, end of period (in 000s)	$	22,577		$	29,424		$	36,201		$	126,894		$	144,292		$	161,733
Ratio of net expenses to average net assets(d)		1.32	%(e)		1.33	%		1.34	%		1.34	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.39	%(e)		1.40	%		1.37	%		1.38	%		1.40	%		1.39	%
Ratio of net investment income (loss) to average net assets(b)		(0.39	)%(e)		0.64	%		(0.20	)%		0.18	%		0.08	%		0.39	%
Portfolio turnover rate(f)		1	%		69	%		29	%		85	%		59	%		38	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	16.17		$	13.72		$	15.81		$	13.37		$	12.69		$	12.90
Net investment income(a)(b)		0.06			0.24			0.19			0.22			0.17			0.22
Net realized and unrealized gain (loss)		(0.78	)		2.87			(1.87	)		2.66			0.69			(0.17	)
Total from investment operations		(0.72	)		3.11			(1.68	)		2.88			0.86			0.05
Distributions to shareholders from net investment income		—			(0.38	)		(0.41	)		(0.44	)		(0.18	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.66	)		(0.41	)		(0.44	)		(0.18	)		(0.26	)
Net asset value, end of period	$	15.45		$	16.17		$	13.72		$	15.81		$	13.37		$	12.69
Total return(c)		(4.45	)%		22.77	%		(10.65	)%		21.53	%		6.76	%		0.35	%
Net assets, end of period (in 000s)	$	130,715		$	147,389		$	247,863		$	455,902		$	335,237		$	303,237
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.20	%		0.20	%		0.19	%		0.19	%
Ratio of total expenses to average net assets(d)		0.26	%(e)		0.26	%		0.23	%		0.24	%		0.25	%		0.23	%
Ratio of net investment income to average net assets(b)		0.77	%(e)		1.59	%		1.22	%		1.46	%		1.33	%		1.68	%
Portfolio turnover rate(f)		1	%		69	%		29	%		85	%		59	%		38	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	16.13		$	13.69		$	15.77		$	13.35		$	12.67		$	12.88
Net investment income(a)(b)		0.02			0.22			0.15			0.15			0.10			0.14
Net realized and unrealized gain (loss)		(0.77	)		2.80			(1.90	)		2.64			0.69			(0.16	)
Total from investment operations		(0.75	)		3.02			(1.75	)		2.79			0.79			(0.02	)
Distributions to shareholders from net investment income		—			(0.30	)		(0.33	)		(0.37	)		(0.11	)		(0.19	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.58	)		(0.33	)		(0.37	)		(0.11	)		(0.19	)
Net asset value, end of period	$	15.38		$	16.13		$	13.69		$	15.77		$	13.35		$	12.67
Total return(c)		(4.65	)%		22.10	%		(11.06	)%		20.88	%		6.26	%		(0.17	)%
Net assets, end of period (in 000s)	$	2,229		$	2,266		$	2,252		$	2,888		$	2,237		$	2,135
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.70	%		0.70	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.76	%(e)		0.77	%		0.73	%		0.74	%		0.75	%		0.74	%
Ratio of net investment income to average net assets(b)		0.27	%(e)		1.47	%		0.96	%		1.00	%		0.81	%		1.09	%
Portfolio turnover rate(f)		1	%		69	%		29	%		85	%		59	%		38	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	15.93		$	13.53		$	15.59		$	13.20		$	12.52		$	12.73
Net investment income(a)(b)		0.05			0.28			0.18			0.23			0.15			0.19
Net realized and unrealized gain (loss)		(0.76	)		2.76			(1.86	)		2.58			0.69			(0.16	)
Total from investment operations		(0.71	)		3.04			(1.68	)		2.81			0.84			0.03
Distributions to shareholders from net investment income		—			(0.36	)		(0.38	)		(0.42	)		(0.16	)		(0.24	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.64	)		(0.38	)		(0.42	)		(0.16	)		(0.24	)
Net asset value, end of period	$	15.22		$	15.93		$	13.53		$	15.59		$	13.20		$	12.52
Total return(c)		(4.46	)%		22.50	%		(10.74	)%		21.30	%	��	6.70	%		0.20	%
Net assets, end of period (in 000s)	$	6,503		$	7,204		$	6,477		$	8,008		$	4,352		$	4,114
Ratio of net expenses to average net assets(d)		0.32	%(e)		0.33	%		0.33	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.39	%(e)		0.40	%		0.37	%		0.39	%		0.40	%		0.39	%
Ratio of net investment income to average net assets(b)		0.63	%(e)		1.85	%		1.14	%		1.54	%		1.18	%		1.50	%
Portfolio turnover rate(f)		1	%		69	%		29	%		85	%		59	%		38	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	16.17		$	13.72		$	15.81		$	13.37		$	12.68		$	13.44
Net investment income(b)(c)		0.06			0.31			0.39			0.17			0.17			0.18
Net realized and unrealized gain (loss)		(0.78	)		2.80			(2.06	)		2.71			0.70			(0.68	)
Total from investment operations		(0.72	)		3.11			(1.67	)		2.88			0.87			(0.50	)
Distributions to shareholders from net investment income		—			(0.38	)		(0.42	)		(0.44	)		(0.18	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.66	)		(0.42	)		(0.44	)		(0.18	)		(0.26	)
Net asset value, end of period	$	15.45		$	16.17		$	13.72		$	15.81		$	13.37		$	12.68
Total return(d)		(4.45	)%		22.72	%		(10.55	)%		21.51	%		6.76	%		(3.66	)%
Net assets, end of period (in 000s)	$	9,589		$	7,554		$	6,603		$	964		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.19	%		0.18	%		0.19	%		0.21	%(f)
Ratio of total expenses to average net assets(e)		0.25	%(f)		0.26	%		0.22	%		0.23	%		0.25	%		0.25	%(f)
Ratio of net investment income to average net assets(c)		0.87	%(f)		2.00	%		2.54	%		1.12	%		1.33	%		3.22	%(f)
Portfolio turnover rate(g)		1	%		69	%		29	%		85	%		59	%		38	%

(a) Commenced operations on July 31, 2015.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	15.74		$	13.37		$	15.42		$	13.08		$	12.41		$	12.62
Net investment income(a)(b)		0.01			0.20			0.14			0.16			0.08			0.12
Net realized and unrealized gain (loss)		(0.76	)		2.73			(1.87	)		2.54			0.69			(0.16	)
Total from investment operations		(0.75	)		2.93			(1.73	)		2.70			0.77			(0.04	)
Distributions to shareholders from net investment income		—			(0.28	)		(0.32	)		(0.36	)		(0.10	)		(0.17	)
Distributions to shareholders from net realized gains		—			(0.28	)		—			—			—			—
Total distributions		—			(0.56	)		(0.32	)		(0.36	)		(0.10	)		(0.17	)
Net asset value, end of period	$	14.99		$	15.74		$	13.37		$	15.42		$	13.08		$	12.41
Total return(c)		(4.76	)%		21.98	%		(11.18	)%		20.67	%		6.16	%		(0.31	)%
Net assets, end of period (in 000s)	$	5,556		$	6,400		$	5,475		$	6,334		$	2,548		$	2,323
Ratio of net expenses to average net assets(d)		0.82	%(e)		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.89	%(e)		0.90	%		0.87	%		0.89	%		0.90	%		0.89	%
Ratio of net investment income to average net assets(b)		0.13	%(e)		1.36	%		0.90	%		1.06	%		0.65	%		0.95	%
Portfolio turnover rate(f)		1	%		69	%		29	%		85	%		59	%		38	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Assumes investment at the 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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

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

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	16.17		$	13.72		$	15.96
Net investment income(b)(c)		0.06			0.32			0.28
Net realized and unrealized gain (loss)		(0.78	)		2.79			(2.10	)
Total from investment operations		(0.72	)		3.11			(1.82	)
Distributions to shareholders from net investment income		—			(0.38	)		(0.42	)
Distributions to shareholders from net realized gains		—			(0.28	)		—
Total distributions		—			(0.66	)		(0.42	)
Net asset value, end of period	$	15.45		$	16.17		$	13.72
Total return(d)		(4.45	)%		22.72	%		(11.39	)%
Net assets, end of period (in 000s)	$	169,993		$	183,763		$	148,866
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.25	%(f)		0.26	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		0.78	%(f)		2.08	%		2.56	%(f)
Portfolio turnover rate(g)		1	%		69	%		29	%

(a) Class P Shares commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

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

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.45		$	7.38		$	8.45		$	7.64		$	7.45		$	7.89
Net investment income(a)(b)		0.08			0.27			0.19			0.20			0.20			0.19
Net realized and unrealized gain (loss)		(0.91	)		1.08			(1.06	)		0.88			0.24			(0.44	)
Total from investment operations		(0.83	)		1.35			(0.87	)		1.08			0.44			(0.25	)
Distributions to shareholders from net investment income		(0.09	)		(0.28	)		(0.20	)		(0.27	)		(0.25	)		(0.19	)
Distributions to shareholders from return of capital		—			—			—			—			0.00	(c)		—
Total distributions		(0.09	)		(0.28	)		(0.20	)		(0.27	)		(0.25	)		(0.19	)
Net asset value, end of period	$	7.53		$	8.45		$	7.38		$	8.45		$	7.64		$	7.45
Total return(d)		(9.75	)%		18.38	%		(10.39	)%		14.28	%		5.92	%		(3.24	)%
Net assets, end of period (in 000s)	$	41,231		$	46,921		$	39,384		$	53,090		$	84,529		$	118,345
Ratio of net expenses to average net assets(e)		0.55	%(f)		0.56	%		0.56	%		0.57	%		0.57	%		0.57	%
Ratio of total expenses to average net assets(e)		0.73	%(f)		0.66	%		0.61	%		0.61	%		0.61	%		0.60	%
Ratio of net investment income to average net assets(b)		2.08	%(f)		3.30	%		2.35	%		2.42	%		2.62	%		2.43	%
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.42		$	7.34		$	8.40		$	7.60		$	7.41		$	7.84
Net investment income(a)(b)		0.05			0.16			0.12			0.14			0.15			0.13
Net realized and unrealized gain (loss)		(0.90	)		1.12			(1.04	)		0.87			0.23			(0.43	)
Total from investment operations		(0.85	)		1.28			(0.92	)		1.01			0.38			(0.30	)
Distributions to shareholders from net investment income		(0.06	)		(0.20	)		(0.14	)		(0.21	)		(0.19	)		(0.13	)
Distributions to shareholders from return of capital		—			—			—			—			0.00	(c)		—
Total distributions		(0.06	)		(0.20	)		(0.14	)		(0.21	)		(0.19	)		(0.13	)
Net asset value, end of period	$	7.51		$	8.42		$	7.34		$	8.40		$	7.60		$	7.41
Total return(d)		(10.09	)%		17.55	%		(11.07	)%		13.37	%		5.17	%		(3.89	)%
Net assets, end of period (in 000s)	$	9,723		$	16,235		$	28,041		$	44,710		$	53,575		$	68,765
Ratio of net expenses to average net assets(e)		1.30	%(f)		1.31	%		1.31	%		1.32	%		1.32	%		1.32	%
Ratio of total expenses to average net assets(e)		1.48	%(f)		1.40	%		1.36	%		1.36	%		1.36	%		1.35	%
Ratio of net investment income to average net assets(b)		1.24	%(f)		2.01	%		1.53	%		1.78	%		1.94	%		1.66	%
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.43		$	7.36		$	8.43		$	7.62		$	7.43		$	7.87
Net investment income(a)(b)		0.09			0.27			0.21			0.24			0.23			0.23
Net realized and unrealized gain (loss)		(0.91	)		1.11			(1.05	)		0.88			0.24			(0.45	)
Total from investment operations		(0.82	)		1.38			(0.84	)		1.12			0.47			(0.22	)
Distributions to shareholders from net investment income		(0.10	)		(0.31	)		(0.23	)		(0.31	)		(0.28	)		(0.22	)
Distributions to shareholders from return of capital		—			—			—			—			0.00	(c)		—
Total distributions		(0.10	)		(0.31	)		(0.23	)		(0.31	)		(0.28	)		(0.22	)
Net asset value, end of period	$	7.51		$	8.43		$	7.36		$	8.43		$	7.62		$	7.43
Total return(d)		(9.60	)%		18.86	%		(10.06	)%		14.80	%		6.38	%		(2.84	)%
Net assets, end of period (in 000s)	$	100,840		$	194,783		$	260,987		$	488,118		$	509,681		$	655,268
Ratio of net expenses to average net assets(e)		0.17	%(f)		0.18	%		0.17	%		0.17	%		0.17	%		0.17	%
Ratio of total expenses to average net assets(e)		0.34	%(f)		0.27	%		0.22	%		0.22	%		0.21	%		0.20	%
Ratio of net investment income to average net assets(b)		2.37	%(f)		3.38	%		2.62	%		2.96	%		3.08	%		2.85	%
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.44		$	7.37		$	8.43		$	7.63		$	7.43		$	7.84
Net investment income(a)(b)		0.07			0.25			0.18			0.20			0.18			0.14
Net realized and unrealized gain (loss)		(0.91	)		1.09			(1.05	)		0.86			0.26			(0.40	)
Total from investment operations		(0.84	)		1.34			(0.87	)		1.06			0.44			(0.26	)
Distributions to shareholders from net investment income		(0.08	)		(0.27	)		(0.19	)		(0.26	)		(0.24	)		(0.15	)
Distributions to shareholders from return of capital		—			—			—			—			0.00	(c)		—
Total distributions		(0.08	)		(0.27	)		(0.19	)		(0.26	)		(0.24	)		(0.15	)
Net asset value, end of period	$	7.52		$	8.44		$	7.37		$	8.43		$	7.63		$	7.43
Total return(d)		(9.83	)%		18.25	%		(10.41	)%		14.06	%		5.92	%		(3.32	)%
Net assets, end of period (in 000s)	$	210		$	258		$	243		$	350		$	408		$	988
Ratio of net expenses to average net assets(e)		0.67	%(f)		0.68	%		0.67	%		0.67	%		0.67	%		0.67	%
Ratio of total expenses to average net assets(e)		0.85	%(f)		0.78	%		0.72	%		0.72	%		0.71	%		0.70	%
Ratio of net investment income to average net assets(b)		1.94	%(f)		3.13	%		2.20	%		2.41	%		2.40	%		1.81	%
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Investor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.43		$	7.36		$	8.43		$	7.62		$	7.43		$	7.87
Net investment income(a)(b)		0.09			0.27			0.20			0.22			0.23			0.21
Net realized and unrealized gain (loss)		(0.91	)		1.10			(1.05	)		0.88			0.23			(0.44	)
Total from investment operations		(0.82	)		1.37			(0.85	)		1.10			0.46			(0.23	)
Distributions to shareholders from net investment income		(0.10	)		(0.30	)		(0.22	)		(0.29	)		(0.27	)		(0.21	)
Distributions to shareholders from return of capital		—			—			—			—			0.00	(c)		—
Total distributions		(0.10	)		(0.30	)		(0.22	)		(0.29	)		(0.27	)		(0.21	)
Net asset value, end of period	$	7.51		$	8.43		$	7.36		$	8.43		$	7.62		$	7.43
Total return(d)		(9.66	)%		18.71	%		(10.19	)%		14.62	%		6.22	%		(2.99	)%
Net assets, end of period (in 000s)	$	18,398		$	22,706		$	27,782		$	46,011		$	58,740		$	67,547
Ratio of net expenses to average net assets(e)		0.30	%(f)		0.32	%		0.31	%		0.32	%		0.32	%		0.32	%
Ratio of total expenses to average net assets(e)		0.48	%(f)		0.41	%		0.36	%		0.36	%		0.36	%		0.35	%
Ratio of net investment income to average net assets(b)		2.32	%(f)		3.39	%		2.53	%		2.74	%		3.02	%		2.69	%
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.44		$	7.36		$	8.43		$	7.63		$	7.44		$	7.91
Net investment income(b)(c)		0.08			0.29			0.23			0.25			0.63			0.11
Net realized and unrealized gain (loss)		(0.90	)		1.10			(1.07	)		0.86			(0.15	)		(0.46	)
Total from investment operations		(0.82	)		1.39			(0.84	)		1.11			0.48			(0.35	)
Distributions to shareholders from net investment income		(0.10	)		(0.31	)		(0.23	)		(0.31	)		(0.28	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—			—			(0.01	)		—
Total distributions		(0.10	)		(0.31	)		(0.23	)		(0.31	)		(0.29	)		(0.12	)
Net asset value, end of period	$	7.52		$	8.44		$	7.36		$	8.43		$	7.63		$	7.44
Total return(d)		(9.60	)%		19.02	%		(10.04	)%		14.66	%		6.40	%		(4.43	)%
Net assets, end of period (in 000s)	$	2,429		$	45,956		$	44,046		$	40,326		$	33,805		$	10
Ratio of net expenses to average net assets(e)		0.16	%(f)		0.17	%		0.16	%		0.16	%		0.15	%		0.15	%(f)
Ratio of total expenses to average net assets(e)		0.31	%(f)		0.26	%		0.22	%		0.20	%		0.17	%		0.18	%(f)
Ratio of net investment income to average net assets(c)		2.09	%(f)		3.59	%		2.88	%		3.09	%		8.15	%		3.58	%(f)
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

(a) Commenced operations on July 31, 2015.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.42		$	7.35		$	8.41		$	7.61		$	7.42		$	7.86
Net investment income(a)(b)		0.07			0.23			0.17			0.19			0.19			0.18
Net realized and unrealized gain (loss)		(0.90	)		1.09			(1.05	)		0.86			0.23			(0.45	)
Total from investment operations		(0.83	)		1.32			(0.88	)		1.05			0.42			(0.27	)
Distributions to shareholders from net investment income		(0.08	)		(0.25	)		(0.18	)		(0.25	)		(0.23	)		(0.17	)
Distributions to shareholders from return of capital		—			—			—			—			0.00	(c)		—
Total distributions		(0.08	)		(0.25	)		(0.18	)		(0.25	)		(0.23	)		(0.17	)
Net asset value, end of period	$	7.51		$	8.42		$	7.35		$	8.41		$	7.61		$	7.42
Total return(d)		(9.82	)%		18.12	%		(10.56	)%		13.94	%		5.71	%		(3.49	)%
Net assets, end of period (in 000s)	$	776		$	1,140		$	1,955		$	2,645		$	2,788		$	3,119
Ratio of net expenses to average net assets(e)		0.80	%(f)		0.81	%		0.81	%		0.82	%		0.82	%		0.82	%
Ratio of total expenses to average net assets(e)		0.98	%(f)		0.91	%		0.86	%		0.86	%		0.86	%		0.85	%
Ratio of net investment income to average net assets(b)		1.77	%(f)		2.88	%		2.09	%		2.33	%		2.49	%		2.24	%
Portfolio turnover rate(g)		2	%		6	%		17	%		57	%		22	%		22	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	8.44		$	7.37		$	8.37
Net investment income(b)(c)		0.09			0.30			0.20
Net realized and unrealized gain (loss)		(0.91	)		1.08			(1.01	)
Total from investment operations		(0.82	)		1.38			(0.81	)
Distributions to shareholders from net investment income		(0.10	)		(0.31	)		(0.19	)
Net asset value, end of period	$	7.52		$	8.44		$	7.37
Total return(d)		(9.58	)%		18.85	%		(9.76	)%
Net assets, end of period (in 000s)	$	3,263		$	3,722		$	2,902
Ratio of net expenses to average net assets(e)		0.16	%(f)		0.17	%		0.16	%(f)
Ratio of total expenses to average net assets(e)		0.34	%(f)		0.27	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		2.49	%(f)		3.70	%		3.51	%(f)
Portfolio turnover rate(g)		2	%		6	%		17	%

(a) Class P Shares commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’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 Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements

June 30, 2020 (Unaudited)

1. ORGANIZATION

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

Portfolio	Share Classes Offered	Diversified/ Non-diversified
All Portfolios	A, C, Institutional, Service, Investor, R6, R, P	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 R6, Class R and Class P Shares are not subject to a sales charge.

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

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments —Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 Portfolios 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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the

61

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

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

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Balanced Strategy, Growth and Income Strategy and Satellite  Strategies	Quarterly	Annually
Growth Strategy	Annually	Annually

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of the Portfolios 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 Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

62

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Underlying Funds (including Money Market Funds) — Underlying Funds include ETFs and other investment companies. 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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Portfolio 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 Portfolio, 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.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in

63

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolios’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. 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.

C.  Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

BALANCED STRATEGY
Investment Type	Level 1			Level 2				Level 3
Assets
Underlying Funds
Dynamic	$	45,531,856		$	—			$	—
Equity		134,627,202			—				—
Exchange Traded Funds		105,802,393			—				—
Fixed Income		184,123,328			—				—
Investment Company		20,730,268			—				—
Total	$	490,815,047		$	—			$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	53,778			$	—
Futures Contracts(a)		271,455			—				—
Options Purchased		1,021,213			—				—
Total	$	1,292,668		$	53,778			$	—
Liabilities(a)							��
Forward Foreign Currency Exchange Contracts	$	—		$	(55,260	)		$	—
Futures Contracts		(8,336	)		—				—
Total	$	(8,336	)	$	(55,260	)		$	—

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

64

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GROWTH AND INCOME STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	66,198,248		$	—		$	—
Equity		331,323,841			—			—
Exchange Traded Funds		214,885,957			—			—
Fixed Income		142,939,835			—			—
Investment Company		30,569,067			—			—
Total	$	785,916,948		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	62,200		$	—
Futures Contracts(a)		356,809			—			—
Options Purchased		1,674,562			—			—
Total	$	2,031,371		$	62,200		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(64,040	)	$	—
Futures Contracts		(13,838	)		—			—
Total	$	(13,838	)	$	(64,040	)	$	—

GROWTH STRATEGY PORTFOLIO
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	39,328,984		$	—		$	—
Equity		327,055,157			—			—
Exchange Traded Funds		222,335,305			—			—
Fixed Income		29,076,970			—			—
Investment Company		23,851,379			—			—
Total	$	641,647,795		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	44,116		$	—
Futures Contracts(a)		260,758			—			—
Options Purchased		1,568,869			—			—
Total	$	1,829,627		$	44,116		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(45,367	)	$	—
Futures Contracts		(9,503	)		—			—
Total	$	(9,503	)	$	(45,367	)	$	—

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

65

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SATELLITE STRATEGIES PORTFOLIO
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Equity	$	94,761,330	$	—	$	—
Exchange Traded Funds		8,649,431		—		—
Fixed Income		71,080,474		—		—
Total	$	174,491,235	$	—	$	—

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 June 30, 2020. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.

Balanced Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	1,062,085	(a)	Variation margin on futures contracts;	$	(8,336)	(a)
Equity	Variation margin on futures contracts		230,583	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		53,778		Payable for unrealized loss on forward foreign currency exchange contracts.		(55,260)
Total		$	1,346,446			$	(63,596)
Growth and Income Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	1,742,935	(a)	Variation margin on futures contracts;	$	(13,838)	(a)
Equity	Variation margin on futures contracts		288,436	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		62,200		Payable for unrealized loss on forward foreign currency exchange contracts.		(64,040)
Total		$	2,093,571			$	(77,878)

(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 June 30, 2020 is reported within the Statements of Assets and Liabilities.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	1,613,965	(a)	Variation margin on futures contracts;	$	(9,503)	(a)
Equity	Variation margin on futures contracts		215,662	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		44,116		Payable for unrealized loss on forward foreign currency exchange contracts.		(45,367)
Total		$	1,873,743			$	(54,870)

(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 June 30, 2020 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. 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:

Balanced Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain from futures contracts and purchased options/Net change in unrealized gain on futures contracts purchased options	$	4,849,553		$	861,701		101
Equity	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain on futures contracts purchased options		(1,721,027	)		225,055		146
Currency	Net realized gain from forward foreign currency exchange contracts/Net change in unrealized gain on forward foreign currency exchange contracts		139,532			166,533		12
Total		$	3,268,058		$	1,253,289		259
Growth and Income Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain from futures contracts and purchased options/Net change in unrealized gain on futures contracts purchased options	$	10,449,830		$	1,492,537		164
Equity	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain on futures contracts purchased options		(3,823,995	)		293,318		208
Currency	Net realized gain from forward foreign currency exchange contracts/Net change in unrealized gain on forward foreign currency exchange contracts		161,183			192,660		12
Total		$	6,787,018		$	1,978,515		384

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

67

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Growth Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain from futures contracts and purchased options/Net change in unrealized gain on futures contracts purchased options	$	9,925,706		$	1,378,362		112
Equity	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain on futures contracts purchased options		(3,073,483	)		375,720		156
Currency	Net realized gain from forward foreign currency exchange contracts/Net change in unrealized gain on forward foreign currency exchange contracts		114,394			136,816		12
Total		$	6,966,617		$	1,890,898		280

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.124% for the Satellite Strategies Portfolio and 0.15% for each of the other Portfolios.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each Portfolio, 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 Portfolios, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each Portfolio, 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 Portfolios, as set forth below.

The Trust, on behalf of Service Shares of each Portfolio, 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 Portfolios, as set forth below.

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

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2020 , Goldman Sachs retained the following amounts:

Portfolio	Front End Sales Charge		Contingent Deferred Sales Charge
	Class A		Class C
Balanced Strategy	$	4,595	$	110
Growth and Income Strategy		8,033		375
Growth Strategy		7,991		449
Satellite Strategies		1,659		2

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each Portfolio, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and 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 Portfolios, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% 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 and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.01% for the Satellite Strategies Portfolio and 0.004% for each other Portfolio. These Other Expense limitations will remain in place through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Balanced Strategy	$	314	$	187,534	$	187,848
Growth and Income Strategy		605		202,092		202,697
Growth Strategy		1,023		215,657		216,680
Satellite Strategies		128		178,442		178,570

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of June 30, 2020, the Portfolios participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Portfolios did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — The Portfolios invest primarily in the Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2020 (in thousands):

Balanced Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	50,418	$	3,508	$	(2,991	)	$	44		$	2,420		$	53,399		969	$	682
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		51,159		2,990		—			—			(1,746	)		52,403		837		463
Goldman Sachs Alternative Premia Fund — Class R6		6,449		—		—			—			(300	)		6,149		789		—
Goldman Sachs Dynamic Global Equity Fund — Class R6		79,876		7,000		—			—			(6,950	)		79,926		4,440		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		10,267		2,226		(2,500	)		(393	)		(499	)		9,101		773		224
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		18,214		5,000		(6,001	)		(678	)		(837	)		15,698		1,752		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		22,109		68,630		(70,009	)		—			—			20,730		20,730		74
Goldman Sachs Global Core Fixed Income Fund — Class R6		161,164		8,900		(12,500	)		(352	)		7,767			164,979		12,367		1,400
Goldman Sachs Global Infrastructure Fund — Class R6		9,672		73		—			—			(882	)		8,863		782		73
Goldman Sachs Global Real Estate Securities Fund — Class R6		9,824		69		—			—			(1,845	)		8,048		892		69
Goldman Sachs High Yield Floating Rate Fund — Class R6		6,710		109		(3,498	)		(707	)		(184	)		2,430		278		109
Goldman Sachs High Yield Fund — Class R6		5,214		146		—			—			(432	)		4,928		826		147
Goldman Sachs International Equity Insights Fund — Class R6		22,344		2,000		(6,001	)		(558	)		(2,001	)		15,784		1,369		—

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Balanced Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs International Small Cap Insights Fund — Class R6	$	7,210	$	—	$	—		$	—		$	(902	)	$	6,308		601	$	—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		5,401		71		(1,999	)		(543	)		(244	)		2,686		493		71
Goldman Sachs Managed Futures Strategy Fund — Class R6		14,953		—		—			—			(213	)		14,740		1,515		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		23,900		—		—			—			743			24,643		2,477		—
Total	$	504,884	$	100,722	$	(105,499	)	$	(3,187	)	$	(6,105	)	$	490,815			$	3,312
Growth and Income Strategy Portfolio
Underlying Funds	Market Value 12/31/2019		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2020		Shares as of 06/30/2020		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	59,562	$	—	$	(5,484	)	$	400			2,266		$	56,744		1,030	$	743
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		188,369		8,389		(32,093	)		1,624			(8,147	)		158,142		2,526		1,558
Goldman Sachs Alternative Premia Fund — Class R6		9,355		—		—			—			(435	)		8,920		1,145		—
Goldman Sachs Dynamic Global Equity Fund — Class R6		198,259		—		—			—			(15,719	)		182,540		10,141		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		25,592		439		(7,250	)		(1,821	)		(544	)		16,416		1,395		439
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		45,726		10,498		(12,000	)		(1,842	)		(1,994	)		40,388		4,508		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		30,553		121,166		(121,150	)		—			—			30,569		30,569		107
Goldman Sachs Global Core Fixed Income Fund — Class R6		119,331		1,025		(17,000	)		254			5,209			108,819		8,157		1,023
Goldman Sachs Global Infrastructure Fund — Class R6		19,745		126		(3,150	)		397			(1,948	)		15,170		1,339		125
Goldman Sachs Global Real Estate Securities Fund — Class R6		17,809		125		—			—			(3,345	)		14,589		1,617		124
Goldman Sachs High Yield Floating Rate Fund — Class R6		8,775		161		(4,000	)		(553	)		(312	)		4,071		465		160

71

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth and Income Strategy Portfolio (continued)
Underlying Funds	Market Value 12/31/2019		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2020		Shares as of 06/30/2020		Dividend Income
Goldman Sachs High Yield Fund — Class R6	$	9,086	$	255	$	—		$	—		$	(753	)	$	8,588		1,439	$	255
Goldman Sachs International Equity Insights Fund — Class R6		76,623		10,000		(11,000	)		(662	)		(7,389	)		67,572		5,861		—
Goldman Sachs International Small Cap Insights Fund — Class R6		12,648		—		—			—			(1,582	)		11,066		1,055		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		9,830		131		(3,500	)		(951	)		(465	)		5,045		926		131
Goldman Sachs Managed Futures Strategy Fund — Class R6		21,627		—		—			—			(307	)		21,320		2,191		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		34,874		—		—			—			1,084			35,958		3,614		—
Total	$	887,764	$	152,315	$	(216,627	)	$	(3,154	)	$	(34,381	)	$	785,917			$	4,665
Growth Strategy Portfolio
Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost*		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	27,434	$	—	$	(4,547	)	$	332		$	835		$	24,054		437	$	333
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		214,449		—		(9,007	)		518			(7,679	)		198,281		3,167		1,796
Goldman Sachs Alternative Premia Fund — Class R6		5,921		—		—			—			(275	)		5,646		725		—
Goldman Sachs Dynamic Global Equity Fund — Class R6		194,169		—		(5,000	)		(1,547	)		(14,982	)		172,640		9,591		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		21,891		385		(6,041	)		(1,418	)		(445	)		14,372		1,221		385
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		50,835		—		(7,000	)		(1,172	)		(3,140	)		39,523		4,411		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		13,201		65,504		(54,854	)		—			—			23,851		23,851		52
Goldman Sachs Global Infrastructure Fund — Class R6		15,867		120		—			—			(1,447	)		14,540		1,283		120
Goldman Sachs Global Real Estate Securities Fund — Class R6		15,370		107		—			—			(2,886	)		12,591		1,396		107

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth Strategy Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost*		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs High Yield Fund — Class R6	$	7,310	$	205	$	—		$	—		$	(606	)	$	6,909		1,157	$	205
Goldman Sachs International Equity Insights Fund — Class R6		84,057		3,000		(2,000	)		(110	)		(9,080	)		75,867		6,580		—
Goldman Sachs International Small Cap Insights Fund — Class R6		13,597		—		—			—			(1,701	)		11,896		1,134		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		8,515		138		—			—			(858	)		7,795		1,430		138
Goldman Sachs Managed Futures Strategy Fund — Class R6		12,284		—		—			—			(174	)		12,110		1,245		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		20,922		—		—			—			651			21,573		2,168		—
Total	$	705,822	$	69,459	$	(88,449	)	$	(3,397	)	$	(41,787	)	$	641,648			$	3,136
Satellite Strategies Portfolio
Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	14,700	$	—	$	(4,584	)	$	230		$	(1,697	)	$	8,649		285,554	$	39
Goldman Sachs Emerging Markets Debt Fund — Class R6		57,115		786		(26,050	)		(978	)		(1,382	)		29,491		2,505,642		787
Goldman Sachs Emerging Markets Equity Fund — Class R6		15,145		—		(5,500	)		2,288			(2,769	)		9,164		408,930		—
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		23,526		—		(16,100	)		2,421			(4,255	)		5,592		624,065		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		—		18,725		(18,725	)		—			—			—		—		—
Goldman Sachs Global Infrastructure Fund — Class R6		45,893		2,725		(18,768	)		1,768			(5,158	)		26,460		2,335,402		226
Goldman Sachs Global Real Estate Securities Fund — Class R6		57,601		281		(17,850	)		757			(8,582	)		32,207		3,570,592		280
Goldman Sachs High Yield Floating Rate Fund — Class R6		20,271		294		(8,250	)		(186	)		(685	)		11,444		1,307,868		294
Goldman Sachs High Yield Fund — Class R6		37,991		748		(14,375	)		(83	)		(2,791	)		21,490		3,599,696		748
Goldman Sachs International Small Cap Insights Fund — Class R6		36,138		—		(12,998	)		3,586			(7,190	)		19,536		1,862,304		—

73

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Satellite Strategies Portfolio (continued)
Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs Local Emerging Markets Debt Fund — Class R6	$	17,510	$	206	$	(7,650	)	$	(651	)	$	(760	)	$	8,655		1,588,082	$	205
Goldman Sachs MLP Energy Infrastructure Fund — Class R6		3,650		104		(750	)		(102	)		(1,099	)		1,803		104,652		105
Total	$	329,540	$	23,869	$	(151,600	)	$	9,050		$	(36,368	)	$	174,491			$	2,684

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were as follows:

Portfolio	Purchases		Sales
Balanced Strategy	$	32,093,314	$	42,122,630
Growth and Income Strategy		31,148,893		109,819,132
Growth Strategy		3,954,934		47,376,994
Satellite Strategies		5,144,007		132,876,316

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, December 31, 2019, the Portfolios’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy		Satellite Strategies
Capital loss carryforwards:
Perpetual Short-Term	$	(1,152,241	)	$	—		$	—	$	(332,591	)
Perpetual Long-Term		(2,915,126	)		—			—		(35,652,262	)
Total capital loss carryforwards	$	(4,067,367	)	$	—		$	—	$	(35,984,853	)
Timing differences (Qualified Late Year Ordinary Loss Deferral)	$	—		$	(95,915	)	$	—	$	—

As of June 30, 2020, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Tax Cost	$	481,058,664		$	770,245,687		$	624,081,256		$	170,981,744
Gross unrealized gain		22,669,333			43,549,996			41,505,928			20,516,002
Gross unrealized loss		(12,912,950	)		(27,878,735	)		(23,939,389	)		(17,006,511	)
Net unrealized gains (losses) on securities	$	9,756,383		$	15,671,261		$	17,566,539		$	3,509,491

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7. TAX INFORMATION (continued)

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, options contracts, and foreign currency contracts and differences in the tax treatment of Underlying Fund investments.

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

8. OTHER RISKS

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

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

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 Portfolios invest. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, 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 Portfolios have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Portfolios also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds Risk — The investments of a Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. A Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. A Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

Liquidity Risk — A Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio’s liquidity.

Market and Credit Risks — In the normal course of business, a Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Portfolio invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Portfolio and its investments. Additionally, a Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

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

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11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Balanced Strategy Portfolio
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		416,840		$	4,644,783			720,412		$	8,084,539
Reinvestment of distributions		39,304			429,695			188,113			2,156,891
Shares redeemed		(788,563	)		(8,763,487	)		(2,067,475	)		(23,126,509	)
		(332,419	)		(3,689,009	)		(1,158,950	)		(12,885,079	)
Class C Shares
Shares sold		77,979			855,836			291,999			3,239,647
Reinvestment of distributions		723			7,698			12,553			145,118
Shares redeemed		(162,706	)		(1,794,687	)		(601,976	)		(6,736,873	)
		(84,004	)		(931,153	)		(297,424	)		(3,352,108	)
Institutional Shares
Shares sold		4,066,587			46,710,131			11,770,112			132,793,162
Reinvestment of distributions		192,776			2,108,844			728,452			8,337,980
Shares redeemed		(5,453,797	)		(61,765,012	)		(10,627,432	)		(119,595,453	)
		(1,194,434	)		(12,946,037	)		1,871,132			21,535,689
Service Shares
Shares sold		130			1,492			2,484			28,072
Reinvestment of distributions		—			—			78			877
Shares redeemed		(412	)		(4,702	)		(21,311	)		(247,236	)
		(282	)		(3,210	)		(18,749	)		(218,287	)
Investor Shares
Shares sold		39,964			435,341			124,771			1,376,411
Reinvestment of distributions		1,659			18,099			7,468			85,266
Shares redeemed		(71,993	)		(781,606	)		(101,853	)		(1,128,425	)
		(30,370	)		(328,166	)		30,386			333,252
Class R6 Shares
Shares sold		5,458			61,436			20,708			232,723
Reinvestment of distributions		380			4,152			1,533			17,498
Shares redeemed		(3,616	)		(40,126	)		(94,095	)		(1,064,834	)
		2,222			25,462			(71,854	)		(814,613	)
Class R Shares
Shares sold		43,235			487,700			143,196			1,618,112
Reinvestment of distributions		3,121			33,909			16,532			189,329
Shares redeemed		(45,623	)		(507,761	)		(97,257	)		(1,079,005	)
		733			13,848			62,471			728,436
Class P Shares
Shares sold		215,329			2,440,114			428,129			4,796,352
Reinvestment of distributions		21,971			240,339			92,975			1,064,548
Shares redeemed		(665,758	)		(7,213,307	)		(1,077,395	)		(11,920,962	)
		(428,458	)		(4,532,854	)		(556,291	)		(6,060,062	)
NET DECREASE		(2,067,012	)	$	(22,391,119	)		(139,279	)	$	(732,772	)

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		468,390		$	6,168,153			1,367,510		$	18,597,841
Reinvestment of distributions		81,613			1,038,236			369,519			5,184,092
Shares redeemed		(1,564,852	)		(20,837,494	)		(3,875,566	)		(52,374,920	)
		(1,014,849	)		(13,631,105	)		(2,138,537	)		(28,592,987	)
Class C Shares
Shares sold		48,418			642,211			107,114			1,401,165
Reinvestment of distributions		1,164			13,934			17,463			241,288
Shares redeemed		(288,312	)		(3,643,096	)		(1,016,333	)		(13,419,730	)
		(238,730	)		(2,986,951	)		(891,756	)		(11,777,277	)
Institutional Shares
Shares sold		1,968,405			27,483,512			5,845,803			80,012,769
Reinvestment of distributions		150,671			1,926,730			596,185			8,355,297
Shares redeemed		(6,371,051	)		(86,912,742	)		(9,747,842	)		(131,722,848	)
		(4,251,975	)		(57,502,500	)		(3,305,854	)		(43,354,782	)
Service Shares
Shares sold		4,042			57,432			24,032			321,649
Reinvestment of distributions		115			1,451			632			8,811
Shares redeemed		(15,233	)		(203,997	)		(46,787	)		(628,661	)
		(11,076	)		(145,114	)		(22,123	)		(298,201	)
Investor Shares
Shares sold		33,180			443,390			84,749			1,148,945
Reinvestment of distributions		3,108			39,426			12,001			167,174
Shares redeemed		(63,046	)		(829,016	)		(160,130	)		(2,145,873	)
		(26,758	)		(346,200	)		(63,380	)		(829,754	)
Class R6 Shares
Shares sold		14,827			202,830			85,321			1,165,880
Reinvestment of distributions		344			4,408			2,000			27,662
Shares redeemed		(57,286	)		(747,042	)		(161,921	)		(2,268,818	)
		(42,115	)		(539,804	)		(74,600	)		(1,075,276	)
Class R Shares
Shares sold		29,597			391,286			46,601			626,164
Reinvestment of distributions		1,188			14,881			5,831			81,506
Shares redeemed		(47,194	)		(624,277	)		(49,112	)		(663,201	)
		(16,409	)		(218,110	)		3,320			44,469
Class P Shares
Shares sold		511,190			7,116,159			1,425,194			19,527,520
Reinvestment of distributions		94,333			1,208,820			343,656			4,818,065
Shares redeemed		(1,117,637	)		(15,268,818	)		(1,949,585	)		(26,121,468	)
		(512,114	)		(6,943,839	)		(180,735	)		(1,775,883	)
NET DECREASE		(6,114,026	)	$	(82,313,623	)		(6,673,665	)	$	(87,659,691	)

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Strategy Portfolio
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		549,251		$	8,130,092			1,339,118		$	20,739,326
Reinvestment of distributions		—			—			699,217			11,263,551
Shares redeemed		(1,512,073	)		(22,452,544	)		(3,587,777	)		(55,281,237	)
		(962,822	)		(14,322,452	)		(1,549,442	)		(23,278,360	)
Class C Shares
Shares sold		76,351			1,178,892			150,548			2,369,068
Reinvestment of distributions		—			—			44,950			733,288
Shares redeemed		(419,423	)		(6,296,602	)		(1,002,930	)		(15,686,944	)
		(343,072	)		(5,117,710	)		(807,432	)		(12,584,588	)
Institutional Shares
Shares sold		996,291			15,102,959			4,018,348			61,424,101
Reinvestment of distributions		—			—			366,171			5,901,749
Shares redeemed		(1,652,210	)		(24,303,879	)		(13,339,123	)		(205,096,568	)
		(655,919	)		(9,200,920	)		(8,954,604	)		(137,770,718	)
Service Shares
Shares sold		13,019			200,905			10,952			172,500
Reinvestment of distributions		—			—			1,026			16,465
Shares redeemed		(8,495	)		(125,766	)		(36,002	)		(543,627	)
		4,524			75,139			(24,024	)		(354,662	)
Investor Shares
Shares sold		47,625			676,683			137,054			2,090,719
Reinvestment of distributions		—			—			17,612			279,751
Shares redeemed		(72,332	)		(1,039,492	)		(181,285	)		(2,758,238	)
		(24,707	)		(362,809	)		(26,619	)		(387,768	)
Class R6 Shares
Shares sold		204,214			2,513,492			145,096			2,240,148
Reinvestment of distributions		—			—			13,012			209,737
Shares redeemed		(50,833	)		(745,541	)		(172,108	)		(2,718,584	)
		153,381			1,767,951			(14,000	)		(268,699	)
Class R Shares
Shares sold		26,494			380,864			51,432			771,207
Reinvestment of distributions		—			—			13,862			216,889
Shares redeemed		(62,577	)		(912,494	)		(68,026	)		(1,028,290	)
		(36,083	)		(531,630	)		(2,732	)		(40,194	)
Class P Shares
Shares sold		599,014			8,990,209			1,251,604			19,410,449
Reinvestment of distributions		—			—			450,679			7,266,420
Shares redeemed		(962,952	)		(14,067,544	)		(1,186,413	)		(18,248,306	)
		(363,938	)		(5,077,335	)		515,870			8,428,563
NET DECREASE		(2,228,636	)	$	(32,769,766	)		(10,862,983	)	$	(166,256,426	)

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		598,357		$	4,377,532			1,507,125		$	12,328,395
Reinvestment of distributions		63,549			448,065			173,175			1,436,743
Shares redeemed		(740,415	)		(5,466,622	)		(1,464,894	)		(11,965,708	)
		(78,509	)		(641,025	)		215,406			1,799,430
Class C Shares
Shares sold		14,624			109,744			74,124			578,919
Reinvestment of distributions		9,491			66,439			45,797			377,904
Shares redeemed		(657,975	)		(4,846,963	)		(2,010,704	)		(16,335,390	)
		(633,860	)		(4,670,780	)		(1,890,783	)		(15,378,567	)
Institutional Shares
Shares sold		999,766			7,724,772			3,194,532			25,909,208
Reinvestment of distributions		191,942			1,344,937			789,925			6,524,160
Shares redeemed		(10,876,058	)		(86,088,554	)		(16,333,971	)		(132,664,304	)
		(9,684,350	)		(77,018,845	)		(12,349,514	)		(100,230,936	)
Service Shares
Shares sold		268			2,056			1,322			10,699
Reinvestment of distributions		237			1,659			671			5,560
Shares redeemed		(3,092	)		(21,957	)		(4,426	)		(35,455	)
		(2,587	)		(18,242	)		(2,433	)		(19,196	)
Investor Shares
Shares sold		329,058			2,529,463			755,285			6,188,404
Reinvestment of distributions		34,355			241,496			99,874			824,444
Shares redeemed		(608,403	)		(4,259,648	)		(1,934,326	)		(15,679,254	)
		(244,990	)		(1,488,689	)		(1,079,167	)		(8,666,406	)
Class R6 Shares
Shares sold		41,508			312,545			785,761			6,271,224
Reinvestment of distributions		5,000			35,077			158,070			1,307,247
Shares redeemed		(5,171,268	)		(43,576,788	)		(1,477,935	)		(12,059,957	)
		(5,124,760	)		(43,229,166	)		(534,104	)		(4,481,486	)
Class R Shares
Shares sold		8,398			57,446			16,321			131,889
Reinvestment of distributions		878			6,189			3,467			28,645
Shares redeemed		(41,261	)		(335,368	)		(150,500	)		(1,166,319	)
		(31,985	)		(271,733	)		(130,712	)		(1,005,785	)
Class P Shares
Shares sold		41,176			315,000			48,431			400,235
Reinvestment of distributions		6,024			42,540			15,719			130,251
Shares redeemed		(54,467	)		(447,357	)		(16,903	)		(140,037	)
		(7,267	)		(89,817	)		47,247			390,449
NET DECREASE		(15,808,308	)	$	(127,428,297	)		(15,724,060	)	$	(127,592,497	)

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio, and Goldman Sachs Satellite Strategies Portfolio (the “Portfolios”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolios at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolios.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

(i) whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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

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

The Trustees also received an overview of the Portfolios’ distribution arrangements. They received information regarding the Portfolios’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Portfolio investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Portfolios and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Portfolios. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolios and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolios and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolios and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Portfolio’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing the Underlying Funds.

The Trustees observed that the Balanced Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They noted that the Growth and Income Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees observed that the Growth Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They noted that the Satellite Strategies Portfolio’s Institutional Shares had placed in the third quartile of the Portfolio’s peer group for the three- and five-year periods and in the fourth quartile for the one- and ten-year periods, and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio’s net expenses to the peer and category medians. The analyses also compared each Portfolio’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolios.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Portfolio was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolios.

The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolios and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Portfolios’ and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s

84

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios’ shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2021.

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Liquidity Risk Management Program

Each Portfolio has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Portfolio’s liquidity risk, i.e., the risk that a Portfolio is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Portfolio. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Portfolio that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Portfolio’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Portfolio’s prospectus for more information regarding the Portfolio’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Portfolio Expenses — Six Month Period Ended June 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), 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 Portfolio expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

	Balanced Strategy Portfolio							Growth and Income Strategy Portfolio							Growth Strategy Portfolio							Satellite Strategies Portfolio
Share Class	Beginning Account Value 1/1/20		Ending Account Value 6/30/20			Expenses Paid for the 6 months ended 6/30/20*		Beginning Account Value 1/1/20		Ending Account Value 6/30/20			Expenses Paid for the 6 months ended 6/30/20*		Beginning Account Value 1/1/20		Ending Account Value 6/30/20			Expenses Paid for the 6 months ended 6/30/20*		Beginning Account Value 1/1/20		Ending Account Value 6/30/20			Expenses Paid for the 6 months ended 6/30/20*
Class A
Actual	$	1,000.00	$	997.80		$	2.83	$	1,000.00	$	974.20		$	2.80	$	1,000.00	$	953.60		$	2.77	$	1,000.00	$	902.50		$	2.60
Hypothetical 5% return		1,000.00		1,022.03	+		2.87		1,000.00		1,022.03	+		2.87		1,000.00		1,022.03	+		2.87		1,000.00		1,022.03	+		2.77
Class C
Actual		1,000.00		994.00			6.54		1,000.00		970.80			6.47		1,000.00		950.30			6.40		1,000.00		899.10			6.14
Hypothetical 5% return		1,000.00		1,018.30	+		6.62		1,000.00		1,018.30	+		6.62		1,000.00		1,018.30	+		6.62		1,000.00		1,018.30	+		6.52
Institutional
Actual		1,000.00		999.70			0.94		1,000.00		975.50			0.93		1,000.00		955.50			0.92		1,000.00		904.00			0.80
Hypothetical 5% return		1,000.00		1,023.92	+		0.96		1,000.00		1,023.92	+		0.96		1,000.00		1,023.92	+		0.96		1,000.00		1,024.02	+		0.86
Service
Actual		1,000.00		997.30			3.43		1,000.00		973.60			3.39		1,000.00		953.50			3.35		1,000.00		901.70			3.17
Hypothetical 5% return		1,000.00		1,021.43	+		3.47		1,000.00		1,021.43	+		3.47		1,000.00		1,021.43	+		3.47		1,000.00		1,021.43	+		3.37
Investor
Actual		1,000.00		999.00			1.59		1,000.00		976.10			1.57		1,000.00		953.50			1.56		1,000.00		903.40			1.42
Hypothetical 5% return		1,000.00		1,023.27	+		1.61		1,000.00		1,023.27	+		1.61		1,000.00		1,021.43	+		1.61		1,000.00		1,023.37	+		1.51
Class R6
Actual		1,000.00		999.80			0.89		1,000.00		976.20			0.88		1,000.00		955.50			0.88		1,000.00		904.00			0.76
Hypothetical 5% return		1,000.00		1,023.97	+		0.91		1,000.00		1,023.97	+		0.91		1,000.00		1,023.97	+		0.91		1,000.00		1,024.07	+		0.81
Class R
Actual		1,000.00		996.60			4.07		1,000.00		972.90			4.02		1,000.00		952.40			3.98		1,000.00		901.80			3.78
Hypothetical 5% return		1,000.00		1,020.79	+		4.12		1,000.00		1,020.79	+		4.12		1,000.00		1,020.79	+		4.12		1,000.00		1,020.79	+		4.02
Class P
Actual		1,000.00		999.80			0.89		1,000.00		976.20			0.88		1,000.00		955.50			0.88		1,000.00		904.20			0.76
Hypothethical 5% return		1,000.00		1,023.97	+		0.91		1,000.00		1,023.97	+		0.91		1,000.00		1,023.97	+		0.91		1,000.00		1,023.97	+		0.81

* Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

+ Hypothetical expenses are based on each Portfoio’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 R6			Class R			Class P
Balanced Strategy		0.57	%		1.32	%		0.19	%		0.69	%		0.32	%		0.18	%		0.82	%		0.18	%
Growth and Income Strategy		0.57			1.32			0.19			0.69			0.32			0.18			0.82			0.18
Growth Strategy		0.57			1.32			0.19			0.69			0.32			0.18			0.82			0.18
Satellite Strategies		0.55			1.30			0.17			0.67			0.30			0.16			0.80			0.16

87

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

∎ Clean Energy Income Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ 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

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado 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 at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

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

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Portfolios will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

© 2020 Goldman Sachs. All rights reserved. 211760-OTU-1243136 FFSAR-20

Goldman Sachs Funds

Semi-Annual Report	June 30, 2020
	Global Infrastructure 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 calling toll-free 800-621-2550 for Institutional, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Global Infrastructure Fund

TABLE OF CONTENTS
Recent Market Events related to COVID-19	1
Fund Basics	2
Schedule of Investments	4
Financial Statements	6
Financial Highlights	9
Notes to Financial Statements	16
Other Information	25

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Global Infrastructure Fund

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)2
Class A		-8.50	%		-11.81
Class C		-8.94			-11.81
Institutional		-8.34			-11.81
Investor		-8.46			-11.81
Class R6		-8.37			-11.81
Class R		-8.73			-11.81
Class P		-8.37			-11.81

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

²  The Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business. It is not possible to invest directly in an 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.

TOP 10 HOLDINGS AS OF 6/30/203
Holding	% of Net Assets			Line of Business	Country
American Tower Corp.		10.5	%	Equity Real Estate Investment Trusts	United States
National Grid PLC		5.4		Multi-Utilities	United Kingdom
Vinci SA		5.3		Construction & Engineering	France
Crown Castle International Corp.		5.3		Equity Real Estate Investment Trusts	United States
Enbridge, Inc.		4.8		Oil, Gas & Consumable Fuels	Canada
Sempra Energy		4.3		Multi-Utilities	United States
TC Energy Corp.		4.2		Oil, Gas & Consumable Fuels	Canada
American Water Works Co., Inc.		3.4		Water Utilities	United States
Transurban Group		3.4		Transportation Infrastructure	Australia
Eversource Energy		3.4		Electric Utilities	United States

³ The top 10 holdings may not be representative of the Fund’s future investments.

2

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2020

⁴ 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.

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

3

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 92.5%
Australia – 4.8%
	285,410	APA Group (Gas Utilities)	$	2,206,875
	544,357	Transurban Group (Transportation Infrastructure)		5,338,341
				7,545,216
Canada – 11.8%
	247,293	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		7,519,339
	49,761	Fortis, Inc. (Electric Utilities)		1,892,428
	104,406	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		2,610,150
	155,132	TC Energy Corp. (Oil, Gas & Consumable Fuels)		6,627,620
				18,649,537
China – 2.5%
	2,382,000	Beijing Enterprises Water Group Ltd. (Water Utilities)*		934,739
	9,316,000	China Tower Corp. Ltd., Class H (Diversified Telecommunication Services)(a)		1,655,508
	71,800	ENN Energy Holdings Ltd. (Gas Utilities)		811,375
	438,000	Jiangsu Expressway Co. Ltd., Class H (Transportation Infrastructure)		514,792
				3,916,414
Denmark – 1.0%
	13,894	Orsted A/S (Electric Utilities)(a)		1,603,387
France – 5.3%
	89,794	Vinci SA (Construction & Engineering)		8,325,956
Hong Kong – 1.6%
	626,500	HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)		650,739
	1,255,161	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		1,950,732
				2,601,471
Italy – 4.4%
	54,041	Atlantia SpA (Transportation Infrastructure)*		874,127
	359,176	Enav SpA (Transportation Infrastructure)(a)		1,622,491
	194,723	Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)(a)		1,954,675
	362,306	Terna Rete Elettrica Nazionale SpA (Electric Utilities)		2,499,013
				6,950,306
Japan – 1.1%
	69,500	Tokyo Gas Co. Ltd. (Gas Utilities)		1,664,151
Common Stocks – (continued)
Spain – 4.1%
	16,435	Aena SME SA (Transportation Infrastructure)*(a)		2,198,033
	47,912	Cellnex Telecom SA (Diversified Telecommunication Services)*(a)		2,926,344
	51,415	Ferrovial SA (Construction & Engineering)		1,374,316
				6,498,693
United Kingdom – 7.2%
	440,852	Calisen PLC (Commercial Services & Supplies)*		984,903
	692,722	National Grid PLC (Multi-Utilities)		8,451,455
	61,795	Severn Trent PLC (Water Utilities)		1,891,155
				11,327,513
United States – 48.7%
	25,757	Ameren Corp. (Multi-Utilities)		1,812,263
	64,095	American Tower Corp. (Equity Real Estate Investment Trusts (REITs))		16,571,121
	41,855	American Water Works Co., Inc. (Water Utilities)		5,385,064
	33,709	Atmos Energy Corp. (Gas Utilities)		3,356,742
	37,215	CenterPoint Energy, Inc. (Multi-Utilities)		694,804
	55,139	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)*		2,664,317
	42,055	CMS Energy Corp. (Multi-Utilities)		2,456,853
	25,617	Consolidated Edison, Inc. (Multi-Utilities)		1,842,631
	49,516	Crown Castle International Corp. (Equity Real Estate Investment Trusts (REITs))		8,286,503
	10,227	CyrusOne, Inc. (Equity Real Estate Investment Trusts (REITs))		744,014
	65,058	Edison International (Electric Utilities)		3,533,300
	2,244	Equinix, Inc. (Equity Real Estate Investment Trusts (REITs))		1,575,961
	63,935	Eversource Energy (Electric Utilities)		5,323,867
	226,413	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		3,434,685
	22,611	Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels)		976,117
	8,392	NextEra Energy, Inc. (Electric Utilities)		2,015,507
	29,984	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		996,069
	19,989	Public Service Enterprise Group, Inc. (Multi-Utilities)		982,659
	15,112	SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs))		4,502,167
	57,222	Sempra Energy (Multi-Utilities)		6,708,135
	25,059	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		502,934
	131,948	Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels)		2,509,651
				76,875,364
	TOTAL COMMON STOCKS
	(Cost $124,458,695)		$	145,958,008

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Shares		Dividend Rate	Value
Investment Company – 2.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,523,697	0.155%	$	4,523,697
	(Cost $4,523,697)
	TOTAL INVESTMENTS – 95.4%
	(Cost $128,982,392)		$	150,481,705
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.6%			7,259,811
	NET ASSETS – 100.0%		$	157,741,516

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an affiliated issuer.

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

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost 124,458,695)	$	145,958,008
Investments in affiliated issuers, at value (cost $4,523,697)		4,523,697
Cash		322,328
Foreign currency, at value (cost $149,190)		149,691
Receivables:
Fund shares sold		5,896,777
Investments sold		619,437
Dividends		565,301
Foreign tax reclaims		45,291
Reimbursement from investment adviser		31,090
Other assets		39,449
Total assets		158,151,069
Liabilities:
Payables:
Investments purchased		167,920
Management fees		112,617
Fund shares redeemed		12,967
Distribution and Service fees and Transfer Agency fees		4,952
Accrued expenses		111,097
Total liabilities		409,553
Net Assets:
Paid-in capital		144,154,381
Total distributable earnings		13,587,135
NET ASSETS	$	157,741,516
Net Assets:
Class A	$	456,968
Class C		1,016,504
Institutional		5,041,273
Investor		176,494
Class R6		147,438,943
Class R		30,458
Class P		3,580,876
Total Net Assets	$	157,741,516
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		40,324
Class C		90,278
Institutional		443,961
Investor		15,567
Class R6		13,009,958
Class R		2,688
Class P		316,317
Net asset value, offering and redemption price per share:(a)
Class A		$11.33
Class C		11.26
Institutional		11.36
Investor		11.34
Class R6		11.33
Class R		11.33
Class P		11.32

(a) Maximum public offering price per share for Class A Shares is $11.99. 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.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $182,064)	$	1,929,113
Dividends — affiliated issuers		8,275
Total investment income		1,937,388
Expenses:
Management fees		733,735
Registration fees		59,019
Professional fees		56,369
Custody, accounting and administrative services		39,270
Transfer Agency fees(a)		26,408
Printing and mailing costs		22,288
Trustee fees		9,408
Distribution and Service fees(a)		8,955
Other		8,274
Total expenses		963,726
Less — expense reductions		(152,721	)
Net expenses		811,005
NET INVESTMENT INCOME		1,126,383
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(741,017	)
Foreign currency transactions		(2,795	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(17,218,483	)
Foreign currency translations		(7,597	)
Net realized and unrealized loss		(17,969,892	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,843,509	)

(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 R6		Class R		Class P
$	730	$	8,148	$	77	$	496	$	1,385	$	293	$	371	$	23,268	$	26	$	569

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	1,126,383		$	3,854,390
Net realized gain (loss)		(743,812	)		4,781,394
Net change in unrealized gain (loss)		(17,226,080	)		46,866,709
Net increase (decrease) in net assets resulting from operations		(16,843,509	)		55,502,493
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,780	)		(20,091	)
Class C Shares		(3,598	)		(27,010	)
Institutional Shares		(34,667	)		(20,186	)
Investor Shares		(1,132	)		(12,761	)
Class R6 Shares		(1,193,196	)		(3,816,226	)
Class R Shares		(161	)		(454	)
Class P Shares		(30,187	)		(63,205	)
From return of capital:
Class A Shares		—			(2,714	)
Class C Shares		—			(3,648	)
Institutional Shares		—			(2,727	)
Investor Shares		—			(1,724	)
Class R6 Shares		—			(515,445	)
Class R Shares		—			(61	)
Class P Shares		—			(8,537	)
Total distributions to shareholders		(1,265,721	)		(4,494,789	)
From share transactions:
Proceeds from sales of shares		18,059,770			20,968,802
Reinvestment of distributions		1,265,720			4,494,560
Cost of shares redeemed		(40,360,675	)		(69,969,887	)
Net decrease in net assets resulting from share transactions		(21,035,185	)		(44,506,525	)
TOTAL INCREASE (DECREASE)		(39,144,415	)		6,501,179
Net assets:
Beginning of period		196,885,931			190,384,752
End of period	$	157,741,516		$	196,885,931

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2016(a)
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.47		$	9.68		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.06			0.18			0.19			0.22	(c)		0.06
Net realized and unrealized gain (loss)		(1.13	)		2.83			(1.19	)		0.99			0.01
Total from investment operations		(1.07	)		3.01			(1.00	)		1.21			0.07
Distributions to shareholders from net investment income		(0.07	)		(0.19	)		(0.17	)		(0.20	)		(0.05	)
Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.03	)		—			—	(d)		(0.01	)
Total distributions		(0.07	)		(0.22	)		(0.17	)		(0.25	)		(0.18	)
Net asset value, end of period	$	11.33		$	12.47		$	9.68		$	10.85		$	9.89
Total Return(e)		(8.50	)%		31.22	%		(9.31	)%		12.29	%		0.69	%
Net assets, end of period (in 000’s)	$	457		$	782		$	1,376		$	40		$	25
Ratio of net expenses to average net assets		1.34	%(f)		1.36	%		1.38	%		1.38	%		1.40	%(f)
Ratio of total expenses to average net assets		1.55	%(f)		1.51	%		1.51	%		6.20	%		15.63	%(f)
Ratio of net investment income to average net assets		1.06	%(f)		1.53	%		1.83	%		2.04	%(c)		1.19	%(f)
Portfolio turnover rate(g)		26	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 9

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2016(a)
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.41		$	9.65		$	10.84		$	9.88		$	10.00
Net investment income(b)		0.02			0.11			0.10			0.13	(c)		0.02
Net realized and unrealized gain (loss)		(1.13	)		2.80			(1.17	)		1.00			0.01
Total from investment operations		(1.11	)		2.91			(1.07	)		1.13			0.03
Distributions to shareholders from net investment income		(0.04	)		(0.13	)		(0.12	)		(0.14	)		(0.02	)
Distributions to shareholders from net realized gains		—			—			—			(0.03	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.02	)		—			—	(d)		(0.01	)
Total distributions		(0.04	)		(0.15	)		(0.12	)		(0.17	)		(0.15	)
Net asset value, end of period	$	11.26		$	12.41		$	9.65		$	10.84		$	9.88
Total Return(e)		(8.94	)%		30.31	%		(9.96	)%		11.46	%		0.30	%
Net assets, end of period (in 000’s)	$	1,017		$	2,607		$	1,383		$	57		$	51
Ratio of net expenses to average net assets		2.09	%(f)		2.11	%		2.13	%		2.14	%		2.14	%(f)
Ratio of total expenses to average net assets		2.30	%(f)		2.26	%		2.26	%		7.06	%		16.73	%(f)
Ratio of net investment income to average net assets		0.34	%(f)		1.01	%		1.00	%		1.24	%(c)		0.46	%(f)
Portfolio turnover rate(g)		26	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2016(a)
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.50		$	9.71		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.13			0.19			0.06			0.29	(c)		0.08
Net realized and unrealized gain (loss)		(1.18	)		2.87			(1.02	)		0.96			0.01
Total from investment operations		(1.05	)		3.06			(0.96	)		1.25			0.09
Distributions to shareholders from net investment income		(0.09	)		(0.24	)		(0.18	)		(0.20	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—			(0.08	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.03	)		—			(0.01	)		(0.01	)
Total distributions		(0.09	)		(0.27	)		(0.18	)		(0.29	)		(0.20	)
Net asset value, end of period	$	11.36		$	12.50		$	9.71		$	10.85		$	9.89
Total Return(d)		(8.34	)%		31.66	%		(8.89	)%		12.72	%		0.89	%
Net assets, end of period (in 000’s)	$	5,041		$	1,264		$	1,737		$	222,546		$	2,906
Ratio of net expenses to average net assets		0.99	%(e)		1.00	%		0.99	%		0.99	%		0.99	%(e)
Ratio of total expenses to average net assets		1.19	%(e)		1.13	%		1.06	%		1.29	%		15.23	%(e)
Ratio of net investment income to average net assets		2.26	%(e)		1.70	%		0.54	%		2.65	%(c)		1.59	%(e)
Portfolio turnover rate(f)		26	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Investor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2016(a)
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.47		$	9.68		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.04			0.22			0.20			0.24	(c)		0.08
Net realized and unrealized gain (loss)		(1.10	)		2.82			(1.18	)		0.99			—	(d)
Total from investment operations		(1.06	)		3.04			(0.98	)		1.23			0.08
Distributions to shareholders from net investment income		(0.07	)		(0.22	)		(0.19	)		(0.21	)		(0.06	)
Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.03	)		—			(0.01	)		(0.01	)
Total distributions		(0.07	)		(0.25	)		(0.19	)		(0.27	)		(0.19	)
Net asset value, end of period	$	11.34		$	12.47		$	9.68		$	10.85		$	9.89
Total Return(e)		(8.46	)%		31.49	%		(9.00	)%		12.56	%		0.91	%
Net assets, end of period (in 000’s)	$	177		$	929		$	279		$	28		$	25
Ratio of net expenses to average net assets		1.09	%(f)		1.10	%		1.13	%		1.14	%		0.95	%(f)
Ratio of total expenses to average net assets		1.28	%(f)		1.26	%		1.25	%		6.05	%		15.19	%(f)
Ratio of net investment income to average net assets		0.71	%(f)		1.96	%		1.95	%		2.23	%(c)		1.63	%(f)
Portfolio turnover rate(g)		26	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2016(a)
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.47		$	9.69		$	10.85		$	9.89		$	10.00
Net investment income(b)		0.08			0.23			0.22			0.26	(c)		0.09
Net realized and unrealized gain (loss)		(1.13	)		2.82			(1.18	)		0.99			—	(d)
Total from investment operations		(1.05	)		3.05			(0.96	)		1.25			0.09
Distributions to shareholders from net investment income		(0.09	)		(0.24	)		(0.20	)		(0.22	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—			(0.06	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.03	)		—			(0.01	)		(0.01	)
Total distributions		(0.09	)		(0.27	)		(0.20	)		(0.29	)		(0.20	)
Net asset value, end of period	$	11.33		$	12.47		$	9.69		$	10.85		$	9.89
Total Return(e)		(8.37	)%		31.63	%		(8.88	)%		12.74	%		0.56	%
Net assets, end of period (in 000’s)	$	147,439		$	187,335		$	183,306		$	28		$	25
Ratio of net expenses to average net assets		0.98	%(f)		0.99	%		0.98	%		0.97	%		1.65	%(f)
Ratio of total expenses to average net assets		1.17	%(f)		1.11	%		1.10	%		5.88	%		15.88	%(f)
Ratio of net investment income to average net assets		1.39	%(f)		1.94	%		2.17	%		2.40	%(c)		0.93	%(f)
Portfolio turnover rate(g)		26	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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. 13

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2016(a)
				2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.48		$	9.69		$	10.85		$	9.89		$	10.00
Net investment income (loss)(b)		0.06			0.16			0.14			0.18	(c)		0.05
Net realized and unrealized gain (loss)		(1.15	)		2.82			(1.16	)		1.00			0.01
Total from investment operations		(1.09	)		2.98			(1.02	)		1.18			0.06
Distributions to shareholders from net investment income		(0.06	)		(0.17	)		(0.14	)		(0.18	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			—			(0.04	)		(0.12	)
Distributions to shareholders from return of capital		—			(0.02	)		—			—	(d)		(0.01	)
Total distributions		(0.06	)		(0.19	)		(0.14	)		(0.22	)		(0.17	)
Net asset value, end of period	$	11.33		$	12.48		$	9.69		$	10.85		$	9.89
Total Return(e)		(8.73	)%		30.94	%		(9.49	)%		12.00	%		0.82	%
Net assets, end of period (in 000’s)	$	30		$	33		$	25		$	28		$	25
Ratio of net expenses to average net assets		1.59	%(f)		1.61	%		1.63	%		1.64	%		1.15	%(f)
Ratio of total expenses to average net assets		1.82	%(f)		1.77	%		1.75	%		6.55	%		15.38	%(f)
Ratio of net investment income (loss) to average net assets		1.03	%(f)		1.42	%		1.30	%		1.74	%(c)		1.44	%(f)
Portfolio turnover rate(g)		26	%		39	%		67	%		103	%		59	%

(a) Commenced operations on June 27, 2016.

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

(c) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	12.47		$	9.68		$	10.47
Net investment income(b)		0.08			0.23			0.12
Net realized and unrealized gain (loss)		(1.14	)		2.83			(0.73	)
Total from investment operations		(1.06	)		3.06			(0.61	)
Distributions to shareholders from net investment income		(0.09	)		(0.24	)		(0.18	)
Distributions to shareholders from return of capital		—			(0.03	)		—
Total distributions		(0.09	)		(0.27	)		(0.18	)
Net asset value, end of period	$	11.32		$	12.47		$	9.68
Total Return(c)		(8.37	)%		31.77	%		(5.91	)%
Net assets, end of period (in 000’s)	$	3,581		$	3,936		$	2,278
Ratio of net expenses to average net assets		0.98	%(d)		0.99	%		0.98	%(d)
Ratio of total expenses to average net assets		1.17	%(d)		1.12	%		1.14	%(d)
Ratio of net investment income to average net assets		1.44	%(d)		1.99	%		1.68	%(d)
Portfolio turnover rate(e)		26	%		39	%		67	%

(a) Commenced operations on April 17, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Global Infrastructure Fund (the “Fund”) is a non-diversified portfolio and currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class R6, Class R, and Class P 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 R6, Class R, and Class P 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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT. The Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

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/or pro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

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. Net investment income distributions are declared and paid quarterly, and capital gains distributions, if any, are declared and paid at least 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.

16

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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 GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing 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. Certain equity securities containing unique attributes may be classified as Level 2.

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2020:

GLOBAL INFRASTRUCTURE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	8,182,036	$	—
Europe		2,588,290		32,117,565		—
North America		95,524,901		—		—
Oceania		—		7,545,216		—
Investment Company		4,523,697		—		—
Total	$	102,636,888	$	47,844,817	$	—

(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 Fund utilizes fair value model prices provided by an independent third-party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

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

4. 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.

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate												Effective Net Management Rate*
First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
	0.90%		0.81%		0.77%		0.75%		0.74%		0.90%		0.90%

* 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, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests. For the six months ended June 30, 2020, GSAM waived $1,743 of the Fund’s management fee.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of 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 Plans Rates
	Class A*			Class C			Class R*
Distribution and/or Service Plans		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 Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund 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 June 30, 2020, Goldman Sachs retained $390 for Class A Shares and did not retain any portion of the CDSC for Class C Shares 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: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

Effective April 29, 2020, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.02% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund through April 29, 2021. Prior to such date, Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees. Prior to April 29, 2020, Goldman Sachs waived a portion of its transfer agency fee equal to 0.03% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares.

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 limitation as an annual percentage rate of average daily net assets for the Fund is 0.054%. This Other Expense limitation will remain in place through at least April 30, 2021 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
$	1,743	$	373	$	150,605	$	152,721

G.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 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 June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Fund’s investments in the Underlying Fund as of and for the six months ended June 30, 2020:

Underlying Fund	Beginning Value as of December 31, 2019	Purchases at Cost	Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$1,897,089	$36,608,556	$	(33,981,948	)	$	4,523,697		4,523,697	$	8,275

As of June 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of approximately the following percentages with respect to each share class of the Fund (as applicable):

	Percentage of Share Class owned by Goldman Sachs, Inc.
Fund	Institutional			Investor			Class R
Global Infrastructure Fund		8	%		18	%		100	%

As of June 30, 2020, the following Goldman Sachs Fund of Funds Portfolios and Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the Fund:

Fund	Goldman Sachs Enhanced Dividend Global Equity			Goldman Sachs Tax-Advantaged Global Equity			Goldman Sachs Satellite Strategies			Goldman Sachs Dynamic Global Equity			Goldman Sachs Growth Strategy			Goldman Sachs Growth and Income Strategy			Goldman Sachs Balanced Strategy
Global Infrastructure Fund		6	%		36	%		17	%		8	%		10	%		10	%		6	%

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $42,261,719 and $71,850,402.

6. TAX INFORMATION

As of December 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:

Capital loss carryforwards:
Perpetual Short-Term	$	(2,023,722	)
Perpetual Long-Term		—
Total Capital loss carryforwards	$	(2,023,722	)

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	133,987,766
Gross unrealized gain		26,620,673
Gross unrealized loss		(10,126,734	)
Net unrealized gains (losses) on securities	$	16,493,939

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

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.

7. OTHER RISKS

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

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

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

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/ or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7. OTHER RISKS (continued)

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

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

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 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 the 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 the 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. 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.

Non-Diversification Risk — The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

8. INDEMNIFICATIONS

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

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

9. 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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		15,811		$	170,792			22,343		$	256,447
Reinvestment of distributions		250			2,779			1,962			22,805
Shares redeemed		(38,417	)		(457,486	)		(103,775	)		(1,214,946	)
		(22,356	)		(283,915	)		(79,470	)		(935,694	)
Class C Shares
Shares sold		1,985			22,098			87,858			984,673
Reinvestment of distributions		323			3,598			2,621			30,658
Shares redeemed		(122,174	)		(1,488,010	)		(23,685	)		(281,848	)
		(119,866	)		(1,462,314	)		66,794			733,483
Institutional Shares
Shares sold		404,599			4,704,427			64,277			731,681
Reinvestment of distributions		3,101			34,667			1,912			22,684
Shares redeemed		(64,818	)		(716,150	)		(144,031	)		(1,440,884	)
		342,882			4,022,944			(77,842	)		(686,519	)
Investor Shares
Shares sold		9,421			111,140			44,811			520,476
Reinvestment of distributions		101			1,132			1,223			14,485
Shares redeemed		(68,434	)		(836,813	)		(329	)		(3,972	)
		(58,912	)		(724,541	)		45,705			530,989
Class R6 Shares
Shares sold		1,063,797			12,600,313			1,561,568			17,479,495
Reinvestment of distributions		108,296			1,193,196			369,241			4,331,671
Shares redeemed		(3,179,309	)		(36,451,075	)		(5,840,148	)		(66,907,233	)
		(2,007,216	)		(22,657,566	)		(3,909,339	)		(45,096,067	)
Class R Shares
Reinvestment of distributions		14			161			44			515
		14			161			44			515
Class P Shares
Shares sold		35,111			451,000			85,018			996,030
Reinvestment of distributions		2,740			30,187			6,083			71,742
Shares redeemed		(37,286	)		(411,141	)		(10,754	)		(121,004	)
		565			70,046			80,347			946,768
NET DECREASE		(1,864,889	)	$	(21,035,185	)		(3,873,761	)	$	(44,506,525	)

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Fund Expenses — Six Month Period Ended  June 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of the 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 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 R6, Class R and Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days in a 366 day year.

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

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

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

	Global Infrastructure Fund
Share Class	Beginning Account Value 1/1/20		Ending Account Value 6 /30/20			Expenses Paid for the 6 months ended 6/30/20*
Class A
Actual	$	1,000.00	$	915.04		$	6.38
Hypothetical 5% return		1,000.00		1,018.20	+		6.72
Class C
Actual		1,000.00		910.59			9.93
Hypothetical 5% return		1,000.00		1,014.47	+		10.47
Institutional
Actual		1,000.00		916.56			4.72
Hypothetical 5% return		1,000.00		1,019.94	+		4.97
Investor
Actual		1,000.00		915.36			5.19
Hypothetical 5% return		1,000.00		1,019.44	+		5.47
Class R6
Actual		1,000.00		916.33			4.67
Hypothetical 5% return		1,000.00		1,019.99	+		4.92
Class R
Actual		1,000.00		912.74			7.56
Hypothetical 5% return		1,000.00		1,016.96	+		7.97
Class P
Actual		1,000.00		916.33			4.67
Hypothethical 5% return		1,000.00		1,019.99	+		4.92

+ 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 June 30, 2020. 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 R6	Class R	Class P
Global Infrastructure Fund	1.34%	2.09%	0.99%	1.09%	0.98%	1.59%	0.98%

25

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Infrastructure Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

26

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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

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

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

27

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Fund that would have the effect of increasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

28

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.90	%
Next $1 billion	0.81
Next $3 billion	0.77
Next $3 billion	0.75
Over $8 billion	0.74

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; the transfer agent’s undertaking to waive certain fees and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (i) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (k) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

29

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

30

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ 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

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado 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 at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of June 30, 2020 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.

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

© 2020 Goldman Sachs. All rights reserved. 211771-OTU-1242625 GBLINFRASAR-20

Goldman Sachs Funds

Semi-Annual Report	June 30, 2020
	Real Estate Securities Funds
	Global Real Estate Securities
	International Real Estate Securities
	Real Estate Securities

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

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

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

Goldman Sachs Real Estate Securities Funds

∎ GLOBAL REAL ESTATE SECURITIES

∎ INTERNATIONAL REAL ESTATE SECURITIES

∎ REAL ESTATE SECURITIES

TABLE OF CONTENTS
Recent Market Events related to COVID-19	1
Fund Basics	2
Schedules of Investments	8
Financial Statements	13
Financial Highlights	17
Global Real Estate Securities	17
International Real Estate Securities	24
Real Estate Securities	30
Notes to Financial Statements	38
Other Information	52

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Real Estate Securities Funds

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Funds could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Global Real Estate Securities Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Index (Net, USD, Unhedged)2
Class A		-18.29	%		-21.28	%
Class C		-18.61			-21.28
Institutional		-18.05			-21.28
Investor		-18.14			-21.28
Class R6		-18.08			-21.28
Class R		-18.38			-21.28
Class P		-18.18			-21.28

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

²  The FTSE EPRA Nareit Developed Index (Net, USD, Unhedged) is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/203
Holding	% of Net Assets			Subsectors	Country
Prologis, Inc. (REIT)		6.0	%	Industrial	United States
Vonovia SE		3.6		Real Estate Operating Companies	Germany
Equinix, Inc. (REIT)		2.9		Specialized	United States
Goodman Group (REIT)		2.5		Industrial	Australia
Alexandria Real Estate Equities, Inc. (REIT)		2.2		Office	United States
Link REIT (REIT)		2.1		Retail	Hong Kong
Mitsubishi Estate Co. Ltd.		2.1		Diversified	Japan
Essex Property Trust, Inc. (REIT)		2.0		Residential	United States
Camden Property Trust (REIT)		1.9		Residential	United States
Invitation Homes, Inc. (REIT)		1.9		Residential	United States

³  The top 10 holdings may not be representative of the Fund’s future investments.

2

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁴

As of June 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The percentage shown for each country reflects the value of investments in that country as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

3

FUND BASICS

International Real Estate Securities Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Ex US Real Estate Index (Net, USD, Unhedged)2
Class A		-16.80	%		-21.49	%
Class C		-17.20			-21.49
Institutional		-16.75			-21.49
Investor		-16.83			-21.49
Class R6		-16.75			-21.49
Class P		-16.64			-21.49

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

²  The FTSE EPRA Nareit Developed Ex US Real Estate Index (Net, USD, Unhedged) is a subset of the FTSE EPRA Nareit Developed Index and is designed to track the performance of listed real estate companies and REITS. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/203,4
Holding	% of Total Net Assets	Line of Business	Country
Vonovia SE	8.4%	Real Estate Operating Companies	Germany
Mitsubishi Estate Co. Ltd.	5.1	Diversified	Japan
Goodman Group (REIT)	4.3	Industrial	Australia
Link REIT (REIT)	3.9	Retail	Hong Kong
CK Asset Holdings Ltd.	3.8	Real Estate Development	Hong Kong
Sun Hung Kai Properties Ltd.	3.3	Diversified	Hong Kong
Sumitomo Realty & Development Co. Ltd.	3.3	Diversified	Japan
Segro plc (REIT)	3.1	Industrial	United Kingdom
Gecina SA (REIT)	2.7	Diversified	France
Nippon Prologis REIT, Inc. (REIT)	2.6	Industrial	Japan

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The Fund’s overall top ten 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 2.9% of the Fund’s net assets as of June 30, 2020.

4

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁵

As of June 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The graph categorizes investments’ country of domicile as reported by Bloomberg; however, the country/grouping classifications used by the portfolio management team may differ from Bloomberg. The percentage shown for each country reflects the value of investments in that category as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

5

FUND BASICS

Real Estate Securities Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Wilshire U.S. Real Estate Securities Index2
Class A		-17.33	%		-17.89	%
Class C		-17.69			-17.89
Institutional		-17.26			-17.89
Service		-17.44			-17.89
Investor		-17.32			-17.89
Class R6		-17.26			-17.89
Class R		-17.47			-17.89
Class P		-17.20			-17.89

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

²  The Wilshire U.S. Real Estate Securities Index is an unmanaged market capitalization-weighted index comprised of publicly traded REITs and real estate operating companies. The figures do not reflect any fees or expenses. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/203
Holding	% of Total Net Assets			Subsectors
Prologis, Inc. (REIT)		11.2	%	Industrial
Equinix, Inc. (REIT)		11.2		Specialized
Alexandria Real Estate Equities, Inc. (REIT)		4.5		Office
Essex Property Trust, Inc. (REIT)		3.7		Residential
AvalonBay Communities, Inc. (REIT)		3.3		Residential
Healthpeak Properties, Inc. (REIT)		3.3		Health Care
Sun Communities, Inc. (REIT)		3.3		Residential
Duke Realty Corp. (REIT)		3.2		Industrial
Equity LifeStyle Properties, Inc. (REIT)		3.1		Residential
Extra Space Storage, Inc. (REIT)		3.0		Specialized

³  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2020

⁴  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. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

7

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 95.4%
Australia – 5.4%
	865,817	Centuria Industrial REIT (REIT) (Industrial)	$	1,904,043
	432,826	Goodman Group (REIT) (Industrial)		4,465,999
	1,030,214	Ingenia Communities Group (REIT) (Residential)		3,220,470
				9,590,512
Belgium – 1.0%
	62,224	Warehouses De Pauw CVA (REIT) (Industrial)		1,709,483
Canada – 2.7%
	54,573	Allied Properties REIT (REIT) (Office)		1,646,516
	35,170	Canadian Apartment Properties REIT (REIT) (Residential)		1,258,773
	62,330	Chartwell Retirement Residences (Health Care)		430,194
	160,464	Summit Industrial Income REIT (REIT) (Industrial)		1,353,354
				4,688,837
France – 1.2%
	17,719	Gecina SA (REIT) (Diversified)		2,188,424
Germany – 6.2%
	128,650	alstria office REIT-AG (REIT) (Office)		1,914,724
	41,672	Deutsche Wohnen SE (Real Estate Operating Companies)		1,872,557
	38,844	Instone Real Estate Group AG (Real Estate Development)*(a)		842,756
	103,372	Vonovia SE (Real Estate Operating Companies)		6,318,414
				10,948,451
Hong Kong – 5.1%
	375,500	CK Asset Holdings Ltd. (Real Estate Development)		2,251,796
	460,100	Link REIT (REIT) (Retail)		3,777,498
	110,000	Sun Hung Kai Properties Ltd. (Diversified)		1,405,277
	603,400	Swire Properties Ltd. (Real Estate Operating Companies)		1,540,582
				8,975,153
Ireland – 1.1%
	240,261	Dalata Hotel Group plc (Hotel)		771,237
	871,013	Hibernia REIT plc (REIT) (Office)		1,099,660
				1,870,897
Japan – 10.5%
	354	Activia Properties, Inc. (REIT) (Diversified)		1,226,654
	1,732	Daiwa Securities Living Investments Corp. (REIT) (Residential)		1,613,053
Common Stocks – (continued)
Japan – (continued)
	1,955	ESCON Japan REIT Investment Corp. (REIT) (Diversified)		2,020,012
	34,400	Kyoritsu Maintenance Co. Ltd. (Hotel)		1,176,845
	251,900	Mitsubishi Estate Co. Ltd. (Diversified)		3,753,768
	449	Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)		2,007,531
	1,070	Nippon Prologis REIT, Inc. (REIT) (Industrial)		3,251,339
	1,799	Sankei Real Estate, Inc. (REIT) (Office)		1,569,590
	73,100	Sumitomo Realty & Development Co. Ltd. (Diversified)		2,017,756
				18,636,548
Norway – 0.9%
	129,845	Entra ASA (Real Estate Operating Companies)(a)		1,664,440
Singapore – 3.9%
	2,366,800	Ascendas India Trust (REIT) (Real Estate Operating Companies)		2,295,045
	543,600	CapitaLand Ltd. (Diversified)*		1,148,434
	1,473,700	Elite Commercial REIT (REIT) (Diversified)*		1,241,722
	1,227,700	Keppel DC REIT (REIT) (Specialized)		2,248,320
				6,933,521
Spain – 1.5%
	40,238	Aedas Homes SA (Real Estate Development)*(a)		729,648
	15,551	Cellnex Telecom SA (Integrated Telecommunication Services)(a)		949,820
	126,338	Merlin Properties Socimi SA (REIT) (Diversified)		1,052,807
				2,732,275
Sweden – 1.4%
	135,315	Castellum AB (Real Estate Operating Companies)		2,535,524
United Kingdom – 4.6%
	97,865	Big Yellow Group plc (REIT) (Specialized)		1,218,167
	39,257	Derwent London plc (REIT) (Office)		1,350,394
	259,876	Segro plc (REIT) (Industrial)		2,874,223
	1,158,664	Tritax EuroBox plc (Diversified)(a)		1,386,910
	110,577	UNITE Group plc (The) (REIT) (Residential)		1,287,613
				8,117,307
United States – 49.9%
	23,620	Alexandria Real Estate Equities, Inc. (REIT) (Office)		3,832,345
	11,998	American Tower Corp. (REIT) (Specialized)		3,101,963

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	47,456	Americold Realty Trust (REIT) (Industrial)	$	1,722,653
	18,292	AvalonBay Communities, Inc. (REIT) (Residential)		2,828,675
	11,404	Boston Properties, Inc. (REIT) (Office)		1,030,694
	37,201	Camden Property Trust (REIT) (Residential)		3,393,475
	120,636	Columbia Property Trust, Inc. (REIT) (Office)		1,585,157
	9,583	CoreSite Realty Corp. (REIT) (Specialized)		1,160,118
	67,663	CubeSmart (REIT) (Specialized)		1,826,224
	58,829	Cushman & Wakefield plc (Real Estate Services)*		733,009
	34,485	CyrusOne, Inc. (REIT) (Specialized)		2,508,784
	5,523	Digital Realty Trust, Inc. (REIT) (Specialized)		784,874
	85,858	Duke Realty Corp. (REIT) (Industrial)		3,038,515
	7,307	Equinix, Inc. (REIT) (Specialized)		5,131,706
	38,311	Equity LifeStyle Properties, Inc. (REIT) (Residential)		2,393,671
	34,040	Equity Residential (REIT) (Residential)		2,002,233
	15,162	Essex Property Trust, Inc. (REIT) (Residential)		3,474,676
	27,853	Extra Space Storage, Inc. (REIT) (Specialized)		2,572,782
	14,095	Federal Realty Investment Trust (REIT) (Retail)		1,201,035
	45,444	Healthcare Realty Trust, Inc. (REIT) (Health Care)		1,331,055
	112,971	Healthpeak Properties, Inc. (REIT) (Health Care)		3,113,481
	103,514	Host Hotels & Resorts, Inc. (REIT) (Hotel)		1,116,916
	68,286	Hudson Pacific Properties, Inc. (REIT) (Office)		1,718,076
	120,010	Invitation Homes, Inc. (REIT) (Residential)		3,303,875
	22,915	Kilroy Realty Corp. (REIT) (Office)		1,345,110
	19,113	Life Storage, Inc. (REIT) (Specialized)		1,814,779
	44,484	Pebblebrook Hotel Trust (REIT) (Hotel)		607,651
	39,420	Physicians Realty Trust (REIT) (Health Care)		690,638
	113,950	Prologis, Inc. (REIT) (Industrial)		10,634,953
	4,591	Public Storage (REIT) (Specialized)		880,967
	27,739	Realty Income Corp. (REIT) (Retail)		1,650,471
	30,371	Regency Centers Corp. (REIT) (Retail)		1,393,725
	109,542	RLJ Lodging Trust (REIT) (Hotel)		1,034,076
	15,952	Ryman Hospitality Properties, Inc. (REIT) (Hotel)		551,939
	26,935	Simon Property Group, Inc. (REIT) (Retail)		1,841,815
	70,223	STORE Capital Corp. (REIT) (Diversified)		1,672,010
	18,222	Sun Communities, Inc. (REIT) (Residential)		2,472,361
Common Stocks – (continued)
United States – (continued)
	23,620	Terreno Realty Corp. (REIT) (Industrial)		1,243,357
	67,323	Urban Edge Properties (REIT) (Retail)		799,124
	37,723	Ventas, Inc. (REIT) (Health Care)		1,381,416
	42,089	Vornado Realty Trust (REIT) (Office)		1,608,221
	22,432	Welltower, Inc. (REIT) (Health Care)		1,160,856
	12,915	WP Carey, Inc. (REIT) (Diversified)		873,700
				88,563,161
	TOTAL COMMON STOCKS
	(Cost $163,635,784)		$	169,154,533
Shares		Dividend Rate	Value
Investment Company(b) – 1.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,635,819	0.155%	$	2,635,819
	(Cost $2,635,819)
	TOTAL INVESTMENTS – 96.9%
	(Cost $166,271,603)		$	171,790,352
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.1%			5,548,151
	NET ASSETS – 100.0%		$	177,338,503

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 96.4%
Australia – 9.1%
	458,951	Centuria Industrial REIT (REIT) (Industrial)	$	1,009,292
	224,518	Goodman Group (REIT) (Industrial)		2,316,629
	408,380	Ingenia Communities Group (REIT) (Residential)		1,276,604
	188,281	Mirvac Group (REIT) (Diversified)		284,418
				4,886,943
Belgium – 1.3%
	25,939	Warehouses De Pauw CVA (REIT) (Industrial)		712,624
Canada – 5.9%
	39,043	Allied Properties REIT (REIT) (Office)		1,177,962
	22,474	Canadian Apartment Properties REIT (REIT) (Residential)		804,369
	39,833	Chartwell Retirement Residences (Health Care)		274,923
	111,749	Summit Industrial Income REIT (REIT) (Industrial)		942,491
				3,199,745
France – 3.7%
	11,914	Gecina SA (REIT) (Diversified)		1,471,465
	13,878	Klepierre SA (REIT) (Retail)		277,405
	4,051	Unibail-Rodamco-Westfield (REIT) (Retail)		228,342
				1,977,212
Germany – 12.3%
	47,740	alstria office REIT-AG (REIT) (Office)		710,524
	24,414	Deutsche Wohnen SE (Real Estate Operating Companies)		1,097,058
	11,718	Instone Real Estate Group AG (Real Estate Development)*(a)		254,233
	74,421	Vonovia SE (Real Estate Operating Companies)		4,548,840
				6,610,655
Hong Kong – 12.4%
	337,500	CK Asset Holdings Ltd. (Real Estate Development)		2,023,918
	257,300	Link REIT (REIT) (Retail)		2,112,476
	140,975	Sun Hung Kai Properties Ltd. (Diversified)		1,800,990
	290,400	Swire Properties Ltd. (Real Estate Operating Companies)		741,440
				6,678,824
Ireland – 1.1%
	73,249	Dalata Hotel Group plc (Hotel)		235,129
	304,385	Hibernia REIT plc (REIT) (Office)		384,288
				619,417
Japan – 24.4%
	296	Activia Properties, Inc. (REIT) (Diversified)		1,025,677
Common Stocks – (continued)
Japan – (continued)
	810	Daiwa Securities Living Investments Corp. (REIT) (Residential)		754,372
	623	ESCON Japan REIT Investment Corp. (REIT) (Diversified)		643,718
	973	GLP J-REIT (REIT) (Industrial)		1,406,034
	13,300	Kyoritsu Maintenance Co. Ltd. (Hotel)		455,001
	182,700	Mitsubishi Estate Co. Ltd. (Diversified)		2,722,562
	66,000	Mitsui Fudosan Co. Ltd. (Diversified)		1,172,472
	178	Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)		795,859
	468	Nippon Prologis REIT, Inc. (REIT) (Industrial)		1,422,081
	1,110	Sankei Real Estate, Inc. (REIT) (Office)		968,452
	65,000	Sumitomo Realty & Development Co. Ltd. (Diversified)		1,794,174
				13,160,402
Norway – 1.5%
	63,032	Entra ASA (Real Estate Operating Companies)(a)		807,986
Singapore – 6.4%
	1,061,900	Ascendas India Trust (REIT) (Real Estate Operating Companies)		1,029,706
	149,200	Ascendas REIT (REIT) (Industrial)		342,326
	325,700	CapitaLand Ltd. (Diversified)*		688,089
	613,800	Elite Commercial REIT (REIT) (Diversified)*		517,181
	462,300	Keppel DC REIT (REIT) (Specialized)		846,622
				3,423,924
Spain – 2.0%
	14,747	Aedas Homes SA (Real Estate Development)*(a)		267,412
	5,085	Cellnex Telecom SA (Integrated Telecommunication Services)(a)		310,580
	63,316	Merlin Properties Socimi SA (REIT) (Diversified)		527,629
				1,105,621
Sweden – 2.6%
	74,990	Castellum AB (Real Estate Operating Companies)		1,405,158
Switzerland – 2.4%
	11,317	PSP Swiss Property AG (Registered) (Real Estate Operating Companies)		1,274,699
United Kingdom – 11.3%
	75,291	Big Yellow Group plc (REIT) (Specialized)		937,179
	33,938	Derwent London plc (REIT) (Office)		1,167,427
	149,715	Segro plc (REIT) (Industrial)		1,655,845
	246,216	Tritax Big Box REIT plc (REIT) (Industrial)		442,337
	529,930	Tritax EuroBox plc (Diversified)(a)		634,321

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	105,776	UNITE Group plc (The) (REIT) (Residential)	$	1,231,708
				6,068,817
	TOTAL COMMON STOCKS
	(Cost $56,776,697)		$	51,932,027
Shares		Dividend Rate	Value
Investment Company(b) – 2.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,553,212	0.155%	$	1,553,212
	(Cost $1,553,212)
	TOTAL INVESTMENTS – 99.3%
	(Cost $58,329,909)		$	53,485,239
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			399,568
	NET ASSETS – 100.0%		$	53,884,807

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Diversified – 1.7%
	37,005	STORE Capital Corp. (REIT)	$	881,089
	17,667	WP Carey, Inc. (REIT)		1,195,172
				2,076,261
Health Care – 9.3%
	55,192	Healthcare Realty Trust, Inc. (REIT)		1,616,574
	146,081	Healthpeak Properties, Inc. (REIT)		4,025,992
	28,403	Physicians Realty Trust (REIT)		497,621
	73,600	Ventas, Inc. (REIT)		2,695,232
	48,504	Welltower, Inc. (REIT)		2,510,082
				11,345,501
Hotel – 3.6%
	198,533	Host Hotels & Resorts, Inc. (REIT)		2,142,171
	132,488	RLJ Lodging Trust (REIT)		1,250,687
	27,933	Ryman Hospitality Properties, Inc. (REIT)		966,482
				4,359,340
Industrial – 16.4%
	35,539	Americold Realty Trust (REIT)		1,290,066
	111,894	Duke Realty Corp. (REIT)		3,959,929
	146,438	Prologis, Inc. (REIT)		13,667,058
	21,361	Terreno Realty Corp. (REIT)		1,124,443
				20,041,496
Office – 13.4%
	34,007	Alexandria Real Estate Equities, Inc. (REIT)		5,517,636
	33,181	Boston Properties, Inc. (REIT)		2,998,899
	123,589	Columbia Property Trust, Inc. (REIT)		1,623,959
	93,417	Hudson Pacific Properties, Inc. (REIT)		2,350,372
	32,103	Kilroy Realty Corp. (REIT)		1,884,446
	55,499	Vornado Realty Trust (REIT)		2,120,617
				16,495,929
Residential – 20.5%
	26,194	AvalonBay Communities, Inc. (REIT)		4,050,640
	36,665	Camden Property Trust (REIT)		3,344,581
	59,715	Equity LifeStyle Properties, Inc. (REIT)		3,730,993
	36,666	Equity Residential (REIT)		2,156,694
	19,675	Essex Property Trust, Inc. (REIT)		4,508,920
	114,504	Invitation Homes, Inc. (REIT)		3,152,295
	29,407	Sun Communities, Inc. (REIT)		3,989,942
				24,934,065
Retail – 6.4%
	18,060	Federal Realty Investment Trust (REIT)		1,538,893
	45,207	Regency Centers Corp. (REIT)		2,074,549
	41,311	Simon Property Group, Inc. (REIT)		2,824,846
	112,705	Urban Edge Properties (REIT)		1,337,808
				7,776,096
Specialized – 27.9%
	9,587	American Tower Corp. (REIT)		2,478,623
	13,646	CoreSite Realty Corp. (REIT)		1,651,985
	90,166	CubeSmart (REIT)		2,433,580
	37,691	CyrusOne, Inc. (REIT)		2,742,020
	18,416	Digital Realty Trust, Inc. (REIT)		2,617,098
	19,379	Equinix, Inc. (REIT)		13,609,872
	39,446	Extra Space Storage, Inc. (REIT)		3,643,627
	24,156	Life Storage, Inc. (REIT)		2,293,612
	12,552	Public Storage (REIT)		2,408,603
				33,879,020
	TOTAL INVESTMENTS – 99.2%
	(Cost $98,116,217)		$	120,907,708
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%			975,209
NET ASSETS – 100.0%			$121,882,917

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

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $163,635,784, $56,776,697 and $98,116,217)	$	169,154,533		$	51,932,027		$	120,907,708
Investments in affiliated issuers, at value (cost $2,635,819, $1,553,212 and $0)		2,635,819			1,553,212			—
Cash		606,107			49,779			74,435
Foreign currencies, at value (cost $73,503, $86,253 and $0)		73,302			85,625			—
Receivables:
Fund shares sold		4,287,157			10,357			109,730
Dividends		617,811			161,263			439,522
Foreign tax reclaims		164,422			92,573			—
Reimbursement from investment adviser		33,461			35,619			33,978
Investments sold		—			1,705,116			775,691
Other assets		94,714			58,854			73,829
Total assets		177,667,326			55,684,425			122,414,893
Liabilities:
Payables:
Management fees		133,545			42,888			89,086
Investments purchased		50,073			18,891			—
Fund shares redeemed		25,509			1,601,617			303,755
Distribution and Service fees and Transfer Agency fees		4,421			2,178			12,917
Accrued expenses		115,275			134,044			126,218
Total liabilities		328,823			1,799,618			531,976
Net Assets:
Paid-in capital		192,526,958			73,689,537			92,843,320
Total distributable earnings (loss)		(15,188,455	)		(19,804,730	)		29,039,597
NET ASSETS	$	177,338,503		$	53,884,807		$	121,882,917
Net Assets:
Class A	$	44,102		$	2,049,742		$	19,971,386
Class C		44,142			93,525			1,833,754
Institutional		1,857,158			5,475,006			21,849,590
Service		—			—			966,451
Investor		27,617			90,537			2,702,091
Class R6		147,164,631			10,401			810,424
Class R		26,958			—			870,874
Class P		28,173,895			46,165,596			72,878,347
Total Net Assets	$	177,338,503		$	53,884,807		$	121,882,917
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		4,876			372,989			1,841,576
Class C		4,904			16,845			179,625
Institutional		205,514			1,033,266			1,933,255
Service		—			—			88,229
Investor		3,062			16,633			246,257
Class R6		16,318,851			1,964			71,705
Class R		2,991			—			81,394
Class P		3,125,702			8,732,443			6,452,278
Net asset value, offering and redemption price per share:(a)
Class A		$9.04			$5.50			$10.84
Class C		9.00			5.55			10.21
Institutional		9.04			5.30			11.30
Service		—			—			10.95
Investor		9.02			5.44			10.97
Class R6		9.02			5.30			11.30
Class R		9.01			—			10.70
Class P		9.01			5.29			11.29

(a) Maximum public offering price per share for Class A Shares of the Global Real Estate Securities, International Real Estate Securities and Real Estate Securities Funds is $9.57, $5.82 and $11.47, 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. 13

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $99,696, $84,687 and $0)	$	2,376,033		$	838,323		$	1,665,737
Dividends — affiliated issuers		12,915			4,579			2,635
Securities lending income — affiliated issuer		3,100			2,678			—
Total investment income		2,392,048			845,580			1,668,372
Expenses:
Management fees		881,484			300,874			584,157
Custody, accounting and administrative services		54,216			55,358			45,566
Professional fees		53,442			54,100			50,627
Registration fees		53,118			45,357			57,170
Transfer Agency fees(a)		28,642			11,568			41,972
Printing and mailing costs		22,258			16,456			23,005
Trustee fees		9,607			9,463			9,536
Distribution and Service fees(a)		408			3,494			41,266
Service share fees — Service and Shareholder Administration Plan		—			—			3,146
Other		12,369			26,899			17,092
Total expenses		1,115,544			523,569			873,537
Less — expense reductions		(203,646	)		(207,502	)		(201,999	)
Net expenses		911,898			316,067			671,538
NET INVESTMENT INCOME		1,480,150			529,513			996,834
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(14,165,420	)		(2,980,787	)		6,732,132
Foreign currency transactions		(22,998	)		11,766			—
Net change in unrealized loss on:
Investments — unaffiliated issuers		(28,281,804	)		(11,914,133	)		(33,740,781	)
Foreign currency translation		(2,140	)		(9,740	)		—
Net realized and unrealized loss		(42,472,362	)		(14,892,894	)		(27,008,649	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(40,992,212	)	$	(14,363,381	)	$	(26,011,815	)

(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 R6		Class R		Class P
Global Real Estate Securities	$	58	$	280	$	70	$	39	$	47	$	379		N/A	$	25	$	23,235	$	24	$	4,893
International Real Estate Securities		2,899		595		N/A		1,971		101		1,170		N/A		81		2		N/A		8,243
Real Estate Securities		27,822		10,622		2,822		18,920		1,806		5,023	$	252		3,220		130		959		11,662

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets

	Global Real Estate Securities Fund						International Real Estate Securities Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	1,480,150		$	4,892,864		$	529,513		$	1,773,253
Net realized gain (loss)		(14,188,418	)		10,714,347			(2,969,021	)		2,198,843
Net change in unrealized gain (loss)		(28,283,944	)		42,541,227			(11,923,873	)		12,860,539
Net increase (decrease) in net assets resulting from operations		(40,992,212	)		58,148,438			(14,363,381	)		16,832,635
Distributions to shareholders:
From distributable earnings:
Class A Shares		(290	)		(8,437	)		(15,238	)		(183,401	)
Class C Shares		(155	)		(4,483	)		(232	)		(8,170	)
Institutional Shares		(15,753	)		(167,237	)		(53,828	)		(468,447	)
Investor Shares		(216	)		(2,592	)		(806	)		(7,508	)
Class R6 Shares		(1,228,117	)		(15,480,001	)		(103	)		(1,403	)
Class R Shares		(144	)		(2,388	)		—			—
Class P Shares		(256,801	)		(3,426,805	)		(473,506	)		(4,954,363	)
Total distributions to shareholders		(1,501,476	)		(19,091,943	)		(543,713	)		(5,623,292	)
From share transactions:
Proceeds from sales of shares		29,673,621			16,341,265			14,259,482			3,018,061
Reinvestment of distributions		1,501,476			19,091,244			543,536			5,620,083
Cost of shares redeemed		(49,898,206	)		(137,841,618	)		(26,061,337	)		(35,565,954	)
Net decrease in net assets resulting from share transactions		(18,723,109	)		(102,409,109	)		(11,258,319	)		(26,927,810	)
TOTAL DECREASE		(61,216,797	)		(63,352,614	)		(26,165,413	)		(15,718,467	)
Net Assets:
Beginning of period		238,555,300			301,907,914			80,050,220			95,768,687
End of period	$	177,338,503		$	238,555,300		$	53,884,807		$	80,050,220

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	996,834		$	2,998,430
Net realized gain		6,732,132			18,432,828
Net change in unrealized gain (loss)		(33,740,781	)		16,996,855
Net increase (decrease) in net assets resulting from operations		(26,011,815	)		38,428,113
Distributions to shareholders:
From distributable earnings:
Class A Shares		(214,962	)		(4,434,753	)
Class C Shares		(14,067	)		(465,177	)
Institutional Shares		(276,746	)		(4,792,454	)
Service Shares		(11,150	)		(276,914	)
Investor Shares		(32,857	)		(820,674	)
Class R6 Shares		(9,977	)		(149,539	)
Class R Shares		(9,027	)		(241,139	)
Class P Shares		(879,698	)		(14,663,341	)
Total distributions to shareholders		(1,448,484	)		(25,843,991	)
From share transactions:
Proceeds from sales of shares		21,354,347			16,358,201
Reinvestment of distributions		1,421,924			25,157,239
Cost of shares redeemed		(31,773,124	)		(58,110,627	)
Net decrease in net assets resulting from share transactions		(8,996,853	)		(16,595,187	)
TOTAL DECREASE		(36,457,152	)		(4,011,065	)
Net Assets:
Beginning of period		158,340,069			162,351,134
End of period	$	121,882,917		$	158,340,069

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												August 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.14		$	9.79		$	10.64		$	10.05		$	10.44		$	10.00
Net investment income(a)		0.06			0.17			0.19			0.21			0.17			0.05
Net realized and unrealized gain (loss)		(2.10	)		2.01			(0.79	)		0.63			(0.08	)		0.52
Total from investment operations		(2.04	)		2.18			(0.60	)		0.84			0.09			0.57
Distributions to shareholders from net investment income		(0.06	)		(0.53	)		(0.20	)		(0.25	)		(0.29	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.30	)		—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			(0.02	)		—
Total distributions		(0.06	)		(0.83	)		(0.25	)		(0.25	)		(0.48	)		(0.13	)
Net asset value, end of period	$	9.04		$	11.14		$	9.79		$	10.64		$	10.05		$	10.44
Total return(c)		(18.29	)%		22.47	%		(5.77	)%		8.50	%		0.82	%		5.71	%
Net assets, end of period (in 000s)	$	44		$	54		$	905		$	1,768		$	32		$	26
Ratio of net expenses to average net assets		1.35	%(d)		1.36	%		1.37	%		1.39	%		1.44	%		1.40	%(d)
Ratio of total expenses to average net assets		1.57	%(d)		1.52	%		1.52	%		1.59	%		4.34	%		15.24	%(d)
Ratio of net investment income to average net assets		1.23	%(d)		1.55	%		1.85	%		2.03	%		1.57	%		1.43	%(d)
Portfolio turnover rate(e)		42	%		42	%		67	%		58	%		60	%		14	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												August 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.09		$	9.79		$	10.64		$	10.04		$	10.43		$	10.00
Net investment income(a)		0.02			0.11			0.12			0.12			0.10			0.02
Net realized and unrealized gain (loss)		(2.08	)		1.98			(0.80	)		0.65			(0.09	)		0.52
Total from investment operations		(2.06	)		2.09			(0.68	)		0.77			0.01			0.54
Distributions to shareholders from net investment income		(0.03	)		(0.49	)		(0.12	)		(0.17	)		(0.21	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.30	)		—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			(0.02	)		—
Total distributions		(0.03	)		(0.79	)		(0.17	)		(0.17	)		(0.40	)		(0.11	)
Net asset value, end of period	$	9.00		$	11.09		$	9.79		$	10.64		$	10.04		$	10.43
Total return(c)		(18.61	)%		21.60	%		(6.45	)%		7.72	%		0.11	%		5.41	%
Net assets, end of period (in 000s)	$	44		$	66		$	27		$	28		$	36		$	26
Ratio of net expenses to average net assets		2.10	%(d)		2.11	%		2.12	%		2.15	%		2.15	%		2.15	%(d)
Ratio of total expenses to average net assets		2.32	%(d)		2.29	%		2.27	%		2.79	%		5.31	%		16.01	%(d)
Ratio of net investment income to average net assets		0.47	%(d)		0.96	%		1.20	%		1.15	%		0.93	%		0.68	%(d)
Portfolio turnover rate(e)		42	%		42	%		67	%		58	%		60	%		14	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												August 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.13		$	9.82		$	10.66		$	10.06		$	10.44		$	10.00
Net investment income (loss)(a)		0.08			0.22			(0.03	)		0.24			0.24			0.06
Net realized and unrealized gain (loss)		(2.09	)		2.00			(0.54	)		0.65			(0.10	)		0.52
Total from investment operations		(2.01	)		2.22			(0.57	)		0.89			0.14			0.58
Distributions to shareholders from net investment income		(0.08	)		(0.61	)		(0.22	)		(0.29	)		(0.32	)		(0.13	)
Distributions to shareholders from net realized gains		—			(0.30	)		—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			(0.03	)		—
Total distributions		(0.08	)		(0.91	)		(0.27	)		(0.29	)		(0.52	)		(0.14	)
Net asset value, end of period	$	9.04		$	11.13		$	9.82		$	10.66		$	10.06		$	10.44
Total return(c)		(18.05	)%		22.91	%		(5.41	)%		8.96	%		1.30	%		5.81	%
Net assets, end of period (in 000s)	$	1,857		$	2,131		$	1,855		$	338,527		$	27,663		$	3,043
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		1.00	%		1.00	%		1.00	%		1.00	%(d)
Ratio of total expenses to average net assets		1.19	%(d)		1.15	%		1.18	%		1.24	%		2.82	%		14.86	%(d)
Ratio of net investment income (loss) to average net assets		1.64	%(d)		1.98	%		(0.26	)%		2.31	%		2.23	%		1.83	%(d)
Portfolio turnover rate(e)		42	%		42	%		67	%		58	%		60	%		14	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												August 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.11		$	9.80		$	10.65		$	10.05		$	10.44		$	10.00
Net investment income(b)		0.07			0.21			0.23			0.22			0.20			0.06
Net realized and unrealized gain (loss)		(2.09	)		2.00			(0.81	)		0.65			(0.09	)		0.51
Total from investment operations		(2.02	)		2.21			(0.58	)		0.87			0.11			0.57
Distributions to shareholders from net investment income		(0.07	)		(0.60	)		(0.22	)		(0.27	)		(0.31	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.30	)		—			—	(c)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			(0.02	)		—
Total distributions		(0.07	)		(0.90	)		(0.27	)		(0.27	)		(0.50	)		(0.13	)
Net asset value, end of period	$	9.02		$	11.11		$	9.80		$	10.65		$	10.05		$	10.44
Total return(d)		(18.14	)%		22.79	%		(5.50	)%		8.80	%		1.05	%		5.78	%
Net assets, end of period (in 000s)	$	28		$	34		$	27		$	29		$	27		$	26
Ratio of net expenses to average net assets		1.10	%(e)		1.11	%		1.12	%		1.15	%		1.15	%		1.15	%(e)
Ratio of total expenses to average net assets		1.32	%(e)		1.29	%		1.27	%		1.75	%		4.22	%		15.02	%(e)
Ratio of net investment income to average net assets		1.47	%(e)		1.85	%		2.20	%		2.13	%		1.85	%		1.68	%(e)
Portfolio turnover rate(f)		42	%		42	%		67	%		58	%		60	%		14	%

 * 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) Amount is less than $0.005 per share.

(d) 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.

(e) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												August 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.11		$	9.80		$	10.66		$	10.06		$	10.44		$	10.00
Net investment income(a)		0.07			0.21			0.29			0.24			0.21			0.06
Net realized and unrealized gain (loss)		(2.08	)		2.01			(0.86	)		0.65			(0.07	)		0.52
Total from investment operations		(2.01	)		2.22			(0.57	)		0.89			0.14			0.58
Distributions to shareholders from net investment income		(0.08	)		(0.61	)		(0.24	)		(0.29	)		(0.33	)		(0.13	)
Distributions to shareholders from net realized gains		—			(0.30	)		—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			(0.02	)		—
Total distributions		(0.08	)		(0.91	)		(0.29	)		(0.29	)		(0.52	)		(0.14	)
Net asset value, end of period	$	9.02		$	11.11		$	9.80		$	10.66		$	10.06		$	10.44
Total return(c)		(18.08	)%		22.97	%		(5.44	)%		8.97	%		1.31	%		5.82	%
Net assets, end of period (in 000s)	$	147,165		$	193,139		$	259,662		$	29		$	27		$	26
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.97	%		0.99	%		0.98	%		0.97	%(d)
Ratio of total expenses to average net assets		1.18	%(d)		1.14	%		1.11	%		1.59	%		4.05	%		14.85	%(d)
Ratio of net investment income to average net assets		1.57	%(d)		1.90	%		2.76	%		2.29	%		2.02	%		1.85	%(d)
Portfolio turnover rate(e)		42	%		42	%		67	%		58	%		60	%		14	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												August 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	11.10		$	9.80		$	10.65		$	10.05		$	10.44		$	10.00
Net investment income(a)		0.05			0.15			0.18			0.17			0.14			0.04
Net realized and unrealized gain (loss)		(2.09	)		1.99			(0.81	)		0.65			(0.08	)		0.52
Total from investment operations		(2.04	)		2.14			(0.63	)		0.82			0.06			0.56
Distributions to shareholders from net investment income		(0.05	)		(0.54	)		(0.17	)		(0.22	)		(0.26	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.30	)		—			—	(b)		(0.17	)		(0.01	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			(0.02	)		—
Total distributions		(0.05	)		(0.84	)		(0.22	)		(0.22	)		(0.45	)		(0.12	)
Net asset value, end of period	$	9.01		$	11.10		$	9.80		$	10.65		$	10.05		$	10.44
Total return(c)		(18.38	)%		22.10	%		(5.97	)%		8.26	%		0.57	%		5.65	%
Net assets, end of period (in 000s)	$	27		$	33		$	27		$	29		$	27		$	26
Ratio of net expenses to average net assets		1.60	%(d)		1.61	%		1.62	%		1.65	%		1.65	%		1.65	%(d)
Ratio of total expenses to average net assets		1.82	%(d)		1.79	%		1.77	%		2.25	%		4.73	%		15.51	%(d)
Ratio of net investment income to average net assets		0.97	%(d)		1.35	%		1.70	%		1.63	%		1.35	%		1.18	%(d)
Portfolio turnover rate(e)		42	%		42	%		67	%		58	%		60	%		14	%

 * Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	11.11		$	9.80		$	10.30
Net investment income(a)		0.07			0.22			0.23
Net realized and unrealized gain (loss)		(2.09	)		2.01			(0.50	)
Total from investment operations		(2.02	)		2.23			(0.27	)
Distributions to shareholders from net investment income		(0.08	)		(0.62	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.30	)		—
Distributions to shareholders from return of capital		—			—			(0.05	)
Total distributions		(0.08	)		(0.92	)		(0.23	)
Net asset value, end of period	$	9.01		$	11.11		$	9.80
Total return(b)		(18.18	)%		22.98	%		(2.69	)%
Net assets, end of period (in 000s)	$	28,174		$	43,099		$	39,405
Ratio of net expenses to average net assets		0.96	%(c)		0.96	%		0.96	%(c)
Ratio of total expenses to average net assets		1.18	%(c)		1.14	%		1.11	%(c)
Ratio of net investment income to average net assets		1.54	%(c)		1.98	%		3.15	%(c)
Portfolio turnover rate(d)		42	%		42	%		67	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	6.66		$	5.90		$	6.48		$	5.73		$	6.09		$	6.38
Net investment income(a)		0.04			0.11			0.13			0.12			0.12			0.10
Net realized and unrealized gain (loss)		(1.16	)		1.08			(0.59	)		0.89			(0.23	)		(0.24	)
Total from investment operations		(1.12	)		1.19			(0.46	)		1.01			(0.11	)		(0.14	)
Distributions to shareholders from net investment income		(0.04	)		(0.43	)		(0.12	)		(0.26	)		(0.25	)		(0.15	)
Net asset value, end of period	$	5.50		$	6.66		$	5.90		$	6.48		$	5.73		$	6.09
Total return(b)		(16.80	)%		20.38	%		(7.19	)%		17.89	%		(1.84	)%		(2.25	)%
Net assets, end of period (in 000s)	$	2,050		$	2,888		$	3,081		$	4,377		$	5,400		$	7,702
Ratio of net expenses to average net assets		1.37	%(c)		1.38	%		1.38	%		1.39	%		1.39	%		1.41	%
Ratio of total expenses to average net assets		2.03	%(c)		1.89	%		1.76	%		1.70	%		1.62	%		1.62	%
Ratio of net investment income to average net assets		1.33	%(c)		1.72	%		2.04	%		2.02	%		1.90	%		1.50	%
Portfolio turnover rate(d)		30	%		30	%		43	%		38	%		41	%		45	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	6.72		$	5.94		$	6.50		$	5.73		$	6.09		$	6.38
Net investment income(a)		0.02			0.07			0.09			0.08			0.07			0.05
Net realized and unrealized gain (loss)		(1.18	)		1.07			(0.60	)		0.90			(0.23	)		(0.24	)
Total from investment operations		(1.16	)		1.14			(0.51	)		0.98			(0.16	)		(0.19	)
Distributions to shareholders from net investment income		(0.01	)		(0.36	)		(0.05	)		(0.21	)		(0.20	)		(0.10	)
Net asset value, end of period	$	5.55		$	6.72		$	5.94		$	6.50		$	5.73		$	6.09
Total return(b)		(17.20	)%		19.38	%		(7.89	)%		17.23	%		(2.65	)%		(3.03	)%
Net assets, end of period (in 000s)	$	94		$	158		$	231		$	810		$	1,148		$	1,622
Ratio of net expenses to average net assets		2.12	%(c)		2.13	%		2.13	%		2.14	%		2.14	%		2.16	%
Ratio of total expenses to average net assets		2.78	%(c)		2.64	%		2.49	%		2.44	%		2.37	%		2.37	%
Ratio of net investment income to average net assets		0.59	%(c)		0.99	%		1.38	%		1.26	%		1.12	%		0.76	%
Portfolio turnover rate(d)		30	%		30	%		43	%		38	%		41	%		45	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	6.43		$	5.71		$	6.26		$	5.54		$	5.91		$	6.19
Net investment income(a)		0.05			0.13			0.18			0.14			0.14			0.12
Net realized and unrealized gain (loss)		(1.13	)		1.05			(0.60	)		0.87			(0.24	)		(0.22	)
Total from investment operations		(1.08	)		1.18			(0.42	)		1.01			(0.10	)		(0.10	)
Distributions to shareholders from net investment income		(0.05	)		(0.46	)		(0.13	)		(0.29	)		(0.27	)		(0.18	)
Net asset value, end of period	$	5.30		$	6.43		$	5.71		$	6.26		$	5.54		$	5.91
Total return(b)		(16.75	)%		20.86	%		(6.72	)%		18.45	%		(1.63	)%		(1.73	)%
Net assets, end of period (in 000s)	$	5,475		$	6,938		$	10,138		$	117,768		$	297,473		$	333,601
Ratio of net expenses to average net assets		0.99	%(c)		0.99	%		0.99	%		0.99	%		0.99	%		1.01	%
Ratio of total expenses to average net assets		1.66	%(c)		1.50	%		1.35	%		1.28	%		1.22	%		1.22	%
Ratio of net investment income to average net assets		1.76	%(c)		1.97	%		2.90	%		2.44	%		2.28	%		1.92	%
Portfolio turnover rate(d)		30	%		30	%		43	%		38	%		41	%		45	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	6.60		$	5.85		$	6.43		$	5.68		$	6.04		$	6.33
Net investment income(b)		0.05			0.13			0.14			0.16			0.12			0.11
Net realized and unrealized gain (loss)		(1.16	)		1.07			(0.58	)		0.87			(0.22	)		(0.24	)
Total from investment operations		(1.11	)		1.20			(0.44	)		1.03			(0.10	)		(0.13	)
Distributions to shareholders from net investment income		(0.05	)		(0.45	)		(0.14	)		(0.28	)		(0.26	)		(0.16	)
Net asset value, end of period	$	5.44		$	6.60		$	5.85		$	6.43		$	5.68		$	6.04
Total return(c)		(16.83	)%		20.71	%		(7.00	)%		18.29	%		(1.57	)%		(2.04	)%
Net assets, end of period (in 000s)	$	91		$	117		$	103		$	109		$	107		$	88
Ratio of net expenses to average net assets		1.12	%(d)		1.13	%		1.13	%		1.14	%		1.14	%		1.17	%
Ratio of total expenses to average net assets		1.79	%(d)		1.65	%		1.52	%		1.45	%		1.37	%		1.37	%
Ratio of net investment income to average net assets		1.63	%(d)		1.94	%		2.24	%		2.54	%		2.05	%		1.64	%
Portfolio turnover rate(e)		30	%		30	%		43	%		38	%		41	%		45	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												July 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	6.43		$	5.70		$	6.26		$	5.54		$	5.91		$	6.33
Net investment income(a)		0.05			0.11			0.24			0.14			0.13			0.05
Net realized and unrealized gain (loss)		(1.13	)		1.08			(0.65	)		0.87			(0.23	)		(0.37	)
Total from investment operations		(1.08	)		1.19			(0.41	)		1.01			(0.10	)		(0.32	)
Distributions to shareholders from net investment income		(0.05	)		(0.46	)		(0.15	)		(0.29	)		(0.27	)		(0.10	)
Net asset value, end of period	$	5.30		$	6.43		$	5.70		$	6.26		$	5.54		$	5.91
Total return(b)		(16.75	)%		21.05	%		(6.71	)%		18.48	%		(1.61	)%		(5.03	)%
Net assets, end of period (in 000s)	$	10		$	12		$	202		$	11		$	9		$	9
Ratio of net expenses to average net assets		0.99	%(c)		0.98	%		0.98	%		0.99	%		1.02	%		0.99	%(c)
Ratio of total expenses to average net assets		1.65	%(c)		1.47	%		1.29	%		1.29	%		1.18	%		1.15	%(c)
Ratio of net investment income to average net assets		1.78	%(c)		1.81	%		3.86	%		2.41	%		2.26	%		1.91	%(c)
Portfolio turnover rate(d)		30	%		30	%		43	%		38	%		41	%		45	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	6.41		$	5.70		$	6.38
Net investment income(a)		0.05			0.13			0.08
Net realized and unrealized gain (loss)		(1.12	)		1.04			(0.61	)
Total from investment operations		(1.07	)		1.17			(0.53	)
Distributions to shareholders from net investment income		(0.05	)		(0.46	)		(0.15	)
Net asset value, end of period	$	5.29		$	6.41		$	5.70
Total return(b)		(16.64	)%		20.72	%		(8.45	)%
Net assets, end of period (in 000s)	$	46,166		$	69,937		$	82,014
Ratio of net expenses to average net assets		0.98	%(c)		0.98	%		0.98	%(c)
Ratio of total expenses to average net assets		1.64	%(c)		1.50	%		1.39	%(c)
Ratio of net investment income to average net assets		1.68	%(c)		2.10	%		1.85	%(c)
Portfolio turnover rate(d)		30	%		30	%		43	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.27		$	12.61		$	15.53		$	18.40		$	19.59		$	19.83
Net investment income(a)		0.07			0.22			0.28			0.30			0.33			0.29
Net realized and unrealized gain (loss)		(2.39	)		2.92			(0.94	)		0.06			0.71			0.30
Total from investment operations		(2.32	)		3.14			(0.66	)		0.36			1.04			0.59
Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.37	)		(0.29	)		(0.32	)		(0.31	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.11	)		(2.48	)		(2.26	)		(3.23	)		(2.23	)		(0.83	)
Net asset value, end of period	$	10.84		$	13.27		$	12.61		$	15.53		$	18.40		$	19.59
Total return(b)		(17.33	)%		25.49	%		(5.39	)%		2.11	%		5.38	%		3.14	%
Net assets, end of period (in 000s)	$	19,971		$	27,488		$	26,002		$	38,120		$	54,869		$	57,936
Ratio of net expenses to average net assets		1.29	%(c)		1.30	%		1.30	%		1.31	%		1.31	%		1.26	%
Ratio of total expenses to average net assets		1.59	%(c)		1.57	%		1.50	%		1.54	%		1.52	%		1.51	%
Ratio of net investment income to average net assets		1.18	%(c)		1.51	%		1.88	%		1.65	%		1.62	%		1.44	%
Portfolio turnover rate(d)		35	%		37	%		43	%		35	%		31	%		41	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.50		$	11.99		$	14.88		$	17.79		$	19.03		$	19.32
Net investment income(a)		0.02			0.10			0.12			0.16			0.18			0.14
Net realized and unrealized gain (loss)		(2.23	)		2.78			(0.85	)		0.06			0.68			0.30
Total from investment operations		(2.21	)		2.88			(0.73	)		0.22			0.86			0.44
Distributions to shareholders from net investment income		(0.08	)		(0.11	)		(0.27	)		(0.19	)		(0.19	)		(0.21	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.08	)		(2.37	)		(2.16	)		(3.13	)		(2.10	)		(0.73	)
Net asset value, end of period	$	10.21		$	12.50		$	11.99		$	14.88		$	17.79		$	19.03
Total return(b)		(17.69	)%		24.62	%		(6.12	)%		1.38	%		4.56	%		2.39	%
Net assets, end of period (in 000s)	$	1,834		$	2,615		$	3,568		$	12,421		$	15,578		$	15,056
Ratio of net expenses to average net assets		2.04	%(c)		2.05	%		2.05	%		2.06	%		2.06	%		2.01	%
Ratio of total expenses to average net assets		2.34	%(c)		2.32	%		2.25	%		2.29	%		2.27	%		2.26	%
Ratio of net investment income to average net assets		0.41	%(c)		0.69	%		0.83	%		0.92	%		0.91	%		0.73	%
Portfolio turnover rate(d)		35	%		37	%		43	%		35	%		31	%		41	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.83		$	13.05		$	15.98		$	18.81		$	19.97		$	20.18
Net investment income(a)		0.09			0.28			0.23			0.37			0.41			0.38
Net realized and unrealized gain (loss)		(2.48	)		3.03			(0.86	)		0.08			0.74			0.30
Total from investment operations		(2.39	)		3.31			(0.63	)		0.45			1.15			0.68
Distributions to shareholders from net investment income		(0.14	)		(0.27	)		(0.41	)		(0.34	)		(0.40	)		(0.37	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.14	)		(2.53	)		(2.30	)		(3.28	)		(2.31	)		(0.89	)
Net asset value, end of period	$	11.30		$	13.83		$	13.05		$	15.98		$	18.81		$	19.97
Total return(b)		(17.26	)%		26.01	%		(5.04	)%		2.58	%		5.81	%		3.56	%
Net assets, end of period (in 000s)	$	21,850		$	30,069		$	31,337		$	206,095		$	397,211		$	463,105
Ratio of net expenses to average net assets		0.91	%(c)		0.92	%		0.91	%		0.91	%		0.91	%		0.86	%
Ratio of total expenses to average net assets		1.21	%(c)		1.19	%		1.12	%		1.14	%		1.12	%		1.11	%
Ratio of net investment income to average net assets		1.57	%(c)		1.86	%		1.50	%		1.98	%		2.03	%		1.88	%
Portfolio turnover rate(d)		35	%		37	%		43	%		35	%		31	%		41	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.40		$	12.71		$	15.65		$	18.52		$	19.71		$	19.94
Net investment income(a)		0.06			0.21			0.26			0.29			0.31			0.27
Net realized and unrealized gain (loss)		(2.40	)		2.94			(0.95	)		0.06			0.72			0.32
Total from investment operations		(2.34	)		3.15			(0.69	)		0.35			1.03			0.59
Distributions to shareholders from net investment income		(0.11	)		(0.20	)		(0.36	)		(0.28	)		(0.31	)		(0.30	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.11	)		(2.46	)		(2.25	)		(3.22	)		(2.22	)		(0.82	)
Net asset value, end of period	$	10.95		$	13.40		$	12.71		$	15.65		$	18.52		$	19.71
Total return(b)		(17.44	)%		25.40	%		(5.56	)%		2.07	%		5.20	%		3.09	%
Net assets, end of period (in 000s)	$	966		$	1,608		$	1,429		$	2,446		$	2,951		$	2,744
Ratio of net expenses to average net assets		1.41	%(c)		1.42	%		1.41	%		1.41	%		1.41	%		1.36	%
Ratio of total expenses to average net assets		1.71	%(c)		1.69	%		1.61	%		1.64	%		1.62	%		1.61	%
Ratio of net investment income to average net assets		1.05	%(c)		1.43	%		1.73	%		1.60	%		1.55	%		1.35	%
Portfolio turnover rate(d)		35	%		37	%		43	%		35	%		31	%		41	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.43		$	12.73		$	15.65		$	18.50		$	19.68		$	19.90
Net investment income(b)		0.07			0.24			0.31			0.36			0.39			0.35
Net realized and unrealized gain (loss)		(2.40	)		2.97			(0.94	)		0.06			0.71			0.30
Total from investment operations		(2.33	)		3.21			(0.63	)		0.42			1.10			0.65
Distributions to shareholders from net investment income		(0.13	)		(0.25	)		(0.40	)		(0.33	)		(0.37	)		(0.35	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.13	)		(2.51	)		(2.29	)		(3.27	)		(2.28	)		(0.87	)
Net asset value, end of period	$	10.97		$	13.43		$	12.73		$	15.65		$	18.50		$	19.68
Total return(c)		(17.32	)%		25.84	%		(5.18	)%		2.42	%		5.65	%		3.44	%
Net assets, end of period (in 000s)	$	2,702		$	4,532		$	7,969		$	10,776		$	8,467		$	7,283
Ratio of net expenses to average net assets		1.04	%(d)		1.05	%		1.05	%		1.06	%		1.06	%		1.01	%
Ratio of total expenses to average net assets		1.33	%(d)		1.32	%		1.25	%		1.29	%		1.27	%		1.26	%
Ratio of net investment income to average net assets		1.24	%(d)		1.64	%		2.10	%		1.99	%		1.92	%		1.77	%
Portfolio turnover rate(e)		35	%		37	%		43	%		35	%		31	%		41	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												July 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	13.83		$	13.05		$	15.98		$	18.81		$	19.98		$	19.93
Net investment income(a)		0.10			0.30			0.16			0.41			0.46			0.22
Net realized and unrealized gain (loss)		(2.49	)		3.01			(0.79	)		0.05			0.68			0.48
Total from investment operations		(2.39	)		3.31			(0.63	)		0.46			1.14			0.70
Distributions to shareholders from net investment income		(0.14	)		(0.27	)		(0.41	)		(0.35	)		(0.40	)		(0.13	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.14	)		(2.53	)		(2.30	)		(3.29	)		(2.31	)		(0.65	)
Net asset value, end of period	$	11.30		$	13.83		$	13.05		$	15.98		$	18.81		$	19.98
Total return(b)		(17.26	)%		26.02	%		(5.03	)%		2.60	%		5.77	%		3.64	%
Net assets, end of period (in 000s)	$	810		$	973		$	797		$	227		$	42		$	10
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.91	%(c)
Ratio of total expenses to average net assets		1.21	%(c)		1.18	%		1.08	%		1.14	%		1.09	%		1.07	%(c)
Ratio of net investment income to average net assets		1.63	%(c)		1.98	%		1.02	%		2.23	%		2.25	%		2.65	%(c)
Portfolio turnover rate(d)		35	%		37	%		43	%		35	%		31	%		41	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.09		$	12.47		$	15.39		$	18.27		$	19.47		$	19.73
Net investment income(a)		0.05			0.18			0.24			0.26			0.29			0.27
Net realized and unrealized gain (loss)		(2.34	)		2.88			(0.93	)		0.05			0.70			0.27
Total from investment operations		(2.29	)		3.06			(0.69	)		0.31			0.99			0.54
Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.34	)		(0.25	)		(0.28	)		(0.28	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)		(2.94	)		(1.91	)		(0.52	)
Total distributions		(0.10	)		(2.44	)		(2.23	)		(3.19	)		(2.19	)		(0.80	)
Net asset value, end of period	$	10.70		$	13.09		$	12.47		$	15.39		$	18.27		$	19.47
Total return(b)		(17.47	)%		25.14	%		(5.62	)%		1.92	%		5.08	%		2.89	%
Net assets, end of period (in 000s)	$	871		$	1,440		$	1,770		$	3,092		$	4,156		$	3,149
Ratio of net expenses to average net assets		1.54	%(c)		1.55	%		1.55	%		1.56	%		1.56	%		1.50	%
Ratio of total expenses to average net assets		1.84	%(c)		1.82	%		1.75	%		1.79	%		1.77	%		1.77	%
Ratio of net investment income to average net assets		0.86	%(c)		1.22	%		1.60	%		1.45	%		1.44	%		1.38	%
Portfolio turnover rate(d)		35	%		37	%		43	%		35	%		31	%		41	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	13.82		$	13.04		$	14.90
Net investment income(a)		0.10			0.29			0.39
Net realized and unrealized gain (loss)		(2.49	)		3.02			(0.01	)
Total from investment operations		(2.39	)		3.31			0.38
Distributions to shareholders from net investment income		(0.14	)		(0.27	)		(0.35	)
Distributions to shareholders from net realized gains		—			(2.26	)		(1.89	)
Total distributions		(0.14	)		(2.53	)		(2.24	)
Net asset value, end of period	$	11.29		$	13.82		$	13.04
Total return(b)		(17.20	)%		26.04	%		1.36	%
Net assets, end of period (in 000s)	$	72,878		$	89,616		$	89,479
Ratio of net expenses to average net assets		0.90	%(c)		0.91	%		0.90	%(c)
Ratio of total expenses to average net assets		1.20	%(c)		1.18	%		1.07	%(c)
Ratio of net investment income to average net assets		1.60	%(c)		1.90	%		3.56	%(c)
Portfolio turnover rate(d)		35	%		37	%		43	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements

June 30, 2020 (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
Global Real Estate Securities	A, C, Institutional, Investor, R6, R and P	Diversified
International Real Estate Securities	A, C, Institutional, Investor, R6 and P	Non-diversified
Real Estate Securities	A, C, Institutional, Service, Investor, R6, R and P	Non-diversified

Class A Shares of the Global Real Estate Securities, International Real Estate Securities, and Real Estate Securities Funds 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 R6, Class R and Class P Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each

38

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Global Real Estate Securities and Real Estate Securities	Quarterly	Annually
International Real Estate Securities	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.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

39

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a 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 may be valued at the closing bid price for long positions and at the closing 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. Certain equity securities containing unique attributes may be 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 for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of June 30, 2020:

GLOBAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,241,722	$	33,303,500	$	—
Australia and Oceania		—		9,590,512		—
Europe		729,648		31,037,153		—
North America		93,251,998		—		—
Investment Company		2,635,819		—		—
Total	$	97,859,187	$	73,931,165	$	—

(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 third party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

40

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	517,181	$	22,745,969	$	—
Australia and Oceania		—		4,886,943		—
Europe		267,412		20,314,777		—
North America		3,199,745		—		—
Investment Company		1,553,212		—		—
Total	$	5,537,550	$	47,947,689	$	—
REAL ESTATE SECURITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	120,907,708	$	—	$	—
Total	$	120,907,708	$	—	$	—

(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 third party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, 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
Global Real Estate Securities		0.93	%		0.84	%		0.80	%		0.78	%		0.76	%		0.93	%		0.93	%
International Real Estate Securities		0.95			0.95			0.86			0.81			0.80			0.95			0.95
Real Estate Securities		0.87			0.78			0.74			0.73			0.71			0.87			0.87

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

41

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Global Real Estate Securities, International Real Estate Securities and Real Estate Securities 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 June 30, 2020, GSAM waived $2,422, $995 and $527 of the Global Real Estate Securities , International Real Estate Securities and Real Estate Securities Funds management fees, respectively.

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

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

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

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service			Class R*
Distribution and/or Service Plans		0.25	%		0.75	%		0.25	%		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 Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Real Estate Securities	$	6	$	3
Real Estate Securities		803		3

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service 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 Service Shares of the Funds, respectively.

42

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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 limitation as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least April 29, 2021, 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 June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Global Real Estate Securities	$	2,422	$	201,224	$	—	$	203,646
International Real Estate Securities		995		206,368		139		207,502
Real Estate Securities		527		200,314		1,158		201,999

G.  Line of Credit Facility — As of June 30, 2020, the Funds participated in a $700,000,000 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 June 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the six months ended June 30, 2020, Goldman Sachs earned $606 in brokerage commissions from portfolio transactions on behalf of the Real Estate Securities Fund.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
Global Real Estate Securities	$	6,122,427	$	46,682,505	$	(50,169,113	)	$	2,635,819		2,635,819	$	12,915
International Real Estate Securities		1,343,186		17,972,893		(17,762,867	)		1,553,212		1,553,212		4,579
Real Estate Securities		836,777		17,991,708		(18,828,485	)		—		—		2,635

43

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of June 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

	Percent of Share Class owned by Goldman Sachs Group, Inc.
Fund	Class A			Class C			Institutional			Investor			Class R6			Class R
Global Real Estate Securities		62	%		60	%		91	%		100	%		—	%		100	%
International Real Estate Securities		—			11			—			10			100			—

As of June 30, 2020, the following Goldman Sachs Fund of Funds and Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Dynamic Global Equity Portfolio			Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Global Real Estate Securities		5	%		6	%		6	%		8	%		7	%		19	%		32	%

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were as follows:

Fund	Purchases		Sales
Global Real Estate Securities	$	78,578,732	$	97,956,135
International Real Estate Securities		18,981,557		31,274,728
Real Estate Securities		46,657,084		55,523,891

6. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Global Real Estate Securities and International Real Estate Securities Funds 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 receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the 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 its 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 Global Real Estate Securities and International Real Estate Securities 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.

44

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

6. SECURITIES LENDING (continued)

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’ master netting agreements with certain borrowers 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 June 30, 2020 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Global Real Estate Securities and International Real Estate Securities Funds did not have securities on loan as of June 30, 2020.

Each of the Global Real Estate Securities and International Real Estate Securities 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 June 30, 2020, 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 June 30, 2020				Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs
Global Real Estate Securities	$	344	$	—	$	—
International Real Estate Securities		297		1,236		—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
Global Real Estate Securities	$	—	$	2,986,985	$	(2,986,985	)	$	—
International Real Estate Securities	$	—	$	790,020	$	(790,020	)	$	—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2019, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Capital loss carryforwards:
Perpetual Long-term	$	—		$	(9,118,594	)	$	—
Timing differences (Real Estate Investement Trusts and Qualified Late Year Loss Deferral)	$	(603,519	)	$	(543,286	)	$	161,349

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7. TAX INFORMATION (continued)

As of June 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Global Real Estate Securities			International Real Estate Securities			Real Estate Securities
Tax cost	$	172,636,627		$	60,700,623		$	99,190,007
Gross unrealized gain		20,628,996			4,027,830			32,371,575
Gross unrealized loss		(21,475,271	)		(11,243,214	)		(10,653,874	)
Net unrealized gain (loss)	$	(846,275	)	$	(7,215,384	)	$	21,717,701

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on foreign currency contracts and differences related to the tax treatment of underlying fund investments, partnership investments and passive foreign investment companies.

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

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the 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), confiscation of assets and property, 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.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

8. OTHER RISKS (continued)

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

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

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

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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The International Real Estate Securities and Real Estate Securities Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

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

47

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

10. SUBSEQUENT EVENTS

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

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Real Estate Securities Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		31		$	337			23		$	261
Reinvestment of distributions		33			290			758			8,437
Shares redeemed		(2	)		(15	)		(88,399	)		(987,808	)
		62			612			(87,618	)		(979,110	)
Class C Shares
Shares sold		—			—			2,809			30,000
Reinvestment of distributions		17			155			405			4,483
Shares redeemed		(1,043	)		(9,388	)		—			—
		(1,026	)		(9,233	)		3,214			34,483
Institutional Shares
Shares sold		16,099			173,546			450			5,301
Reinvestment of distributions		1,821			15,753			14,952			166,539
Shares redeemed		(3,787	)		(36,439	)		(12,907	)		(145,191	)
		14,133			152,860			2,495			26,649
Investor Shares
Reinvestment of distributions		25			216			233			2,592
		25			216			233			2,592
Class R6 Shares
Shares sold		1,678,683			15,560,313			1,125,142			12,571,602
Reinvestment of distributions		142,359			1,228,117			1,392,686			15,480,001
Shares redeemed		(2,882,554	)		(28,413,261	)		(11,628,948	)		(128,169,723	)
		(1,061,512	)		(11,624,831	)		(9,111,120	)		(100,118,120	)
Class R Shares
Reinvestment of distributions		17			144			215			2,387
		17			144			215			2,387
Class P Shares
Shares sold		1,712,290			13,939,425			334,832			3,734,101
Reinvestment of distributions		29,869			256,801			308,494			3,426,805
Shares redeemed		(2,497,512	)		(21,439,103	)		(784,773	)		(8,538,896	)
		(755,353	)		(7,242,877	)		(141,447	)		(1,377,990	)
NET DECREASE		(1,803,654	)	$	(18,723,109	)		(9,334,028	)	$	(102,409,109	)

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Real Estate Securities Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,261		$	52,498			17,313		$	115,284
Reinvestment of distributions		2,770			15,123			27,666			181,458
Shares redeemed		(72,421	)		(369,551	)		(133,563	)		(880,310	)
		(60,390	)		(301,930	)		(88,584	)		(583,568	)
Class C Shares
Shares sold		500			3,083			7,654			50,574
Reinvestment of distributions		42			232			1,236			8,170
Shares redeemed		(7,195	)		(41,513	)		(24,265	)		(160,041	)
		(6,653	)		(38,198	)		(15,375	)		(101,297	)
Institutional Shares
Shares sold		2,994			18,478			8,716			56,319
Reinvestment of distributions		10,222			53,766			73,914			468,031
Shares redeemed		(59,036	)		(307,369	)		(779,156	)		(4,946,254	)
		(45,820	)		(235,125	)		(696,526	)		(4,421,904	)
Investor Shares
Shares sold		766			4,253			5,647			36,236
Reinvestment of distributions		149			806			1,155			7,508
Shares redeemed		(1,997	)		(11,872	)		(6,685	)		(43,263	)
		(1,082	)		(6,813	)		117			481
Class R6 Shares
Shares sold		—			—			2,984			17,500
Reinvestment of distributions		20			103			221			1,403
Shares redeemed		—			—			(36,615	)		(231,407	)
		20			103			(33,410	)		(212,504	)
Class P Shares
Shares sold		2,889,176			14,181,170			450,105			2,742,148
Reinvestment of distributions		90,192			473,506			783,596			4,953,513
Shares redeemed		(5,150,146	)		(25,331,032	)		(4,727,059	)		(29,304,679	)
		(2,170,778	)		(10,676,356	)		(3,493,358	)		(21,609,018	)
NET DECREASE		(2,284,703	)	$	(11,258,319	)		(4,327,136	)	$	(26,927,810	)

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		71,087		$	810,962			227,288		$	3,201,254
Reinvestment of distributions		19,368			200,821			312,466			4,079,245
Shares redeemed		(319,959	)		(3,745,905	)		(530,890	)		(7,780,801	)
		(229,504	)		(2,734,122	)		8,864			(500,302	)
Class C Shares
Shares sold		5,955			65,319			28,594			401,009
Reinvestment of distributions		1,251			12,198			33,147			405,126
Shares redeemed		(36,792	)		(365,884	)		(150,042	)		(2,062,750	)
		(29,586	)		(288,367	)		(88,301	)		(1,256,615	)
Institutional Shares
Shares sold		97,132			1,177,812			135,002			2,050,337
Reinvestment of distributions		25,611			276,361			350,890			4,783,526
Shares redeemed		(364,056	)		(4,209,847	)		(713,201	)		(10,667,043	)
		(241,313	)		(2,755,674	)		(227,309	)		(3,833,180	)
Service Shares
Shares sold		9,894			106,456			31,027			448,622
Reinvestment of distributions		585			6,091			11,363			149,446
Shares redeemed		(42,227	)		(425,697	)		(34,795	)		(509,930	)
		(31,748	)		(313,150	)		7,595			88,138
Investor Shares
Shares sold		205,945			2,706,360			247,679			3,565,982
Reinvestment of distributions		3,134			32,857			61,364			816,930
Shares redeemed		(300,364	)		(3,777,890	)		(597,713	)		(8,946,471	)
		(91,285	)		(1,038,673	)		(288,670	)		(4,563,559	)
Class R6 Shares
Shares sold		6,742			68,343			26,237			418,449
Reinvestment of distributions		601			6,497			7,753			105,815
Shares redeemed		(5,984	)		(72,344	)		(24,717	)		(371,927	)
		1,359			2,496			9,273			152,337
Class R Shares
Shares sold		15,252			179,253			29,969			425,456
Reinvestment of distributions		724			7,401			11,952			153,893
Shares redeemed		(44,566	)		(501,875	)		(73,920	)		(1,077,467	)
		(28,590	)		(315,221	)		(31,999	)		(498,118	)
Class P Shares
Shares sold		1,580,938			16,239,842			398,650			5,847,092
Reinvestment of distributions		81,429			879,698			1,076,244			14,663,258
Shares redeemed		(1,695,197	)		(18,673,682	)		(1,851,220	)		(26,694,238	)
		(32,830	)		(1,554,142	)		(376,326	)		(6,183,888	)
NET DECREASE		(683,497	)	$	(8,996,853	)		(986,873	)	$	(16,595,187	)

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P 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 R6, Class R and Class P 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 January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 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 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.

	Global Real Estate Securities Fund							International Real Estate Securities Fund							Real Estate Securities Fund
Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Class A
Actual	$	1,000	$	817.10		$	6.10	$	1,000	$	832.00		$	6.24	$	1,000	$	826.70		$	5.86
Hypothetical 5% return		1,000		1,018.15	+		6.77		1,000		1,018.05	+		6.87		1,000		1,018.45	+		6.47
Class C
Actual		1,000		813.90			9.47		1,000		828.00			9.64		1,000		823.10			9.25
Hypothetical 5% return		1,000		1,014.42	+		10.52		1,000		1,014.32	+		10.62		1,000		1,014.72	+		10.22
Institutional
Actual		1,000		819.50			4.39		1,000		832.50			4.51		1,000		827.40			4.13
Hypothetical 5% return		1,000		1,020.04	+		4.87		1,000		1,019.94	+		4.97		1,000		1,020.34	+		4.57
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		825.60			6.40
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,017.85	+		7.07
Investor
Actual		1,000		818.60			4.97		1,000		831.70			5.10		1,000		826.80			4.72
Hypothetical 5% return		1,000		1,019.39	+		5.52		1,000		1,019.29	+		5.62		1,000		1,019.69	+		5.22
Class R6
Actual		1,000		819.20			4.34		1,000		832.50			4.51		1,000		827.40			4.09
Hypothetical 5% return		1,000		1,020.09	+		4.82		1,000		1,019.94	+		4.97		1,000		1,020.39	+		4.52
Class R
Actual		1,000		816.20			7.23		N/A		N/A			N/A		1,000		825.30			6.99
Hypothetical 5% return		1,000		1,016.91	+		8.02		N/A		N/A			N/A		1,000		1,017.21	+		7.72
Class P
Actual		1,000		818.20			4.34		1,000		833.60			4.47		1,000		828.00			4.09
Hypothetical 5% return		1,000		1,020.09	+		4.82		1,000		1,019.99	+		4.92		1,000		1,020.39	+		4.52

+ 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 June 30, 2020. 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 R6			Class R			Class P
Global Real Estate Securities		1.35	%		2.10	%		0.97	%		N/A			1.10	%		0.96	%		1.60	%		0.96	%
International Real Estate Securities		1.37			2.12			0.99			N/A			1.12			0.99			N/A			0.98
Real Estate Securities		1.29			2.04			0.91			1.41	%		1.04			0.90			1.54			0.90

52

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Real Estate Securities Fund, Goldman Sachs International Real Estate Securities Fund, and Goldman Sachs Real Estate Securities Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

53

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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

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

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

54

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Global Real Estate Securities Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2020. They observed that the International Real Estate Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-, three- and five-year periods and had underperformed for the ten-year period ended March 31, 2020. The Trustees considered that the International Real Estate Securities Fund has a “global” peer group and benchmark that contemplates investments in U.S. and non-U.S. securities, whereas the Fund invests only in non-U.S. securities. The Trustees observed that the Real Estate Securities Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

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

55

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Global Real Estate Securities Fund			International Real Estate Securities Fund			Real Estate Securities Fund
First $1 billion		0.93	%		0.95	%		0.87	%
Next $1 billion		0.84			0.95			0.78
Next $3 billion		0.80			0.86			0.74
Next $3 billion		0.78			0.81			0.73
Over $8 billion		0.76			0.80			0.71

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage commissions earned by Goldman Sachs for executing securities transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the

56

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (g) (in the case of the Global Real Estate Securities Fund and International Real Estate Securities Fund) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2021.

57

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ 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

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado 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 at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for 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 Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The 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).

Holdings and allocations shown are as of June 30, 2020 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.

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).

© 2020 Goldman Sachs. All rights reserved. 211756-OTU-1243138 RESSAR-20

Goldman Sachs Funds

Semi-Annual Report	June 30, 2020
	Alternative Funds
	Absolute Return Tracker
	Alternative Premia
	Commodity Strategy
	Managed Futures Strategy

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 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 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, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Alternative Funds

∎ ABSOLUTE RETURN TRACKER

∎ ALTERNATIVE PREMIA

∎ COMMODITY STRATEGY

∎ MANAGED FUTURES STRATEGY

TABLE OF CONTENTS
Recent Market Events related to COVID-19	1
Fund Basics	2
Consolidated Schedules of Investments	10
Consolidated Financial Statements	61
Consolidated Financial Highlights	65
Absolute Return Tracker	65
Alternative Premia	72
Commodity Strategy	79
Managed Futures Strategy	86
Notes to Financial Statements	93
Other Information	120

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Alternative Funds

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Funds could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Funds shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Absolute Return Tracker Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020—June 30, 2020	Fund Total Return (based on NAV)1			HFRX Global Hedge Fund Index2
Class A		-5.93	%		-1.09	%
Class C		-6.33			-1.09
Institutional		-5.85			-1.09
Investor		-5.81			-1.09
Class R6		-5.76			-1.09
Class R		-6.10			-1.09
Class P		-5.76			-1.09

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

²  The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The index is investable through products managed by HFR Asset Management, LLC that track HFRX Indices. The HFRX Global Hedge Fund Index is a trademark of HFR. HFR has not participated in the formation of the Fund. HFR does not endorse or approve the Fund or make any recommendation with respect to investing in the Fund. It is not possible to invest directly in an 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.

2

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above 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.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

3

FUND BASICS

Alternative Premia Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020—June 30, 2020	Fund Total Return (based on NAV)1			ICE BofAML USD LIBOR Three-Month Constant Maturity Index2
Class A		-4.89	%		0.95	%
Class C		-5.18			0.95
Institutional		-4.76			0.95
Investor		-4.80			0.95
Class R6		-4.65			0.95
Class R		-5.01			0.95
Class P		-4.64			0.95

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

²  The ICE BofAML USD LIBOR Three-Month Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figure does not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

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

4

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above graph 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.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

5

FUND BASICS

Commodity Strategy Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020—June 30, 2020	Fund Total Return (based on NAV)1			S&P GSCI®2
Class A		-35.63	%	-36.31%
Class C		-35.90		-36.31
Institutional		-35.52		-36.31
Investor		-35.53		-36.31
Class R6		-35.55		-36.31
Class R		-35.75		-36.31
Class P		-35.49		-36.31

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

²  The S&P GSCI^® Total Return Index (Gross, USD, Unhedged) is an unmanaged composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Individual components qualify for inclusion in the S&P GSCI^® on the basis of liquidity and are weighted by their respective world production quantities. The figures for the S&P GSCI^® do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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.

6

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The above 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.

⁴  Mortgage-backed securities issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corp. (“FHLMC”) are guaranteed by the issuing entity. GNMA instruments are also backed by the full faith and credit of the United States Government. Mortgage-backed securities issued by private issuers may not be guaranteed.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

7

FUND BASICS

Managed Futures Strategy Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020—June 30, 2020	Fund Total Return (based on NAV)1			ICE BofAML USD LIBOR One-Month Constant Maturity Index2
Class A		-1.56	%		0.58	%
Class C		-1.98			0.58
Institutional		-1.42			0.58
Investor		-1.54			0.58
Class R6		-1.42			0.58
Class R		-1.80			0.58
Class P		-1.42			0.58

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

²  The ICE BofAML USD LIBOR One-Month Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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.

8

FUND BASICS

FUND COMPOSITION³

³  The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. 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.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

9

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 25.6%
Automobiles & Components – 0.2%
	300	Aisin Seiki Co. Ltd.	$	8,794
	3,100	Aptiv plc		241,552
	2,600	Bayerische Motoren Werke AG		165,986
	11,400	BorgWarner, Inc.		402,420
	900	Bridgestone Corp.		29,048
	5,000	Cie Generale des Etablissements Michelin SCA		521,165
	6,400	Continental AG		629,193
	11,900	Daimler AG (Registered)		484,138
	400	Denso Corp.		15,687
	4,500	Faurecia SE*		176,799
	2,300	Ferrari NV		393,979
	34,700	Fiat Chrysler Automobiles NV*		351,098
	60,700	Ford Motor Co.		369,056
	7,102	General Motors Co.		179,681
	5,000	Honda Motor Co. Ltd.		127,968
	2,400	Isuzu Motors Ltd.		21,810
	100	Koito Manufacturing Co. Ltd.		4,046
	200	Nifco, Inc.		4,279
	4,200	Nissan Motor Co. Ltd.		15,575
	700	NOK Corp.		8,719
	3,000	Nokian Renkaat OYJ		65,944
	7,200	Renault SA*		184,274
	300	Stanley Electric Co. Ltd.		7,262
	1,700	Sumitomo Electric Industries Ltd.		19,611
	5,400	Sumitomo Rubber Industries Ltd.		53,484
	300	Suzuki Motor Corp.		10,244
	2,300	Tesla, Inc.*		2,483,563
	11,600	TI Fluid Systems plc		26,649
	500	Tokai Rika Co. Ltd.		7,275
	1,100	Toyoda Gosei Co. Ltd.		22,983
	900	Toyota Boshoku Corp.		12,136
	600	TS Tech Co. Ltd.		16,539
	10,800	Valeo SA		284,854
	1,300	Yamaha Motor Co. Ltd.		20,475
	2,800	Yokohama Rubber Co. Ltd. (The)		39,592
				7,405,878
Banks – 0.9%
	1,700	77 Bank Ltd. (The)		25,353
	226,600	Banco BPM SpA		339,405
	1,067,000	Banco de Sabadell SA		374,883
	179,300	Banco Santander SA		438,651
	191,589	Bank of America Corp.		4,550,239
	1,700	Bank of Georgia Group plc*		22,668
	168,900	Bank of Ireland Group plc*		348,022
	6,600	Bankinter SA		31,635
	94,500	Barclays plc		133,320
	500	BAWAG Group AG		17,301
	13,600	BNP Paribas SA*		543,375
	19,200	Citigroup, Inc.		981,120
	101,762	Citizens Financial Group, Inc.		2,568,473
	1,800	Close Brothers Group plc		24,643
	10,900	Comerica, Inc.		415,290
	36,200	Credit Agricole SA*		343,744
	1,400	Daishi Hokuetsu Financial Group, Inc.		28,404
Common Stocks – (continued)
Banks – (continued)
	3,900	Erste Group Bank AG		92,109
	20,700	Fifth Third Bancorp		399,096
	8,300	FinecoBank Banca Fineco SpA*		112,333
	900	Fukuoka Financial Group, Inc.		14,230
	6,100	Gunma Bank Ltd. (The)		19,421
	3,200	Hiroshima Bank Ltd. (The)		15,137
	5,000	Hokuhoku Financial Group, Inc.		41,533
	82,000	HSBC Holdings plc		381,102
	29,500	Huntington Bancshares, Inc.		266,533
	52,400	ING Groep NV		365,276
	137,200	Intesa Sanpaolo SpA*		263,656
	500	Iyo Bank Ltd. (The)		3,061
	75,100	JPMorgan Chase & Co.		7,063,906
	1,600	KBC Group NV		91,922
	30,900	KeyCorp		376,362
	367,500	Lloyds Banking Group plc		141,767
	2,000	M&T Bank Corp.		207,940
	4,500	Mebuki Financial Group, Inc.		10,483
	61,200	Mizuho Financial Group, Inc.		75,279
	6,200	Nishi-Nippon Financial Holdings, Inc.		41,904
	10,500	OneSavings Bank plc		34,516
	5,200	Paragon Banking Group plc		22,588
	2,300	PNC Financial Services Group, Inc. (The)		241,983
	54,300	Popular, Inc.		2,018,331
	5,900	Raiffeisen Bank International AG*		105,453
	34,900	Regions Financial Corp.		388,088
	13,300	Resona Holdings, Inc.		45,511
	61,300	Royal Bank of Scotland Group plc		92,026
	2,700	Seven Bank Ltd.		7,400
	400	Shinsei Bank Ltd.		4,838
	18,800	Societe Generale SA*		314,330
	18,700	Standard Chartered plc		101,369
	1,300	Sumitomo Mitsui Trust Holdings, Inc.		36,634
	900	SVB Financial Group*		193,977
	800	TBC Bank Group plc*		8,834
	66,300	US Bancorp		2,441,166
	93,830	Wells Fargo & Co.		2,402,048
	4,800	Yamaguchi Financial Group, Inc.		29,497
	6,000	Zions Bancorp NA		204,000
				29,862,165
Capital Goods – 1.1%
	15,289	3M Co.		2,384,931
	5,700	A O Smith Corp.		268,584
	3,000	Aalberts NV		98,373
	13,388	ACS Actividades de Construccion y Servicios SA		344,057
	677	Allegion plc		69,203
	2,800	Alstom SA		130,483
	900	Amada Co. Ltd.		7,369
	2,200	AMETEK, Inc.		196,614
	1,600	ANDRITZ AG		58,337
	4,500	Ashtead Group plc		151,799

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	400	Avon Rubber plc	$	15,825
	23,300	BAE Systems plc		139,322
	12,654	Boeing Co. (The)		2,319,478
	7,900	Bouygues SA*		270,611
	3,100	Brenntag AG		164,362
	1,700	Bunzl plc		45,599
	16,900	Carrier Global Corp.		375,518
	3,500	Caterpillar, Inc.		442,750
	600	Central Glass Co. Ltd.		10,205
	17,616	Chemring Group plc		52,481
	12,200	Cie de Saint-Gobain*		440,188
	800	COMSYS Holdings Corp.		23,724
	3,600	Cummins, Inc.		623,736
	600	Daifuku Co. Ltd.		52,579
	300	Daikin Industries Ltd.		48,540
	500	DCC plc		41,722
	2,900	Diploma plc		64,469
	1,900	DMG Mori Co. Ltd.		23,216
	1,600	Dover Corp.		154,496
	6,300	Eaton Corp. plc		551,124
	500	Ebara Corp.		11,799
	2,000	Eiffage SA*		183,333
	8,400	Emerson Electric Co.		521,052
	200	FANUC Corp.		35,854
	2,400	Ferguson plc		196,240
	14,500	Ferrovial SA		387,585
	10,000	Flowserve Corp.		285,200
	3,600	Fortive Corp.		243,576
	3,300	Fortune Brands Home & Security, Inc.		210,969
	2,700	Fujikura Ltd.		7,816
	200	Furukawa Electric Co. Ltd.		4,857
	3,700	GEA Group AG		117,432
	88,100	General Electric Co.		601,723
	200	Glory Ltd.		4,562
	2,100	GS Yuasa Corp.		37,296
	700	Hanwa Co. Ltd.		12,850
	101,635	HD Supply Holdings, Inc.*		3,521,653
	3,700	Hino Motors Ltd.		25,103
	1,300	HOCHTIEF AG		115,673
	19,900	Honeywell International, Inc.		2,877,341
	100	Hoshizaki Corp.		8,571
	6,300	Howden Joinery Group plc		43,131
	1,500	Huntington Ingalls Industries, Inc.		261,735
	1,600	Illinois Tool Works, Inc.		279,760
	1,800	IMCD NV		169,739
	4,500	IMI plc		51,339
	300	Interpump Group SpA		8,944
	8,400	ITOCHU Corp.		181,758
	23,200	Jacobs Engineering Group, Inc.		1,967,360
	4,100	JGC Holdings Corp.		43,234
	1,800	Kinden Corp.		29,749
	1,100	Kingspan Group plc		71,012
	1,400	KION Group AG		86,198
	500	Knorr-Bremse AG*		50,743
	700	Kurita Water Industries Ltd.		19,473
Common Stocks – (continued)
Capital Goods – (continued)
	1,200	Kyudenko Corp.		35,421
	1,200	Legrand SA		91,179
	1,700	LIXIL Group Corp.		23,875
	13,700	Marubeni Corp.		62,231
	3,000	Masco Corp.		150,630
	11,400	Meggitt plc		41,523
	34,800	Melrose Industries plc		49,052
	700	MINEBEA MITSUMI, Inc.		12,759
	300	MISUMI Group, Inc.		7,533
	4,100	Mitsubishi Corp.		86,640
	6,600	Mitsubishi Electric Corp.		86,204
	2,900	Mitsubishi Heavy Industries Ltd.		68,469
	4,900	Mitsui & Co. Ltd.		72,601
	900	Miura Co. Ltd.		37,503
	1,200	MonotaRO Co. Ltd.		48,214
	8,700	Morgan Advanced Materials plc		26,021
	3,400	Morgan Sindall Group plc		51,784
	1,000	Nabtesco Corp.		30,947
	200	Nachi-Fujikoshi Corp.		6,309
	500	Nagase & Co. Ltd.		6,255
	2,800	NSK Ltd.		20,895
	6,300	Obayashi Corp.		59,229
	100	OKUMA Corp.		4,301
	2,292	Parker-Hannifin Corp.		420,055
	3,900	Pentair plc		148,161
	11,868	Polypipe Group plc		63,481
	6,900	Prysmian SpA		160,069
	9,100	QinetiQ Group plc		33,519
	13,213	Quanta Services, Inc.		518,346
	25,600	Rexel SA		293,405
	1,500	Rheinmetall AG		130,346
	600	Rockwell Automation, Inc.		127,800
	12,100	Rolls-Royce Holdings plc*		42,720
	4,300	Roper Technologies, Inc.		1,669,518
	6,800	Rotork plc		23,535
	1,200	Sanwa Holdings Corp.		10,784
	8,300	Schneider Electric SE		923,265
	31,300	Senior plc		27,042
	4,000	Shimizu Corp.		32,952
	4,000	Siemens Gamesa Renewable Energy SA		71,220
	8,700	Signify NV*		223,677
	100	SMC Corp.		51,392
	1,500	Snap-on, Inc.		207,765
	5,300	Sojitz Corp.		11,584
	88,351	Spirit AeroSystems Holdings, Inc. Class A		2,115,123
	3,000	Stanley Black & Decker, Inc.		418,140
	5,700	Sumitomo Corp.		65,558
	900	Taisei Corp.		32,802
	900	Thales SA		72,842
	800	THK Co. Ltd.		19,918
	300	TOTO Ltd.		11,535
	2,200	Toyota Tsusho Corp.		56,103
	4,200	Trane Technologies plc		373,716
	2,800	Travis Perkins plc		39,038

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	2,400	Ultra Electronics Holdings plc	$	59,185
	18,160	United Rentals, Inc.*		2,706,566
	3,300	Valmet OYJ		86,492
	14,500	Valmont Industries, Inc.		1,647,490
	5,800	Vesuvius plc		27,829
	4,400	Vinci SA		407,983
	6,100	Westinghouse Air Brake Technologies Corp.		351,177
	300	WW Grainger, Inc.		94,248
	100	XP Power Ltd.		4,406
	1,900	Xylem, Inc.		123,424
				37,228,141
Commercial & Professional Services – 0.3%
	7,800	Aggreko plc		42,896
	12,200	Biffa plc		30,484
	3,500	CoStar Group, Inc.*		2,487,345
	1,600	Dai Nippon Printing Co. Ltd.		36,785
	8,400	Elis SA*		98,551
	3,900	Experian plc		136,886
	5,700	Hays plc		8,440
	1,800	HomeServe plc		29,101
	51,600	IHS Markit Ltd.		3,895,800
	1,300	Intertek Group plc		87,556
	25,100	Nielsen Holdings plc		372,986
	1,000	Nihon M&A Center, Inc.		45,478
	3,400	Pagegroup plc		15,966
	200	Park24 Co. Ltd.		3,429
	500	PayPoint plc		3,711
	2,100	Persol Holdings Co. Ltd.		28,952
	100	Pilot Corp.		3,042
	5,200	Randstad NV*		232,518
	1,600	Recruit Holdings Co. Ltd.		55,024
	10,100	RELX plc		233,772
	15,800	Rentokil Initial plc		99,906
	7,325	Robert Half International, Inc.		386,980
	32,900	Serco Group plc		62,284
	1,800	SPIE SA		27,047
	1,100	Teleperformance*		280,150
	1,300	Toppan Printing Co. Ltd.		21,735
	384	Verisk Analytics, Inc.		65,357
	2,300	Wolters Kluwer NV		179,643
				8,971,824
Consumer Durables & Apparel – 0.3%
	400	Asics Corp.		4,573
	300	Bandai Namco Holdings, Inc.		15,791
	1,400	Berkeley Group Holdings plc		72,100
	800	Burberry Group plc		15,808
	2,600	Casio Computer Co. Ltd.		45,359
	14,100	Coats Group plc		9,814
	16,300	Countryside Properties plc		66,747
	9,200	Crest Nicholson Holdings plc		22,489
	3,600	DR Horton, Inc.		199,620
	3,600	EssilorLuxottica SA*		462,990
	1,600	Fujitsu General Ltd.		32,872
Common Stocks – (continued)
Consumer Durables & Apparel – (continued)
	300	Games Workshop Group plc		29,810
	700	Garmin Ltd.		68,250
	100	Goldwin, Inc.		6,556
	50,362	Hanesbrands, Inc.		568,587
	1,100	Hasbro, Inc.		82,445
	1,000	Haseko Corp.		12,626
	400	Hermes International		335,843
	6,100	HUGO BOSS AG		184,866
	400	Kering SA		218,688
	6,900	Leggett & Platt, Inc.		242,535
	5,067	Lennar Corp. Class A		312,229
	7,800	Lululemon Athletica, Inc.*		2,433,678
	1,600	LVMH Moet Hennessy Louis Vuitton SE		706,392
	22,200	McCarthy & Stone plc		19,647
	3,100	Mohawk Industries, Inc.*		315,456
	1,600	Moncler SpA*		61,526
	30,278	Newell Brands, Inc.		480,815
	100	NVR, Inc.*		325,875
	6,600	Panasonic Corp.		57,876
	2,700	Persimmon plc		76,414
	7,630	PulteGroup, Inc.		259,649
	300	Puma SE*		23,260
	10,900	PVH Corp.		523,745
	2,900	Ralph Lauren Corp.		210,308
	200	Rinnai Corp.		16,749
	200	Sangetsu Corp.		2,832
	100	Sankyo Co. Ltd.		2,421
	1,100	SEB SA		182,468
	400	Sekisui Chemical Co. Ltd.		5,731
	3,800	Sekisui House Ltd.		72,550
	4,200	Sony Corp.		289,927
	5,100	Tapestry, Inc.		67,728
	35,270	Under Armour, Inc. Class A*		343,530
	39,661	Under Armour, Inc. Class C*		350,603
	3,577	Vistry Group plc		31,507
	300	Wacoal Holdings Corp.		5,561
	1,900	Whirlpool Corp.		246,107
				10,122,953
Consumer Services – 0.2%
	2,700	Accor SA*		73,687
	1,100	Benesse Holdings, Inc.		29,502
	7,300	Carnival Corp.(a)		119,866
	300	Chipotle Mexican Grill, Inc.*		315,708
	1,600	Colowide Co. Ltd.		21,841
	7,900	Compass Group plc		108,692
	2,301	Darden Restaurants, Inc.		174,347
	5,800	Domino’s Pizza Group plc		22,263
	900	Domino’s Pizza, Inc.		332,496
	55,900	frontdoor, Inc.*		2,478,047
	700	Greggs plc		14,039
	8,500	GVC Holdings plc		77,910
	8,598	H&R Block, Inc.		122,779
	2,000	Hilton Worldwide Holdings, Inc.		146,900
	1,200	J D Wetherspoon plc		14,929

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Consumer Services – (continued)
	700	La Francaise des Jeux SAEM	$	21,636
	1,700	Las Vegas Sands Corp.		77,418
	1,500	Marriott International, Inc. Class A		128,595
	1,800	McDonald’s Corp.		332,046
	8,500	MGM Resorts International		142,800
	16,900	Mitchells & Butlers plc*		39,354
	3,900	Norwegian Cruise Line Holdings Ltd.*(a)		64,077
	300	Oriental Land Co. Ltd.		39,644
	10,400	Playtech plc		36,338
	100	PPHE Hotel Group Ltd.		1,355
	7,800	Rank Group plc		14,156
	200	Resorttrust, Inc.		2,596
	2,900	Royal Caribbean Cruises Ltd.		145,870
	1,400	Skylark Holdings Co. Ltd.		22,243
	4,700	Sodexo SA		318,697
	4,600	SSP Group plc		14,660
	26,700	William Hill plc		37,722
	1,100	Yoshinoya Holdings Co. Ltd.		22,734
	3,200	Yum! Brands, Inc.		278,112
	100	Zensho Holdings Co. Ltd.		2,022
				5,795,081
Diversified Financials – 1.1%
	2,500	Acom Co. Ltd.		9,567
	3,200	AEON Financial Service Co. Ltd.		35,097
	1,900	AJ Bell plc		9,129
	104,200	Ally Financial, Inc.		2,066,286
	3,300	American Express Co.		314,160
	3,300	Ameriprise Financial, Inc.		495,132
	3,800	Ashmore Group plc		19,621
	10,700	Bank of New York Mellon Corp. (The)		413,555
	21,633	Berkshire Hathaway, Inc. Class B*		3,861,707
	1,500	Brewin Dolphin Holdings plc		4,834
	29,700	Capital One Financial Corp.		1,858,923
	109,000	Charles Schwab Corp. (The)		3,677,660
	600	Credit Saison Co. Ltd.		6,894
	3,200	Deutsche Boerse AG		579,126
	11,900	Discover Financial Services		596,071
	200	Euronext NV		20,131
	3,900	EXOR NV		223,849
	4,300	Franklin Resources, Inc.		90,171
	100	GRENKE AG		7,757
	1,300	Hargreaves Lansdown plc		26,216
	300	Hitachi Capital Corp.		6,641
	9,000	IG Group Holdings plc		90,883
	5,900	IntegraFin Holdings plc		33,452
	57,436	Interactive Brokers Group, Inc. Class A		2,399,102
	22,100	Intercontinental Exchange, Inc.		2,024,360
	7,800	Intermediate Capital Group plc		124,440
	62,065	Invesco Ltd.		667,820
	31,200	Investec plc		62,605
	1,600	Japan Exchange Group, Inc.		37,056
	131,800	Jefferies Financial Group, Inc.		2,049,490
Common Stocks – (continued)
Diversified Financials – (continued)
	4,800	Jupiter Fund Management plc		15,220
	59,000	M&G plc		122,510
	18,500	Man Group plc		29,951
	1,800	MarketAxess Holdings, Inc.		901,656
	8,400	Mitsubishi UFJ Lease & Finance Co. Ltd.		40,084
	16,385	Moody’s Corp.		4,501,451
	68,600	Morgan Stanley		3,313,380
	2,900	MSCI, Inc.		968,078
	2,800	Nasdaq, Inc.		334,516
	28,500	Natixis SA*		75,170
	1,100	Ninety One plc*		2,825
	18,900	Nomura Holdings, Inc.		84,929
	600	Northern Trust Corp.		47,604
	6,100	ORIX Corp.		75,745
	4,300	Plus500 Ltd.		70,136
	2,000	Raymond James Financial, Inc.		137,660
	4,200	S&P Global, Inc.		1,383,816
	3,500	Sanne Group plc		27,289
	400	Schroders plc		14,599
	300	Sofina SA		79,216
	1,900	St James’s Place plc		22,341
	12,612	Standard Life Aberdeen plc		41,792
	35,526	Synchrony Financial		787,256
	2,500	T. Rowe Price Group, Inc.		308,750
	100	Tokyo Century Corp.		5,121
	100	Wendel SE		9,544
	200	Zenkoku Hosho Co. Ltd.		7,556
				35,219,930
Energy – 0.4%
	13,500	Baker Hughes Co.		207,765
	7,600	Cabot Oil & Gas Corp.		130,568
	100,200	Cairn Energy plc*		145,819
	37,630	Cheniere Energy, Inc.*		1,818,282
	11,900	Chevron Corp.		1,061,837
	47,600	ConocoPhillips		2,000,152
	5,200	Devon Energy Corp.		58,968
	17,900	ENEOS Holdings, Inc.		63,806
	11,400	Eni SpA		109,281
	8,771	EOG Resources, Inc.		444,339
	22,100	Halliburton Co.		286,858
	11,500	Helmerich & Payne, Inc.		224,365
	10,000	HollyFrontier Corp.		292,000
	162,200	John Wood Group plc		388,920
	4,900	Koninklijke Vopak NV		259,182
	44,600	Marathon Oil Corp.		272,952
	3,500	Marathon Petroleum Corp.		130,830
	20,400	National Oilwell Varco, Inc.		249,900
	6,100	OMV AG*		205,838
	1,700	Phillips 66		122,230
	900	Pioneer Natural Resources Co.		87,930
	29,400	Royal Dutch Shell plc Class A		470,731
	11,500	Royal Dutch Shell plc Class B		174,343
	93,200	Saipem SpA		233,849
	10,900	Schlumberger Ltd.		200,451

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	16,600	TechnipFMC plc	$	115,575
	16,000	Tenaris SA		103,978
	27,500	TOTAL SA		1,060,357
	3,400	Valero Energy Corp.		199,988
	135,447	Williams Cos., Inc. (The)		2,576,202
				13,697,296
Food & Staples Retailing – 0.3%
	3,900	Aeon Co. Ltd.		90,732
	100	Ain Holdings, Inc.		6,565
	34,977	Carrefour SA(a)		542,425
	400	Cosmos Pharmaceutical Corp.		61,374
	11,400	Costco Wholesale Corp.		3,456,594
	127,500	J Sainsbury plc		329,965
	8,400	Jeronimo Martins SGPS SA*		147,000
	9,400	Kesko OYJ Class B		160,903
	1,200	Kobe Bussan Co. Ltd.		68,143
	32,400	Koninklijke Ahold Delhaize NV		883,032
	44,600	Kroger Co. (The)		1,509,710
	300	Kusuri no Aoki Holdings Co. Ltd.		23,584
	1,200	Lawson, Inc.		60,360
	42,700	METRO AG		405,231
	2,300	Seven & i Holdings Co. Ltd.		75,241
	500	Sugi Holdings Co. Ltd.		33,907
	900	Sundrug Co. Ltd.		29,786
	30,300	Tesco plc		85,224
	400	Tsuruha Holdings, Inc.		55,245
	23,700	Walgreens Boots Alliance, Inc.		1,004,643
	16,900	Walmart, Inc.		2,024,282
	900	Welcia Holdings Co. Ltd.		72,708
	100,800	Wm Morrison Supermarkets plc		237,458
				11,364,112
Food, Beverage & Tobacco – 0.4%
	500	AG Barr plc		2,798
	1,100	Ajinomoto Co., Inc.		18,254
	11,300	Altria Group, Inc.		443,525
	8,200	Anheuser-Busch InBev SA/NV		404,231
	6,100	Archer-Daniels-Midland Co.		243,390
	1,900	Asahi Group Holdings Ltd.		66,732
	8,100	Associated British Foods plc		191,518
	1,500	Bakkavor Group plc		1,314
	17,600	British American Tobacco plc		675,010
	2,200	Britvic plc		20,951
	8,200	Brown-Forman Corp. Class B		522,012
	73,160	C&C Group plc		208,547
	700	Calbee, Inc.		19,348
	6,200	Campbell Soup Co.		307,706
	16,500	Coca-Cola Co. (The)		737,220
	2,700	Coca-Cola HBC AG		67,589
	13,912	Conagra Brands, Inc.		489,285
	2,700	Constellation Brands, Inc. Class A		472,365
	2,000	Cranswick plc		89,588
	5,100	Danone SA		354,007
	4,000	Diageo plc		132,949
	900	Fuji Oil Holdings, Inc.		23,157
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	10,855	General Mills, Inc.		669,211
	6,100	Glanbia plc		69,320
	6,500	Greencore Group plc		10,112
	600	Heineken Holding NV		49,108
	1,300	Heineken NV		119,853
	8,600	Hershey Co. (The)		1,114,732
	7,000	Imperial Brands plc		133,256
	300	Ito En Ltd.		16,935
	4,800	J M Smucker Co. (The)		507,888
	4,700	Kellogg Co.		310,482
	500	Kewpie Corp.		9,422
	700	Kirin Holdings Co. Ltd.		14,756
	16,900	Kraft Heinz Co. (The)		538,941
	4,400	Lamb Weston Holdings, Inc.		281,292
	800	Maruha Nichiro Corp.		16,385
	2,145	McCormick & Co., Inc. (Non-Voting)		384,834
	300	Megmilk Snow Brand Co. Ltd.		6,988
	16,832	Molson Coors Beverage Co. Class B		578,348
	1,100	NH Foods Ltd.		44,265
	300	Nichirei Corp.		8,742
	400	Nisshin Seifun Group, Inc.		5,973
	600	Nissin Foods Holdings Co. Ltd.		53,160
	1,900	Sapporo Holdings Ltd.		35,729
	700	Suntory Beverage & Food Ltd.		27,313
	13,600	Tate & Lyle plc		112,427
	900	Toyo Suisan Kaisha Ltd.		50,286
	30,300	TreeHouse Foods, Inc.*		1,327,140
	10,500	Tyson Foods, Inc. Class A		626,955
	200	Yakult Honsha Co. Ltd.		11,767
	2,500	Yamazaki Baking Co. Ltd.		42,943
				12,670,059
Health Care Equipment & Services – 2.1%
	52,800	Abbott Laboratories		4,827,504
	200	ABIOMED, Inc.*		48,312
	2,100	Alfresa Holdings Corp.		44,019
	28,753	AmerisourceBergen Corp.		2,897,440
	4,800	Amplifon SpA*		128,232
	9,607	Anthem, Inc.		2,526,449
	300	Asahi Intecc Co. Ltd.		8,562
	44,600	Baxter International, Inc.		3,840,060
	9,700	Becton Dickinson and Co.		2,320,919
	900	BioMerieux		123,601
	10,600	Cardinal Health, Inc.		553,214
	300	Carl Zeiss Meditec AG		29,212
	28,500	Centene Corp.*		1,811,175
	7,500	Cerner Corp.		514,125
	152,700	Change Healthcare, Inc.*		1,710,240
	26,800	Cigna Corp.		5,029,020
	52,218	ConvaTec Group plc		126,111
	500	Cooper Cos., Inc. (The)		141,820
	46,200	CVS Health Corp.		3,001,614
	27,821	Danaher Corp.		4,919,587
	21,200	DaVita, Inc.*		1,677,768

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	11,600	Dentsply Sirona, Inc.	$	511,096
	9,400	DexCom, Inc.*		3,810,760
	1,800	DiaSorin SpA		345,682
	2,600	Edwards Lifesciences Corp.*		179,686
	6,600	Fresenius Medical Care AG & Co. KGaA		567,797
	9,800	Fresenius SE & Co. KGaA		487,088
	500	H.U. Group Holdings, Inc.		11,811
	37,300	HCA Healthcare, Inc.		3,620,338
	18,100	Henry Schein, Inc.*		1,056,859
	1,800	Hologic, Inc.*		102,600
	800	Hoya Corp.		76,607
	500	IDEXX Laboratories, Inc.*		165,080
	14,800	Koninklijke Philips NV*		690,386
	3,887	Laboratory Corp. of America Holdings*		645,669
	1,700	M3, Inc.		72,218
	22,214	McKesson Corp.		3,408,072
	82,272	Mediclinic International plc		270,273
	2,800	Medipal Holdings Corp.		54,042
	46,800	Medtronic plc		4,291,560
	900	Nihon Kohden Corp.		30,249
	2,700	Olympus Corp.		51,982
	22,000	Quest Diagnostics, Inc.		2,507,120
	7,900	ResMed, Inc.		1,516,800
	1,000	Ship Healthcare Holdings, Inc.		41,851
	500	Suzuken Co. Ltd.		18,680
	700	Toho Holdings Co. Ltd.		13,083
	24,400	UDG Healthcare plc		216,871
	19,900	UnitedHealth Group, Inc.		5,869,505
	9,500	Universal Health Services, Inc. Class B		882,455
	9,700	Veeva Systems, Inc. Class A*		2,273,874
	5,600	Zimmer Biomet Holdings, Inc.		668,416
				70,737,494
Household & Personal Products – 0.1%
	1,000	Beiersdorf AG		113,714
	1,700	Church & Dwight Co., Inc.		131,410
	3,800	Clorox Co. (The)		833,606
	300	Fancl Corp.		8,939
	600	Kao Corp.		47,615
	400	Kobayashi Pharmaceutical Co. Ltd.		35,170
	1,000	L’Oreal SA		322,747
	200	Pola Orbis Holdings, Inc.		3,492
	23,000	Procter & Gamble Co. (The)		2,750,110
	700	PZ Cussons plc		1,603
	1,800	Reckitt Benckiser Group plc		165,597
	200	Rohto Pharmaceutical Co. Ltd.		6,353
	1,200	Unicharm Corp.		49,215
	2,900	Unilever plc		156,429
				4,626,000
Insurance – 0.3%
	2,900	Admiral Group plc		82,241
	141,400	Aegon NV		417,974
Common Stocks – (continued)
Insurance – (continued)
	8,400	Aflac, Inc.		302,652
	6,000	Ageas SA/NV		212,639
	1,300	Allianz SE (Registered)		265,645
	12,500	Allstate Corp. (The)		1,212,375
	19,800	American International Group, Inc.		617,364
	2,012	Aon plc Class A		387,511
	1,000	Arthur J Gallagher & Co.		97,490
	5,300	ASR Nederland NV		163,067
	21,700	Assicurazioni Generali SpA		329,629
	9,600	Assurant, Inc.		991,584
	42,000	Aviva plc		142,354
	6,400	Beazley plc		32,446
	30,800	CNP Assurances*		357,232
	13,800	Direct Line Insurance Group plc		46,272
	800	Everest Re Group Ltd.		164,960
	1,700	Hannover Rueck SE		293,801
	12,100	Hartford Financial Services Group, Inc. (The)		466,455
	8,600	Japan Post Holdings Co. Ltd.		61,375
	3,500	Japan Post Insurance Co. Ltd.		46,117
	71,100	Just Group plc*		46,368
	53,100	Legal & General Group plc		144,764
	10,700	Lincoln National Corp.		393,653
	48,000	Mapfre SA		85,713
	3,600	Marsh & McLennan Cos., Inc.		386,532
	1,500	MS&AD Insurance Group Holdings, Inc.		41,308
	10,600	NN Group NV		356,243
	15,700	Poste Italiane SpA		137,143
	11,000	Principal Financial Group, Inc.		456,940
	5,000	Progressive Corp. (The)		400,550
	9,300	Prudential Financial, Inc.		566,370
	7,400	RSA Insurance Group plc		37,477
	900	Sabre Insurance Group plc		2,955
	500	Sompo Holdings, Inc.		17,213
	400	Sony Financial Holdings, Inc.		9,658
	4,900	T&D Holdings, Inc.		42,087
	1,000	Tokio Marine Holdings, Inc.		43,773
	3,000	Travelers Cos., Inc. (The)		342,150
	32,200	Unum Group		534,198
				10,736,278
Materials – 0.8%
	200	ADEKA Corp.		2,659
	5,120	Air Liquide SA		740,285
	1,877	Akzo Nobel NV		168,631
	6,000	Anglo American plc		138,319
	4,600	Antofagasta plc		53,242
	39,800	ArcelorMittal SA*		421,556
	2,300	Arkema SA		221,085
	1,200	Avery Dennison Corp.		136,908
	27,500	Ball Corp.		1,910,975
	10,600	BASF SE		595,395
	26,600	Celanese Corp.		2,296,644
	37,100	Centamin plc		84,687
	6,800	CF Industries Holdings, Inc.		191,352

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	3,700	Corteva, Inc.	$	99,123
	4,500	Covestro AG		171,397
	20,200	CRH plc		694,549
	300	Croda International plc		19,485
	1,100	Daicel Corp.		8,525
	100	Daido Steel Co. Ltd.		3,070
	10,100	Dow, Inc.		411,676
	400	Dowa Holdings Co. Ltd.		12,141
	3,200	DuPont de Nemours, Inc.		170,016
	3,285	Eastman Chemical Co.		228,767
	500	Ecolab, Inc.		99,475
	56,800	Elementis plc		45,325
	1,100	Evonik Industries AG		28,017
	24,300	Evraz plc		86,097
	43,600	Ferrexpo plc		93,636
	6,100	FMC Corp.		607,682
	200	FP Corp.		16,016
	124,400	Glencore plc*		264,998
	7,700	HeidelbergCement AG		412,195
	1,600	Hitachi Metals Ltd.		19,177
	1,600	Huhtamaki OYJ*		63,297
	8,100	International Paper Co.		285,201
	1,900	JSR Corp.		36,860
	900	Kansai Paint Co. Ltd.		19,019
	3,708	Koninklijke DSM NV		514,737
	1,900	LANXESS AG		100,475
	11,347	Linde plc		2,406,812
	500	Lintec Corp.		11,917
	2,800	LyondellBasell Industries NV Class A		184,016
	10,200	Martin Marietta Materials, Inc.		2,107,014
	7,800	Mitsubishi Chemical Holdings Corp.		45,487
	1,100	Mitsubishi Gas Chemical Co., Inc.		16,730
	1,000	Mitsubishi Materials Corp.		21,116
	1,400	Mitsui Chemicals, Inc.		29,283
	800	Mitsui Mining & Smelting Co. Ltd.		16,394
	16,200	Mosaic Co. (The)		202,662
	23,700	Newmont Corp.		1,463,238
	4,900	Nippon Light Metal Holdings Co. Ltd.		8,584
	800	Nippon Paint Holdings Co. Ltd.		58,349
	300	Nitto Denko Corp.		17,007
	100	NOF Corp.		3,462
	5,800	Nucor Corp.		240,178
	3,100	Packaging Corp. of America		309,380
	75,600	Petropavlovsk plc*		23,420
	5,800	Polymetal International plc		116,120
	3,600	PPG Industries, Inc.		381,816
	1,800	Rengo Co. Ltd.		14,673
	3,600	Rhi Magnesita NV		109,871
	1,800	Rio Tinto plc		101,298
	11,800	Scotts Miracle-Gro Co. (The)		1,586,746
	2,400	Sealed Air Corp.		78,840
	4,800	Sherwin-Williams Co. (The)		2,773,680
	700	Shin-Etsu Chemical Co. Ltd.		82,153
Common Stocks – (continued)
Materials – (continued)
	600	Showa Denko KK		13,543
	4,700	Smurfit Kappa Group plc		157,166
	2,000	Solvay SA		160,452
	16,800	Stora Enso OYJ Class R		201,085
	200	Sumitomo Bakelite Co. Ltd.		5,649
	700	Sumitomo Metal Mining Co. Ltd.		19,719
	200	Sumitomo Osaka Cement Co. Ltd.		7,047
	2,000	Symrise AG		233,693
	1,400	Synthomer plc		4,825
	700	Taiheiyo Cement Corp.		16,264
	400	Taiyo Nippon Sanso Corp.		6,689
	1,100	Teijin Ltd.		17,514
	700	Tokai Carbon Co. Ltd.		6,615
	700	Tokuyama Corp.		16,562
	1,000	Tokyo Ohka Kogyo Co. Ltd.		50,150
	6,700	Toray Industries, Inc.		31,624
	1,100	Tosoh Corp.		15,111
	2,000	Toyo Seikan Group Holdings Ltd.		22,555
	1,000	Toyobo Co. Ltd.		13,933
	1,300	Ube Industries Ltd.		22,405
	5,100	Umicore SA		240,741
	6,600	UPM-Kymmene OYJ		191,167
	800	Victrex plc		19,339
	10,700	voestalpine AG		231,071
	800	Vulcan Materials Co.		92,680
	9,200	WestRock Co.		259,992
	2,700	Wienerberger AG*		58,819
	800	Yamato Kogyo Co. Ltd.		16,360
				26,015,710
Media & Entertainment – 3.2%
	200	4imprint Group plc		6,097
	98,612	Activision Blizzard, Inc.		7,484,651
	7,936	Alphabet, Inc. Class A*		11,253,645
	5,235	Alphabet, Inc. Class C*		7,400,248
	5,100	Altice Europe NV*		19,724
	3,900	Auto Trader Group plc		25,392
	80,727	Bollore SA		254,724
	1,200	Capcom Co. Ltd.		43,924
	4,200	Charter Communications, Inc. Class A*		2,142,168
	187,300	Cineworld Group plc		140,607
	115,860	Comcast Corp. Class A		4,516,223
	42,300	Discovery, Inc. Class A*		892,530
	47,900	Discovery, Inc. Class C*		922,554
	29,000	Electronic Arts, Inc.*		3,829,450
	83,681	Facebook, Inc. Class A*		19,001,445
	19,100	Fox Corp. Class A		512,262
	18,500	Fox Corp. Class B		496,540
	800	Future plc		12,627
	700	GungHo Online Entertainment, Inc.		12,515
	6,000	Hakuhodo DY Holdings, Inc.		71,610
	41,100	Interpublic Group of Cos., Inc. (The)		705,276
	600	Kakaku.com, Inc.		15,285
	17,400	Liberty Broadband Corp. Class C*		2,156,904

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Media & Entertainment – (continued)
	59,863	Liberty Media Corp.-Liberty Formula One Class A*	$	1,746,802
	70,300	Liberty Media Corp.-Liberty SiriusXM Class C*		2,421,835
	89,938	Live Nation Entertainment, Inc.*		3,986,952
	10,700	Netflix, Inc.*		4,868,928
	183,700	News Corp. Class A		2,178,682
	17,309	News Corp. Class B		206,843
	1,900	Nexon Co. Ltd.		42,857
	300	Nintendo Co. Ltd.		134,121
	8,400	Nippon Television Holdings, Inc.		90,980
	7,700	Omnicom Group, Inc.		420,420
	9,300	ProSiebenSat.1 Media SE*		111,137
	7,548	Publicis Groupe SA		245,197
	4,500	Rightmove plc		30,418
	40,600	Roku, Inc.*		4,731,118
	4,000	Scout24 AG		309,471
	600	Square Enix Holdings Co. Ltd.		30,398
	20,700	Take-Two Interactive Software, Inc.*		2,889,099
	3,200	TV Asahi Holdings Corp.		46,622
	900	Ubisoft Entertainment SA*		74,529
	90,800	ViacomCBS, Inc.		2,117,456
	53,345	Walt Disney Co. (The)		5,948,501
	95,900	World Wrestling Entertainment, Inc. Class A(a)		4,166,855
	2,100	WPP plc		16,372
	40,300	Zillow Group, Inc. Class A*		2,316,444
	34,200	Zillow Group, Inc. Class C*		1,970,262
	383,300	Zynga, Inc. Class A*		3,656,682
				106,675,382
Pharmaceuticals, Biotechnology & Life Sciences – 1.7%
	38,100	AbbVie, Inc.		3,740,658
	5,600	Alexion Pharmaceuticals, Inc.*		628,544
	15,100	Amgen, Inc.		3,561,486
	500	Argenx SE*		112,546
	6,700	Astellas Pharma, Inc.		111,887
	4,400	AstraZeneca plc		457,927
	17,500	Bayer AG (Registered)		1,297,162
	14,300	Biogen, Inc.*		3,825,965
	3,900	Bio-Rad Laboratories, Inc. Class A*		1,760,811
	84,500	Bristol-Myers Squibb Co.		4,968,600
	10,400	Charles River Laboratories International, Inc.*		1,813,240
	3,000	Chugai Pharmaceutical Co. Ltd.		160,620
	1,500	Daiichi Sankyo Co. Ltd.		122,687
	600	Eisai Co. Ltd.		47,669
	10,700	Eli Lilly and Co.		1,756,726
	100	Eurofins Scientific SE*		63,073
	3,400	Galapagos NV*		671,085
	700	Genus plc		30,643
	36,632	Gilead Sciences, Inc.		2,818,466
	45,300	GlaxoSmithKline plc		915,046
	7,900	Grifols SA		240,224
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	6,000	Hikma Pharmaceuticals plc		164,647
	700	Hisamitsu Pharmaceutical Co., Inc.		37,839
	4,100	Incyte Corp.*		426,277
	1,100	Ipsen SA		93,315
	2,700	IQVIA Holdings, Inc.*		383,076
	21,449	Johnson & Johnson		3,016,373
	300	Kaken Pharmaceutical Co. Ltd.		15,363
	2,000	Kissei Pharmaceutical Co. Ltd.		50,529
	800	Kyowa Kirin Co. Ltd.		21,060
	8,000	Merck & Co., Inc.		618,640
	6,200	Merck KGaA		721,977
	300	Mettler-Toledo International, Inc.*		241,665
	900	Mochida Pharmaceutical Co. Ltd.		33,537
	400	MorphoSys AG*		50,715
	52,966	Mylan NV*		851,693
	13,595	Neurocrine Biosciences, Inc.*		1,658,590
	2,100	Ono Pharmaceutical Co. Ltd.		61,292
	4,400	Orion OYJ Class B		213,375
	2,300	Otsuka Holdings Co. Ltd.		100,238
	1,800	PerkinElmer, Inc.		176,562
	6,300	Perrigo Co. plc		348,201
	50,400	Pfizer, Inc.		1,648,080
	6,761	PureTech Health plc*		22,357
	400	Recordati SpA		20,015
	2,700	Regeneron Pharmaceuticals, Inc.*		1,683,855
	7,800	Sanofi		795,481
	1,300	Santen Pharmaceutical Co. Ltd.		23,932
	600	Sartorius Stedim Biotech		152,123
	1,000	Sawai Pharmaceutical Co. Ltd.		51,398
	3,000	Sumitomo Dainippon Pharma Co. Ltd.		41,573
	400	Taisho Pharmaceutical Holdings Co. Ltd.		24,547
	2,900	Takeda Pharmaceutical Co. Ltd.		104,191
	12,950	Thermo Fisher Scientific, Inc.		4,692,303
	300	Tsumura & Co.		7,857
	3,700	UCB SA		429,372
	22,400	United Therapeutics Corp.*		2,710,400
	5,400	Vertex Pharmaceuticals, Inc.*		1,567,674
	800	Waters Corp.*		144,320
	20,027	Zoetis, Inc.		2,744,500
				55,254,007
Real Estate – 0.9%
	2,000	Aedifica SA (REIT)		219,020
	6,700	alstria office REIT-AG (REIT)		99,717
	27,147	American Tower Corp. (REIT)		7,018,585
	37,828	Assura plc (REIT)		36,707
	2,400	Big Yellow Group plc (REIT)		29,874
	2,500	BMO Commercial Property Trust Ltd. (REIT)		1,953
	5,100	CBRE Group, Inc. Class A*		230,622
	1,400	CLS Holdings plc		3,220
	306	Cofinimmo SA (REIT)		42,199
	6	Covivio (REIT)		435
	30,200	Crown Castle International Corp. (REIT)		5,053,970

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	8,390	Equinix, Inc. (REIT)	$	5,892,297
	95,500	Gaming and Leisure Properties, Inc. (REIT)		3,304,300
	54,000	GCP Student Living plc (REIT)		83,118
	300	Gecina SA (REIT)		37,052
	7,200	Grainger plc		25,549
	700	Great Portland Estates plc (REIT)		5,484
	158,500	Host Hotels & Resorts, Inc. (REIT)		1,710,215
	2,100	Hulic Co. Ltd.		19,826
	1,000	ICADE (REIT)		69,828
	500	IMMOFINANZ AG*		8,547
	1,600	Inmobiliaria Colonial SOCIMI SA (REIT)*		14,147
	14,700	IWG plc		48,323
	8,000	Kojamo OYJ		169,070
	1,600	Land Securities Group plc (REIT)		10,932
	2,415	LondonMetric Property plc (REIT)		6,304
	3,900	LXI REIT plc (REIT)		5,499
	1,600	Merlin Properties Socimi SA (REIT)		13,333
	1,400	Mitsubishi Estate Co. Ltd.		20,863
	200	Nomura Real Estate Holdings, Inc.		3,723
	300	Open House Co. Ltd.		10,288
	21,920	Primary Health Properties plc (REIT)		42,480
	7,400	Prologis, Inc. (REIT)		690,642
	7,700	Safestore Holdings plc (REIT)		69,405
	900	Savills plc		9,179
	10,156	SBA Communications Corp. (REIT)		3,025,675
	12,435	Segro plc (REIT)		137,531
	500	Shaftesbury plc (REIT)		3,272
	22,900	Sirius Real Estate Ltd.		21,751
	2,600	St Modwen Properties plc		11,168
	3,200	Tritax Big Box REIT plc (REIT)		5,749
	2,923	Warehouses De Pauw CVA (REIT)		80,304
	800	Workspace Group plc (REIT)		6,489
				28,298,645
Retailing – 1.8%
	100	ABC-Mart, Inc.		5,866
	1,600	Advance Auto Parts, Inc.		227,920
	11,276	Amazon.com, Inc.*		31,108,454
	200	AutoZone, Inc.*		225,624
	3,300	Best Buy Co., Inc.		287,991
	300	Booking Holdings, Inc.*		477,702
	21,213	CarMax, Inc.*		1,899,624
	43,100	Carvana Co.*(a)		5,180,620
	3,400	Delivery Hero SE*		349,409
	36,000	Dixons Carphone plc		40,010
	8,700	Dollar General Corp.		1,657,437
	3,060	Dollar Tree, Inc.*		283,601
	4,300	Dunelm Group plc		63,349
	6,138	eBay, Inc.		321,938
	44,700	Etsy, Inc.*		4,748,481
	3,100	Expedia Group, Inc.		254,820
Common Stocks – (continued)
Retailing – (continued)
	7,200	Frasers Group plc*		27,282
	13,930	Gap, Inc. (The)		175,797
	1,400	Genuine Parts Co.		121,744
	300	H2O Retailing Corp.		2,007
	9,800	HelloFresh SE*		524,250
	25,250	Home Depot, Inc. (The)		6,325,378
	4,100	Inchcape plc		24,917
	18,800	Industria de Diseno Textil SA		498,829
	500	Izumi Co. Ltd.		15,850
	7,100	J Front Retailing Co. Ltd.		47,500
	3,600	JD Sports Fashion plc		27,708
	700	Just Eat Takeaway.com NV*		73,168
	11,200	Kingfisher plc		30,813
	14,200	Kohl’s Corp.		294,934
	1,000	K’s Holdings Corp.		13,660
	13,200	L Brands, Inc.		197,604
	9,872	LKQ Corp.*		258,646
	3,300	Lowe’s Cos., Inc.		445,896
	27,800	Marks & Spencer Group plc		34,090
	1,000	Moneysupermarket.com Group plc		4,011
	400	Nitori Holdings Co. Ltd.		78,428
	9,700	Nordstrom, Inc.(a)		150,253
	2,200	Ocado Group plc*		55,287
	400	O’Reilly Automotive, Inc.*		168,668
	1,000	Pan Pacific International Holdings Corp.		22,017
	25,900	Pets at Home Group plc		76,626
	3,400	Rakuten, Inc.		30,032
	2,177	Ross Stores, Inc.		185,567
	100	Sanrio Co. Ltd.		1,551
	300	Shimachu Co. Ltd.		8,338
	300	Shimamura Co. Ltd.		20,320
	10,900	Target Corp.		1,307,237
	5,800	TJX Cos., Inc. (The)		293,248
	1,400	Tractor Supply Co.		184,506
	1,500	Trainline plc*		8,084
	900	Ulta Beauty, Inc.*		183,078
	200	USS Co. Ltd.		3,206
	4,200	Vivo Energy plc		4,200
	1,300	Watches of Switzerland Group plc*		4,518
	1,100	WH Smith plc		14,976
	8,100	Yamada Denki Co. Ltd.		40,179
	1,300	Zalando SE*		92,223
	500	ZOZO, Inc.		11,146
				59,220,618
Semiconductors & Semiconductor Equipment – 1.5%
	27,700	Advanced Micro Devices, Inc.*		1,457,297
	1,600	Advantest Corp.		91,313
	2,000	Analog Devices, Inc.		245,280
	57,900	Applied Materials, Inc.		3,500,055
	6,400	ASM International NV		985,259
	3,200	ASML Holding NV		1,170,602
	5,400	BE Semiconductor Industries NV		239,435
	3,001	Broadcom, Inc.		947,146
	8,200	Dialog Semiconductor plc*		374,811

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	200	Disco Corp.	$	48,778
	65,000	Entegris, Inc.		3,838,250
	20,900	Infineon Technologies AG		489,733
	93,600	Intel Corp.		5,600,088
	15,147	Lam Research Corp.		4,899,449
	700	Lasertec Corp.		66,171
	2,300	Maxim Integrated Products, Inc.		139,403
	24,300	Microchip Technology, Inc.		2,559,033
	142,618	Micron Technology, Inc.*		7,347,679
	23,190	NVIDIA Corp.		8,810,113
	9,900	Qorvo, Inc.*		1,094,247
	33,059	QUALCOMM, Inc.		3,015,311
	9,500	Renesas Electronics Corp.*		48,834
	200	Rohm Co. Ltd.		13,298
	200	SCREEN Holdings Co. Ltd.		9,396
	8,500	Skyworks Solutions, Inc.		1,086,810
	20,500	STMicroelectronics NV		560,029
	1,500	SUMCO Corp.		23,061
	3,900	Texas Instruments, Inc.		495,183
	300	Tokyo Electron Ltd.		74,023
	900	Ulvac, Inc.		26,129
				49,256,216
Software & Services – 5.1%
	3,400	Accenture plc Class A		730,048
	14,800	Adobe, Inc.*		6,442,588
	300	Adyen NV*		436,648
	37,100	Akamai Technologies, Inc.*		3,973,039
	18,300	Alliance Data Systems Corp.		825,696
	3,200	Alten SA*		276,504
	8,600	Amadeus IT Group SA		451,519
	12,700	ANSYS, Inc.*		3,704,971
	3,504	Atos SE*		300,409
	12,900	Avast plc		84,313
	1,500	AVEVA Group plc		76,055
	2,400	Bechtle AG		425,378
	9,900	CACI International, Inc. Class A*		2,147,112
	4,000	Capgemini SE		461,606
	28,100	Citrix Systems, Inc.		4,156,271
	29,700	Cognizant Technology Solutions Corp. Class A		1,687,554
	3,700	Computacenter plc		74,990
	20,400	Coupa Software, Inc.*		5,651,616
	1,200	Dassault Systemes SE		208,312
	51,600	DXC Technology Co.		851,400
	2,678	Edenred		117,452
	7,400	Equiniti Group plc		13,367
	38,000	Fidelity National Information Services, Inc.		5,095,420
	16,600	Finablr plc*(b)		2,268
	5,600	Fiserv, Inc.*		546,672
	1,600	FleetCor Technologies, Inc.*		402,448
	4,100	Fortinet, Inc.*		562,807
	1,340	Fujitsu Ltd.		156,892
	2,400	Gartner, Inc.*		291,192
	52,276	Genpact Ltd.		1,909,119
Common Stocks – (continued)
Software & Services – (continued)
	200	GMO Payment Gateway, Inc.		20,919
	24,500	GoDaddy, Inc. Class A*		1,796,585
	300	Infomart Corp.		2,076
	9,800	International Business Machines Corp.		1,183,546
	2,907	Intuit, Inc.		861,024
	1,300	Itochu Techno-Solutions Corp.		48,889
	3,400	Jack Henry & Associates, Inc.		625,702
	1,394	Kainos Group plc		12,937
	19,600	Leidos Holdings, Inc.		1,835,932
	30,452	Mastercard, Inc. Class A		9,004,656
	2,296	Micro Focus International plc		12,249
	154,621	Microsoft Corp.		31,466,920
	2,200	Nemetschek SE		151,167
	1,100	NET One Systems Co. Ltd.		36,714
	47,900	New Relic, Inc.*		3,300,310
	21,200	Nexi SpA*		367,620
	400	Nihon Unisys Ltd.		12,576
	2,500	Nomura Research Institute Ltd.		68,282
	266,427	NortonLifeLock, Inc.		5,283,247
	2,800	NTT Data Corp.		31,305
	184,824	Nuance Communications, Inc.*		4,676,971
	200	Obic Co. Ltd.		35,248
	10,400	Okta, Inc.*		2,082,392
	14,862	Oracle Corp.		840,426
	500	Otsuka Corp.		26,408
	14,144	Palo Alto Networks, Inc.*		3,248,452
	89,363	PayPal Holdings, Inc.*		15,569,715
	21,800	Pegasystems, Inc.		2,205,506
	25,000	Proofpoint, Inc.*		2,778,000
	11,500	RingCentral, Inc. Class A*		3,277,615
	4,000	Sage Group plc (The)		33,204
	34,857	salesforce.com, Inc.*		6,529,762
	9,000	SAP SE		1,258,106
	700	SCSK Corp.		34,247
	8,776	ServiceNow, Inc.*		3,554,807
	4,600	Softcat plc		62,216
	1,100	Sopra Steria Group		136,081
	11,900	Splunk, Inc.*		2,364,530
	19,100	Synopsys, Inc.*		3,724,500
	1,700	TeamViewer AG*		92,824
	1,300	TIS, Inc.		27,524
	7,300	Trade Desk, Inc. (The) Class A*		2,967,450
	200	Trend Micro, Inc.		11,177
	4,500	Tyler Technologies, Inc.*		1,560,960
	3,934	VeriSign, Inc.*		813,669
	49,494	Visa, Inc. Class A		9,560,756
	27,500	Western Union Co. (The)		594,550
	4,820	Worldline SA*		420,253
	32,800	Zendesk, Inc.*		2,903,784
				169,577,455
Technology Hardware & Equipment – 1.6%
	5,000	Alps Alpine Co. Ltd.		64,446
	600	Amano Corp.		12,484
	3,400	Amphenol Corp. Class A		325,754

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	1,900	Anritsu Corp.	$	45,139
	81,219	Apple, Inc.		29,628,691
	2,200	Arista Networks, Inc.*		462,066
	300	Azbil Corp.		9,169
	2,700	Brother Industries Ltd.		48,781
	900	Canon Marketing Japan, Inc.		18,404
	1,400	Canon, Inc.		27,927
	4,900	CDW Corp.		569,282
	78,026	Cisco Systems, Inc.		3,639,133
	1,400	Citizen Watch Co. Ltd.		4,564
	56,100	Dell Technologies, Inc. Class C*		3,082,134
	5,500	Electrocomponents plc		45,784
	9,802	F5 Networks, Inc.*		1,367,183
	20,492	FLIR Systems, Inc.		831,360
	1,600	FUJIFILM Holdings Corp.		68,483
	3,700	Halma plc		105,414
	700	Hamamatsu Photonics KK		30,481
	66,400	Hewlett Packard Enterprise Co.		646,072
	2,920	Hitachi Ltd.		92,812
	600	Horiba Ltd.		31,743
	50,200	HP, Inc.		874,986
	1,500	Ibiden Co. Ltd.		43,905
	10,487	Juniper Networks, Inc.		239,733
	400	Keyence Corp.		167,625
	4,200	Keysight Technologies, Inc.*		423,276
	4,900	Konica Minolta, Inc.		17,040
	600	Kyocera Corp.		32,751
	5,714	Motorola Solutions, Inc.		800,703
	1,400	Murata Manufacturing Co. Ltd.		82,528
	12,121	NetApp, Inc.		537,809
	1,000	Nippon Electric Glass Co. Ltd.		15,708
	110,400	Nokia OYJ		482,433
	1,600	Oki Electric Industry Co. Ltd.		15,458
	1,000	Omron Corp.		66,978
	900	Oxford Instruments plc		15,994
	100	Renishaw plc		4,974
	4,800	Ricoh Co. Ltd.		34,443
	27,500	Seagate Technology plc		1,331,275
	3,300	Seiko Epson Corp.		37,804
	1,400	Spectris plc		43,726
	10,800	Spirent Communications plc		32,312
	1,600	Taiyo Yuden Co. Ltd.		50,033
	300	TDK Corp.		29,865
	10,000	TE Connectivity Ltd.		815,500
	3,800	Topcon Corp.		30,737
	5,200	Western Digital Corp.		229,580
	1,100	Yokogawa Electric Corp.		17,235
	18,489	Zebra Technologies Corp. Class A*		4,732,259
				52,363,976
Telecommunication Services – 0.3%
	38,400	Airtel Africa plc		29,825
	97,700	AT&T, Inc.		2,953,471
	21,300	BT Group plc		30,124
	7,200	Cellnex Telecom SA		439,760
	72,109	CenturyLink, Inc.		723,253
Common Stocks – (continued)
Telecommunication Services – (continued)
	38,700	Deutsche Telekom AG (Registered)		649,357
	4,300	Elisa OYJ		261,662
	6,500	KDDI Corp.		193,942
	10,600	Nippon Telegraph & Telephone Corp.		246,974
	6,900	NTT DOCOMO, Inc.		183,181
	804,900	Telecom Italia SpA		317,401
	7,100	Telefonica Deutschland Holding AG		20,939
	61,900	Telefonica SA		296,054
	76,625	Verizon Communications, Inc.		4,224,336
	107,600	Vodafone Group plc		171,058
				10,741,337
Transportation – 0.3%
	2,100	Abertis Infraestructuras SA*(b)		15,265
	11,400	Alaska Air Group, Inc.		413,364
	6,000	American Airlines Group, Inc.(a)		78,420
	1,200	ANA Holdings, Inc.*		27,424
	12,900	Atlantia SpA*		208,662
	300	Central Japan Railway Co.		46,397
	3,900	CH Robinson Worldwide, Inc.		308,334
	200	Clarkson plc		5,570
	4,200	CSX Corp.		292,908
	17,153	Delta Air Lines, Inc.		481,142
	32,500	Deutsche Lufthansa AG (Registered)*(a)		326,057
	11,200	Deutsche Post AG (Registered)		411,263
	1,000	Expeditors International of Washington, Inc.		76,040
	14,300	FedEx Corp.		2,005,146
	80,500	Firstgroup plc*		50,437
	4,700	Go-Ahead Group plc (The)		48,754
	1,700	Japan Airlines Co. Ltd.		30,677
	100	Japan Airport Terminal Co. Ltd.		4,267
	1,300	Kamigumi Co. Ltd.		25,566
	200	Keikyu Corp.		3,060
	400	Kyushu Railway Co.		10,393
	14,700	National Express Group plc		34,215
	4,300	Old Dominion Freight Line, Inc.		729,237
	28,000	Royal Mail plc		63,107
	300	Sankyu, Inc.		11,307
	12,600	Southwest Airlines Co.		430,668
	37,100	Stagecoach Group plc		27,483
	200	Tobu Railway Co. Ltd.		6,608
	19,100	Union Pacific Corp.		3,229,237
	13,000	United Airlines Holdings, Inc.*		449,930
	800	Wizz Air Holdings plc*		33,054
	600	Yamato Holdings Co. Ltd.		13,024
				9,897,016
Utilities – 0.7%
	143,600	A2A SpA		204,118
	100	Acciona SA		9,838
	20,813	AES Corp. (The)		301,580

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	400	Ameren Corp.	$	28,144
	24,652	American Water Works Co., Inc.		3,171,726
	800	Atmos Energy Corp.		79,664
	27,200	CenterPoint Energy, Inc.		507,824
	123,800	Centrica plc		58,824
	1,300	Chugoku Electric Power Co., Inc. (The)		17,332
	1,640	CMS Energy Corp.		95,809
	4,900	Consolidated Edison, Inc.		352,457
	22,670	ContourGlobal plc		53,274
	29,200	Drax Group plc		93,190
	3,500	DTE Energy Co.		376,250
	4,400	Duke Energy Corp.		351,516
	3,600	Edison International		195,516
	83,700	EDP – Energias de Portugal SA		399,522
	7,895	Electricite de France SA		73,400
	1,000	Elia Group SA/NV		108,791
	4,200	Enagas SA		102,747
	2,100	Endesa SA		52,093
	117,800	Enel SpA		1,018,787
	15,800	Engie SA*		195,951
	5,500	Evergy, Inc.		326,095
	13,200	Exelon Corp.		479,028
	42,412	FirstEnergy Corp.		1,644,737
	10,900	Fortum OYJ		207,952
	17,400	Hera SpA*		65,333
	4,200	Hokuriku Electric Power Co.		26,722
	96,000	Iberdrola SA		1,120,770
	14,700	Italgas SpA		85,549
	900	Kansai Electric Power Co., Inc. (The)		8,721
	4,200	Naturgy Energy Group SA		78,409
	13,100	NextEra Energy, Inc.		3,146,227
	9,700	NiSource, Inc.		220,578
	14,098	NRG Energy, Inc.		459,031
	1,500	Osaka Gas Co. Ltd.		29,650
	7,200	Pennon Group plc		99,703
	1,600	Pinnacle West Capital Corp.		117,264
	6,500	PPL Corp.		167,960
	5,900	Public Service Enterprise Group, Inc.		290,044
	1,100	Rubis SCA		53,033
	8,800	RWE AG		308,062
	3,400	Severn Trent plc		104,053
	2,800	Shikoku Electric Power Co., Inc.		20,603
	18,300	Snam SpA		89,215
	2,500	Southern Co. (The)		129,625
	22,200	SSE plc		375,915
	7,200	Suez SA		84,626
	800	Telecom Plus plc		14,162
	300	Toho Gas Co. Ltd.		14,995
	2,100	Tohoku Electric Power Co., Inc.		19,949
	1,100	Tokyo Gas Co. Ltd.		26,339
	7,200	United Utilities Group plc		80,905
	11,800	Veolia Environnement SA		266,458
	1,200	Verbund AG Class A		53,895
Common Stocks – (continued)
Utilities – (continued)
	219,448	Vistra Energy Corp.		4,086,122
	9,200	WEC Energy Group, Inc.		806,380
				22,956,463
	TOTAL COMMON STOCKS
	(Cost $739,457,440)		$	848,694,036
Exchange Traded Funds – 9.5%
	60,856	Energy Select Sector SPDR Fund	$	2,303,400
	113,383	Health Care Select Sector SPDR Fund		11,346,237
	3,076,784	Invesco Senior Loan ETF(a)		65,689,338
	310,092	SPDR Bloomberg Barclays Convertible Securities ETF		18,760,566
	168,414	SPDR Dow Jones International Real Estate ETF(a)		4,853,691
	54,112	SPDR Dow Jones REIT ETF(a)		4,222,359
	5,260,421	Vanguard FTSE Emerging Markets ETF		208,365,276
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $308,468,090)		$	315,540,867

Shares		Dividend Rate	Value
Investment Company(c) – 57.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,896,151,926	0.155%	$	1,896,151,926
	(Cost $1,896,151,926)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,944,077,456)		$	3,060,386,829
Securities Lending Reinvestment Vehicle(c) – 1.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	45,070,513	0.155%	$	45,070,513
	(Cost $45,070,513)
	TOTAL INVESTMENTS – 93.8%
	(Cost $2,989,147,969)		$	3,105,457,342
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.2%			206,195,191
	NET ASSETS – 100.0%		$	3,311,652,533

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	—Dutch Certification
EURIBOR	—Euro Interbank Offered Rate
REIT	—Real Estate Investment Trust
SPDR	—Standard and Poor’s Depositary Receipts

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
IDR	—Indonesian Rupiah
ILS	—Israel New Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
PHP	—Philippines Peso
TWD	—Taiwan Dollar
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, 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
JPMorgan Chase Bank NA	AUD	5,150,000	USD	3,537,737		07/23/2020	$	16,746
	CHF	10,000,000	USD	10,511,982		07/23/2020		49,490
	PHP	512,290,000	USD	10,215,562		07/29/2020		68,462
	TWD	126,030,000	USD	4,266,419		07/01/2020		5,133
	TWD	100,830,000	USD	3,427,027		07/29/2020		18,838
	USD	11,008,772	JPY	1,176,770,000		07/27/2020		106,670
TOTAL							$	265,339

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Chase Bank NA		IDR	93,181,850,000		USD	6,506,949		07/29/2020	$	(122,035	)
		ILS	11,610,000		USD	3,356,733		07/23/2020		(3,287	)
		USD	63,020,362		EUR	56,300,000		07/23/2020		(262,943	)
		USD	19,239,261		GBP	15,550,000		07/23/2020		(31,510	)
		USD	3,481,245		INR	266,270,000		07/29/2020		(33,434	)
		USD	4,211,392		TWD	126,030,000		07/01/2020		(60,160	)
TOTAL									$	(513,369	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts				Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		49		��		08/27/2020	$	8,809,220		$	369,045
3 Month Canadian Bankers Acceptance		41				09/14/2020		7,509,695			35,647
3 Month Canadian Bankers Acceptance		47				12/14/2020		8,607,810			46,983
3 Month Canadian Bankers Acceptance		50				03/15/2021		9,158,625			4,477
3 Month Eurodollar		22				09/14/2020		5,485,425			52,299
3 Month Eurodollar		38				12/14/2020		9,471,975			147,187
Australia 10 Year Bond		160				09/15/2020		16,375,444			11,784
Canada 10 Year Bond		189				09/21/2020		21,411,461			62,439
DAX Index		15				09/18/2020		5,192,887			(11,386	)
EURO STOXX 50 Index		2,899				09/18/2020		104,973,965			(359,107	)
Euro-Bobl		427				09/08/2020		64,711,387			214,818
Euro-BTP		64				09/08/2020		10,327,572			204,284
Euro-Bund		375				09/08/2020		74,222,624			654,371
Euro-Buxl		24				09/08/2020		5,887,859			145,356
Euro-OAT		124				09/08/2020		23,316,984			266,969
Euro-Schatz		40				09/08/2020		5,038,898			(1,186	)
FTSE 100 Index		397				09/18/2020		30,240,948			(301,186	)
Long Gilt		212				09/28/2020		36,111,885			120,542
MSCI Taiwan Index		96				07/30/2020		4,153,920			(21,287	)
NASDAQ 100 E-Mini Index		373				09/18/2020		75,698,485			2,668,487
TOPIX Index		89				09/10/2020		12,846,168			(536,393	)
U.S. Treasury 2 Year Note		593				09/30/2020		130,946,445			54,999
U.S. Treasury 5 Year Note		611				09/30/2020		76,823,703			222,267
U.S. Treasury 10 Year Note		650				09/21/2020		90,441,406			353,673
U.S. Treasury Long Bond		120				09/21/2020		21,420,000			120,210
Total										$	4,525,292
Short position contracts:
3 Month Euro Euribor		(14	)			09/14/2020	$	(3,950,338	)	$	(2,434	)
3 Month Euroswiss		(78	)			09/14/2020		(20,725,632	)		5,179
3 Month Euroswiss		(61	)			12/14/2020		(16,211,726	)		1,114
3 Month Euroswiss		(48	)			03/15/2021		(12,756,768	)		(510	)
Japan 10 Year Bond		(1	)			09/14/2020		(1,406,437	)		154
Russell 2000 E-Mini Index		(964	)			09/18/2020		(69,292,320	)		(2,789,438	)
S&P 500 E-Mini Index		(1,719	)			09/18/2020		(265,602,690	)		(2,264,417	)
Soybean		(78	)			11/13/2020		(3,437,850	)		(8,046	)
Total										$	(5,058,398	)
Total Futures Contracts										$	(533,106	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2020(b)	Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%	3.825%		06/20/2025		EUR   84,450	$	4,972,733		$	(2,099,541	)	$	7,072,274
iTraxx Europe Index		1.000	0.665		06/20/2025		6,050		114,504			125,232			(10,728	)
Markit CDX North America High Yield Index		5.000	5.148		06/20/2025		USD   277,400		(1,304,077	)		(15,047,992	)		13,743,915
Markit CDX North America Investment Grade Index		1.000	0.755		06/20/2025		7,000		85,175			104,888			(19,713	)
TOTAL								$	3,868,335		$	(16,917,413	)	$	20,785,748

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, 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 term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund			Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(a)
Alerian MLP Index Total Return(b)		(0.195	)%	Bank of America NA		08/17/2020		USD  14,215	$	(1,763,077	)
Bloomberg Roll Select Commodity Index Total Return(c)		(0.000	)	JPMorgan Chase Bank NA		02/26/2021		34,595		633,584
Euro Stoxx Gross Total Return Index(d)		0.482				06/16/2021		EUR  49,215		(1,585,869	)
FTSE 100 Total Return Index(d)		0.093				09/15/2020		GBP  12,215		(163,724	)
TOTAL									$	(2,879,086	)

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made monthly.

(c) Payments made weekly.

(d) Payments received monthly.

WRITTEN OPTIONS CONTRACTS — At June 30, 2020, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Written options contracts:
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		2,525  USD		07/17/2020		27	$	(8,370,783	)	$	(7,965	)	$	(106,060	)	$	98,095
			2,550  USD		07/17/2020		26		(8,060,754	)		(8,320	)		(111,811	)		103,491
			2,575  USD		07/17/2020		26		(8,060,754	)		(9,100	)		(116,247	)		107,147
			2,600  USD		07/17/2020		25		(7,750,725	)		(9,500	)		(123,171	)		113,671
			2,625  USD		07/17/2020		25		(7,750,725	)		(10,500	)		(130,306	)		119,806
			2,650  USD		07/17/2020		24		(7,440,696	)		(11,280	)		(138,788	)		127,508
			2,675  USD		07/17/2020		24		(7,440,696	)		(12,600	)		(142,968	)		130,368
			2,700  USD		07/17/2020		23		(7,130,667	)		(13,800	)		(151,623	)		137,823
			2,725  USD		07/17/2020		23		(7,130,667	)		(15,755	)		(159,633	)		143,878
			2,750  USD		07/17/2020		22		(6,820,638	)		(17,270	)		(169,558	)		152,288

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Written options contracts: (continued)
Puts (continued)
S&P 500 Index	Morgan Stanley Co., Inc.		2,775  USD		07/17/2020		22	$	(6,820,638	)	$	(20,020	)	$	(173,734	)	$	153,714
			2,800  USD		07/17/2020		22		(6,820,638	)		(23,540	)		(184,613	)		161,073
			2,575  USD		08/21/2020		30		(9,300,870	)		(61,050	)		(208,243	)		147,193
			2,600  USD		08/21/2020		30		(9,300,870	)		(66,750	)		(214,582	)		147,832
			2,625  USD		08/21/2020		29		(8,990,841	)		(70,325	)		(224,238	)		153,913
			2,650  USD		08/21/2020		29		(8,990,841	)		(77,140	)		(236,878	)		159,738
			2,675  USD		08/21/2020		28		(8,680,812	)		(81,200	)		(246,932	)		165,732
			2,700  USD		08/21/2020		28		(8,680,812	)		(90,020	)		(253,350	)		163,330
			2,725  USD		08/21/2020		27		(8,370,783	)		(94,905	)		(263,422	)		168,517
			2,750  USD		08/21/2020		27		(8,370,783	)		(103,545	)		(279,853	)		176,308
			2,775  USD		08/21/2020		26		(8,060,754	)		(108,940	)		(288,218	)		179,278
			2,800  USD		08/21/2020		26		(8,060,754	)		(118,950	)		(295,871	)		176,921
			2,825  USD		08/21/2020		25		(7,750,725	)		(124,500	)		(308,449	)		183,949
			2,850  USD		08/21/2020		25		(7,750,725	)		(135,625	)		(325,360	)		189,735
			2,800  USD		09/18/2020		26		(8,060,754	)		(184,730	)		(226,749	)		42,019
			2,825  USD		09/18/2020		26		(8,060,754	)		(197,600	)		(239,944	)		42,344
			2,850  USD		09/18/2020		25		(7,750,725	)		(203,250	)		(241,884	)		38,634
			2,875  USD		09/18/2020		25		(7,750,725	)		(217,250	)		(257,368	)		40,118
			2,900  USD		09/18/2020		25		(7,750,725	)		(232,000	)		(271,965	)		39,965
			2,925  USD		09/18/2020		24		(7,440,696	)		(237,600	)		(275,558	)		37,958
			2,950  USD		09/18/2020		24		(7,440,696	)		(253,320	)		(289,742	)		36,422
			2,975  USD		09/18/2020		23		(7,130,667	)		(258,635	)		(294,038	)		35,403
			3,000  USD		09/18/2020		23		(7,130,667	)		(275,425	)		(309,579	)		34,154
			3,025  USD		09/18/2020		23		(7,130,667	)		(293,250	)		(325,014	)		31,764
			3,050  USD		09/18/2020		22		(6,820,638	)		(298,650	)		(328,338	)		29,688
			3,075  USD		09/18/2020		22		(6,820,638	)		(317,900	)		(346,581	)		28,681
			3,100  USD		09/18/2020		22		(6,820,638	)		(338,580	)		(369,298	)		30,718
			3,125  USD		09/18/2020		21		(6,510,609	)		(344,190	)		(371,822	)		27,632
Total written options contracts							950				$	(4,944,980	)	$	(9,001,788	)	$	4,056,808

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments

June 30, 2020 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(a) – 75.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
33,063,437	0.155%	$	33,063,437
TOTAL INVESTMENTS – 75.8%
(Cost $33,063,437)		$	33,063,437
OTHER ASSETS IN EXCESS OF LIABILITIES – 24.2%			10,561,701
NET ASSETS – 100.0%		$	43,625,138

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
COP	—Colombian Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israel New Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peru Nuevo Sol
PHP	—Philippines Peso
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
THB	—Thailand Baht
TWD	—Taiwan Dollar
USD	—United States Dollar
ZAR	—South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, 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
Morgan Stanley Co., Inc.	INR		8,360,000	USD	109,300		07/29/2020	$	1,049
	PLN	��	260,000	USD	65,208		07/23/2020		515
	TWD		14,740,000	USD	498,723		07/01/2020		862
	USD		158,230	BRL	850,000		07/29/2020		2,150
	USD		394,764	COP	1,482,290,000		07/01/2020		328
	USD		151,117	COP	565,650,000		07/29/2020		959
	USD		604,306	HUF	186,720,000		07/23/2020		12,025
	USD		362,189	ILS	1,250,000		07/23/2020		1,138
	USD		1,918,298	NOK	18,350,000		07/23/2020		11,695
	USD		71,109	PEN	250,000		07/31/2020		557
	USD		390,703	RUB	27,210,000		07/29/2020		9,818
	USD		253,482	THB	7,820,000		07/23/2020		484
	ZAR		3,330,000	USD	191,212		07/23/2020		219
TOTAL								$	41,799

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	COP	1,909,000,000	USD	512,224		07/01/2020	$	(4,241	)
	IDR	5,899,220,000	USD	411,973		07/29/2020		(7,752	)
	MXN	6,750,000	USD	297,423		07/23/2020		(4,614	)
	USD	337,653	CLP	277,460,000		07/29/2020		(323	)
	USD	112,703	COP	426,710,000		07/01/2020		(844	)
	USD	1,276,647	CZK	30,350,000		07/23/2020		(2,851	)
	USD	248,231	HUF	78,370,000		07/23/2020		(361	)
	USD	429,967	KRW	518,970,000		07/29/2020		(2,753	)
	USD	552,974	NOK	5,340,000		07/23/2020		(1,863	)
	USD	173,493	PHP	8,700,000		07/29/2020		(1,156	)
	USD	1,026,880	SEK	9,660,000		07/23/2020		(10,078	)
	USD	848,725	THB	26,280,000		07/23/2020		(1,504	)
	USD	491,830	TWD	14,740,000		07/01/2020		(7,755	)
	USD	392,523	TWD	11,550,000		07/29/2020		(2,198	)
TOTAL							$	(48,293	)

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		3		08/27/2020	$	539,340	$	22,442
3 Month Canadian Bankers Acceptance		1		09/14/2020		183,163		(39	)
3 Month Canadian Bankers Acceptance		1		12/14/2020		183,145		(38	)
3 Month Canadian Bankers Acceptance		1		03/15/2021		183,173		16
Australia 10 Year Bond		107		09/15/2020		10,951,078		1,799
Brent Crude Oil		4		10/30/2020		167,280		72
Cocoa		10		12/15/2020		218,400		(7,991	)
Coffee “C”		6		12/18/2020		233,212		(5,756	)
Copper		3		12/29/2020		205,725		16,529
Corn		20		09/14/2020		340,500		6,641
Corn		13		12/14/2020		227,500		7,734
Euro-Bobl		2		09/08/2020		303,098		187
Euro-OAT		1		09/08/2020		188,040		379
Foreign Exchange NZD/USD		22		09/14/2020		1,420,100		(1,850	)
Japan 10 Year Bond		4		09/14/2020		5,625,747		(5,437	)
KC HRW Wheat		15		09/14/2020		329,625		(20,136	)
KC HRW Wheat		10		12/14/2020		226,250		(5,745	)
KOSPI 200 Index		1		09/10/2020		58,361		(182	)
Lean Hogs		11		12/14/2020		226,930		(6,215	)
Live Cattle		4		12/31/2020		166,080		(1,293	)
LME Aluminum Base Metal		65		07/15/2020		2,589,844		(194,424	)
LME Aluminum Base Metal		7		08/19/2020		281,444		(18,914	)
LME Aluminum Base Metal		6		09/16/2020		242,400		16,918
LME Aluminum Base Metal		7		10/21/2020		284,550		17,134
LME Aluminum Base Metal		4		11/18/2020		163,300		2,560
LME Lead Base Metal		2		07/15/2020		88,338		(76	)
LME Nickel Base Metal		1		07/15/2020		76,572		159

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
LME Zinc Base Metal		52			07/15/2020	$	2,649,725		$	(137,928	)
LME Zinc Base Metal		9			08/19/2020		459,450			14,784
LME Zinc Base Metal		6			09/16/2020		306,900			16,974
LME Zinc Base Metal		5			10/21/2020		256,125			10,707
LME Zinc Base Metal		4			11/18/2020		205,225			336
Low Sulphur Gasoil		6			11/12/2020		218,550			4,056
Natural Gas		10			10/28/2020		228,100			(6,218	)
NY Harbor ULSD		4			10/30/2020		208,757			3,706
RBOB Gasoline		5			10/30/2020		229,215			(2,627	)
S&P 500 E-Mini Index		2			09/18/2020		309,020			741
Silver		3			09/28/2020		278,475			6,582
Sugar No. 11		16			02/26/2021		225,254			129
U.S. Treasury 2 Year Note		4			09/30/2020		883,281			220
U.S. Treasury 5 Year Note		4			09/30/2020		502,938			907
U.S. Treasury 10 Year Note		49			09/21/2020		6,817,891			20,335
U.S. Treasury Long Bond		1			09/21/2020		178,500			2,717
Wheat		15			09/14/2020		369,187			(6,776	)
Wheat		9			12/14/2020		224,887			(6,453	)
WTI Crude Oil		4			10/20/2020		158,600			2,369
Total									$	(250,965	)
Short position contracts:
3 Month Euroswiss		(1	)		09/14/2020		(265,713	)		103
3 Month Euroswiss		(1	)		12/14/2020		(265,766	)		129
3 Month Euroswiss		(1	)		03/15/2021		(265,766	)		(27	)
Brent Crude Oil		(4	)		07/31/2020		(165,320	)		(1,998	)
Canada 10 Year Bond		(37	)		09/21/2020		(4,191,662	)		(2,495	)
CBOE Volatility Index		(18	)		07/22/2020		(555,750	)		2,479
CBOE Volatility Index		(18	)		08/19/2020		(572,850	)		(19,446	)
CBOE Volatility Index		(17	)		09/16/2020		(540,175	)		18,681
Cocoa		(1	)		09/15/2020		(21,850	)		7
Coffee “C”		(7	)		09/18/2020		(265,519	)		(1,072	)
Copper		(11	)		09/28/2020		(750,337	)		(35,935	)
Cotton No. 2		(8	)		12/08/2020		(244,000	)		(7,705	)
Euro-Bund		(61	)		09/08/2020		(12,073,547	)		(89,203	)
Euro-Schatz		(3	)		09/08/2020		(377,917	)		(369	)
Feeder Cattle		(2	)		08/27/2020		(133,250	)		(294	)
Foreign Exchange AUD/USD		(17	)		09/14/2020		(1,173,000	)		281
Foreign Exchange CAD/USD		(20	)		09/15/2020		(1,472,400	)		1,800
Foreign Exchange CHF/USD		(11	)		09/14/2020		(1,454,750	)		4,139
Foreign Exchange EUR/USD		(20	)		09/14/2020		(2,813,375	)		29,719
Foreign Exchange GBP/USD		(25	)		09/14/2020		(1,937,031	)		30,747
Foreign Exchange JPY/USD		(2	)		09/14/2020		(231,775	)		1,746
Lean Hogs		(2	)		08/14/2020		(39,080	)		6,354
Live Cattle		(3	)		08/31/2020		(115,830	)		3,261
LME Aluminum Base Metal		(65	)		07/15/2020		(2,589,844	)		153,557
LME Aluminum Base Metal		(14	)		08/19/2020		(562,887	)		(21,066	)
LME Aluminum Base Metal		(6	)		09/16/2020		(242,400	)		(16,851	)
LME Aluminum Base Metal		(7	)		10/21/2020		(284,550	)		(6,279	)
LME Lead Base Metal		(2	)		07/15/2020		(88,338	)		(6,806	)

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
LME Lead Base Metal		(1	)		08/19/2020	$	(44,231	)	$	916
LME Nickel Base Metal		(1	)		07/15/2020		(76,572	)		(4,116	)
LME Zinc Base Metal		(52	)		07/15/2020		(2,649,725	)		(42,181	)
LME Zinc Base Metal		(14	)		08/19/2020		(714,700	)		(27,917	)
LME Zinc Base Metal		(6	)		09/16/2020		(306,900	)		(14,158	)
LME Zinc Base Metal		(5	)		10/21/2020		(256,125	)		(3,640	)
Long Gilt		(14	)		09/28/2020		(2,384,747	)		(606	)
Low Sulphur Gasoil		(6	)		08/12/2020		(213,150	)		(8,162	)
Natural Gas		(23	)		07/29/2020		(403,190	)		26,216
NY Harbor ULSD		(6	)		07/31/2020		(299,830	)		(11,079	)
RBOB Gasoline		(2	)		07/31/2020		(101,430	)		(157	)
Soybean		(20	)		11/13/2020		(881,500	)		(5,688	)
Sugar No. 11		(35	)		09/30/2020		(469,224	)		1,760
WTI Crude Oil		(7	)		07/21/2020		(275,450	)		(5,789	)
Total									$	(51,144	)
Total Futures Contracts									$	(302,109	)

SWAP CONTRACTS — At June 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2020(b)	Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Index		1.000%	0.665%		06/20/2025	EUR	200	$	3,785	$	3,955	$	(170	)
Markit CDX North America Investment Grade Index		1.000	0.755		06/20/2025	USD	200		2,266		2,265		1
TOTAL								$	6,051	$	6,220	$	(169	)

(a) Payments received quarterly.

(b) Credit spread on the referenced obligation, together with the period of expiration, 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 term of the swap contract increase.

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund		Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(a)
A basket (MLGSFDJP) of common stocks(b) *		(0.046)%	Bank of America NA		07/28/2020	JPY	910,091	$	(102,580	)
TOPIX Total Return Index(c)		0.046			07/28/2020		873,166		101,866
A basket (JPGSFDEU) of common stocks(b) *		(0.504)	JPMorgan Chase Bank NA		06/16/2021	EUR	8,724		28,227
A basket (JPGSFDUK) of common stocks(b) *		(0.099)			08/04/2020	GBP	1,852		(2,885	)
A basket (JPGSFDUS) of common stocks(b) *		(0.180)			09/01/2020	USD	12,061		90,263
Euro Stoxx Gross Total Return Index(c)		0.504			06/16/2021	EUR	8,316		(14,824	)
FTSE 100 Total Return Index(c)		0.099			08/04/2020	GBP	1,703		(3,556	)
Russell 1000 Index Total Return(c)		0.178			09/01/2020	USD	3,995		(62,892	)
S&P 500 Total Return Index(c)		0.180			09/01/2020		7,662		(42,288	)
TOTAL								$	(8,669	)

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made weekly.

(c) Payments received weekly.

* The components of the basket shown below.

A basket (MLGSFDJP) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Hoya Corp	Health Care		2,632	$	250,455		2.97	%
Chugai Pharmaceutical Co Ltd	Health Care		3,676		196,507		2.33
NTT DOCOMO Inc	Communication Services		7,123		190,369		2.25
Keyence Corp	Information Technology		437		182,525		2.16
Eisai Co Ltd	Health Care		2,053		162,741		1.93
Nippon Telegraph & Telephone Corp	Communication Services		6,815		158,973		1.88
Nintendo Co Ltd	Communication Services		326		145,143		1.72
Kao Corp	Consumer Staples		1,490		118,009		1.40
Recruit Holdings Co Ltd	Industrials		3,166		108,090		1.28
Daikin Industries Ltd	Industrials		582		93,586		1.11
Daiichi Sankyo Co Ltd	Health Care		1,028		83,966		0.99
Tokio Marine Holdings Inc	Financials		1,900		82,771		0.98
ITOCHU Corp	Industrials		3,800		81,811		0.97
Japan Exchange Group Inc	Financials		3,516		81,263		0.96
Welcia Holdings Co Ltd	Consumer Staples		1,000		80,588		0.95
Nitori Holdings Co Ltd	Consumer Discretionary		373		73,017		0.86
Nexon Co Ltd	Communication Services		3,119		70,491		0.83
Sugi Holdings Co Ltd	Consumer Staples		1,023		69,247		0.82
Cosmos Pharmaceutical Corp	Consumer Staples		447		68,550		0.81
Fukuoka Financial Group Inc	Financials		4,226		66,670		0.79
Omron Corp	Information Technology		980		65,609		0.78
Advantest Corp	Information Technology		1,132		64,269		0.76
Toho Gas Co Ltd	Utilities		1,266		63,377		0.75
ANA Holdings Inc	Industrials		2,764		62,826		0.74
Kakaku.com Inc	Communication Services		2,438		61,703		0.73
Kirin Holdings Co Ltd	Consumer Staples		2,841		59,928		0.71
MS&AD Insurance Group Holdings Inc	Financials		2,181		59,891		0.71
Zenkoku Hosho Co Ltd	Financials		1,586		59,569		0.71
Japan Airlines Co Ltd	Industrials		3,303		59,489		0.70
FANUC Corp	Industrials		328		58,665		0.69
Fast Retailing Co Ltd	Consumer Discretionary		102		58,537		0.69
DMG Mori Co Ltd	Industrials		4,825		58,488		0.69
TOTO Ltd	Industrials		1,498		57,153		0.68

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Canon Inc	Information Technology		2,862	$	56,655		0.67	%
Bridgestone Corp	Consumer Discretionary		1,756		56,482		0.67
Tokyo Gas Co Ltd	Utilities		2,328		55,694		0.66
Mitsubishi Heavy Industries Ltd	Industrials		2,345		55,296		0.65
Calbee Inc	Consumer Staples		1,957		54,139		0.64
Panasonic Corp	Consumer Discretionary		6,015		52,410		0.62
NET One Systems Co Ltd	Information Technology		1,571		52,375		0.62
Yamada Denki Co Ltd	Consumer Discretionary		10,431		51,754		0.61
LIXIL Group Corp	Industrials		3,671		51,267		0.61
Sundrug Co Ltd	Consumer Staples		1,548		51,235		0.61
Sompo Holdings Inc	Financials		1,482		50,963		0.60
FUJIFILM Holdings Corp	Information Technology		1,153		49,288		0.58
Nomura Research Institute Ltd	Information Technology		1,788		48,545		0.57
FP Corp	Materials		607		48,443		0.57
K’s Holdings Corp	Consumer Discretionary		3,542		48,220		0.57
Mitsubishi Electric Corp	Industrials		3,658		47,475		0.56
KDDI Corp	Communication Services		1,582		47,453		0.56
Hulic Co Ltd	Real Estate		5,048		47,371		0.56
Sekisui House Ltd	Consumer Discretionary		2,474		47,090		0.56
Hino Motors Ltd	Industrials		6,926		46,759		0.55
OKUMA Corp	Industrials		1,091		46,634		0.55
Azbil Corp	Information Technology		1,507		45,907		0.54
Hoshizaki Corp	Industrials		528		45,236		0.54
Nabtesco Corp	Industrials		1,460		44,960		0.53
Seven Bank Ltd	Financials		16,170		44,239		0.52
Goldwin Inc	Consumer Discretionary		676		44,117		0.52
Acom Co Ltd	Financials		11,527		43,936		0.52
ENEOS Holdings Inc	Energy		12,390		43,891		0.52
Asahi Group Holdings Ltd	Consumer Staples		1,253		43,863		0.52
Mitsubishi Estate Co Ltd	Real Estate		2,945		43,771		0.52
Kaken Pharmaceutical Co Ltd	Health Care		852		43,536		0.52
ORIX Corp	Financials		3,472		42,775		0.51
MISUMI Group Inc	Industrials		1,683		42,054		0.50
GungHo Online Entertainment Inc	Communication Services		2,354		41,964		0.50
Seiko Epson Corp	Information Technology		3,640		41,618		0.49
Casio Computer Co Ltd	Consumer Discretionary		2,346		40,676		0.48
Suntory Beverage & Food Ltd	Consumer Staples		997		38,891		0.46
Amano Corp	Information Technology		1,837		38,102		0.45
Alps Alpine Co Ltd	Information Technology		2,970		38,009		0.45
Bandai Namco Holdings Inc	Consumer Discretionary		721		37,902		0.45
Fancl Corp	Consumer Staples		1,241		36,769		0.44
ABC-Mart Inc	Consumer Discretionary		610		35,711		0.42
Kewpie Corp	Consumer Staples		1,859		35,091		0.42
Denso Corp	Consumer Discretionary		837		32,647		0.39
Kansai Paint Co Ltd	Materials		1,545		32,572		0.39
Sanwa Holdings Corp	Industrials		3,647		32,534		0.39
THK Co Ltd	Industrials		1,310		32,356		0.38
Mitsubishi Chemical Holdings Corp	Materials		5,554		32,318		0.38
Oriental Land Co Ltd/Japan	Consumer Discretionary		245		32,301		0.38
Nifco Inc/Japan	Consumer Discretionary		1,500		31,981		0.38
Tokyo Century Corp	Financials		625		31,919		0.38
Nissan Motor Co Ltd	Consumer Discretionary		8,524		31,555		0.37
NSK Ltd	Industrials		4,253		31,516		0.37
Tobu Railway Co Ltd	Industrials		947		31,304		0.37
Kobe Bussan Co Ltd	Consumer Staples		546		30,797		0.36
Hikari Tsushin Inc	Consumer Discretionary		134		30,611		0.36
Pola Orbis Holdings Inc	Consumer Staples		1,748		30,409		0.36
Skylark Holdings Co Ltd	Consumer Discretionary		1,907		30,258		0.36
Nitto Denko Corp	Materials		534		30,191		0.36

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Shimamura Co Ltd	Consumer Discretionary		446	$	30,169		0.36	%
Citizen Watch Co Ltd	Information Technology		9,247		30,015		0.36
Fujikura Ltd	Industrials		10,389		29,868		0.35
Astellas Pharma Inc	Health Care		1,771		29,549		0.35
Seven & i Holdings Co Ltd	Consumer Staples		902		29,438		0.35
Asics Corp	Consumer Discretionary		2,547		28,956		0.34
Nippon Paint Holdings Co Ltd	Materials		397		28,848		0.34
Izumi Co Ltd	Consumer Discretionary		895		28,295		0.34
Osaka Gas Co Ltd	Utilities		1,431		28,237		0.33
TS Tech Co Ltd	Consumer Discretionary		1,009		27,668		0.33
Rinnai Corp	Consumer Discretionary		327		27,294		0.32
Sony Financial Holdings Inc	Financials		1,127		27,129		0.32
Renesas Electronics Corp	Information Technology		5,258		26,868		0.32
Tokuyama Corp	Materials		1,127		26,463		0.31
Otsuka Corp	Information Technology		496		26,106		0.31
Furukawa Electric Co Ltd	Industrials		1,072		25,935		0.31
Shimizu Corp	Industrials		3,129		25,681		0.30
M3 Inc	Health Care		596		25,325		0.30
Unicharm Corp	Consumer Staples		594		24,359		0.29
Sony Corp	Consumer Discretionary		355		24,302		0.29
Stanley Electric Co Ltd	Consumer Discretionary		1,009		24,292		0.29
Japan Tobacco Inc	Consumer Staples		1,308		24,270		0.29
Obayashi Corp	Industrials		2,573		24,057		0.28
Nippon Light Metal Holdings Co Ltd	Materials		13,725		23,930		0.28
Kyushu Railway Co	Industrials		874		22,691		0.27
Teijin Ltd	Materials		1,413		22,464		0.27
Trend Micro Inc/Japan	Information Technology		402		22,439		0.27
Tsuruha Holdings Inc	Consumer Staples		163		22,420		0.27
Suzuki Motor Corp	Consumer Discretionary		652		22,120		0.26
NOF Corp	Materials		639		22,101		0.26
MEIJI Holdings Co Ltd	Consumer Staples		275		21,888		0.26
Lawson Inc	Consumer Staples		435		21,802		0.26
ZOZO Inc	Consumer Discretionary		976		21,692		0.26
Benesse Holdings Inc	Consumer Discretionary		806		21,597		0.26
Toyo Suisan Kaisha Ltd	Consumer Staples		381		21,298		0.25
Pan Pacific International Holdings Corp	Consumer Discretionary		953		20,940		0.25
Central Japan Railway Co	Industrials		135		20,835		0.25
Keikyu Corp	Industrials		1,359		20,802		0.25
Megmilk Snow Brand Co Ltd	Consumer Staples		892		20,752		0.25
Toray Industries Inc	Materials		4,300		20,236		0.24
Sankyo Co Ltd	Consumer Discretionary		837		20,217		0.24
Wacoal Holdings Corp	Consumer Discretionary		1,092		20,192		0.24
Brother Industries Ltd	Information Technology		1,103		19,872		0.24
Resona Holdings Inc	Financials		5,719		19,507		0.23
Lion Corp	Consumer Staples		794		19,039		0.23
Obic Co Ltd	Information Technology		108		18,983		0.22
Chugoku Electric Power Co Inc/The	Utilities		1,417		18,934		0.22
Nissin Foods Holdings Co Ltd	Consumer Staples		213		18,864		0.22
Terumo Corp	Health Care		496		18,754		0.22
Yamazaki Baking Co Ltd	Consumer Staples		1,081		18,614		0.22
Aeon Co Ltd	Consumer Staples		799		18,564		0.22
Hitachi Metals Ltd	Materials		1,558		18,533		0.22
Ain Holdings Inc	Consumer Staples		282		18,487		0.22
Mitsubishi Gas Chemical Co Inc	Materials		1,213		18,333		0.22
East Japan Railway Co	Industrials		264		18,276		0.22
Square Enix Holdings Co Ltd	Communication Services		362		18,276		0.22
Infomart Corp	Information Technology		2,634		18,172		0.22
Toyoda Gosei Co Ltd	Consumer Discretionary		870		18,095		0.21
Yoshinoya Holdings Co Ltd	Consumer Discretionary		847		17,476		0.21

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Sumitomo Osaka Cement Co Ltd	Materials		496	$	17,421		0.21	%
Secom Co Ltd	Industrials		199		17,416		0.21
Yakult Honsha Co Ltd	Consumer Staples		291		17,113		0.20
Mitsui Chemicals Inc	Materials		817		17,026		0.20
Nagoya Railroad Co Ltd	Industrials		596		16,833		0.20
Daicel Corp	Materials		2,150		16,612		0.20
Toyota Boshoku Corp	Consumer Discretionary		1,236		16,590		0.20
Ajinomoto Co Inc	Consumer Staples		990		16,451		0.19
Kintetsu Group Holdings Co Ltd	Industrials		365		16,412		0.19
Toho Co Ltd/Tokyo	Communication Services		452		16,340		0.19
Iwatani Corp	Energy		461		16,126		0.19
Kobayashi Pharmaceutical Co Ltd	Consumer Staples		178		15,684		0.19
Amada Co Ltd	Industrials		1,909		15,598		0.18
Nichirei Corp	Consumer Staples		534		15,516		0.18
Ezaki Glico Co Ltd	Consumer Staples		325		15,509		0.18
NOK Corp	Consumer Discretionary		1,248		15,433		0.18
Aisin Seiki Co Ltd	Consumer Discretionary		512		14,914		0.18
Oki Electric Industry Co Ltd	Information Technology		1,524		14,673		0.17
Japan Airport Terminal Co Ltd	Industrials		345		14,672		0.17
Hanwa Co Ltd	Industrials		798		14,586		0.17
Miura Co Ltd	Industrials		348		14,458		0.17
Glory Ltd	Industrials		632		14,369		0.17
Asahi Intecc Co Ltd	Health Care		505		14,357		0.17
Kagome Co Ltd	Consumer Staples		472		14,102		0.17
Oracle Corp Japan	Information Technology		118		13,880		0.16
Kyushu Electric Power Co Inc	Utilities		1,652		13,863		0.16
Chubu Electric Power Co Inc	Utilities		1,096		13,742		0.16
Keihan Holdings Co Ltd	Industrials		307		13,665		0.16
Sanrio Co Ltd	Consumer Discretionary		880		13,613		0.16
Colowide Co Ltd	Consumer Discretionary		996		13,559		0.16
Zensho Holdings Co Ltd	Consumer Discretionary		656		13,230		0.16
Capcom Co Ltd	Communication Services		362		13,143		0.16
Morinaga Milk Industry Co Ltd	Consumer Staples		295		13,099		0.16
Resorttrust Inc	Consumer Discretionary		1,001		12,954		0.15
Odakyu Electric Railway Co Ltd	Industrials		526		12,930		0.15
Maruha Nichiro Corp	Consumer Staples		630		12,900		0.15
Shimano Inc	Consumer Discretionary		66		12,677		0.15
Keio Corp	Industrials		221		12,598		0.15
House Foods Group Inc	Consumer Staples		390		12,591		0.15
Fuji Oil Holdings Inc	Consumer Staples		483		12,411		0.15
Tohoku Electric Power Co Inc	Utilities		1,296		12,331		0.15
Fujitsu Ltd	Information Technology		105		12,297		0.15
Daito Trust Construction Co Ltd	Real Estate		134		12,275		0.15
Kinden Corp	Industrials		734		12,114		0.14
Itochu Techno-Solutions Corp	Information Technology		323		12,110		0.14
Tokai Rika Co Ltd	Consumer Discretionary		826		11,948		0.14
Tokyu Corp	Industrials		838		11,787		0.14
Morinaga & Co Ltd/Japan	Consumer Staples		300		11,653		0.14
Ito En Ltd	Consumer Staples		205		11,563		0.14
Autobacs Seven Co Ltd	Consumer Discretionary		905		11,394		0.13
Sekisui Chemical Co Ltd	Consumer Discretionary		797		11,391		0.13
Shimachu Co Ltd	Consumer Discretionary		407		11,306		0.13
Yamaha Motor Co Ltd	Consumer Discretionary		697		10,908		0.13
Ulvac Inc	Information Technology		360		10,380		0.12
Kose Corp	Consumer Staples		86		10,278		0.12
West Japan Railway Co	Industrials		179		10,011		0.12
Koito Manufacturing Co Ltd	Consumer Discretionary		248		9,981		0.12
Nagase & Co Ltd	Industrials		800		9,966		0.12
Shin-Etsu Chemical Co Ltd	Materials		82		9,628		0.11

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
PeptiDream Inc	Health Care		210	$	9,609		0.11	%
Tokyo Electron Ltd	Information Technology		39		9,572		0.11
Sumitomo Rubber Industries Ltd	Consumer Discretionary		959		9,445		0.11
Ship Healthcare Holdings Inc	Health Care		227		9,422		0.11
Ariake Japan Co Ltd	Consumer Staples		145		9,187		0.11
Murata Manufacturing Co Ltd	Information Technology		156		9,160		0.11
J Front Retailing Co Ltd	Consumer Discretionary		1,360		9,055		0.11
Ube Industries Ltd	Materials		526		9,034		0.11
CyberAgent Inc	Communication Services		181		8,868		0.11
SMC Corp/Japan	Industrials		17		8,712		0.10
Sawai Pharmaceutical Co Ltd	Health Care		168		8,637		0.10
Nihon Kohden Corp	Health Care		256		8,619		0.10
Sotetsu Holdings Inc	Industrials		321		8,578		0.10
DeNA Co Ltd	Communication Services		683		8,514		0.10
Duskin Co Ltd	Industrials		334		8,508		0.10
Hamamatsu Photonics KK	Information Technology		196		8,491		0.10
Sysmex Corp	Health Care		110		8,406		0.10
Otsuka Holdings Co Ltd	Health Care		193		8,395		0.10
Hankyu Hanshin Holdings Inc	Industrials		238		8,043		0.10
Lasertec Corp	Information Technology		85		7,998		0.09
Tosoh Corp	Materials		580		7,909		0.09
Honda Motor Co Ltd	Consumer Discretionary		308		7,861		0.09
Nippon Paper Industries Co Ltd	Materials		562		7,855		0.09
Nippon Television Holdings Inc	Communication Services		714		7,718		0.09
Maruichi Steel Tube Ltd	Materials		310		7,702		0.09
Nomura Holdings Inc	Financials		1,697		7,591		0.09
Daido Steel Co Ltd	Materials		247		7,560		0.09
NH Foods Ltd	Consumer Staples		188		7,533		0.09
Kyowa Exeo Corp	Industrials		313		7,480		0.09
PALTAC Corp	Consumer Discretionary		159		7,299		0.09
Nankai Electric Railway Co Ltd	Industrials		317		7,254		0.09
Anritsu Corp	Information Technology		305		7,228		0.09
Toho Holdings Co Ltd	Health Care		377		7,008		0.08
Meitec Corp	Industrials		146		7,005		0.08
Ono Pharmaceutical Co Ltd	Health Care		238		6,931		0.08
Takashimaya Co Ltd	Consumer Discretionary		819		6,832		0.08
H2O Retailing Corp	Consumer Discretionary		1,013		6,767		0.08
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		363		6,572		0.08
Nishi-Nippon Railroad Co Ltd	Industrials		240		6,506		0.08
Takeda Pharmaceutical Co Ltd	Health Care		180		6,420		0.08
Mitsubishi UFJ Lease & Finance Co Ltd	Financials		1,357		6,419		0.08
GMO Payment Gateway Inc	Information Technology		61		6,331		0.07
USS Co Ltd	Consumer Discretionary		393		6,273		0.07
Daifuku Co Ltd	Industrials		71		6,205		0.07
Kamigumi Co Ltd	Industrials		313		6,127		0.07
COMSYS Holdings Corp	Industrials		206		6,083		0.07
Sangetsu Corp	Consumer Discretionary		426		6,016		0.07
Toyobo Co Ltd	Materials		431		5,991		0.07
Sapporo Holdings Ltd	Consumer Staples		318		5,958		0.07
Park24 Co Ltd	Industrials		345		5,900		0.07
Olympus Corp	Health Care		307		5,900		0.07
Hitachi Ltd	Information Technology		183		5,782		0.07
Taiyo Yuden Co Ltd	Information Technology		179		5,544		0.07
Tokyo Ohka Kogyo Co Ltd	Materials		111		5,533		0.07
Rengo Co Ltd	Materials		678		5,519		0.07
Shikoku Electric Power Co Inc	Utilities		725		5,346		0.06
Nippon Shinyaku Co Ltd	Health Care		66		5,339		0.06
Mitsubishi Corp	Industrials		250		5,271		0.06
Disco Corp	Information Technology		22		5,269		0.06

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Kansai Electric Power Co Inc/The	Utilities		538	$	5,213		0.06	%
MonotaRO Co Ltd	Industrials		128		5,139		0.06
Ibiden Co Ltd	Information Technology		174		5,088		0.06
Nihon M&A Center Inc	Industrials		113		5,082		0.06
Toyo Seikan Group Holdings Ltd	Materials		446		5,028		0.06
Pigeon Corp	Consumer Staples		126		4,856		0.06
Mizuho Financial Group Inc	Financials		3,765		4,616		0.05
TV Asahi Holdings Corp	Communication Services		308		4,490		0.05
Hakuhodo DY Holdings Inc	Communication Services		376		4,471		0.05
Mitsui & Co Ltd	Industrials		301		4,456		0.05
Daiichikosho Co Ltd	Communication Services		147		4,409		0.05
JSR Corp	Materials		214		4,124		0.05
Tsumura & Co	Health Care		149		3,901		0.05
Sumitomo Corp	Industrials		340		3,897		0.05
Fujitsu General Ltd	Consumer Discretionary		188		3,849		0.05
Marubeni Corp	Industrials		847		3,829		0.05
Japan Post Holdings Co Ltd	Financials		510		3,624		0.04
TDK Corp	Information Technology		36		3,537		0.04
Toyota Tsusho Corp	Industrials		134		3,401		0.04
Medipal Holdings Corp	Health Care		175		3,372		0.04
Lintec Corp	Materials		139		3,289		0.04
Hisamitsu Pharmaceutical Co Inc	Health Care		59		3,170		0.04
Kissei Pharmaceutical Co Ltd	Health Care		120		3,026		0.04
Hokuriku Electric Power Co	Utilities		459		2,928		0.03
Japan Post Insurance Co Ltd	Financials		218		2,854		0.03
Sega Sammy Holdings Inc	Consumer Discretionary		236		2,822		0.03
Seibu Holdings Inc	Industrials		254		2,759		0.03
JGC Holdings Corp	Industrials		260		2,732		0.03
T&D Holdings Inc	Financials		311		2,659		0.03
SUMCO Corp	Information Technology		171		2,622		0.03
Alfresa Holdings Corp	Health Care		124		2,593		0.03
SMS Co Ltd	Industrials		115		2,588		0.03
Santen Pharmaceutical Co Ltd	Health Care		141		2,585		0.03
Hokuhoku Financial Group Inc	Financials		309		2,550		0.03
Nishi-Nippon Financial Holdings Inc	Financials		375		2,529		0.03
Sumitomo Dainippon Pharma Co Ltd	Health Care		182		2,521		0.03
Yokohama Rubber Co Ltd/The	Consumer Discretionary		178		2,506		0.03
SCSK Corp	Information Technology		51		2,490		0.03
Horiba Ltd	Information Technology		47		2,478		0.03
Kyowa Kirin Co Ltd	Health Care		90		2,356		0.03
GS Yuasa Corp	Industrials		132		2,329		0.03
TIS Inc	Information Technology		107		2,251		0.03
Sumitomo Mitsui Trust Holdings Inc	Financials		80		2,239		0.03
Kusuri no Aoki Holdings Co Ltd	Consumer Staples		29		2,236		0.03
Dai Nippon Printing Co Ltd	Industrials		98		2,234		0.03
Kurita Water Industries Ltd	Industrials		79		2,199		0.03
Ricoh Co Ltd	Information Technology		301		2,147		0.03
AEON Financial Service Co Ltd	Financials		193		2,104		0.02
Topcon Corp	Information Technology		254		2,043		0.02
Kyocera Corp	Information Technology		38		2,041		0.02
Seino Holdings Co Ltd	Industrials		154		2,013		0.02
NTT Data Corp	Information Technology		181		2,011		0.02
Kyudenko Corp	Industrials		68		2,008		0.02
Taisei Corp	Industrials		55		1,983		0.02
Sohgo Security Services Co Ltd	Industrials		42		1,935		0.02
Mochida Pharmaceutical Co Ltd	Health Care		52		1,917		0.02
Persol Holdings Co Ltd	Industrials		132		1,807		0.02
Yamaguchi Financial Group Inc	Financials		293		1,799		0.02
Rakuten Inc	Consumer Discretionary		201		1,767		0.02

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Daishi Hokuetsu Financial Group Inc	Financials		83	$	1,678		0.02	%
Haseko Corp	Consumer Discretionary		117		1,474		0.02
77 Bank Ltd/The	Financials		99		1,473		0.02
Toppan Printing Co Ltd	Industrials		86		1,426		0.02
Taisho Pharmaceutical Holdings Co Ltd	Health Care		22		1,376		0.02
Mitsubishi Materials Corp	Materials		64		1,356		0.02
Isuzu Motors Ltd	Consumer Discretionary		147		1,331		0.02
Sumitomo Electric Industries Ltd	Consumer Discretionary		107		1,235		0.01
Sumitomo Metal Mining Co Ltd	Materials		44		1,231		0.01
Hokkaido Electric Power Co Inc	Utilities		319		1,225		0.01
Fuji Media Holdings Inc	Communication Services		121		1,164		0.01
Canon Marketing Japan Inc	Information Technology		56		1,130		0.01
Gunma Bank Ltd/The	Financials		349		1,107		0.01
Suzuken Co Ltd/Aichi Japan	Health Care		29		1,098		0.01
Taiheiyo Cement Corp	Materials		47		1,094		0.01
Mitsui Mining & Smelting Co Ltd	Materials		52		1,056		0.01
Konica Minolta Inc	Information Technology		305		1,054		0.01
Yokogawa Electric Corp	Information Technology		65		1,010		0.01
Open House Co Ltd	Real Estate		29		986		0.01
Nippon Electric Glass Co Ltd	Information Technology		63		986		0.01
SCREEN Holdings Co Ltd	Information Technology		20		953		0.01
Yamato Kogyo Co Ltd	Materials		46		930		0.01
Hiroshima Bank Ltd/The	Financials		194		915		0.01
Yamato Holdings Co Ltd	Industrials		41		886		0.01
Showa Denko KK	Materials		39		884		0.01
Hitachi Capital Corp	Financials		39		868		0.01
Ebara Corp	Industrials		34		799		0.01
Rohm Co Ltd	Information Technology		12		765		0.01
MINEBEA MITSUMI Inc	Industrials		41		747		0.01
Dowa Holdings Co Ltd	Materials		24		723		0.01
Sojitz Corp	Industrials		331		721		0.01
Nihon Unisys Ltd	Information Technology		23		712		0.01
H.U. Group Holdings Inc	Health Care		29		674		0.01
Central Glass Co Ltd	Industrials		38		652		0.01
Mebuki Financial Group Inc	Financials		280		648		0.01
Sankyu Inc	Industrials		16		607		0.01
Rohto Pharmaceutical Co Ltd	Consumer Staples		19		595		0.01
Tokai Carbon Co Ltd	Materials		45		423		0.01
Credit Saison Co Ltd	Financials		37		422		0.00
Taiyo Nippon Sanso Corp	Materials		24		405		0.00
Nachi-Fujikoshi Corp	Industrials		12		381		0.00
Nisshin Seifun Group Inc	Consumer Staples		25		369		0.00
Sumitomo Bakelite Co Ltd	Materials		12		341		0.00
Iyo Bank Ltd/The	Financials		53		323		0.00
Shinsei Bank Ltd	Financials		26		309		0.00
Nomura Real Estate Holdings Inc	Real Estate		14		253		0.00
Pilot Corp	Industrials		8		248		0.00
ADEKA Corp	Materials		10		136		0.00

A basket (JPGSFDEU) of common stocks

Common Stocks	Sector	Shares		Value		Weight
SAP SE	Information Technology		2,397	$	334,989		3.42	%
L’Oreal SA	Consumer Staples		699		224,657		2.29
Enel SpA	Utilities		24,596		212,321		2.17
Beiersdorf AG	Consumer Staples		1,560		177,377		1.81
TOTAL SA	Energy		4,204		160,569		1.64
Deutsche Telekom AG	Communication Services		8,721		146,532		1.49
Ubisoft Entertainment SA	Communication Services		1,710		141,125		1.44

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Bayer AG	Health Care		1,830	$	135,342		1.38	%
Allianz SE	Financials		659		134,687		1.37
Schneider Electric SE	Industrials		1,170		130,094		1.33
Jeronimo Martins SGPS SA	Consumer Staples		7,004		122,733		1.25
Deutsche Boerse AG	Financials		661		119,752		1.22
Kering SA	Consumer Discretionary		217		118,263		1.21
Industria de Diseno Textil SA	Consumer Discretionary		4,418		117,081		1.19
HelloFresh SE	Consumer Discretionary		2,145		114,311		1.17
BASF SE	Materials		1,959		109,856		1.12
Koninklijke Ahold Delhaize NV	Consumer Staples		3,805		103,779		1.06
Fresenius Medical Care AG & Co KGaA	Health Care		1,174		100,731		1.03
Continental AG	Consumer Discretionary		1,005		98,513		1.01
Adyen NV	Information Technology		65		95,400		0.97
Sanofi	Health Care		932		94,944		0.97
Heineken NV	Consumer Staples		972		89,667		0.91
Akzo Nobel NV	Materials		965		86,520		0.88
Dassault Systemes SE	Information Technology		482		83,179		0.85
DiaSorin SpA	Health Care		431		82,476		0.84
Orion Oyj	Health Care		1,691		81,851		0.84
Valeo SA	Consumer Discretionary		3,113		81,750		0.83
Covestro AG	Materials		2,143		81,560		0.83
Iberdrola SA	Utilities		6,986		81,054		0.83
Nokia Oyj	Information Technology		18,245		79,763		0.81
Fiat Chrysler Automobiles NV	Consumer Discretionary		7,664		77,067		0.79
Deutsche Post AG	Industrials		2,029		74,264		0.76
FinecoBank Banca Fineco SpA	Financials		5,471		73,898		0.75
HUGO BOSS AG	Consumer Discretionary		2,443		73,878		0.75
Merck KGaA	Health Care		627		72,830		0.74
Smurfit Kappa Group PLC	Materials		2,161		72,291		0.74
ProSiebenSat.1 Media SE	Communication Services		5,979		71,188		0.73
Naturgy Energy Group SA	Utilities		3,738		69,612		0.71
Heineken Holding NV	Consumer Staples		838		68,623		0.70
ASM International NV	Information Technology		444		68,605		0.70
ASR Nederland NV	Financials		2,210		67,923		0.69
Unilever NV	Consumer Staples		1,263		67,104		0.68
Atos SE	Information Technology		775		66,168		0.68
Hannover Rueck SE	Financials		383		66,119		0.67
Signify NV	Industrials		2,550		65,922		0.67
ArcelorMittal SA	Materials		6,210		65,417		0.67
Zalando SE	Consumer Discretionary		926		65,347		0.67
Legrand SA	Industrials		840		63,849		0.65
Enagas SA	Utilities		2,589		63,309		0.65
Hera SpA	Utilities		16,757		63,039		0.64
Air Liquide SA	Materials		434		62,703		0.64
ACS Actividades de Construccion y Servic	Industrials		2,475		62,434		0.64
EXOR NV	Financials		1,081		61,781		0.63
Prysmian SpA	Industrials		2,661		61,693		0.63
Assicurazioni Generali SpA	Financials		4,060		61,491		0.63
HeidelbergCement AG	Materials		1,149		61,435		0.63
Suez SA	Utilities		5,176		60,729		0.62
Michelin	Consumer Discretionary		558		57,949		0.59
Knorr-Bremse AG	Industrials		567		57,494		0.59
Amadeus IT Group SA	Information Technology		1,096		57,127		0.58
Euronext NV	Financials		568		57,027		0.58
KBC Group NV	Financials		992		56,922		0.58
Telefonica Deutschland Holding AG	Communication Services		19,032		56,212		0.57
BE Semiconductor Industries NV	Information Technology		1,260		56,174		0.57
Brenntag AG	Industrials		1,055		55,501		0.57
Ipsen SA	Health Care		650		55,292		0.56

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Worldline SA/France	Information Technology		635	$	55,071		0.56	%
Eiffage SA	Industrials		598		54,685		0.56
BioMerieux	Health Care		393		54,025		0.55
Danone SA	Consumer Staples		779		53,933		0.55
Recordati SpA	Health Care		1,073		53,622		0.55
Poste Italiane SpA	Financials		6,025		52,427		0.53
STMicroelectronics NV	Information Technology		1,847		50,282		0.51
Eni SpA	Energy		5,255		50,163		0.51
HOCHTIEF AG	Industrials		563		50,004		0.51
TeamViewer AG	Information Technology		909		49,665		0.51
Bankinter SA	Financials		10,311		49,209		0.50
UCB SA	Health Care		421		48,756		0.50
Sartorius Stedim Biotech	Health Care		192		48,446		0.49
Vonovia SE	Real Estate		773		47,437		0.48
Ferrari NV	Consumer Discretionary		276		47,147		0.48
Faurecia SE	Consumer Discretionary		1,200		46,912		0.48
CRH PLC	Materials		1,361		46,686		0.48
Argenx SE	Health Care		206		45,875		0.47
Deutsche Lufthansa AG	Industrials		4,532		45,567		0.46
Amplifon SpA	Health Care		1,698		45,251		0.46
MorphoSys AG	Health Care		357		45,085		0.46
Sofina SA	Financials		170		44,938		0.46
Italgas SpA	Utilities		7,604		44,201		0.45
Symrise AG	Materials		355		41,263		0.42
Accor SA	Consumer Discretionary		1,510		41,090		0.42
Elisa Oyj	Communication Services		672		40,922		0.42
Cellnex Telecom SA	Communication Services		668		40,710		0.42
alstria office REIT-AG	Real Estate		2,710		40,396		0.41
Kerry Group PLC	Consumer Staples		324		40,146		0.41
Wienerberger AG	Materials		1,788		38,972		0.40
ANDRITZ AG	Industrials		1,062		38,668		0.39
Kingspan Group PLC	Industrials		599		38,612		0.39
Koninklijke KPN NV	Communication Services		14,410		38,235		0.39
BAWAG Group AG	Financials		1,106		38,226		0.39
EDP – Energias de Portugal SA	Utilities		7,990		38,181		0.39
Randstad NV	Industrials		848		37,827		0.39
LANXESS AG	Materials		713		37,656		0.38
Red Electrica Corp SA	Utilities		2,011		37,542		0.38
Kone Oyj	Industrials		532		36,589		0.37
Hermes International	Consumer Discretionary		42		35,467		0.36
Verbund AG	Utilities		786		35,219		0.36
Cie de Saint-Gobain	Industrials		976		35,175		0.36
Grifols SA	Health Care		1,145		34,784		0.35
Koninklijke Vopak NV	Energy		655		34,683		0.35
Elia Group SA/NV	Utilities		309		33,516		0.34
Terna Rete Elettrica Nazionale SpA	Utilities		4,846		33,332		0.34
Deutsche Wohnen SE	Real Estate		719		32,302		0.33
Proximus SADP	Communication Services		1,565		31,915		0.33
Nokian Renkaat Oyj	Consumer Discretionary		1,446		31,764		0.32
Carrefour SA	Consumer Staples		2,054		31,763		0.32
Gecina SA	Real Estate		252		31,190		0.32
Fortum Oyj	Utilities		1,632		31,010		0.32
Tenaris SA	Energy		4,760		30,763		0.31
Glanbia PLC	Consumer Staples		2,676		30,327		0.31
Snam SpA	Utilities		6,223		30,322		0.31
Colruyt SA	Consumer Staples		548		30,163		0.31
Merlin Properties Socimi SA	Real Estate		3,621		30,042		0.31
Kesko Oyj	Consumer Staples		1,749		29,928		0.31
Wendel SE	Financials		310		29,573		0.30

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value			Weight
Koninklijke DSM NV	Materials		211	$	29,288			0.30	%
OMV AG	Energy		867		29,019			0.30
Wolters Kluwer NV	Industrials		369		28,823			0.29
ASML Holding NV	Information Technology		78		28,540			0.29
Interpump Group SpA	Industrials		955		28,381			0.29
Bechtle AG	Information Technology		160		28,170			0.29
Moncler SpA	Consumer Discretionary		736		28,169			0.29
Nemetschek SE	Information Technology		405		27,883			0.28
Acciona SA	Utilities		284		27,821			0.28
Orange SA	Communication Services		2,302		27,550			0.28
Carl Zeiss Meditec AG	Health Care		276		26,933			0.27
GEA Group AG	Industrials		848		26,835			0.27
Pernod Ricard SA	Consumer Staples		166		26,107			0.27
Kojamo Oyj	Real Estate		1,225		25,894			0.26
Arkema SA	Materials		269		25,790			0.26
LEG Immobilien AG	Real Estate		203		25,753			0.26
Cofinimmo SA	Real Estate		185		25,404			0.26
E.ON SE	Utilities		2,227		25,073			0.26
Huhtamaki Oyj	Materials		633		24,928			0.25
Inmobiliaria Colonial Socimi SA	Real Estate		2,739		24,146			0.25
Eurofins Scientific SE	Health Care		36		22,792			0.23
IMMOFINANZ AG	Real Estate		1,305		22,294			0.23
Dialog Semiconductor PLC	Information Technology		463		21,153			0.22
Iliad SA	Communication Services		106		20,743			0.21
Eutelsat Communications SA	Communication Services		2,234		20,622			0.21
Raiffeisen Bank International AG	Financials		1,100		19,608			0.20
Ageas SA/NV	Financials		547		19,393			0.20
TAG Immobilien AG	Real Estate		771		18,405			0.19
Valmet Oyj	Industrials		704		18,379			0.19
Aalberts NV	Industrials		540		17,733			0.18
Rubis SCA	Utilities		368		17,678			0.18
Telefonica SA	Communication Services		3,531		16,859			0.17
Erste Group Bank AG	Financials		706		16,635	��		0.17
La Francaise des Jeux SAEM	Consumer Discretionary		531		16,385			0.17
LVMH Moet Hennessy Louis Vuitton SE	Consumer Discretionary		37		16,240			0.17
A2A SpA	Utilities		11,454		16,233			0.17
Ackermans & van Haaren NV	Financials		120		15,701			0.16
SEB SA	Consumer Discretionary		92		15,229			0.16
Teleperformance	Industrials		58		14,658			0.15
Aena SME SA	Industrials		110		14,623			0.15
Endesa SA	Utilities		555		13,676			0.14
Evonik Industries AG	Materials		531		13,489			0.14
United Internet AG	Communication Services		309		13,084			0.13
SPIE SA	Industrials		872		13,037			0.13
Koninklijke Philips NV	Health Care		268		12,512			0.13
Galapagos NV	Health Care		61		12,013			0.12
Bureau Veritas SA	Industrials		565		11,933			0.12
Alstom SA	Industrials		252		11,733			0.12
Elis SA	Industrials		999		11,669			0.12
Freenet AG	Communication Services		711		11,450			0.12
Saipem SpA	Energy		4,483		11,184			0.11
Puma SE	Consumer Discretionary		144		11,103			0.11
Sopra Steria Group	Information Technology		89		11,033			0.11
Warehouses De Pauw CVA	Real Estate		372		10,170			0.10
Rheinmetall AG	Industrials		117		10,156			0.10
Infineon Technologies AG	Information Technology		381		8,948			0.09
Ferrovial SA	Industrials		331		8,829			0.09
Nexi SpA	Information Technology		503		8,703			0.09
Delivery Hero SE	Consumer Discretionary		85		8,648			0.09

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Rational AG	Industrials		15	$	8,428		0.09	%
Remy Cointreau SA	Consumer Staples		60		8,222		0.08
Scout24 AG	Communication Services		96		7,488		0.08
BNP Paribas SA	Financials		184		7,324		0.07
Aedifica SA	Real Estate		67		7,309		0.07
RWE AG	Utilities		204		7,151		0.07
Fresenius SE & Co KGaA	Health Care		141		7,018		0.07
Grand City Properties SA	Real Estate		303		7,007		0.07
Daimler AG	Consumer Discretionary		166		6,755		0.07
EssilorLuxottica SA	Consumer Discretionary		49		6,302		0.06
Capgemini SE	Information Technology		54		6,215		0.06
Banco Santander SA	Financials		2,364		5,781		0.06
Aegon NV	Financials		1,910		5,697		0.06
Umicore SA	Materials		119		5,600		0.06
GRENKE AG	Financials		72		5,578		0.06
METRO AG	Consumer Staples		582		5,506		0.06
Vinci SA	Industrials		59		5,410		0.06
Anheuser-Busch InBev SA/NV	Consumer Staples		108		5,309		0.05
NN Group NV	Financials		149		5,006		0.05
ING Groep NV	Financials		716		4,991		0.05
CNP Assurances	Financials		417		4,800		0.05
Bank of Ireland Group PLC	Financials		2,229		4,573		0.05
Credit Agricole SA	Financials		471		4,461		0.05
Banco de Sabadell SA	Financials		12,413		4,314		0.04
Banco BPM SpA	Financials		2,770		4,136		0.04
Societe Generale SA	Financials		246		4,092		0.04
Veolia Environnement SA	Utilities		179		4,021		0.04
IMCD NV	Industrials		43		4,015		0.04
Sodexo SA	Consumer Discretionary		59		4,013		0.04
Rexel SA	Industrials		344		3,934		0.04
Telecom Italia SpA/Milano	Communication Services		9,287		3,652		0.04
Alten SA	Information Technology		42		3,620		0.04
Intesa Sanpaolo SpA	Financials		1,841		3,526		0.04
Bouygues SA	Industrials		101		3,456		0.04
Bollore SA	Communication Services		1,039		3,267		0.03
Publicis Groupe SA	Communication Services		97		3,141		0.03
Atlantia SpA	Industrials		178		2,860		0.03
Stora Enso Oyj	Materials		238		2,850		0.03
voestalpine AG	Materials		130		2,808		0.03
Engie SA	Utilities		217		2,684		0.03
UPM-Kymmene Oyj	Materials		91		2,617		0.03
Davide Campari-Milano SpA	Consumer Staples		289		2,433		0.02
Renault SA	Consumer Discretionary		92		2,338		0.02
Bayerische Motoren Werke AG	Consumer Discretionary		36		2,324		0.02
Solvay SA	Materials		26		2,053		0.02
Ryanair Holdings PLC	Industrials		170		2,038		0.02
Just Eat Takeaway.com NV	Consumer Discretionary		17		1,760		0.02
ICADE	Real Estate		23		1,591		0.02
TechnipFMC PLC	Energy		220		1,514		0.02
Edenred	Information Technology		34		1,485		0.02
KION Group AG	Industrials		19		1,158		0.01
Mapfre SA	Financials		621		1,106		0.01
Thales SA	Industrials		12		989		0.01
Siemens Gamesa Renewable Energy SA	Industrials		55		968		0.01
Electricite de France SA	Utilities		104		965		0.01
Natixis SA	Financials		334		873		0.01
Altice Europe NV	Communication Services		200		771		0.01

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

A basket (JPGSFDUK) of common stocks

Common Stocks	Sector	Shares		Value		Weight
GlaxoSmithKline PLC	Health Care		7,138	$	144,609		6.31	%
AstraZeneca PLC	Health Care		1,035		107,877		4.71
British American Tobacco PLC	Consumer Staples		2,256		86,710		3.79
Unilever PLC	Consumer Staples		1,283		69,147		3.02
Royal Dutch Shell PLC	Energy		3,812		60,735		2.65
HSBC Holdings PLC	Financials		12,662		59,342		2.59
Reckitt Benckiser Group PLC	Consumer Staples		593		54,520		2.38
Diageo PLC	Consumer Staples		1,641		54,469		2.38
SSE PLC	Utilities		2,418		40,846		1.78
Royal Dutch Shell PLC	Energy		2,516		38,127		1.66
Wm Morrison Supermarkets PLC	Consumer Staples		15,920		37,552		1.64
J Sainsbury PLC	Consumer Staples		13,268		34,277		1.50
RELX PLC	Industrials		1,470		34,032		1.49
Polymetal International PLC	Materials		1,587		31,738		1.39
Hikma Pharmaceuticals PLC	Health Care		1,127		30,973		1.35
Severn Trent PLC	Utilities		932		28,593		1.25
Admiral Group PLC	Financials		994		28,296		1.24
Ocado Group PLC	Consumer Discretionary		1,097		27,541		1.20
John Wood Group PLC	Energy		11,303		27,125		1.18
Imperial Brands PLC	Consumer Staples		1,384		26,366		1.15
Rentokil Initial PLC	Industrials		4,133		26,075		1.14
Tesco PLC	Consumer Staples		9,024		25,480		1.11
Ferguson PLC	Industrials		311		25,465		1.11
United Utilities Group PLC	Utilities		2,145		24,168		1.06
Pennon Group PLC	Utilities		1,709		23,667		1.03
Rio Tinto PLC	Materials		413		23,244		1.01
CRH PLC	Materials		615		20,922		0.91
Mediclinic International PLC	Health Care		5,849		19,157		0.84
Halma PLC	Information Technology		654		18,632		0.81
Segro PLC	Real Estate		1,658		18,375		0.80
Plus500 Ltd	Financials		1,128		18,364		0.80
Glencore PLC	Materials		8,557		18,137		0.79
IG Group Holdings PLC	Financials		1,725		17,467		0.76
Experian PLC	Industrials		489		17,049		0.74
UDG Healthcare PLC	Health Care		1,888		16,782		0.73
Croda International PLC	Materials		255		16,623		0.73
Intermediate Capital Group PLC	Financials		1,034		16,497		0.72
Legal & General Group PLC	Financials		5,878		16,074		0.70
BAE Systems PLC	Industrials		2,682		16,049		0.70
ConvaTec Group PLC	Health Care		6,372		15,427		0.67
Ashtead Group PLC	Industrials		446		15,027		0.66
Coca-Cola HBC AG	Consumer Staples		594		14,904		0.65
Aviva PLC	Financials		4,297		14,552		0.64
C&C Group PLC	Consumer Staples		4,901		13,953		0.61
Intertek Group PLC	Industrials		202		13,589		0.59
Compass Group PLC	Consumer Discretionary		970		13,356		0.58
M&G PLC	Financials		6,366		13,205		0.58
Associated British Foods PLC	Consumer Staples		552		13,088		0.57
Vodafone Group PLC	Communication Services		7,641		12,189		0.53
Evraz PLC	Materials		3,310		11,816		0.52
Dechra Pharmaceuticals PLC	Health Care		335		11,814		0.52
Tate & Lyle PLC	Consumer Staples		1,353		11,180		0.49
Cairn Energy PLC	Energy		7,609		11,095		0.48
Ultra Electronics Holdings PLC	Industrials		446		11,035		0.48
Pets at Home Group Plc	Consumer Discretionary		3,717		10,997		0.48
Primary Health Properties PLC	Real Estate		5,470		10,604		0.46
Cranswick PLC	Consumer Staples		234		10,492		0.46
Pearson PLC	Communication Services		1,422		10,135		0.44

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Cineworld Group PLC	Communication Services		13,483	$	10,104		0.44	%
Assura PLC	Real Estate		10,336		10,045		0.44
Avast PLC	Information Technology		1,530		10,009		0.44
Smurfit Kappa Group PLC	Materials		296		9,823		0.43
Anglo American PLC	Materials		415		9,600		0.42
Centamin PLC	Materials		4,220		9,581		0.42
Lloyds Banking Group PLC	Financials		24,413		9,421		0.41
GVC Holdings PLC	Consumer Discretionary		1,026		9,403		0.41
GCP Student Living PLC	Real Estate		6,122		9,397		0.41
Barclays PLC	Financials		6,483		9,183		0.40
Antofagasta PLC	Materials		788		9,142		0.40
Dunelm Group PLC	Consumer Discretionary		613		9,031		0.39
AVEVA Group PLC	Information Technology		177		8,949		0.39
Safestore Holdings PLC	Real Estate		968		8,702		0.38
Persimmon PLC	Consumer Discretionary		303		8,581		0.37
Computacenter PLC	Information Technology		411		8,350		0.36
Royal Bank of Scotland Group PLC	Financials		5,265		7,925		0.35
Rhi Magnesita NV	Materials		249		7,589		0.33
Spirax-Sarco Engineering PLC	Industrials		61		7,539		0.33
Diploma PLC	Industrials		338		7,520		0.33
Lancashire Holdings Ltd	Financials		748		7,491		0.33
Softcat PLC	Information Technology		553		7,468		0.33
Polypipe Group plc	Industrials		1,380		7,391		0.32
IMI PLC	Industrials		647		7,385		0.32
Spirent Communications PLC	Information Technology		2,435		7,264		0.32
Ferrexpo PLC	Materials		3,329		7,146		0.31
Berkeley Group Holdings PLC	Consumer Discretionary		138		7,128		0.31
Domino’s Pizza Group PLC	Consumer Discretionary		1,830		7,025		0.31
BT Group PLC	Communication Services		4,972		7,019		0.31
Countryside Properties PLC	Consumer Discretionary		1,703		6,978		0.30
Rightmove PLC	Communication Services		1,027		6,940		0.30
Standard Chartered PLC	Financials		1,266		6,895		0.30
Drax Group PLC	Utilities		2,008		6,394		0.28
Howden Joinery Group PLC	Industrials		909		6,219		0.27
Royal Mail PLC	Industrials		2,741		6,184		0.27
Chemring Group PLC	Industrials		2,060		6,171		0.27
Genus PLC	Health Care		140		6,123		0.27
Big Yellow Group PLC	Real Estate		491		6,100		0.27
Direct Line Insurance Group PLC	Financials		1,747		5,861		0.26
Hargreaves Lansdown PLC	Financials		291		5,860		0.26
Petropavlovsk PLC	Materials		18,850		5,857		0.26
Serco Group PLC	Industrials		3,057		5,770		0.25
Auto Trader Group PLC	Communication Services		875		5,703		0.25
Electrocomponents PLC	Industrials		664		5,517		0.24
DCC PLC	Industrials		65		5,452		0.24
Rotork PLC	Industrials		1,562		5,414		0.24
Britvic PLC	Consumer Staples		559		5,326		0.23
Investec PLC	Financials		2,636		5,271		0.23
St James’s Place PLC	Financials		433		5,104		0.22
Spectris PLC	Information Technology		163		5,088		0.22
Standard Life Aberdeen PLC	Financials		1,527		5,058		0.22
Morgan Sindall Group PLC	Industrials		330		5,038		0.22
Aggreko PLC	Industrials		919		5,037		0.22
William Hill PLC	Consumer Discretionary		3,571		5,031		0.22
Games Workshop Group PLC	Consumer Discretionary		50		4,955		0.22
Go-Ahead Group PLC/The	Industrials		476		4,901		0.21
Beazley PLC	Financials		945		4,795		0.21
Sage Group PLC/The	Information Technology		576		4,787		0.21
IntegraFin Holdings PLC	Financials		810		4,592		0.20

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Man Group PLC/Jersey	Financials		2,835	$	4,585		0.20	%
Ashmore Group PLC	Financials		885		4,573		0.20
Fresnillo PLC	Materials		438		4,560		0.20
International Consolidated Airlines Grou	Industrials		1,643		4,521		0.20
JD Sports Fashion PLC	Consumer Discretionary		576		4,435		0.19
IWG PLC	Real Estate		1,349		4,425		0.19
Grainger PLC	Real Estate		1,210		4,282		0.19
Avon Rubber PLC	Industrials		105		4,174		0.18
Just Group PLC	Financials		6,360		4,133		0.18
Firstgroup PLC	Industrials		6,594		4,110		0.18
Elementis PLC	Materials		5,109		4,073		0.18
Vistry Group PLC	Consumer Discretionary		460		4,044		0.18
ContourGlobal PLC	Utilities		1,693		3,981		0.17
QinetiQ Group PLC	Industrials		1,053		3,878		0.17
Centrica PLC	Utilities		7,971		3,803		0.17
John Laing Group PLC	Industrials		853		3,679		0.16
OneSavings Bank PLC	Financials		1,112		3,652		0.16
HomeServe PLC	Industrials		226		3,647		0.16
WPP PLC	Communication Services		466		3,640		0.16
Burberry Group PLC	Consumer Discretionary		180		3,560		0.16
Greggs PLC	Consumer Discretionary		173		3,473		0.15
Playtech Plc	Consumer Discretionary		995		3,467		0.15
Kingfisher PLC	Consumer Discretionary		1,244		3,399		0.15
Melrose Industries PLC	Industrials		2,379		3,358		0.15
Sanne Group PLC	Financials		429		3,348		0.15
Wizz Air Holdings Plc	Industrials		81		3,343		0.15
Schroders PLC	Financials		91		3,313		0.14
SSP Group Plc	Consumer Discretionary		1,030		3,279		0.14
Close Brothers Group PLC	Financials		236		3,227		0.14
Bunzl PLC	Industrials		115		3,091		0.13
Rolls-Royce Holdings PLC	Industrials		873		3,083		0.13
Coats Group PLC	Consumer Discretionary		4,412		3,058		0.13
Vesuvius PLC	Industrials		632		3,032		0.13
Future PLC	Communication Services		189		2,988		0.13
Sirius Real Estate Ltd	Real Estate		3,105		2,929		0.13
Meggitt PLC	Industrials		772		2,811		0.12
Telecom Plus PLC	Utilities		159		2,799		0.12
Crest Nicholson Holdings plc	Consumer Discretionary		1,126		2,756		0.12
Dixons Carphone PLC	Consumer Discretionary		2,449		2,724		0.12
Hiscox Ltd	Financials		274		2,673		0.12
Marks & Spencer Group PLC	Consumer Discretionary		2,174		2,665		0.12
PureTech Health Plc	Health Care		809		2,659		0.12
Travis Perkins PLC	Industrials		189		2,638		0.12
Mitchells & Butlers PLC	Consumer Discretionary		1,132		2,634		0.12
Senior PLC	Industrials		3,036		2,625		0.11
RSA Insurance Group PLC	Financials		517		2,621		0.11
Jupiter Fund Management PLC	Financials		812		2,575		0.11
Land Securities Group PLC	Real Estate		370		2,536		0.11
Bank of Georgia Group PLC	Financials		185		2,455		0.11
Airtel Africa PLC	Communication Services		3,057		2,365		0.10
Paragon Banking Group PLC	Financials		538		2,329		0.10
National Express Group PLC	Industrials		1,001		2,314		0.10
Victrex PLC	Materials		95		2,304		0.10
Hill & Smith Holdings PLC	Materials		147		2,263		0.10
Biffa PLC	Industrials		908		2,260		0.10
TI Fluid Systems PLC	Consumer Discretionary		911		2,091		0.09
Trainline PLC	Consumer Discretionary		386		2,078		0.09
AJ Bell PLC	Financials		422		2,019		0.09
Savills PLC	Real Estate		195		1,992		0.09

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Greencore Group PLC	Consumer Staples		1,274	$	1,984		0.09	%
Stagecoach Group PLC	Industrials		2,682		1,976		0.09
McCarthy & Stone PLC	Consumer Discretionary		2,170		1,907		0.08
Frasers Group PLC	Consumer Discretionary		499		1,887		0.08
Morgan Advanced Materials PLC	Industrials		621		1,851		0.08
4imprint Group PLC	Communication Services		57		1,727		0.08
Rank Group PLC	Consumer Discretionary		950		1,722		0.08
Inchcape PLC	Consumer Discretionary		269		1,630		0.07
Kainos Group PLC	Information Technology		169		1,566		0.07
Renishaw PLC	Information Technology		31		1,534		0.07
Workspace Group PLC	Real Estate		189		1,526		0.07
Oxford Instruments PLC	Information Technology		83		1,478		0.06
LondonMetric Property PLC	Real Estate		537		1,400		0.06
LXI REIT plc	Real Estate		945		1,320		0.06
Tritax Big Box REIT PLC	Real Estate		732		1,314		0.06
St Modwen Properties PLC	Real Estate		302		1,292		0.06
Great Portland Estates PLC	Real Estate		156		1,222		0.05
WH Smith PLC	Consumer Discretionary		85		1,150		0.05
Pagegroup PLC	Industrials		243		1,138		0.05
Synthomer PLC	Materials		316		1,088		0.05
Brewin Dolphin Holdings PLC	Financials		330		1,065		0.05
J D Wetherspoon PLC	Consumer Discretionary		83		1,030		0.04
TBC Bank Group PLC	Financials		91		1,003		0.04
Hilton Food Group PLC	Consumer Staples		63		991		0.04
PZ Cussons PLC	Consumer Staples		422		965		0.04
Moneysupermarket.com Group PLC	Consumer Discretionary		230		920		0.04
Equiniti Group PLC	Information Technology		507		912		0.04
James Fisher & Sons PLC	Industrials		51		865		0.04
XP Power Ltd	Industrials		19		848		0.04
Micro Focus International PLC	Information Technology		152		810		0.04
Shaftesbury PLC	Real Estate		119		777		0.03
PayPoint PLC	Industrials		104		772		0.03
AG Barr PLC	Consumer Staples		131		731		0.03
Clarkson PLC	Industrials		26		718		0.03
Ninety One PLC	Financials		278		708		0.03
Sabre Insurance Group PLC	Financials		192		626		0.03
CLS Holdings PLC	Real Estate		262		599		0.03
Hays PLC	Industrials		402		593		0.03
BMO Commercial Property Trust Ltd	Real Estate		649		506		0.02
Watches of Switzerland Group PLC	Consumer Discretionary		141		489		0.02
Vivo Energy PLC	Consumer Discretionary		430		430		0.02
Bakkavor Group PLC	Consumer Staples		317		277		0.01
PPHE Hotel Group Ltd	Consumer Discretionary		20		273		0.01

A basket (JPGSFDUS) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Apple Inc	Information Technology		1,483	$	540,895		4.48	%
Microsoft Corp	Information Technology		2,036		414,320		3.44
Facebook Inc	Communication Services		1,051		238,681		1.98
Johnson & Johnson	Health Care		1,606		225,823		1.87
Amazon.com Inc	Consumer Discretionary		77		211,899		1.76
Alphabet Inc	Communication Services		138		196,019		1.63
Intel Corp	Information Technology		3,030		181,311		1.50
Merck & Co Inc	Health Care		2,055		158,892		1.32
Berkshire Hathaway Inc	Financials		733		130,894		1.09
Alphabet Inc	Communication Services		91		128,362		1.06
Procter & Gamble Co/The	Consumer Staples		1,054		125,975		1.04
Adobe Inc	Information Technology		283		123,368		1.02

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
American Tower Corp	Real Estate		440	$	113,764		0.94	%
Electronic Arts Inc	Communication Services		785		103,716		0.86
Oracle Corp	Information Technology		1,780		98,381		0.82
Zebra Technologies Corp	Information Technology		367		93,884		0.78
Take-Two Interactive Software Inc	Communication Services		668		93,219		0.77
Walmart Inc	Consumer Staples		768		92,000		0.76
PepsiCo Inc	Consumer Staples		694		91,749		0.76
Eli Lilly and Co	Health Care		554		91,007		0.75
UnitedHealth Group Inc	Health Care		306		90,209		0.75
NortonLifeLock Inc	Information Technology		4,512		89,478		0.74
Home Depot Inc/The	Consumer Discretionary		344		86,237		0.71
Costco Wholesale Corp	Consumer Staples		283		85,860		0.71
Kroger Co/The	Consumer Staples		2,536		85,857		0.71
NextEra Energy Inc	Utilities		348		83,484		0.69
Bristol-Myers Squibb Co	Health Care		1,420		83,470		0.69
Amgen Inc	Health Care		353		83,213		0.69
VeriSign Inc	Information Technology		402		83,139		0.69
Intuit Inc	Information Technology		277		82,091		0.68
Mastercard Inc	Information Technology		274		81,168		0.67
Pfizer Inc	Health Care		2,396		78,344		0.65
Cognizant Technology Solutions Corp	Information Technology		1,272		72,292		0.60
PayPal Holdings Inc	Information Technology		412		71,809		0.60
Philip Morris International Inc	Consumer Staples		1,023		71,681		0.59
Dell Technologies Inc	Information Technology		1,277		70,136		0.58
Coca-Cola Co/The	Consumer Staples		1,561		69,752		0.58
NVIDIA Corp	Information Technology		182		69,039		0.57
Texas Instruments Inc	Information Technology		543		68,883		0.57
F5 Networks Inc	Information Technology		482		67,264		0.56
Domino’s Pizza Inc	Consumer Discretionary		176		65,042		0.54
Walt Disney Co/The	Communication Services		571		63,720		0.53
Booking Holdings Inc	Consumer Discretionary		40		63,547		0.53
AbbVie Inc	Health Care		641		62,929		0.52
Wells Fargo & Co	Financials		2,432		62,249		0.52
McDonald’s Corp	Consumer Discretionary		334		61,647		0.51
JPMorgan Chase & Co	Financials		652		61,354		0.51
Equinix Inc	Real Estate		87		61,091		0.51
Chipotle Mexican Grill Inc	Consumer Discretionary		58		60,622		0.50
Hershey Co/The	Consumer Staples		463		60,065		0.50
AES Corp/The	Utilities		4,137		59,940		0.50
Verizon Communications Inc	Communication Services		1,085		59,818		0.50
McCormick & Co Inc/MD	Consumer Staples		332		59,645		0.49
Progressive Corp/The	Financials		743		59,483		0.49
Abbott Laboratories	Health Care		631		57,725		0.48
Kimberly-Clark Corp	Consumer Staples		406		57,391		0.48
Cisco Systems Inc	Information Technology		1,224		57,080		0.47
salesforce.com Inc	Information Technology		299		56,037		0.46
Public Storage	Real Estate		292		56,025		0.46
Mondelez International Inc	Consumer Staples		1,093		55,909		0.46
FedEx Corp	Industrials		397		55,715		0.46
NIKE Inc	Consumer Discretionary		568		55,666		0.46
McKesson Corp	Health Care		360		55,246		0.46
Seagate Technology PLC	Information Technology		1,127		54,576		0.45
Crown Castle International Corp	Real Estate		325		54,396		0.45
Kellogg Co	Consumer Staples		808		53,399		0.44
Constellation Brands Inc	Consumer Staples		291		50,978		0.42
Synopsys Inc	Information Technology		257		50,075		0.42
Danaher Corp	Health Care		281		49,664		0.41
Intercontinental Exchange Inc	Financials		540		49,493		0.41
Baxter International Inc	Health Care		560		48,174		0.40

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Regeneron Pharmaceuticals Inc	Health Care		77	$	48,046		0.40	%
Activision Blizzard Inc	Communication Services		610		46,313		0.38
Dollar General Corp	Consumer Discretionary		242		46,080		0.38
Zillow Group Inc	Communication Services		795		45,725		0.38
Gilead Sciences Inc	Health Care		581		44,678		0.37
FirstEnergy Corp	Utilities		1,140		44,190		0.37
Clorox Co/The	Consumer Staples		201		44,077		0.37
Cigna Corp	Health Care		235		44,020		0.36
Moody’s Corp	Financials		156		42,775		0.35
Dollar Tree Inc	Consumer Discretionary		457		42,400		0.35
Henry Schein Inc	Health Care		726		42,376		0.35
FLIR Systems Inc	Information Technology		1,025		41,570		0.34
Target Corp	Consumer Discretionary		346		41,535		0.34
Netflix Inc	Communication Services		91		41,530		0.34
CH Robinson Worldwide Inc	Industrials		523		41,309		0.34
Motorola Solutions Inc	Information Technology		293		41,010		0.34
Elanco Animal Health Inc	Health Care		1,880		40,330		0.33
Fidelity National Information Services I	Information Technology		300		40,220		0.33
Booz Allen Hamilton Holding Corp	Information Technology		514		39,998		0.33
MarketAxess Holdings Inc	Financials		78		39,286		0.33
News Corp	Communication Services		3,305		39,201		0.33
Colgate-Palmolive Co	Consumer Staples		533		39,033		0.32
Cerner Corp	Health Care		567		38,878		0.32
Skyworks Solutions Inc	Information Technology		303		38,795		0.32
Comcast Corp	Communication Services		992		38,665		0.32
Ecolab Inc	Materials		193		38,386		0.32
Arista Networks Inc	Information Technology		181		38,119		0.32
IDEXX Laboratories Inc	Health Care		115		37,809		0.31
General Mills Inc	Consumer Staples		613		37,796		0.31
PPL Corp	Utilities		1,446		37,360		0.31
Copart Inc	Industrials		447		37,200		0.31
Church & Dwight Co Inc	Consumer Staples		471		36,375		0.30
QUALCOMM Inc	Information Technology		398		36,337		0.30
Aon PLC	Financials		187		35,958		0.30
Hartford Financial Services Group Inc/Th	Financials		931		35,897		0.30
CoStar Group Inc	Industrials		50		35,842		0.30
AT&T Inc	Communication Services		1,181		35,710		0.30
CMS Energy Corp	Utilities		609		35,579		0.29
Marsh & McLennan Cos Inc	Financials		329		35,372		0.29
Dominion Energy Inc	Utilities		435		35,289		0.29
HCA Healthcare Inc	Health Care		362		35,108		0.29
Akamai Technologies Inc	Information Technology		325		34,846		0.29
Hormel Foods Corp	Consumer Staples		718		34,635		0.29
Quest Diagnostics Inc	Health Care		303		34,524		0.29
Intuitive Surgical Inc	Health Care		60		34,473		0.29
Brown & Brown Inc	Financials		831		33,867		0.28
WEC Energy Group Inc	Utilities		382		33,479		0.28
Xcel Energy Inc	Utilities		533		33,314		0.28
Campbell Soup Co	Consumer Staples		669		33,188		0.28
Waste Management Inc	Industrials		312		33,017		0.27
Liberty Broadband Corp	Communication Services		266		32,922		0.27
Consolidated Edison Inc	Utilities		452		32,533		0.27
Hanesbrands Inc	Consumer Discretionary		2,855		32,229		0.27
Travelers Cos Inc/The	Financials		282		32,151		0.27
Marvell Technology Group Ltd	Information Technology		892		31,272		0.26
CME Group Inc	Financials		192		31,248		0.26
Walgreens Boots Alliance Inc	Consumer Staples		737		31,230		0.26
Allstate Corp/The	Financials		320		31,021		0.26
3M Co	Industrials		198		30,964		0.26

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Ameriprise Financial Inc	Financials		205	$	30,824		0.26	%
Citizens Financial Group Inc	Financials		1,206		30,452		0.25
Chevron Corp	Energy		341		30,418		0.25
Ameren Corp	Utilities		431		30,317		0.25
Amphenol Corp	Information Technology		313		29,946		0.25
Insulet Corp	Health Care		154		29,909		0.25
American Express Co	Financials		314		29,898		0.25
Kraft Heinz Co/The	Consumer Staples		928		29,599		0.25
Ball Corp	Materials		422		29,323		0.24
Atmos Energy Corp	Utilities		291		28,970		0.24
Zimmer Biomet Holdings Inc	Health Care		242		28,856		0.24
Laboratory Corp of America Holdings	Health Care		172		28,495		0.24
VMware Inc	Information Technology		183		28,411		0.24
Live Nation Entertainment Inc	Communication Services		637		28,219		0.23
T Rowe Price Group Inc	Financials		228		28,172		0.23
Cboe Global Markets Inc	Financials		299		27,849		0.23
Discovery Inc	Communication Services		1,434		27,626		0.23
Biogen Inc	Health Care		102		27,235		0.23
AutoZone Inc	Consumer Discretionary		24		27,143		0.23
Wayfair Inc	Consumer Discretionary		136		26,950		0.22
Discovery Inc	Communication Services		1,275		26,907		0.22
SBA Communications Corp	Real Estate		90		26,811		0.22
Yum! Brands Inc	Consumer Discretionary		307		26,701		0.22
Interactive Brokers Group Inc	Financials		637		26,589		0.22
American Water Works Co Inc	Utilities		206		26,521		0.22
Becton Dickinson and Co	Health Care		111		26,487		0.22
NRG Energy Inc	Utilities		801		26,082		0.22
Exelon Corp	Utilities		716		26,001		0.22
Duke Energy Corp	Utilities		323		25,783		0.21
Illinois Tool Works Inc	Industrials		147		25,687		0.21
AmerisourceBergen Corp	Health Care		252		25,365		0.21
Southern Co/The	Utilities		483		25,047		0.21
Republic Services Inc	Industrials		304		24,943		0.21
Universal Health Services Inc	Health Care		267		24,789		0.21
NiSource Inc	Utilities		1,082		24,613		0.20
Mylan NV	Health Care		1,522		24,473		0.20
J M Smucker Co/The	Consumer Staples		230		24,332		0.20
Citrix Systems Inc	Information Technology		163		24,073		0.20
CarMax Inc	Consumer Discretionary		268		23,980		0.20
Mettler-Toledo International Inc	Health Care		29		23,668		0.20
Everest Re Group Ltd	Financials		114		23,566		0.20
Alexandria Real Estate Equities Inc	Real Estate		145		23,535		0.20
PVH Corp	Consumer Discretionary		489		23,517		0.19
Synchrony Financial	Financials		1,061		23,511		0.19
Keysight Technologies Inc	Information Technology		231		23,315		0.19
DTE Energy Co	Utilities		216		23,241		0.19
Digital Realty Trust Inc	Real Estate		161		22,899		0.19
US Bancorp	Financials		608		22,386		0.19
Pinnacle West Capital Corp	Utilities		305		22,339		0.19
Liberty Broadband Corp	Communication Services		183		22,332		0.19
Markel Corp	Financials		24		22,319		0.19
Honeywell International Inc	Industrials		150		21,726		0.18
Cabot Oil & Gas Corp	Energy		1,260		21,651		0.18
Advance Auto Parts Inc	Consumer Discretionary		151		21,471		0.18
Emerson Electric Co	Industrials		344		21,361		0.18
Assurant Inc	Financials		206		21,279		0.18
T-Mobile US Inc	Communication Services		201		20,902		0.17
Cummins Inc	Industrials		121		20,884		0.17
Under Armour Inc	Consumer Discretionary		2,344		20,718		0.17

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Newmont Corp	Materials		331	$	20,454		0.17	%
Brunswick Corp/DE	Consumer Discretionary		319		20,443		0.17
Under Armour Inc	Consumer Discretionary		2,082		20,276		0.17
Eversource Energy	Utilities		243		20,266		0.17
Discover Financial Services	Financials		397		19,862		0.16
Verisk Analytics Inc	Industrials		116		19,708		0.16
Old Dominion Freight Line Inc	Industrials		116		19,598		0.16
EOG Resources Inc	Energy		380		19,233		0.16
ConocoPhillips	Energy		443		18,597		0.15
Newell Brands Inc	Consumer Discretionary		1,138		18,075		0.15
PPG Industries Inc	Materials		168		17,838		0.15
SVB Financial Group	Financials		83		17,826		0.15
Teleflex Inc	Health Care		48		17,641		0.15
EPAM Systems Inc	Information Technology		70		17,549		0.15
A O Smith Corp	Industrials		372		17,529		0.15
Edwards Lifesciences Corp	Health Care		251		17,364		0.14
Darden Restaurants Inc	Consumer Discretionary		220		16,653		0.14
UDR Inc	Real Estate		438		16,383		0.14
Stanley Black & Decker Inc	Industrials		118		16,381		0.14
Catalent Inc	Health Care		220		16,135		0.13
Robert Half International Inc	Industrials		301		15,901		0.13
United Parcel Service Inc	Industrials		142		15,819		0.13
Jacobs Engineering Group Inc	Industrials		183		15,508		0.13
Sealed Air Corp	Materials		472		15,496		0.13
Eaton Corp PLC	Industrials		177		15,472		0.13
Alliant Energy Corp	Utilities		319		15,268		0.13
Cooper Cos Inc/The	Health Care		53		15,125		0.13
American Electric Power Co Inc	Utilities		189		15,025		0.12
Encompass Health Corp	Health Care		239		14,815		0.12
Masco Corp	Industrials		289		14,503		0.12
Gaming and Leisure Properties Inc	Real Estate		417		14,444		0.12
CenterPoint Energy Inc	Utilities		765		14,286		0.12
United Airlines Holdings Inc	Industrials		411		14,216		0.12
United Rentals Inc	Industrials		95		14,189		0.12
Sherwin-Williams Co/The	Materials		25		14,171		0.12
Waters Corp	Health Care		79		14,169		0.12
Charter Communications Inc	Communication Services		27		13,924		0.12
Westrock Co	Materials		488		13,802		0.11
Arthur J Gallagher & Co	Financials		140		13,645		0.11
World Wrestling Entertainment Inc	Communication Services		312		13,575		0.11
LendingTree Inc	Financials		46		13,430		0.11
MSCI Inc	Financials		40		13,361		0.11
Maxim Integrated Products Inc	Information Technology		220		13,342		0.11
Tyson Foods Inc	Consumer Staples		219		13,061		0.11
Packaging Corp of America	Materials		131		13,045		0.11
Lam Research Corp	Information Technology		40		12,946		0.11
Altria Group Inc	Consumer Staples		326		12,803		0.11
IQVIA Holdings Inc	Health Care		90		12,785		0.11
Fidelity National Financial Inc	Financials		416		12,761		0.11
Quanta Services Inc	Industrials		325		12,752		0.11
EchoStar Corp	Information Technology		454		12,701		0.11
Entergy Corp	Utilities		135		12,685		0.11
Interpublic Group of Cos Inc/The	Communication Services		721		12,374		0.10
Applied Materials Inc	Information Technology		203		12,258		0.10
Dow Inc	Materials		300		12,216		0.10
Rollins Inc	Industrials		277		11,759		0.10
Rockwell Automation Inc	Industrials		55		11,753		0.10
Vertex Pharmaceuticals Inc	Health Care		40		11,653		0.10
Phillips 66	Energy		162		11,635		0.10

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Nucor Corp	Materials		281	$	11,616		0.10	%
Leidos Holdings Inc	Information Technology		124		11,615		0.10
BorgWarner Inc	Consumer Discretionary		325		11,466		0.10
Nektar Therapeutics	Health Care		485		11,233		0.09
Chubb Ltd	Financials		89		11,219		0.09
Trane Technologies PLC	Industrials		126		11,209		0.09
National Retail Properties Inc	Real Estate		315		11,171		0.09
DexCom Inc	Health Care		28		11,161		0.09
FMC Corp	Materials		110		10,993		0.09
Advanced Micro Devices Inc	Information Technology		208		10,930		0.09
ResMed Inc	Health Care		57		10,883		0.09
Host Hotels & Resorts Inc	Real Estate		975		10,519		0.09
DaVita Inc	Health Care		133		10,491		0.09
Edison International	Utilities		193		10,466		0.09
Celanese Corp	Materials		121		10,417		0.09
S&P Global Inc	Financials		32		10,405		0.09
Marathon Oil Corp	Energy		1,674		10,248		0.08
ViacomCBS Inc	Communication Services		436		10,156		0.08
Duke Realty Corp	Real Estate		284		10,062		0.08
ANSYS Inc	Information Technology		33		9,618		0.08
DENTSPLY SIRONA Inc	Health Care		217		9,551		0.08
Public Service Enterprise Group Inc	Utilities		188		9,218		0.08
News Corp	Communication Services		767		9,161		0.08
Medtronic PLC	Health Care		91		8,306		0.07
Pioneer Natural Resources Co	Energy		82		8,024		0.07
Parker-Hannifin Corp	Industrials		41		7,462		0.06
American Airlines Group Inc	Industrials		569		7,441		0.06
Conagra Brands Inc	Consumer Staples		203		7,152		0.06
Las Vegas Sands Corp	Consumer Discretionary		156		7,117		0.06
Xilinx Inc	Information Technology		70		6,897		0.06
Zoetis Inc	Health Care		48		6,531		0.05
Charles Schwab Corp/The	Financials		186		6,276		0.05
Allegion plc	Industrials		61		6,220		0.05
Xylem Inc/NY	Industrials		93		6,072		0.05
Air Products and Chemicals Inc	Materials		25		6,005		0.05
Incyte Corp	Health Care		57		5,917		0.05
Tractor Supply Co	Consumer Discretionary		44		5,854		0.05
Qorvo Inc	Information Technology		52		5,753		0.05
Avery Dennison Corp	Materials		48		5,530		0.05
CVS Health Corp	Health Care		81		5,246		0.04
International Business Machines Corp	Information Technology		43		5,211		0.04
Prologis Inc	Real Estate		55		5,171		0.04
HollyFrontier Corp	Energy		175		5,100		0.04
Halliburton Co	Energy		380		4,937		0.04
Thermo Fisher Scientific Inc	Health Care		13		4,736		0.04
Jack Henry & Associates Inc	Information Technology		24		4,492		0.04
Bank of America Corp	Financials		189		4,483		0.04
Citigroup Inc	Financials		85		4,333		0.04
Huntington Ingalls Industries Inc	Industrials		25		4,319		0.04
Broadcom Inc	Information Technology		14		4,308		0.04
HP Inc	Information Technology		240		4,186		0.03
Northern Trust Corp	Financials		53		4,185		0.03
Fortinet Inc	Information Technology		30		4,128		0.03
Anthem Inc	Health Care		16		4,076		0.03
ABIOMED Inc	Health Care		17		4,024		0.03
Realty Income Corp	Real Estate		67		4,006		0.03
First Republic Bank/CA	Financials		37		3,923		0.03
Brown-Forman Corp	Consumer Staples		59		3,770		0.03
TE Connectivity Ltd	Information Technology		45		3,660		0.03

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
DXC Technology Co	Information Technology		219	$	3,621		0.03	%
Alliance Data Systems Corp	Information Technology		79		3,549		0.03
Microchip Technology Inc	Information Technology		33		3,521		0.03
Westinghouse Air Brake Technologies Corp	Industrials		59		3,410		0.03
Accenture PLC	Information Technology		16		3,328		0.03
International Paper Co	Materials		94		3,319		0.03
CenturyLink Inc	Communication Services		324		3,251		0.03
Invesco Ltd	Financials		281		3,020		0.03
Hewlett Packard Enterprise Co	Information Technology		309		3,007		0.02
Micron Technology Inc	Information Technology		58		2,992		0.02
Mosaic Co/The	Materials		226		2,826		0.02
American International Group Inc	Financials		90		2,806		0.02
General Electric Co	Industrials		409		2,790		0.02
Alexion Pharmaceuticals Inc	Health Care		25		2,778		0.02
Western Union Co/The	Information Technology		120		2,598		0.02
CDW Corp/DE	Information Technology		22		2,594		0.02
Prudential Financial Inc	Financials		42		2,564		0.02
Cardinal Health Inc	Health Care		49		2,536		0.02
Nasdaq Inc	Financials		21		2,488		0.02
Molson Coors Beverage Co	Consumer Staples		72		2,464		0.02
NetApp Inc	Information Technology		55		2,448		0.02
Fiserv Inc	Information Technology		25		2,417		0.02
Morgan Stanley	Financials		50		2,391		0.02
Unum Group	Financials		144		2,387		0.02
Fox Corp	Communication Services		86		2,308		0.02
Delta Air Lines Inc	Industrials		82		2,291		0.02
Fox Corp	Communication Services		84		2,254		0.02
Southwest Airlines Co	Industrials		62		2,115		0.02
Lowe’s Cos Inc	Consumer Discretionary		15		2,079		0.02
Principal Financial Group Inc	Financials		50		2,061		0.02
Alaska Air Group Inc	Industrials		56		2,030		0.02
Caterpillar Inc	Industrials		15		1,932		0.02
Bank of New York Mellon Corp/The	Financials		50		1,914		0.02
Carrier Global Corp	Industrials		84		1,869		0.02
Omnicom Group Inc	Communication Services		34		1,838		0.02
Comerica Inc	Financials		48		1,820		0.02
FleetCor Technologies Inc	Information Technology		7		1,804		0.01
Ford Motor Co	Consumer Discretionary		289		1,756		0.01
Fifth Third Bancorp	Financials		91		1,746		0.01
Lincoln National Corp	Financials		47		1,732		0.01
Regions Financial Corp	Financials		155		1,726		0.01
KeyCorp	Financials		139		1,688		0.01
Extra Space Storage Inc	Real Estate		18		1,667		0.01
Nielsen Holdings PLC	Industrials		109		1,626		0.01
W R Berkley Corp	Financials		28		1,604		0.01
Perrigo Co PLC	Health Care		28		1,554		0.01
Capital One Financial Corp	Financials		25		1,549		0.01
Lennar Corp	Consumer Discretionary		24		1,475		0.01
Evergy Inc	Utilities		25		1,461		0.01
TJX Cos Inc/The	Consumer Discretionary		29		1,445		0.01
eBay Inc	Consumer Discretionary		27		1,438		0.01
Mohawk Industries Inc	Consumer Discretionary		14		1,377		0.01
Aflac Inc	Financials		38		1,371		0.01
CSX Corp	Industrials		19		1,355		0.01
Kohl’s Corp	Consumer Discretionary		61		1,266		0.01
Gartner Inc	Information Technology		10		1,263		0.01
Flowserve Corp	Industrials		44		1,260		0.01
Lamb Weston Holdings Inc	Consumer Staples		19		1,242		0.01
PulteGroup Inc	Consumer Discretionary		36		1,212		0.01

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Huntington Bancshares Inc/OH	Financials		131	$	1,182		0.01	%
Best Buy Co Inc	Consumer Discretionary		13		1,161		0.01
LKQ Corp	Consumer Discretionary		44		1,149		0.01
Centene Corp	Health Care		18		1,132		0.01
Whirlpool Corp	Consumer Discretionary		9		1,124		0.01
Expedia Group Inc	Consumer Discretionary		14		1,122		0.01
Analog Devices Inc	Information Technology		9		1,107		0.01
Aptiv PLC	Consumer Discretionary		14		1,100		0.01
Fortive Corp	Industrials		16		1,088		0.01
CBRE Group Inc	Real Estate		24		1,078		0.01
Archer-Daniels-Midland Co	Consumer Staples		27		1,075		0.01
PNC Financial Services Group Inc/The	Financials		10		1,071		0.01
Juniper Networks Inc	Information Technology		47		1,071		0.01
Eastman Chemical Co	Materials		15		1,063		0.01
National Oilwell Varco Inc	Energy		87		1,061		0.01
Leggett & Platt Inc	Consumer Discretionary		30		1,061		0.01
Western Digital Corp	Information Technology		24		1,042		0.01
Ralph Lauren Corp	Consumer Discretionary		14		1,007		0.01
L Brands Inc	Consumer Discretionary		67		999		0.01
Helmerich & Payne Inc	Energy		50		970		0.01
Snap-on Inc	Industrials		7		945		0.01
Fortune Brands Home & Security Inc	Industrials		15		939		0.01
Baker Hughes Co	Energy		61		938		0.01
Zions Bancorp NA	Financials		27		932		0.01
M&T Bank Corp	Financials		9		926		0.01
Ross Stores Inc	Consumer Discretionary		11		907		0.01
Valero Energy Corp	Energy		15		905		0.01
CF Industries Holdings Inc	Materials		32		905		0.01
AMETEK Inc	Industrials		10		899		0.01
DR Horton Inc	Consumer Discretionary		16		898		0.01
Ulta Beauty Inc	Consumer Discretionary		4		894		0.01
Schlumberger Ltd	Energy		49		893		0.01
General Motors Co	Consumer Discretionary		33		837		0.01
LyondellBasell Industries NV	Materials		13		829		0.01
Gap Inc/The	Consumer Discretionary		65		822		0.01
PerkinElmer Inc	Health Care		8		794		0.01
DuPont de Nemours Inc	Materials		15		774		0.01
NVR Inc	Consumer Discretionary		0		754		0.01
O’Reilly Automotive Inc	Consumer Discretionary		2		732		0.01
Hilton Worldwide Holdings Inc	Consumer Discretionary		10		705		0.01
Dover Corp	Industrials		7		693		0.01
Pentair PLC	Industrials		18		677		0.01
MGM Resorts International	Consumer Discretionary		40		668		0.01
Nordstrom Inc	Consumer Discretionary		42		645		0.01
Royal Caribbean Cruises Ltd	Consumer Discretionary		13		640		0.01
Martin Marietta Materials Inc	Materials		3		621		0.01
Raymond James Financial Inc	Financials		9		621		0.01
Marathon Petroleum Corp	Energy		16		601		0.00
H&R Block Inc	Consumer Discretionary		39		558		0.00
Genuine Parts Co	Consumer Discretionary		6		553		0.00
Marriott International Inc/MD	Consumer Discretionary		6		536		0.00
Carnival Corp	Consumer Discretionary		32		530		0.00
WW Grainger Inc	Industrials		2		472		0.00
Corteva Inc	Materials		17		456		0.00
Hologic Inc	Health Care		8		455		0.00
Vulcan Materials Co	Materials		4		429		0.00
Franklin Resources Inc	Financials		19		395		0.00
Hasbro Inc	Consumer Discretionary		5		355		0.00
Expeditors International of Washington I	Industrials		5		343		0.00

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Garmin Ltd	Consumer Discretionary		3	$	327		0.00	%
Tapestry Inc	Consumer Discretionary		24		320		0.00
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		19		312		0.00
Devon Energy Corp	Energy		22		247		0.00

PURCHASED OPTIONS CONTRACTS — At June 30, 2020, the Fund had the following purchased options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
CBOE Volatility Index	Morgan Stanley Co., Inc.		35 USD		07/22/2020		180	$	547,740	$	49,500	$	68,238	$	(18,738	)
			35 USD		08/19/2020		180		547,740		76,500		75,616		884
			35 USD		09/16/2020		170		517,310		79,900		91,849		(11,949	)
Total purchased options contracts							530			$	205,900	$	235,703	$	(29,803	)

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 3.7%
FHLMC – 1.9%
$	26,822		5.000	%		11/01/2025	$	29,275
	23,175		5.000			08/01/2028		25,481
	10,539		5.000			01/01/2033		12,094
	406		5.000			03/01/2033		466
	5,729		5.000			04/01/2033		6,572
	753		5.000			05/01/2033		863
	2,582		5.000			06/01/2033		2,961
	16,686		5.000			07/01/2033		19,141
	24,195		5.000			08/01/2033		27,742
	2,026		5.000			09/01/2033		2,324
	5,002		5.000			10/01/2033		5,738
	11,361		5.000			11/01/2033		13,032
	5,869		5.000			12/01/2033		6,733
	5,147		5.000			01/01/2034		5,905
	17,814		5.000			02/01/2034		20,453
	7,512		5.000			03/01/2034		8,645
	14,015		5.000			04/01/2034		16,138
	18,369		5.000			05/01/2034		21,075
	263,472		5.000			06/01/2034		302,349
	4,040		5.000			11/01/2034		4,653
	68,643		5.000			04/01/2035		78,740
	1,219,293		5.000			07/01/2035		1,404,052
	2,569		5.000			11/01/2035		2,947
	54,519		5.000			03/01/2036		62,756
	17,545		5.000			03/01/2037		20,077
	59,990		5.000			12/01/2037		68,644
	108,791		5.000			02/01/2038		124,486
	263,654		5.000			03/01/2038		301,597
	128,519		5.000			07/01/2038		147,015
	105,622		5.000			11/01/2038		120,822
	284,545		5.000			12/01/2038		325,603
	159,553		5.000			01/01/2039		182,508
	39,376		5.000			02/01/2039		45,041
	260,005		5.000			06/01/2041		297,511
								3,713,439
UMBS – 1.8%
	4,099		6.000			03/01/2034		4,779
	15,062		6.000			08/01/2034		17,654
	64,754		6.000			08/01/2035		76,938
	103,821		6.000			09/01/2035		123,801
	184,237		6.000			11/01/2035		219,619
	400,412		6.000			03/01/2036		475,538
	3,691		6.000			06/01/2036		4,383
	768,525		6.000			09/01/2036		876,475
	143,881		6.000			12/01/2036		172,028
	9,859		6.000			02/01/2037		11,735
	1,860		6.000			04/01/2037		2,178
	3,068		6.000			05/01/2037		3,651
	88,743		6.000			06/01/2037		106,404
	57,348		6.000			07/01/2037		68,760
	123,425		6.000			08/01/2037		145,858
	54,888		6.000			09/01/2037		65,770
	10,419		6.000			10/01/2037		12,464
	31,138		6.000			11/01/2037		37,458
	2,548		6.000			12/01/2037		3,064
	278,710		6.000			01/01/2038		333,192
Mortgage-Backed Securities – (continued)
UMBS – (continued)
	35,442		6.000			03/01/2038		42,414
	1,952		6.000			04/01/2038		2,342
	524		6.000			05/01/2038		591
	843		6.000			09/01/2038		1,013
	56,385		6.000			10/01/2038		67,672
	2,148		6.000			12/01/2038		2,571
	1,935		6.000			01/01/2039		2,318
	7,627		4.000			08/01/2039		8,381
	25,130		4.500			02/01/2040		27,330
	2,284		6.000			04/01/2040		2,735
	96,278		6.000			06/01/2040		115,356
	218,449		6.000			05/01/2041		261,181
	93,505		4.500			08/01/2041		103,711
								3,399,364
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $6,710,682)						$	7,112,803
Collateralized Mortgage Obligations – 1.8%
Regular Floater(a)(b) – 0.1%
	FHLMC REMIC Series 3371, Class FA
$	147,854		0.785	%		09/15/2037	$	149,317
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A
	126,299		0.624			10/07/2020		125,770
								275,087
Sequential Fixed Rate – 1.7%
	FHLMC REMIC Series 2755, Class ZA
	350,464		5.000			02/15/2034		396,448
	FHLMC REMIC Series 4246, Class PT
	183,487		6.500			02/15/2036		218,718
	FHLMC REMIC Series 4273, Class PD
	937,069		6.500			11/15/2043		1,138,541
	FNMA REMIC Series 2012-111, Class B
	245,066		7.000			10/25/2042		303,130
	FNMA REMIC Series 2012-153, Class B
	914,255		7.000			07/25/2042		1,155,908
								3,212,745
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $3,216,939)						$	3,487,832
Commercial Mortgage-Backed Securities(b) – 6.4%
Agency Multi-Family– 6.4%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K011, Class A2
$	5,131,793		4.084	%		11/25/2020	$	5,146,471
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K714, Class A2(a)
	7,241,330		3.034			10/25/2020		7,257,719
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $13,271,814)						$	12,404,190

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – 0.1%
Home Equity – 0.1%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1(a)
$	237		7.000	%		09/25/2037	$	236
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1(a)
	54,093		7.000			09/25/2037		53,610
	NCUA Guaranteed Notes Trust Series 2010-A1, Class A
	176,671		0.530			12/07/2020		175,861
	TOTAL ASSET-BACKED SECURITIES
	(Cost $231,002)						$	229,707
U.S. Treasury Obligations – 7.1%
	U.S. Treasury Bonds(c)
$	1,100,000		2.750	%		11/15/2042	$	1,408,344
	1,990,000		3.750			11/15/2043		2,961,058
	20,000		3.375			05/15/2044		28,278
	4,780,000		3.000			05/15/2047		6,512,003
	U.S. Treasury Notes
	2,490,000		2.625			12/31/2025		2,797,943
	40,000		1.375			08/31/2026		42,312
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $10,451,358)						$	13,749,938

Shares	Dividend Rate			Value
Investment Company(d) – 48.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
93,886,430		0.155	%	$	93,886,430
(Cost $93,886,430)

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investment – 15.9%
U.S. Treasury Obligation – 15.9%
	U.S. Treasury Bills
$	30,600,000		0.110	%		09/08/2020	$	30,592,044
	(Cost $30,593,548)
	TOTAL INVESTMENTS – 83.6%
	(Cost $158,361,773)						$	161,462,944
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 16.4%							31,756,240
	NET ASSETS – 100.0%						$	193,219,184

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	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 June 30, 2020.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit
UMBS	—Uniform Mortgage-Backed Securities
Currency Abbreviation:
USD	—United States Dollar

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Eurodollar		1			12/14/2020	$	249,263		$	4,181
U.S. Treasury Long Bond		18			09/21/2020		3,213,000			17,574
Total									$	21,755
Short position contracts:
U.S. Treasury 2 Year Note		(48	)		09/30/2020	$	(10,599,375	)	$	(2,502	)
U.S. Treasury 5 Year Note		(45	)		09/30/2020		(5,658,047	)		(11,680	)
U.S. Treasury 10 Year Note		(4	)		09/21/2020		(556,562	)		(1,976	)
U.S. Treasury 10 Year Ultra Note		(18	)		09/21/2020		(2,833,875	)		(15,763	)
U.S. Treasury Ultra Bond		(56	)		09/21/2020		(12,213,250	)		(27,362	)
Total									$	(59,283	)
Total Futures Contracts									$	(37,528	)

SWAP CONTRACTS — At June 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(b)	Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1 Month LIBOR	3 Month LIBOR	07/25/2024	USD  9,100	$	1,185	$	229	$	956

(a) Payments made quarterly

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2020.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Counterparty	Termination Date		Notional Amount (000’s)			Unrealized Appreciation/ (Depreciation)(b)
S&P GSCI Energy 1 Month Forward Index		(0.000)%	BNP Paribas SA		04/08/2021		USD	52,644	$	—
S&P GSCI Energy 1 Month Forward Index		(0.000)	Macquarie Bank Ltd.		04/16/2021			52,352		—
S&P GSCI Energy 1 Month Forward Index		(0.000)	Merrill Lynch & Co., Inc.		10/22/2020			80,368		—
S&P GSCI Energy 1 Month Forward Index		(0.000)			10/26/2020			8,727		—
TOTAL									$	—

(a) Payments made monthly.

(b) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Dividend Rate	Value
Investment Companies(a) – 77.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	232,562,010	0.155%	$	232,562,010
	TOTAL INVESTMENTS – 77.4%
	(Cost $232,562,010)		$	232,562,010
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 22.6%			68,055,109
	NET ASSETS – 100.0%		$	300,617,119

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Investment Abbreviations:
BA	—Banker Acceptance Rate
BBR	—Bank Bill Reference Rate
BUBOR	—Budapest Interbank Offered Rate
EURIBOR	—Euro Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
LIBOR	—London Interbank Offered Rate
PRIBOR	—Prague Interbank Offered Rate
STIBOR	—Stockholm Interbank Offered Rate
TIIE	—Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
COP	—Colombian Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
TRY	—Turkish Lira
USD	—United States Dollar
ZAR	—South African Rand

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, 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
Morgan Stanley Co., Inc.	AUD	2,600,000	USD	1,790,972		09/16/2020	$	3,758
	CHF	2,419,000	USD	2,528,565		09/16/2020		30,504
	EUR	4,538,000	USD	5,105,820		09/16/2020		1,384
	GBP	349,000	USD	431,715		09/16/2020		928
	INR	303,000,000	USD	3,937,115		09/16/2020		40,562
	JPY	3,256,276,000	USD	29,996,527		09/16/2020		192,642
	NZD	1,900,000	USD	1,220,387		09/16/2020		5,594
	PLN	6,240,000	USD	1,572,190		09/16/2020		5,422
	SEK	24,374,000	USD	2,610,352		09/16/2020		7,874
	USD	3,993,224	AUD	5,765,000		09/16/2020		13,756
	USD	2,018,253	BRL	10,420,000		08/04/2020		105,451
	USD	14,915,392	CAD	20,142,000		09/16/2020		76,599
	USD	3,028,696	CHF	2,856,000		09/16/2020		7,324
	USD	3,674,639	CLP	2,950,000,000		09/16/2020		79,008
	USD	4,559,311	COP	17,050,000,000		09/16/2020		51,428
	USD	5,371,716	CZK	127,072,000		09/16/2020		12,454
	USD	5,874,876	EUR	5,167,000		09/16/2020		59,776
	USD	34,991,417	GBP	27,873,000		09/16/2020		438,316
	USD	3,539,130	HUF	1,088,356,000		09/16/2020		87,583
	USD	3,104,414	MXN	68,119,000		09/17/2020		171,266
	USD	2,615,678	NOK	24,800,000		09/16/2020		38,379

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc. (continued)	USD	3,754,626	PLN	14,752,000		09/16/2020	$	24,988
	USD	3,500,316	RUB	244,000,000		09/16/2020		101,979
	USD	3,169,522	SEK	29,374,600		09/16/2020		14,137
	USD	5,920,408	TRY	41,160,000		09/16/2020		42,071
	USD	7,210,178	ZAR	123,277,000		09/16/2020		162,549
TOTAL							$	1,775,732

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.		AUD	11,240,000		USD	7,821,409		09/16/2020	$	(62,654	)
		BRL	23,820,000		USD	4,605,163		07/02/2020		(224,958	)
		CAD	19,867,000		USD	14,760,840		09/16/2020		(124,643	)
		CHF	3,544,000		USD	3,760,092		09/16/2020		(10,882	)
		CLP	2,760,000,000		USD	3,584,847		09/16/2020		(220,798	)
		COP	16,192,000,000		USD	4,356,052		09/16/2020		(75,018	)
		CZK	104,800,000		USD	4,464,490		09/16/2020		(44,550	)
		EUR	30,204,000		USD	34,210,527		09/16/2020		(218,018	)
		GBP	6,641,750		USD	8,415,292		09/16/2020		(181,769	)
		HUF	900,810,000		USD	2,944,920		09/16/2020		(88,144	)
		IDR	117,180,000,000		USD	8,163,597		09/16/2020		(214,809	)
		INR	715,000,000		USD	9,396,381		09/16/2020		(10,112	)
		JPY	1,686,000,000		USD	15,753,195		09/16/2020		(122,166	)
		KRW	10,560,000,000		USD	8,840,534		09/16/2020		(33,050	)
		MXN	21,500,000		USD	945,760		09/17/2020		(19,987	)
		NOK	23,100,000		USD	2,485,174		09/16/2020		(84,544	)
		NZD	5,580,000		USD	3,613,784		09/16/2020		(13,270	)
		PLN	12,540,000		USD	3,182,294		09/16/2020		(11,901	)
		RUB	326,000,000		USD	4,678,613		09/16/2020		(138,213	)
		SEK	45,599,000		USD	4,975,257		09/16/2020		(77,065	)
		TRY	12,300,000		USD	1,775,776		09/16/2020		(19,130	)
		USD	4,235,721		BRL	23,820,000		07/02/2020		(144,485	)
		USD	1,030,392		CHF	988,000		09/16/2020		(14,816	)
		USD	9,376,223		EUR	8,335,000		09/16/2020		(4,242	)
		USD	465,688		GBP	377,000		09/16/2020		(1,665	)
		USD	280,014		IDR	4,140,000,000		09/16/2020		(819	)
		USD	14,220,010		INR	1,086,000,000		09/16/2020		(36,617	)
		USD	26,129,317		JPY	2,830,949,000		09/16/2020		(116,615	)
		USD	12,702,013		KRW	15,560,000,000		09/16/2020		(275,680	)
		USD	2,850,418		NZD	4,440,000		09/16/2020		(14,507	)
		USD	55,050		PLN	218,000		09/16/2020		(65	)
		USD	1,254,986		TRY	8,840,000		09/16/2020		(7,514	)
		USD	1,272,255		ZAR	22,260,000		09/16/2020		(328	)
		ZAR	31,220,000		USD	1,836,697		09/16/2020		(51,880	)
TOTAL									$	(2,664,914	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		23			08/27/2020	$	4,134,940		$	192,046
Amsterdam Exchange Index		42			07/17/2020		5,280,697			(5,202	)
CAC 40 10 Euro Index		48			07/17/2020		2,649,752			(6,743	)
DAX Index		12			09/18/2020		4,154,310			21,970
DJIA CBOT E-Mini Index		19			09/18/2020		2,440,455			(7,340	)
EURO STOXX 50 Index		69			09/18/2020		2,498,518			66,197
FTSE 100 Index		28			09/18/2020		2,132,863			(24	)
FTSE/JSE Top 40 Index		132			09/17/2020		3,825,699			23,556
FTSE/MIB Index		26			09/18/2020		2,817,255			(5,818	)
IBEX 35 Index		16			07/17/2020		1,296,034			(377	)
KOSPI 200 Index		54			09/10/2020		3,151,515			(50,465	)
LME Aluminum Base Metal		130			07/15/2020		5,179,688			28,037
LME Aluminum Base Metal		45			08/19/2020		1,809,281			(4,920	)
LME Copper Base Metal		25			07/15/2020		3,755,156			288,454
LME Copper Base Metal		24			08/19/2020		3,608,250			113,926
LME Lead Base Metal		74			07/15/2020		3,268,488			148,060
LME Lead Base Metal		57			08/19/2020		2,521,181			7,943
LME Nickel Base Metal		34			07/15/2020		2,603,448			49,143
LME Nickel Base Metal		10			08/19/2020		766,890			6,899
LME Zinc Base Metal	��	76			07/15/2020		3,872,675			80,991
LME Zinc Base Metal		42			08/19/2020		2,144,100			(12,642	)
MSCI Emerging Markets E-Mini Index		26			09/18/2020		1,281,410			19,271
MSCI Taiwan Index		84			07/30/2020		3,634,680			10,182
NASDAQ 100 E-Mini Index		14			09/18/2020		2,841,230			128,853
Nikkei 225 Index		12			09/10/2020		2,475,017			(8,634	)
OMXS30 Index		287			07/17/2020		5,132,040			79,434
RBOB Gasoline		6			07/31/2020		304,290			34
S&P 500 E-Mini Index		221			09/18/2020		34,146,710			817,950
S&P/TSX 60 Index		43			09/17/2020		5,881,777			4,016
SGX FTSE China A50 Index		417			07/30/2020		5,713,943			43,039
Silver		21			09/28/2020		1,949,325			46,437
SPI 200 Index		40			09/17/2020		4,066,069			27,171
TOPIX Index		33			09/10/2020		4,763,186			(33,019	)
VSTOXX		748			07/22/2020		2,579,960			(14,384	)
Total									$	2,054,041
Short position contracts:
BIST 30 Index		(150	)		08/31/2020		(294,485	)		162
Brent Crude Oil		(14	)		07/31/2020		(578,620	)		(21,873	)
CBOE Volatility Index		(41	)		07/22/2020		(1,265,875	)		11,530
Coffee “C”		(64	)		09/18/2020		(2,427,600	)		(69,127	)
Corn		(139	)		09/14/2020		(2,366,475	)		(64,575	)
Cotton No. 2		(38	)		12/08/2020		(1,159,000	)		(28,314	)
Feeder Cattle		(16	)		08/27/2020		(1,066,000	)		(18,473	)
Hang Seng Index		(10	)		07/30/2020		(1,564,222	)		8,377
HSCEI		(4	)		07/30/2020		(248,965	)		2,882
KC HRW Wheat		(77	)		09/14/2020		(1,692,075	)		86,578
Lean Hogs		(72	)		08/14/2020		(1,406,880	)		149,493
Live Cattle		(43	)		08/31/2020		(1,660,230	)		17,073

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
LME Aluminum Base Metal		(130	)		07/15/2020	$	(5,179,687	)	$	(362,838	)
LME Aluminum Base Metal		(126	)		08/19/2020		(5,065,987	)		(16,876	)
LME Copper Base Metal		(25	)		07/15/2020		(3,755,156	)		(464,039	)
LME Copper Base Metal		(15	)		08/19/2020		(2,255,156	)		(125,765	)
LME Lead Base Metal		(74	)		07/15/2020		(3,268,487	)		(246,740	)
LME Lead Base Metal		(82	)		08/19/2020		(3,626,962	)		(117,753	)
LME Nickel Base Metal		(34	)		07/15/2020		(2,603,448	)		(96,699	)
LME Nickel Base Metal		(20	)		08/19/2020		(1,533,780	)		(13,982	)
LME Zinc Base Metal		(76	)		07/15/2020		(3,872,675	)		(64,122	)
LME Zinc Base Metal		(64	)		08/19/2020		(3,267,200	)		(48,953	)
Low Sulphur Gasoil		(18	)		08/12/2020		(639,450	)		(54,486	)
MSCI EAFE E-Mini Index		(168	)		09/18/2020		(14,938,560	)		(66,089	)
Natural Gas		(148	)		07/29/2020		(2,594,440	)		169,891
NY Harbor ULSD		(13	)		07/31/2020		(649,631	)		(51,799	)
Russell 2000 E-Mini Index		(108	)		09/18/2020		(7,763,040	)		(329,505	)
SET50 Index		(31	)		09/29/2020		(175,845	)		3,158
Soybean		(48	)		11/13/2020		(2,115,600	)		(24,739	)
Sugar No. 11		(9	)		09/30/2020		(120,658	)		(4,161	)
Wheat		(63	)		09/14/2020		(1,550,588	)		37,489
Total									$	(1,804,275	)
Total Futures Contracts									$	249,766

SWAP CONTRACTS — At June 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BBR(b)	0.250%	09/16/2021	AUD	582,380	$	329,485		$	(880,662	)	$	1,210,147
3 Month BA(c)	0.500	09/16/2021	CAD	286,210		(88,617	)		(117,939	)		29,322
0.000%(d)	6 Month LIBOR	09/16/2021	CHF	539,360		(3,703,173	)		(3,519,375	)		(183,798	)
0.000(d)	6 Month EURIBOR	09/16/2021	EUR	973,180		(4,372,552	)		(3,464,166	)		(908,386	)
6 Month LIBOR(c)	0.250	09/16/2021	GBP	743,910		648,088			(216,976	)		865,064
0.000(d)	3 Month STIBOR	09/16/2021	SEK	683,220		(7,806	)		56,425			(64,231	)
3 Month LIBOR(b)	0.250	09/16/2021	USD	919,130		124,908			(161,487	)		286,395
0.000(d)	6 Month EURIBOR	09/16/2022	EUR	172,040		(1,586,812	)		(1,317,968	)		(268,844	)
0.250(c)	6 Month LIBOR	09/16/2022	GBP	5,480		(12,395	)		56			(12,451	)
3 Month LIBOR(b)	0.250	09/16/2022	USD	324,480		243,093			68,139			174,954
6 Month PRIBOR(c)	1.000	09/16/2025	CZK	551,460		594,045			537,953			56,092
6 Month BUBOR(c)	1.000	09/16/2025	HUF	5,854,550		175,985			25,110			150,875
6 Month WIBOR(c)	1.000	09/16/2025	PLN	96,280		533,892			(449,653	)		983,545
3 Month JIBAR(b)	7.000	09/16/2025	ZAR	240,610		1,037,105			396,042			641,063
1 Month TIIE(e)	6.500	09/17/2025	MXN	260,670		838,269			482,829			355,440
3 Month BA(c)	1.000	09/16/2030	CAD	26,050		(67,521	)		(153,832	)		86,311
6 Month LIBOR(c)	0.000	09/16/2030	CHF	6,550		202,909			132,018			70,891
6 Month EURIBOR(c)	0.000	09/16/2030	EUR	67,640		907,323			588,755			318,568

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by the Fund		Termination Date	Notional Amount (000’s)(a)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6 Month LIBOR(c)		0.500	09/16/2030		GBP	38,090	$	317,943		$	274,888		$	43,055
3 Month STIBOR(b)		0.500	09/16/2030		SEK	271,470		484,935			180,492			304,443
3 Month LIBOR(b)		0.750	09/16/2030		USD	60,180		339,867			164,453			175,414
6 Month EURIBOR(c)		0.250	09/16/2050		EUR	3,650		270,348			211,337			59,011
6 Month LIBOR(c)		0.500	09/16/2050		GBP	730		17,844			20,939			(3,095	)
1.000(c)		3 Month LIBOR	09/16/2050		USD	33,020		(655,818	)		30,570			(686,388	)
TOTAL							$	(3,428,655	)	$	(7,112,052	)	$	3,683,397

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2020.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

(e) Payments made monthly.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Assets and Liabilities^(a)

June 30, 2020 (Unaudited)

	Absolute Return Tracker Fund			Alternative Premia Fund			Commodity Strategy Fund			Managed Futures Strategy Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,047,925,530, $0, $64,475,343 and $0)(b)	$	1,164,234,903		$	—		$	67,576,514		$	—
Investments in affiliated issuers, at value (cost $1,896,151,926, $33,063,437, $93,886,430 and $232,562,010)		1,896,151,926			33,063,437		$	93,886,430			232,562,010
Investments in affiliated securities lending reinvestment vehicle, at value (cost $45,070,513, $0, $0 and $0)		45,070,513			—			—			—
Purchased Options, at value (premiums paid $0, $235,703, $0 and $0)		—			205,900			—			—
Cash		48,396,749			804,478			12,241,185			15,943,987
Foreign currencies, at value (cost $71,003,736, $2,759,373, $0 and $19,931,400)		72,020,648			2,807,951			—			20,815,701
Receivables:
Collateral on certain derivative contracts(c)		143,818,985			7,251,679			10,306,232			33,902,970
Fund shares sold		6,192,854			2,000			329,951			303,290
Dividends and interest		696,084			4,194			121,801			30,167
Foreign tax reclaims		111,216			42,975			—			—
Reimbursement from investment adviser		104,320			44,562			41,322			7,219
Securities lending income		25,139			—			—			—
Investments sold		24,746			—			—			—
Due from broker		—			100,844			9,287,572			—
Unrealized gain on forward foreign currency exchange contracts		265,339			41,799			—			1,775,732
Variation margin on futures		—			—			91,266			—
Variation margin on swaps		2,550,717			—			39			320,735
Unrealized gain on swap contracts		633,584			220,356			—			—
Other assets		134,643			49,698			64,420			75,523
Total assets		3,380,432,366			44,639,873			193,946,732			305,737,334
Liabilities:
Written options, at value (premiums received $9,001,788, $0, $0 and $0)		4,944,980			—			—			—
Variation margin on futures		3,954,761			283,892			—			1,683,188
Unrealized loss on swap contracts		3,512,670			229,025			—			—
Unrealized loss on forward foreign currency exchange contracts		513,369			48,293			—			2,664,914
Variation margin on swaps		—			4,722			—			—
Payables:
Payable upon return of securities loaned		45,070,513			—			—			—
Fund shares redeemed		8,876,019			71,448			424,354			336,445
Management fees		1,439,909			23,632			64,437			209,713
Distribution and Service fees and Transfer Agency fees		173,728			6,612			11,997			26,932
Investments purchased		—			31,760			—			511
Accrued expenses and liabilities		293,884			315,351			226,760			198,512
Total liabilities		68,779,833			1,014,735			727,548			5,120,215
Net Assets:
Paid-in capital		3,447,181,880			45,861,912			285,689,339			306,235,545
Total distributable earnings (loss)		(135,529,347	)		(2,236,774	)		(92,470,155	)		(5,618,426	)
NET ASSETS	$	3,311,652,533		$	43,625,138		$	193,219,184		$	300,617,119
Net Assets:
Class A	$	66,092,388		$	6,649,240		$	14,500,863		$	7,126,129
Class C		12,277,872			2,928,566			1,445,189			3,063,659
Institutional		2,710,387,060			9,708,014			113,796,928			127,146,496
Investor		310,991,095			2,679,551			2,853,741			111,597,080
Class R6		8,564,251			21,603,230			58,446,942			50,956,609
Class R		2,061,274			43,759			1,538,216			436,520
Class P		201,278,593			12,778			637,305			290,626
Total Net Assets	$	3,311,652,533		$	43,625,138		$	193,219,184		$	300,617,119
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		7,444,417			876,778			2,220,001			753,150
Class C		1,508,829			420,793			234,540			342,804
Institutional		295,555,788			1,242,734			17,243,752			13,065,436
Investor		34,268,262			346,552			431,836			11,587,184
Class R6		934,987			2,773,164			8,837,986			5,233,147
Class R		239,026			5,919			239,785			47,001
Class P		21,958,844			1,637			96,419			29,876
Net asset value, offering and redemption price per share:(d)
Class A		$8.88			$7.58			$6.53			$9.46
Class C		8.14			6.96			6.16			8.94
Institutional		9.17			7.81			6.60			9.73
Investor		9.08			7.73			6.61			9.63
Class R6		9.16			7.79			6.61			9.74
Class R		8.62			7.39			6.41			9.29
Class P		9.17			7.80	(e)		6.61			9.73

(a) Statements of Assets and Liabilities for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-ART, Ltd., Cayman Commodity-AP Ltd., Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $44,193,497 for the Absolute Return Tracker Fund.

(c) Segregated for initial margin and/or collateral on transactions as follows:

Fund	Forwards		Futures		Options		Swaps
Absolute Return Tracker	$	—	$	55,713,715	$	34,804,462	$	53,300,808
Alternative Premia		40,000		1,981,738		5,216,866		13,075
Commodity Strategy		—		—		—		10,306,232
Managed Futures Strategy		3,990,000		14,551,194		—		15,361,776

(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds is $9.40, $8.02, $6.84 and $10.01, 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.

(e) Net asset value may not recalculate due to rounding of fractional shares.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Operations^(a)

For the Six Months Ended June 30, 2020 (Unaudited)

	Absolute Return Tracker Fund			Alternative Premia Fund			Commodity Strategy Fund(a)			Managed Futures Strategy Fund
Investment income:
Dividends — affiliated issuers	$	9,077,783		$	168,082		$	508,776		$	934,621
Dividends — unaffiliated issuers (net of foreign taxes withheld of $94,406, $13,347, $0 and $0)		7,732,456			—			—			—
Securities lending income — affiliated issuer		332,081			—			—			—
Interest		—			—			612,797			—
Total investment income		17,142,320			168,082			1,121,573			934,621
Expenses:
Management fees		10,957,815			210,386			577,266			1,584,069
Transfer Agency fees(b)		954,696			17,690			47,186			138,768
Custody, accounting and administrative services		329,878			63,005			63,463			54,926
Distribution and Service fees(b)		161,316			27,442			32,034			27,104
Printing and mailing costs		150,197			24,286			85,530			35,607
Registration fees		115,720			48,507			54,029			57,349
Professional fees		106,981			124,008			91,424			99,638
Trustee fees		12,629			9,439			9,652			9,619
Other		17,639			22,641			7,210			57,260
Total expenses		12,806,871			547,404			967,794			2,064,340
Less — expense reductions		(2,722,128	)		(316,933	)		(510,138	)		(406,620	)
Net expenses		10,084,743			230,471			457,656			1,657,720
NET INVESTMENT INCOME (LOSS)		7,057,577			(62,389	)		663,917			(723,099	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(93,464,924	)		1,276			3,511,973			—
Investments — affiliated issuers		—			—			401,631			—
Futures contracts		41,174,273			(1,284,352	)		(4,670,029	)		(9,975,620	)
Purchased options		—			1,251,119			(45,626	)		—
Swap contracts		(42,074,890	)		(488,480	)		(90,631,588	)		9,102,110
Forward foreign currency exchange contracts		(1,087,322	)		312,285			—			(7,529,466	)
Foreign currency transactions		144,568			(23,941	)		—			(661,905	)
Written options		(104,599,535	)		(1,190,456	)		31,462			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(59,225,220	)		—			2,189,762			—
Investments — affiliated issuers		—			—			(67,500	)		—
Futures contracts		1,916,070			(1,469,599	)		(780,993	)		183,610
Purchased options		—			69,727			(19,129	)		—
Swap contracts		12,790,539			76,770			(26,456	)		2,288,057
Forward foreign currency exchange contracts		412,529			330,795			—			528,294
Foreign currency translation		311,766			17,361			—			833,852
Written options		(27,218	)		168,642			5,802			—
Net realized and unrealized loss		(243,729,364	)		(2,228,853	)		(90,100,691	)		(5,231,068	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(236,671,787	)	$	(2,291,242	)	$	(89,436,774	)	$	(5,954,167	)

(a) Statements of Operations for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-ART, Ltd., Cayman Commodity-AP Ltd., Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) 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 R6		Class R		Class P
Absolute Return Tracker	$	86,770	$	69,297	$	5,249	$	59,003	$	11,780	$	556,659	$	292,607	$	1,280	$	1,785	$	31,582	��
Alternative Premia		9,152		18,162		128		6,224		3,087		2,282		2,719		3,333		43		2
Commodity Strategy		20,022		7,962		4,050		10,412		1,035		22,816		2,457		9,308		1,053		105
Managed Futures Strategy		9,684		16,182		1,238		6,585		2,751		22,518		98,669		7,791		421		33

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Changes in Net Assets^(a)

	Absolute Return Tracker Fund						Alternative Premia Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income (loss)	$	7,057,577		$	43,559,890		$	(62,389	)	$	705,957
Net realized gain (loss)		(199,907,830	)		51,609,360			(1,422,549	)		285,360
Net change in unrealized gain (loss)		(43,821,534	)		213,165,470			(806,304	)		541,962
Net increase (decrease) in net assets resulting from operations		(236,671,787	)		308,334,720			(2,291,242	)		1,533,279
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(2,592,132	)		—			—
Class C Shares		—			(428,576	)		—			—
Institutional Shares		—			(100,628,198	)		—			—
Investor Shares		—			(12,740,193	)		—			—
Class R6 Shares		—			(316,963	)		—			—
Class R Shares		—			(75,925	)		—			—
Class P Shares		—			(7,529,973	)		—			—
Total distributions to shareholders		—			(124,311,960	)		—			—
From share transactions:
Proceeds from sales of shares		925,229,653			1,849,950,371			821,230			13,706,994
Reinvestment of distributions		—			97,133,671			—			—
Cost of shares redeemed		(928,062,622	)		(1,209,080,827	)		(6,939,474	)		(73,158,871	)
Net increase (decrease) in net assets resulting from share transactions		(2,832,969	)		738,003,215			(6,118,244	)		(59,451,877	)
TOTAL INCREASE (DECREASE)		(239,504,756	)		922,025,975			(8,409,486	)		(57,918,598	)
Net Assets:
Beginning of period		3,551,157,289			2,629,131,314			52,034,624			109,953,222
End of period	$	3,311,652,533		$	3,551,157,289		$	43,625,138		$	52,034,624

(a) Statements of Changes in Net Assets for the Absolute Return Tracker and Alternative Premia Funds are consolidated and include the balances of Cayman Commodity-ART, Ltd. and Cayman Commodity-AP, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Consolidated Statements of Changes in Net Assets^(a) (continued)

	Commodity Strategy Fund						Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income (loss)	$	663,917		$	4,682,044		$	(723,099	)	$	869,077
Net realized gain (loss)		(91,402,177	)		39,206,116			(9,064,881	)		8,028,163
Net change in unrealized gain (loss)		1,301,486			4,852,546			3,833,813			(5,911,836	)
Net increase (decrease) in net assets resulting from operations		(89,436,774	)		48,740,706			(5,954,167	)		2,985,404
Distributions to shareholders:
From distributable earnings:
Class A Shares		(35,886	)		(372,743	)		—			(577,586	)
Class C Shares		—			(36,445	)		—			(208,212	)
Institutional Shares		(485,058	)		(2,728,661	)		—			(6,209,376	)
Investor Shares		(10,293	)		(113,406	)		—			(7,186,902	)
Class R6 Shares		(249,795	)		(1,410,398	)		—			(3,422,044	)
Class R Shares		(2,158	)		(36,299	)		—			(34,183	)
Class P Shares		(2,720	)		(20,023	)		—			(14,535	)
Return of capital
Class A Shares		—			(1,847,277	)		—			—
Class C Shares		—			(180,615	)		—			—
Institutional Shares		—			(13,522,982	)		—			—
Investor Shares		—			(562,030	)		—			—
Class R6 Shares		—			(6,989,799	)		—			—
Class R Shares		—			(179,895	)		—			—
Class P Shares		—			(99,232	)		—			—
Total distributions to shareholders		(785,910	)		(28,099,805	)		—			(17,652,838	)
From share transactions:
Proceeds from sales of shares		87,789,467			182,252,232			120,746,768			144,777,817
Reinvestment of distributions		614,812			23,551,880			—			17,638,961
Cost of shares redeemed		(81,554,823	)		(250,768,783	)		(74,960,574	)		(139,347,729	)
Net increase (decrease) in net assets resulting from share transactions		6,849,456			(44,964,671	)		45,786,194			23,069,049
TOTAL INCREASE (DECREASE)		(83,373,228	)		(24,323,770	)		39,832,027			8,401,615
Net Assets:
Beginning of period		276,592,412			300,916,182			260,785,092			252,383,477
End of period	$	193,219,184		$	276,592,412		$	300,617,119		$	260,785,092

(a) Statements of Changes in Net Assets for the Commodity Strategy and Managed Futures Strategy Funds are consolidated and include the balances of Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (wholly-owned subsidiaries), respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.44		$	8.84		$	9.31		$	9.02		$	8.67		$	9.01
Net investment income (loss)(a)		—	(b)		0.10			0.07			—	(b)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss)		(0.56	)		0.81			(0.33	)		0.62			0.43			(0.15	)
Total from investment operations		(0.56	)		0.91			(0.26	)		0.62			0.39			(0.22	)
Distributions to shareholders from net investment income		—			(0.09	)		(0.07	)		—			—			(0.02	)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.31	)		(0.21	)		(0.33	)		(0.04	)		(0.12	)
Net asset value, end of period	$	8.88		$	9.44		$	8.84		$	9.31		$	9.02		$	8.67
Total return(c)		(5.93	)%		10.36	%		(2.80	)%		6.93	%		4.45	%		(2.45	)%
Net assets, end of period (in 000s)	$	66,092		$	80,596		$	65,635		$	52,427		$	38,886		$	45,207
Ratio of net expenses to average net assets		0.94	%(d)		0.97	%		1.00	%		1.03	%		1.03	%		1.04	%
Ratio of total expenses to average net assets		1.10	%(d)		1.11	%		1.26	%		1.61	%		1.66	%		1.60	%
Ratio of net investment income (loss) to average net assets		0.06	%(d)		1.08	%		0.73	%		(0.04	)%		(0.43	)%		(0.74	)%
Portfolio turnover rate(e)		89	%		127	%		137	%		76	%		130	%		213	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			��	2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.69		$	8.14			$	8.61		$	8.43		$	8.17		$	8.54
Net investment income (loss)(a)		(0.03	)		0.03				—	(b)		(0.07	)		(0.10	)		(0.13	)
Net realized and unrealized gain (loss)		(0.52	)		0.75				(0.31	)		0.58			0.40			(0.14	)
Total from investment operations		(0.55	)		0.78				(0.31	)		0.51			0.30			(0.27	)
Distributions to shareholders from net investment income		—			(0.01	)			(0.02	)		—			—			—
Distributions to shareholders from net realized gains		—			(0.22	)			(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.23	)			(0.16	)		(0.33	)		(0.04	)		(0.10	)
Net asset value, end of period	$	8.14		$	8.69			$	8.14		$	8.61		$	8.43		$	8.17
Total return(c)		(6.33	)%		9.69	%			(3.60	)%		6.10	%		3.62	%		(3.20	)%
Net assets, end of period (in 000s)	$	12,278		$	15,761			$	18,985		$	13,718		$	13,490		$	18,329
Ratio of net expenses to average net assets		1.69	%(d)		1.72	%			1.75	%		1.78	%		1.78	%		1.79	%
Ratio of total expenses to average net assets		1.85	%(d)		1.86	%			2.00	%		2.36	%		2.41	%		2.35	%
Ratio of net investment income (loss) to average net assets		(0.69	)%(d)		0.34	%			—	%(e)		(0.81	)%		(1.18	)%		(1.51	)%
Portfolio turnover rate(f)		89	%		127	%			137	%		76	%		130	%		213	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

(e) Amount is less than 0.005%.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.74		$	9.10		$	9.58		$	9.23		$	8.86		$	9.22
Net investment income (loss)(a)		0.02			0.14			0.11			0.03			—	(b)		(0.03	)
Net realized and unrealized gain (loss)		(0.59	)		0.85			(0.35	)		0.65			0.43			(0.17	)
Total from investment operations		(0.57	)		0.99			(0.24	)		0.68			0.43			(0.20	)
Distributions to shareholders from net investment income		—			(0.13	)		(0.10	)		—	(b)		(0.02	)		(0.06	)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.35	)		(0.24	)		(0.33	)		(0.06	)		(0.16	)
Net asset value, end of period	$	9.17		$	9.74		$	9.10		$	9.58		$	9.23		$	8.86
Total return(c)		(5.85	)%		10.91	%		(2.47	)%		7.46	%		4.82	%		(2.18	)%
Net assets, end of period (in 000s)	$	2,710,387		$	2,852,690		$	2,129,116		$	1,510,457		$	970,838		$	1,111,353
Ratio of net expenses to average net assets		0.56	%(d)		0.59	%		0.61	%		0.64	%		0.62	%		0.64	%
Ratio of total expenses to average net assets		0.72	%(d)		0.73	%		0.88	%		1.21	%		1.24	%		1.20	%
Ratio of net investment income (loss) to average net assets		0.44	%(d)		1.46	%		1.13	%		0.36	%		(0.02	)%		(0.36	)%
Portfolio turnover rate(e)		89	%		127	%		137	%		76	%		130	%		213	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.64		$	9.02		$	9.50		$	9.17		$	8.80		$	9.15
Net investment income (loss)(b)		0.01			0.13			0.10			0.03			(0.01	)		(0.04	)
Net realized and unrealized gain (loss)		(0.57	)		0.83			(0.35	)		0.63			0.43			(0.16	)
Total from investment operations		(0.56	)		0.96			(0.25	)		0.66			0.42			(0.20	)
Distributions to shareholders from net investment income		—			(0.12	)		(0.09	)		—			(0.01	)		(0.05	)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.34	)		(0.23	)		(0.33	)		(0.05	)		(0.15	)
Net asset value, end of period	$	9.08		$	9.64		$	9.02		$	9.50		$	9.17		$	8.80
Total return(c)		(5.81	)%		10.66	%		(2.58	)%		7.25	%		4.75	%		(2.23	)%
Net assets, end of period (in 000s)	$	310,991		$	370,779		$	254,436		$	93,650		$	13,245		$	6,755
Ratio of net expenses to average net assets		0.69	%(d)		0.72	%		0.75	%		0.78	%		0.78	%		0.79	%
Ratio of total expenses to average net assets		0.85	%(d)		0.87	%		0.98	%		1.35	%		1.42	%		1.35	%
Ratio of net investment income (loss) to average net assets		0.31	%(d)		1.33	%		1.08	%		0.28	%		(0.13	)%		(0.49	)%
Portfolio turnover rate(e)		89	%		127	%		137	%		76	%		130	%		213	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												July 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.72		$	9.09		$	9.57		$	9.23		$	8.86		$	9.30
Net investment income (loss)(a)		0.02			0.14			0.12			0.04			—	(b)		(0.01	)
Net realized and unrealized gain (loss)		(0.58	)		0.84			(0.36	)		0.63			0.43			(0.26	)
Total from investment operations		(0.56	)		0.98			(0.24	)		0.67			0.43			(0.27	)
Distributions to shareholders from net investment income		—			(0.13	)		(0.10	)		—	(b)		(0.02	)		(0.07	)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.35	)		(0.24	)		(0.33	)		(0.06	)		(0.17	)
Net asset value, end of period	$	9.16		$	9.72		$	9.09		$	9.57		$	9.23		$	8.86
Total return(c)		(5.76	)%		10.82	%		(2.46	)%		7.36	%		4.85	%		(2.98	)%
Net assets, end of period (in 000s)	$	8,564		$	9,284		$	6,030		$	2,226		$	27		$	10
Ratio of net expenses to average net assets		0.55	%(d)		0.58	%		0.60	%		0.62	%		0.64	%		0.64	%(d)
Ratio of total expenses to average net assets		0.71	%(d)		0.72	%		0.84	%		1.19	%		1.24	%		1.21	%(d)
Ratio of net investment income (loss) to average net assets		0.45	%(d)		1.47	%		1.20	%		0.39	%		0.01	%		(0.22	)%(d)
Portfolio turnover rate(e)		89	%		127	%		137	%		76	%		130	%		213	%

* Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.18		$	8.61		$	9.08		$	8.82		$	8.50		$	8.85
Net investment income (loss)(a)		(0.01	)		0.08			0.04			(0.03	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss)		(0.55	)		0.78			(0.33	)		0.62			0.42			(0.15	)
Total from investment operations		(0.56	)		0.86			(0.29	)		0.59			0.36			(0.24	)
Distributions to shareholders from net investment income		—			(0.07	)		(0.04	)		—			—			(0.01	)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.14	)		(0.33	)		(0.04	)		(0.10	)
Total distributions		—			(0.29	)		(0.18	)		(0.33	)		(0.04	)		(0.11	)
Net asset value, end of period	$	8.62		$	9.18		$	8.61		$	9.08		$	8.82		$	8.50
Total return(b)		(6.10	)%		10.06	%		(3.13	)%		6.74	%		4.19	%		(2.71	)%
Net assets, end of period (in 000s)	$	2,061		$	2,347		$	1,954		$	2,150		$	2,197		$	2,019
Ratio of net expenses to average net assets		1.19	%(c)		1.22	%		1.25	%		1.28	%		1.28	%		1.29	%
Ratio of total expenses to average net assets		1.35	%(c)		1.37	%		1.53	%		1.86	%		1.91	%		1.85	%
Ratio of net investment income (loss) to average net assets		(0.20	)%(c)		0.83	%		0.45	%		(0.31	)%		(0.66	)%		(0.97	)%
Portfolio turnover rate(d)		89	%		127	%		137	%		76	%		130	%		213	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.73		$	9.09		$	9.64
Net investment income(a)		0.02			0.14			0.10
Net realized and unrealized gain (loss)		(0.58	)		0.85			(0.41	)
Total from investment operations		(0.56	)		0.99			(0.31	)
Distributions to shareholders from net investment income		—			(0.13	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.14	)
Total distributions		—			(0.35	)		(0.24	)
Net asset value, end of period	$	9.17		$	9.73		$	9.09
Total return(b)		(5.76	)%		10.93	%		(3.17	)%
Net assets, end of period (in 000s)	$	201,279		$	219,701		$	152,975
Ratio of net expenses to average net assets		0.55	%(c)		0.58	%		0.59	%(c)
Ratio of total expenses to average net assets		0.71	%(c)		0.72	%		0.74	%(c)
Ratio of net investment income to average net assets		0.45	%(c)		1.48	%		1.41	%(c)
Portfolio turnover rate(d)		89	%		127	%		137	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.97		$	7.92		$	8.91		$	10.01		$	9.45		$	10.49
Net investment income (loss)(a)		(0.02	)		0.05			0.03			(0.01	)		(0.01	)		(0.04	)
Net realized and unrealized gain (loss)		(0.37	)		—	(b)		(0.58	)		1.40			0.57			(0.71	)
Total from investment operations		(0.39	)		0.05			(0.55	)		1.39			0.56			(0.75	)
Distributions to shareholders from net investment income		—			—			—			(0.17	)		—			(0.01	)
Distributions to shareholders from net realized gains		—			—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			—			(0.44	)		(2.49	)		—			(0.29	)
Net asset value, end of period	$	7.58		$	7.97		$	7.92		$	8.91		$	10.01		$	9.45
Total return(c)		(4.89	)%		0.63	%		(6.18	)%		14.17	%		5.91	%		(7.17	)%
Net assets, end of period (in 000s)	$	6,649		$	8,047		$	9,166		$	13,886		$	27,566		$	43,167
Ratio of net expenses to average net assets		1.20	%(d)		1.13	%		1.13	%		1.12	%		1.15	%		1.13	%
Ratio of total expenses to average net assets		2.43	%(d)		1.95	%		1.64	%		1.51	%		1.45	%		1.43	%
Ratio of net investment income (loss) to average net assets		(0.49	)%(d)		0.60	%		0.34	%		(0.10	)%		(0.13	)%		(0.39	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		349	%		272	%		241	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.34		$	7.35		$	8.36		$	9.55		$	9.08		$	10.15
Net investment loss(a)		(0.04	)		(0.01	)		(0.03	)		(0.08	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss)		(0.34	)		—	(b)		(0.54	)		1.32			0.55			(0.68	)
Total from investment operations		(0.38	)		(0.01	)		(0.57	)		1.24			0.47			(0.79	)
Distributions to shareholders from net investment income		—			—			—			(0.11	)		—			—
Distributions to shareholders from net realized gains		—			—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			—			(0.44	)		(2.43	)		—			(0.28	)
Net asset value, end of period	$	6.96		$	7.34		$	7.35		$	8.36		$	9.55		$	9.08
Total return(c)		(5.18	)%		(0.14	)%		(6.93	)%		13.37	%		5.16	%		(7.82	)%
Net assets, end of period (in 000s)	$	2,929		$	4,335		$	8,547		$	15,239		$	20,123		$	27,914
Ratio of net expenses to average net assets		1.94	%(d)		1.89	%		1.88	%		1.87	%		1.90	%		1.88	%
Ratio of total expenses to average net assets		3.17	%(d)		2.67	%		2.39	%		2.27	%		2.20	%		2.18	%
Ratio of net investment loss to average net assets		(1.22	)%(d)		(0.11	)%		(0.41	)%		(0.84	)%		(0.88	)%		(1.14	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		349	%		272	%		241	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.20		$	8.11		$	9.07		$	10.15		$	9.54		$	10.61
Net investment income (loss)(a)		—	(b)		0.08			0.05			0.04			0.03			—	(b)
Net realized and unrealized gain (loss)		(0.39	)		0.01			(0.57	)		1.41			0.58			(0.72	)
Total from investment operations		(0.39	)		0.09			(0.52	)		1.45			0.61			(0.72	)
Distributions to shareholders from net investment income		—			—			—			(0.21	)		—			(0.07	)
Distributions to shareholders from net realized gains		—			—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			—			(0.44	)		(2.53	)		—			(0.35	)
Net asset value, end of period	$	7.81		$	8.20		$	8.11		$	9.07		$	10.15		$	9.54
Total return(c)		(4.76	)%		1.11	%		(5.74	)%		14.59	%		6.38	%		(6.84	)%
Net assets, end of period (in 000s)	$	9,708		$	13,006		$	32,924		$	114,953		$	468,924		$	510,789
Ratio of net expenses to average net assets		0.81	%(d)		0.77	%		0.73	%		0.73	%		0.75	%		0.73	%
Ratio of total expenses to average net assets		2.05	%(d)		1.51	%		1.27	%		1.09	%		1.05	%		1.03	%
Ratio of net investment income (loss) to average net assets		(0.10	)%(d)		1.02	%		0.52	%		0.36	%		0.27	%		—	%(e)
Portfolio turnover rate(f)		—	%		—	%		—	%		349	%		272	%		241	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

(e) Amount is less than 0.005%.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.12		$	8.04		$	9.02		$	10.11		$	9.52		$	10.57
Net investment income (loss)(b)		(0.01	)		0.07			0.05			0.02			0.01			(0.01	)
Net realized and unrealized gain (loss)		(0.38	)		0.01			(0.59	)		1.41			0.58			(0.72	)
Total from investment operations		(0.39	)		0.08			(0.54	)		1.43			0.59			(0.73	)
Distributions to shareholders from net investment income		—			—			—			(0.20	)		—			(0.04	)
Distributions to shareholders from net realized gains		—			—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			—			(0.44	)		(2.52	)		—			(0.32	)
Net asset value, end of period	$	7.73		$	8.12		$	8.04		$	9.02		$	10.11		$	9.52
Total return(c)		(4.80	)%		1.00	%		(5.99	)%		14.47	%		6.18	%		(6.90	)%
Net assets, end of period (in 000s)	$	2,680		$	3,911		$	9,092		$	8,910		$	5,733		$	9,933
Ratio of net expenses to average net assets		0.94	%(d)		0.88	%		0.88	%		0.86	%		0.90	%		0.88	%
Ratio of total expenses to average net assets		2.17	%(d)		1.66	%		1.39	%		1.28	%		1.20	%		1.18	%
Ratio of net investment income (loss) to average net assets		(0.19	)%(d)		0.91	%		0.61	%		0.20	%		0.10	%		(0.14	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		349	%		272	%		241	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												July 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.17		$	8.09		$	9.05		$	10.15		$	9.54		$	10.46
Net investment income (loss)(a)		—	(b)		0.09			0.07			0.02			0.02			(0.01	)
Net realized and unrealized gain (loss)		(0.38	)		(0.01	)		(0.59	)		1.42			0.59			(0.56	)
Total from investment operations		(0.38	)		0.08			(0.52	)		1.44			0.61			(0.57	)
Distributions to shareholders from net investment income		—			—			—			(0.22	)		—			(0.07	)
Distributions to shareholders from net realized gains		—			—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			—			(0.44	)		(2.54	)		—			(0.35	)
Net asset value, end of period	$	7.79		$	8.17		$	8.09		$	9.05		$	10.15		$	9.54
Total return(c)		(4.65	)%		0.99	%		(5.75	)%		14.48	%		6.38	%		(5.48	)%
Net assets, end of period (in 000s)	$	21,603		$	22,670		$	50,199		$	3,074		$	10		$	9
Ratio of net expenses to average net assets		0.81	%(d)		0.74	%		0.72	%		0.72	%		0.77	%		0.77	%(d)
Ratio of total expenses to average net assets		2.05	%(d)		1.52	%		1.24	%		1.27	%		1.02	%		0.97	%(d)
Ratio of net investment income (loss) to average net assets		(0.12	)%(d)		1.05	%		0.82	%		0.22	%		0.24	%		(0.21	)%(d)
Portfolio turnover rate(e)		—	%		—	%		—	%		349	%		272	%		241	%

* Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.78		$	7.75		$	8.75		$	9.89		$	9.36		$	10.40
Net investment income (loss)(a)		(0.03	)		0.03			0.01			(0.03	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss)		(0.36	)		—	(b)		(0.57	)		1.37			0.57			(0.71	)
Total from investment operations		(0.39	)		0.03			(0.56	)		1.34			0.53			(0.76	)
Distributions to shareholders from net investment income		—			—			—			(0.16	)		—			—
Distributions to shareholders from net realized gains		—			—			(0.44	)		(2.32	)		—			(0.28	)
Total distributions		—			—			(0.44	)		(2.48	)		—			(0.28	)
Net asset value, end of period	$	7.39		$	7.78		$	7.75		$	8.75		$	9.89		$	9.36
Total return(c)		(5.01	)%		0.39	%		(6.40	)%		13.89	%		5.65	%		(7.35	)%
Net assets, end of period (in 000s)	$	44		$	53		$	13		$	13		$	12		$	11
Ratio of net expenses to average net assets		1.49	%(d)		1.36	%		1.38	%		1.36	%		1.40	%		1.33	%
Ratio of total expenses to average net assets		2.73	%(d)		2.16	%		1.88	%		1.77	%		1.71	%		1.65	%
Ratio of net investment income (loss) to average net assets		(0.83	)%(d)		0.42	%		0.11	%		(0.33	)%		(0.39	)%		(0.49	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		349	%		272	%		241	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Alternative Premia Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019				April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	8.19		$	8.10			$	8.85
Net investment income (loss)(a)		—	(b)		0.08				0.05
Net realized and unrealized gain (loss)		(0.39	)		0.01		��		(0.36	)
Total from investment operations		(0.39	)		0.09				(0.31	)
Distributions to shareholders from net realized gains		—			—				(0.44	)
Net asset value, end of period	$	7.80		$	8.19			$	8.10
Total return(c)		(4.64	)%		1.11	%			(3.51	)%
Net assets, end of period (in 000s)	$	13		$	13			$	13
Ratio of net expenses to average net assets		0.80	%(d)		0.74	%			0.77	%(d)
Ratio of total expenses to average net assets		2.04	%(d)		1.56	%			1.36	%(d)
Ratio of net investment income (loss) to average net assets		(0.12	)%(d)		0.99	%			0.83	%(d)
Portfolio turnover rate(e)		—	%		—	%			—	%

* Commencement of operations.

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.17		$	9.66		$	11.49		$	11.68		$	10.49		$	15.58
Net investment income (loss)(a)		0.01			0.14			0.10			0.02			0.02			(0.03	)
Net realized and unrealized gain (loss)		(3.63	)		1.44			(1.84	)		0.43			1.23			(5.04	)
Total from investment operations		(3.62	)		1.58			(1.74	)		0.45			1.25			(5.07	)
Distributions to shareholders from net investment income		(0.02	)		(0.18	)		(0.09	)		(0.52	)		(0.06	)		(0.02	)
Distributions to shareholders from return of capital		—			(0.89	)		—			(0.12	)		—			—
Total distributions		(0.02	)		(1.07	)		(0.09	)		(0.64	)		(0.06	)		(0.02	)
Net asset value, end of period	$	6.53		$	10.17		$	9.66		$	11.49		$	11.68		$	10.49
Total return(b)		(35.63	)%		16.31	%		(15.17	)%		3.95	%		11.91	%		(32.43	)%
Net assets, end of period (in 000s)	$	14,501		$	22,569		$	25,351		$	46,809		$	60,944		$	58,901
Ratio of net expenses to average net assets		0.76	%(c)		0.84	%		0.84	%		0.86	%		0.90	%		0.85	%
Ratio of total expenses to average net assets		1.19	%(c)		1.09	%		1.01	%		1.01	%		1.07	%		0.97	%
Ratio of net investment income (loss) to average net assets		0.38	%(c)		1.34	%		0.88	%		0.16	%		0.19	%		(0.21	)%
Portfolio turnover rate(d)		18	%		52	%		46	%		89	%		145	%		506	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.61		$	9.17		$	10.92		$	11.15		$	10.04		$	14.99
Net investment income (loss)(a)		(0.01	)		0.08			0.02			(0.07	)		(0.06	)		(0.13	)
Net realized and unrealized gain (loss)		(3.44	)		1.35			(1.75	)		0.42			1.17			(4.82	)
Total from investment operations		(3.45	)		1.43			(1.73	)		0.35			1.11			(4.95	)
Distributions to shareholders from net investment income		—			(0.17	)		(0.02	)		(0.46	)		—			—
Distributions to shareholders from return of capital		—			(0.82	)		—			(0.12	)		—			—
Total distributions		—			(0.99	)		(0.02	)		(0.58	)		—			—
Net asset value, end of period	$	6.16		$	9.61		$	9.17		$	10.92		$	11.15		$	10.04
Total return(b)		(35.90	)%		15.54	%		(15.84	)%		3.16	%		11.02	%		(32.95	)%
Net assets, end of period (in 000s)	$	1,445		$	2,271		$	2,472		$	2,949		$	3,858		$	4,578
Ratio of net expenses to average net assets		1.51	%(c)		1.59	%		1.59	%		1.61	%		1.65	%		1.60	%
Ratio of total expenses to average net assets		1.94	%(c)		1.84	%		1.76	%		1.76	%		1.82	%		1.72	%
Ratio of net investment income (loss) to average net assets		(0.38	)%(c)		0.81	%		0.14	%		(0.68	)%		(0.56	)%		(0.97	)%
Portfolio turnover rate(d)		18	%		52	%		46	%		89	%		145	%		506	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.28		$	9.74		$	11.61		$	11.80		$	10.59		$	15.72
Net investment income(a)		0.03			0.09			0.15			0.09			0.06			0.02
Net realized and unrealized gain (loss)		(3.68	)		1.56			(1.88	)		0.40			1.25			(5.10	)
Total from investment operations		(3.65	)		1.65			(1.73	)		0.49			1.31			(5.08	)
Distributions to shareholders from net investment income		(0.03	)		(0.19	)		(0.14	)		(0.56	)		(0.10	)		(0.05	)
Distributions to shareholders from return of capital		—			(0.92	)		—			(0.12	)		—			—
Total distributions		(0.03	)		(1.11	)		(0.14	)		(0.68	)		(0.10	)		(0.05	)
Net asset value, end of period	$	6.60		$	10.28		$	9.74		$	11.61		$	11.80		$	10.59
Total return(b)		(35.52	)%		16.77	%		(14.89	)%		4.28	%		12.32	%		(32.38	)%
Net assets, end of period (in 000s)	$	113,797		$	156,673		$	259,239		$	314,888		$	326,270		$	544,699
Ratio of net expenses to average net assets		0.42	%(c)		0.50	%		0.50	%		0.52	%		0.56	%		0.51	%
Ratio of total expenses to average net assets		0.85	%(c)		0.74	%		0.66	%		0.66	%		0.72	%		0.63	%
Ratio of net investment income to average net assets		0.70	%(c)		0.81	%		1.23	%		0.78	%		0.53	%		0.12	%
Portfolio turnover rate(d)		18	%		52	%		46	%		89	%		145	%		506	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.29		$	9.75		$	11.61		$	11.81		$	10.60		$	15.74
Net investment income (loss)(b)		0.03			(0.04	)		0.14			(0.02	)		0.05			—	(c)
Net realized and unrealized gain (loss)		(3.69	)		1.68			(1.87	)		0.49			1.25			(5.08	)
Total from investment operations		(3.66	)		1.64			(1.73	)		0.47			1.30			(5.08	)
Distributions to shareholders from net investment income		(0.02	)		(0.18	)		(0.13	)		(0.55	)		(0.09	)		(0.06	)
Distributions to shareholders from return of capital		—			(0.92	)		—			(0.12	)		—			—
Total distributions		(0.02	)		(1.10	)		(0.13	)		(0.67	)		(0.09	)		(0.06	)
Net asset value, end of period	$	6.61		$	10.29		$	9.75		$	11.61		$	11.81		$	10.60
Total return(d)		(35.53	)%		16.73	%		(14.97	)%		4.08	%		12.21	%		(32.15	)%
Net assets, end of period (in 000s)	$	2,854		$	6,651		$	8,272		$	8,586		$	5,265		$	6,699
Ratio of net expenses to average net assets		0.51	%(e)		0.59	%		0.59	%		0.61	%		0.65	%		0.60	%
Ratio of total expenses to average net assets		0.93	%(e)		0.83	%		0.75	%		0.75	%		0.82	%		0.72	%
Ratio of net investment income (loss) to average net assets		0.66	%(e)		(0.36	)%		1.15	%		(0.18	)%		0.44	%		0.03	%
Portfolio turnover rate(f)		18	%		52	%		46	%		89	%		145	%		506	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) 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.

(e) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												July 31, 2015* to December 31, 2015
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.30		$	9.76		$	11.62		$	11.80		$	10.60		$	13.48
Net investment income (loss)(a)		0.03			0.38			0.14			(0.45	)		0.06			0.02
Net realized and unrealized gain (loss)		(3.69	)		1.27			(1.87	)		0.95			1.24			(2.86	)
Total from investment operations		(3.66	)		1.65			(1.73	)		0.50			1.30			(2.84	)
Distributions to shareholders from net investment income		(0.03	)		(0.19	)		(0.13	)		(0.56	)		(0.10	)		(0.04	)
Distributions to shareholders from return of capital		—			(0.92	)		—			(0.12	)		—			—
Total distributions		(0.03	)		(1.11	)		(0.13	)		(0.68	)		(0.10	)		(0.04	)
Net asset value, end of period	$	6.61		$	10.30		$	9.76		$	11.62		$	11.80		$	10.60
Total return(b)		(35.55	)%		16.87	%		(14.96	)%		4.29	%		12.25	%		(21.23	)%
Net assets, end of period (in 000s)	$	58,447		$	85,170		$	182		$	90		$	1,907		$	1,336
Ratio of net expenses to average net assets		0.41	%(c)		0.49	%		0.49	%		0.50	%		0.54	%		0.51	%(c)
Ratio of total expenses to average net assets		0.84	%(c)		0.75	%		0.68	%		0.66	%		0.72	%		0.64	%(c)
Ratio of net investment income (loss) to average net assets		0.73	%(c)		3.52	%		1.15	%		(4.04	)%		0.54	%		0.35	%(c)
Portfolio turnover rate(d)		18	%		52	%		46	%		89	%		145	%		506	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.99		$	9.50		$	11.31		$	11.51		$	10.35		$	15.38
Net investment income (loss)(a)		—	(b)		0.16			0.07			(0.04	)		(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		(3.57	)		1.38			(1.81	)		0.45			1.21			(4.97	)
Total from investment operations		(3.57	)		1.54			(1.74	)		0.41			1.20			(5.03	)
Distributions to shareholders from net investment income		(0.01	)		(0.18	)		(0.07	)		(0.49	)		(0.04	)		—	(b)
Distributions to shareholders from return of capital		—			(0.87	)		—			(0.12	)		—			—
Total distributions		(0.01	)		(1.05	)		(0.07	)		(0.61	)		(0.04	)		—	(b)
Net asset value, end of period	$	6.41		$	9.99		$	9.50		$	11.31		$	11.51		$	10.35
Total return(c)		(35.75	)%		16.11	%		(15.40	)%		3.60	%		11.60	%		(32.88	)%
Net assets, end of period (in 000s)	$	1,538		$	2,280		$	2,233		$	2,892		$	4,419		$	1,963
Ratio of net expenses to average net assets		1.01	%(d)		1.09	%		1.09	%		1.11	%		1.14	%		1.10	%
Ratio of total expenses to average net assets		1.44	%(d)		1.34	%		1.25	%		1.26	%		1.34	%		1.23	%
Ratio of net investment income (loss) to average net assets		0.12	%(d)		1.53	%		0.64	%		(0.40	)%		(0.07	)%		(0.44	)%
Portfolio turnover rate(e)		18	%		52	%		46	%		89	%		145	%		506	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	10.29		$	9.76		$	12.11
Net investment income (loss)(a)		0.03			(0.25	)		0.12
Net realized and unrealized gain (loss)		(3.68	)		1.89			(2.33	)
Total from investment operations		(3.65	)		1.64			(2.21	)
Distributions to shareholders from net investment income		(0.03	)		(0.19	)		(0.14	)
Distributions to shareholders from return of capital		—			(0.92	)		—
Total distributions		(0.03	)		(1.11	)		(0.14	)
Net asset value, end of period	$	6.61		$	10.29		$	9.76
Total return(b)		(35.49	)%		16.73	%		(18.31	)%
Net assets, end of period (in 000s)	$	637		$	977		$	3,167
Ratio of net expenses to average net assets		0.41	%(c)		0.48	%		0.45	%(c)
Ratio of total expenses to average net assets		0.84	%(c)		0.72	%		0.65	%(c)
Ratio of net investment income (loss) to average net assets		0.73	%(c)		(2.28	)%		1.43	%(c)
Portfolio turnover rate(d)		18	%		52	%		46	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.61		$	10.03		$	10.30		$	10.12		$	10.21		$	9.67
Net investment income (loss)(a)		(0.04	)		0.01			(0.02	)		(0.10	)		(0.14	)		(0.16	)
Net realized and unrealized gain (loss)		(0.11	)		0.23			(0.23	)		0.33			0.05			1.10
Total from investment operations		(0.15	)		0.24			(0.25	)		0.23			(0.09	)		0.94
Distributions to shareholders from net investment income		—			(0.59	)		—			—			—			(0.40	)
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)		(0.05	)		—			—
Total distributions		—			(0.66	)		(0.02	)		(0.05	)		—			(0.40	)
Net asset value, end of period	$	9.46		$	9.61		$	10.03		$	10.30		$	10.12		$	10.21
Total return(b)		(1.56	)%		2.28	%		(2.37	)%		2.29	%		(0.88	)%		9.69	%
Net assets, end of period (in 000s)	$	7,126		$	7,712		$	8,622		$	7,711		$	23,174		$	24,000
Ratio of net expenses to average net assets		1.44	%(c)		1.49	%		1.47	%		1.55	%		1.55	%		1.56	%
Ratio of total expenses to average net assets		1.64	%(c)		1.64	%		1.62	%		1.75	%		1.74	%		1.84	%
Ratio of net investment income (loss) to average net assets		(0.81	)%(c)		0.06	%		(0.19	)%		(1.02	)%		(1.33	)%		(1.53	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		529	%		196	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.11		$	9.56		$	9.88		$	9.79		$	9.95		$	9.45
Net investment loss(a)		(0.07	)		(0.07	)		(0.09	)		(0.17	)		(0.21	)		(0.23	)
Net realized and unrealized gain (loss)		(0.10	)		0.21			(0.21	)		0.31			0.05			1.07
Total from investment operations		(0.17	)		0.14			(0.30	)		0.14			(0.16	)		0.84
Distributions to shareholders from net investment income		—			(0.52	)		—			—			—			(0.34	)
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)		(0.05	)		—			—
Total distributions		—			(0.59	)		(0.02	)		(0.05	)		—			(0.34	)
Net asset value, end of period	$	8.94		$	9.11		$	9.56		$	9.88		$	9.79		$	9.95
Total return(b)		(1.98	)%		1.51	%		(3.08	)%		1.44	%		(1.60	)%		8.93	%
Net assets, end of period (in 000s)	$	3,064		$	3,279		$	3,281		$	3,480		$	4,054		$	3,056
Ratio of net expenses to average net assets		2.19	%(c)		2.24	%		2.22	%		2.29	%		2.31	%		2.30	%
Ratio of total expenses to average net assets		2.39	%(c)		2.39	%		2.37	%		2.48	%		2.49	%		2.60	%
Ratio of net investment loss to average net assets		(1.51	)%(c)		(0.69	)%		(0.95	)%		(1.72	)%		(2.09	)%		(2.28	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		529	%		196	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.87		$	10.28		$	10.52		$	10.29		$	10.36		$	9.77
Net investment income (loss)(a)		(0.02	)		0.04			0.02			(0.06	)		(0.10	)		(0.12	)
Net realized and unrealized gain (loss)		(0.12	)		0.25			(0.24	)		0.34			0.04			1.12
Total from investment operations		(0.14	)		0.29			(0.22	)		0.28			(0.06	)		1.00
Distributions to shareholders from net investment income		—			(0.63	)		—			—			(0.01	)		(0.41	)
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)		(0.05	)		—			—
Total distributions		—			(0.70	)		(0.02	)		(0.05	)		(0.01	)		(0.41	)
Net asset value, end of period	$	9.73		$	9.87		$	10.28		$	10.52		$	10.29		$	10.36
Total return(b)		(1.42	)%		2.82	%		(2.13	)%		2.73	%		(0.57	)%		10.24	%
Net assets, end of period (in 000s)	$	127,146		$	90,623		$	83,425		$	163,971		$	110,763		$	87,820
Ratio of net expenses to average net assets		1.06	%(c)		1.11	%		1.07	%		1.14	%		1.16	%		1.14	%
Ratio of total expenses to average net assets		1.26	%(c)		1.26	%		1.22	%		1.33	%		1.34	%		1.46	%
Ratio of net investment income (loss) to average net assets		(0.45	)%(c)		0.42	%		0.16	%		(0.54	)%		(0.94	)%		(1.12	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		529	%		196	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.77		$	10.19		$	10.44		$	10.23		$	10.30		$	9.73
Net investment income (loss)(b)		(0.03	)		0.03			0.01			(0.06	)		(0.11	)		(0.13	)
Net realized and unrealized gain (loss)		(0.11	)		0.23			(0.24	)		0.32			0.04			1.11
Total from investment operations		(0.14	)		0.26			(0.23	)		0.26			(0.07	)		0.98
Distributions to shareholders from net investment income		—			(0.61	)		—			—			—			(0.41	)
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)		(0.05	)		—			—
Total distributions		—			(0.68	)		(0.02	)		(0.05	)		—			(0.41	)
Net asset value, end of period	$	9.63		$	9.77		$	10.19		$	10.44		$	10.23		$	10.30
Total return(c)		(1.54	)%		2.60	%		(2.24	)%		2.55	%		(0.68	)%		10.08	%
Net assets, end of period (in 000s)	$	111,597		$	106,968		$	105,393		$	106,431		$	20,181		$	6,489
Ratio of net expenses to average net assets		1.19	%(d)		1.24	%		1.22	%		1.26	%		1.31	%		1.31	%
Ratio of total expenses to average net assets		1.39	%(d)		1.39	%		1.37	%		1.45	%		1.49	%		1.60	%
Ratio of net investment income (loss) to average net assets		(0.54	)%(d)		0.31	%		0.06	%		(0.60	)%		(1.09	)%		(1.26	)%
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		529	%		196	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.87		$	10.29		$	10.36
Net investment income (loss)(a)		(0.02	)		0.05			0.02
Net realized and unrealized gain (loss)		(0.11	)		0.23			(0.07	)
Total from investment operations		(0.13	)		0.28			(0.05	)
Distributions to shareholders from net investment income		—			(0.63	)		—
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)
Total distributions		—			(0.70	)		(0.02	)
Net asset value, end of period	$	9.74		$	9.87		$	10.29
Total return(b)		(1.42	)%		2.72	%		(0.52	)%
Net assets, end of period (in 000s)	$	50,957		$	51,499		$	50,649
Ratio of net expenses to average net assets		1.05	%(c)		1.09	%		1.12	%(c)
Ratio of total expenses to average net assets		1.25	%(c)		1.23	%		1.27	%(c)
Ratio of net investment income (loss) to average net assets		(0.38	)%(c)		0.47	%		0.31	%(c)
Portfolio turnover rate(d)		—	%		—	%		—	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.45		$	9.87		$	10.16		$	10.00		$	10.12		$	9.59
Net investment loss(a)		(0.05	)		(0.02	)		(0.04	)		(0.12	)		(0.16	)		(0.18	)
Net realized and unrealized gain (loss)		(0.11	)		0.23			(0.23	)		0.33			0.04			1.09
Total from investment operations		(0.16	)		0.21			(0.27	)		0.21			(0.12	)		0.91
Distributions to shareholders from net investment income		—			(0.56	)		—			—			—			(0.38	)
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)		(0.05	)		—			—
Total distributions		—			(0.63	)		(0.02	)		(0.05	)		—			(0.38	)
Net asset value, end of period	$	9.29		$	9.45		$	9.87		$	10.16		$	10.00		$	10.12
Total return(b)		(1.80	)%		2.14	%		(2.70	)%		2.11	%		(1.18	)%		9.47	%
Net assets, end of period (in 000s)	$	437		$	539		$	584		$	595		$	309		$	197
Ratio of net expenses to average net assets		1.69	%(c)		1.74	%		1.72	%		1.79	%		1.81	%		1.79	%
Ratio of total expenses to average net assets		1.89	%(c)		1.89	%		1.87	%		1.98	%		1.99	%		2.11	%
Ratio of net investment loss to average net assets		(0.98	)%(c)		(0.19	)%		(0.44	)%		(1.19	)%		(1.59	)%		(1.77	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		529	%		196	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.86		$	10.28		$	10.56
Net investment income (loss)(a)		(0.02	)		0.05			0.02
Net realized and unrealized gain (loss)		(0.11	)		0.23			(0.28	)
Total from investment operations		(0.13	)		0.28			(0.26	)
Distributions to shareholders from net investment income		—			(0.63	)		—
Distributions to shareholders from net realized gains		—			(0.07	)		(0.02	)
Total distributions		—			(0.70	)		(0.02	)
Net asset value, end of period	$	9.73		$	9.86		$	10.28
Total return(b)		(1.42	)%		2.71	%		(2.50	)%
Net assets, end of period (in 000s)	$	291		$	166		$	429
Ratio of net expenses to average net assets		1.05	%(c)		1.09	%		1.12	%(c)
Ratio of total expenses to average net assets		1.25	%(c)		1.23	%		1.27	%(c)
Ratio of net investment income (loss) to average net assets		(0.47	)%(c)		0.49	%		0.32	%(c)
Portfolio turnover rate(d)		—	%		—	%		—	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements

June 30, 2020 (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
Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy	A, C, Institutional, Investor, R6 , R and P	Diversified

Class A Shares of the Absolute Return Tracker, Alternative Premia and Managed Futures Strategy Funds are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. 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��R6, Class R and Class P 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 management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies

A.  Basis of Consolidation for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds — Cayman Commodity-ART, Ltd., Cayman Commodity-AP, Ltd., Cayman Commodity-CSF, Ltd. and Cayman Commodity-MFS, Ltd. (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of June 30, 2020, the Fund and Subsidiary net assets were as follows:

Fund	Fund Net Assets		Subsidiary Net Assets		% Represented by Subsidiary’s Net Assets
Absolute Return Tracker	$	3,311,652,533	$	7,258,498	1%
Alternative Premia		43,625,138		10,038,514	23
Commodity Strategy		193,219,184		38,277,221	20
Managed Futures Strategy		300,617,119		58,950,505	20

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

C.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained

93

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/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. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated 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.

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

E.  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 according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Absolute Return Tracker, Alternative Premia and Managed Futures Strategy	Annually	Annually
Commodity Strategy	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 Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiary’s income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of 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 Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of 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

94

GOLDMAN SACHS ALTERNATIVE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Equity Securities — Equity securities traded on a 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 may be valued at the closing bid price for long positions and at the closing 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. Certain equity securities containing unique attributes may be 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 for long positions or the last ask price for short positions, 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.

95

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share 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 G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  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.

ii.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

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 Consolidated 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

96

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. 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 subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts 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 subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which 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 are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, 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 any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A 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

97

GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a 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, a 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. A 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, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a 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, a 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. A 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, a 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 a 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 a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices 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.

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.

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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 June 30, 2020:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	4,200		$	285,611		$	—
Asia		—			11,729,856			—
Australia and Oceania		—			366,296			—
Europe		4,348,143			69,847,658			17,533
North America		761,822,900			218,597			—
South America		—			53,242			—
Exchange Traded Funds		315,540,867			—			—
Investment Company		1,896,151,926			—			—
Securities Lending Reinvestment Vehicle		45,070,513			—			—
Total	$	3,022,938,549		$	82,501,260		$	17,533
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	265,339		$	—
Futures Contracts		5,762,284			—			—
Credit Default Swap Contracts		—			20,816,189			—
Total Return Swap Contracts		—			633,584			—
Total	$	5,762,284		$	21,715,112		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(513,369	)	$	—
Futures Contracts(b)		(6,295,390	)		—			—
Credit Default Swap Contracts(b)		—			(30,441	)		—
Total Return Swap Contracts(b)		—			(3,512,670	)		—
Written Options Contracts		(4,944,980	)		—			—
Total	$	(11,240,370	)	$	(4,056,480	)	$	—

(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 third party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ALTERNATIVE PREMIA
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	33,063,437		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	41,799		$	—
Futures Contracts(a)		459,028			—			—
Credit Default Swap Contracts(a)		—			1			—
Total Return Swap Contracts(a)		—			220,356			—
Purchased Options Contracts		205,900			—			—
Total	$	664,928		$	262,156		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(48,293	)	$	—
Futures Contracts		(761,137	)		—			—
Credit Default Swap Contracts		—			(170	)		—
Total Return Swap Contracts		—			(229,025	)		—
Total	$	(761,137	)	$	(277,488	)	$	—
COMMODITY STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—		$	7,112,803		$	—
Collateralized Mortgage Obligations		—			3,487,832			—
Commercial Mortgage-Backed Securities		—			12,404,190			—
Asset-Backed Securities		—			229,707			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		13,749,938			—			—
Investment Company		93,886,430			—			—
Short-Term Investment		30,592,044			—			—
Total	$	138,228,412		$	23,234,532		$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

COMMODITY STRATEGY (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	21,755		$	—		$	—
Interest Rate Swap Contracts		—			956			—
Total	$	21,755		$	956		$	—
Liabilities(a)
Futures Contracts	$	(59,283	)	$	—		$	—
MANAGED FUTURES STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	232,562,010		$	—		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,775,732		$	—
Futures Contracts		2,690,242			—			—
Interest Rate Swap Contracts		—			5,810,590			—
Total	$	2,690,242		$	7,586,322		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(2,664,914	)	$	—
Futures Contracts		(2,440,476	)		—			—
Interest Rate Swap Contracts		—			(2,127,193	)		—
Total	$	(2,440,476	)	$	(4,792,107	)	$	—

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

For further information regarding security characteristics, see the Consolidated 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 June 30, 2020. 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.

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June 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

ABSOLUTE RETURN TRACKER
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	369,045	(a)	—	$	—
Credit	Variation margin on swap contracts		20,816,189	(a)	Variation margin on swap contracts		(30,441)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		265,339		Payable for unrealized loss on forward foreign currency exchange contracts		(513,369)
Equity	Receivable for unrealized gain on swap contracts and variation margin on futures contracts		3,302,071	(a)	Payable for unrealized loss on swap contracts, Written options at value and variation margin on futures contracts		(14,748,910)	(a)(b)
Interest Rate	Variation margin on futures contracts		2,724,752	(a)	Variation margin on futures contracts		(4,130)	(a)
Total		$	27,477,396			$	(15,296,850)
ALTERNATIVE PREMIA
Risk	Consolidated Statements of Assets and Liabilities	Assets(a)			Consolidated Statements of Assets and Liabilities	Liabilities(a)
Commodity	Variation margin on futures contracts	$	341,903		Variation margin on futures contracts	$	(641,445)
Credit	Variation margin on swap contracts		1		—		(170)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts and variation margin on futures contracts		110,231		Payable for unrealized loss on forward foreign currency exchange contracts and variation margin on futures contracts		(50,143)
Equity	Receivable for unrealized gain on swap contracts, Purchased options at value and variation margin on futures contracts		448,157		Payable for unrealized loss on swap contracts and variation margin on futures contracts		(248,653)	(b)
Interest Rate	Variation margin on futures contracts		26,792		Variation margin on futures contracts		(98,214)
Total		$	927,084			$	(1,038,625)
COMMODITY STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets(a)			Consolidated Statements of Assets and Liabilities	Liabilities(a)
Interest Rate	Variation margin on futures and swaps contracts		22,711		Variation margin on futures contracts		(59,283)
Total		$	22,711			$	(59,283)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2020 is reported within the Consolidated Statements of Assets and Liabilities.

(b) Aggregate of amounts include $3,512,670 and $229,025 for the Absolute Return Tracker and Alternative Premia Funds, respectively, 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, their failure to pay on their obligations or failure to pledge collateral. Such amounts do 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 Funds are entitled to a full return.

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4. INVESTMENTS IN DERIVATIVES (continued)

MANAGED FUTURES STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	1,422,494	(a)	Variation margin on futures contracts	$	(1,912,876)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,775,732		Payable for unrealized loss on forward foreign currency exchange contracts		(2,664,914)
Equity	Variation margin on futures contracts		1,267,748	(a)	Variation margin on futures contracts		(527,600)	(a)
Interest Rate	Variation margin on swap contracts		5,810,590	(a)	Variation margin on swap contracts		(2,127,193)	(a)
Total		$	10,276,564			$	(7,232,583)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedules of Investments. Only the variation margin as of June 30, 2020 is reported within the Consolidated Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Consolidated Statements of Operations:

ABSOLUTE RETURN TRACKER
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(7,128,262	)	$	1,086,252			365
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(37,549,657	)		15,046,117			3
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,087,322	)		412,529			27
Equity	Net realized gain (loss) from futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts and written options		(91,856,191	)		(7,427,937	)		6,835
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		31,033,958			5,974,959			4,684
Total		$	(106,587,474	)	$	15,091,920			11,914

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

ALTERNATIVE PREMIA
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	886,897		$	(870,301	)		2,051
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(97,962	)		(34,411	)		2
Currency	Net realized gain (loss) from futures contracts and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on futures contracts and forward foreign currency exchange contracts		(738,202	)		7,827			245
Equity	Net realized gain (loss) from futures contracts, purchased options, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts, purchased options, swap contracts and written options		(1,800,773	)		90,038			748
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		350,156			(16,818	)		308
Total		$	(1,399,884	)	$	(823,665	)		3,354

COMMODITY STRATEGY
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(72,199,411	)	$	(913	)		5
Interest rate	Net realized gain (loss) from futures contracts, purchased options, swap contracts and written options/Net change in unrealized gain (loss) on futures contracts, purchased options, swap contracts and written options		(23,116,370	)		(819,863	)		280
Total		$	(95,315,781	)	$	(820,776	)		285

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

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4. INVESTMENTS IN DERIVATIVES (continued)

MANAGED FUTURES STRATEGY
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,461,584		$	(423,737	)		1,896
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(7,529,466	)		528,294			253
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(12,841,365	)		607,347			5,554
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		9,506,271			2,288,057			210
Total		$	(8,402,976	)	$	2,999,961			7,913

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of June 30, 2020:

ALTERNATIVE PREMIA
	Derivative Assets(1)				Derivative Liabilities(1)						Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Forwards		Swaps		Forwards			Swaps
Bank of America NA	$	—	$	101,866	$	—		$	(102,580	)	$	(714	)	$	—	$	(714	)
JPMorgan Chase Bank NA		—		118,490		—			(126,445	)		(7,955	)		—		(7,955	)
Morgan Stanley Co., Inc.		41,799		—		(48,293	)		—			(6,494	)		6,494		—
Total	$	41,799	$	220,356	$	(48,293	)	$	(229,025	)	$	(15,163	)	$	6,494	$	(8,669	)

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

MANAGED FUTURES STRATEGY
Counterparty	Derivative Assets (1)		Derivative Liabilities (1)			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
	Forwards		Forwards
Morgan Stanley Co., Inc.	$	1,775,732	$	(2,664,914	)	$	(889,182	)		889,182	$	—

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

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 June 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^(1)
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Absolute Return Tracker		0.70	%		0.63	%		0.60	%		0.59	%		0.53	%		0.64	%		0.53	%
Alternative Premia		0.79			0.71			0.68			0.66			0.65			0.79			0.67
Commodity Strategy		0.50			0.50			0.45			0.43			0.42			0.50			0.43
Managed Futures Strategy		1.00			0.90			0.86			0.84			0.82			1.00			0.88

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

(1) Reflects combined management fees paid to GSAM under the Agreement and the Funds’ Subsidiary Agreements (as defined below) after the waivers.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2020, GSAM waived $15,456, $21,391, $77,656 and $122,538 of each Fund’s management fee for Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds, respectively.

The 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 June 30, 2020, GSAM waived $1,892,010, $29,607, $70,615 and $180,808 of the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds’ management fees, respectively.

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

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

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

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2020, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Absolute Return Tracker	$	6,375	$	—
Alternative Premia		—		6
Commodity Strategy		2,012		—
Managed Futures Strategy		539		—

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% (except for the Commodity Strategy Fund, which charges an annual rate of 0.13%) of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

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 Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds are 0.014%, 0.114%, 0.074% and 0.254%, respectively. These Other Expense limitations will remain in place through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Absolute Return Tracker, Alternative Premia, Commodity Strategy and Managed Futures Strategy Funds. 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 June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Absolute Return Tracker	$	1,907,466	$	492,755	$	321,907	$	2,722,128
Alternative Premia		50,998		247,175		18,760		316,933
Commodity Strategy		148,271		236,820		125,047		510,138
Managed Futures Strategy		303,346		28,373		74,901		406,620

G.  Line of Credit Facility — As of June 30, 2020, the Funds participated in a $700,000,000 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 June 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020 the facility was $580,000,000.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
Absolute Return Tracker	$	2,337,246,531	$	1,062,137,013	$	(1,503,231,618	)	$	1,896,151,926		1,896,151,926	$	9,077,783
Alternative Premia		41,109,961		36,969,762		(45,016,286	)		33,063,437		33,063,437		168,082
Commodity Strategy		103,882,234		406,550,490		(416,546,294	)		93,886,430		93,886,430		364,295
Managed Futures Strategy		201,860,247		192,755,098		(162,053,335	)		232,562,010		232,562,010		934,621

The Commodity Strategy Fund invests in the shares of the Goldman Sachs Treasury Access 0-1 Year ETF. The Goldman Sachs Treasury Access 0-1 Year ETF is considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in the Goldman Sachs Treasury Access 0-1 Year ETF for the six months ended June 30, 2020:

Fund	Affiliated Investment Company	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on sale of Affiliated Investment Company		Change in Unrealized Appreciation (Depreciation)			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
Commodity Strategy	Goldman Sachs Access Treasury 0-1 Year ETF	$	67,594,500	$	—	$	(67,928,631	)	$	401,631	$	(67,500	)	$	—		—	$	144,481

As of June 30, 2020, the following Goldman Sachs Fund of Funds Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio
Alternative Premia		14	%		20	%		13	%
Managed Futures Strategy		—			7			—

As of June 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class R			Class P
Alternative Premia		27	%		73	%

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GOLDMAN SACHS ALTERNATIVE FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, 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)
Absolute Return Tracker	$	—	$	1,031,464,284	$	—	$	775,045,077
Commodity Strategy		16,439,598		—		56,685,205		68,900,405

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker 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 Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated 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 Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund 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 Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2020 are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

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7. SECURITIES LENDING (continued)

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Consolidated Statements of Operations.

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

	For the six months ended June 30, 2020				Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs
Absolute Return Tracker	$	36,618	$	52,490	$	182,275

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
Absolute Return Tracker	$	29,148,415	$	466,834,599	$	(450,912,501	)	$	45,070,513

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2019, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Absolute Return Tracker			Alternative Premia			Commodity Strategy			Managed Futures Strategy
Capital loss carryforwards:
Perpetual Short-term	$	—		$	(900,249	)	$	(6,201,054	)	$	—
Perpetual Long-term		—			—			(14,072,451	)		—
Total capital loss carryforwards	$	—		$	(900,249	)	$	(20,273,505	)	$	—
Timing differences (Post October Loss Deferral, Qualified Late Year Loss Deferral and Straddle Loss Deferral)	$	(83,118,100	)	$	(770,179	)	$	(1,628,897	)	$	(1,556,907	)

As of June 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Absolute Return Tracker			Alternative Premia			Commodity Strategy			Managed Futures Strategy
Tax cost	$	3,009,605,971		$	33,847,564		$	158,745,599		$	231,680,295
Gross unrealized gain		129,118,567			285,014			3,647,681			8,114,298
Gross unrealized loss		(33,267,196	)		(1,069,141	)		(930,336	)		(7,232,583	)
Net unrealized gain (loss)	$	95,851,371		$	(784,127	)	$	2,717,345		$	881,715

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

8. TAX INFORMATION (continued)

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, options and foreign currency contracts, and differences related to the tax treatment of swap transactions, underlying fund investments and passive foreign investment company investments.

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

9. OTHER RISKS

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to

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9. OTHER RISKS (continued)

risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions which may occur 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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with 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.

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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. 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.

Tax Risk — Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Absolute Return Tracker, Alternative Premia and Commodity Strategy Funds. Based on such rulings, these Funds may seek to gain exposure to the commodity markets through investments in commodity-linked notes and/or subsidiaries. The Managed Futures Strategy Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. The IRS recently issued final regulations that would generally treat the Fund’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion, or (B) such inclusion is derived with respect to the Funds’ business of investing in stock, securities, or currencies.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9. OTHER RISKS (continued)

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Funds have limited their investments in commodity index-linked structured notes. The Managed Futures Strategy Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the income from investments in the Subsidiary was not “qualifying income”, in which case the Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If a Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

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

At a meeting held on July 23, 2020, the Board of Trustees of the Trust (the “Board”) approved a sub-advisory agreement with CoreCommodity Management, LLC to furnish sub-advisory services on behalf of the Commodity Strategy Fund and the Fund’s use of a “manager of managers” structure, whereby the Board and GSAM would be authorized to hire and replace investment sub-advisers on behalf of the Fund without shareholder approval pursuant to exemptive relief received from the SEC. If approved by Fund shareholders at a meeting to be held on or about November 13, 2020, such changes will likely be effective at the end of November 2020.

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

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Absolute Return Tracker Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,616,417		$	14,434,706			5,605,452		$	52,162,020
Reinvestment of distributions		—			—			259,217			2,450,901
Shares redeemed		(2,707,228	)		(24,526,163	)		(4,757,119	)		(44,669,285	)
		(1,090,811	)		(10,091,457	)		1,107,550			9,943,636
Class C Shares
Shares sold		166,004			1,351,274			346,095			2,951,402
Reinvestment of distributions		—			—			40,055			346,168
Shares redeemed		(471,316	)		(3,805,542	)		(903,197	)		(7,767,979	)
		(305,312	)		(2,454,268	)		(517,047	)		(4,470,409	)
Institutional Shares
Shares sold		83,052,241			774,718,005			156,580,571			1,514,775,620
Reinvestment of distributions		—			—			7,547,577			73,677,786
Shares redeemed		(80,509,871	)		(726,263,944	)		(105,105,601	)		(1,013,092,640	)
		2,542,370			48,454,061			59,022,547			575,360,766
Investor Shares
Shares sold		11,102,809			103,876,348			21,268,419			203,802,355
Reinvestment of distributions		—			—			1,318,485			12,740,193
Shares redeemed		(15,295,840	)		(138,419,060	)		(12,348,004	)		(117,863,431	)
		(4,193,031	)		(34,542,712	)		10,238,900			98,679,117
Class R6 Shares
Shares sold		126,287			1,166,451			371,692			3,609,637
Reinvestment of distributions		—			—			32,501			316,928
Shares redeemed		(146,050	)		(1,292,791	)		(112,910	)		(1,084,193	)
		(19,763	)		(126,340	)		291,283			2,842,372
Class R Shares
Shares sold		19,811			172,572			66,612			602,294
Reinvestment of distributions		—			—			7,813			71,722
Shares redeemed		(36,330	)		(320,352	)		(45,897	)		(416,856	)
		(16,519	)		(147,780	)		28,528			257,160
Class P Shares
Shares sold		3,096,619			29,510,297			7,490,666			72,047,043
Reinvestment of distributions		—			—			771,722			7,529,973
Shares redeemed		(3,716,887	)		(33,434,770	)		(2,504,883	)		(24,186,443	)
		(620,268	)		(3,924,473	)		5,757,505			55,390,573
NET INCREASE (DECREASE)		(3,703,334	)	$	(2,832,969	)		75,929,266		$	738,003,215

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Alternative Premia Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		34,054		$	263,259			247,612		$	1,968,071
Shares redeemed		(166,446	)		(1,308,981	)		(395,461	)		(3,173,514	)
		(132,392	)		(1,045,722	)		(147,849	)		(1,205,443	)
Class C Shares
Shares sold		1,230			8,897			2,818			20,853
Shares redeemed		(170,653	)		(1,238,448	)		(575,193	)		(4,250,877	)
		(169,423	)		(1,229,551	)		(572,375	)		(4,230,024	)
Institutional Shares
Shares sold		54,696			446,173			889,142			7,269,447
Shares redeemed		(398,555	)		(3,207,850	)		(3,360,450	)		(28,213,641	)
		(343,859	)		(2,761,677	)		(2,471,308	)		(20,944,194	)
Investor Shares
Shares sold		7,683			61,668			166,028			1,369,003
Shares redeemed		(142,867	)		(1,136,774	)		(814,656	)		(6,572,128	)
		(135,184	)		(1,075,106	)		(648,628	)		(5,203,125	)
Class R6 Shares
Shares sold		—			—			352,076			2,883,030
Shares redeemed		—			—			(3,782,890	)		(30,797,570	)
		—			—			(3,430,814	)		(27,914,540	)
Class R Shares
Shares sold		5,465			41,233			24,455			196,590
Shares redeemed		(6,337	)		(47,421	)		(19,287	)		(151,141	)
		(872	)		(6,188	)		5,168			45,449
Class P Shares
Shares redeemed		—			—			(1	)		—
		—			—			(1	)		—
NET DECREASE		(781,730	)	$	(6,118,244	)		(7,265,807	)	$	(59,451,877	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Commodity Strategy Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		641,639		$	4,093,542			395,516		$	4,224,635
Reinvestment of distributions		4,976			32,397			199,147			2,049,973
Shares redeemed		(645,196	)		(4,594,486	)		(1,002,193	)		(10,739,661	)
		1,419			(468,547	)		(407,530	)		(4,465,053	)
Class C Shares
Shares sold		43,042			238,816			22,072			223,411
Reinvestment of distributions		—			—			21,101			204,864
Shares redeemed		(44,898	)		(275,985	)		(76,451	)		(769,695	)
		(1,856	)		(37,169	)		(33,278	)		(341,420	)
Institutional Shares
Shares sold		10,459,173			66,601,048			6,409,974			68,585,294
Reinvestment of distributions		48,268			317,600			1,144,969			11,917,813
Shares redeemed		(8,507,276	)		(61,315,340	)		(18,916,513	)		(203,080,035	)
		2,000,165			5,603,308			(11,361,570	)		(122,576,928	)
Investor Shares
Shares sold		82,563			566,126			770,630			8,344,275
Reinvestment of distributions		1,550			10,217			64,498			672,140
Shares redeemed		(298,673	)		(2,377,591	)		(1,037,222	)		(11,347,817	)
		(214,560	)		(1,801,248	)		(202,094	)		(2,331,402	)
Class R6 Shares
Shares sold		2,296,353			15,928,913			9,418,112			100,318,605
Reinvestment of distributions		37,905			249,794			805,500			8,400,197
Shares redeemed		(1,765,368	)		(12,670,499	)		(1,973,182	)		(21,418,664	)
		568,890			3,508,208			8,250,430			87,300,138
Class R Shares
Shares sold		55,026			351,133			50,254			530,512
Reinvestment of distributions		326			2,084			18,572			187,638
Shares redeemed		(43,789	)		(319,921	)		(75,632	)		(794,746	)
		11,563			33,296			(6,806	)		(76,596	)
Class P Shares
Shares sold		1,219			9,889			2,270			25,500
Reinvestment of distributions		413			2,720			11,330			119,255
Shares redeemed		(152	)		(1,001	)		(243,313	)		(2,618,165	)
		1,480			11,608			(229,713	)		(2,473,410	)
NET INCREASE (DECREASE)		2,367,101		$	6,849,456			(3,990,561	)	$	(44,964,671	)

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		228,587		$	2,240,213			460,164		$	4,723,141
Reinvestment of distributions		—			—			58,957			573,968
Shares redeemed		(277,733	)		(2,726,079	)		(576,017	)		(5,919,763	)
		(49,146	)		(485,866	)		(56,896	)		(622,654	)
Class C Shares
Shares sold		18,880			174,395			78,637			784,815
Reinvestment of distributions		—			—			22,546			208,212
Shares redeemed		(35,797	)		(330,434	)		(84,861	)		(816,337	)
		(16,917	)		(156,039	)		16,322			176,690
Institutional Shares
Shares sold		6,685,626			67,803,226			4,785,438			52,301,820
Reinvestment of distributions		—			—			620,276			6,199,118
Shares redeemed		(2,803,356	)		(28,383,240	)		(4,334,655	)		(43,972,438	)
		3,882,270			39,419,986			1,071,059			14,528,500
Investor Shares
Shares sold		5,032,909			50,177,854			7,100,105			74,372,563
Reinvestment of distributions		—			—			726,302			7,186,901
Shares redeemed		(4,391,433	)		(43,405,421	)		(7,221,827	)		(74,530,329	)
		641,476			6,772,433			604,580			7,029,135
Class R6 Shares
Shares sold		17,482			203,048			1,211,459			12,524,000
Reinvestment of distributions		—			—			342,526			3,422,044
Shares redeemed		—			—			(1,260,830	)		(13,698,340	)
		17,482			203,048			293,155			2,247,704
Class R Shares
Shares sold		1,636			15,916			7,065			71,478
Reinvestment of distributions		—			—			3,570			34,183
Shares redeemed		(11,691	)		(115,400	)		(12,726	)		(128,907	)
		(10,055	)		(99,484	)		(2,091	)		(23,246	)
Class P Shares
Shares sold		13,089			132,116			—			—
Reinvestment of distributions		—			—			1,456			14,535
Shares redeemed		—			—			(26,372	)		(281,615	)
		13,089			132,116			(24,916	)		(267,080	)
NET INCREASE		4,478,199		$	45,786,194			1,901,213		$	23,069,049

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Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P 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 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 R6, Class R and Class P 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 January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 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 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 Tracker Fund							Alternative Premia Fund							Commodity Strategy Fund							Managed Futures Strategy Fund
Share Class	Beginning  Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the  6 Months Ended 06/30/19*		Beginning  Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the  6 Months Ended 06/30/19*		Beginning  Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the  6 Months Ended 06/30/19*		Beginning  Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the  6 Months Ended 06/30/19*
Class A
Actual	$	1,000	$	940.70		$	4.54	$	1,000	$	951.10		$	5.82	$	1,000	$	643.70		$	3.11	$	1,000	$	984.40		$	7.10
Hypothetical 5% return		1,000		1,020.19	+		4.72		1,000		1,018.90	+		6.02		1,000		1,021.08	+		3.82		1,000		1,017.70	+		7.22
Class C
Actual		1,000		936.70			8.14		1,000		948.20			9.40		1,000		641.00			6.16		1,000		980.20			10.78
Hypothetical 5% return		1,000		1,016.46	+		8.47		1,000		1,015.22	+		9.72		1,000		1,017.35	+		7.57		1,000		1,013.97	+		10.97
Institutional
Actual		1,000		941.50			2.70		1,000		952.40			3.93		1,000		644.80			1.72		1,000		985.80			5.23
Hypothetical 5% return		1,000		1,022.08	+		2.82		1,000		1,020.84	+		4.07		1,000		1,022.77	+		2.11		1,000		1,019.59	+		5.32
Investor
Actual		1,000		941.90			3.33		1,000		952.00			4.56		1,000		644.70			2.09		1,000		984.60			5.87
Hypothetical 5% return		1,000		1,021.43	+		3.47		1,000		1,020.19	+		4.72		1,000		1,022.33	+		2.56		1,000		1,018.95	+		5.97
Class R6
Actual		1,000		942.40			2.66		1,000		953.50			3.93		1,000		644.50			1.68		1,000		985.80			5.18
Hypothetical 5% return		1,000		1,022.13	+		2.77		1,000		1,020.84	+		4.07		1,000		1,022.82	+		2.06		1,000		1,019.64	+		5.27
Class R
Actual		1,000		939.00			5.74		1,000		949.90			7.22		1,000		642.50			4.12		1,000		982.00			8.33
Hypothetical 5% return		1,000		1,018.95	+		5.97		1,000		1,017.45	+		7.47		1,000		1,019.84	+		5.07		1,000		1,016.46	+		8.47
Class P
Actual		1,000		942.40			2.66		1,000		953.60			3.89		1,000		645.10			1.68		1,000		985.80			5.18
Hypothetical 5% return		1,000		1,022.13	+		2.77		1,000		1,020.89	+		4.02		1,000		1,022.82	+		2.06		1,000		1,019.64	+		5.27

+ 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 June 30, 2020. 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 R6			Class R			Class P
Absolute Return Tracker		0.94	%		1.69	%		0.56	%		0.69	%		0.55	%		1.19	%		0.55	%
Alternative Premia		1.20			1.94			0.81			0.94			0.81			1.49			0.80
Commodity Strategy		0.76			1.51			0.42			0.51			0.41			1.01			0.41
Managed Futures Strategy		1.44			2.19			1.06			1.19			1.05			1.69			1.05

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Alternative Premia Fund, Goldman Sachs Commodity Strategy Fund, and Goldman Sachs Managed Futures Strategy Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending with respect to the Absolute Return Tracker and Alternative Premia Funds, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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

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

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreement under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-,

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

and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Commodity Strategy Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Absolute Return Tracker, Alternative Premia, and Managed Futures Strategy Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Absolute Return Tracker Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods; had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and had underperformed for the one-year period; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser (the “Competitor Fund Average”), for the three- and five-year periods and underperformed for the one-year period ended March 31, 2020. They noted that the Absolute Return Tracker Fund had experienced certain portfolio management changes in the first half of 2019 and in 2020. The Trustees noted that the Alternative Premia Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period; had outperformed the Fund’s LIBOR-based benchmark index for the 10-year period and underperformed for the one-, three-, and five-year periods, and had outperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ended March 31, 2020. The Trustees observed that the Alternative Premia Fund had certain significant differences from the Fund’s benchmark index that caused it to be an imperfect basis for comparison. They also considered that in October 2017, the Alternative Premia Fund had been repositioned from the Dynamic Allocation Fund, which involved changes to the Fund’s investment objective, investment strategy, benchmark, and portfolio management. The Trustees also noted that the Alternative Premia Fund had experienced certain portfolio management changes in 2019. They observed that the Commodity Strategy Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the ten-year period and in the fourth quartile for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one- and ten-year periods and underperformed for the three- and five-year periods ended March 31, 2020. The Trustees noted that the Commodity Strategy Fund had experienced certain portfolio management changes in 2019 and the first half of 2020. They considered that the Managed Futures Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three- and five-year periods; had outperformed the Fund’s LIBOR-based benchmark index for the one- and three-year periods and underperformed for the five-year period; and had outperformed the Fund’s Competitor Fund Average for the three- and five-year periods and underperformed for the one-year period ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to each Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from

123

GOLDMAN SACHS ALTERNATIVE FUNDS

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

the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Absolute Return Tracker Fund			Alternative Premia Fund			Commodity Strategy Fund			Managed Futures Strategy Fund
First $1 billion		0.70	%		0.79	%		0.50	%		1.00	%
Next $1 billion		0.63			0.71			0.50			0.90
Next $3 billion		0.60			0.68			0.45			0.86
Next $3 billion		0.59			0.66			0.43			0.84
Over $8 billion		0.53			0.65			0.42			0.82

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Absolute Return Tracker Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) with respect to the Absolute Return Tracker Fund and Alternative Premia Fund, fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Absolute Return Tracker Fund’s and Alternative Premia Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money

124

GOLDMAN SACHS ALTERNATIVE FUNDS

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

market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Absolute Return Tracker Fund’s and Alternative Premia Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2021.

125

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ 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

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado 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 at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2020 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.

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

© 2020 Goldman Sachs. All rights reserved. 211762-OTU-1243140 SELSATSAR-20

Goldman Sachs Funds

Semi-Annual Report	June 30, 2020
	Tax-Advantaged Equity Funds
	U.S. Equity Dividend and Premium
	International Equity Dividend and Premium
	U.S. Tax-Managed Equity
	International Tax-Managed Equity

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

Goldman Sachs Tax-Advantaged Equity Funds

∎ U.S. EQUITY DIVIDEND AND PREMIUM

∎ INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

∎ U.S. TAX-MANAGED EQUITY

∎ INTERNATIONAL TAX-MANAGED EQUITY

TABLE OF CONTENTS
Recent Market Events related to COVID-19	1
Fund Basics	2
Schedules of Investments	10
Financial Statements	31
Financial Highlights	35
U.S. Equity Dividend and Premium	35
International Equity Dividend and Premium	41
U.S. Tax-Managed Equity	47
International Tax-Managed Equity	54
Notes to the Financial Statements	60
Other Information	79

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Tax-Advantaged Equity Funds

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Funds could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			S&P 500® Index2			Bloomberg Barclays U.S. Aggregate Bond Index3
Class A		-4.23	%		-3.08	%		6.14	%
Class C		-4.59			-3.08			6.14
Institutional		-4.03			-3.08			6.14
Investor		-4.09			-3.08			6.14
Class R6		-4.03			-3.08			6.14
Class P		-4.03			-3.08			6.14

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

²  The S&P 500^® Index is an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/204
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.1	%	Technology Hardware & Equipment
Microsoft Corp.		5.9		Software & Services
Amazon.com, Inc.		4.7		Retailing
Facebook, Inc. Class A		2.1		Media & Entertainment
Alphabet, Inc. Class A		2.0		Media & Entertainment
Home Depot, Inc. (The)		1.7		Retailing
Johnson & Johnson		1.5		Pharmaceuticals, Biotechnology & Life Sciences
UnitedHealth Group, Inc.		1.5		Health Care Equipment & Services
AT&T, Inc.		1.4		Telecommunication Services
Visa, Inc. Class A		1.4		Software & Services

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

2

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2020

⁵  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 June 30, 2020. 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.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

3

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2			Bloomberg Barclays Global Aggregate Bond Index (gross, USD, unhedged)3
Class A		-14.39	%		-11.34	%		2.98	%
Class C		-14.68			-11.34			2.98
Institutional		-14.36			-11.34			2.98
Investor		-14.33			-11.34			2.98
Class R6		-14.23			-11.34			2.98
Class P		-14.21			-11.34			2.98

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

²  The MSCI EAFE Index (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

³  The Bloomberg Barclays Global Aggregate Bond Index (gross, USD, unhedged) represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/204
Company	% of Net Assets			Line of Business	Country
Nestle SA (Registered)		3.3	%	Food, Beverage & Tobacco	Switzerland
Roche Holding AG		2.0		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Novartis AG (Registered)		1.7		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Sanofi		1.7		Pharmaceuticals, Biotechnology & Life Sciences	France
National Australia Bank Ltd.		1.7		Banks	Australia
Unilever NV		1.6		Household & Personal Products	United Kingdom
Zurich Insurance Group AG		1.4		Insurance	Switzerland
Toyota Motor Corp.		1.4		Automobiles & Components	Japan
SAP SE		1.4		Software & Services	Germany
AstraZeneca plc		1.3		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

4

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2020

⁵  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. 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.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

5

FUND BASICS

U.S. Tax-Managed Equity Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Russell 3000® Index2
Class A		-3.13	%		-3.48	%
Class C		-3.48			-3.48
Institutional		-2.98			-3.48
Service		-3.23			-3.48
Investor		-3.01			-3.48
Class R6		-2.97			-3.48
Class P		-2.97			-3.48

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

²  The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/203
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.5	%	Technology Hardware & Equipment
Microsoft Corp.		4.8		Software & Services
Amazon.com, Inc.		4.6		Retailing
Facebook, Inc. Class A		1.9		Media & Entertainment
PayPal Holdings, Inc.		1.9		Software & Services
AbbVie, Inc.		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Sherwin-Williams Co. (The)		1.5		Materials
NVIDIA Corp.		1.5		Semiconductors & Semiconductor Equipment
Alphabet, Inc. Class A		1.5		Media & Entertainment
Alphabet, Inc. Class C		1.4		Media & Entertainment

³  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴  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 0.3% of the Fund’s net assets at June 30, 2020.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

7

FUND BASICS

International Tax-Managed Equity Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2
Class A		-9.49	%		-11.34	%
Class C		-9.82			-11.34
Institutional		-9.33			-11.34
Investor		-9.33			-11.34
Class R6		-9.29			-11.34
Class P		-9.28			-11.34

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

²  The MSCI EAFE Index (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an 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.

TOP TEN HOLDINGS AS OF 6/30/203
Holding	% of Net Assets			Line of Business
Nestle SA (Registered)		3.1	%	Food, Beverage & Tobacco
Roche Holding AG		2.6		Pharmaceuticals, Biotechnology & Life Sciences
Novartis AG (Registered)		1.9		Pharmaceuticals, Biotechnology & Life Sciences
Novo Nordisk A/S Class B		1.7		Pharmaceuticals, Biotechnology & Life Sciences
Siemens AG (Registered)		1.5		Capital Goods
ASML Holding NV		1.4		Semiconductors & Semiconductor Equipment
Schneider Electric SE		1.4		Capital Goods
Commonwealth Bank of Australia		1.3		Banks
Allianz SE (Registered)		1.2		Insurance
Enel SpA		1.1		Utilities

³  The top 10 holdings may not be representative of the Fund’s future investments.

8

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴  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 0.0% of the Fund’s net assets at June 30, 2020.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

9

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 101.1%
Automobiles & Components – 0.2%
	43,519	Gentex Corp.	$	1,121,485
	4,092	Tesla, Inc.*		4,418,582
	2,072	Thor Industries, Inc.		220,730
				5,760,797
Banks – 4.1%
	18,625	Bank of America Corp.		442,344
	72,100	Citigroup, Inc.		3,684,310
	3,600	First Horizon National Corp.		35,856
	15,500	FNB Corp.		116,250
	620,300	Huntington Bancshares, Inc.		5,604,410
	348,029	JPMorgan Chase & Co.(a)(b)		32,735,608
	828,999	New York Community Bancorp, Inc.(b)		8,455,790
	560,400	PacWest Bancorp		11,045,484
	1,053,099	People’s United Financial, Inc.(b)		12,184,355
	22,000	Synovus Financial Corp.		451,660
	5,100	TCF Financial Corp.		150,042
	90,300	Truist Financial Corp.		3,390,765
	361,600	Umpqua Holdings Corp.		3,847,424
	400	Webster Financial Corp.		11,444
	818,898	Wells Fargo & Co.		20,963,789
				103,119,531
Capital Goods – 6.6%
	105,768	3M Co.		16,498,750
	960	AECOM*		36,077
	700	Air Lease Corp.		20,503
	62,218	Boeing Co. (The)		11,404,559
	91,787	Caterpillar, Inc.		11,611,056
	665	Crane Co.		39,541
	40,462	Cummins, Inc.		7,010,446
	1,841	Donaldson Co., Inc.		85,643
	147,062	Eaton Corp. plc		12,864,984
	121,861	Emerson Electric Co.		7,559,038
	220,298	Fastenal Co.		9,437,566
	103,224	Honeywell International, Inc.		14,925,158
	2,922	Hubbell, Inc.		366,302
	72,050	Illinois Tool Works, Inc.		12,597,943
	226,938	Johnson Controls International plc		7,747,663
	37,701	L3Harris Technologies, Inc.		6,396,729
	600	Lincoln Electric Holdings, Inc.		50,544
	62,834	Lockheed Martin Corp.		22,929,383
	38,300	MSC Industrial Direct Co., Inc. Class A		2,788,623
	2,143	nVent Electric plc		40,138
	18,234	Owens Corning		1,016,728
	158,730	Raytheon Technologies Corp.		9,780,943
	3,252	Timken Co. (The)		147,934
	24,056	Trinity Industries, Inc.		512,152
	53,199	Watsco, Inc.		9,453,462
	854	Woodward, Inc.		66,228
				165,388,093
Commercial & Professional Services – 0.2%
	1,516	CoStar Group, Inc.*		1,077,376
Common Stocks – (continued)
Commercial & Professional Services – (continued)
	329,699	KAR Auction Services, Inc.		4,536,658
	1,784	TransUnion		155,279
				5,769,313
Consumer Durables & Apparel – 0.9%
	2,436	Capri Holdings Ltd.*		38,081
	141,627	Leggett & Platt, Inc.		4,978,189
	727	Lennar Corp. Class B		33,508
	8,437	Lululemon Athletica, Inc.*		2,632,428
	118,400	NIKE, Inc. Class B		11,609,120
	500	Polaris, Inc.		46,275
	9,869	Tempur Sealy International, Inc.*		710,075
	62,120	Toll Brothers, Inc.		2,024,491
				22,072,167
Consumer Services – 1.3%
	11,871	Aramark		267,929
	8,027	Choice Hotels International, Inc.		633,330
	78,702	Extended Stay America, Inc.		880,675
	194,719	H&R Block, Inc.		2,780,587
	7,417	Hilton Grand Vacations, Inc.*		145,002
	11,719	Hyatt Hotels Corp. Class A		589,349
	262,447	International Game Technology plc		2,335,778
	88,565	Las Vegas Sands Corp.		4,033,250
	72,637	McDonald’s Corp.		13,399,348
	15,465	Planet Fitness, Inc. Class A*		936,715
	4,920	Service Corp. International		191,339
	81,600	Six Flags Entertainment Corp.		1,567,536
	18,477	Wendy’s Co. (The)		402,429
	134,000	Wyndham Destinations, Inc.		3,776,120
	14,043	Wyndham Hotels & Resorts, Inc.		598,513
				32,537,900
Diversified Financials – 3.9%
	9,698	Ally Financial, Inc.		192,311
	89,260	American Express Co.		8,497,552
	164,626	Berkshire Hathaway, Inc. Class B*		29,387,387
	17,200	BlackRock, Inc.		9,358,348
	1,400	Eaton Vance Corp.		54,040
	7,600	Equitable Holdings, Inc.		146,604
	1,191,404	Invesco Ltd.		12,819,507
	479,900	Janus Henderson Group plc		10,154,684
	1,100	Jefferies Financial Group, Inc.		17,105
	3,373	KKR & Co., Inc.		104,158
	56,200	Legg Mason, Inc.		2,795,950
	370,202	Navient Corp.		2,602,520
	6,183	OneMain Holdings, Inc.		151,731
	21,607	S&P Global, Inc.		7,119,074
	70,501	Santander Consumer USA Holdings, Inc.(c)		1,297,924
	86,800	T. Rowe Price Group, Inc.		10,719,800
	1,618	TD Ameritrade Holding Corp.		58,863
	75,000	Virtu Financial, Inc. Class A		1,770,000
				97,247,558

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Energy – 2.1%
	237,098	Chevron Corp.	$	21,156,254
	412,319	Exxon Mobil Corp.(b)		18,438,906
	445,300	Kinder Morgan, Inc.		6,755,201
	202,200	ONEOK, Inc.		6,717,084
				53,067,445
Food & Staples Retailing – 1.4%
35,754		Costco Wholesale Corp.	10,840,970
	88,300	Sysco Corp.		4,826,478
	102,500	Walgreens Boots Alliance, Inc.		4,344,975
	133,141	Walmart, Inc.		15,947,629
				35,960,052
Food, Beverage & Tobacco – 3.7%
	322,159	Altria Group, Inc.		12,644,741
	59,900	Bunge Ltd.		2,463,687
	551,700	Coca-Cola Co. (The)(a)		24,649,956
	45,800	Flowers Foods, Inc.		1,024,088
	185,934	General Mills, Inc.		11,462,831
	15,800	Keurig Dr Pepper, Inc.		448,720
	355,200	Kraft Heinz Co. (The)		11,327,328
	154,382	PepsiCo, Inc.		20,418,563
	110,854	Philip Morris International, Inc.		7,766,431
				92,206,345
Health Care Equipment & Services – 5.7%
	237,242	Abbott Laboratories		21,691,036
	48,179	Anthem, Inc.		12,670,113
	29,268	Becton Dickinson and Co.		7,002,954
	26,368	Change Healthcare, Inc.*		295,322
	209,678	CVS Health Corp.		13,622,780
	10,401	DexCom, Inc.*		4,216,565
	85,884	Edwards Lifesciences Corp.*		5,935,443
	33,298	Encompass Health Corp.		2,062,145
	7,143	Envista Holdings Corp.*		150,646
	3,300	Guardant Health, Inc.*		267,729
	8,883	Hill-Rom Holdings, Inc.		975,176
	11,900	Insulet Corp.*		2,311,694
	218,753	Medtronic plc		20,059,650
	5,115	Molina Healthcare, Inc.*		910,368
	4,141	Penumbra, Inc.*		740,494
	68,640	Stryker Corp.		12,368,242
	123,177	UnitedHealth Group, Inc.(a)		36,331,056
	1,563	Veeva Systems, Inc. Class A*		366,398
				141,977,811
Household & Personal Products – 1.9%
	86,698	Kimberly-Clark Corp.		12,254,762
	7,900	Nu Skin Enterprises, Inc. Class A		302,017
	282,498	Procter & Gamble Co. (The)(a)		33,778,286
				46,335,065
Insurance – 1.8%
	143,800	Fidelity National Financial, Inc.		4,408,908
	47,300	First American Financial Corp.		2,271,346
	51,900	Marsh & McLennan Cos., Inc.		5,572,503
Common Stocks – (continued)
Insurance – (continued)
	200,699	Mercury General Corp.		8,178,484
	175,001	MetLife, Inc.		6,391,037
	384,106	Old Republic International Corp.		6,264,769
	142,799	Principal Financial Group, Inc.		5,931,870
	83,600	Prudential Financial, Inc.		5,091,240
				44,110,157
Materials – 2.9%
	49,426	Air Products and Chemicals, Inc.		11,934,402
	600	Ardagh Group SA		7,746
	56,601	Domtar Corp.		1,194,847
	371,449	Dow, Inc.		15,140,261
	7,604	Graphic Packaging Holding Co.		106,380
	209,699	International Paper Co.		7,383,502
	59,019	Linde plc		12,518,520
	128,499	LyondellBasell Industries NV Class A		8,444,954
	76,280	Newmont Corp.		4,709,527
	3,799	Reliance Steel & Aluminum Co.		360,639
	1,600	Royal Gold, Inc.		198,912
	823	RPM International, Inc.		61,775
	300	Sonoco Products Co.		15,687
	134,200	Southern Copper Corp.		5,337,134
	13,603	Steel Dynamics, Inc.		354,902
	131,100	WestRock Co.		3,704,886
				71,474,074
Media & Entertainment – 8.7%
	88,952	Activision Blizzard, Inc.		6,751,457
	35,235	Alphabet, Inc. Class A*		49,964,992
	22,899	Alphabet, Inc. Class C*(a)		32,370,255
	63,797	Cinemark Holdings, Inc.		736,855
	542,319	Comcast Corp. Class A		21,139,595
	226,494	Facebook, Inc. Class A*		51,429,993
	376,701	Interpublic Group of Cos., Inc. (The)		6,464,189
	6,761	Liberty Broadband Corp. Class A*		826,127
	2,400	Liberty Broadband Corp. Class C*		297,504
	20,901	Match Group, Inc.*(c)		2,237,377
	50,323	Netflix, Inc.*		22,898,978
	11,493	Nexstar Media Group, Inc. Class A		961,849
	3,428	Roku, Inc.*		399,465
	88,842	Sirius XM Holdings, Inc.		521,502
	52,600	Snap, Inc. Class A*		1,235,574
	700	ViacomCBS, Inc. Class A		17,920
	149,650	Walt Disney Co. (The)		16,687,471
	2,346	World Wrestling Entertainment, Inc. Class A		101,934
	1,475	Zillow Group, Inc. Class A*		84,783
	16,702	Zillow Group, Inc. Class C*		962,202
				216,090,022
Pharmaceuticals, Biotechnology & Life Sciences – 8.7%
	286,686	AbbVie, Inc.(a)(b)		28,146,831
	5,800	Adaptive Biotechnologies Corp.*		280,604
	3,922	Agios Pharmaceuticals, Inc.*		209,749
	7,745	Alnylam Pharmaceuticals, Inc.*		1,147,112
	82,202	Amgen, Inc.		19,388,164

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	234	BioMarin Pharmaceutical, Inc.*	$	28,862
	1,461	Bio-Rad Laboratories, Inc. Class A*		659,627
	432	Bio-Techne Corp.		114,078
	888	Bluebird Bio, Inc.*		54,203
	371,401	Bristol-Myers Squibb Co.(a)		21,838,379
	7,653	Bruker Corp.		311,324
	6,275	Charles River Laboratories International, Inc.*		1,094,046
	105,378	Eli Lilly and Co.		17,300,960
	7,608	Exact Sciences Corp.*		661,440
	201,994	Gilead Sciences, Inc.		15,541,418
	269,434	Johnson & Johnson		37,890,503
	279,453	Merck & Co., Inc.		21,610,100
	3,585	Moderna, Inc.*		230,193
	901,999	Pfizer, Inc.		29,495,367
	15,731	QIAGEN NV*		673,444
	1,420	Sage Therapeutics, Inc.*		59,044
	1,790	Sarepta Therapeutics, Inc.*		287,009
	2,687	Seattle Genetics, Inc.*		456,575
	54,196	Thermo Fisher Scientific, Inc.		19,637,379
				217,116,411
Real Estate Investment Trusts – 2.9%
	1,028	American Campus Communities, Inc.		35,939
	37,591	American Homes 4 Rent Class A		1,011,198
	51,401	American Tower Corp.		13,289,215
	1,797	Brandywine Realty Trust		19,569
	3,320	Brixmor Property Group, Inc.		42,562
	16,087	Camden Property Trust		1,467,456
	2,310	Columbia Property Trust, Inc.		30,353
	4,376	Corporate Office Properties Trust		110,888
	4,458	Cousins Properties, Inc.		132,982
	57,400	Crown Castle International Corp.		9,605,890
	7,278	Douglas Emmett, Inc.		223,143
	1,403	EPR Properties		46,481
	7,600	Equinix, Inc.		5,337,480
	55,100	Equity LifeStyle Properties, Inc.		3,442,648
	4,970	Gaming and Leisure Properties, Inc.		171,962
	7,526	Healthcare Trust of America, Inc. Class A		199,589
	5,802	Highwoods Properties, Inc.		216,589
	864	Howard Hughes Corp. (The)*		44,885
	12,497	Hudson Pacific Properties, Inc.		314,424
	94,600	Invitation Homes, Inc.		2,604,338
	4,161	Kilroy Realty Corp.		244,251
	356	Lamar Advertising Co. Class A		23,767
	3,714	Macerich Co. (The)		33,315
	37,320	Medical Properties Trust, Inc.		701,616
	5,568	National Retail Properties, Inc.		197,468
	2,135	Outfront Media, Inc.		30,253
	8,383	Park Hotels & Resorts, Inc.		82,908
	150,727	Prologis, Inc.		14,067,351
	42,500	SBA Communications Corp.		12,661,600
	1,781	Spirit Realty Capital, Inc.		62,086
	3,591	STORE Capital Corp.		85,502
	29,093	Sun Communities, Inc.		3,947,338
Common Stocks – (continued)
Real Estate Investment Trusts – (continued)
	57,863	VEREIT, Inc.		372,059
	1,280	WP Carey, Inc.		86,592
				70,943,697
Retailing – 7.9%
	42,086	Amazon.com, Inc.*(a)(b)		116,107,699
	5,307	Burlington Stores, Inc.*		1,045,107
	6,675	Carvana Co.*(c)		802,335
	24,300	Etsy, Inc.*		2,581,389
	5,281	Five Below, Inc.*		564,592
	40,500	Foot Locker, Inc.		1,180,980
	6,781	Grubhub, Inc.*		476,704
	172,176	Home Depot, Inc. (The)		43,131,810
	164,700	Kohl’s Corp.		3,420,819
	114,399	Lowe’s Cos., Inc.		15,457,593
	2,418	MercadoLibre, Inc.*		2,383,592
	10,000	Penske Automotive Group, Inc.		387,100
	467	Pool Corp.		126,963
	44,615	Target Corp.		5,350,677
	3,962	Wayfair, Inc. Class A*		782,931
	33,000	Williams-Sonoma, Inc.		2,706,330
				196,506,621
Semiconductors & Semiconductor Equipment – 5.5%
	127,317	Advanced Micro Devices, Inc.*		6,698,147
	81,790	Broadcom, Inc.		25,813,742
	494	Cree, Inc.*		29,240
	408,309	Intel Corp.		24,429,128
	24,653	Lam Research Corp.		7,974,259
	66,000	Marvell Technology Group Ltd.		2,313,960
	183,501	Maxim Integrated Products, Inc.		11,121,996
	64,400	NVIDIA Corp.		24,466,204
	151,097	QUALCOMM, Inc.		13,781,557
	2,144	Teradyne, Inc.		181,189
	163,150	Texas Instruments, Inc.(a)		20,715,156
				137,524,578
Software & Services – 14.9%
	69,100	Accenture plc Class A		14,837,152
	37,491	Adobe, Inc.*		16,320,207
	11,000	Alteryx, Inc. Class A*		1,807,080
	12,000	Atlassian Corp. plc Class A*		2,163,240
	89,008	Automatic Data Processing, Inc.		13,252,401
	12,836	Booz Allen Hamilton Holding Corp.		998,513
	10,500	Coupa Software, Inc.*		2,908,920
	6,068	DocuSign, Inc.*		1,044,970
	110,072	Fidelity National Information Services, Inc.		14,759,555
	4,800	FireEye, Inc.*		58,440
	9,600	HubSpot, Inc.*		2,153,760
	176,501	International Business Machines Corp.		21,316,026
	25,300	Intuit, Inc.		7,493,607
	84,200	Mastercard, Inc. Class A		24,897,940
	725,633	Microsoft Corp.(a)(b)		147,673,572
	3,622	MongoDB, Inc.*		819,804
	2,527	Okta, Inc.*		505,981

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Shares				Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	189,000			Paychex, Inc.	$	14,316,750
	3,000			Paylocity Holding Corp.*		437,670
	1,400			RingCentral, Inc. Class A*		399,014
	89,849			salesforce.com, Inc.*		16,831,413
	27,362			ServiceNow, Inc.*		11,083,252
	19,100			Splunk, Inc.*		3,795,170
	12,510			Square, Inc. Class A*		1,312,799
	13,087			Switch, Inc. Class A		233,210
	4,600			Trade Desk, Inc. (The) Class A*		1,869,900
	13,600			Twilio, Inc. Class A*		2,984,112
	176,255			Visa, Inc. Class A		34,047,178
	312,199			Western Union Co. (The)		6,749,742
	6,400			Workday, Inc. Class A*		1,199,104
	12,700			Zendesk, Inc.*		1,124,331
	2,900			Zscaler, Inc.*		317,550
						369,712,363
Technology Hardware & Equipment – 8.1%
	413,189			Apple, Inc.(a)		150,731,347
	500			Avnet, Inc.		13,942
	3,582			Ciena Corp.*		194,001
	579,848			Cisco Systems, Inc.(a)		27,044,111
	244,181			Corning, Inc.		6,324,288
	3,014			Dolby Laboratories, Inc. Class A		198,532
	30,759			Flex Ltd.*		315,280
	1,400			Jabil, Inc.		44,912
	28,930			National Instruments Corp.		1,119,880
	107,900			NetApp, Inc.		4,787,523
	118,899			Seagate Technology plc		5,755,901
	99,300			Western Digital Corp.		4,384,095
						200,913,812
Telecommunication Services – 2.4%
	1,168,228			AT&T, Inc.(a)		35,315,533
	421,602			Verizon Communications, Inc.(b)		23,242,918
						58,558,451
Transportation – 2.1%
	51,084			JetBlue Airways Corp.*		556,816
	12,400			Knight-Swift Transportation Holdings, Inc.		517,204
	29,724			Lyft, Inc. Class A*		981,189
	42,346			Norfolk Southern Corp.		7,434,687
	17,982			Uber Technologies, Inc.*		558,881
	129,662			Union Pacific Corp.		21,921,954
	176,398			United Parcel Service, Inc. Class B		19,611,930
						51,582,661
Utilities – 3.2%
	294,897			Dominion Energy, Inc.		23,939,738
	263,300			Duke Energy Corp.		21,035,037
	20,568			NextEra Energy, Inc.		4,939,817
	572,601			PPL Corp.		14,796,010
	267,801			Southern Co. (The)		13,885,482
						78,596,084
	TOTAL COMMON STOCKS
	(Cost $2,159,018,289)				$	2,514,571,008
Shares		Dividend Rate			Value
Investment Company(d) – 0.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
11,050,476			0.155	%	$	11,050,476
(Cost $11,050,476)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,170,068,765)					$	2,525,621,484
Securities Lending Reinvestment Vehicle(d) – 0.2%
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,093,895			0.155	%	$	4,093,895
(Cost $4,093,895)
TOTAL INVESTMENTS – 101.7%
(Cost $2,174,162,660)					$	2,529,715,379
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.7)%						(43,040,473	)
NET ASSETS – 100.0%					$	2,486,674,906

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 call options written.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Currency Abbreviation:
USD	—United States Dollar

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
S&P 500 E-Mini Index		(98	)		09/18/2020	$	(15,141,980	)	$	(325,296	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2020, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Written options contracts:
Calls
S&P 500 Index	Morgan Stanley Co., Inc		2,975 USD		07/31/2020		614	$	(190,357,806	)	$	(10,444,140	)	$	(7,874,372	)	$	(2,569,768	)
			3,080 USD		07/31/2020		72		(22,322,088	)		(690,840	)		(690,796	)		(44	)
			3,080 USD		08/31/2020		729		(226,011,141	)		(9,604,575	)		(8,869,655	)		(734,920	)
			3,135 USD		09/30/2020		690		(213,920,010	)		(8,756,100	)		(8,897,620	)		141,520
Total written options contracts							2,105				$	(29,495,655	)	$	(26,332,443	)	$	(3,163,212	)

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 97.9%
Australia – 7.9%
	80,836	AGL Energy Ltd. (Utilities)	$	956,303
	1,205,749	Alumina Ltd. (Materials)		1,374,301
	64,974	APA Group (Utilities)		502,400
	221,118	Aurizon Holdings Ltd. (Transportation)		752,437
	31,766	Australia & New Zealand Banking Group Ltd. (Banks)		412,169
	114,612	Bendigo & Adelaide Bank Ltd. (Banks)		559,727
	153,774	Boral Ltd. (Materials)		408,824
	56,834	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		342,338
	1,349	Commonwealth Bank of Australia (Banks)		65,149
	2,304	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		458,240
	137,234	Fortescue Metals Group Ltd. (Materials)		1,334,144
	81,175	Glencore plc (Materials)*(a)		172,921
	258,954	National Australia Bank Ltd. (Banks)		3,281,560
	14,906	Rio Tinto Ltd. (Materials)		1,020,668
	11,619	Rio Tinto plc (Materials)		653,877
	45,276	Rio Tinto plc ADR (Materials)(b)		2,543,606
	13,841	Sonic Healthcare Ltd. (Health Care Equipment & Services)		292,278
	8,233	Wesfarmers Ltd. (Retailing)		255,982
	8,647	Westpac Banking Corp. (Banks)		108,376
				15,495,300
Austria – 0.0%
	2,796	voestalpine AG (Materials)(a)		60,381
Belgium – 1.0%
	13,897	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)		685,073
	5,288	KBC Group NV (Banks)(a)		303,802
	48,012	Proximus SADP (Telecommunication Services)		978,345
				1,967,220
Colombia – 0.1%
	5,999	Millicom International Cellular SA SDR (Telecommunication Services)		157,926
Denmark – 1.7%
	6,159	Coloplast A/S Class B (Health Care Equipment & Services)		959,708
	27,650	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,801,335
	20,100	Tryg A/S (Insurance)		583,992
				3,345,035
Finland – 2.4%
	8,544	Kone OYJ Class B (Capital Goods)		589,275
	50,367	Metso OYJ (Capital Goods)(a)		1,655,239
	7,263	Neste OYJ (Energy)		285,262
Common Stocks – (continued)
Finland – (continued)
	20,950	Nokian Renkaat OYJ (Automobiles & Components)		460,511
	49,542	Sampo OYJ Class A (Insurance)(a)		1,707,635
				4,697,922
France – 10.7%
	7,477	Air Liquide SA (Materials)		1,081,076
	10,016	Airbus SE (Capital Goods)*		717,685
	1,996	Amundi SA (Diversified Financials)*(c)		156,912
	35,956	AXA SA (Insurance)		756,620
	20,727	BNP Paribas SA (Banks)*		828,127
	5,936	Capgemini SE (Software & Services)(a)		685,023
	6,632	Cie de Saint-Gobain (Capital Goods)*		239,289
	4,050	CNP Assurances (Insurance)*		46,974
	52,323	Credit Agricole SA (Banks)*		496,843
	10,779	Danone SA (Food, Beverage & Tobacco)		748,205
	1,122	Dassault Systemes SE (Software & Services)		194,771
	16,716	Edenred (Software & Services)		733,133
	121,647	Eutelsat Communications SA (Media & Entertainment)		1,125,275
	1,959	Kering SA (Consumer Durables & Apparel)(a)		1,071,023
	2,385	L’Oreal SA (Household & Personal Products)(a)		769,751
	5,717	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)(a)		2,524,028
	37,912	Peugeot SA (Automobiles & Components)*		621,724
	5,414	Publicis Groupe SA (Media & Entertainment)		175,874
	5,982	Safran SA (Capital Goods)*		601,737
	32,860	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(a)		3,351,217
	13,566	Schneider Electric SE (Capital Goods)(a)		1,509,038
	23,754	Societe Generale SA (Banks)*(a)		397,160
	12,099	Suez SA (Utilities)		142,207
	41,224	TOTAL SA (Energy)(a)		1,589,533
	2,233	Valeo SA (Automobiles & Components)		58,896
	2,008	Vinci SA (Capital Goods)		186,121
	2,168	Worldline SA (Software & Services)*(c)		189,027
				20,997,269
Germany – 9.2%
	1,376	Allianz SE (Registered) (Insurance)		281,175
	52,629	Aroundtown SA (Real Estate)*		301,659
	36,480	BASF SE (Materials)(a)		2,049,058
	17,262	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)(a)		1,279,521
	13,633	Bayerische Motoren Werke AG (Automobiles & Components)(a)		870,340
	19,537	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)(d)		949,051

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	1,439	Carl Zeiss Meditec AG (Health Care Equipment & Services)	$	140,119
	10,619	Covestro AG (Materials)(c)		404,459
	1,251	Delivery Hero SE (Retailing)*(c)		128,562
	43,730	Deutsche Post AG (Registered) (Transportation)(a)		1,605,761
	29,082	Deutsche Telekom AG (Registered) (Telecommunication Services)		487,974
	51,998	E.ON SE (Utilities)		586,937
	15,809	Evonik Industries AG (Materials)(a)		402,656
	9,798	GEA Group AG (Capital Goods)		310,972
	11,842	HOCHTIEF AG (Capital Goods)		1,053,694
	5,323	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		124,730
	31,662	METRO AG (Food & Staples Retailing)		300,478
	762	MTU Aero Engines AG (Capital Goods)		132,324
	2,629	Porsche Automobil Holding SE (Preference) (Automobiles & Components)*(d)		152,268
	2,764	Puma SE (Consumer Durables & Apparel)*		214,307
	19,360	SAP SE (Software & Services)(a)		2,706,325
	689	Sartorius AG (Preference) (Health Care Equipment & Services)(d)		227,403
	11,222	Siemens AG (Registered) (Capital Goods)		1,323,491
	3,648	Siemens Healthineers AG (Health Care Equipment & Services)(c)		175,353
	3,186	Volkswagen AG (Preference) (Automobiles & Components)(d)		484,272
	19,924	Vonovia SE (Real Estate)(a)		1,217,816
				17,910,705
Hong Kong – 3.0%
	117,600	AIA Group Ltd. (Insurance)		1,100,454
	17,900	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		189,167
	101,000	Hang Lung Properties Ltd. (Real Estate)		240,105
	13,310	Henderson Land Development Co. Ltd. (Real Estate)		50,760
	118,094	Hong Kong & China Gas Co. Ltd. (Utilities)		183,538
	35,996	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		1,533,132
	4,600	Jardine Matheson Holdings Ltd. (Capital Goods)		192,330
	2,200	Jardine Strategic Holdings Ltd. (Capital Goods)		47,457
	208,900	Link REIT (REIT)		1,715,104
	48,274	MTR Corp. Ltd. (Transportation)		251,061
	22,902	Sino Land Co. Ltd. (Real Estate)		28,976
	500	Sun Hung Kai Properties Ltd. (Real Estate)		6,388
	400	Swire Properties Ltd. (Real Estate)		1,021
Common Stocks – (continued)
Hong Kong – (continued)
	24,000	Techtronic Industries Co. Ltd. (Capital Goods)		237,469
				5,776,962
Ireland – 0.4%
	24,567	CRH plc (Materials)(a)		845,603
Israel – 0.2%
	13,690	ICL Group Ltd. (Materials)		40,778
	1,180	Wix.com Ltd. (Software & Services)*		302,340
				343,118
Italy – 1.2%
	11,499	Assicurazioni Generali SpA (Insurance)		174,673
	4,925	Eni SpA (Energy)(a)		47,211
	842,960	Intesa Sanpaolo SpA (Banks)*(a)		1,619,909
	110,623	Snam SpA (Utilities)		539,304
				2,381,097
Japan – 25.2%
	2,400	ABC-Mart, Inc. (Retailing)		140,792
	2,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)		136,969
	17,600	AEON Financial Service Co. Ltd. (Diversified Financials)		193,034
	13,000	AGC, Inc. (Capital Goods)		372,704
	10,500	Alfresa Holdings Corp. (Health Care Equipment & Services)		220,094
	26,000	Aozora Bank Ltd. (Banks)		453,366
	41,000	Asahi Kasei Corp. (Materials)		335,617
	7,100	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		118,567
	2,300	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)		121,068
	47,500	Bridgestone Corp. (Automobiles & Components)		1,533,084
	3,500	Canon, Inc. (Technology Hardware & Equipment)		69,818
	7,900	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		137,820
	20,400	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,092,216
	31,100	Chugoku Electric Power Co., Inc. (The) (Utilities)		414,627
	13,900	Daicel Corp. (Materials)		107,730
	9,700	Dai-ichi Life Holdings, Inc. (Insurance)		116,109
	12,300	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,006,037
	2,800	Daikin Industries Ltd. (Capital Goods)		453,040
	8,600	Daito Trust Construction Co. Ltd. (Real Estate)		792,588
	13,700	Daiwa House Industry Co. Ltd. (Real Estate)		323,524
	132,700	Daiwa Securities Group, Inc. (Diversified Financials)		557,460

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	2,900	Denso Corp. (Automobiles & Components)	$	113,729
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)		365,833
	11,500	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		913,663
	3,900	FANUC Corp. (Capital Goods)		699,153
	200	Fast Retailing Co. Ltd. (Retailing)		114,954
	2,600	Fuji Electric Co. Ltd. (Capital Goods)		71,562
	1,300	Hikari Tsushin, Inc. (Retailing)		297,243
	30,400	Hino Motors Ltd. (Capital Goods)		206,252
	1,916	Hirose Electric Co. Ltd. (Technology Hardware & Equipment)		210,393
	1,400	Hitachi Ltd. (Technology Hardware & Equipment)		44,499
	6,700	Hitachi Metals Ltd. (Materials)		80,305
	17,000	Honda Motor Co. Ltd. (Automobiles & Components)		435,092
	3,500	Hoya Corp. (Health Care Equipment & Services)		335,157
	3,700	Hulic Co. Ltd. (Real Estate)		34,932
	3,200	Idemitsu Kosan Co. Ltd. (Energy)		68,295
	5,500	IHI Corp. (Capital Goods)		79,798
	3,100	Isuzu Motors Ltd. (Automobiles & Components)		28,171
	55,800	ITOCHU Corp. (Capital Goods)		1,207,391
	33,400	Japan Exchange Group, Inc. (Diversified Financials)		773,542
	62,900	Japan Post Holdings Co. Ltd. (Insurance)		448,897
	11,200	Japan Post Insurance Co. Ltd. (Insurance)		147,575
	31,100	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		577,613
	6,400	JSR Corp. (Materials)		124,159
	8,500	JTEKT Corp. (Automobiles & Components)		66,370
	9,300	Kakaku.com, Inc. (Media & Entertainment)		236,910
	7,100	Kao Corp. (Household & Personal Products)		563,441
	7,700	Kawasaki Heavy Industries Ltd. (Capital Goods)		111,216
	22,000	KDDI Corp. (Telecommunication Services)		656,417
	300	Keyence Corp. (Technology Hardware & Equipment)		125,718
	6,400	Kikkoman Corp. (Food, Beverage & Tobacco)		309,105
	5,200	Kintetsu Group Holdings Co. Ltd. (Transportation)		233,321
	38,100	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		803,139
	41,200	Komatsu Ltd. (Capital Goods)		843,798
	6,400	Konica Minolta, Inc. (Technology Hardware & Equipment)		22,257
	3,100	Kose Corp. (Household & Personal Products)		375,246
Common Stocks – (continued)
Japan – (continued)
	7,300	Kyushu Railway Co. (Transportation)		189,681
	7,700	Lawson, Inc. (Food & Staples Retailing)		387,314
	9,700	M3, Inc. (Health Care Equipment & Services)		412,067
	2,100	Makita Corp. (Capital Goods)		76,365
	21,700	Marubeni Corp. (Capital Goods)		98,570
	11,600	Marui Group Co. Ltd. (Retailing)		209,836
	144,800	Mitsubishi Chemical Holdings Corp. (Materials)		844,425
	20,200	Mitsubishi Corp. (Capital Goods)		426,861
	23,400	Mitsubishi Electric Corp. (Capital Goods)		305,634
	4,500	Mitsubishi Heavy Industries Ltd. (Capital Goods)		106,245
	100	Mitsubishi Materials Corp. (Materials)		2,112
	153,900	Mitsubishi UFJ Financial Group, Inc. (Banks)		605,677
	13,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		377,280
	12,600	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		742,751
	8,200	Nabtesco Corp. (Capital Goods)		253,767
	3,900	NEC Corp. (Software & Services)		187,378
	10,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)		146,604
	400	Nidec Corp. (Capital Goods)		26,948
	5,600	Nikon Corp. (Consumer Durables & Apparel)		47,031
	1,900	Nintendo Co. Ltd. (Media & Entertainment)		849,431
	6,600	Nippon Express Co. Ltd. (Transportation)		342,233
	200	Nippon Paint Holdings Co. Ltd. (Materials)		14,587
	79	Nippon Prologis REIT, Inc. (REIT)		237,023
	11,600	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		173,207
	7,100	Nitto Denko Corp. (Materials)		402,500
	3,700	Nomura Real Estate Holdings, Inc. (Real Estate)		68,884
	24,900	Nomura Research Institute Ltd. (Software & Services)		680,087
	50,900	NSK Ltd. (Capital Goods)		379,848
	6,400	NTT DOCOMO, Inc. (Telecommunication Services)		169,907
	4,200	Obic Co. Ltd. (Software & Services)		740,204
	300	Odakyu Electric Railway Co. Ltd. (Transportation)		7,367
	7,400	Olympus Corp. (Health Care Equipment & Services)		142,468
	2,300	Omron Corp. (Technology Hardware & Equipment)		154,050
	3,400	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		99,234
	5,400	Otsuka Corp. (Software & Services)		285,205

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	2,400	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	104,597
	55,400	Panasonic Corp. (Consumer Durables & Apparel)		485,805
	22,500	Park24 Co. Ltd. (Commercial & Professional Services)		385,764
	4,000	Pola Orbis Holdings, Inc. (Household & Personal Products)		69,834
	22,300	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		766,901
	49,100	Resona Holdings, Inc. (Banks)		168,015
	1,000	Ryohin Keikaku Co. Ltd. (Retailing)		14,224
	17,100	Seiko Epson Corp. (Technology Hardware & Equipment)		195,892
	57,000	Sekisui House Ltd. (Consumer Durables & Apparel)		1,088,253
	67,800	Seven Bank Ltd. (Banks)		185,828
	6,900	Shimadzu Corp. (Technology Hardware & Equipment)		184,211
	5,200	Shin-Etsu Chemical Co. Ltd. (Materials)		610,280
	5,700	Shiseido Co. Ltd. (Household & Personal Products)		363,208
	166,500	Softbank Corp. (Telecommunication Services)		2,122,248
	19,500	SoftBank Group Corp. (Telecommunication Services)		983,340
	3,800	Sompo Holdings, Inc. (Insurance)		130,816
	7,500	Sony Corp. (Consumer Durables & Apparel)		517,726
	42,200	Subaru Corp. (Automobiles & Components)		883,654
	59,000	Sumitomo Chemical Co. Ltd. (Materials)		177,519
	112,000	Sumitomo Corp. (Capital Goods)		1,288,161
	4,200	Sumitomo Metal Mining Co. Ltd. (Materials)		118,313
	8,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		251,174
	300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		8,454
	6,200	Sysmex Corp. (Health Care Equipment & Services)		475,922
	8,600	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		308,981
	1,000	TDK Corp. (Technology Hardware & Equipment)		99,551
	42,600	Tohoku Electric Power Co., Inc. (Utilities)		404,682
	10,900	Tokio Marine Holdings, Inc. (Insurance)		477,126
	4,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,184,370
	300	Tokyo Gas Co. Ltd. (Utilities)		7,183
	41,800	Tokyu Fudosan Holdings Corp. (Real Estate)		196,647
Common Stocks – (continued)
Japan – (continued)
	4,600	TOTO Ltd. (Capital Goods)		176,863
	3,800	Toyoda Gosei Co. Ltd. (Automobiles & Components)		79,396
	43,820	Toyota Motor Corp. (Automobiles & Components)		2,755,581
	2,800	Trend Micro, Inc. (Software & Services)		156,477
	57,500	USS Co. Ltd. (Retailing)		921,746
	3,000	Yamaha Corp. (Consumer Durables & Apparel)		141,495
	200	Yamato Holdings Co. Ltd. (Transportation)		4,342
	1,900	Yaskawa Electric Corp. (Capital Goods)		66,050
	3,900	ZOZO, Inc. (Retailing)		86,940
				49,261,760
Luxembourg – 0.0%
	11,833	SES SA FDR (Media & Entertainment)		80,854
Macau – 0.5%
	53,000	Galaxy Entertainment Group Ltd. (Consumer Services)		363,567
	94,000	Sands China Ltd. (Consumer Services)		370,288
	108,800	Wynn Macau Ltd. (Consumer Services)		188,707
				922,562
Netherlands – 2.8%
	6,457	ASML Holding NV (Semiconductors & Semiconductor Equipment)(a)		2,361,780
	1,973	Just Eat Takeaway.com NV (Retailing)*(c)		206,228
	1,888	Koninklijke DSM NV (Materials)		262,088
	17,703	Koninklijke KPN NV (Telecommunication Services)		47,089
	8,563	NN Group NV (Insurance)		287,783
	3,405	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)		388,306
	1,417	Randstad NV (Commercial & Professional Services)*		63,361
	37,505	Royal Dutch Shell plc Class A (Energy)(a)		600,955
	86,152	Royal Dutch Shell plc Class B (Energy)(a)		1,306,090
				5,523,680
New Zealand – 0.6%
	17,239	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		397,132
	256,996	Spark New Zealand Ltd. (Telecommunication Services)		760,365
				1,157,497
Norway – 0.7%
	58	Gjensidige Forsikring ASA (Insurance)*		1,072
	69,697	Mowi ASA (Food, Beverage & Tobacco)		1,328,541
				1,329,613

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Portugal – 0.3%
	80,161	EDP—Energias de Portugal SA (Utilities)	$	382,630
	14,664	Galp Energia SGPS SA (Energy)		170,102
	3,449	Jeronimo Martins SGPS SA (Food & Staples Retailing)*		60,357
				613,089
Russia – 0.2%
	137,327	Evraz plc (Materials)		486,561
Singapore – 1.1%
	2,800	City Developments Ltd. (Real Estate)		17,111
	48,200	ComfortDelGro Corp. Ltd. (Transportation)		50,654
	45,500	DBS Group Holdings Ltd. (Banks)		684,631
	59,400	Keppel Corp. Ltd. (Capital Goods)		255,831
	107,800	SATS Ltd. (Transportation)		223,451
	27,900	Singapore Exchange Ltd. (Diversified Financials)		167,893
	211,200	Singapore Technologies Engineering Ltd. (Capital Goods)		504,081
	121,600	Singapore Telecommunications Ltd. (Telecommunication Services)		216,314
				2,119,966
South Africa – 0.0%
	2	Anglo American plc (Materials)		46
Spain – 3.2%
	43,350	ACS Actividades de Construccion y Servicios SA (Capital Goods)		1,114,049
	169	Amadeus IT Group SA (Software & Services)		8,873
	47,556	Enagas SA (Utilities)		1,163,389
	101,367	Endesa SA (Utilities)(a)		2,514,535
	30,922	Ferrovial SA (Capital Goods)		826,545
	8,298	Naturgy Energy Group SA (Utilities)		154,915
	99,560	Telefonica SA (Telecommunication Services)		476,173
				6,258,479
Sweden – 1.8%
	3,118	Atlas Copco AB Class A (Capital Goods)		132,782
	11,277	Atlas Copco AB Class B (Capital Goods)		419,031
	37,542	Electrolux ABSeries B (Consumer Durables & Apparel)		631,640
	157,682	Skandinaviska Enskilda Banken AB Class A (Banks)*		1,368,766
	247,525	Telia Co. AB (Telecommunication Services)		926,063
				3,478,282
Switzerland – 11.9%
	17,232	ABB Ltd. (Registered) (Capital Goods)		390,872
Common Stocks – (continued)
Switzerland – (continued)
	11,392	Adecco Group AG (Registered) (Commercial & Professional Services)		536,969
	40,278	Coca-Cola HBC AG (Food, Beverage & Tobacco)		1,008,283
	1,351	EMS-Chemie Holding AG (Registered) (Materials)		1,049,597
	313	Geberit AG (Registered) (Capital Goods)		157,043
	135	Givaudan SA (Registered) (Materials)		504,626
	4,008	LafargeHolcim Ltd. (Registered) (Materials)*		176,577
	58,758	Nestle SA (Registered) (Food, Beverage & Tobacco)		6,514,536
	38,853	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,384,915
	179	Partners Group Holding AG (Diversified Financials)		163,014
	11,559	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		4,004,610
	349	SGS SA (Registered) (Commercial & Professional Services)		854,926
	533	Sonova Holding AG (Registered) (Health Care Equipment & Services)*		106,693
	31,901	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		869,567
	103	Straumann Holding AG (Registered) (Health Care Equipment & Services)		89,042
	737	Temenos AG (Registered) (Software & Services)		114,548
	42,706	UBS Group AG (Registered) (Diversified Financials)		493,214
	7,960	Zurich Insurance Group AG (Insurance)		2,820,471
				23,239,503
United Kingdom – 11.8%
	49,084	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)(b)		2,596,053
	469,545	Aviva plc (Insurance)		1,591,465
	246,432	BAE Systems plc (Capital Goods)		1,473,531
	179,259	Barclays plc (Banks)		252,898
	42,627	BP plc ADR (Energy)(a)		994,062
	46,824	British American Tobacco plc (Food, Beverage & Tobacco)		1,795,832
	924,842	BT Group plc (Telecommunication Services)		1,307,958
	1,200	Coca-Cola European Partners plc (Food, Beverage & Tobacco)		45,312
	10,439	Compass Group plc (Consumer Services)		143,625
	13,945	Diageo plc (Food, Beverage & Tobacco)		463,495
	11,960	easyJet plc (Transportation)		100,970
	271,347	G4S plc (Commercial & Professional Services)		383,876

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	57,421	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)	$	2,342,203
	486,454	HSBC Holdings plc (Banks)(a)		2,260,838
	118,873	J Sainsbury plc (Food & Staples Retailing)		307,638
	52,117	Persimmon plc (Consumer Durables & Apparel)		1,474,992
	1,916	Reckitt Benckiser Group plc (Household & Personal Products)(a)		176,269
	3,159	RELX plc (Commercial & Professional Services)		73,117
	22,052	Segro plc (REIT)		243,895
	9,344	St James’s Place plc (Diversified Financials)		109,871
	60,469	Unilever NV (Household & Personal Products)(a)		3,224,073
	22,205	Unilever plc ADR (Household & Personal Products)(a)(b)		1,218,610
	7,360	Wm Morrison Supermarkets plc (Food & Staples Retailing)		17,338
	59,822	WPP plc (Media & Entertainment)		466,391
				23,064,312
	TOTAL COMMON STOCKS
	(Cost $187,055,956)		$	191,514,742

Units		Description		Expiration Month		Value
Right* – 0.0%
Spain – 0.0%
	43,350		ACS Actividades de Construccion y Servicios SA (Capital Goods)		07/2020	$	67,625
	(Cost $68,258)
	TOTAL INVESTMENTS – 97.9%
	(Cost $187,124,214)					$	191,582,367
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.1%						4,116,089
	NET ASSETS – 100.0%					$	195,698,456

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

Investment Abbreviations:
ADR	— American Depositary Receipt
FDR	— Fiduciary Depositary Receipt
REIT	— Real Estate Investment Trust
SDR	— Swedish Depositary Receipt
Currency Abbreviations:
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, 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		16		09/18/2020	$	579,366	$	1,076
FTSE 100 Index		3		09/18/2020		228,521		(2,985	)
MSCI Singapore Index		1		07/29/2020		21,229		(343	)
SPI 200 Index		1		09/17/2020		101,652		(1,166	)
TOPIX Index		2		09/10/2020		288,678		(5,868	)
Total Futures Contracts							$	(9,286	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2020, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Written options contracts:
Calls
EURO STOXX 50 Index	Morgan Stanley Co., Inc.		3,300 EUR		09/18/2020		742	$	(23,996,799	)	$	(997,031	)	$	(1,228,219	)	$	231,188
FTSE 100 Index			6,325 GBP		09/18/2020		104		(6,416,530	)		(251,933	)		(337,885	)		85,952
Nikkei 225 Index			22,250 JPY		09/11/2020		61		(1,359,576,540	)		(562,121	)		(543,299	)		(18,822	)
Total written options contracts							907				$	(1,811,085	)	$	(2,109,403	)	$	298,318

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Automobiles & Components – 0.4%
	88,367	General Motors Co.	$	2,235,685
	21,887	Gentex Corp.		564,028
	2,628	Tesla, Inc.*		2,837,741
				5,637,454
Banks – 5.1%
	42,551	Bancorp, Inc. (The)*		417,000
	340,109	Bank of America Corp.		8,077,589
	144,004	Cadence Bancorp		1,275,876
	425,503	Citigroup, Inc.		21,743,203
	107,900	CVB Financial Corp.		2,022,046
	97,527	East West Bancorp, Inc.		3,534,379
	23,131	Essent Group Ltd.		838,961
	40,192	First Bancorp/PR		224,673
	245,156	First Hawaiian, Inc.		4,226,489
	214,801	First Horizon National Corp.		2,139,418
	33,634	Independent Bank Group, Inc.		1,362,850
	39,340	International Bancshares Corp.		1,259,667
	49,088	JPMorgan Chase & Co.		4,617,217
	80,240	MGIC Investment Corp.		657,166
	10,646	National Bank Holdings Corp. Class A		287,442
	5,054	PNC Financial Services Group, Inc. (The)		531,731
	3,262	Preferred Bank		139,777
	36,592	Prosperity Bancshares, Inc.		2,172,833
	28,824	Radian Group, Inc.		447,060
	16,133	Signature Bank		1,724,940
	84,960	Sterling Bancorp		995,731
	17,309	SVB Financial Group*		3,730,609
	21,586	TriState Capital Holdings, Inc.*		339,116
	29,675	Truist Financial Corp.		1,114,296
	2,740	UMB Financial Corp.		141,247
	68,106	US Bancorp		2,507,663
	27,264	Walker & Dunlop, Inc.		1,385,284
	355,072	Wells Fargo & Co.		9,089,843
	78,455	Western Alliance Bancorp		2,971,091
				79,975,197
Capital Goods – 4.7%
	5,761	AGCO Corp.		319,505
	14,624	Allison Transmission Holdings, Inc.		537,871
	27,419	AMETEK, Inc.		2,450,436
	32,308	Emerson Electric Co.		2,004,065
	13,565	Fortive Corp.		917,808
	1,065,560	General Electric Co.		7,277,775
	10,402	H&E Equipment Services, Inc.		192,229
	41,574	HD Supply Holdings, Inc.*		1,440,539
	65,250	Hexcel Corp.		2,950,605
	6,443	Honeywell International, Inc.		931,593
	97,597	Illinois Tool Works, Inc.		17,064,835
	26,377	L3Harris Technologies, Inc.		4,475,386
	26,893	Lockheed Martin Corp.		9,813,794
	44,272	Masco Corp.		2,222,897
	41,718	Navistar International Corp.*		1,176,448
	149,820	Raytheon Technologies Corp.		9,231,908
Common Stocks – (continued)
Capital Goods – (continued)
	1,370	RBC Bearings, Inc.*		183,635
	31,352	Snap-on, Inc.		4,342,565
	20,282	Teledyne Technologies, Inc.*		6,306,688
				73,840,582
Commercial & Professional Services – 1.1%
	11,341	Cimpress plc*		865,772
	29,156	Cintas Corp.		7,765,992
	4,648	Clean Harbors, Inc.*		278,787
	40,870	CoreLogic, Inc.		2,747,281
	7,506	CoStar Group, Inc.*		5,334,289
	13,972	KAR Auction Services, Inc.		192,255
				17,184,376
Consumer Durables & Apparel – 0.3%
	16,747	DR Horton, Inc.		928,621
	17,960	G-III Apparel Group Ltd.*		238,688
	130	NVR, Inc.*		423,638
	12,109	Whirlpool Corp.		1,568,479
	39,938	YETI Holdings, Inc.*		1,706,551
				4,865,977
Consumer Services – 3.7%
	18,628	Chipotle Mexican Grill, Inc.*		19,603,362
	5,090	Collectors Universe, Inc.		174,485
	36,282	Domino’s Pizza, Inc.		13,404,022
	33,403	frontdoor, Inc.*		1,480,755
	2,845	Graham Holdings Co. Class B		974,896
	161,586	International Game Technology plc		1,438,115
	7,617	Perdoceo Education Corp.*		121,339
	18,510	ServiceMaster Global Holdings, Inc.*		660,622
	8,046	Strategic Education, Inc.		1,236,268
	102,575	Wingstop, Inc.		14,254,848
	11,249	WW International, Inc.*		285,499
	49,027	Yum China Holdings, Inc.		2,356,728
	25,926	Yum! Brands, Inc.		2,253,229
				58,244,168
Diversified Financials – 4.9%
	134,881	Ally Financial, Inc.		2,674,690
	38,603	Berkshire Hathaway, Inc. Class B*		6,891,021
	1,173	Cboe Global Markets, Inc.		109,417
	58,528	Charles Schwab Corp. (The)		1,974,735
	82,072	Chimera Investment Corp. (REIT)		788,712
	25,114	CME Group, Inc.		4,082,030
	96,351	Discover Financial Services		4,826,222
	107,778	E*TRADE Financial Corp.		5,359,800
	19,961	Interactive Brokers Group, Inc. Class A		833,771
	85,920	Invesco Mortgage Capital, Inc. (REIT)		321,341
	127,853	Ladder Capital Corp. (REIT)		1,035,609
	622	LendingTree, Inc.*		180,088
	1,859	LPL Financial Holdings, Inc.		145,746
	6,334	MarketAxess Holdings, Inc.		3,172,827
	62,760	S&P Global, Inc.		20,678,165
	144,676	Starwood Property Trust, Inc. (REIT)		2,164,353

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Diversified Financials – (continued)
	257,589	Synchrony Financial	$	5,708,172
	56,882	TPG RE Finance Trust, Inc. (REIT)		489,185
	344,012	Voya Financial, Inc.		16,048,160
				77,484,044
Energy – 1.8%
	8,224	Cactus, Inc. Class A		169,661
	25,290	ChampionX Corp.*		246,830
	38,680	Chevron Corp.		3,451,416
	7,426	Core Laboratories NV		150,896
	15,140	Devon Energy Corp.		171,688
	183,691	EOG Resources, Inc.		9,305,786
	118,454	Marathon Oil Corp.		724,939
	34,116	Marathon Petroleum Corp.		1,275,256
	61,078	Matador Resources Co.*(a)		519,163
	10,717	ONEOK, Inc.		356,019
	9,714	Phillips 66		698,437
	45,832	Pioneer Natural Resources Co.		4,477,786
	43,682	Renewable Energy Group, Inc.*		1,082,440
	151,035	SM Energy Co.(a)		566,381
	103,628	Targa Resources Corp.		2,079,814
	81,900	TechnipFMC plc		560,196
	156,754	Williams Cos., Inc. (The)		2,981,461
				28,818,169
Food & Staples Retailing – 1.5%
	51,109	Casey’s General Stores, Inc.		7,641,818
	54,212	Costco Wholesale Corp.		16,437,620
				24,079,438
Food, Beverage & Tobacco – 2.5%
	68,000	Altria Group, Inc.		2,669,000
	37,987	Bunge Ltd.		1,562,406
	25,415	Constellation Brands, Inc. Class A		4,446,354
	51,135	Darling Ingredients, Inc.*		1,258,944
	11,453	Freshpet, Inc.*		958,158
	29,525	J & J Snack Foods Corp.		3,753,513
	35,242	Lamb Weston Holdings, Inc.		2,253,021
	9,833	Lancaster Colony Corp.		1,524,017
	244,287	Monster Beverage Corp.*		16,933,975
	32,255	Philip Morris International, Inc.		2,259,785
	59,664	TreeHouse Foods, Inc.*		2,613,283
				40,232,456
Health Care Equipment & Services – 7.2%
	147,704	Abbott Laboratories		13,504,577
	730	Align Technology, Inc.*		200,341
	53,424	Anthem, Inc.		14,049,443
	102,610	Cardinal Health, Inc.		5,355,216
	2,307	Chemed Corp.		1,040,618
	21,748	Cigna Corp.		4,081,012
	47,479	Cooper Cos., Inc. (The)		13,466,944
	5,710	DaVita, Inc.*		451,889
	112,161	Edwards Lifesciences Corp.*		7,751,447
	34,579	Humana, Inc.		13,408,007
	19,999	IDEXX Laboratories, Inc.*		6,602,870
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	9,639	Integra LifeSciences Holdings Corp.*		452,937
	6,269	Molina Healthcare, Inc.*		1,115,757
	20,391	Quidel Corp.*		4,562,282
	7,802	Schrodinger, Inc.*(a)		714,429
	1,283	STERIS plc		196,864
	9,035	Teladoc Health, Inc.*		1,724,239
	943	Teleflex, Inc.		343,233
	47,957	UnitedHealth Group, Inc.		14,144,917
	7,456	Universal Health Services, Inc. Class B		692,588
	46,257	West Pharmaceutical Services, Inc.		10,508,203
				114,367,813
Household & Personal Products – 1.3%
	19,984	Church & Dwight Co., Inc.		1,544,763
	118,309	Herbalife Nutrition Ltd.*		5,321,539
	111,013	Procter & Gamble Co. (The)		13,273,824
				20,140,126
Insurance – 2.0%
	261,926	American Equity Investment Life Holding Co.		6,472,192
	9,432	American Financial Group, Inc.		598,555
	7,842	Arch Capital Group Ltd.*		224,673
	84,100	Brighthouse Financial, Inc.*		2,339,662
	216,830	Fidelity National Financial, Inc.		6,648,008
	9,425	Goosehead Insurance, Inc. Class A*		708,383
	15,650	Marsh & McLennan Cos., Inc.		1,680,341
	22,348	Primerica, Inc.		2,605,777
	96,069	Reinsurance Group of America, Inc.		7,535,652
	75,315	Trupanion, Inc.*(a)		3,215,197
	219	White Mountains Insurance Group Ltd.		194,465
				32,222,905
Materials – 3.2%
	4,937	Air Products and Chemicals, Inc.		1,192,088
	602,489	Amcor plc		6,151,413
	283,436	Axalta Coating Systems Ltd.*		6,391,482
	98,594	CF Industries Holdings, Inc.		2,774,435
	8,601	Dow, Inc.		350,577
	94,177	Element Solutions, Inc.*		1,021,820
	85,354	Graphic Packaging Holding Co.		1,194,102
	58,011	Louisiana-Pacific Corp.		1,487,982
	1,894	NewMarket Corp.		758,509
	78,720	PolyOne Corp.		2,064,826
	19,665	Royal Gold, Inc.		2,444,753
	40,775	Sherwin-Williams Co. (The)		23,561,834
	6,280	Southern Copper Corp.		249,756
	4,689	W R Grace & Co.		238,248
				49,881,825
Media & Entertainment – 7.1%
	16,330	Alphabet, Inc. Class A*		23,156,757
	15,750	Alphabet, Inc. Class C*		22,264,357
	152	Cable One, Inc.		269,777

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media & Entertainment – (continued)
	12,147	Cardlytics, Inc.*	$	850,047
	3,901	Charter Communications, Inc. Class A*		1,989,666
	94,443	Comcast Corp. Class A		3,681,388
	4,968	EverQuote, Inc. Class A*		288,939
	132,333	Facebook, Inc. Class A*		30,048,854
	28,637	Liberty Broadband Corp. Class C*		3,549,843
	12,873	Lions Gate Entertainment Corp. Class A*		95,389
	17,336	Netflix, Inc.*		7,888,573
	11,855	Roku, Inc.*		1,381,463
	28,849	Scholastic Corp.		863,739
	11,879	Spotify Technology SA*		3,067,039
	1,380,542	Zynga, Inc. Class A*		13,170,371
				112,566,202
Pharmaceuticals, Biotechnology & Life Sciences – 7.9%
	296,208	AbbVie, Inc.		29,081,701
	23,444	ACADIA Pharmaceuticals, Inc.*		1,136,331
	38,789	Alexion Pharmaceuticals, Inc.*		4,353,677
	3,837	Allogene Therapeutics, Inc.*		164,300
	20,260	Biogen, Inc.*		5,420,563
	28,700	Bluebird Bio, Inc.*		1,751,848
	50,122	Corcept Therapeutics, Inc.*		843,052
	56,606	Elanco Animal Health, Inc.*		1,214,199
	22,253	Gilead Sciences, Inc.		1,712,146
	259,726	Horizon Therapeutics plc*		14,435,571
	35,620	Illumina, Inc.*		13,191,867
	2,455	Incyte Corp.*		255,246
	252,699	Innoviva, Inc.*		3,532,732
	7,809	IQVIA Holdings, Inc.*		1,107,941
	88,523	Johnson & Johnson		12,448,989
	48,751	Merck & Co., Inc.		3,769,915
	74,997	PerkinElmer, Inc.		7,356,456
	128,361	Pfizer, Inc.		4,197,405
	10,916	PPD, Inc.*		292,549
	22,821	Regeneron Pharmaceuticals, Inc.*		14,232,317
	8,738	Sage Therapeutics, Inc.*		363,326
	20,562	Sarepta Therapeutics, Inc.*		3,296,911
	3,494	Thermo Fisher Scientific, Inc.		1,266,016
	1,149	Vertex Pharmaceuticals, Inc.*		333,566
				125,758,624
Real Estate Investment Trusts – 5.8%
	13,961	American Campus Communities, Inc.		488,077
	35,055	American Tower Corp.		9,063,120
	32,661	Americold Realty Trust		1,185,594
	25,890	AvalonBay Communities, Inc.		4,003,630
	23,608	Brandywine Realty Trust		257,091
	34,316	Brixmor Property Group, Inc.		439,931
	39,379	Camden Property Trust		3,592,152
	65,909	CoreSite Realty Corp.		7,978,944
	7,029	Corporate Office Properties Trust		178,115
	34,197	CubeSmart		922,977
	59,502	CyrusOne, Inc.		4,328,771
Common Stocks – (continued)
Real Estate Investment Trusts – (continued)
	259,470	Duke Realty Corp.		9,182,643
	78,936	Equity LifeStyle Properties, Inc.		4,931,921
	3,161	Essex Property Trust, Inc.		724,406
	72,744	First Industrial Realty Trust, Inc.		2,796,279
	6,416	Gaming and Leisure Properties, Inc.		221,994
	28,427	Healthcare Trust of America, Inc. Class A		753,884
	45,120	Hudson Pacific Properties, Inc.		1,135,219
	261,021	Invitation Homes, Inc.		7,185,908
	62,847	Lamar Advertising Co. Class A		4,195,666
	215,678	MGM Growth Properties LLC Class A		5,868,598
	9,451	Mid-America Apartment Communities, Inc.		1,083,746
	4,929	PS Business Parks, Inc.		652,600
	56,272	QTS Realty Trust, Inc. Class A		3,606,473
	36,344	Retail Opportunity Investments Corp.		411,778
	93,086	Rexford Industrial Realty, Inc.		3,856,553
	29,670	SBA Communications Corp.		8,839,286
	152,296	SITE Centers Corp.		1,233,748
	43,352	STORE Capital Corp.		1,032,211
	14,722	Terreno Realty Corp.		774,966
	45,708	Ventas, Inc.		1,673,827
				92,600,108
Retailing – 8.2%
	26,248	Amazon.com, Inc.*		72,413,507
	1,486	Asbury Automotive Group, Inc.*		114,912
	2,286	AutoZone, Inc.*		2,578,882
	24,580	Dollar General Corp.		4,682,736
	34,974	eBay, Inc.		1,834,386
	34,609	Home Depot, Inc. (The)		8,669,901
	108,585	Lowe’s Cos., Inc.		14,672,005
	1,541	MercadoLibre, Inc.*		1,519,072
	46,108	Murphy USA, Inc.*		5,191,300
	1,394	O’Reilly Automotive, Inc.*		587,808
	8,426	Penske Automotive Group, Inc.		326,171
	149,794	Target Corp.		17,964,794
				130,555,474
Semiconductors & Semiconductor Equipment – 3.7%
	26,235	Analog Devices, Inc.		3,217,460
	218,165	Applied Materials, Inc.		13,188,074
	17,531	FormFactor, Inc.*		514,184
	15,046	Inphi Corp.*		1,767,905
	31,784	Intel Corp.		1,901,637
	15,650	Lam Research Corp.		5,062,149
	61,648	NVIDIA Corp.		23,420,692
	6,602	Power Integrations, Inc.		779,894
	11,970	QUALCOMM, Inc.		1,091,784
	2,395	Teradyne, Inc.		202,402
	63,128	Texas Instruments, Inc.		8,015,362
				59,161,543
Software & Services – 14.5%
	44,829	Adobe, Inc.*		19,514,512

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	42,699	Alliance Data Systems Corp.	$	1,926,579
	20,886	Amdocs Ltd.		1,271,540
	21,129	Black Knight, Inc.*		1,533,120
	21,888	Cadence Design Systems, Inc.*		2,100,372
	17,268	Citrix Systems, Inc.		2,554,110
	98,306	Cognizant Technology Solutions Corp. Class A		5,585,747
	5,074	EPAM Systems, Inc.*		1,278,699
	16,958	Fastly, Inc. Class A*		1,443,634
	35,122	Fidelity National Information Services, Inc.		4,709,509
	30,643	FireEye, Inc.*		373,078
	28,220	FleetCor Technologies, Inc.*		7,098,177
	79,080	Fortinet, Inc.*		10,855,312
	8,663	Gartner, Inc.*		1,051,082
	76,037	International Business Machines Corp.		9,182,988
	3,182	Intuit, Inc.		942,477
	373,480	Microsoft Corp.		76,006,915
	37,008	Okta, Inc.*		7,410,112
	145,214	Oracle Corp.		8,025,978
	14,346	Palo Alto Networks, Inc.*		3,294,846
	169,376	PayPal Holdings, Inc.*		29,510,380
	27,338	Perficient, Inc.*		978,154
	140,799	Perspecta, Inc.		3,270,761
	3,973	Qualys, Inc.*		413,271
	5,399	ServiceNow, Inc.*		2,186,919
	1,609	Square, Inc. Class A*		168,848
	26,641	Twilio, Inc. Class A*		5,845,568
	37,114	VeriSign, Inc.*		7,676,289
	9,615	Visa, Inc. Class A		1,857,329
	78,001	Western Union Co. (The)		1,686,382
	27,322	Workday, Inc. Class A*		5,119,050
	43,289	Zscaler, Inc.*		4,740,145
				229,611,883
Technology Hardware & Equipment – 7.1%
	238,588	Apple, Inc.		87,036,902
	7,217	Arista Networks, Inc.*		1,515,787
	85,495	Cisco Systems, Inc.		3,987,487
	169,190	Keysight Technologies, Inc.*		17,050,968
	6,357	National Instruments Corp.		246,079
	42,942	NetApp, Inc.		1,905,337
				111,742,560
Telecommunication Services – 0.8%
	148,379	Cogent Communications Holdings, Inc.		11,478,599
	53,709	Liberty Global plc Class C*		1,155,281
	9,006	Vonage Holdings Corp.*		90,600
				12,724,480
Transportation – 2.0%
	31,353	CSX Corp.		2,186,558
	98,421	Lyft, Inc. Class A*		3,248,877
	18,420	Norfolk Southern Corp.		3,233,999
	6,834	Ryder System, Inc.		256,343
Common Stocks – (continued)
Transportation – (continued)
	24,444	Uber Technologies, Inc.*		759,720
	125,437	Union Pacific Corp.		21,207,634
				30,893,131
Utilities – 2.3%
	142,902	CenterPoint Energy, Inc.		2,667,980
	43,619	CMS Energy Corp.		2,548,222
	12,222	Consolidated Edison, Inc.		879,129
	40,175	DTE Energy Co.		4,318,813
	91,048	Exelon Corp.		3,304,132
	6,076	FirstEnergy Corp.		235,627
	27,374	National Fuel Gas Co.		1,147,792
	68,737	NRG Energy, Inc.		2,238,077
	243,175	OGE Energy Corp.		7,382,793
	50,963	Public Service Enterprise Group, Inc.		2,505,341
	86,822	Southern Co. (The)		4,501,721
	17,965	Southwest Gas Holdings, Inc.		1,240,483
	202,983	Vistra Energy Corp.		3,779,543
				36,749,653
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,014,748,403)		$	1,569,338,188

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,374,850	0.155%	$	4,374,850
	(Cost $4,374,850)
	TOTAL INVESTMENTS – 99.4%
	(Cost $1,019,123,253)		$	1,573,713,038
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%			9,593,891
	NET ASSETS – 100.0%		$	1,583,306,929

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 97.4%
Australia – 8.6%
	91,442	ASX Ltd. (Diversified Financials)	$	5,435,159
	660,917	Aurizon Holdings Ltd. (Transportation)		2,249,019
	327,751	BHP Group plc (Materials)		6,706,790
	430,545	Brambles Ltd. (Commercial & Professional Services)		3,264,561
	176,623	Commonwealth Bank of Australia (Banks)		8,529,893
	624,018	Evolution Mining Ltd. (Materials)		2,478,905
	568,307	Fortescue Metals Group Ltd. (Materials)		5,524,896
	300,778	Goodman Group (REIT)		3,103,497
	297,507	Harvey Norman Holdings Ltd. (Retailing)		731,356
	101,214	Magellan Financial Group Ltd. (Diversified Financials)		4,133,133
	25,008	Newcrest Mining Ltd. (Materials)		554,529
	37,788	Pro Medicus Ltd. (Health Care Equipment & Services)		695,840
	320,184	Regis Resources Ltd. (Materials)		1,171,648
	120,384	Rio Tinto plc ADR (Materials)		6,763,173
	485,746	Santos Ltd. (Energy)		1,805,311
	457,351	Telstra Corp. Ltd. (Telecommunication Services)		992,740
	33,479	Wesfarmers Ltd. (Retailing)		1,040,936
	22,753	Woodside Petroleum Ltd. (Energy)		343,859
				55,525,245
Austria – 0.1%
	18,779	OMV AG (Energy)*		633,677
Belgium – 0.5%
	14,743	D’ieteren SA/NV (Retailing)		817,564
	11,701	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*		2,309,518
	1,427	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		165,598
				3,292,680
Cambodia – 0.1%
	532,000	NagaCorp Ltd. (Consumer Services)		620,605
China – 1.2%
	668,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*		2,561,500
	229,500	ENN Energy Holdings Ltd. (Utilities)		2,593,462
	764,000	Fosun International Ltd. (Capital Goods)		979,159
	640,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		996,970
	375,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		375,114
				7,506,205
Denmark – 2.7%
	168,695	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		10,990,097
	27,455	Novozymes A/S Class B (Materials)		1,591,729
Common Stocks – (continued)
Denmark – (continued)
	10,594	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)(a)		156,438
	47,294	Vestas Wind Systems A/S (Capital Goods)		4,843,038
				17,581,302
Finland – 0.8%
	133,719	Neste OYJ (Energy)		5,251,960
	2,734	Valmet OYJ (Capital Goods)		71,657
				5,323,617
France – 7.0%
	6,168	Alstom SA (Capital Goods)		287,435
	29,031	Bouygues SA (Capital Goods)*		994,442
	6,584	Christian Dior SE (Consumer Durables & Apparel)		2,801,322
	190,547	Credit Agricole SA (Banks)*		1,809,375
	8,534	Danone SA (Food, Beverage & Tobacco)		592,372
	6,345	Eiffage SA (Capital Goods)*		581,625
	2,146	Gaztransport Et Technigaz SA (Energy)		164,680
	3,648	Gecina SA (REIT)		450,554
	6,873	Hermes International (Consumer Durables & Apparel)		5,770,625
	51,710	Legrand SA (Capital Goods)		3,929,055
	1,720	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		759,372
	38,375	Rexel SA (Capital Goods)		439,822
	20,090	Safran SA (Capital Goods)*		2,020,880
	41,306	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		4,212,580
	21,357	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		5,414,800
	78,364	Schneider Electric SE (Capital Goods)		8,716,956
	2,385	Teleperformance (Commercial & Professional Services)*		607,416
	206,930	Vivendi SA (Media & Entertainment)		5,347,010
				44,900,321
Germany – 7.2%
	37,773	Allianz SE (Registered) (Insurance)		7,718,629
	26,951	Aurubis AG (Materials)		1,666,081
	12,980	Continental AG (Automobiles & Components)		1,276,081
	38,748	Deutsche Boerse AG (Diversified Financials)		7,012,489
	154,330	Deutsche Post AG (Registered) (Transportation)		5,666,980
	20,206	DWS Group GmbH & Co. KGaA (Diversified Financials)*(a)		736,246
	1,171	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		108,219
	35,681	HelloFresh SE (Retailing)*		1,908,752
	24,549	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b)		2,290,267

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	36,144	Nemetschek SE (Software & Services)	$	2,483,537
	768	New Work SE (Media & Entertainment)		236,872
	48,130	Scout24 AG (Media & Entertainment)(a)		3,723,710
	83,086	Siemens AG (Registered) (Capital Goods)		9,798,932
	8,943	Siltronic AG (Semiconductors & Semiconductor Equipment)		917,050
	6,312	Volkswagen AG (Preference) (Automobiles & Components)(b)		959,425
				46,503,270
Hong Kong – 0.9%
	336,500	CK Asset Holdings Ltd. (Real Estate)		2,017,921
	8,000	CLP Holdings Ltd. (Utilities)		78,570
	70,800	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		3,015,495
	8,500	Jardine Matheson Holdings Ltd. (Capital Goods)		355,392
	21,000	Sun Hung Kai Properties Ltd. (Real Estate)		268,280
				5,735,658
Israel – 0.5%
	190,911	Plus500 Ltd. (Diversified Financials)		3,113,893
Italy – 4.1%
	171,985	Anima Holding SpA (Diversified Financials)(a)		742,859
	257,388	Assicurazioni Generali SpA (Insurance)		3,909,795
	17,152	Banca Generali SpA (Diversified Financials)		515,738
	479	DiaSorin SpA (Health Care Equipment & Services)		91,990
	830,288	Enel SpA (Utilities)		7,180,702
	21,609	Ferrari NV (Automobiles & Components)		3,701,523
	2,161,797	Intesa Sanpaolo SpA (Banks)*		4,154,305
	172,059	Poste Italiane SpA (Insurance)(a)		1,502,977
	182,792	Prysmian SpA (Capital Goods)		4,240,470
				26,040,359
Japan – 26.7%
	24,900	AGC, Inc. (Capital Goods)		713,871
	35,500	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		457,569
	2,100	Arata Corp. (Retailing)		94,347
	8,200	ASKUL Corp. (Retailing)		263,384
	323,800	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		5,407,318
	5,700	Autobacs Seven Co. Ltd. (Retailing)		72,023
	2,800	BayCurrent Consulting, Inc. (Commercial & Professional Services)		234,118
Common Stocks – (continued)
Japan – (continued)
	173,800	Benesse Holdings, Inc. (Consumer Services)		4,661,247
	84,900	Chubu Electric Power Co., Inc. (Utilities)		1,064,811
	83,700	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,481,297
	58,100	Credit Saison Co. Ltd. (Diversified Financials)		667,577
	174,300	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		4,007,222
	7,500	Daito Trust Construction Co. Ltd. (Real Estate)		691,211
	252,400	DCM Holdings Co. Ltd. (Retailing)		2,894,127
	26,400	Denka Co. Ltd. (Materials)		647,059
	15,300	Dentsu Group, Inc. (Media & Entertainment)		362,941
	13,900	Doshisha Co. Ltd. (Retailing)		210,399
	15,400	Dowa Holdings Co. Ltd. (Materials)		467,430
	28,900	EDION Corp. (Retailing)		293,531
	5,800	Fujitsu General Ltd. (Consumer Durables & Apparel)		119,160
	55,400	Fujitsu Ltd. (Software & Services)		6,486,418
	36,100	Fukuoka Financial Group, Inc. (Banks)		570,774
	16,400	Furyu Corp. (Consumer Durables & Apparel)		157,724
	26,100	Gumi, Inc. (Media & Entertainment)		244,054
	4,400	Hikari Tsushin, Inc. (Retailing)		1,006,052
	4,000	Hitachi Capital Corp. (Diversified Financials)		88,546
	159,800	Hitachi Ltd. (Technology Hardware & Equipment)		5,079,216
	6,100	Hitachi Metals Ltd. (Materials)		73,114
	5,600	Hitachi Transport System Ltd. (Transportation)		149,771
	64,900	Izumi Co. Ltd. (Retailing)		2,057,317
	147,900	Kamigumi Co. Ltd. (Transportation)		2,908,675
	11,400	Kandenko Co. Ltd. (Capital Goods)		96,897
	6,900	Kansai Electric Power Co., Inc. (The) (Utilities)		66,861
	157,200	KDDI Corp. (Telecommunication Services)		4,690,399
	17,200	Kohnan Shoji Co. Ltd. (Retailing)		542,270
	7,600	Komeri Co. Ltd. (Retailing)		194,923
	119,200	Konami Holdings Corp. (Media & Entertainment)		3,977,568
	152,100	K’s Holdings Corp. (Retailing)		2,077,705
	33,800	Lion Corp. (Household & Personal Products)		812,945
	68,400	LIXIL Group Corp. (Capital Goods)		960,628
	14,800	M3, Inc. (Health Care Equipment & Services)		628,721
	121,000	Mazda Motor Corp. (Automobiles & Components)		731,069
	53,800	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		4,281,196

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	79,000	Mitsubishi Materials Corp. (Materials)	$	1,668,123
	235,800	Nexon Co. Ltd. (Media & Entertainment)		5,318,806
	13,100	Nikkon Holdings Co. Ltd. (Transportation)		260,447
	69,700	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		1,623,972
	8,300	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		259,754
	23,300	Nitori Holdings Co. Ltd. (Retailing)		4,568,409
	56,800	Nitto Denko Corp. (Materials)		3,220,001
	217,700	Nomura Research Institute Ltd. (Software & Services)		5,945,983
	86,400	NTT Data Corp. (Software & Services)		965,985
	120,500	NTT DOCOMO, Inc. (Telecommunication Services)		3,199,036
	24,200	Obayashi Corp. (Capital Goods)		227,515
	15,700	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		458,229
	13,400	Open House Co. Ltd. (Real Estate)		459,513
	20,100	Otsuka Corp. (Software & Services)		1,061,595
	33,800	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,473,070
	158,900	Rakuten, Inc. (Retailing)		1,403,564
	21,500	Resorttrust, Inc. (Consumer Services)		279,038
	26,700	SAMTY Co. Ltd. (Real Estate)		340,146
	9,200	Sangetsu Corp. (Consumer Durables & Apparel)		130,275
	3,800	Sankyu, Inc. (Transportation)		143,225
	57,400	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,056,703
	40,300	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,071,345
	9,900	SCSK Corp. (Software & Services)		484,355
	40,400	Secom Co. Ltd. (Commercial & Professional Services)		3,544,805
	235,800	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		2,826,587
	7,200	Seino Holdings Co. Ltd. (Transportation)		93,855
	51,900	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		1,697,832
	63,400	Shimachu Co. Ltd. (Retailing)		1,762,064
	86,800	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,445,258
	26,900	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		1,125,796
	4,300	SIGMAXYZ, Inc. (Commercial & Professional Services)		65,345
	216,000	Softbank Corp. (Telecommunication Services)		2,753,187
	43,200	SoftBank Group Corp. (Telecommunication Services)		2,178,475
Common Stocks – (continued)
Japan – (continued)
	41,000	Square Enix Holdings Co. Ltd. (Media & Entertainment)		2,077,229
	207,600	Subaru Corp. (Automobiles & Components)		4,347,077
	263,200	Sumitomo Chemical Co. Ltd. (Materials)		791,916
	48,400	Sumitomo Corp. (Capital Goods)		556,670
	9,900	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		137,190
	86,600	Sumitomo Electric Industries Ltd. (Automobiles & Components)		998,992
	20,300	Sumitomo Metal Mining Co. Ltd. (Materials)		571,847
	64,800	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		1,826,088
	62,300	Sundrug Co. Ltd. (Food & Staples Retailing)		2,061,864
	123,900	T&D Holdings, Inc. (Insurance)		1,064,203
	177,100	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,362,843
	167,500	Teijin Ltd. (Materials)		2,666,874
	238,500	TIS, Inc. (Software & Services)		5,049,669
	25,100	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		6,193,269
	25,600	Tokyo Gas Co. Ltd. (Utilities)		612,982
	118,200	Tokyo Individualized Educational Institute, Inc. (Consumer Services)		568,041
	72,200	Toyo Seikan Group Holdings Ltd. (Materials)		814,217
	1,900	Toyota Motor Corp. (Automobiles & Components)		119,480
	2,800	Uchida Yoko Co. Ltd. (Commercial & Professional Services)		163,878
	22,800	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		1,841,946
	783,000	Yamada Denki Co. Ltd. (Retailing)		3,883,999
	958,700	Z Holdings Corp. (Media & Entertainment)		4,705,036
				171,221,088
Netherlands – 6.9%
	38,678	ASM International NV (Semiconductors & Semiconductor Equipment)		5,954,350
	24,142	ASML Holding NV (Semiconductors & Semiconductor Equipment)		8,831,462
	102,824	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		4,559,189
	36,333	Euronext NV (Diversified Financials)(a)		3,657,072
	45,975	EXOR NV (Diversified Financials)		2,638,839
	91,568	ING Groep NV (Banks)		638,312
	209,761	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		5,716,841

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	38,536	Koninklijke DSM NV (Materials)	$	5,349,491
	85,239	Wolters Kluwer NV (Commercial & Professional Services)		6,657,654
				44,003,210
New Zealand – 0.1%
	27,359	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		630,264
Norway – 1.7%
	194,177	DNB ASA (Banks)		2,591,778
	229,332	Europris ASA (Retailing)(a)		1,111,766
	286,318	Orkla ASA (Food, Beverage & Tobacco)		2,513,755
	30,036	Salmar ASA (Food, Beverage & Tobacco)*		1,438,887
	55,750	SpareBank 1 SMN (Banks)		455,918
	47,480	SpareBank 1 SR-Bank ASA (Banks)		347,363
	77,885	Yara International ASA (Materials)		2,715,252
				11,174,719
Singapore – 0.3%
	28,200	DBS Group Holdings Ltd. (Banks)		424,321
	25,100	Oversea-Chinese Banking Corp. Ltd. (Banks)		163,596
	246,100	Singapore Exchange Ltd. (Diversified Financials)		1,480,947
				2,068,864
South Africa – 0.8%
	225,268	Anglo American plc (Materials)		5,193,151
Spain – 1.5%
	167,339	ACS Actividades de Construccion y Servicios SA (Capital Goods)		4,300,435
	423,357	Banco Santander SA (Banks)		1,035,727
	49,044	Cellnex Telecom SA (Telecommunication Services)(a)		2,995,498
	14,764	Viscofan SA (Food, Beverage & Tobacco)		963,725
				9,295,385
Sweden – 3.8%
	159,284	Boliden AB (Materials)		3,653,409
	134,552	Essity AB Class B (Household & Personal Products)*		4,362,365
	70,149	Investor AB Class A (Diversified Financials)		3,688,263
	137,337	Kinnevik AB Class B (Diversified Financials)		3,625,327
	37,631	Lundin Energy AB (Energy)		918,408
	53,527	SKF AB Class B (Capital Goods)		1,000,608
	71,716	Swedish Match AB (Food, Beverage & Tobacco)		5,059,969
	129,653	Volvo AB Class B (Capital Goods)*		2,040,076
				24,348,425
Common Stocks – (continued)
Switzerland – 11.8%
	11,268	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		5,968,634
	181,861	Nestle SA (Registered) (Food, Beverage & Tobacco)		20,163,043
	139,654	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		12,166,805
	49,106	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		17,012,751
	20,488	Sonova Holding AG (Registered) (Health Care Equipment & Services)*		4,101,191
	187,850	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		5,131,781
	9,401	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,331,806
	6,278	VAT Group AG (Capital Goods)*(a)		1,153,099
	19,596	Zurich Insurance Group AG (Insurance)		6,943,461
				75,972,571
United Kingdom – 10.1%
	76,062	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)		4,022,919
	166,464	Barratt Developments plc (Consumer Durables & Apparel)		1,023,111
	255,386	boohoo Group plc (Retailing)*		1,307,812
	175,120	British American Tobacco plc (Food, Beverage & Tobacco)		6,716,345
	503,500	CK Hutchison Holdings Ltd. (Capital Goods)		3,260,458
	6,386	Close Brothers Group plc (Banks)		87,428
	166,353	Diageo plc (Food, Beverage & Tobacco)		5,529,133
	78,059	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*		3,567,972
	197,949	Experian plc (Commercial & Professional Services)		6,947,783
	67,729	Greggs plc (Consumer Services)		1,358,377
	57,740	GVC Holdings plc (Consumer Services)		529,239
	68,702	Halma plc (Technology Hardware & Equipment)		1,957,334
	9,218	HomeServe plc (Commercial & Professional Services)		149,027
	103,324	IG Group Holdings plc (Diversified Financials)		1,043,376
	138,697	Imperial Brands plc (Food, Beverage & Tobacco)		2,640,251
	50,588	London Stock Exchange Group plc (Diversified Financials)		5,260,909
	114,832	Moneysupermarket.com Group plc (Retailing)		460,637
	45,790	National Grid plc (Utilities)		558,656
	65,890	Persimmon plc (Consumer Durables & Apparel)		1,864,790

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	71,708	Phoenix Group Holdings plc (Insurance)	$	573,014
	2,576	Reckitt Benckiser Group plc (Household & Personal Products)		236,988
	253,691	RELX plc (Commercial & Professional Services)		5,871,872
	69,197	Rentokil Initial plc (Commercial & Professional Services)		437,544
	202,791	Segro plc (REIT)		2,242,865
	176,787	Smith & Nephew plc (Health Care Equipment & Services)		3,294,185
	27,161	SSE plc (Utilities)		459,921
	17,834	Unilever plc (Household & Personal Products)		961,985
	32,292	Unilever plc ADR (Household & Personal Products)(c)		1,772,185
	294	Vistry Group plc (Consumer Durables & Apparel)		2,587
	35,896	Vodafone Group plc ADR (Telecommunication Services)		572,182
				64,710,885
	TOTAL COMMON STOCKS
	(Cost $532,440,626)		$	625,395,394

Units		Description	Expiration Month		Value
Right* – 0.0%
Spain – 0.0%
	167,339	ACS Actividades de Construccion y Servicios SA (Capital Goods)		07/2020	$	261,045
	(Cost $263,488)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $532,704,114)				$	625,656,439

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	92,400	0.155%	$	92,400
	(Cost $92,400)
	TOTAL INVESTMENTS – 97.4%
	(Cost $532,796,514)		$	625,748,839
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.6%			16,513,995
	NET ASSETS – 100.0%		$	642,262,834

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.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:

ADR —American Depositary Receipt

REIT —Real Estate Investment Trust

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	U.S. Equity Dividend and Premium Fund		International Equity Dividend and Premium Fund			U.S. Tax- Managed Equity Fund		International Tax-Managed Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $2,159,018,289, $187,124,214, $1,014,748,403 and $532,704,114)(a)	$	2,514,571,008	$	191,582,367		$	1,569,338,188	$	625,656,439
Investments in affiliated issuers, at value (cost $11,050,476, $0, $0 and $0)		11,050,476		—			—		—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $4,093,895, $0, $4,374,850 and $92,400)		4,093,895		—			4,374,850		92,400
Cash		6,458,377		—			6,434,279		949,551
Foreign currencies, at value (cost $0, $1,380,134, $0 and $4,152,308)		—		1,380,011			—		4,150,679
Receivables:
Investments sold		8,897,619		—			—		21,795,877
Dividends		2,232,453		390,251			1,218,740		467,115
Fund shares sold		1,236,279		3,112,309			7,654,388		9,440,283
Reimbursement from investment adviser		49,462		31,868			—		47,447
Securities lending income		20,666		—			2,377		2,955
Foreign tax reclaims		—		1,666,933			—		1,858,635
Variation margin on futures		—		6,039			—		—
Other assets		114,717		66,788			70,700		74,834
Total assets		2,548,724,952		198,236,566			1,589,093,522		664,536,215
Liabilities:
Written options, at value (premiums received $26,332,443, $2,109,403, $0 and $0)		29,495,655		1,811,085			—		—
Variation margin on futures		408,163		—			—		—
Payables:
Investments purchased		20,752,965		212			—		21,075,834
Fund shares redeemed		5,340,487		124,875			320,297		447,940
Payable upon return of securities loaned		4,093,895		—			4,374,850		92,400
Management fees		1,311,420		129,787			882,856		440,167
Distribution and Service fees and Transfer Agency fees		245,411		6,145			75,197		19,187
Due to custodian		—		198,206			—		—
Accrued expenses		402,050		267,800			133,393		197,853
Total liabilities		62,050,046		2,538,110			5,786,593		22,273,381
Net Assets:
Paid-in capital		2,119,624,865		279,860,473			1,009,079,013		652,575,431
Total distributable earnings (loss)		367,050,041		(84,162,017	)		574,227,916		(10,312,597	)
NET ASSETS	$	2,486,674,906	$	195,698,456		$	1,583,306,929	$	642,262,834
Net Assets:
Class A	$	109,907,080	$	1,798,837		$	62,778,998	$	6,547,574
Class C		116,333,630		633,433			17,941,871		1,015,372
Institutional		1,144,870,588		4,676,229			42,888,955		10,877,431
Service		—		—			1,605,356		—
Investor		388,897,416		3,845,489			13,554,957		11,315,801
Class R6		195,114,007		96,419,639			1,322,712,012		555,354,597
Class P		531,552,185		88,324,829			121,824,780		57,152,059
Total Net Assets	$	2,486,674,906	$	195,698,456		$	1,583,306,929	$	642,262,834
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		8,647,464		292,120			2,537,905		693,480
Class C		9,193,491		106,663			770,967		110,622
Institutional		90,358,451		775,060			1,689,749		1,152,935
Service		—		—			64,550		—
Investor		30,674,911		638,850			539,006		1,199,863
Class R6		15,406,106		15,985,185			52,568,634		59,252,590
Class P		41,960,124		14,621,922			4,840,453		6,095,079
Net asset value, offering and redemption price per share:(b)
Class A	$	12.71	$	6.16		$	24.74	$	9.44
Class C		12.65		5.94			23.27		9.18
Institutional		12.67		6.03			25.38		9.43
Service		—		—			24.87		—
Investor		12.68		6.02			25.15		9.43
Class R6		12.66		6.03			25.16		9.37
Class P		12.67		6.04			25.17		9.38

(a) Includes loaned securities having a market value of $4,000,299, $4,348,578 and $87,808, for the U.S. Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

(b) Maximum public offering price per share for Class A Shares of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds is $13.45, $6.52, $26.18 and $9.99, 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. 31

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	U.S. Equity Dividend and Premium Fund			International Equity Dividend and Premium Fund			U.S. Tax- Managed Equity Fund			International Tax-Managed Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $14, $753,442, $11,193 and $1,019,604)	$	34,976,367		$	3,543,089		$	11,662,096		$	8,689,401
Dividends — affiliated issuers		77,261			304			2,002			394
Securities lending income — affiliated issuer		52,261			—			19,030			3,637
Total investment income		35,105,889			3,543,393			11,683,128			8,693,432
Expenses:
Management fees		8,840,486			910,472			5,458,618			2,786,598
Transfer Agency fees(a)		898,784			39,839			311,390			114,131
Distribution and Service fees(a)		784,521			5,763			161,322			13,866
Custody, accounting and administrative services		167,388			72,241			101,220			167,930
Printing and mailing costs		128,800			20,225			29,435			23,040
Registration fees		74,464			45,301			54,376			47,243
Professional fees		50,948			55,102			50,660			55,423
Trustee fees		12,063			9,662			11,013			10,064
Service share fees — Service and Shareholder Administration Plan		—			—			3,742			—
Other		22,898			54,065			18,450			20,917
Total expenses		10,980,352			1,212,670			6,200,226			3,239,212
Less — expense reductions		(471,133	)		(158,833	)		(74,812	)		(292,639	)
Net expenses		10,509,219			1,053,837			6,125,414			2,946,573
NET INVESTMENT INCOME		24,596,670			2,489,556			5,557,714			5,746,859
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		28,718,196			(33,466,780	)		(28,912,226	)		(80,073,556	)
In-kind transactions from affiliated Underlying Funds		—			—			52,719,560			—
Futures contracts		3,023,519			(581,398	)		(178,166	)		(101,369	)
Foreign currency transactions		–—			122,257			–—			(6,403	)
Written options		2,188,533			(1,840,953	)		—			–—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(257,431,950	)		(11,728,453	)		(108,517,696	)		(1,006,407	)
Futures contracts		(355,271	)		(3,672	)		—			45,015
Foreign currency translation		—			13,582			—			(247,502	)
Written options		17,871,162			(242,985	)		—			—
Net realized and unrealized loss		(205,718,196	)		(47,728,402	)		(84,888,528	)		(81,390,222	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(181,389,141	)	$	(45,238,846	)	$	(79,330,814	)	$	(75,643,363	)

(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 A		Class C		Institutional		Service		Investor		Class R6		Class P
U.S. Equity Dividend and Premium	$	177,761	$	606,760	$	120,877	$	103,149	$	212,301		N/A	$	343,670	$	33,149	$	85,638
International Equity Dividend and Premium		2,410		3,353		1,639		570		1,470		N/A		4,773		15,906		15,481
U.S. Tax-Managed Equity		76,036		85,286		51,704		14,498		8,207	$	299		13,815		204,408		18,459
International Tax-Managed Equity		8,569		5,297		5,827		900		2,410		N/A		11,699		84,322		8,973

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets

	U.S. Equity Dividend and Premium Fund						International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	24,596,670		$	56,637,798		$	2,489,556		$	9,991,591
Net realized gain (loss)		33,930,248			115,726,671			(35,766,874	)		(23,307,170	)
Net change in unrealized gain (loss)		(239,916,059	)		476,521,746			(11,961,528	)		56,360,622
Net increase (decrease) in net assets resulting from operations		(181,389,141	)		648,886,215			(45,238,846	)		43,045,043
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,012,863	)		(12,317,992	)		(20,157	)		(76,488	)
Class C Shares		(585,617	)		(7,963,688	)		(5,070	)		(19,707	)
Institutional Shares		(11,162,203	)		(83,155,476	)		(67,252	)		(386,903	)
Investor Shares		(3,897,336	)		(30,565,347	)		(53,432	)		(333,197	)
Class R6 Shares(a)		(2,183,481	)		(18,521,538	)		(1,288,119	)		(4,485,573	)
Class P Shares(b)		(5,789,495	)		(45,356,789	)		(1,228,881	)		(4,959,202	)
Total distributions to shareholders		(24,630,995	)		(197,880,830	)		(2,662,911	)		(10,261,070	)
From share transactions:
Proceeds from sales of shares		466,330,108			555,903,025			16,110,586			26,833,126
Reinvestment of distributions		22,208,553			178,230,864			2,635,502			10,142,151
Cost of shares redeemed		(799,077,852	)		(948,128,821	)		(73,926,756	)		(85,804,588	)
Net decrease in net assets resulting from share transactions		(310,539,191	)		(213,994,932	)		(55,180,668	)		(48,829,311	)
TOTAL INCREASE (DECREASE)		(516,559,327	)		237,010,453			(103,082,425	)		(16,045,338	)
Net Assets:
Beginning of period		3,003,234,233			2,766,223,780			298,780,881			314,826,219
End of period	$	2,486,674,906		$	3,003,234,233		$	195,698,456		$	298,780,881

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets (continued)

	U.S. Tax-Managed Equity Fund						International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	5,557,714		$	13,942,061		$	5,746,859		$	15,139,736
Net realized gain (loss)		23,629,168			26,342,323			(80,181,328	)		(17,548,050	)
Net change in unrealized gain (loss)		(108,517,696	)		345,516,805			(1,208,894	)		125,863,582
Net increase (decrease) in net assets resulting from operations		(79,330,814	)		385,801,189			(75,643,363	)		123,455,268
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(256,162	)		—			(133,362	)
Class C Shares		—			—			—			(5,182	)
Institutional Shares		—			(302,740	)		—			(311,091	)
Service Shares		—			(4,899	)		—			—
Investor Shares		—			(125,263	)		—			(337,602	)
Class R6 Shares		—			(10,960,763	)		—			(12,928,884	)
Class P Shares		—			(956,057	)		—			(1,284,575	)
Total distributions to shareholders		—			(12,605,884	)		—			(15,000,696	)
From share transactions:
Proceeds from sales of shares		68,756,127			195,337,423			65,480,943			93,090,956
Proceeds paid in connection with in-kind transactions		(68,110,000	)		(25,670,000	)		—			—
Reinvestment of distributions		—			12,530,951			—			14,995,925
Cost of shares redeemed		(208,123,485	)		(172,378,629	)		(118,967,910	)		(82,269,248	)
Net increase (decrease) in net assets resulting from share transactions		(207,477,358	)		9,819,745			(53,486,967	)		25,817,633
TOTAL INCREASE (DECREASE)		(286,808,172	)		383,015,050			(129,130,330	)		134,272,205
Net Assets:
Beginning of period		1,870,115,101			1,487,100,051			771,393,164			637,120,959
End of period	$	1,583,306,929		$	1,870,115,101		$	642,262,834		$	771,393,164

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.38		$	11.46		$	13.16		$	12.11		$	11.34		$	11.76
Net investment income(a)		0.10			0.21			0.21			0.19			0.20			0.21
Net realized and unrealized gain (loss)		(0.67	)		2.57			(1.05	)		1.61			1.21			0.04
Total from investment operations		(0.57	)		2.78			(0.84	)		1.80			1.41			0.25
Distributions to shareholders from net investment income		(0.10	)		(0.21	)		(0.22	)		(0.19	)		(0.19	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.65	)		(0.64	)		(0.56	)		(0.45	)		(0.47	)
Total distributions		(0.10	)		(0.86	)		(0.86	)		(0.75	)		(0.64	)		(0.67	)
Net asset value, end of period	$	12.71		$	13.38		$	11.46		$	13.16		$	12.11		$	11.34
Total return(b)		(4.23	)%		24.62	%		(6.63	)%		14.83	%		12.73	%		2.08	%
Net assets, end of period (in 000s)	$	109,907		$	195,689		$	187,524		$	275,451		$	294,401		$	194,237
Ratio of net expenses to average net assets		1.11	%(c)		1.12	%		1.12	%		1.13	%		1.16	%		1.17	%
Ratio of total expenses to average net assets		1.16	%(c)		1.16	%		1.15	%		1.15	%		1.19	%		1.20	%
Ratio of net investment income to average net assets		1.68	%(c)		1.65	%		1.61	%		1.47	%		1.67	%		1.75	%
Portfolio turnover rate(d)		19	%		26	%		37	%		34	%		23	%		39	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.33		$	11.41		$	13.11		$	12.07		$	11.31		$	11.74
Net investment income(a)		0.06			0.12			0.11			0.10			0.11			0.12
Net realized and unrealized gain (loss)		(0.68	)		2.57			(1.05	)		1.60			1.21			0.03
Total from investment operations		(0.62	)		2.69			(0.94	)		1.70			1.32			0.15
Distributions to shareholders from net investment income		(0.06	)		(0.12	)		(0.12	)		(0.10	)		(0.11	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.65	)		(0.64	)		(0.56	)		(0.45	)		(0.47	)
Total distributions		(0.06	)		(0.77	)		(0.76	)		(0.66	)		(0.56	)		(0.58	)
Net asset value, end of period	$	12.65		$	13.33		$	11.41		$	13.11		$	12.07		$	11.31
Total return(b)		(4.59	)%		23.72	%		(7.38	)%		13.99	%		11.92	%		1.26	%
Net assets, end of period (in 000s)	$	116,334		$	141,029		$	139,580		$	177,178		$	142,909		$	90,091
Ratio of net expenses to average net assets		1.86	%(c)		1.87	%		1.87	%		1.88	%		1.91	%		1.92	%
Ratio of total expenses to average net assets		1.91	%(c)		1.91	%		1.90	%		1.90	%		1.94	%		1.95	%
Ratio of net investment income to average net assets		0.93	%(c)		0.90	%		0.86	%		0.76	%		0.92	%		1.01	%
Portfolio turnover rate(d)		19	%		26	%		37	%		34	%		23	%		39	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.35		$	11.43		$	13.13		$	12.09		$	11.31		$	11.73
Net investment income(a)		0.13			0.26			0.27			0.24			0.24			0.25
Net realized and unrealized gain (loss)		(0.68	)		2.57			(1.06	)		1.60			1.22			0.04
Total from investment operations		(0.55	)		2.83			(0.79	)		1.84			1.46			0.29
Distributions to shareholders from net investment income		(0.13	)		(0.26	)		(0.27	)		(0.24	)		(0.23	)		(0.24	)
Distributions to shareholders from net realized gains		—			(0.65	)		(0.64	)		(0.56	)		(0.45	)		(0.47	)
Total distributions		(0.13	)		(0.91	)		(0.91	)		(0.80	)		(0.68	)		(0.71	)
Net asset value, end of period	$	12.67		$	13.35		$	11.43		$	13.13		$	12.09		$	11.31
Total return(b)		(4.03	)%		25.06	%		(6.28	)%		15.31	%		13.17	%		2.49	%
Net assets, end of period (in 000s)	$	1,144,871		$	1,242,858		$	1,106,179		$	2,565,883		$	2,062,756		$	1,262,977
Ratio of net expenses to average net assets		0.74	%(c)		0.75	%		0.74	%		0.74	%		0.76	%		0.77	%
Ratio of total expenses to average net assets		0.78	%(c)		0.77	%		0.76	%		0.76	%		0.79	%		0.80	%
Ratio of net investment income to average net assets		2.04	%(c)		2.02	%		2.01	%		1.89	%		2.07	%		2.15	%
Portfolio turnover rate(d)		19	%		26	%		37	%		34	%		23	%		39	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	13.36		$	11.44		$	13.14		$	12.10		$	11.33		$	11.75
Net investment income(b)		0.12			0.25			0.25			0.23			0.23			0.24
Net realized and unrealized gain (loss)		(0.68	)		2.57			(1.06	)		1.60			1.21			0.04
Total from investment operations		(0.56	)		2.82			(0.81	)		1.83			1.44			0.28
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.25	)		(0.23	)		(0.22	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.65	)		(0.64	)		(0.56	)		(0.45	)		(0.47	)
Total distributions		(0.12	)		(0.90	)		(0.89	)		(0.79	)		(0.67	)		(0.70	)
Net asset value, end of period	$	12.68		$	13.36		$	11.44		$	13.14		$	12.10		$	11.33
Total return(c)		(4.09	)%		25.00	%		(6.47	)%		15.18	%		12.92	%		2.34	%
Net assets, end of period (in 000s)	$	388,897		$	468,254		$	432,136		$	473,178		$	174,527		$	54,106
Ratio of net expenses to average net assets		0.86	%(d)		0.87	%		0.87	%		0.88	%		0.91	%		0.92	%
Ratio of total expenses to average net assets		0.91	%(d)		0.91	%		0.90	%		0.90	%		0.94	%		0.95	%
Ratio of net investment income to average net assets		1.93	%(d)		1.90	%		1.86	%		1.76	%		1.90	%		2.03	%
Portfolio turnover rate(e)		19	%		26	%		37	%		34	%		23	%		39	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	13.34		$	11.42		$	12.84
Net investment income(a)		0.13			0.26			0.17
Net realized and unrealized gain (loss)		(0.68	)		2.57			(0.75	)
Total from investment operations		(0.55	)		2.83			(0.58	)
Distributions to shareholders from net investment income		(0.13	)		(0.26	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.65	)		(0.64	)
Total distributions		(0.13	)		(0.91	)		(0.84	)
Net asset value, end of period	$	12.66		$	13.34		$	11.42
Total return(b)		(4.03	)%		25.09	%		(4.78	)%
Net assets, end of period (in 000s)	$	195,114		$	275,973		$	252,381
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%		0.73	%(c)
Ratio of total expenses to average net assets		0.77	%(c)		0.76	%		0.76	%(c)
Ratio of net investment income to average net assets		2.06	%(c)		2.03	%		1.91	%(c)
Portfolio turnover rate(d)		19	%		26	%		37	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	13.34		$	11.43		$	13.12
Net investment income(a)		0.13			0.26			0.18
Net realized and unrealized gain (loss)		(0.67	)		2.56			(1.03	)
Total from investment operations		(0.54	)		2.82			(0.85	)
Distributions to shareholders from net investment income		(0.13	)		(0.26	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.65	)		(0.64	)
Total distributions		(0.13	)		(0.91	)		(0.84	)
Net asset value, end of period	$	12.67		$	13.34		$	11.43
Total return(b)		(4.03	)%		25.07	%		(6.73	)%
Net assets, end of period (in 000s)	$	531,552		$	679,431		$	648,424
Ratio of net expenses to average net assets		0.73	%(c)		0.74	%		0.73	%(c)
Ratio of total expenses to average net assets		0.77	%(c)		0.76	%		0.76	%(c)
Ratio of net investment income to average net assets		2.05	%(c)		2.03	%		1.93	%(c)
Portfolio turnover rate(d)		19	%		26	%		37	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.28		$	6.55		$	7.76		$	6.43		$	6.56		$	7.14
Net investment income(a)		0.06			0.20			0.20			0.15			0.18			0.16	(b)
Net realized and unrealized gain (loss)		(1.11	)		0.73			(1.22	)		1.34			(0.14	)		(0.49	)
Total from investment operations		(1.05	)		0.93			(1.02	)		1.49			0.04			(0.33	)
Distributions to shareholders from net investment income		(0.07	)		(0.20	)		(0.19	)		(0.16	)		(0.17	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.11	)
Total distributions		(0.07	)		(0.20	)		(0.19	)		(0.16	)		(0.17	)		(0.25	)
Net asset value, end of period	$	6.16		$	7.28		$	6.55		$	7.76		$	6.43		$	6.56
Total return(c)		(14.39	)%		14.42	%		(13.34	)%		23.36	%		0.66	%		(4.80	)%
Net assets, end of period (in 000s)	$	1,799		$	2,424		$	2,232		$	3,962		$	5,968		$	9,532
Ratio of net expenses to average net assets		1.31	%(d)		1.33	%		1.34	%		1.34	%		1.37	%		1.37	%
Ratio of total expenses to average net assets		1.46	%(d)		1.44	%		1.38	%		1.34	%		1.38	%		1.37	%
Ratio of net investment income to average net assets		1.91	%(d)		2.86	%		2.71	%		2.16	%		2.87	%		2.26	%(b)
Portfolio turnover rate(e)		12	%		9	%		14	%		17	%		18	%		100	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.02		$	6.32		$	7.48		$	6.21		$	6.35		$	6.94
Net investment income(a)		0.04			0.14			0.16			0.09			0.12			0.09	(b)
Net realized and unrealized gain (loss)		(1.07	)		0.71			(1.20	)		1.30			(0.14	)		(0.47	)
Total from investment operations		(1.03	)		0.85			(1.04	)		1.39			(0.02	)		(0.38	)
Distributions to shareholders from net investment income		(0.05	)		(0.15	)		(0.12	)		(0.12	)		(0.12	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.11	)
Total distributions		(0.05	)		(0.15	)		(0.12	)		(0.12	)		(0.12	)		(0.21	)
Net asset value, end of period	$	5.94		$	7.02		$	6.32		$	7.48		$	6.21		$	6.35
Total return(c)		(14.68	)%		13.54	%		(14.01	)%		22.50	%		(0.21	)%		(5.59	)%
Net assets, end of period (in 000s)	$	633		$	815		$	1,252		$	4,276		$	2,549		$	3,329
Ratio of net expenses to average net assets		2.06	%(d)		2.08	%		2.09	%		2.09	%		2.12	%		2.12	%
Ratio of total expenses to average net assets		2.21	%(d)		2.19	%		2.11	%		2.09	%		2.13	%		2.12	%
Ratio of net investment income to average net assets		1.17	%(d)		2.11	%		2.24	%		1.29	%		2.00	%		1.38	%(b)
Portfolio turnover rate(e)		12	%		9	%		14	%		17	%		18	%		100	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.14		$	6.42		$	7.62		$	6.32		$	6.46		$	7.03
Net investment income(a)		0.07			0.22			0.31			0.18			0.19			0.18	(b)
Net realized and unrealized gain (loss)		(1.10	)		0.73			(1.29	)		1.31			(0.14	)		(0.48	)
Total from investment operations		(1.03	)		0.95			(0.98	)		1.49			0.05			(0.30	)
Distributions to shareholders from net investment income		(0.08	)		(0.23	)		(0.22	)		(0.19	)		(0.19	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.11	)
Total distributions		(0.08	)		(0.23	)		(0.22	)		(0.19	)		(0.19	)		(0.27	)
Net asset value, end of period	$	6.03		$	7.14		$	6.42		$	7.62		$	6.32		$	6.46
Total return(c)		(14.36	)%		14.82	%		(12.96	)%		23.85	%		0.92	%		(4.42	)%
Net assets, end of period (in 000s)	$	4,676		$	12,005		$	15,696		$	399,955		$	307,311		$	281,204
Ratio of net expenses to average net assets		0.94	%(d)		0.95	%		0.95	%		0.95	%		0.97	%		0.97	%
Ratio of total expenses to average net assets		1.07	%(d)		1.06	%		0.95	%		0.95	%		0.98	%		0.97	%
Ratio of net investment income to average net assets		2.10	%(d)		3.28	%		4.12	%		2.58	%		3.08	%		2.65	%(b)
Portfolio turnover rate(e)		12	%		9	%		14	%		17	%		18	%		100	%

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

(b) Reflects income recognized from a corporate action which amounted to $0.03 per share and 0.38% of average net assets.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	7.12		$	6.41		$	7.60		$	6.31		$	6.44		$	7.02
Net investment income(b)		0.06			0.21			0.20			0.17			0.17			0.16	(c)
Net realized and unrealized gain (loss)		(1.08	)		0.72			(1.18	)		1.30			(0.11	)		(0.48	)
Total from investment operations		(1.02	)		0.93			(0.98	)		1.47			0.06			(0.32	)
Distributions to shareholders from net investment income		(0.08	)		(0.22	)		(0.21	)		(0.18	)		(0.19	)		(0.15	)
Distributions to shareholders from net realized gains		—			—			—			—			—			(0.11	)
Total distributions		(0.08	)		(0.22	)		(0.21	)		(0.18	)		(0.19	)		(0.26	)
Net asset value, end of period	$	6.02		$	7.12		$	6.41		$	7.60		$	6.31		$	6.44
Total return(d)		(14.33	)%		14.71	%		(13.10	)%		23.58	%		0.96	%		(4.69	)%
Net assets, end of period (in 000s)	$	3,845		$	8,915		$	8,207		$	6,048		$	2,111		$	749
Ratio of net expenses to average net assets		1.06	%(e)		1.08	%		1.09	%		1.09	%		1.12	%		1.12	%
Ratio of total expenses to average net assets		1.20	%(e)		1.19	%		1.14	%		1.09	%		1.13	%		1.12	%
Ratio of net investment income to average net assets		1.99	%(e)		3.14	%		2.76	%		2.36	%		2.64	%		2.33	%(c)
Portfolio turnover rate(f)		12	%		9	%		14	%		17	%		18	%		100	%

(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 $0.03 per share and 0.38% of average net assets.

(d) 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.

(e) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	7.13		$	6.42		$	7.60
Net investment income(a)		0.07			0.22			0.08
Net realized and unrealized gain (loss)		(1.09	)		0.72			(1.07	)
Total from investment operations		(1.02	)		0.94			(0.99	)
Distributions to shareholders from net investment income		(0.08	)		(0.23	)		(0.19	)
Net asset value, end of period	$	6.03		$	7.13		$	6.42
Total return(b)		(14.23	)%		14.85	%		(13.25	)%
Net assets, end of period (in 000s)	$	96,420		$	136,241		$	125,311
Ratio of net expenses to average net assets		0.93	%(c)		0.94	%		0.93	%(c)
Ratio of total expenses to average net assets		1.07	%(c)		1.05	%		1.03	%(c)
Ratio of net investment income to average net assets		2.25	%(c)		3.23	%		1.81	%(c)
Portfolio turnover rate(d)		12	%		9	%		14	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	7.14		$	6.43		$	7.71
Net investment income(a)		0.07			0.22			0.09
Net realized and unrealized gain (loss)		(1.09	)		0.72			(1.18	)
Total from investment operations		(1.02	)		0.94			(1.09	)
Distributions to shareholders from net investment income		(0.08	)		(0.23	)		(0.19	)
Net asset value, end of period	$	6.04		$	7.14		$	6.43
Total return(b)		(14.21	)%		14.83	%		(14.35	)%
Net assets, end of period (in 000s)	$	88,325		$	138,381		$	162,129
Ratio of net expenses to average net assets		0.93	%(c)		0.94	%		0.93	%(c)
Ratio of total expenses to average net assets		1.07	%(c)		1.05	%		1.03	%(c)
Ratio of net investment income to average net assets		2.21	%(c)		3.26	%		1.81	%(c)
Portfolio turnover rate(d)		12	%		9	%		14	%

 * Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.54		$	20.43		$	22.37		$	18.75		$	17.28		$	17.44
Net investment income(a)		0.04			0.11			0.10			0.13			0.11			0.13
Net realized and unrealized gain (loss)		(0.84	)		5.09			(1.93	)		3.60			1.47			(0.18	)
Total from investment operations		(0.80	)		5.20			(1.83	)		3.73			1.58			(0.05	)
Distributions to shareholders from net investment income		—			(0.09	)		(0.11	)		(0.11	)		(0.11	)		(0.11	)
Net asset value, end of period	$	24.74		$	25.54		$	20.43		$	22.37		$	18.75		$	17.28
Total return(b)		(3.13	)%		25.48	%		(8.15	)%		19.88	%		9.09	%		(0.28	)%
Net assets, end of period (in 000s)	$	62,779		$	68,427		$	57,833		$	50,218		$	51,206		$	57,913
Ratio of net expenses to average net assets		1.08	%(c)		1.10	%		1.14	%		1.15	%		1.17	%		1.17	%
Ratio of total expenses to average net assets		1.13	%(c)		1.13	%		1.14	%		1.15	%		1.17	%		1.17	%
Ratio of net investment income to average net assets		0.37	%(c)		0.47	%		0.44	%		0.61	%		0.61	%		0.73	%
Portfolio turnover rate(d)		111	%		205	%		152	%		108	%		118	%		96	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	24.11		$	19.36		$	21.24		$	17.86		$	16.48		$	16.67
Net investment loss(a)		(0.04	)		(0.06	)		(0.07	)		(0.03	)		(0.02	)		—	(b)
Net realized and unrealized gain (loss)		(0.80	)		4.81			(1.81	)		3.41			1.40			(0.18	)
Total from investment operations		(0.84	)		4.75			(1.88	)		3.38			1.38			(0.18	)
Distributions to shareholders from net investment income		—			—			—			—			—			(0.01	)
Net asset value, end of period	$	23.27		$	24.11		$	19.36		$	21.24		$	17.86		$	16.48
Total return(c)		(3.48	)%		24.54	%		(8.85	)%		18.93	%		8.35	%		(1.05	)%
Net assets, end of period (in 000s)	$	17,942		$	18,341		$	14,380		$	22,337		$	22,512		$	22,194
Ratio of net expenses to average net assets		1.83	%(d)		1.85	%		1.88	%		1.90	%		1.92	%		1.92	%
Ratio of total expenses to average net assets		1.88	%(d)		1.88	%		1.89	%		1.90	%		1.92	%		1.92	%
Ratio of net investment loss to average net assets		(0.38	)%(d)		(0.28	)%		(0.33	)%		(0.14	)%		(0.15	)%		(0.02	)%
Portfolio turnover rate(e)		111	%		205	%		152	%		108	%		118	%		96	%

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

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	26.16		$	20.91		$	22.71		$	19.04		$	17.53		$	17.69
Net investment income(a)		0.08			0.20			0.19			0.21			0.18			0.20
Net realized and unrealized gain (loss)		(0.86	)		5.23			(1.97	)		3.65			1.51			(0.18	)
Total from investment operations		(0.78	)		5.43			(1.78	)		3.86			1.69			0.02
Distributions to shareholders from net investment income		—			(0.18	)		(0.02	)		(0.19	)		(0.18	)		(0.18	)
Net asset value, end of period	$	25.38		$	26.16		$	20.91		$	22.71		$	19.04		$	17.53
Total return(b)		(2.98	)%		25.90	%		(7.78	)%		20.29	%		9.61	%		0.10	%
Net assets, end of period (in 000s)	$	42,889		$	45,718		$	34,812		$	1,395,335		$	1,057,850		$	957,273
Ratio of net expenses to average net assets		0.74	%(c)		0.74	%		0.74	%		0.75	%		0.77	%		0.77	%
Ratio of total expenses to average net assets		0.75	%(c)		0.75	%		0.74	%		0.75	%		0.77	%		0.77	%
Ratio of net investment income to average net assets		0.71	%(c)		0.83	%		0.79	%		1.02	%		1.01	%		1.12	%
Portfolio turnover rate(d)		111	%		205	%		152	%		108	%		118	%		96	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.70		$	20.57		$	22.51		$	18.88		$	17.33		$	17.53
Net investment income(a)		0.02			0.08			0.08			0.11			0.09			0.12
Net realized and unrealized gain (loss)		(0.85	)		5.13			(1.94	)		3.61			1.49			(0.19	)
Total from investment operations		(0.83	)		5.21			(1.86	)		3.72			1.58			(0.07	)
Distributions to shareholders from net investment income		—			(0.08	)		(0.08	)		(0.09	)		(0.03	)		(0.13	)
Net asset value, end of period	$	24.87		$	25.70		$	20.57		$	22.51		$	18.88		$	17.33
Total return(b)		(3.23	)%		25.31	%		(8.26	)%		19.71	%		9.07	%		(0.41	)%
Net assets, end of period (in 000s)	$	1,605		$	1,649		$	732		$	736		$	614		$	1,236
Ratio of net expenses to average net assets		1.24	%(c)		1.24	%		1.25	%		1.25	%		1.27	%		1.27	%
Ratio of total expenses to average net assets		1.25	%(c)		1.25	%		1.25	%		1.25	%		1.27	%		1.27	%
Ratio of net investment income to average net assets		0.21	%(c)		0.33	%		0.33	%		0.52	%		0.53	%		0.67	%
Portfolio turnover rate(d)		111	%		205	%		152	%		108	%		118	%		96	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)		��	Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	25.93		$	20.73		$	22.70		$	19.03		$	17.54		$	17.70
Net investment income(b)		0.07			0.17			0.16			0.18			0.15			0.18
Net realized and unrealized gain (loss)		(0.85	)		5.18			(1.97	)		3.65			1.50			(0.18	)
Total from investment operations		(0.78	)		5.35			(1.81	)		3.83			1.65			—	(c)
Distributions to shareholders from net investment income		—			(0.15	)		(0.16	)		(0.16	)		(0.16	)		(0.16	)
Net asset value, end of period	$	25.15		$	25.93		$	20.73		$	22.70		$	19.03		$	17.54
Total return(d)		(3.01	)%		25.82	%		(7.95	)%		20.14	%		9.40	%		(0.03	)%
Net assets, end of period (in 000s)	$	13,555		$	21,591		$	17,894		$	17,251		$	14,262		$	6,799
Ratio of net expenses to average net assets		0.83	%(e)		0.85	%		0.89	%		0.90	%		0.92	%		0.92	%
Ratio of total expenses to average net assets		0.87	%(e)		0.88	%		0.89	%		0.90	%		0.93	%		0.92	%
Ratio of net investment income to average net assets		0.61	%(e)		0.72	%		0.68	%		0.88	%		0.84	%		0.99	%
Portfolio turnover rate(f)		111	%		205	%		152	%		108	%		118	%		96	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) 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.

(e) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	25.93		$	20.73		$	22.93
Net investment income(a)		0.08			0.20			0.13
Net realized and unrealized gain (loss)		(0.85	)		5.18			(2.14	)
Total from investment operations		(0.77	)		5.38			(2.01	)
Distributions to shareholders from net investment income		—			(0.18	)		(0.19	)
Net asset value, end of period	$	25.16		$	25.93		$	20.73
Total return(b)		(2.97	)%		25.96	%		(8.72	)%
Net assets, end of period (in 000s)	$	1,322,712		$	1,575,990		$	1,263,556
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.74	%(c)
Ratio of total expenses to average net assets		0.74	%(c)		0.74	%		0.74	%(c)
Ratio of net investment income to average net assets		0.71	%(c)		0.84	%		0.85	%(c)
Portfolio turnover rate(d)		111	%		205	%		152	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	25.94		$	20.74		$	23.43
Net investment income(a)		0.09			0.20			0.16
Net realized and unrealized gain (loss)		(0.86	)		5.18			(2.66	)
Total from investment operations		(0.77	)		5.38			(2.50	)
Distributions to shareholders from net investment income		—			(0.18	)		(0.19	)
Net asset value, end of period	$	25.17		$	25.94		$	20.74
Total return(b)		(2.97	)%		25.94	%		(10.62	)%
Net assets, end of period (in 000s)	$	121,825		$	138,399		$	97,892
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.74	%(c)
Ratio of total expenses to average net assets		0.74	%(c)		0.74	%		0.75	%(c)
Ratio of net investment income to average net assets		0.71	%(c)		0.83	%		0.95	%(c)
Portfolio turnover rate(d)		111	%		205	%		152	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

		Goldman Sachs International Tax-Managed Equity Fund
		Class A Shares
		Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
					2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period		$	10.43		$	8.93		$	10.93		$	8.62		$	8.67		$	8.45
Net investment income(a)			0.06			0.18			0.18			0.11			0.12			0.11
Net realized and unrealized gain (loss)			(1.05	)		1.49			(2.03	)		2.38			(0.04	)		0.21
Total from investment operations			(0.99	)		1.67			(1.85	)		2.49			0.08			0.32
Distributions to shareholders from net investment income			—			(0.17	)		(0.15	)		(0.18	)		(0.13	)		(0.10	)
Net asset value, end of period		$	9.44		$	10.43		$	8.93		$	10.93		$	8.62		$	8.67
Total return(b)	��		(9.49	)%		18.66	%		(16.86	)%		28.85	%		0.93	%		3.77	%
Net assets, end of period (in 000s)		$	6,548		$	8,419		$	8,145		$	9,429		$	5,082		$	3,408
Ratio of net expenses to average net assets			1.23	%(c)		1.25	%		1.29	%		1.31	%		1.38	%		1.38	%
Ratio of total expenses to average net assets			1.37	%(c)		1.37	%		1.37	%		1.36	%		1.39	%		1.39	%
Ratio of net investment income to average net assets			1.37	%(c)		1.81	%		1.69	%		1.04	%		1.37	%		1.22	%
Portfolio turnover rate(d)			104	%		231	%		177	%		134	%		125	%		113	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.18		$	8.68		$	10.59		$	8.39		$	8.45		$	8.27
Net investment income(a)		0.03			0.12			0.10			0.04			0.06			0.02
Net realized and unrealized gain (loss)		(1.03	)		1.42			(1.94	)		2.30			(0.05	)		0.23
Total from investment operations		(1.00	)		1.54			(1.84	)		2.34			0.01			0.25
Distributions to shareholders from net investment income		—			(0.04	)		(0.07	)		(0.14	)		(0.07	)		(0.07	)
Net asset value, end of period	$	9.18		$	10.18		$	8.68		$	10.59		$	8.39		$	8.45
Total return(b)		(9.82	)%		17.74	%		(17.39	)%		27.85	%		0.11	%		3.07	%
Net assets, end of period (in 000s)	$	1,015		$	1,308		$	2,551		$	2,661		$	1,012		$	812
Ratio of net expenses to average net assets		1.98	%(c)		2.01	%		2.04	%		2.06	%		2.13	%		2.13	%
Ratio of total expenses to average net assets		2.12	%(c)		2.12	%		2.12	%		2.11	%		2.14	%		2.13	%
Ratio of net investment income to average net assets		0.62	%(c)		1.25	%		1.01	%		0.40	%		0.67	%		0.20	%
Portfolio turnover rate(d)		104	%		231	%		177	%		134	%		125	%		113	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.40		$	8.91		$	10.85		$	8.54		$	8.59		$	8.36
Net investment income(a)		0.07			0.21			0.31			0.17			0.16			0.15
Net realized and unrealized gain (loss)		(1.04	)		1.48			(2.10	)		2.34			(0.05	)		0.21
Total from investment operations		(0.97	)		1.69			(1.79	)		2.51			0.11			0.36
Distributions to shareholders from net investment income		—			(0.20	)		(0.15	)		(0.20	)		(0.16	)		(0.13	)
Net asset value, end of period	$	9.43		$	10.40		$	8.91		$	10.85		$	8.54		$	8.59
Total return(b)		(9.33	)%		19.01	%		(16.49	)%		29.42	%		1.26	%		4.26	%
Net assets, end of period (in 000s)	$	10,877		$	15,783		$	16,948		$	619,288		$	519,135		$	426,168
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.92	%		0.98	%		0.98	%
Ratio of total expenses to average net assets		0.99	%(c)		0.99	%		0.96	%		0.97	%		0.99	%		0.99	%
Ratio of net investment income to average net assets		1.59	%(c)		2.11	%		2.87	%		1.74	%		1.90	%		1.71	%
Portfolio turnover rate(d)		104	%		231	%		177	%		134	%		125	%		113	%

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.40		$	8.91		$	10.91		$	8.61		$	8.65		$	8.43
Net investment income(b)		0.08			0.20			0.19			0.13			0.15			0.07
Net realized and unrealized gain (loss)		(1.05	)		1.48			(2.00	)		2.36			(0.05	)		0.27
Total from investment operations		(0.97	)		1.68			(1.81	)		2.49			0.10			0.34
Distributions to shareholders from net investment income		—			(0.19	)		(0.19	)		(0.19	)		(0.14	)		(0.12	)
Net asset value, end of period	$	9.43		$	10.40		$	8.91		$	10.91		$	8.61		$	8.65
Total return(c)		(9.33	)%		18.90	%		(16.66	)%		29.09	%		1.21	%		4.04	%
Net assets, end of period (in 000s)	$	11,316		$	18,290		$	14,008		$	15,547		$	1,251		$	1,444
Ratio of net expenses to average net assets		0.98	%(d)		1.00	%		1.04	%		1.05	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		1.12	%(d)		1.12	%		1.12	%		1.11	%		1.14	%		1.13	%
Ratio of net investment income to average net assets		1.64	%(d)		2.06	%		1.82	%		1.30	%		1.76	%		0.84	%
Portfolio turnover rate(e)		104	%		231	%		177	%		134	%		125	%		113	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 30, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	10.33		$	8.85		$	10.92
Net investment income(a)		0.08			0.21			0.08
Net realized and unrealized gain (loss)		(1.04	)		1.47			(1.95	)
Total from investment operations		(0.96	)		1.68			(1.87	)
Distributions to shareholders from net investment income		—			(0.20	)		(0.20	)
Net asset value, end of period	$	9.37		$	10.33		$	8.85
Total return(b)		(9.29	)%		19.05	%		(17.07	)%
Net assets, end of period (in 000s)	$	555,355		$	660,555		$	530,891
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		0.98	%(c)		0.98	%		0.99	%(c)
Ratio of net investment income to average net assets		1.76	%(c)		2.12	%		1.14	%(c)
Portfolio turnover rate(d)		104	%		231	%		177	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			April 17, 2018* to December 31, 2018
Per Share Data
Net asset value, beginning of period	$	10.34		$	8.86		$	11.07
Net investment income(a)		0.08			0.21			0.10
Net realized and unrealized gain (loss)		(1.04	)		1.47			(2.11	)
Total from investment operations		(0.96	)		1.68			(2.01	)
Distributions to shareholders from net investment income		—			(0.20	)		(0.20	)
Net asset value, end of period	$	9.38		$	10.34		$	8.86
Total return(b)		(9.28	)%		19.02	%		(18.09	)%
Net assets, end of period (in 000s)	$	57,152		$	67,038		$	64,578
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%		0.89	%(c)
Ratio of total expenses to average net assets		0.98	%(c)		0.98	%		1.00	%(c)
Ratio of net investment income to average net assets		1.83	%(c)		2.15	%		1.43	%(c)
Portfolio turnover rate(d)		104	%		231	%		177	%

* Commencement of operations.

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (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.

(c) Annualized.

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

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2020 (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
U.S. Equity Dividend and Premium, International Equity Dividend and Premium, International Tax-Managed Equity	A, C, Institutional, Investor, R6 and P	Diversified
U. S. Tax-Managed Equity	A, C, Institutional, Service, Investor, R6 and P	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 R6 and Class P Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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

60

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
U.S. Equity Dividend and Premium International Equity Dividend and Premium	Quarterly	Annually
U.S. Tax-Managed Equity International Tax-Managed Equity	Annually	Annually

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each 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.

F.  In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with the Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

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;

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price 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 may be valued at the closing bid price for long positions and at the closing 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. Certain equity securities containing unique attributes may be 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 for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share 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 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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  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.

ii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts 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 subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

U.S. EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	22,673,204	$	—	$	—
North America		2,484,177,078		—		—
South America		7,720,726		—		—
Investment Company		11,050,476		—		—
Securities Lending Reinvestment Vehicle		4,093,895		—		—
Total	$	2,529,715,379	$	—	$	—

(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.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Type	Level 1			Level 2		Level 3
Liabilities
Futures Contracts(b)	$	(325,296	)	$	—	$	—
Written Options Contracts		(29,495,655	)		—		—
Total	$	(29,820,951	)	$	—	$	—
INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	46	$	—
Asia		302,340			58,608,589		—
Australia and Oceania		2,543,606			14,109,191		—
Europe		7,584,546			108,276,123		—
South America		—			157,926		—
Total	$	10,430,492		$	181,151,875	$	—
Derivative Type
Assets(b)
Futures Contracts	$	1,076		$	—	$	—
Liabilities
Futures Contracts(b)	$	(10,362	)	$	—	$	—
Written Options Contracts		(1,811,085	)		—		—
Total	$	(1,821,447	)	$	—	$	—
U.S. TAX-MANAGED EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,356,728		$	—	$	—
Europe		2,581,249			—		—
North America		1,562,631,383			—		—
South America		1,768,828			—		—
Securities Lending Reinvestment Vehicle		4,374,850			—		—
Total	$	1,573,713,038		$	—	$	—

(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.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INTERNATIONAL TAX-MANAGED EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	5,193,151	$	—
Asia		—		190,266,313		—
Australia and Oceania		6,763,173		49,392,336		—
Europe		13,988,665		360,052,801		—
Securities Lending Reinvestment Vehicle		92,400		—		—
Total	$	20,844,238	$	604,904,601	$	—

(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.

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 June 30, 2020. 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			Statements of Assets and Liabilities	Liabilities
U.S. Equity Dividend and Premium	Equity	—	$	—		Variation margin on futures contracts and payable for written options, at value	$	(29,820,951)	(a)
International Equity Dividend and Premium	Equity	Variation margin on futures Contracts		1,076	(a)	Variation margin on futures contracts and payable for written options, at value		(1,821,447)	(a)
Total			$	1,076			$	(31,642,398)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of June 30, 2020 is reported within the Statements of Assets and Liabilities.

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 June 30, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
U.S. Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	5,212,052		$	17,515,891			2,662
International Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options		(2,422,351	)		(246,657	)		1,103
U.S. Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(178,166	)		—			—
International Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(101,369	)		45,015			12
Total			$	2,510,166		$	17,314,249			3,777

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.    

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 June 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
U.S. Equity Dividend and Premium		0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.70	%		0.69	%*
International Equity Dividend and Premium		0.81			0.73			0.69			0.68			0.67			0.81			0.81
U.S. Tax-Managed Equity		0.70			0.63			0.60			0.59			0.58			0.67			0.67
International Tax-Managed Equity		0.85			0.77			0.73			0.72			0.71			0.85			0.85

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

* Effective April 29, 2020, GSAM agreed to waive a portion of its management fees in an amount equal to 0.04% as an annual percentage of the Fund’s average daily net assets. This waiver will be effective through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The 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 June 30, 2020, GSAM waived $19,496, $174, $246 and $200 of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds’ management fees, respectively.

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

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

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

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

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution 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 June 30, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
U.S. Equity Dividend and Premium	$	11,618	$	6
International Equity Dividend and Premium		194		—
U.S. Tax-Managed Equity		2,113		—
International Tax-Managed Equity		28		—

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and 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 Service Shares of the Funds, respectively.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05%, 0.04% and 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Tax-Managed Equity, U.S. Tax-Managed Equity and U.S. Equity Dividend and Premium Funds, respectively. This arrangement will remain in effect through at least April 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to April 29, 2020 the transfer agency fee waiver was equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the U.S. Equity Dividend and Premium Fund.

Effective April 29, 2020, Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity Dividend and Premium Fund. This arrangement will remain in effect through at least April 29, 2021, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to April 29, 2020, there was no transfer agency waiver in place for this Fund.

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 U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds are 0.014%, 0.044%, 0.044% and 0.014%, respectively. These Other Expense limitations will remain in place through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to April 29, 2020, the other expense limitation was 0.094% for the international Equity Dividend and Premium Fund. 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 June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Transfer Agency Waivers/ Credits		Total Expense Reductions
U.S. Equity Dividend and Premium	$	139,021	$	280,165	$	8,040	$	43,907	$	471,133
International Equity Dividend and Premium		174		158,002		337		320		158,833
U.S. Tax-Managed Equity		246		—		55,738		18,828		74,812
International Tax-Managed Equity		200		278,750		8,270		5,419		292,639

G.   Line of Credit Facility — As of June 30, 2020, the Funds participated in a $700,000,000 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 June 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — The following table provides information about the Fund’s investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
U.S. Equity Dividend and Premium	$	71,990,719	$	393,125,985	$	(454,066,228	)	$	11,050,476		11,050,476	$	77,261
International Equity Dividend and Premium		—		7,864,113		(7,864,113	)		—		—		304
U.S. Tax-Managed Equity		—		12,575,594		(12,575,594	)		—		—		2,002
International Tax-Managed Equity		—		7,379,372		(7,379,372	)		—		—		394

As of June 30, 2020, the following Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
U.S. Equity Dividend and Premium		8	%		—	%
International Equity Dividend and Premium		48			—
U.S. Tax-Managed Equity		—			83
International Tax-Managed Equity		—			86

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were as follows:

Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	491,524,580	$	742,930,047
International Equity Dividend and Premium		26,320,949		87,694,924
U.S. Tax-Managed Equity		1,795,814,194		1,925,656,149
International Tax-Managed Equity		679,053,125		734,338,731

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7. SECURITIES LENDING (continued)

delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, 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’ master netting agreements with certain borrowers 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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Goldman Sachs International Equity Dividend and Premium Fund did not have securities on loan as of June 30, 2020.

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 June 30, 2020, 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 June 30, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
U.S. Equity Dividend and Premium	$	5,702	$	1,189	$	488,950
U.S. Tax-Managed Equity		2,064		3,278		3,092,375
International Tax-Managed Equity		398		—		—

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7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
U.S. Equity Dividend and Premium	$	242,125	$	21,750,620	$	(17,898,850	)	$	4,093,895
U.S. Tax-Managed Equity		1,661,100		18,619,310		(15,905,560	)		4,374,850
International Tax-Managed Equity		—		7,930,915		(7,838,515	)		92,400

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2019, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax- Managed Equity			International Tax-Managed Equity
Capital loss carryforwards:
Perpetual Long-term	$	—		$	(45,412,766	)	$	—		$	—
Perpetual Short-term		—			(3,191,026	)		(10,066,851	)		(28,973,021	)
Total capital loss carryforwards	$	—			$(48,603,792)		$	(10,066,851	)	$	(28,973,021	)
Timing differences (Real Estate Trusts/Post October Capital Loss Deferral)	$	(40,653,154	)	$	(3,825,944	)	$	(497,332	)	$	(30,253	)

As of June 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax- Managed Equity			International Tax-Managed Equity
Tax cost	$	2,152,718,828		$	188,082,879		$	1,019,679,218		$	532,858,820
Gross unrealized gain		613,101,003			34,636,565			560,505,023			96,971,028
Gross unrealized loss		(236,104,452	)		(31,137,077	)		(6,504,100	)		(4,081,009	)
Net unrealized gain	$	376,996,551		$	3,499,488		$	554,000,923		$	92,890,019

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

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9. OTHER RISKS

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

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

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Additionally, depending upon market conditions and political and legislative responses to market conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.

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), confiscation of assets and property, 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.

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

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

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9. OTHER RISKS (continued)

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 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, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,040,310		$	12,876,339			3,056,373		$	39,285,764
Reinvestment of distributions		82,255			949,359			889,529			11,728,159
Shares redeemed		(7,096,025	)		(82,535,407	)		(5,691,011	)		(73,349,134	)
		(5,973,460	)		(68,709,709	)		(1,745,109	)		(22,335,211	)
Class C Shares
Shares sold		383,440			4,712,320			924,958			12,022,572
Reinvestment of distributions		43,126			496,497			515,817			6,770,001
Shares redeemed		(1,815,239	)		(21,698,841	)		(3,088,704	)		(39,697,509	)
		(1,388,673	)		(16,490,024	)		(1,647,929	)		(20,904,936	)
Institutional Shares
Shares sold		30,242,611			373,373,200			27,399,731			351,102,955
Reinvestment of distributions		764,166			8,892,385			4,962,564			65,296,301
Shares redeemed		(33,768,849	)		(392,690,594	)		(36,040,359	)		(462,689,279	)
		(2,762,072	)		(10,425,009	)		(3,678,064	)		(46,290,023	)
Investor Shares
Shares sold		3,893,598			46,988,028			7,827,033			100,019,002
Reinvestment of distributions		337,147			3,897,336			2,321,996			30,558,077
Shares redeemed		(8,617,102	)		(102,644,994	)		(12,878,406	)		(164,733,986	)
		(4,386,357	)		(51,759,630	)		(2,729,377	)		(34,156,907	)
Class R6 Shares
Shares sold		139,371			1,760,994			974,711			12,338,634
Reinvestment of distributions		189,568			2,183,481			1,408,914			18,521,537
Shares redeemed		(5,607,783	)		(63,346,377	)		(3,791,893	)		(48,917,286	)
		(5,278,844	)		(59,401,902	)		(1,408,268	)		(18,057,115	)
Class P Shares
Shares sold		2,416,871			26,619,227			3,169,633			41,134,098
Reinvestment of distributions		501,896			5,789,495			3,449,581			45,356,789
Shares redeemed		(11,871,666	)		(136,161,639	)		(12,455,055	)		(158,741,627	)
		(8,952,899	)		(103,752,917	)		(5,835,841	)		(72,250,740	)
NET DECREASE		(28,742,305	)	$	(310,539,191	)		(17,044,588	)	$	(213,994,932	)

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		15,805		$	98,910			160,640		$	1,119,609
Reinvestment of distributions		3,437			20,007			10,917			76,450
Shares redeemed		(60,198	)		(344,867	)		(179,244	)		(1,253,699	)
		(40,956	)		(225,950	)		(7,687	)		(57,640	)
Class C Shares
Shares sold		2,333			12,964			9,109			61,265
Reinvestment of distributions		887			4,979			2,875			19,416
Shares redeemed		(12,611	)		(69,825	)		(93,967	)		(633,239	)
		(9,391	)		(51,882	)		(81,983	)		(552,558	)
Institutional Shares
Shares sold		60,058			372,197			234,100			1,609,386
Reinvestment of distributions		7,055			40,084			38,991			268,313
Shares redeemed		(974,340	)		(5,411,655	)		(1,033,864	)		(6,863,677	)
		(907,227	)		(4,999,374	)		(760,773	)		(4,985,978	)
Investor Shares
Shares sold		100,993			615,549			615,772			4,164,770
Reinvestment of distributions		9,432			53,432			48,627			333,197
Shares redeemed		(724,341	)		(4,169,872	)		(692,609	)		(4,761,589	)
		(613,916	)		(3,500,891	)		(28,210	)		(263,622	)
Class R6 Shares
Shares sold		1,537,319			8,735,749			1,840,630			12,532,967
Reinvestment of distributions		226,251			1,288,119			652,849			4,485,573
Shares redeemed		(4,881,566	)		(27,432,578	)		(2,906,720	)		(19,966,896	)
		(3,117,996	)		(17,408,710	)		(413,241	)		(2,948,356	)
Class P Shares
Shares sold		1,139,205			6,275,217			1,083,033			7,345,129
Reinvestment of distributions		215,568			1,228,881			721,069			4,959,202
Shares redeemed		(6,107,172	)		(36,497,959	)		(7,644,217	)		(52,325,488	)
		(4,752,399	)		(28,993,861	)		(5,840,115	)		(40,021,157	)
NET DECREASE		(9,441,885	)		$(55,180,668)			(7,132,009)			$(48,829,311)

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		113,273		$	2,601,402			367,737		$	8,754,341
Reinvestment of distributions		—			—			9,519			242,819
Shares redeemed		(254,960	)		(5,564,419	)		(528,967	)		(12,305,907	)
		(141,687	)		(2,963,017	)		(151,711	)		(3,308,747	)
Class C Shares
Shares sold		64,356			1,517,153			171,848			3,814,200
Shares redeemed		(53,949	)		(1,114,403	)		(153,960	)		(3,398,831	)
		10,407			402,750			17,888			415,369
Institutional Shares
Shares sold		182,002			4,193,394			346,325			8,423,356
Reinvestment of distributions		—			—			9,234			241,277
Shares redeemed		(239,951	)		(5,609,997	)		(272,332	)		(6,472,774	)
		(57,949	)		(1,416,603	)		83,227			2,191,859
Service Shares
Shares sold		11,478			226,411			35,178			818,458
Reinvestment of distributions		—			—			191			4,899
Shares redeemed		(11,090	)		(246,546	)		(6,815	)		(157,801	)
		388			(20,135	)		28,554			665,556
Investor Shares
Shares sold		14,325			357,648			139,533			3,303,231
Reinvestment of distributions		—			—			4,831			125,136
Shares redeemed		(307,996	)		(6,427,706	)		(174,752	)		(4,115,511	)
		(293,671	)		(6,070,058	)		(30,388	)		(687,144	)
Class R6 Shares
Shares sold		2,147,434			51,673,975			4,886,035			115,485,900
Reinvestment of distributions		—			—			423,195			10,960,763
Shares redeemed		(7,651,627	)		(170,247,196	)		(4,368,806	)		(105,022,152	)
Shares redeemed in connection with in-kind transactions		(2,704,604	)		(68,110,000	)		(1,108,855	)		(25,670,000	)
		(8,208,797	)		(186,683,221	)		(168,431	)		(4,245,489	)
Class P Shares
Shares sold		358,297			8,186,144			1,231,197			29,067,937
Reinvestment of distributions		—			—			36,899			956,057
Shares redeemed		(853,737	)		(18,913,218	)		(652,654	)		(15,235,653	)
		(495,440	)		(10,727,074	)		615,442			14,788,341
NET INCREASE (DECREASE)		(9,186,749	)		$(207,477,358)			394,581			$ 9,819,745

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		42,830		$	376,009			161,876		$	1,590,795
Reinvestment of distributions		—			—			12,810			133,226
Shares redeemed		(156,726	)		(1,361,796	)		(279,348	)		(2,759,236	)
		(113,896	)		(985,787	)		(104,662	)		(1,035,215	)
Class C Shares
Shares sold		6,488			65,193			12,295			118,240
Reinvestment of distributions		—			—			499			5,069
Shares redeemed		(24,409	)		(220,866	)		(178,255	)		(1,676,685	)
		(17,921	)		(155,673	)		(165,461	)		(1,553,376	)
Institutional Shares
Shares sold		380,320			3,223,451			968,265			9,288,202
Reinvestment of distributions		—			—			29,745			308,452
Shares redeemed		(744,480	)		(6,255,671	)		(1,383,081	)		(13,552,150	)
		(364,160	)		(3,032,220	)		(385,071	)		(3,955,496	)
Investor Shares
Shares sold		336,655			3,072,866			737,469			7,144,162
Reinvestment of distributions		—			—			32,374			335,718
Shares redeemed		(894,938	)		(7,842,377	)		(583,575	)		(5,718,058	)
		(558,283	)		(4,769,511	)		186,268			1,761,822
Class R6 Shares
Shares sold		4,307,509			37,719,870			6,844,339			66,290,099
Reinvestment of distributions		—			—			1,255,232			12,928,884
Shares redeemed		(8,973,591	)		(76,575,092	)		(4,148,192	)		(40,824,557	)
		(4,666,082	)		(38,855,222	)		3,951,379			38,394,426
Class P Shares
Shares sold		2,662,539			21,023,554			903,808			8,659,459
Reinvestment of distributions		—			—			124,595			1,284,575
Shares redeemed		(3,050,941	)		(26,712,108	)		(1,835,911	)		(17,738,562	)
		(388,402	)		(5,688,554	)		(807,508	)		(7,794,528	)
NET INCREASE (DECREASE)		(6,108,744	)		$(53,486,967)			2,674,945			$ 25,817,633

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

78

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6 or Class P 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), (if any); 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 R6 and Class P 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 January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 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 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.

	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							U.S. Tax-Managed Equity Fund							International Tax-Managed Equity Fund
Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Class A
Actual	$	1,000	$	957.70		$	5.40	$	1,000	$	856.10		$	6.05	$	1,000	$	968.70		$	5.29	$	1,000	$	905.10		$	5.83
Hypothetical 5% return		1,000		1,019.34	+		5.57		1,000		1,018.35	+		6.57		1,000		1,019.49	+		5.42		1,000		1,018.75	+		6.17
Class C
Actual		1,000		954.10			9.04		1,000		853.20			9.49		1,000		965.20			8.94		1,000		901.80			9.36
Hypothetical 5% return		1,000		1,015.61	+		9.32		1,000		1,014.62	+		10.32		1,000		1,015.76	+		9.17		1,000		1,015.02	+		9.92
Institutional
Actual		1,000		959.70			3.61		1,000		856.40			4.34		1,000		970.20			3.62		1,000		906.70			4.27
Hypothetical 5% return		1,000		1,021.18	+		3.72		1,000		1,020.19	+		4.72		1,000		1,021.18	+		3.72		1,000		1,020.39	+		4.52
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		967.70			6.07		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.70	+		6.22		N/A		N/A			N/A
Investor
Actual		1,000		959.10			4.19		1,000		856.70			4.89		1,000		969.90			4.07		1,000		906.70			4.65
Hypothetical 5% return		1,000		1,020.59	+		4.32		1,000		1,019.59	+		5.32		1,000		1,020.74	+		4.17		1,000		1,019.99	+		4.92
Class R6
Actual		1,000		959.70			3.56		1,000		857.70			4.30		1,000		970.30			3.58		1,000		907.10			4.22
Hypothetical 5% return		1,000		1,021.23	+		3.67		1,000		1,020.24	+		4.67		1,000		1,021.23	+		3.67		1,000		1,020.44	+		4.47
Class P
Actual		1,000		959.70			3.56		1,000		857.90			4.30		1,000		970.30			3.58		1,000		907.20			4.22
Hypothetical 5% return		1,000		1,021.23	+		3.67		1,000		1,020.24	+		4.67		1,000		1,021.23	+		3.67		1,000		1,020.44	+		4.47

+ 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 June 30, 2020. 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 R6			Class P
U.S. Equity Dividend and Premium		1.11	%		1.86	%		0.74	%		N/A		0.86	%		0.73	%		0.73	%
International Equity Dividend and Premium		1.31			2.06			0.94			N/A		1.06			0.93			0.93
U.S. Tax-Managed Equity		1.08			1.83			0.74			1.24		0.83			0.73			0.73
International Tax-Managed Equity		1.23			1.98			0.90			N/A		0.98			0.89			0.89

79

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs International Equity Dividend and Premium Fund, Goldman Sachs International Tax-Managed Equity Fund, Goldman Sachs U.S. Equity Dividend and Premium Fund, and Goldman Sachs U.S. Tax-Managed Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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

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

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-,

81

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees considered that the International Equity Dividend and Premium Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They noted that the International Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods, the third quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2020. The Trustees observed that the U.S. Equity Dividend and Premium Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three , five-, and ten-year periods ended March 31, 2020. They also noted that the U.S. Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period and the third quartile for the one-, three-, and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees also observed that each of the Funds experienced certain portfolio management changes in the first half of 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

82

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	International Equity Dividend and Premium Fund			International Tax-Managed Equity Fund			U.S. Equity Dividend and Premium Fund			U.S. Tax-Managed Equity Fund
First $1 billion		0.81	%		0.85	%		0.75	%		0.70	%
Next $1 billion		0.73			0.77			0.68			0.63
Next $3 billion		0.69			0.73			0.65			0.60
Next $3 billion		0.68			0.72			0.64			0.59
Over $8 billion		0.67			0.71			0.63			0.58

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; the transfer agent’s undertaking to waive a portion of its fee with respect to the International Tax-Managed Equity Fund, U.S. Equity Dividend and Premium Fund and U.S. Tax-Managed Equity Fund and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Equity Dividend and Premium Fund and U.S. Tax-Managed Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the

83

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2021.

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.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ 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

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

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

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

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

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado 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 at www.GSAMFUNDS.com to obtain the most recent month-end returns.

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

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

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

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

Holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

© 2020 Goldman Sachs. All rights reserved. 211768-OTU-1244925 TAXADVSAR-20

Goldman Sachs Funds

Semi-Annual Report	June 30, 2020
	Dynamic Global Equity 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 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 the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Dynamic Global Equity Fund

TABLE OF CONTENTS
Recent Market Events related to COVID-19	1
Fund Basics	2
Schedule of Investments	5
Financial Statements	8
Financial Highlights	11
Notes to Financial Statements	19
Other Information	30

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Dynamic Global Equity Fund

as of June 30, 2020

PERFORMANCE REVIEW
January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			MSCI® ACWI Index2
Class A		-8.13	%		-6.25	%
Class C		-8.43			-6.25
Institutional		-7.93			-6.25
Service		-8.13			-6.25
Investor		-7.98			-6.25
Class R6		-7.93			-6.25
Class R		-8.20			-6.25
Class P		-7.92			-6.25

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

²  The Fund’s benchmark is the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”). The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. 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.

2

FUND BASICS

³ Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴ Generally, tactical fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2020. Actual underlying fund weighting in the Fund may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

3

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Fund. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

4

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 92.0%
Equity – 32.8%
	5,341,607	Goldman Sachs International Equity Insights Fund – Class R6	$	61,588,725
	1,595,046	Goldman Sachs Large Cap Growth Insights Fund – Class R6		57,916,117
	2,365,910	Goldman Sachs Large Cap Value Insights Fund – Class R6		43,982,274
	2,645,142	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		23,700,469
	637,099	Goldman Sachs Small Cap Equity Insights Fund – Class R6		14,812,542
	1,098,043	Goldman Sachs Global Infrastructure Fund – Class R6		12,440,827
	1,097,411	Goldman Sachs International Small Cap Insights Fund – Class R6		11,511,846
	1,104,760	Goldman Sachs Global Real Estate Securities Fund – Class R6		9,964,934
				235,917,734
Exchange Traded Funds – 59.2%
	3,148,296	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		197,083,330
	4,519,094	Goldman Sachs ActiveBeta International Equity ETF		120,162,709
	1,779,023	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		53,886,607
	685,277	Goldman Sachs MarketBeta International Equity ETF		30,025,412
	585,460	Goldman Sachs MarketBeta Emerging Markets Equity ETF		25,603,629
				426,761,687
	TOTAL UNDERLYING FUNDS – 92.0%
	(Cost $644,275,642)		$	662,679,421
Shares		Dividend Rate	Value
Investment Company(a) – 4.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	31,743,681	0.155%	$	31,743,681
	(Cost $31,743,681)
	TOTAL INVESTMENTS – 96.4%
	(Cost $676,019,323)		$	694,423,102
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.6%			25,784,390
	NET ASSETS – 100.0%		$	720,207,492

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, 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	8,558,330	GBP	6,800,000		09/16/20	$	128,624
	USD	1,404,732	SEK	13,050,000		09/16/20		2,916
	USD	337,507	NOK	3,200,000		09/16/20		4,952
	USD	3,642,503	AUD	5,260,000		09/16/20		11,625
TOTAL							$	148,117

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	12,561,367	JPY	1,363,000,000		09/16/20	$	(75,103	)
	USD	687,846	SGD	960,000		09/16/20		(1,171	)
	USD	4,828,166	CHF	4,630,000		09/16/20		(69,926	)
	USD	128,397	NZD	200,000		09/16/20		(653	)
	USD	910,524	DKK	6,030,000		09/16/20		(176	)
	USD	16,405,839	EUR	14,580,000		09/16/20		(2,932	)
	USD	161,706	ILS	560,000		09/16/20		(296	)
	USD	1,984,051	HKD	15,400,000		09/16/20		(1,984	)
TOTAL							$	(152,241	)

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Mini MSCI EAFE Index		242		09/18/20	$	21,518,640	$	7,183
S&P 500 E-Mini Index		416		09/18/20		64,276,160		706,320
S&P Toronto Stock Exchange 60 Index		50		09/17/20		6,839,275		118,265
TOTAL FUTURES CONTRACTS							$	831,768

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2020, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$98.25		03/15/2021		121	$	302,500	$	468,875	$	136,243	$	332,632
Eurodollar Futures	98.25		06/14/2021		102		255,000		400,350		115,912		284,438
Eurodollar Futures	98.25		09/13/2021		100		250,000		394,375		118,194		276,181
TOTAL					323	$	807,500	$	1,263,600	$	370,349	$	893,251

EXCHANGE TRADED OPTIONS ON EQUITIES

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$3,035.00		07/31/2020		(1	)	$	(100	)	$	(12,610	)	$	(5,412	)	$	(7,198	)
S&P 500 Index	3,080.00		07/31/2020		(2	)		(200	)		(19,190	)		(13,926	)		(5,264	)
S&P 500 Index	3,140.00		07/31/2020		(3	)		(300	)		(18,270	)		(13,284	)		(4,986	)
S&P 500 Index	3,170.00		07/31/2020		(8	)		(800	)		(37,040	)		(30,706	)		(6,334	)
S&P 500 Index	3,175.00		07/01/2020		(10	)		(1,000	)		(475	)		(39,266	)		38,791

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

EXCHANGE TRADED OPTIONS ON EQUITIES (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Calls (continued)
S&P 500 Index	$3,175.00		07/31/2020		(8	)	$	(800	)	$	(35,280	)	$	(29,345	)	$	(5,935	)
S&P 500 Index	3,180.00		07/31/2020		(8	)		(800	)		(33,560	)		(27,748	)		(5,812	)
S&P 500 Index	3,185.00		07/31/2020		(8	)		(800	)		(32,040	)		(26,472	)		(5,568	)
S&P 500 Index	3,190.00		07/31/2020		(8	)		(800	)		(30,360	)		(25,114	)		(5,246	)
S&P 500 Index	3,225.00		07/31/2020		(3	)		(300	)		(7,860	)		(15,283	)		7,423
S&P 500 Index	3,250.00		07/22/2020		(10	)		(1,000	)		(11,550	)		(21,137	)		9,587
S&P 500 Index	3,275.00		07/15/2020		(10	)		(1,000	)		(4,500	)		(29,212	)		24,712
S&P 500 Index	3,275.00		07/31/2020		(1	)		(100	)		(1,480	)		(2,499	)		1,019
S&P 500 Index	3,295.00		07/31/2020		(1	)		(100	)		(1,175	)		(4,075	)		2,900
S&P 500 Index	3,320.00		07/08/2020		(9	)		(900	)		(653	)		(22,794	)		22,141
S&P 500 Index	3,320.00		08/31/2020		(2	)		(200	)		(5,080	)		(7,228	)		2,148
S&P 500 Index	3,340.00		08/31/2020		(2	)		(200	)		(4,300	)		(10,174	)		5,874
S&P 500 Index	3,360.00		07/31/2020		(2	)		(200	)		(1,180	)		(6,688	)		5,508
S&P 500 Index	3,395.00		08/31/2020		(1	)		(100	)		(1,360	)		(4,171	)		2,811
					(97	)	$	(9,700	)	$	(257,963	)	$	(334,534	)	$	76,571
Puts
S&P 500 Index	2,660.00		07/31/2020		(1	)		(100	)		(1,275	)		(9,205	)		7,930
S&P 500 Index	2,730.00		07/31/2020		(2	)		(200	)		(3,540	)		(13,044	)		9,504
S&P 500 Index	2,825.00		07/31/2020		(3	)		(300	)		(8,325	)		(24,959	)		16,634
S&P 500 Index	2,930.00		07/31/2020		(8	)		(800	)		(35,640	)		(40,061	)		4,421
S&P 500 Index	2,935.00		07/31/2020		(8	)		(800	)		(36,440	)		(40,881	)		4,441
S&P 500 Index	2,940.00		07/31/2020		(11	)		(1,100	)		(51,205	)		(61,232	)		10,027
S&P 500 Index	2,945.00		07/31/2020		(8	)		(800	)		(38,000	)		(42,706	)		4,706
S&P 500 Index	2,950.00		07/31/2020		(8	)		(800	)		(38,960	)		(43,700	)		4,740
S&P 500 Index	2,955.00		08/31/2020		(2	)		(200	)		(17,450	)		(20,817	)		3,367
S&P 500 Index	2,980.00		07/01/2020		(10	)		(1,000	)		(800	)		(37,333	)		36,533
S&P 500 Index	2,980.00		08/31/2020		(2	)		(200	)		(18,790	)		(23,593	)		4,803
S&P 500 Index	2,990.00		07/31/2020		(1	)		(100	)		(5,785	)		(7,883	)		2,098
S&P 500 Index	3,010.00		07/15/2020		(10	)		(1,000	)		(35,500	)		(58,014	)		22,514
S&P 500 Index	3,015.00		07/31/2020		(1	)		(100	)		(6,445	)		(8,790	)		2,345
S&P 500 Index	3,030.00		07/22/2020		(10	)		(1,000	)		(53,400	)		(77,065	)		23,665
S&P 500 Index	3,050.00		08/31/2020		(1	)		(100	)		(11,515	)		(10,221	)		(1,294	)
S&P 500 Index	3,080.00		07/31/2020		(2	)		(200	)		(17,010	)		(16,010	)		(1,000	)
S&P 500 Index	3,110.00		07/08/2020		(9	)		(900	)		(45,405	)		(52,560	)		7,155
					(97	)	$	(9,700	)	$	(425,485	)	$	(588,074	)	$	162,589
TOTAL					(194	)	$	(19,400	)	$	(683,448	)	$	(922,608	)	$	239,160

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

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in Affiliated Funds, at value (cost $676,019,323)	$	694,423,102
Purchased options, at value (premium paid $370,349)		1,263,600
Cash		13,279,006
Foreign currencies, at value (cost $42,967)		57,751
Unrealized gain on forward foreign currency exchange contracts		148,117
Variation margin on futures contracts		877,548
Receivables:
Collateral on certain derivative contracts(a)		12,377,654
Investments sold		348,700
Reimbursement from investment adviser		36,987
Fund shares sold		8,572
Dividends		6,873
Other assets		64,054
Total assets		722,891,964
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		152,241
Written option contracts, at value (premium received $922,608)		683,448
Payables:
Fund shares redeemed		1,110,129
Due to broker		286,182
Investments purchased		173,837
Management fees		88,535
Distribution and Service fees and Transfer Agency fees		79,025
Accrued expenses		111,075
Total liabilities		2,684,472
Net Assets:
Paid-in capital		708,197,376
Total distributable earnings		12,010,116
NET ASSETS	$	720,207,492
Net Assets:
Class A	$	141,086,985
Class C		13,257,921
Institutional		12,697,711
Service		219,670
Investor		4,046,938
Class R6		440,414,763
Class R		5,394,065
Class P		103,089,439
Total Net Assets	$	720,207,492
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,946,735
Class C		772,627
Institutional		705,527
Service		12,390
Investor		230,995
Class R6		24,464,464
Class R		306,837
Class P		5,723,790
Net asset value, offering and redemption price per share:(b)
Class A		$17.75
Class C		17.16
Institutional		18.00
Service		17.73
Investor		17.52
Class R6		18.00
Class R		17.58
Class P		18.01

(a) Includes segregated cash of $7,418,695, $60,000 and $4,898,959 relating to initial margin requirements and/or collateral on futures, forward foreign currency and options transactions, respectively.

(b) Maximum public offering price per share for Class A Shares is $18.78. 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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends from Affiliated Funds	$	4,215,092
Interest		4,053
Total investment income		4,219,145
Expenses:
Management fees		537,597
Distribution and Service fees(a)		261,685
Transfer Agency fees(a)		223,345
Registration fees		66,537
Professional fees		56,637
Printing and mailing costs		44,178
Custody, accounting and administrative services		42,774
Trustee fees		9,611
Prime Broker Fees		620
Service Share fees — Service Plan		354
Service Share fees — Shareholder Administration Plan		354
Other		6,993
Total expenses		1,250,685
Less — expense reductions		(212,809	)
Net expenses		1,037,876
NET INVESTMENT INCOME		3,181,269
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		(5,119,689	)
Purchased options		8,037,379
Futures contracts		(18,516,012	)
Written options		(3,616,206	)
Forward foreign currency exchange contracts		384,185
Foreign currency transactions		962
Net change in unrealized gain (loss) on:
Affiliated Funds		(53,158,482	)
Purchased options		1,051,168
Futures contracts		(1,408,952	)
Written options		245,330
Forward foreign currency exchange contracts		458,777
Foreign currency translation		(5,240	)
Net realized and unrealized loss		(71,646,780	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(68,465,511	)

(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		Service		Investor		Class R6		Class R		Class P
$	175,788	$	72,709	$	13,188	$	119,536	$	12,361	$	2,856	$	57	$	3,380	$	64,518	$	4,484	$	16,153

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	3,181,269		$	13,090,820
Net realized gain (loss)		(18,829,381	)		45,816,987
Net change in unrealized gain (loss)		(52,817,399	)		72,518,111
Net increase (decrease) in net assets resulting from operations		(68,465,511	)		131,425,918
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(8,721,949	)
Class C Shares		—			(853,186	)
Institutional Shares		—			(757,246	)
Service Shares		—			(19,202	)
Investor Shares		—			(257,107	)
Class R6 Shares		—			(27,511,667	)
Class R Shares		—			(324,233	)
Class P Shares		—			(7,237,115	)
Total distributions to shareholders		—			(45,681,705	)
From share transactions:
Proceeds from sales of shares		27,591,746			523,768,845
Reinvestment of distributions		—			44,747,494
Cost of shares redeemed		(47,976,709	)		(139,697,167	)
Net increase (decrease) in net assets resulting from share transactions		(20,384,963	)		428,819,172
TOTAL INCREASE (DECREASE)		(88,850,474	)		514,563,385
Net assets:
Beginning of period		809,057,966			294,494,581
End of period	$	720,207,492		$	809,057,966

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class A Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.32		$	16.26		$	18.84		$	15.25		$	14.44		$	14.46
Net investment income(a)(b)		0.05			0.29			0.20			0.16			0.16			0.09
Net realized and unrealized gain (loss)		(1.62	)		3.86			(2.35	)		3.80			0.83			0.03
Total from investment operations		(1.57	)		4.15			(2.15	)		3.96			0.99			0.12
Distributions to shareholders from net investment income		—			(0.27	)		(0.43	)		(0.37	)		(0.18	)		(0.14	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.09	)		(0.43	)		(0.37	)		(0.18	)		(0.14	)
Net asset value, end of period	$	17.75		$	19.32		$	16.26		$	18.84		$	15.25		$	14.44
Total return(c)		(8.13	)%		25.66	%		(11.40	)%		25.96	%		6.81	%		0.83	%
Net assets, end of period (in 000s)	$	141,087		$	162,028		$	135,758		$	137,276		$	124,514		$	134,851
Ratio of net expenses to average net assets(d)		0.57	%(e)		0.58	%		0.58	%		0.59	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.63	%(e)		0.66	%		0.66	%		0.67	%		0.69	%		0.67	%
Ratio of net investment income to average net assets(b)		0.60	%(e)		1.56	%		1.09	%		0.93	%		1.12	%		0.63	%
Portfolio turnover rate(f)		6	%		40	%		11	%		53	%		39	%		18	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class C Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	18.74		$	15.77		$	18.01		$	14.58		$	13.82		$	13.83
Net investment income (loss)(a)(b)		(0.02	)		0.10			(0.05	)		0.01			0.05			(0.02	)
Net realized and unrealized gain (loss)		(1.56	)		3.77			(2.12	)		3.65			0.78			0.04
Total from investment operations		(1.58	)		3.87			(2.17	)		3.66			0.83			0.02
Distributions to shareholders from net investment income		—			(0.08	)		(0.07	)		(0.23	)		(0.07	)		(0.03	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(0.90	)		(0.07	)		(0.23	)		(0.07	)		(0.03	)
Net asset value, end of period	$	17.16		$	18.74		$	15.77		$	18.01		$	14.58		$	13.82
Total return(c)		(8.43	)%		24.72	%		(12.04	)%		25.08	%		5.95	%		0.13	%
Net assets, end of period (in 000s)	$	13,258		$	17,348		$	23,020		$	68,315		$	75,027		$	83,743
Ratio of net expenses to average net assets(d)		1.32	%(e)		1.33	%		1.33	%		1.34	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.38	%(e)		1.41	%		1.40	%		1.42	%		1.44	%		1.42	%
Ratio of net investment income (loss) to average net assets(b)		(0.21	)%(e)		0.58	%		(0.29	)%		0.08	%		0.33	%		(0.15	)%
Portfolio turnover rate(f)		6	%		40	%		11	%		53	%		39	%		18	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) 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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.55		$	16.43		$	19.01		$	15.38		$	14.57		$	14.58
Net investment income(a)(b)		0.08			0.34			0.09			0.24			0.23			0.16
Net realized and unrealized gain (loss)		(1.63	)		3.93			(2.20	)		3.83			0.82			0.03
Total from investment operations		(1.55	)		4.27			(2.11	)		4.07			1.05			0.19
Distributions to shareholders from net investment income		—			(0.33	)		(0.47	)		(0.44	)		(0.24	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.15	)		(0.47	)		(0.44	)		(0.24	)		(0.20	)
Net asset value, end of period	$	18.00		$	19.55		$	16.43		$	19.01		$	15.38		$	14.57
Total return(c)		(7.93	)%		26.18	%		(11.07	)%		26.48	%		7.18	%		1.31	%
Net assets, end of period (in 000s)	$	12,698		$	13,423		$	16,974		$	155,828		$	119,108		$	117,357
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.20	%		0.19	%		0.20	%		0.19	%		0.19	%
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.28	%		0.26	%		0.28	%		0.29	%		0.27	%
Ratio of net investment income to average net assets(b)		0.86	%(e)		1.82	%		0.47	%		1.40	%		1.55	%		1.05	%
Portfolio turnover rate(f)		6	%		40	%		11	%		53	%		39	%		18	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.30		$	16.20		$	18.75		$	15.19		$	14.39		$	14.40
Net investment income(a)(b)		0.04			0.21			0.15			0.16			0.15			0.08
Net realized and unrealized gain (loss)		(1.61	)		3.89			(2.31	)		3.76			0.81			0.03
Total from investment operations		(1.57	)		4.10			(2.16	)		3.92			0.96			0.11
Distributions to shareholders from net investment income		—			(0.18	)		(0.39	)		(0.36	)		(0.16	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.00	)		(0.39	)		(0.36	)		(0.16	)		(0.12	)
Net asset value, end of period	$	17.73		$	19.30		$	16.20		$	18.75		$	15.19		$	14.39
Total return(c)		(8.13	)%		25.49	%		(11.48	)%		25.79	%		6.66	%		0.78	%
Net assets, end of period (in 000s)	$	220		$	380		$	543		$	684		$	470		$	577
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.70	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(d)		0.75	%(e)		0.78	%		0.77	%		0.78	%		0.79	%		0.77	%
Ratio of net investment income to average net assets(b)		0.42	%(e)		1.16	%		0.80	%		0.91	%		1.01	%		0.52	%
Portfolio turnover rate(f)		6	%		40	%		11	%		53	%		39	%		18	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Investor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.04		$	16.03		$	18.58		$	15.03		$	14.25		$	14.27
Net investment income(a)(b)		0.07			0.30			0.24			0.18			0.21			0.13
Net realized and unrealized gain (loss)		(1.59	)		3.84			(2.32	)		3.78			0.79			0.03
Total from investment operations		(1.52	)		4.14			(2.08	)		3.96			1.00			0.16
Distributions to shareholders from net investment income		—			(0.31	)		(0.47	)		(0.41	)		(0.22	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.13	)		(0.47	)		(0.41	)		(0.22	)		(0.18	)
Net asset value, end of period	$	17.52		$	19.04		$	16.03		$	18.58		$	15.03		$	14.25
Total return(c)		(7.98	)%		25.97	%		(11.18	)%		26.35	%		6.99	%		1.11	%
Net assets, end of period (in 000s)	$	4,047		$	4,517		$	5,703		$	5,481		$	5,663		$	5,282
Ratio of net expenses to average net assets(d)		0.32	%(e)		0.33	%		0.33	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.38	%(e)		0.41	%		0.41	%		0.42	%		0.44	%		0.42	%
Ratio of net investment income to average net assets(b)		0.86	%(e)		1.66	%		1.28	%		1.07	%		1.47	%		0.91	%
Portfolio turnover rate(f)		6	%		40	%		11	%		53	%		39	%		18	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,												Period Ended December 31, 2015(a)
				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	19.55		$	16.44		$	19.04		$	15.37		$	14.57		$	15.38
Net investment income(b)(c)		0.09			0.49			1.61			0.12			0.24			0.14
Net realized and unrealized gain (loss)		(1.64	)		3.78			(3.71	)		3.96			0.80			(0.74	)
Total from investment operations		(1.55	)		4.27			(2.10	)		4.08			1.04			(0.60	)
Distributions to shareholders from net investment income		—			(0.34	)		(0.50	)		(0.41	)		(0.24	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.16	)		(0.50	)		(0.41	)		(0.24	)		(0.21	)
Net asset value, end of period	$	18.00		$	19.55		$	16.44		$	19.04		$	15.37		$	14.57
Total return(d)		(7.93	)%		26.14	%		(11.00	)%		26.54	%		7.12	%		(3.93	)%
Net assets, end of period (in 000s)	$	440,415		$	478,073		$	4,485		$	13		$	10		$	10
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.18	%		0.18	%		0.19	%		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.24	%(f)		0.26	%		0.32	%		0.24	%		0.28	%		0.29	%(f)
Ratio of net investment income to average net assets(c)		1.01	%(f)		2.55	%		9.20	%		0.66	%		1.63	%		2.32	%(f)
Portfolio turnover rate(g)		6	%		40	%		11	%		53	%		39	%		18	%

(a) Commenced operations on July 31, 2015.

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

(c) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

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

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.15		$	16.13		$	18.69		$	15.15		$	14.37		$	14.37
Net investment income(a)(b)		0.03			0.24			0.14			0.19			0.16			0.04
Net realized and unrealized gain (loss)		(1.60	)		3.82			(2.32	)		3.70			0.78			0.05
Total from investment operations		(1.57	)		4.06			(2.18	)		3.89			0.94			0.09
Distributions to shareholders from net investment income		—			(0.22	)		(0.38	)		(0.35	)		(0.16	)		(0.09	)
Distributions to shareholders from net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.04	)		(0.38	)		(0.35	)		(0.16	)		(0.09	)
Net asset value, end of period	$	17.58		$	19.15		$	16.13		$	18.69		$	15.15		$	14.37
Total return(c)		(8.20	)%		25.36	%		(11.63	)%		25.70	%		6.49	%		0.61	%
Net assets, end of period (in 000s)	$	5,394		$	5,922		$	4,938		$	5,910		$	2,031		$	1,785
Ratio of net expenses to average net assets(d)		0.82	%(e)		0.83	%		0.83	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.88	%(e)		0.91	%		0.91	%		0.92	%		0.94	%		0.92	%
Ratio of net investment income to average net assets(b)		0.36	%(e)		1.31	%		0.77	%		1.06	%		1.10	%		0.28	%
Portfolio turnover rate(f)		6	%		40	%		11	%		53	%		39	%		18	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class P Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	19.56		$	16.44		$	19.43
Net investment income(b)(c)		0.08			0.37			0.31
Net realized and unrealized gain (loss)		(1.63	)		3.91			(2.80	)
Total from investment operations		(1.55	)		4.28			(2.49	)
Distributions to shareholders from net investment income		—			(0.34	)		(0.50	)
Distributions to shareholders from net realized gains		—			(0.82	)		—
Total distributions		—			(1.16	)		(0.50	)
Net asset value, end of period	$	18.01		$	19.56		$	16.44
Total return(d)		(7.92	)%		26.19	%		(12.80	)%
Net assets, end of period (in 000s)	$	103,089		$	127,367		$	103,074
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.19	%		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.24	%(f)		0.27	%		0.27	%(f)
Ratio of net investment income to average net assets(e)		0.97	%(f)		1.96	%		2.33	%(f)
Portfolio turnover rate(g)		6	%		40	%		11	%

(a) Commenced operations on April 17, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

18 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements

June 30, 2020 (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 Trust includes the Goldman Sachs Dynamic Global Equity Fund (the “Fund”). The Fund is a diversified fund and currently offers eight classes of shares: Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P 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, Service, Investor, Class R6 and Class R and Class P 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.

The Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include underlying funds (including exchange-traded funds (“ETFs”)) (collectively, the “Underlying Funds”), futures, forwards, options and other instruments with similar economic exposures. The Fund may invest in Underlying Funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter.

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The valuation policy of the Fund and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. 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 that Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the 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.

19

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

20

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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 include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. 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.

21

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iii.  Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts 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 subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent 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.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Equity	$	235,917,734		$	—		$	—
Exchange Traded Funds		426,761,687			—			—
Investment Company		31,743,681			—			—
Total	$	694,423,102		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	148,117		$	—
Futures Contracts(a)		831,768			—			—
Options Purchased Contracts		1,263,600			—			—
Total	$	2,095,368		$	148,117		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(152,241	)	$	—
Written Option Contracts		(683,448	)		—			—
Total	$	(683,448	)	$	(152,241	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

22

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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 June 30, 2020. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	1,263,600	—	$	—
Equity	Variation margin on future contracts(a)		831,768	Written options, at value		(683,448)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		148,117	Payable for unrealized loss on forward foreign currency contracts		(152,241)
Total		$	2,243,485		$	(835,689)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2020 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest	Net change in unrealized gain (loss) from futures /Net change in unrealized gain (loss) on purchased options	$	11,634		$	539,233			1
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options		(14,106,473	)		(651,687	)		1,535
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		384,185			458,777			12
Total		$	(13,710,654	)	$	346,323			1,548

(a) Average number of contracts is based on the average of month end balances for the six months period ended June 30, 2020.

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 of 0.15% for the Fund.

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.

23

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

The Trust, on behalf of Service Shares of the 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 Fund, 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/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2020, Goldman Sachs retained $5,794 of the front end sales charges and $319 of the CDSC for this Fund.

D.  Service and Shareholder Administration Plans — The Trust, on behalf of the Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and 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 Service Shares of the Fund, respectively.

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: 0.17% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to 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 is 0.004%. These Other Expense limitations will remain in place through at least April 29, 2021 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Transfer Agency Credits		Other Expense Reimbursements		Total Expense Reductions
$	414	$	212,395	$	212,809

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 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 June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — The Fund invests primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Fund. The table below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2020 (in thousands):

Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	64,004	$	—	$	(2,110	)	$	(551	)	$	(7,456	)	$	53,887		1,779	$	243
Goldman Sachs ActiveBeta International Equity ETF		139,467		6,959		(8,005	)		(1,510	)		(16,748	)		120,163		4,519		1,279
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		207,170		6,990		(8,249	)		(1,894	)		(6,934	)		197,083		3,148		1,740
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		30,633		3,000		(7,000	)		(1,165	)		(1,768	)		23,700		2,645		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		107,461		171,440		(247,157	)		—			—			31,744		31,744		365
Goldman Sachs Global Infrastructure Fund — Class R6		13,577		102		—			—			(1,238	)		12,441		1,098		102
Goldman Sachs Global Real Estate Securities Fund — Class R6		12,165		85		—			—			(2,285	)		9,965		1,105		85
Goldman Sachs International Equity Insights Fund — Class R6		69,334		—		—			—			(7,745	)		61,589		5,342		—
Goldman Sachs International Small Cap Insights Fund — Class R6		13,158		—		—			—			(1,646	)		11,512		1,097		—
Goldman Sachs Large Cap Growth Insights Fund — Class R6		53,450		—		—			—			4,466			57,916		1,595		—
Goldman Sachs Large Cap Value Insights Fund — Class R6		52,009		401		—			—			(8,428	)		43,982		2,366		401

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Underlying Funds	Market Value as of 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value as of 6/30/2020		Shares as of 6/30/2020		Dividend Income
Goldman Sachs MarketBeta Emerging Markets Equity ETF	$	—	$	26,020	$	—		$	—		$	(416	)	$	25,604		585	$	—
Goldman Sachs MarketBeta International Equity ETF		—		30,016		—			—			9			30,025		685		—
Goldman Sachs Small Cap Equity Insights Fund — Class R6		17,781		—		—			—			(2,969	)		14,812		637		—
Total	$	780,209	$	245,013	$	(272,521	)	$	(5,120	)	$	(53,158	)	$	694,423			$	4,215

As of June 30, 2020, the Goldman Sachs Growth Strategy, Goldman Sachs Growth and Income Strategy and Goldman Sachs Balanced Strategy Portfolios beneficially owned 24%, 25% and 11%, respectively, of the total outstanding shares of the Fund.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $73,573,661 and $37,952,849, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences on a tax basis were as follows:

Timing differences (Qualified Late Year Loss Deferral) $ (258,826 ) 

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	681,558,945
Gross unrealized gain		40,312,586
Gross unrealized loss		(27,448,429	)
Net unrealized gain (loss)	$	12,864,157

The difference between GAAP-basis and tax basis unrealized gains/(losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures and options contracts and net mark to market gains/(losses) on foreign currency contracts.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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 of assets and property, 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.

Investments in the Underlying Funds Risk — The investments of the Fund are concentrated in the Underlying Funds, and the Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. The Fund that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — The 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 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 the 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

27

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

market due to selling activity. 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 the 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. 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.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		257,898		$	4,439,077			866,854		$	16,168,522
Reinvestment of distributions		—			—			421,756			8,029,181
Shares redeemed		(698,059	)		(11,900,437	)		(1,251,441	)		(23,256,094	)
		(440,161	)		(7,461,360	)		37,169			941,609
Class C Shares
Shares sold		17,391			286,878			49,667			884,384
Reinvestment of distributions		—			—			43,467			794,194
Shares redeemed		(170,359	)		(2,669,115	)		(627,192	)		(11,237,602	)
		(152,968	)		(2,382,237	)		(534,058	)		(9,559,024	)
Institutional Shares
Shares sold		595,461			11,757,880			220,932			4,221,884
Reinvestment of distributions		—			—			38,266			739,185
Shares redeemed		(576,656	)		(10,624,162	)		(605,325	)		(11,065,822	)
		18,805			1,133,718			(346,127	)		(6,104,753	)
Service Shares
Shares sold		100			1,748			405			7,344
Reinvestment of distributions		—			—			502			9,503
Shares redeemed		(7,400	)		(111,310	)		(14,710	)		(288,765	)
		(7,300	)		(109,562	)		(13,803	)		(271,918	)
Investor Shares
Shares sold		17,596			297,186			52,316			950,282
Reinvestment of distributions		—			—			13,675			257,107
Shares redeemed		(23,811	)		(386,891	)		(184,609	)		(3,377,794	)
		(6,215	)		(89,705	)		(118,618	)		(2,170,405	)
Class R6 Shares
Shares sold		370,147			7,268,307			26,778,726			491,425,595
Reinvestment of distributions		—			—			1,415,765			27,357,672
Shares redeemed		(357,837	)		(5,309,709	)		(4,015,155	)		(77,497,054	)
		12,310			1,958,598			24,179,336			441,286,213
Class R Shares
Shares sold		21,133			358,835			47,986			873,254
Reinvestment of distributions		—			—			17,178			323,537
Shares redeemed		(23,501	)		(384,742	)		(62,050	)		(1,149,782	)
		(2,368	)		(25,907	)		3,114			47,009
Class P Shares
Shares sold		193,023			3,181,835			498,856			9,237,580
Reinvestment of distributions		—			—			374,313			7,237,115
Shares redeemed		(980,601	)		(16,590,343	)		(629,931	)		(11,824,254	)
		(787,578	)		(13,408,508	)		243,238			4,650,441
NET INCREASE (DECREASE)		(1,365,475	)	$	(20,384,963	)		23,450,251		$	428,819,172

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Dynamic Global Equity Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund and the Underlying Funds invest;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund, the Underlying Funds, and the Investment Adviser and its affiliates.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Investment Performance

The Trustees also considered the investment performance of the Fund and the Underlying Funds. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s and Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing the Underlying Funds.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2020. They also noted that in February 2019, the Fund had been repositioned from the Equity Growth Strategy Portfolio, which involved changes to the Fund’s investment strategies.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

32

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund.

The Trustees noted that, although the Fund itself does not have breakpoints in its management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Fund at the specified asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Fund and Underlying Funds that exceed specified levels. They also considered the services provided to the Fund under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund and/or the Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund and/or the Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Fund and/or the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund and the Underlying Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Fund’s and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund and/or the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to the Fund and certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Fund’s and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Fund’s and Underlying Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

33

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

34

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

35

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Fund Expenses — Six Months Period Ended June 30, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the 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.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Fund invests. 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.

	Dynamic Global Equity Fund
Share Class	Beginning Account Value 1/1/20		Ending Account Value 6/30/20			Expenses Paid for the 6 months ended 6/30/20*
Class A
Actual	$	1,000.00	$	918.70		$	2.72
Hypothetical 5% return		1,000.00		1,022.03	+		2.87
Class C
Actual		1,000.00		915.70			6.29
Hypothetical 5% return		1,000.00		1,018.30	+		6.62
Institutional
Actual		1,000.00		920.70			0.91
Hypothetical 5% return		1,000.00		1,023.92	+		0.96
Service
Actual		1,000.00		918.70			3.29
Hypothetical 5% return		1,000.00		1,021.43	+		3.47
Investor
Actual		1,000.00		920.20			1.53
Hypothetical 5% return		1,000.00		1,023.27	+		1.61
Class R6
Actual		1,000.00		920.70			0.86
Hypothetical 5% return		1,000.00		1,023.97	+		0.91
Class R
Actual		1,000.00		918.00			3.91
Hypothetical 5% return		1,000.00		1,020.79	+		4.12
Class P
Actual		1,000.00		920.80			0.86
Hypothetical 5% return		1,000.00		1,023.97	+		0.91

+    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 June 30, 2020. 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 R6			Class R			Class P
Dynamic Global Equity Fund		0.57	%		1.32	%		0.19	%		0.69	%		0.32	%		0.18	%		0.82	%		0.18	%

36

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

∎ Clean Energy Income Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁵

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund⁶

∎ 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

∎ Energy Infrastructure Fund⁷

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

² You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶  Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado 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 at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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.

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

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.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Fund will file its 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).

Holdings and allocations shown are as of June 30, 2020 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.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2020 Goldman Sachs. All rights reserved. 211772-OTU-1242623 DYNGLEQSAR-20

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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.
(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:	August 24, 2020

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:	August 24, 2020
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	August 24, 2020